richardson & cruddas (1972) limited...richardson & cruddas (1972) limited 42nd annual report...
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RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1501
CONTENTS PAGE NO.
Director’s Report 03
Auditor’s Report 15
C & AG Report 1
Balance Sheet
Statement Of Profit & Loss Account
Notes Forming Part of The Financial Statement
Ten Year Digest
nd 42 ANNUAL REPORT
2014-2015
Board of Directors
A) Chairman & Managing Director
B) Directors
C) Executives
D) Auditors
REGISTERED OFFICE
Ø Shri. P. K. Kothari : W.e.f. 03.04.2012
Ø Shri. Kewal Ram : Till 16.01.2015Ø Ms. Parveen Gupta : Till 11.03.2015Ø Ms. Sanyukta Samaddar : From 09.05.2014Ø Shri. Manjit Kumar : From 11.03.2015
Ø Shri. P. K. Sarkar : Chief Manager, Unit Incharge-Nagpur
Ø Shri. Umrikar : Dy. Manager (F&A) /Company Secretary (I/C)
Ø M/s. Sorab S. Engineers & Co. : Statutory Auditors for Byculla Unit& Corporate Office & Mulund Unit
Ø M/s S. Venkat Raman & Co. : Auditors for Cennai Unit
Ø M/s. Rodi Dabir & Co. : Auditors for Nagpur Unit
Byculla Iron Works,Sir J.J. Road, Byculla, Mumbai - 400 008.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1502
BOARD’S REPORT
FINANCIAL, HIGHLIGHTS
CHANGE IN NATURE OF BUSINESS, IF ANY
To The Members ofRICHARDSON AND CRUDDAS ( 1972) LIMITEDSir J. J. Road,,Byculla, Mumbai - 400 008.
Your Directors have pleasure in presenting the 42nd Board’s Report of your company together with the Audited Statement of Accounts and the Auditors’s Report of your company for the financial year ended 31st March, 20105.
To rent, lease, leave and licence on short term basis of company’s assets comprising of open land, office buildings, workshop area, plant, and machinery, flats etc.
To carry on / allow the business of exhibition, seminars, events, function, marriage, shootings of films, TV serial, corporate/ private function etc. in company premises either directly by the company, or in partnership with others parties or to rent, lease, leave and licence on short term basis company’s assets for exhibition, seminars, events, function, marriage, shooting of films, TV serials, corporate/private functions, to generate revenue from the idle/surplus land assts.
Particulars
Gross Income
Profit Before Interest and Depreciation
Finance Charges
Gross Profit
Provision For Depreciation
Net Profit Before Tax
Provision For Tax
Net Profit After Tax
Balance of Profit Brought Forward
Balance Available for Appropriation
Proposed Dividend on Equity Shares
Tax on Proposed Dividend
Transfer to General Reserve
Surplus carried to Balance Sheet
Year 2014-15(Figures in Lacs)
Year 2013-14(Figures in Lacs)
9432.80
2990.75
3013.58
2739.12
251.63
(364.46)
0
(364.46)
0
0
0
0
0
0
8435.88
1959.82
2281.27
1898.49
61.33
(382.78)
0
(382.78)
0
0
0
0
0
0
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1503
Board of Directors
A) Chairman & Managing Director
B) Directors
C) Executives
D) Auditors
REGISTERED OFFICE
Ø Shri. P. K. Kothari : W.e.f. 03.04.2012
Ø Shri. Kewal Ram : Till 16.01.2015Ø Ms. Parveen Gupta : Till 11.03.2015Ø Ms. Sanyukta Samaddar : From 09.05.2014Ø Shri. Manjit Kumar : From 11.03.2015
Ø Shri. P. K. Sarkar : Chief Manager, Unit Incharge-Nagpur
Ø Shri. Umrikar : Dy. Manager (F&A) /Company Secretary (I/C)
Ø M/s. Sorab S. Engineers & Co. : Statutory Auditors for Byculla Unit& Corporate Office & Mulund Unit
Ø M/s S. Venkat Raman & Co. : Auditors for Cennai Unit
Ø M/s. Rodi Dabir & Co. : Auditors for Nagpur Unit
Byculla Iron Works,Sir J.J. Road, Byculla, Mumbai - 400 008.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1502
BOARD’S REPORT
FINANCIAL, HIGHLIGHTS
CHANGE IN NATURE OF BUSINESS, IF ANY
To The Members ofRICHARDSON AND CRUDDAS ( 1972) LIMITEDSir J. J. Road,,Byculla, Mumbai - 400 008.
Your Directors have pleasure in presenting the 42nd Board’s Report of your company together with the Audited Statement of Accounts and the Auditors’s Report of your company for the financial year ended 31st March, 20105.
To rent, lease, leave and licence on short term basis of company’s assets comprising of open land, office buildings, workshop area, plant, and machinery, flats etc.
To carry on / allow the business of exhibition, seminars, events, function, marriage, shootings of films, TV serial, corporate/ private function etc. in company premises either directly by the company, or in partnership with others parties or to rent, lease, leave and licence on short term basis company’s assets for exhibition, seminars, events, function, marriage, shooting of films, TV serials, corporate/private functions, to generate revenue from the idle/surplus land assts.
Particulars
Gross Income
Profit Before Interest and Depreciation
Finance Charges
Gross Profit
Provision For Depreciation
Net Profit Before Tax
Provision For Tax
Net Profit After Tax
Balance of Profit Brought Forward
Balance Available for Appropriation
Proposed Dividend on Equity Shares
Tax on Proposed Dividend
Transfer to General Reserve
Surplus carried to Balance Sheet
Year 2014-15(Figures in Lacs)
Year 2013-14(Figures in Lacs)
9432.80
2990.75
3013.58
2739.12
251.63
(364.46)
0
(364.46)
0
0
0
0
0
0
8435.88
1959.82
2281.27
1898.49
61.33
(382.78)
0
(382.78)
0
0
0
0
0
0
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1503
DIVIDEND
CHANGE IN SHARE CAPITAL, IF ANY
INFORMATION ABOUT SUBSIDIARY / JV / ASSOCIATE COMPANY
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
MATERIALS CHANGES AND COMMITMENTS
THE EXTRACT OF ANNUAL RETURN
MEETINGS OF THE BOARD OF DIRECTORS
However, with view to conserve the resource of company the direction are not recommending any dividend.
During the Financial Year 2014-15, the share capital of the Company has reminded same as it was in the previous year.
Company dose not have any Subsidiary, Joint venture or Associate Company.
The provisions of Section 125(2) of the Company Act, 2013 do not apply as there was no dividend declared and paid last year.
No material changes and commitments affecting the financial position of the company occurred between the ends of the financial year to which these financial statements relate on the date of this report.
The Extract of Annual Returns as required under section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies ( Management and Administration) Rules, 2014, in From MGT-9 is annexed herewith for your kind perusal and information (Annexure : 1)
During the Financial Year 2014-15, the Company held Four (4) board meeting of the Board of Directors as per Section 173 of Companies Act, 2013 which is summarized below. The provisions of Companies Act, 2013 and listing agreements were adhered to while considering the time gap between two meetings.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1504
Sr. No.
1.
2.
3.
4.
Date of Meeting.
27.06.2014
05.09.2014
27.09.2014
25.03.2015
No. of Directors Present
4
4
4
3
DIRECTOR’S RESPONSIBILITY STATEMENT
AUDITORS AND REPORT THEREON
LOANS, GUARANTEES AND INVESTMENTS
Pursuant to section 134(5) of the Companies Act, 2013 the Board of Directors of the Company Confirms that-
(a) In the preparation of the annual account, the applicable accounting standard had been followed along with proper explanation relating to material departures;
(b) The directors had selected such accounting policies and applied them consistently and made judgment and estimate that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
© The director had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis ; and
(e) The Company being unlisted sub clause (e) of section 134 (3) is not applicable.
(f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
The Auditors, M/s Sorab S. Engineer & Co. Chartered Accountants, Mumbai retire at the ensuing Annual General Meeting and being eligible to offer themselves for reappointment for a period of One Year from the conclusion of this Annual General Meeting (AGM) till the conclusion of 43rd AGM.
There are qualifications or adverse remarks in the Auditors’ report which require clarification / explanation. The Notes on financial statements are self - explanatory and needs no further explanation.
Further the Auditors’ Report for the financial year ended 31st March, 2015 is annexed herewith for your kind perusal and information. (Annexure : 2)
There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1505
DIVIDEND
CHANGE IN SHARE CAPITAL, IF ANY
INFORMATION ABOUT SUBSIDIARY / JV / ASSOCIATE COMPANY
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
MATERIALS CHANGES AND COMMITMENTS
THE EXTRACT OF ANNUAL RETURN
MEETINGS OF THE BOARD OF DIRECTORS
However, with view to conserve the resource of company the direction are not recommending any dividend.
During the Financial Year 2014-15, the share capital of the Company has reminded same as it was in the previous year.
Company dose not have any Subsidiary, Joint venture or Associate Company.
The provisions of Section 125(2) of the Company Act, 2013 do not apply as there was no dividend declared and paid last year.
No material changes and commitments affecting the financial position of the company occurred between the ends of the financial year to which these financial statements relate on the date of this report.
The Extract of Annual Returns as required under section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies ( Management and Administration) Rules, 2014, in From MGT-9 is annexed herewith for your kind perusal and information (Annexure : 1)
During the Financial Year 2014-15, the Company held Four (4) board meeting of the Board of Directors as per Section 173 of Companies Act, 2013 which is summarized below. The provisions of Companies Act, 2013 and listing agreements were adhered to while considering the time gap between two meetings.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1504
Sr. No.
1.
2.
3.
4.
Date of Meeting.
27.06.2014
05.09.2014
27.09.2014
25.03.2015
No. of Directors Present
4
4
4
3
DIRECTOR’S RESPONSIBILITY STATEMENT
AUDITORS AND REPORT THEREON
LOANS, GUARANTEES AND INVESTMENTS
Pursuant to section 134(5) of the Companies Act, 2013 the Board of Directors of the Company Confirms that-
(a) In the preparation of the annual account, the applicable accounting standard had been followed along with proper explanation relating to material departures;
(b) The directors had selected such accounting policies and applied them consistently and made judgment and estimate that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
© The director had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis ; and
(e) The Company being unlisted sub clause (e) of section 134 (3) is not applicable.
(f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
The Auditors, M/s Sorab S. Engineer & Co. Chartered Accountants, Mumbai retire at the ensuing Annual General Meeting and being eligible to offer themselves for reappointment for a period of One Year from the conclusion of this Annual General Meeting (AGM) till the conclusion of 43rd AGM.
There are qualifications or adverse remarks in the Auditors’ report which require clarification / explanation. The Notes on financial statements are self - explanatory and needs no further explanation.
Further the Auditors’ Report for the financial year ended 31st March, 2015 is annexed herewith for your kind perusal and information. (Annexure : 2)
There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1505
RELATED PARTY TRANSACTION
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:
RISK MANAGEMENT :
There are no materially significant related party transaction made by the Company with Promoters, Directors Key Managerial Personnel or other designated person which may have a potential conflict with the interest of the Company at large and Approval of the Board of Directors & shareholders was obtained wherever required.
(A) Conservation of energy technology absorption :-The particulars as required under the provision of Section 134(3) of the Act, 2013 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the company during the year under review.
(B) Foreign exchange earnings and Outgo :-There were no foreign exchange earnings and outgo during the year under review.(C) Foreign exchange earning and Outgo :-
The Company dose not have nay risk Management Policy as the elements of risk threatening the Company’s existence are very minimal.
DIRECTORS AND KMP
During the current financial year the following changes have occurred in the constitution of directors of the Company.
Companies
Earnings NIL
Outgo NIL
Sr. No.
1.
2.
3.
4.
Name
Ms. Sanyukta Samaddar
Mr. Manjit Kumar
Ms. Parveen Gupta
Mr. Kewal Ram
Designation
Director
Director
Director
Independent Director
09.05.2014
11.03.2015
17.01.2014
24.01.2013
Date of Appointment
N/A
N/A
11.03.2015
16.01.2015
Date of Cessation
N/A
N/A
Mode of Cessation
Order byGovernment
Resignationu/s 168
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1506
DEPOSITS
CORPORATE SOCIAL RESPONSIBILITY
ANNUAL EVALUATION
INDEPENDENT DIRECTORS AND DECLARATION
NOMINATION AND REMUNERATION COMMITTEE
The company has not accepted any deposit during the year
The company dose not meet the criteria of Section 135 of Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 so there is no requirement to constitute Corporate Social Responsibility Committee.
Pursuant to the provision of the Companies Act, 2013, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration and Compliance Committees.
A structured questionnaire was prepared after taking in to consideration inputs received from the Directors, covering various aspects of the Board’s functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.
A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority shareholders etc. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Secretarial Department.
The provision of Section 149 pertaining to the appointment of Independent Directors are pending for the approval by the Government of India.
As per Section 178(I) of the Companies Act, 2013 the Company’s Nomination and Remuneration Committee comprises of three Non-executive Directors. The table sets out the composition of the Committee.
Mr. Manjit Kumar
Ms. Sanyukta Samaddar
Mr. Pradeep Kumar Kothari
Name of Directors Position held in the Committee
Chairman
Member
Member
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1507
RELATED PARTY TRANSACTION
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:
RISK MANAGEMENT :
There are no materially significant related party transaction made by the Company with Promoters, Directors Key Managerial Personnel or other designated person which may have a potential conflict with the interest of the Company at large and Approval of the Board of Directors & shareholders was obtained wherever required.
(A) Conservation of energy technology absorption :-The particulars as required under the provision of Section 134(3) of the Act, 2013 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the company during the year under review.
(B) Foreign exchange earnings and Outgo :-There were no foreign exchange earnings and outgo during the year under review.(C) Foreign exchange earning and Outgo :-
The Company dose not have nay risk Management Policy as the elements of risk threatening the Company’s existence are very minimal.
DIRECTORS AND KMP
During the current financial year the following changes have occurred in the constitution of directors of the Company.
Companies
Earnings NIL
Outgo NIL
Sr. No.
1.
2.
3.
4.
Name
Ms. Sanyukta Samaddar
Mr. Manjit Kumar
Ms. Parveen Gupta
Mr. Kewal Ram
Designation
Director
Director
Director
Independent Director
09.05.2014
11.03.2015
17.01.2014
24.01.2013
Date of Appointment
N/A
N/A
11.03.2015
16.01.2015
Date of Cessation
N/A
N/A
Mode of Cessation
Order byGovernment
Resignationu/s 168
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1506
DEPOSITS
CORPORATE SOCIAL RESPONSIBILITY
ANNUAL EVALUATION
INDEPENDENT DIRECTORS AND DECLARATION
NOMINATION AND REMUNERATION COMMITTEE
The company has not accepted any deposit during the year
The company dose not meet the criteria of Section 135 of Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 so there is no requirement to constitute Corporate Social Responsibility Committee.
Pursuant to the provision of the Companies Act, 2013, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration and Compliance Committees.
A structured questionnaire was prepared after taking in to consideration inputs received from the Directors, covering various aspects of the Board’s functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.
A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority shareholders etc. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Secretarial Department.
The provision of Section 149 pertaining to the appointment of Independent Directors are pending for the approval by the Government of India.
As per Section 178(I) of the Companies Act, 2013 the Company’s Nomination and Remuneration Committee comprises of three Non-executive Directors. The table sets out the composition of the Committee.
Mr. Manjit Kumar
Ms. Sanyukta Samaddar
Mr. Pradeep Kumar Kothari
Name of Directors Position held in the Committee
Chairman
Member
Member
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1507
TERMS OF REFERENCE
REMUNERATION POLICY
The Terms of Reference of the Nomination and Remuneration Committee are as under-
1. To identify persons who are qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down, recommend to the Board their appointment and removal and shall carry out evaluation of every Director’s performance.
2. To formulated the criteria for determining qualifications, positive attributes and independence of a Directors and recommend to the Board a policy relating to the remuneration for the Directors, key Management Personnel and other employees.
3. The Nomination and Remuneration Committee shall, while formulating the policy ensure that :
a). the level and composition of remuneration is reasonable and sufficient to attract, retain and motive Directors of the quality required to run the Company successfully;
b). relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
c). remuneration to Directors, key Managerial Personnel and Senior Management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the company and its goals:
4. Regularly review the Human Resource function of the Company.
5. Discharge such other function(s) or exercise such power(s) as may be delegated to the Committee by the Board from time to time.
6. Make report to the Board as appropriate.
7. Review and reassess the adequacy of this charter periodically and recommended any proposed changes to the Board for approval from time to time.
8. Any other work and policy, related and incidental to the objectives of the committee as per provisions of the Act and rules made there under.
Remuneration to Executive Directors:
The remuneration paid to Executive Directors is as per terms & conditions approved by the Department of Heavy Industries & Ministry of Heavy Industries & Public Enterprises, New Delhi.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1508
REMUNERATION TO NON EXECUTIVE DIRECTORS:
AUDIT COMMITTEE
SECRETARIAL AUDIT REPORT
VIGIL MECHANISM
SHARES
BUY BACK OF SECURITIES
SWEAT EQUITY
The Non Executive Directors are not paid remuneration by way of Sitting Fees and Commission.The Independent Directors are paid sitting fees for each meeting of the Board @ Rs. 5000/- per meeting attended by them.
According to Section 177 of the Companies Act, 2013 the company’s Audit Committee comprised of Three Directors. The board has accepted the recommendation of the Audit Committee. The table sets out the composition of the Committee:
There are two qualifications in the Secretarial Audit Report which require clarification / explanation.
Further the Secretarial Audit Report as provided by M/s Ravi Kothari & Associates, Practicing Company Secretary for the financial year ended 31st March, 2015 is annexed herewith for your kind perusal and information ( Annexure : 3)
As per Section 177(9) and (10) of the Companies Act, 2013 and as per the Clause 49 of the Listing Agreement, the company has established Vigil Mechanism for directors and employees to report genuine concerns and made provisions for direct access to the chairperson of the Audit Committee. The Company has formulated the percent policy for establishing the vigil mechanism / Whistle Blower Policy to safeguard the interest of its stakeholders, Directors and employees, to freely communicate and address to the Company their genuine concern in relation to any illegal or unethical practice being carried out in the Company.
a.
The Company has not bought back any of its securities during the year under review.
b.
The Company has not issued any Sweat Equity Shares during the year under review.
Name of Directors
Ms. Sanyukta Samaddar
Mr. Manjit Kumar
Mr. Pradeep Kumar Kothari
Position held in the Committee
Chairman
Member
Member
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1509
TERMS OF REFERENCE
REMUNERATION POLICY
The Terms of Reference of the Nomination and Remuneration Committee are as under-
1. To identify persons who are qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down, recommend to the Board their appointment and removal and shall carry out evaluation of every Director’s performance.
2. To formulated the criteria for determining qualifications, positive attributes and independence of a Directors and recommend to the Board a policy relating to the remuneration for the Directors, key Management Personnel and other employees.
3. The Nomination and Remuneration Committee shall, while formulating the policy ensure that :
a). the level and composition of remuneration is reasonable and sufficient to attract, retain and motive Directors of the quality required to run the Company successfully;
b). relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
c). remuneration to Directors, key Managerial Personnel and Senior Management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the company and its goals:
4. Regularly review the Human Resource function of the Company.
5. Discharge such other function(s) or exercise such power(s) as may be delegated to the Committee by the Board from time to time.
6. Make report to the Board as appropriate.
7. Review and reassess the adequacy of this charter periodically and recommended any proposed changes to the Board for approval from time to time.
8. Any other work and policy, related and incidental to the objectives of the committee as per provisions of the Act and rules made there under.
Remuneration to Executive Directors:
The remuneration paid to Executive Directors is as per terms & conditions approved by the Department of Heavy Industries & Ministry of Heavy Industries & Public Enterprises, New Delhi.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1508
REMUNERATION TO NON EXECUTIVE DIRECTORS:
AUDIT COMMITTEE
SECRETARIAL AUDIT REPORT
VIGIL MECHANISM
SHARES
BUY BACK OF SECURITIES
SWEAT EQUITY
The Non Executive Directors are not paid remuneration by way of Sitting Fees and Commission.The Independent Directors are paid sitting fees for each meeting of the Board @ Rs. 5000/- per meeting attended by them.
According to Section 177 of the Companies Act, 2013 the company’s Audit Committee comprised of Three Directors. The board has accepted the recommendation of the Audit Committee. The table sets out the composition of the Committee:
There are two qualifications in the Secretarial Audit Report which require clarification / explanation.
Further the Secretarial Audit Report as provided by M/s Ravi Kothari & Associates, Practicing Company Secretary for the financial year ended 31st March, 2015 is annexed herewith for your kind perusal and information ( Annexure : 3)
As per Section 177(9) and (10) of the Companies Act, 2013 and as per the Clause 49 of the Listing Agreement, the company has established Vigil Mechanism for directors and employees to report genuine concerns and made provisions for direct access to the chairperson of the Audit Committee. The Company has formulated the percent policy for establishing the vigil mechanism / Whistle Blower Policy to safeguard the interest of its stakeholders, Directors and employees, to freely communicate and address to the Company their genuine concern in relation to any illegal or unethical practice being carried out in the Company.
a.
The Company has not bought back any of its securities during the year under review.
b.
The Company has not issued any Sweat Equity Shares during the year under review.
Name of Directors
Ms. Sanyukta Samaddar
Mr. Manjit Kumar
Mr. Pradeep Kumar Kothari
Position held in the Committee
Chairman
Member
Member
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1509
c.
No Bonus Shares were issued during the under review.
d.
The Company has not provided any Stock Option Scheme to the employees.
The details of significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and company’s operation in future, If any need to be mentioned.
Your Directors wish to express their grateful appreciation to the continued co-operation received from the Banks, Government Authorities, Customers, Vendors and Shareholders during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed service of the Executive, Staff and Workers of the Company.
For & on behalf of the Board of DirectorsPlace: MumbaiDate : 26/08/2015
Shrikant D. Umrikar Pradeep Kumar KothariPAN: AACPU9908K DIN : 05255017Dy. Manager (F & A) Co. Secretary I/C (Chairman & Managing Director)
BONUS SHARES
EMPLOYEES STOCK OPTION PLAN
ORDER OF COURT
ACKNOWLEDGMENT
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1510
SECRETARIAL AUDIT REPORTSTFOR THE FINANCIAL YEAR ENDED 31 MARCH 2015
The Members,RICHARDSON AND CRUDDAS (1972) LIMITEDCIN NO.: U28920MH1973GOI016389ADD.: Sir J. J. Road, Byculla, Mumbai - 400 008.
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by RICHARDSON AND CRUDDAS (1972) LIMITED. ( hereinafter called the company). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluation the corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of RICHARDSON AND CRUDDAS (1972) LIMITED books, papers, minute books, forms & return filled and other records maintained by the Company and also the information provided by the Company, its Officers, Agents, and authorised representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial year ended 31st March 2015 complied with the statutory provisions listed hereunder and also that the Company has proper board-processes and compliances - mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.
I have examined the books, papers, minute books, forms and returns filled other records maintained by RICHARDSON & CRUDDAS (1972) LIMITED for the financial year ended 31st March 2015 according to the provisions of:
(I) The Companies Act, 2013 ( the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act 1956 (’SCRA’) and the rules made thereunder.
(III) The Depositors Act, 1996 and the Regulations and Bye-Laws framed thereunder
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to extent of Foreign Direct Investment, Overseas Direct Investment and External commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board Board of India Act, 1992 ( ‘SEBI Act’):-
a) The Securities and Exchange Board of India ( Substantial Acquisition of shares and Takeovers ) Regulations, 2011;
b) The Securities and Exchange Board of India ( Prohibition of Insider Trading)Regulation 1992;
c) The Securities and Exchange Board of India ( Issue of Capital and Disclosure Requirements) Regulations, 2009;
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1511
c.
No Bonus Shares were issued during the under review.
d.
The Company has not provided any Stock Option Scheme to the employees.
The details of significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and company’s operation in future, If any need to be mentioned.
Your Directors wish to express their grateful appreciation to the continued co-operation received from the Banks, Government Authorities, Customers, Vendors and Shareholders during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed service of the Executive, Staff and Workers of the Company.
For & on behalf of the Board of DirectorsPlace: MumbaiDate : 26/08/2015
Shrikant D. Umrikar Pradeep Kumar KothariPAN: AACPU9908K DIN : 05255017Dy. Manager (F & A) Co. Secretary I/C (Chairman & Managing Director)
BONUS SHARES
EMPLOYEES STOCK OPTION PLAN
ORDER OF COURT
ACKNOWLEDGMENT
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1510
SECRETARIAL AUDIT REPORTSTFOR THE FINANCIAL YEAR ENDED 31 MARCH 2015
The Members,RICHARDSON AND CRUDDAS (1972) LIMITEDCIN NO.: U28920MH1973GOI016389ADD.: Sir J. J. Road, Byculla, Mumbai - 400 008.
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by RICHARDSON AND CRUDDAS (1972) LIMITED. ( hereinafter called the company). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluation the corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of RICHARDSON AND CRUDDAS (1972) LIMITED books, papers, minute books, forms & return filled and other records maintained by the Company and also the information provided by the Company, its Officers, Agents, and authorised representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial year ended 31st March 2015 complied with the statutory provisions listed hereunder and also that the Company has proper board-processes and compliances - mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.
I have examined the books, papers, minute books, forms and returns filled other records maintained by RICHARDSON & CRUDDAS (1972) LIMITED for the financial year ended 31st March 2015 according to the provisions of:
(I) The Companies Act, 2013 ( the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act 1956 (’SCRA’) and the rules made thereunder.
(III) The Depositors Act, 1996 and the Regulations and Bye-Laws framed thereunder
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to extent of Foreign Direct Investment, Overseas Direct Investment and External commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board Board of India Act, 1992 ( ‘SEBI Act’):-
a) The Securities and Exchange Board of India ( Substantial Acquisition of shares and Takeovers ) Regulations, 2011;
b) The Securities and Exchange Board of India ( Prohibition of Insider Trading)Regulation 1992;
c) The Securities and Exchange Board of India ( Issue of Capital and Disclosure Requirements) Regulations, 2009;
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1511
d) The Securities and Exchange Board of India ( Issue and Listing of Debt Securities) Regulations 2008;
e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer
Agent) Regulations 1993 regarding the Companies Act, and dealing with client;
I have also examined compliance with the applicable clauses of the following :
(I) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) Guidelines on Corporate Governance for Central Public Sector Enterprises, 2010;
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards etc. mentioned above subject to the following observations:
It is observed that as per Section 149 of the companies Act, 2013, necessitated that every listed company and such other companies as per the rules shall be required to appoint an Independent Director, but the company has not complied till date as the approval from the Government is pending.
It is observed that as per Section 203 of Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, necessitated that every listed company and every other company having Paid up capital of Rs. 5 Crore or more has to mandatorily have a Company Secretary in whole time employment but company has not complied till date.
It is observed that as per Section 203 of Companies Act, 2013 read with Companies ( Appointment and Remuneration of Managerial Personnel) Rules, 2014, necessitated that every listed company has to mandatorily have a Chief Financial Officer whole time employment and company is in process of appointing Chief Financial Officer.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1512
I Further Report That
Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
Majority decision is carried through while the dissenting member’s view are captured and recorded as part of the minutes.
I Further report that there are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
For Ravi Kothari & Associates
Place : MumbaiDate : 26/08/2015
ACS Ravi KothariMembership no.: 34207
C. O. P. No. : 12773
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1513
d) The Securities and Exchange Board of India ( Issue and Listing of Debt Securities) Regulations 2008;
e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer
Agent) Regulations 1993 regarding the Companies Act, and dealing with client;
I have also examined compliance with the applicable clauses of the following :
(I) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) Guidelines on Corporate Governance for Central Public Sector Enterprises, 2010;
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards etc. mentioned above subject to the following observations:
It is observed that as per Section 149 of the companies Act, 2013, necessitated that every listed company and such other companies as per the rules shall be required to appoint an Independent Director, but the company has not complied till date as the approval from the Government is pending.
It is observed that as per Section 203 of Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, necessitated that every listed company and every other company having Paid up capital of Rs. 5 Crore or more has to mandatorily have a Company Secretary in whole time employment but company has not complied till date.
It is observed that as per Section 203 of Companies Act, 2013 read with Companies ( Appointment and Remuneration of Managerial Personnel) Rules, 2014, necessitated that every listed company has to mandatorily have a Chief Financial Officer whole time employment and company is in process of appointing Chief Financial Officer.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1512
I Further Report That
Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
Majority decision is carried through while the dissenting member’s view are captured and recorded as part of the minutes.
I Further report that there are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
For Ravi Kothari & Associates
Place : MumbaiDate : 26/08/2015
ACS Ravi KothariMembership no.: 34207
C. O. P. No. : 12773
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1513
ANNEXURE A
To,The Members,RICHARDSON AND CRUDDAS (1972) LIMITED,Sir J. J. Road, Byculla, Mumbai - 400 008.
My Report of even date is to be read along with this letter:
1. Maintenance of secretarial record is the responsibility of the management of the company. My responsibility is to be express an option on these secretarial records based on our audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Securities records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. I believe that the processes and practices, we followed provide a reasonable basis of my opinion.
3. I have not verified the correctness and appropriateness of financial records and books of Accounts of the Company.
4. Where ever required, I have obtained the Management representation about the compliance of laws, rules and regulations and happenings of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standard is the responsibility of management. My examinations were limited to the verifications of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the company.
signature :
Ravi Dinesh KothariPracticing Company SecretaryMembership No. : 34207Certificate of Practice No. : 12773
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1514
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF RICHARDSON AND CRUDDAS (1972) LIMITED
Report on the Standard Financial Statements
We have audited the accompanying standalone financial statements of RICHARDSON AND CRUDDAS (1972) LIMITED (”The Company”), which comprise the balance sheet as at March 31, 2015, the Statements of Profit and Loss and Cash Flow Statements for the year then ended and a summary of significant accounting policies and other explanatory information, in which are incorporated the financial statements of Chennai & Nagpur Branches of the Company audited by other Branch Auditors appointed by the comptroller and Auditor General of India whose report have been furnished to us. We placed reliance on the said reports and have suitably dealt with the same for the purpose of our opinion on the overall financial statements of the Company.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (”The Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standard financial statements base on our audit.
We have taken in to account the provisions of the Act, the accounting and auditing standard and matters which are required to be included in the audit report under the provision of the Act, and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act,. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedure to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessments of the risk of the material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1515
ANNEXURE A
To,The Members,RICHARDSON AND CRUDDAS (1972) LIMITED,Sir J. J. Road, Byculla, Mumbai - 400 008.
My Report of even date is to be read along with this letter:
1. Maintenance of secretarial record is the responsibility of the management of the company. My responsibility is to be express an option on these secretarial records based on our audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Securities records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. I believe that the processes and practices, we followed provide a reasonable basis of my opinion.
3. I have not verified the correctness and appropriateness of financial records and books of Accounts of the Company.
4. Where ever required, I have obtained the Management representation about the compliance of laws, rules and regulations and happenings of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standard is the responsibility of management. My examinations were limited to the verifications of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the company.
signature :
Ravi Dinesh KothariPracticing Company SecretaryMembership No. : 34207Certificate of Practice No. : 12773
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1514
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF RICHARDSON AND CRUDDAS (1972) LIMITED
Report on the Standard Financial Statements
We have audited the accompanying standalone financial statements of RICHARDSON AND CRUDDAS (1972) LIMITED (”The Company”), which comprise the balance sheet as at March 31, 2015, the Statements of Profit and Loss and Cash Flow Statements for the year then ended and a summary of significant accounting policies and other explanatory information, in which are incorporated the financial statements of Chennai & Nagpur Branches of the Company audited by other Branch Auditors appointed by the comptroller and Auditor General of India whose report have been furnished to us. We placed reliance on the said reports and have suitably dealt with the same for the purpose of our opinion on the overall financial statements of the Company.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (”The Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standard financial statements base on our audit.
We have taken in to account the provisions of the Act, the accounting and auditing standard and matters which are required to be included in the audit report under the provision of the Act, and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act,. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedure to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessments of the risk of the material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1515
expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Attention is invited to the following
1. Note No. 29 regarding financial statements of the company having been prepared on a going concern basis, not with standing the fact its net worth is completely eroded, The BIFR has appointed Operating Agency (OA) and has invited offer for change of managements. The appropriateness of the going concern basis is inter -alia dependent on the infusion of requisite funds for meeting its obligations, rescheduling / restructuring of its debts.
However if a viable revival and rehabilitation plan, additional funding or rescheduling / restructuring of debts and hiring of critical manpower is not agreed, the Company may be unable to revive itself and adjustment would have to be made to the carrying value of its assets and liabilities. It is not possible to quantify the effect of such adjustment on the financial statement of the Company, if any.
During the year the Company has renewed expired lease of its premises and sold certain fixed assets (such as scrap and old obsolete machineries) through MSTC and also through direct tendering with the approval of the Board of Directors.
2. Note No. 33 regarding non provision of salary arrears amounting to Rs. 321.10 Lacs as the same has not been approved by the Cabinet Committee of Economic Affairs (CCFA).
3. Note No. 34 regarding balance due to /from various parties and government authorities which are subject to confirmation and reconciliation. The impact if any on the financial statements are not quantifiable by the management and we are unable to comment upon the same.
4. In case of the Cennai Unit, the claims against the company not acknowledged as debts include sum of Rs. 21.89 Lacs towards the revision of rent claimed from 1985/86 to 1989/90 by the landlord and Rs. 10 Lacs towards workmen compensation in labour case filed in the year 2009. No provision is made for the said amounts. The current year losses and the accumulated losses are understated to the extent of Rs. 31.89 Lacs and other current liabilities are understated to the same extent. In the opinion of the branch auditors, the provision should have been made for the same.
5. Note No. 39 wherein it has been stated that the Company dose not have a whole time Secretary as required under Section 203(1) of the Act, and that the financial statements of the Company have not been authenticated by a company Secretary and CFO as required under Section 134(1) of the Act.
BASIS FOR QUALIFIED OPINION
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1516
In our opinion and to the best of our information and according to the explanations given to us, expect for the matters described in the ‘Basis for Qualified Opinion’ paragraph given above, the aforesaid standalone financial statements give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in india, of the state off affairs of the Company as at 31st March, 2015 and its loss and its cash flows for the year ended on the date.
We draw attention to Note No. 30 regarding 8% Preference Share aggregating to Rs. 2,326 Lacs which were issued during 1992-93 to the Government of India but have not been redeemed to date although the period of twenty years is over. We are informed that the terms and conditions for the issue of these Preference Shares have not been finalized to date by the Company with the Government of India and in the absence of required information the rate of dividend on these Preference Shares has been fixed at 8% per annum on non - cumulative basis as per past practice. Our opinion is not modified in respect of this matter.
1. As required by the Companies ( Auditor’s Report) Order, 2015 (“the Order”) issued by the Central Government of India in terms of sub section (11) of section 143 of the, Act, we give in th Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(5) of the Act, we give in the Annexure II a statement on the direction / sub - directions issued the Comptroller and Auditors General of India.
3. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
b. In our opinion proper books of Accounts as required by law have been kept by the Company so far as appears from our examination of those books;
c. The Reports on the Accounts of the Branch offices of the Company at Nagpur and Chennai audited under Section 143(8) of the Act by the Branch Auditors have been sent to us and have been properly dealt with by us in preparing this report;
d. The Balance Sheet, the Statements of Profit & Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of accounts;
e. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; except AS-2 valuation of Inventory where the Branch Auditor of Nagpur unit has stated in his report that the accounting standard has not been complied with since the taxes and cess etc. are excluded from the valuation of the inventories. The effect of
Emphasis of Matter
Report on Other Legal and Regulatory Requirements
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1517
expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Attention is invited to the following
1. Note No. 29 regarding financial statements of the company having been prepared on a going concern basis, not with standing the fact its net worth is completely eroded, The BIFR has appointed Operating Agency (OA) and has invited offer for change of managements. The appropriateness of the going concern basis is inter -alia dependent on the infusion of requisite funds for meeting its obligations, rescheduling / restructuring of its debts.
However if a viable revival and rehabilitation plan, additional funding or rescheduling / restructuring of debts and hiring of critical manpower is not agreed, the Company may be unable to revive itself and adjustment would have to be made to the carrying value of its assets and liabilities. It is not possible to quantify the effect of such adjustment on the financial statement of the Company, if any.
During the year the Company has renewed expired lease of its premises and sold certain fixed assets (such as scrap and old obsolete machineries) through MSTC and also through direct tendering with the approval of the Board of Directors.
2. Note No. 33 regarding non provision of salary arrears amounting to Rs. 321.10 Lacs as the same has not been approved by the Cabinet Committee of Economic Affairs (CCFA).
3. Note No. 34 regarding balance due to /from various parties and government authorities which are subject to confirmation and reconciliation. The impact if any on the financial statements are not quantifiable by the management and we are unable to comment upon the same.
4. In case of the Cennai Unit, the claims against the company not acknowledged as debts include sum of Rs. 21.89 Lacs towards the revision of rent claimed from 1985/86 to 1989/90 by the landlord and Rs. 10 Lacs towards workmen compensation in labour case filed in the year 2009. No provision is made for the said amounts. The current year losses and the accumulated losses are understated to the extent of Rs. 31.89 Lacs and other current liabilities are understated to the same extent. In the opinion of the branch auditors, the provision should have been made for the same.
5. Note No. 39 wherein it has been stated that the Company dose not have a whole time Secretary as required under Section 203(1) of the Act, and that the financial statements of the Company have not been authenticated by a company Secretary and CFO as required under Section 134(1) of the Act.
BASIS FOR QUALIFIED OPINION
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1516
In our opinion and to the best of our information and according to the explanations given to us, expect for the matters described in the ‘Basis for Qualified Opinion’ paragraph given above, the aforesaid standalone financial statements give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in india, of the state off affairs of the Company as at 31st March, 2015 and its loss and its cash flows for the year ended on the date.
We draw attention to Note No. 30 regarding 8% Preference Share aggregating to Rs. 2,326 Lacs which were issued during 1992-93 to the Government of India but have not been redeemed to date although the period of twenty years is over. We are informed that the terms and conditions for the issue of these Preference Shares have not been finalized to date by the Company with the Government of India and in the absence of required information the rate of dividend on these Preference Shares has been fixed at 8% per annum on non - cumulative basis as per past practice. Our opinion is not modified in respect of this matter.
1. As required by the Companies ( Auditor’s Report) Order, 2015 (“the Order”) issued by the Central Government of India in terms of sub section (11) of section 143 of the, Act, we give in th Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(5) of the Act, we give in the Annexure II a statement on the direction / sub - directions issued the Comptroller and Auditors General of India.
3. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
b. In our opinion proper books of Accounts as required by law have been kept by the Company so far as appears from our examination of those books;
c. The Reports on the Accounts of the Branch offices of the Company at Nagpur and Chennai audited under Section 143(8) of the Act by the Branch Auditors have been sent to us and have been properly dealt with by us in preparing this report;
d. The Balance Sheet, the Statements of Profit & Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of accounts;
e. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; except AS-2 valuation of Inventory where the Branch Auditor of Nagpur unit has stated in his report that the accounting standard has not been complied with since the taxes and cess etc. are excluded from the valuation of the inventories. The effect of
Emphasis of Matter
Report on Other Legal and Regulatory Requirements
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1517
departure from the accounting standards is not ascertainable in the absence of relevant information from the management.
f. On the basis of written representations received from the directors as on March 31st 2015 and taken on record by the Board of Directors, none of the director is disqualified as on March 31st, 2015 from being appointed as a director in terms of Section 164(2) of the Act.
g. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(I) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note No. 28B, to the financial statement
(ii) We are informed that the Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
(iii) There are no amounts which are required to be transferred to the investor Education and Protection Fund (IEPF) by the Company.
For Sorab S. Engieer & Co.Chartered Accountants
Firm Registration No. 110417 W
CA. R. N. Anklesaria Partner
Membership No. 34461
Place : MumbaiDate : 27.08.2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1518
ANNEXURE TO THE AUDITORS’ REPORT
Re: RICHARDSON & CRUDDAS (1972) LIMITED
Referred to in Paragraph 1 under the heading “Report on other legal and regulatory requirements” of our Independent Auditor’s Report of even date,
(I)(a.) In our opinion, the Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets except in case of Chennai Unit where situated of fixed assets are not mentioned.
(b) The Fixed Assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed on such verification.
(ii)(a) As explained to us, the inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations given to us, the procedures of physically verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.
(c) In our opinion and according to information and explanation given to us, the Company has maintained records of its inventories and discrepancies noticed on such physically verification between the physical stocks and the books records were not material and have been properly dealt with in books of accounts except in case of Chennai Unit where proper records of physical verification of inventory has not been maintained and hence the Branch Auditors have stated that they are unable to comment upon discrepancies if any, noticed during the physical verification of inventory.
(iii) The Company has not granted any loans secured or unsecured to Companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly, the clauses (iii) (a) and (iii) (b) of paragraph 3 of the Order are not applicable.
(iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, with regard to purchases of inventory and fixed assets and for the sale of goods and services, except in case of Nagpur unit where the Branch Auditors have observed that there are weakness in internal control system with respect to old WIP reconciliation and Debtor’s recovery. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control.
(v) The Company has not accepted any deposits from the public to which the provisions of Sections 73 to 76 or any other relevant provision of the Companies Act, 2013 and rules framed thereunder and directions issued by the Reserve Bank of India would apply.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1519
departure from the accounting standards is not ascertainable in the absence of relevant information from the management.
f. On the basis of written representations received from the directors as on March 31st 2015 and taken on record by the Board of Directors, none of the director is disqualified as on March 31st, 2015 from being appointed as a director in terms of Section 164(2) of the Act.
g. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(I) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note No. 28B, to the financial statement
(ii) We are informed that the Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
(iii) There are no amounts which are required to be transferred to the investor Education and Protection Fund (IEPF) by the Company.
For Sorab S. Engieer & Co.Chartered Accountants
Firm Registration No. 110417 W
CA. R. N. Anklesaria Partner
Membership No. 34461
Place : MumbaiDate : 27.08.2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1518
ANNEXURE TO THE AUDITORS’ REPORT
Re: RICHARDSON & CRUDDAS (1972) LIMITED
Referred to in Paragraph 1 under the heading “Report on other legal and regulatory requirements” of our Independent Auditor’s Report of even date,
(I)(a.) In our opinion, the Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets except in case of Chennai Unit where situated of fixed assets are not mentioned.
(b) The Fixed Assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed on such verification.
(ii)(a) As explained to us, the inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations given to us, the procedures of physically verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.
(c) In our opinion and according to information and explanation given to us, the Company has maintained records of its inventories and discrepancies noticed on such physically verification between the physical stocks and the books records were not material and have been properly dealt with in books of accounts except in case of Chennai Unit where proper records of physical verification of inventory has not been maintained and hence the Branch Auditors have stated that they are unable to comment upon discrepancies if any, noticed during the physical verification of inventory.
(iii) The Company has not granted any loans secured or unsecured to Companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly, the clauses (iii) (a) and (iii) (b) of paragraph 3 of the Order are not applicable.
(iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, with regard to purchases of inventory and fixed assets and for the sale of goods and services, except in case of Nagpur unit where the Branch Auditors have observed that there are weakness in internal control system with respect to old WIP reconciliation and Debtor’s recovery. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control.
(v) The Company has not accepted any deposits from the public to which the provisions of Sections 73 to 76 or any other relevant provision of the Companies Act, 2013 and rules framed thereunder and directions issued by the Reserve Bank of India would apply.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1519
(vi) According to the information and explanation given to us, the Company is required to maintain cost record under Section 148 (1) of the Companies Act, 2013 for the products manufactured by the Company. We are informed that the requisite cost records are under preparation.
(vii)a. The Company is generally regular in depositing undisputed statutory dues, including
Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other materials statutory dues with the appropriate authorities. According to the information and explanations given to us, there are no outstanding statutory dues as at the last day of the financial year which were outstanding for a period of more than six months from the date they become payable, except for the following:
b. According to the records of the Company as at 31st March, 2015 and as per the information and explanation given to us, the following are the particulars of disputed dues on account of Income Tax, Sales Tax, Service Tax, Customs Duty and Excise Duty matters which have not been deposited:-
The work Contract Act Work Contract 1.79 1986-1989 Mumbai TribunaTax Nagpur
The work Contract Act Work Contract 0.44 1989-1990 Mumbai TribunalTax Nagpur
Bombay Sales Tax Bombay Sale 0.97 1990-1991 Mumbai TribunalTax Nagpur
Bombay / Central Bombay Sale Tax 0.65 1993-1994 Mumbai TribunalSale Tax Acts /Central Sale Tax-
Nagpur
Name of the Statute Nature of Dues Amount Period to which From where dispute(` in Lacs) the amount relates is pending
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1520
Name of the Statute Nature of the Dues Amount
(Rs.in Lacs)Period to which the
amount relates
Finance Act, 1994
Profession Tax Act
Income Tax Act, 1961
Employees StateInsurance Act
EPF and MP Act, 1952
Municipal Taxes
Service Tax -Chennai
Profession Tax- Chennai
Tax deducted from employees-Chennai
ESI-Chennai
EPF-Chennai
Property Tax Byculla
18.50
5.47
0.59
7.58
20.05
170.67
Prior to 2010
Prior to 2010
Prior to 2010
Prior to 2010
Prior to 2010
Prior to 2010
Bombay /Central Sales Bombay Sales Tax/ 11.79 2000-2001 Mumbai TribunalTax Act Central Sales Tax
Nagpur
Central Sales Tax Act Central Sales Tax- 8.14 1997-1998 Nagpur AppealNagpur
Central Sales Tax Act Central Sales Tax- 62.96 2002-2003 Nagpur AppealNagpur
Finance Act, 1994 Service Tax- Nagpur 38.93 Prior to 2010 Not Available
Custom Act Custom Duty 285.00 Prior to 2010 Not Available
Sale Tax Laws Sales Tax 173.68 Prior to 2010 Not Available
The Central Excise Act Excise Duty 101.08 Prior to 2010 Not Available
c. There are no amounts which are required to be transferred to the Investor Education and Protection Fund (IEPF) by the Company in accordance with the relevant provisions of the Companies Act, 1956 and rules made there under.
(viii) The accumulated losses at the end of the financial year are more than fifty percent of its net worth. The Company has incurred cash losses in the current year, as well as in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in payment of dues to Financial Institutions, Banks or Debenture holders.
(x) In our opinion and according to the information and explanations given by the Management, the Company has not given any guarantee for loans taken by others from banks or financial institutions.
(xi) According to the information and explanations given to us, the Company has not raised any new term loans during the year.
(xii) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.
For Sorab S. Engieer & Co.Chartered Accountants
Firm Registration No. 110417 W
CA. R. N. Anklesaria Partner
Membership No. 34461
Place : MumbaiDate : 27.08.2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1521
(vi) According to the information and explanation given to us, the Company is required to maintain cost record under Section 148 (1) of the Companies Act, 2013 for the products manufactured by the Company. We are informed that the requisite cost records are under preparation.
(vii)a. The Company is generally regular in depositing undisputed statutory dues, including
Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other materials statutory dues with the appropriate authorities. According to the information and explanations given to us, there are no outstanding statutory dues as at the last day of the financial year which were outstanding for a period of more than six months from the date they become payable, except for the following:
b. According to the records of the Company as at 31st March, 2015 and as per the information and explanation given to us, the following are the particulars of disputed dues on account of Income Tax, Sales Tax, Service Tax, Customs Duty and Excise Duty matters which have not been deposited:-
The work Contract Act Work Contract 1.79 1986-1989 Mumbai TribunaTax Nagpur
The work Contract Act Work Contract 0.44 1989-1990 Mumbai TribunalTax Nagpur
Bombay Sales Tax Bombay Sale 0.97 1990-1991 Mumbai TribunalTax Nagpur
Bombay / Central Bombay Sale Tax 0.65 1993-1994 Mumbai TribunalSale Tax Acts /Central Sale Tax-
Nagpur
Name of the Statute Nature of Dues Amount Period to which From where dispute(` in Lacs) the amount relates is pending
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1520
Name of the Statute Nature of the Dues Amount
(Rs.in Lacs)Period to which the
amount relates
Finance Act, 1994
Profession Tax Act
Income Tax Act, 1961
Employees StateInsurance Act
EPF and MP Act, 1952
Municipal Taxes
Service Tax -Chennai
Profession Tax- Chennai
Tax deducted from employees-Chennai
ESI-Chennai
EPF-Chennai
Property Tax Byculla
18.50
5.47
0.59
7.58
20.05
170.67
Prior to 2010
Prior to 2010
Prior to 2010
Prior to 2010
Prior to 2010
Prior to 2010
Bombay /Central Sales Bombay Sales Tax/ 11.79 2000-2001 Mumbai TribunalTax Act Central Sales Tax
Nagpur
Central Sales Tax Act Central Sales Tax- 8.14 1997-1998 Nagpur AppealNagpur
Central Sales Tax Act Central Sales Tax- 62.96 2002-2003 Nagpur AppealNagpur
Finance Act, 1994 Service Tax- Nagpur 38.93 Prior to 2010 Not Available
Custom Act Custom Duty 285.00 Prior to 2010 Not Available
Sale Tax Laws Sales Tax 173.68 Prior to 2010 Not Available
The Central Excise Act Excise Duty 101.08 Prior to 2010 Not Available
c. There are no amounts which are required to be transferred to the Investor Education and Protection Fund (IEPF) by the Company in accordance with the relevant provisions of the Companies Act, 1956 and rules made there under.
(viii) The accumulated losses at the end of the financial year are more than fifty percent of its net worth. The Company has incurred cash losses in the current year, as well as in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in payment of dues to Financial Institutions, Banks or Debenture holders.
(x) In our opinion and according to the information and explanations given by the Management, the Company has not given any guarantee for loans taken by others from banks or financial institutions.
(xi) According to the information and explanations given to us, the Company has not raised any new term loans during the year.
(xii) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.
For Sorab S. Engieer & Co.Chartered Accountants
Firm Registration No. 110417 W
CA. R. N. Anklesaria Partner
Membership No. 34461
Place : MumbaiDate : 27.08.2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1521
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1522
Annexure II referred to in paragraph 2 under “ report on Other Legal and RegulatoryRequirements “ of our report of even date.
Based on the verification of record of the Company and based on information and explanations given to us, we give below a report on the directions issued by the Comptroller and Auditors- General of India in terms of Section 143(5) of the Act.
Sr. No. Area to be examined Observation / Finding
1
2
3
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1523
4
For Sorab S. Engieer & Co.Chartered Accountants
Firm Registration No. 110417 W
CA. R. N. Anklesaria Partner
Membership No. 34461
Place : MumbaiDate : 27.08.2015
Year No. of pending cases
A report on age - wise analysis ofpending legal / arbitration casesincluding the reasons of pendency and existence/ effectiveness of a mon i to r ing mechan ism fo rexpenditure on all legal cases(foreign and local) may be given.
We are informed that the age wise analysis of pending legal/arbitration cases are as under:
The above dose not including pending legal cases concerning direct and indirect tax matters.
Company is maintaining a consolidated list of all pending legal / arbitration cases. however under Section 22 of SICA Act, no recovery can be made from the Company t i l l Company is registered with BIFR and revised package is not approved.
There exist a monitoring system for expenditure on legal cases. As informed to us, there are no legal or a arbitration matters pending outside India.
Reasons For Pendency:
Monitoring mechanism for expenditure for all legal cases.
If the Company has selected fordisinvestment, a complete statusreport in terms of valuation of Assets(including intangible assets and land)and Liabilities (including Committed &General Reserves) may be examinedincluding the mode and present stageof disinvestment process.
We are informed that theGovernment of India has not intimated the Company about a n y p l a n o f d i r e c t disinvestment.
We are informed that there significant case of waiver of debts. As per the process of the Company, any waiver of debts is accounted, only with the approval of Competent Authority in line with the Delegation of Authority.
Please report whether there are anycases of waiver / write off of debts /loans / interest etc. if yes, the reasonsthere for and the amount involved.
Whe the r p rope r r eco rds a re maintained for inventories lying with third parties & assets received as gift from Govt. or other authorities.
We are informed that:a. Proper records are maintained for
inventories lying with third parties.
b. During the year the Company has not received any assets as gift from Government or other authorities.
2015 1
2012-2014 11
2009-2011 4
2005-2008 14
Prior to 2005 20
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1522
Annexure II referred to in paragraph 2 under “ report on Other Legal and RegulatoryRequirements “ of our report of even date.
Based on the verification of record of the Company and based on information and explanations given to us, we give below a report on the directions issued by the Comptroller and Auditors- General of India in terms of Section 143(5) of the Act.
Sr. No. Area to be examined Observation / Finding
1
2
3
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1523
4
For Sorab S. Engieer & Co.Chartered Accountants
Firm Registration No. 110417 W
CA. R. N. Anklesaria Partner
Membership No. 34461
Place : MumbaiDate : 27.08.2015
Year No. of pending cases
A report on age - wise analysis ofpending legal / arbitration casesincluding the reasons of pendency and existence/ effectiveness of a mon i to r ing mechan ism fo rexpenditure on all legal cases(foreign and local) may be given.
We are informed that the age wise analysis of pending legal/arbitration cases are as under:
The above dose not including pending legal cases concerning direct and indirect tax matters.
Company is maintaining a consolidated list of all pending legal / arbitration cases. however under Section 22 of SICA Act, no recovery can be made from the Company t i l l Company is registered with BIFR and revised package is not approved.
There exist a monitoring system for expenditure on legal cases. As informed to us, there are no legal or a arbitration matters pending outside India.
Reasons For Pendency:
Monitoring mechanism for expenditure for all legal cases.
If the Company has selected fordisinvestment, a complete statusreport in terms of valuation of Assets(including intangible assets and land)and Liabilities (including Committed &General Reserves) may be examinedincluding the mode and present stageof disinvestment process.
We are informed that theGovernment of India has not intimated the Company about a n y p l a n o f d i r e c t disinvestment.
We are informed that there significant case of waiver of debts. As per the process of the Company, any waiver of debts is accounted, only with the approval of Competent Authority in line with the Delegation of Authority.
Please report whether there are anycases of waiver / write off of debts /loans / interest etc. if yes, the reasonsthere for and the amount involved.
Whe the r p rope r r eco rds a re maintained for inventories lying with third parties & assets received as gift from Govt. or other authorities.
We are informed that:a. Proper records are maintained for
inventories lying with third parties.
b. During the year the Company has not received any assets as gift from Government or other authorities.
2015 1
2012-2014 11
2009-2011 4
2005-2008 14
Prior to 2005 20
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6) (b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF RICHARDSON & CRUDDAS (1972) LIMITED FOR THE YEAR ENDED 31ST MARCH 2015
The preparation of financial of Richardson & Cruddas (1972) Limited for the year ended 31 March 2015 in accordance with the financial reporting framework prescribed under the Companies Act, 2013 is the responsibility of the management of the company. The Statutory Auditors appointed by the Comptroller and Auditor General of India under Section 139(5) of the Act is responsible for expressing opinion on the financial statements under Section 143 of the Companies Act, based on independent audit in accordance with the Standards on Auditing prescribed under Section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 27 August 2015.
I, on behalf of the Comptroller and Auditors General of India, have conducted a supplementary audit under Section 143(6) (a) of the Act of the financial statements of Richardson & Cruddas (1972) Limited for the year ended 31st March, 2015. This supplementary audit has been carried out independently without access to the working papers of the statutory Auditors and is limited primarily to the inquiries of the Statutory Auditors and company personnel and a selective examination of some of the accounting records. On the basis of my audit nothing significant has come out to knowledge which would give rise to any comment upon or supplement to Statutory Auditor’s report.
For and behalf of the Comptroller and Auditor General of India
(Roop Rashi)Principal Director of Commercial Audit and
Ex. -Officio Member, Audit Board of Mumbai
Place : MumbaiDate : 24 September 2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1524
BALANCE SHEET AS 31ST MARCH, 2015
EQUITY AND LIABILITIES
ASSETS:
TOTAL
(`. in Lacs)
Note No.
Shareholder’s Fund:(a) Share Capital 2(b) Reserve & Surplus 3
Non -Current Liabilities(a) Other Long term Liabilities 4(b) Long -term provisions 5
Current Liabilities(a) Short -term borrowings 6(b) Trade payables 7(c) Other Current Liabilities 8(d) Short-term Provisions 9
TOTAL
Non-current Assets(a) Fixed Assets:
(I) Tangible Assets 10(ii) Capital Work-in-progress 10
(b) Long -term loans and advances 11Current Assets
(a) Inventories 12(b) Trade receivables 13(c) Cash & cash equivalents 14(d) Short-term Loans & Advances 15(e) Other current Assets 16
Significant Accounting Policies 1 The accompanying notes from an integral part of the Balance Sheet and should be read in conjunction therwith.
As atST31 Mar-15
5,483.53(45,057.54)
478.6979.36
10,177.521,946.87
42,189.4011.82
15,309.65
557.1161.03
848.83
107.062,057.549,737.13
356.461,584.49
15,309.65
As atST31 Mar -14
5,483.53(44,693.08)
484.1872.62
10,177.521,910.32
38,623.0329.14
12,087.26
705.7714.12
764.18
103.332,458.067,106.22
329.9605.68
12,087.26
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1525
As per our Report of even date attached.
For Sorab S. Engineer & Co.Chartered AccountantsFRN No. : 110417W For and on behalf of Board of Directors
CA R. N. Anklesaria P. K. Kothari Mr. Manjit Kumar Ms. Sanyukta Samaddar Mr. S. D. UmrikarPartner Chairman & Director Director Dy. Manager (F&A)M. No. 34461 Managing Director Co. Sec. I/CPlace : MumbaiDate : 27/08/2015 Date : 25/08/2015
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6) (b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF RICHARDSON & CRUDDAS (1972) LIMITED FOR THE YEAR ENDED 31ST MARCH 2015
The preparation of financial of Richardson & Cruddas (1972) Limited for the year ended 31 March 2015 in accordance with the financial reporting framework prescribed under the Companies Act, 2013 is the responsibility of the management of the company. The Statutory Auditors appointed by the Comptroller and Auditor General of India under Section 139(5) of the Act is responsible for expressing opinion on the financial statements under Section 143 of the Companies Act, based on independent audit in accordance with the Standards on Auditing prescribed under Section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 27 August 2015.
I, on behalf of the Comptroller and Auditors General of India, have conducted a supplementary audit under Section 143(6) (a) of the Act of the financial statements of Richardson & Cruddas (1972) Limited for the year ended 31st March, 2015. This supplementary audit has been carried out independently without access to the working papers of the statutory Auditors and is limited primarily to the inquiries of the Statutory Auditors and company personnel and a selective examination of some of the accounting records. On the basis of my audit nothing significant has come out to knowledge which would give rise to any comment upon or supplement to Statutory Auditor’s report.
For and behalf of the Comptroller and Auditor General of India
(Roop Rashi)Principal Director of Commercial Audit and
Ex. -Officio Member, Audit Board of Mumbai
Place : MumbaiDate : 24 September 2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1524
BALANCE SHEET AS 31ST MARCH, 2015
EQUITY AND LIABILITIES
ASSETS:
TOTAL
(`. in Lacs)
Note No.
Shareholder’s Fund:(a) Share Capital 2(b) Reserve & Surplus 3
Non -Current Liabilities(a) Other Long term Liabilities 4(b) Long -term provisions 5
Current Liabilities(a) Short -term borrowings 6(b) Trade payables 7(c) Other Current Liabilities 8(d) Short-term Provisions 9
TOTAL
Non-current Assets(a) Fixed Assets:
(I) Tangible Assets 10(ii) Capital Work-in-progress 10
(b) Long -term loans and advances 11Current Assets
(a) Inventories 12(b) Trade receivables 13(c) Cash & cash equivalents 14(d) Short-term Loans & Advances 15(e) Other current Assets 16
Significant Accounting Policies 1 The accompanying notes from an integral part of the Balance Sheet and should be read in conjunction therwith.
As atST31 Mar-15
5,483.53(45,057.54)
478.6979.36
10,177.521,946.87
42,189.4011.82
15,309.65
557.1161.03
848.83
107.062,057.549,737.13
356.461,584.49
15,309.65
As atST31 Mar -14
5,483.53(44,693.08)
484.1872.62
10,177.521,910.32
38,623.0329.14
12,087.26
705.7714.12
764.18
103.332,458.067,106.22
329.9605.68
12,087.26
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1525
As per our Report of even date attached.
For Sorab S. Engineer & Co.Chartered AccountantsFRN No. : 110417W For and on behalf of Board of Directors
CA R. N. Anklesaria P. K. Kothari Mr. Manjit Kumar Ms. Sanyukta Samaddar Mr. S. D. UmrikarPartner Chairman & Director Director Dy. Manager (F&A)M. No. 34461 Managing Director Co. Sec. I/CPlace : MumbaiDate : 27/08/2015 Date : 25/08/2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1526
STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH, 2015
INCOME
EXPENDITURE
Profit /(Loss) before Extra Ordinary Items&Prior period Adjustment
(`. in Lacs)
Note No.
Revenue from Operations :(a) Sale of Products 17
(b) Sale of Service 18(c) Other Operating Revenue 19
Other Income 20Total Revenue
Consumption of Raw Materials 21Sub-contracting /Labour Contracting expenses 22Changes in Inventories 23Employees Benefits expenses 24Finance Costs 25Depreciations & Amortization Expenses (Ref. note 32f) 10Other Expenses 26
Total Expenses
Less : Prior Period Expenses (Net) 46
Less Tax ExpensesProfit/(Loss) for the year after tax
Earning per equity share (Basic & Diluted) 45
Significant Accounting Policies 1The accompanying notes form an integral part of the statement of Profit & Loss and should be read in conjunction therewith.
Profit/(Loss) before Tax
As atST
31 Mar-15
712.044,677.62
279.413,763.739,432.80
447.604,288.62
73.29110.79
3,103.58251.63
1,081.009,356.51
76.29(440.75)(364.46)
-(364.46)
(Rs. 115/-)
As atST
31 Mar -14
799.625,546.90
292.881,796.488,435.88
577.224,911.88
76.18143.22
2,281.2761.33
803.058,854.15
(418.27)35.49
(382.78)-
(382.78)
(Rs. 121/-)
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1527
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2015
(`. in Lacs)
Net Profit /(Loss) after TaxAdjustment for
DepreciationOperating profit before Working Capital Changes
Adjustment For:(Increase) / Decrease in Long term Loans & advances(Increase) / Decrease in Trade & Other Receivable(Increase) / Decrease in Inventories(Increase) / Decrease in Short term Loans & advances(Increase) / Decrease in Other Current Assets(Increase) / Decrease in Other Long Liabilities(Increase) / Decrease in Short term Borrowings(Increase) / Decrease in Trade Payable & Provisions(Increase) / Decrease in Other Current Liabilities(Increase) / Decrease in Short term Provisions
Net Cash Operating Activities : (A)
Purchase of Fixed Assets (Net)Net Cash Flow from Investing activities: (B)
Net Cash Flow from financing activities: (C)
Net Increase /(Decrease) in Cash and Cash equivalent (A+B+C)
Opening BalanceClosing Balance
Previous year figures have been regrouped / rearranged wherever necessary
Particulars
A. Cash Flow from Operating Activities
B. Cash Flow from Investing Activities
C. Cash Flow from Financing Activities
D. Cash and Cash Equivalents
As at31st Mar 15
(382.78)
61.33(321.45)
(169.20)(91.87)115.42(86.91)
(383.44)(11.93)
-334.15
2,701.0229.14
2,114.93
(23.32)(23.32)
--
2,091.61
5,014.617,106.222,091.61
As at31st Mar 15
(364.46)
251.63(112.83)
(84.65)400.52(3.73)
(26.56)(978.81)
1.25-
36.553,566.37
(17.32)2,780.79
(149.88)(149.88)
--
2,630.91
7,106.229,737.132,630.91
As per our Report of even date attached.
For Sorab S. Engineer & Co.Chartered AccountantsFRN No. : 110417W For and on behalf of Board of Directors
CA R. N. Anklesaria P. K. Kothari Mr. Manjit Kumar Ms. Sanyukta Samaddar Mr. S. D. UmrikarPartner Chairman & Director Director Dy. Manager (F&A)M. No. 34461 Managing Director Co. Sec. I/CPlace : MumbaiDate : 27/08/2015 Date : 25/08/2015
As per our Report of even date attached.
For Sorab S. Engineer & Co.Chartered AccountantsFRN No. : 110417W For and on behalf of Board of Directors
CA R. N. Anklesaria P. K. Kothari Mr. Manjit Kumar Ms. Sanyukta Samaddar Mr. S. D. UmrikarPartner Chairman & Director Director Dy. Manager (F&A)M. No. 34461 Managing Director Co. Sec. I/CPlace : MumbaiDate : 27/08/2015 Date : 25/08/2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1526
STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH, 2015
INCOME
EXPENDITURE
Profit /(Loss) before Extra Ordinary Items&Prior period Adjustment
(`. in Lacs)
Note No.
Revenue from Operations :(a) Sale of Products 17
(b) Sale of Service 18(c) Other Operating Revenue 19
Other Income 20Total Revenue
Consumption of Raw Materials 21Sub-contracting /Labour Contracting expenses 22Changes in Inventories 23Employees Benefits expenses 24Finance Costs 25Depreciations & Amortization Expenses (Ref. note 32f) 10Other Expenses 26
Total Expenses
Less : Prior Period Expenses (Net) 46
Less Tax ExpensesProfit/(Loss) for the year after tax
Earning per equity share (Basic & Diluted) 45
Significant Accounting Policies 1The accompanying notes form an integral part of the statement of Profit & Loss and should be read in conjunction therewith.
Profit/(Loss) before Tax
As atST
31 Mar-15
712.044,677.62
279.413,763.739,432.80
447.604,288.62
73.29110.79
3,103.58251.63
1,081.009,356.51
76.29(440.75)(364.46)
-(364.46)
(Rs. 115/-)
As atST
31 Mar -14
799.625,546.90
292.881,796.488,435.88
577.224,911.88
76.18143.22
2,281.2761.33
803.058,854.15
(418.27)35.49
(382.78)-
(382.78)
(Rs. 121/-)
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1527
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2015
(`. in Lacs)
Net Profit /(Loss) after TaxAdjustment for
DepreciationOperating profit before Working Capital Changes
Adjustment For:(Increase) / Decrease in Long term Loans & advances(Increase) / Decrease in Trade & Other Receivable(Increase) / Decrease in Inventories(Increase) / Decrease in Short term Loans & advances(Increase) / Decrease in Other Current Assets(Increase) / Decrease in Other Long Liabilities(Increase) / Decrease in Short term Borrowings(Increase) / Decrease in Trade Payable & Provisions(Increase) / Decrease in Other Current Liabilities(Increase) / Decrease in Short term Provisions
Net Cash Operating Activities : (A)
Purchase of Fixed Assets (Net)Net Cash Flow from Investing activities: (B)
Net Cash Flow from financing activities: (C)
Net Increase /(Decrease) in Cash and Cash equivalent (A+B+C)
Opening BalanceClosing Balance
Previous year figures have been regrouped / rearranged wherever necessary
Particulars
A. Cash Flow from Operating Activities
B. Cash Flow from Investing Activities
C. Cash Flow from Financing Activities
D. Cash and Cash Equivalents
As at31st Mar 15
(382.78)
61.33(321.45)
(169.20)(91.87)115.42(86.91)
(383.44)(11.93)
-334.15
2,701.0229.14
2,114.93
(23.32)(23.32)
--
2,091.61
5,014.617,106.222,091.61
As at31st Mar 15
(364.46)
251.63(112.83)
(84.65)400.52(3.73)
(26.56)(978.81)
1.25-
36.553,566.37
(17.32)2,780.79
(149.88)(149.88)
--
2,630.91
7,106.229,737.132,630.91
As per our Report of even date attached.
For Sorab S. Engineer & Co.Chartered AccountantsFRN No. : 110417W For and on behalf of Board of Directors
CA R. N. Anklesaria P. K. Kothari Mr. Manjit Kumar Ms. Sanyukta Samaddar Mr. S. D. UmrikarPartner Chairman & Director Director Dy. Manager (F&A)M. No. 34461 Managing Director Co. Sec. I/CPlace : MumbaiDate : 27/08/2015 Date : 25/08/2015
As per our Report of even date attached.
For Sorab S. Engineer & Co.Chartered AccountantsFRN No. : 110417W For and on behalf of Board of Directors
CA R. N. Anklesaria P. K. Kothari Mr. Manjit Kumar Ms. Sanyukta Samaddar Mr. S. D. UmrikarPartner Chairman & Director Director Dy. Manager (F&A)M. No. 34461 Managing Director Co. Sec. I/CPlace : MumbaiDate : 27/08/2015 Date : 25/08/2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1528
Notes forming part of the financial statements for the year ended 31st March, 2015
Note1 : Significant Accounting Policies
A) Basis of preparation of Financial Statements
B) Fixed Assets
C) Depreciation
D) Impairment of Assets :
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles (”GAAP”) in compliance with the provisions of the Companies Act, 2013. The Company has prepared these financials statements to comply in all material aspects with the Accounting Standards notified under section 133 of the Companies Act, 2013 read together with paragraph 7 of the Companies (Accounts) Rules 2014 issued by the Ministry of Corporate Affairs. The financials statements have been prepared under the historical cost convention on an accrual basis. The accounting policies adopted in the preparation of financial statements are consistent with those used in the previous year.
The preparation of financial statements in conformity with GAAP requires that the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balance of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. Actual result could differ from these estimates.
All assets and liabilities have been classified as Current or Non Current as per the Company’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of the Assets for processing and their realization in Cash and Cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of Current -Non Current classification of its Assets and Liabilities.
Fixed assets are states at cost less accumulated depreciation. All cost, including financing costs till commencement of commercial production, attributable to the fixed assets are capitalized. Interest on loans for fixed assets is capitalized up to the date of commissioning. Spares & tools purchased with the equipment are capitalized .
Depreciation on tangible assets is provided on the straight -line method over the useful lives of assets as specified in Schedule II to the Companies Act, 2013. The carrying amount of the assets as on April 1, 2014 is depreciated over the remaining useful life. Where the useful life of the assets has expired, the carrying amount as on April 1, 2014 has been charged to the Statement of Profit & Loss. Depreciation for assets purchased / sold during the period is proportionately charged.
The carrying value of fixed assets is evaluated whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1529
E) Valuation of Investments
F) Revenue Recognition :
i) Cost of raw materials, components, stores and spare parts are measured at cost price.
ii) Cost of Work - in Progress is determined on the basis of lower of cost or future billing without considering the cost of completion and unaccepted escalation claims. Cost means cost incurred.
iii) Cost of finished goods is determined on the basis of lower of cost or net realizable value.
iv) Cost of loose tools is determined on net realizable value.
v) Cost of scrap is determined on net realizable value.
i) Sale of Materials : Sales are recognized on despatch of materials. Sales of goods, service, scrap excise duty but excludes sale tax. Sale Tax turn - key contracts are accounted on despatch of materials and /or materials held under instruction of the customer.
ii) Project Income : Project income is recognized to the extent of the works completed as certified by the Project Managers.
iii) Rental on leased assets is accounted for from the commencement date, as prescribed in the lease agreement entered with the leases.
iv) Price Escalation claims : On acceptance of the claims by the customers.
v) Court Award : On receipt basis.
vi) Contract cost comprises cost directly related to contract and other cost attributable and allocable to the contract activity in the period they are incurred and any expected loss reasonable estimated or recognized.
vii) Claims for escalation on extra jobs done on sales contracts, Export Subsidy, Duty, Drawback, Insurance, Railway refund of excise duty/Custom duty/Sales tax etc. are accounted on actual basis on acceptance.
viii) Construction contract : Revenue is recognized / determined when contract revenue can be measured reliably and it is probable that the economic benefit will flow to the Company according to the stage of completion, despatch of material and completion certificate given by the concerned authorised person ( Project Manager).
ix) Other operational revenue represent income earned from the activities incidental to the
business and is recognized when the right to receive the income is established as per the terms of the contract.
x) Interest income is accrued at applicable interest rate.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1528
Notes forming part of the financial statements for the year ended 31st March, 2015
Note1 : Significant Accounting Policies
A) Basis of preparation of Financial Statements
B) Fixed Assets
C) Depreciation
D) Impairment of Assets :
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles (”GAAP”) in compliance with the provisions of the Companies Act, 2013. The Company has prepared these financials statements to comply in all material aspects with the Accounting Standards notified under section 133 of the Companies Act, 2013 read together with paragraph 7 of the Companies (Accounts) Rules 2014 issued by the Ministry of Corporate Affairs. The financials statements have been prepared under the historical cost convention on an accrual basis. The accounting policies adopted in the preparation of financial statements are consistent with those used in the previous year.
The preparation of financial statements in conformity with GAAP requires that the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balance of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. Actual result could differ from these estimates.
All assets and liabilities have been classified as Current or Non Current as per the Company’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of the Assets for processing and their realization in Cash and Cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of Current -Non Current classification of its Assets and Liabilities.
Fixed assets are states at cost less accumulated depreciation. All cost, including financing costs till commencement of commercial production, attributable to the fixed assets are capitalized. Interest on loans for fixed assets is capitalized up to the date of commissioning. Spares & tools purchased with the equipment are capitalized .
Depreciation on tangible assets is provided on the straight -line method over the useful lives of assets as specified in Schedule II to the Companies Act, 2013. The carrying amount of the assets as on April 1, 2014 is depreciated over the remaining useful life. Where the useful life of the assets has expired, the carrying amount as on April 1, 2014 has been charged to the Statement of Profit & Loss. Depreciation for assets purchased / sold during the period is proportionately charged.
The carrying value of fixed assets is evaluated whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1529
E) Valuation of Investments
F) Revenue Recognition :
i) Cost of raw materials, components, stores and spare parts are measured at cost price.
ii) Cost of Work - in Progress is determined on the basis of lower of cost or future billing without considering the cost of completion and unaccepted escalation claims. Cost means cost incurred.
iii) Cost of finished goods is determined on the basis of lower of cost or net realizable value.
iv) Cost of loose tools is determined on net realizable value.
v) Cost of scrap is determined on net realizable value.
i) Sale of Materials : Sales are recognized on despatch of materials. Sales of goods, service, scrap excise duty but excludes sale tax. Sale Tax turn - key contracts are accounted on despatch of materials and /or materials held under instruction of the customer.
ii) Project Income : Project income is recognized to the extent of the works completed as certified by the Project Managers.
iii) Rental on leased assets is accounted for from the commencement date, as prescribed in the lease agreement entered with the leases.
iv) Price Escalation claims : On acceptance of the claims by the customers.
v) Court Award : On receipt basis.
vi) Contract cost comprises cost directly related to contract and other cost attributable and allocable to the contract activity in the period they are incurred and any expected loss reasonable estimated or recognized.
vii) Claims for escalation on extra jobs done on sales contracts, Export Subsidy, Duty, Drawback, Insurance, Railway refund of excise duty/Custom duty/Sales tax etc. are accounted on actual basis on acceptance.
viii) Construction contract : Revenue is recognized / determined when contract revenue can be measured reliably and it is probable that the economic benefit will flow to the Company according to the stage of completion, despatch of material and completion certificate given by the concerned authorised person ( Project Manager).
ix) Other operational revenue represent income earned from the activities incidental to the
business and is recognized when the right to receive the income is established as per the terms of the contract.
x) Interest income is accrued at applicable interest rate.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1530
G) Sale Tax & Excise Duty
H) Income Tax / Deferred Tax :
I) Foreign Currency Transactions
J) Employee Retirement Benefits
K) Provisions and Contingent Liabilities
Earning Per Share
i) Sales tax : Sales tax is accounted on the basis returns filled after adjusting set off claims.
ii) Excise Duty : Excise duty on goods manufactured is accounted only at the time of removal of goods from the factory and in case of materials held on customers account, on billing basis. Excise liability if any is accounted on completion of assessment.
Income Tax expenses comprise current tax and deferred tax expenses. The deferred tax assets and liabilities are calculated by applying tax rates and tax laws that have been enacted at the Balance sheet date. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized, only if there is virtual certainty of its realization, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization. At each Balance Sheet date, the carrying amount of deferred tax assets are reviewed to re-assess realization.
i) Initial Recognition : Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
ii) Conversion : Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and the exchange rates that existed when the values were determined.
iii) Exchange Differences : Exchange differences arising on settlement of monetary items at rates from those at which they were initially recorded during the year, or reported in previous financial statements are recognized as income or as expenses in the year in which they arise.
Company’s contribution to Provident Fund and National Pension Scheme are charged to Profit and Loss account. Gratuity and Leave Encasement Benefit are charged to Profit and Loss account on the basis of actuarial valuation.
Provisions are recognized in the accounts in of present probable obligations, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company.
The Company reports basic and diluted earnings per share ( EPS ) in accordance with Accounting Standard 20- Earnings Per Share.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1531
Notes forming part of the financial statements
As on31.03.15
2. SHARE CAPITAL
4,000.00
2,500.00
6,500.00
3,157.53
2,326.00
5,483.53
(`. in Lacs)
As on31.03.14
Authorised : 400,000 (400,000) Equity shares of Rs. 1000/- each 4,000.00250,000 (250,000) 8% Redeemable Non-cumulative
Preference shares of Rs. 1000/-each 2,500.00
315, 753 (315,753) Equity shares of Rs. 1000/- each 3,157.53232,600(232,600) 8% Redeemable Non-cumulative
Preference shares of Rs. 1000/- each 2,326.00
a) Reconciliation of Equity Shares outstanding at the beginning and of the yearParticulars As at As at As at As at
31.03.2015 31.03.2015 31.03.2014 31.03.2014
No. of shares `. in Lacs No. of shares `. in Lacs
Shares outstanding at the beginning of the year 315,753 315,753 315,753 315,753Shares issued during the year - - - -Shares bought during the year - - - -Shares outstanding at the end of the year 315,753 315,753 315,753 315,753
b)
The Company has only one class of equity shares having a par value of Rs. 1000/- Each Shareholder is entitled to one vote per share held. In the vent 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.
6,500.00Issued, Subscribed & Paid - up :
5,483.53
Notes :
Right, Preference and Restriction attached to Shares
c) Share held by the Holding / Ultimate Holding Company and. or its subsidiaries /associatesThe Company has no holding or subsidiaries of associates of holding Company.
d) Details of Shareholder holding more than 5% of equity shares in the Company
Name of ShareholderPresident of India (no.of shares) 315752 315752
(percentage of holding) 99.99% 99.99%
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1530
G) Sale Tax & Excise Duty
H) Income Tax / Deferred Tax :
I) Foreign Currency Transactions
J) Employee Retirement Benefits
K) Provisions and Contingent Liabilities
Earning Per Share
i) Sales tax : Sales tax is accounted on the basis returns filled after adjusting set off claims.
ii) Excise Duty : Excise duty on goods manufactured is accounted only at the time of removal of goods from the factory and in case of materials held on customers account, on billing basis. Excise liability if any is accounted on completion of assessment.
Income Tax expenses comprise current tax and deferred tax expenses. The deferred tax assets and liabilities are calculated by applying tax rates and tax laws that have been enacted at the Balance sheet date. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized, only if there is virtual certainty of its realization, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization. At each Balance Sheet date, the carrying amount of deferred tax assets are reviewed to re-assess realization.
i) Initial Recognition : Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
ii) Conversion : Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and the exchange rates that existed when the values were determined.
iii) Exchange Differences : Exchange differences arising on settlement of monetary items at rates from those at which they were initially recorded during the year, or reported in previous financial statements are recognized as income or as expenses in the year in which they arise.
Company’s contribution to Provident Fund and National Pension Scheme are charged to Profit and Loss account. Gratuity and Leave Encasement Benefit are charged to Profit and Loss account on the basis of actuarial valuation.
Provisions are recognized in the accounts in of present probable obligations, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company.
The Company reports basic and diluted earnings per share ( EPS ) in accordance with Accounting Standard 20- Earnings Per Share.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1531
Notes forming part of the financial statements
As on31.03.15
2. SHARE CAPITAL
4,000.00
2,500.00
6,500.00
3,157.53
2,326.00
5,483.53
(`. in Lacs)
As on31.03.14
Authorised : 400,000 (400,000) Equity shares of Rs. 1000/- each 4,000.00250,000 (250,000) 8% Redeemable Non-cumulative
Preference shares of Rs. 1000/-each 2,500.00
315, 753 (315,753) Equity shares of Rs. 1000/- each 3,157.53232,600(232,600) 8% Redeemable Non-cumulative
Preference shares of Rs. 1000/- each 2,326.00
a) Reconciliation of Equity Shares outstanding at the beginning and of the yearParticulars As at As at As at As at
31.03.2015 31.03.2015 31.03.2014 31.03.2014
No. of shares `. in Lacs No. of shares `. in Lacs
Shares outstanding at the beginning of the year 315,753 315,753 315,753 315,753Shares issued during the year - - - -Shares bought during the year - - - -Shares outstanding at the end of the year 315,753 315,753 315,753 315,753
b)
The Company has only one class of equity shares having a par value of Rs. 1000/- Each Shareholder is entitled to one vote per share held. In the vent 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.
6,500.00Issued, Subscribed & Paid - up :
5,483.53
Notes :
Right, Preference and Restriction attached to Shares
c) Share held by the Holding / Ultimate Holding Company and. or its subsidiaries /associatesThe Company has no holding or subsidiaries of associates of holding Company.
d) Details of Shareholder holding more than 5% of equity shares in the Company
Name of ShareholderPresident of India (no.of shares) 315752 315752
(percentage of holding) 99.99% 99.99%
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1532
e) Details of shareholder holding more than 5% of preference shares in the CompanyName of shareholder
President of India (no. of Shares) 232600 232600(percentage of holding) 100.00% 100.00%
f) Aggregate Number of Bonus share issued, Shares issued for a consideration other than cash and shares bought back during the period of five years immediately preceding the previous year. During the last 5 years, the Company has neither issued any bonus shares nor allotted any shares pursuant to a contract without payment being received in Cash .
No shares have been bought back during the last 5 years.
g) Unpaid Calls
As per records the Company, no calls remain unpaid by the Directors and officers of the Company as on 31st March, 2015.
h) As per records the company, no shares have been forfeited by the Directors and officers of the Company as on 31st March 2015.
i) Terms of Redemption of preference shares allotted during 1992-93 is yet to be finalized by the Government of India (Refer note No. 30)
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1533
Notes forming part of the financial statements
4. OTHER LONG TERM LIABILITIES
5. LONG TERM PROVISIONS
6. SHORT TERM BORROWING
7. TRADE PAYABLES
8. OTHER CURRENT LIABILITIES
9. SHORT TERM PROVISIONS
(`. in Lacs)
Deficit in the statement of Profit and Loss :Balance as at the beginning of the yearAdd : Profit / (Loss) for the year
Security Deposit ReceivedTrade PayableStatutory Dues
Provision for GratuityProvision for Leave SalaryProvision for Pay Revision Arrears
Government of India Loans :- Plan Loan- Non -Plan Loan
Interest accrued and due on GOI LoansInterest accrued but not due on loans12.5% Richardson Cruddas Bond HolderRailway Siding Rent PayableDeposits from Contractors and othersOther LiabilitiesOther PayablesCentral Excise, Customs Duty, VAT & Service TaxTax Deducted at sourceSalary & ReimbursementsPF & Other Employees DeductionsEmployee Benefits PayableAdvance From Customers
Provision For GratuityProvision For Leave Salary
3. RESERVES AND SURPLUS
Creditors for goods, services etc.
As on31.03.15
(44,693.08)(364.46)
(45,057.54)
390.3433.7054.65
478.69
53.4718.76
7.1379.36
816.509,361.02
10,177.52
1,946.871,946.87
39,377.751,030.71
45.919.40
221.251,026.41
117.1811.663.180.77
38.40306.78
42,189.40
10.271.55
11.82
As on31.03.14
(44,310.30)(382.78)
(44,693.08)
350.3656.3077.52
484.18
52.4113.08
7.1372.62
816.509,361.02
10,177.52
1,910.321,910.32
36,274.341,030.71
45.919.40
223.58579.76
76.0815.50
-0.21
38.92328.62
38,623.03
25.963.18
29.14
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1532
e) Details of shareholder holding more than 5% of preference shares in the CompanyName of shareholder
President of India (no. of Shares) 232600 232600(percentage of holding) 100.00% 100.00%
f) Aggregate Number of Bonus share issued, Shares issued for a consideration other than cash and shares bought back during the period of five years immediately preceding the previous year. During the last 5 years, the Company has neither issued any bonus shares nor allotted any shares pursuant to a contract without payment being received in Cash .
No shares have been bought back during the last 5 years.
g) Unpaid Calls
As per records the Company, no calls remain unpaid by the Directors and officers of the Company as on 31st March, 2015.
h) As per records the company, no shares have been forfeited by the Directors and officers of the Company as on 31st March 2015.
i) Terms of Redemption of preference shares allotted during 1992-93 is yet to be finalized by the Government of India (Refer note No. 30)
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1533
Notes forming part of the financial statements
4. OTHER LONG TERM LIABILITIES
5. LONG TERM PROVISIONS
6. SHORT TERM BORROWING
7. TRADE PAYABLES
8. OTHER CURRENT LIABILITIES
9. SHORT TERM PROVISIONS
(`. in Lacs)
Deficit in the statement of Profit and Loss :Balance as at the beginning of the yearAdd : Profit / (Loss) for the year
Security Deposit ReceivedTrade PayableStatutory Dues
Provision for GratuityProvision for Leave SalaryProvision for Pay Revision Arrears
Government of India Loans :- Plan Loan- Non -Plan Loan
Interest accrued and due on GOI LoansInterest accrued but not due on loans12.5% Richardson Cruddas Bond HolderRailway Siding Rent PayableDeposits from Contractors and othersOther LiabilitiesOther PayablesCentral Excise, Customs Duty, VAT & Service TaxTax Deducted at sourceSalary & ReimbursementsPF & Other Employees DeductionsEmployee Benefits PayableAdvance From Customers
Provision For GratuityProvision For Leave Salary
3. RESERVES AND SURPLUS
Creditors for goods, services etc.
As on31.03.15
(44,693.08)(364.46)
(45,057.54)
390.3433.7054.65
478.69
53.4718.76
7.1379.36
816.509,361.02
10,177.52
1,946.871,946.87
39,377.751,030.71
45.919.40
221.251,026.41
117.1811.663.180.77
38.40306.78
42,189.40
10.271.55
11.82
As on31.03.14
(44,310.30)(382.78)
(44,693.08)
350.3656.3077.52
484.18
52.4113.08
7.1372.62
816.509,361.02
10,177.52
1,910.321,910.32
36,274.341,030.71
45.919.40
223.58579.76
76.0815.50
-0.21
38.92328.62
38,623.03
25.963.18
29.14
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1534
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1535
10.Fixed Assets
(`. in Lacs)
1. In absence of full particulars in regard to the cost of land & building to Richardson & Cruddas Ltd., it has not been possible to showseparately the cost of free hold and lease hold land & building (pertains to Byculla & Mulund Unit).
2. Building includes cost of shares in Co-op. societies - Rs. 0.13 lacs
3. In respect of leasehold land at Mulund unit, the Company has exercised the option in 1975 to purchase the reversionary rights on payment of Rs. 18.50 lacs. Accordingly, the conveyance has been completed in respect of the undivided share of two lessors out of the undivided share of four lessors of leasehold land. Accordingly, the same will be capitalised at the time of execution of the conveyance deed. Company has filed a specific suit against two lessors who have sold their share in the undivided leasehold land to a third party.
Notes:
Notes forming part of the financial statements
11. LONG TERM LOANS AND ADVANCES
12. INVENTORIES
(`. in Lacs)
Other advancesAdvances to subcontractorsAdvances to EmployeesClaims and other recoverableDeposits
Less : Provisions for Doubtful Advances
Balance with Government authoritiesExcise DutyIncome Tax
(valued at lower of cost and net realisable value)Raw Materials & ComponentsWork in progressFinished GoodsLoose ToolsScrap
Note : - Work in progress includes.a) Materials with sub - contractors subject to confirmation.b) Part delivery of materials to customer.c) Work technically completed pending finalization of cost.d) Extra work pending finalization of claims.
Less : Provision of Inventory
As on31.03.15
120.00731.51
5.5656.1672.03
985.26885.73
99.53
4.17745.13848.83
68.21199.04
13.090.11
12.19292.64185.58107.06
As on 31.03.14
120.00664.91
5.5656.16
128.67975.30 765.73209.57
10.09544.52764.18
30.15258.25
16.970.11
22.39327.87224.54103.33
PARTICULARS As at Additions Sales / Upto For the Deductions / As at
31-03-14 Adjustments 31-03-14 year (Refer Adjustments 31-03-14
Note 32f)
1) Freehold Land/Leasehold Land 106.44 - - 7.89 - - 98.55
(Refer Note No. 32)
Leasehold Land at MIDC, Chiplun 1.19 - - 1.19 - - -
Leasehold Land at MIDC, Nagpur 0.99 - - 0.99 - - -
Freehold Land at TTB 0.65 - - - - - 0.65
109.27 - - 10.07 - - 99.20
2) Building, Roads, Wall, Terrace,
Water Supply, Drainages 678.28 41.51 - 453.57 33.14 - 224.71
3) Railway Sidings 0.03 - - 0.03 - - -
4) Plant & Machinery 1,976.26 15.21 258.10 1,653.97 192.69 258.10 322.29
Less : Provision for (74.62) - - (4.78)
Impairment of Asset
5) Furniture’s & Fixtures 94.28 35.03 - 70.52 3.55 - 23.76
6) Vehicles 40.45 5.65 4.63 19.83 8.68 4.54 20.62
7) Office & Misc. Equipment 32.64 4.14 - 22.36 6.35 - 10.28
8) Data Processing Equipment 40.70 1.52 - 31.01 7.22 - 9.69
TOTAL 2,897.29 103.62 262.73 2,191.52 251.63 262.67 705.77
PREVIOUS YEAR 3,220.16 21.18
Capita work-in-progress 428.58
Less : Provision for Capital Work-in-progress 414.46
14.12
As at Upto As at
31-03-15 31-03-15 31-03-15
106.44 7.89 98.55
1.19 1.19 -
0.99 0.99 -
0.65 - 0.65
109.27 10.07 99.20
719.79 486.71 233.08
0.03 0.03 -
1,733.37 1,588.56 144.81
129.31 74.07 55.24
41.47 23.97 17.50
36.78 28.71 8.07
42.22 38.23 3.99
2,737.62 2,180.51 557.11
(74.62) (69.84) (4.78)
475.49
414.46
61.03
(69.84) - -
344.05 2,897.29 2,462.26 61.33 332.07 2,191.52 705.77
GROSS BLOCK DEPRECIATION NET BLOCK
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1534
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1535
10.Fixed Assets
(`. in Lacs)
1. In absence of full particulars in regard to the cost of land & building to Richardson & Cruddas Ltd., it has not been possible to showseparately the cost of free hold and lease hold land & building (pertains to Byculla & Mulund Unit).
2. Building includes cost of shares in Co-op. societies - Rs. 0.13 lacs
3. In respect of leasehold land at Mulund unit, the Company has exercised the option in 1975 to purchase the reversionary rights on payment of Rs. 18.50 lacs. Accordingly, the conveyance has been completed in respect of the undivided share of two lessors out of the undivided share of four lessors of leasehold land. Accordingly, the same will be capitalised at the time of execution of the conveyance deed. Company has filed a specific suit against two lessors who have sold their share in the undivided leasehold land to a third party.
Notes:
Notes forming part of the financial statements
11. LONG TERM LOANS AND ADVANCES
12. INVENTORIES
(`. in Lacs)
Other advancesAdvances to subcontractorsAdvances to EmployeesClaims and other recoverableDeposits
Less : Provisions for Doubtful Advances
Balance with Government authoritiesExcise DutyIncome Tax
(valued at lower of cost and net realisable value)Raw Materials & ComponentsWork in progressFinished GoodsLoose ToolsScrap
Note : - Work in progress includes.a) Materials with sub - contractors subject to confirmation.b) Part delivery of materials to customer.c) Work technically completed pending finalization of cost.d) Extra work pending finalization of claims.
Less : Provision of Inventory
As on31.03.15
120.00731.51
5.5656.1672.03
985.26885.73
99.53
4.17745.13848.83
68.21199.04
13.090.11
12.19292.64185.58107.06
As on 31.03.14
120.00664.91
5.5656.16
128.67975.30 765.73209.57
10.09544.52764.18
30.15258.25
16.970.11
22.39327.87224.54103.33
PARTICULARS As at Additions Sales / Upto For the Deductions / As at
31-03-14 Adjustments 31-03-14 year (Refer Adjustments 31-03-14
Note 32f)
1) Freehold Land/Leasehold Land 106.44 - - 7.89 - - 98.55
(Refer Note No. 32)
Leasehold Land at MIDC, Chiplun 1.19 - - 1.19 - - -
Leasehold Land at MIDC, Nagpur 0.99 - - 0.99 - - -
Freehold Land at TTB 0.65 - - - - - 0.65
109.27 - - 10.07 - - 99.20
2) Building, Roads, Wall, Terrace,
Water Supply, Drainages 678.28 41.51 - 453.57 33.14 - 224.71
3) Railway Sidings 0.03 - - 0.03 - - -
4) Plant & Machinery 1,976.26 15.21 258.10 1,653.97 192.69 258.10 322.29
Less : Provision for (74.62) - - (4.78)
Impairment of Asset
5) Furniture’s & Fixtures 94.28 35.03 - 70.52 3.55 - 23.76
6) Vehicles 40.45 5.65 4.63 19.83 8.68 4.54 20.62
7) Office & Misc. Equipment 32.64 4.14 - 22.36 6.35 - 10.28
8) Data Processing Equipment 40.70 1.52 - 31.01 7.22 - 9.69
TOTAL 2,897.29 103.62 262.73 2,191.52 251.63 262.67 705.77
PREVIOUS YEAR 3,220.16 21.18
Capita work-in-progress 428.58
Less : Provision for Capital Work-in-progress 414.46
14.12
As at Upto As at
31-03-15 31-03-15 31-03-15
106.44 7.89 98.55
1.19 1.19 -
0.99 0.99 -
0.65 - 0.65
109.27 10.07 99.20
719.79 486.71 233.08
0.03 0.03 -
1,733.37 1,588.56 144.81
129.31 74.07 55.24
41.47 23.97 17.50
36.78 28.71 8.07
42.22 38.23 3.99
2,737.62 2,180.51 557.11
(74.62) (69.84) (4.78)
475.49
414.46
61.03
(69.84) - -
344.05 2,897.29 2,462.26 61.33 332.07 2,191.52 705.77
GROSS BLOCK DEPRECIATION NET BLOCK
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1536
Notes forming part of the financial statements
13. TRADE RECEIVABLE
14. CASH AND CASH EQUIVALENTS
(`. in Lacs)
(Unsecured - Considered Good unless otherwise stated)Trade Receivables outstanding for a period exceeding six Months from the date they are due for payment.
Considered GoodConsidered Doubtful
Less : Provision for Bad and doubtful debts
Others
Particulars of Sundry Debtors :1) Sundry debtors considered good for which the Company holds
no security other than the debtors personal security.2) Sundry debtors considered Doubtful and provided for
Cash & Cash Equivalents Cash on hard Balance with Scheduled Banks in Current A/cTerm Deposit less than 3 months
Term Deposit for more than 3 months Term Deposit as Margin Money
Other Banks Balance
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1537
Notes forming part of the financial statements
15. SHORT TERM LOANS ADVANCES
16. OTHER CURRENT ASSETS
17. SALE OF PRODUCTS
18. SALE OF SERVICE
19. OTHER OPERATING REVENUE
(`. in Lacs)
(Unsecured - Considered Good unless otherwise stated)Advance to EmployeesAdvance to SupplierAdvance to sub-contractorsAdvance to OthersSecurity Deposits
Less : Provision for Doubtful Advances
Prepared Expenses Balance with Government Authorities
Excise DutyIncome Tax
Interest accrued on DepositsRent ReceivableOther Assets
Less : Provision of Doubtful Advances
Sale OF StructuralLess : Excise Duty
Job Work executed Testing Charges - Inland Testing Charges Overseas
Scrap Sales: Steel ScrapZinc DrossZinc Ash
As on 31.03.14
1,728.585,053.746,782.324,511.112,271.21
186.852,458.06
2,458.064,511.116,969.17
0.91208.73
-209.64
6,692.02204.56
6,896.587,106.22
As on31.03.15
1,421.34,777.506,198.854,777.501,421.35
636.192,057.54
2,057.544,777.506,835.04
0.91374.95512.31888.17
8,587.19261.77
8,848.969,737.13
As on 31.03.14
1.511.559.72
51.486.86
71.12 13.7057.42
3.23
269.25 -
329.90
512.6828.5276.82
618.02
12.34605.68
859.36 (59.74)799.62
5,417.2792.9036.73
5,546.90
45.0921.8225.97
292.88
As on31.03.15
1.258.799.72
82.079.25
111.0814.5196.57
3.81
256.08-
356.46
1,128.02451.07
17.741,596.83
12.341,584.49
805.27(93.23)712.04
4,603.7352.2321.66
4,677.62
269.30-
10.11279.41
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1536
Notes forming part of the financial statements
13. TRADE RECEIVABLE
14. CASH AND CASH EQUIVALENTS
(`. in Lacs)
(Unsecured - Considered Good unless otherwise stated)Trade Receivables outstanding for a period exceeding six Months from the date they are due for payment.
Considered GoodConsidered Doubtful
Less : Provision for Bad and doubtful debts
Others
Particulars of Sundry Debtors :1) Sundry debtors considered good for which the Company holds
no security other than the debtors personal security.2) Sundry debtors considered Doubtful and provided for
Cash & Cash Equivalents Cash on hard Balance with Scheduled Banks in Current A/cTerm Deposit less than 3 months
Term Deposit for more than 3 months Term Deposit as Margin Money
Other Banks Balance
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1537
Notes forming part of the financial statements
15. SHORT TERM LOANS ADVANCES
16. OTHER CURRENT ASSETS
17. SALE OF PRODUCTS
18. SALE OF SERVICE
19. OTHER OPERATING REVENUE
(`. in Lacs)
(Unsecured - Considered Good unless otherwise stated)Advance to EmployeesAdvance to SupplierAdvance to sub-contractorsAdvance to OthersSecurity Deposits
Less : Provision for Doubtful Advances
Prepared Expenses Balance with Government Authorities
Excise DutyIncome Tax
Interest accrued on DepositsRent ReceivableOther Assets
Less : Provision of Doubtful Advances
Sale OF StructuralLess : Excise Duty
Job Work executed Testing Charges - Inland Testing Charges Overseas
Scrap Sales: Steel ScrapZinc DrossZinc Ash
As on 31.03.14
1,728.585,053.746,782.324,511.112,271.21
186.852,458.06
2,458.064,511.116,969.17
0.91208.73
-209.64
6,692.02204.56
6,896.587,106.22
As on31.03.15
1,421.34,777.506,198.854,777.501,421.35
636.192,057.54
2,057.544,777.506,835.04
0.91374.95512.31888.17
8,587.19261.77
8,848.969,737.13
As on 31.03.14
1.511.559.72
51.486.86
71.12 13.7057.42
3.23
269.25 -
329.90
512.6828.5276.82
618.02
12.34605.68
859.36 (59.74)799.62
5,417.2792.9036.73
5,546.90
45.0921.8225.97
292.88
As on31.03.15
1.258.799.72
82.079.25
111.0814.5196.57
3.81
256.08-
356.46
1,128.02451.07
17.741,596.83
12.341,584.49
805.27(93.23)712.04
4,603.7352.2321.66
4,677.62
269.30-
10.11279.41
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1538
Notes forming part of the financial statements
20. OTHER INCOME
21. CONSUMPTION OF RAW MATERIALS
22. SUB- CONTRACTING / LABOUR CONTRACTING EXPENSES
23. CHANGES IN INVENTORIES
(`. in Lacs)
Interest ReceivedFrom Bank
(Includes T.D.S. Rs. 5.04 lacs, Previous year Rs. 5.04 lacs)From others
Rent Received(Includes T.D.S.Rs.140.80 lacs; Previous year Rs. 78.80 lacs)
Profit on Sale of Fixed AssetsExcess Provision written backMisc. Receipt
Raw materials & Components :Opening Stock
Add. Purchases
Less : Closing StockConsumption of Raw Materials
Sub-contracting expenses
Finished Goods Work-in ProgressScrap
A)Opening Balance
Finished Goods Work - in ProgressScrap
B)
Closing Balance
(B-A)
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1539
Notes forming part of the financial statements
24. EMPLOYEES BENEFIT EXPENSES
25. FINANCE COST
26. OTHER EXPENSES
(`. in Lacs)
Salaries, Wages, & AllowancesGratuityLeave EncashmentBonusContribution to P.F., F.P.F., E.S.I.C. etc.Employee’s welfare & other amenities :
Medical ReimbursementL.T. C.Other Benefits
Notes : Employees Remuneration Includes :Payments to key Managerial PersonnelChairman & Managing Director’s Remuneration
SalaryMedical ReimbursementCompany’s Contribution to PFCompany’s Contribution to NPS
nterestA) Government Loan:
(a)On Plan Loans(b)On Non-plan Loans
B) On Bank Borrowings(a)Other
A) Manufacturing Expenses :Consumption of stores & spares Power & Fuel (net)
Repairs & Maintenance :- Building- Plant & MachineryOther Manufacturing expenses
I
As on31.03.14
508.0215.30
1,140.5673.66
- 58.94
1,796.48
69.40537.97607.37
30.15577.22
4,911.884,911.88
16.97258.25
22.39297.61
60.76241.78
71.25373.79
76.18
As on31.03.15
787.154.67
2,566.10309.74
38.9657.11
3,763.73
30.15485.66515.81
68.21447.60
4,288.624.288.62
13.09199.04
12.19224.32
16.97258.25
22.39297.61
73.29
As on31.03.14
97.5212.49
5.390.59
14.88
2.490.159.71
143.22
14.783.62 1.681.10
21.18
216.712,064.56
-2,281.27
15.63 141.84
6.6622.1681.33
As on31.03.15
75.301.997.930.10
14.12
2.800.098.46
110.79
15.912.941.771.57
22.19
216.712,886.75
0.123,103.58
10.8960.35
38.6517.7094.48
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1538
Notes forming part of the financial statements
20. OTHER INCOME
21. CONSUMPTION OF RAW MATERIALS
22. SUB- CONTRACTING / LABOUR CONTRACTING EXPENSES
23. CHANGES IN INVENTORIES
(`. in Lacs)
Interest ReceivedFrom Bank
(Includes T.D.S. Rs. 5.04 lacs, Previous year Rs. 5.04 lacs)From others
Rent Received(Includes T.D.S.Rs.140.80 lacs; Previous year Rs. 78.80 lacs)
Profit on Sale of Fixed AssetsExcess Provision written backMisc. Receipt
Raw materials & Components :Opening Stock
Add. Purchases
Less : Closing StockConsumption of Raw Materials
Sub-contracting expenses
Finished Goods Work-in ProgressScrap
A)Opening Balance
Finished Goods Work - in ProgressScrap
B)
Closing Balance
(B-A)
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1539
Notes forming part of the financial statements
24. EMPLOYEES BENEFIT EXPENSES
25. FINANCE COST
26. OTHER EXPENSES
(`. in Lacs)
Salaries, Wages, & AllowancesGratuityLeave EncashmentBonusContribution to P.F., F.P.F., E.S.I.C. etc.Employee’s welfare & other amenities :
Medical ReimbursementL.T. C.Other Benefits
Notes : Employees Remuneration Includes :Payments to key Managerial PersonnelChairman & Managing Director’s Remuneration
SalaryMedical ReimbursementCompany’s Contribution to PFCompany’s Contribution to NPS
nterestA) Government Loan:
(a)On Plan Loans(b)On Non-plan Loans
B) On Bank Borrowings(a)Other
A) Manufacturing Expenses :Consumption of stores & spares Power & Fuel (net)
Repairs & Maintenance :- Building- Plant & MachineryOther Manufacturing expenses
I
As on31.03.14
508.0215.30
1,140.5673.66
- 58.94
1,796.48
69.40537.97607.37
30.15577.22
4,911.884,911.88
16.97258.25
22.39297.61
60.76241.78
71.25373.79
76.18
As on31.03.15
787.154.67
2,566.10309.74
38.9657.11
3,763.73
30.15485.66515.81
68.21447.60
4,288.624.288.62
13.09199.04
12.19224.32
16.97258.25
22.39297.61
73.29
As on31.03.14
97.5212.49
5.390.59
14.88
2.490.159.71
143.22
14.783.62 1.681.10
21.18
216.712,064.56
-2,281.27
15.63 141.84
6.6622.1681.33
As on31.03.15
75.301.997.930.10
14.12
2.800.098.46
110.79
15.912.941.771.57
22.19
216.712,886.75
0.123,103.58
10.8960.35
38.6517.7094.48
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1540
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1541
Notes forming part of the Accounts
2014-15
Nil
260.43
101.08
285.00
38.93
2,803.10
Total 3,488.54 3,483.37
27. The Company was incorporated under Indian Companies Act, 1913 as Richardson & Cruddas limited, subsequently the Company was nationalized by Government by passing Richardson & Cruddas Limited ( Acquisition and Transfer of undertaking ) Act, 1972 and fresh certificate of incorporation was granted on 15th day of March, 1973 in the name of Richardson & Cruddas (1972) Limited.
28. ( ̀ . in lacs)
A. Estimated amount of contracts remaining to beexecuted on Capital Account and not provident for Nil
B. Contingent Liabilities in respect ofa. Demands from Sales Tax Authorities disputed by
the Company which are under appeal 260.43
b. Demands from Central Excise Authorities disputed by the Company which are under appeal. 101.08
c. Demands from Custom Authorities disputedby the Company which are under appeal 285.00
d. Demands from Central Service Tax Authorities disputed by the Company which are under appeal 38.93
e. Claims against the Company not acknowledge as debt 2,797.93
These contingent liabilities are exclusive of interest payable, if any, on the claim(s) demand (s).
29. Despite continued losses and erosion of equity, the financial statements are continued to be prepared on a ‘going concern basis’. The Company’s reference to the Board for Industrial & Financial Reconstruction (BIFR) is taken up again after setting aside of the winding up order by the Appellate Authority for Industrial & Financial Reconstruction (AAIFR). On June 2011 BIFR has directed to Operating Agency (OA) State Bank of India to issue an advertisement for change of management. The OA has issued advertisement on Aug. 04, 2011 & Aug. 05,2011 for change of management and received bids.
Department of Heavy industries, Govt. of India has filled a Misc. Application (M.A.) numbers 7010 & 7011 on February 01, 2012 to AAIFR to allow Govt. of India to call EOI from Central Govt. Department /CPSEs for formation of joint Venture or for taking over of the individual units /assets of the Company. AAIFR vide order dtd. April 12, 2012 and May 09, 2012 has stayed BIFR order dated June 23, 2011.
Some bidders were aggrieved with the decision of BIFR or processes of SBI (OA) and have filled various appeals in AAIFR against the BIFR order of June 23, 2011. AAIFR is hearing these appeals and has stayed processing/ evaluation of the bids by the OA. BIFR has also not heard the M.A. filled by Department of Heavy Industry, Govt. of India in view of the stay accorded by AAIFR. Two of the appeals filled by such bidders have been dismissed. Third appeals has been referred back to BIFR by the AAIFR vide order dtd. 13.08.2015.
2013-14
Notes forming part of the financial statements
(`. in Lacs)
B) ADMINISTRATION EXPENSES: Rent (Net)Rates & TaxesWater chargesOffice PowerBooks & Periodicals Insurance
Payment to Auditors- Audit Fees- Tax Audit Fees
Printing & StationaryPostage, Telegram, Telex, TelephonesTraveling & Conveyance Legal & Professional Charges Bank Charges (net)Repairs & Maintenance
- Flats- Furniture & Fixtures - Vehicles- Other
Interest on late payment of Statutory duesInterest on othersSales Tax Penalty Security ExpensesSundry balance write offOther Administrative Expenses
Advertisement & Publicity EntertainmentOther Selling Expenses
Provision For Doubtful DebtsProvision for Doubtful Advance Provision for Impairment of Assets
C) SELLING EXPENSES :
D) PROVISIONS :
As on31.03.15
0.7744.96
-3.740.062.75
2.830.627.694.27
20.00177.40
0.82
2.4420.55
0.4883.76
0.430.14
-53.39
-24.79
0.200.834.41
211.63189.97
-1,081.00
As on31.03.14
0.8435.05
1.951.200.092.91
3.180.896.124.49
15.77107.95
0.53
1.131.220.52
44.081.530.040.08
54.899.02
24.24
1.491.092.56
187.5420.24
4.79 803.05
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1540
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1541
Notes forming part of the Accounts
2014-15
Nil
260.43
101.08
285.00
38.93
2,803.10
Total 3,488.54 3,483.37
27. The Company was incorporated under Indian Companies Act, 1913 as Richardson & Cruddas limited, subsequently the Company was nationalized by Government by passing Richardson & Cruddas Limited ( Acquisition and Transfer of undertaking ) Act, 1972 and fresh certificate of incorporation was granted on 15th day of March, 1973 in the name of Richardson & Cruddas (1972) Limited.
28. ( ̀ . in lacs)
A. Estimated amount of contracts remaining to beexecuted on Capital Account and not provident for Nil
B. Contingent Liabilities in respect ofa. Demands from Sales Tax Authorities disputed by
the Company which are under appeal 260.43
b. Demands from Central Excise Authorities disputed by the Company which are under appeal. 101.08
c. Demands from Custom Authorities disputedby the Company which are under appeal 285.00
d. Demands from Central Service Tax Authorities disputed by the Company which are under appeal 38.93
e. Claims against the Company not acknowledge as debt 2,797.93
These contingent liabilities are exclusive of interest payable, if any, on the claim(s) demand (s).
29. Despite continued losses and erosion of equity, the financial statements are continued to be prepared on a ‘going concern basis’. The Company’s reference to the Board for Industrial & Financial Reconstruction (BIFR) is taken up again after setting aside of the winding up order by the Appellate Authority for Industrial & Financial Reconstruction (AAIFR). On June 2011 BIFR has directed to Operating Agency (OA) State Bank of India to issue an advertisement for change of management. The OA has issued advertisement on Aug. 04, 2011 & Aug. 05,2011 for change of management and received bids.
Department of Heavy industries, Govt. of India has filled a Misc. Application (M.A.) numbers 7010 & 7011 on February 01, 2012 to AAIFR to allow Govt. of India to call EOI from Central Govt. Department /CPSEs for formation of joint Venture or for taking over of the individual units /assets of the Company. AAIFR vide order dtd. April 12, 2012 and May 09, 2012 has stayed BIFR order dated June 23, 2011.
Some bidders were aggrieved with the decision of BIFR or processes of SBI (OA) and have filled various appeals in AAIFR against the BIFR order of June 23, 2011. AAIFR is hearing these appeals and has stayed processing/ evaluation of the bids by the OA. BIFR has also not heard the M.A. filled by Department of Heavy Industry, Govt. of India in view of the stay accorded by AAIFR. Two of the appeals filled by such bidders have been dismissed. Third appeals has been referred back to BIFR by the AAIFR vide order dtd. 13.08.2015.
2013-14
Notes forming part of the financial statements
(`. in Lacs)
B) ADMINISTRATION EXPENSES: Rent (Net)Rates & TaxesWater chargesOffice PowerBooks & Periodicals Insurance
Payment to Auditors- Audit Fees- Tax Audit Fees
Printing & StationaryPostage, Telegram, Telex, TelephonesTraveling & Conveyance Legal & Professional Charges Bank Charges (net)Repairs & Maintenance
- Flats- Furniture & Fixtures - Vehicles- Other
Interest on late payment of Statutory duesInterest on othersSales Tax Penalty Security ExpensesSundry balance write offOther Administrative Expenses
Advertisement & Publicity EntertainmentOther Selling Expenses
Provision For Doubtful DebtsProvision for Doubtful Advance Provision for Impairment of Assets
C) SELLING EXPENSES :
D) PROVISIONS :
As on31.03.15
0.7744.96
-3.740.062.75
2.830.627.694.27
20.00177.40
0.82
2.4420.55
0.4883.76
0.430.14
-53.39
-24.79
0.200.834.41
211.63189.97
-1,081.00
As on31.03.14
0.8435.05
1.951.200.092.91
3.180.896.124.49
15.77107.95
0.53
1.131.220.52
44.081.530.040.08
54.899.02
24.24
1.491.092.56
187.5420.24
4.79 803.05
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1542
At present operations of the Company are continuing at all Units & Corporate Office. As at March 31,2015 the Company had cash & cash equivalents of Rs. 9,737.13 lacs (P.Y. Rs. 7,106.22 lacs) These resources may not, however, be sufficient on their own to allow for full revival of the operations of the Company and hence further source of funding may be required to be obtained.
The Company has been successful in managing its business operations. Also the Board of Director consider that it is appropriate for the accounts to be prepared on a going concern basis. Further , Board of Directors at their meeting on June 26, 2013 decided to make a formal proposal to Govt. of India and such other relevant authorities to convert Govt. of India loan and interest thereon in to equity shares as per applicable rules and regulations.
Consequently, no adjustments are made in the accounts relating to the recover ability of recorded assets amounts and in respect of recorded liabilities and contingent liabilities that might devolve on the Company. The Company has submitted a proposal to the Department of Heavy Industries (DHI) for revival of the Company and same is under the active consideration of the Govt. of India.
30. In respect of paid up share capital as disclosed in Note No. 2, 8% Preference Share capital is Rs. 2,326.00 lacs;(P.Y. Rs. 2, 326.00 lacs) the terms and conditions for issue and redemption of these preference shares issued during 1992-93 are yet to be finalize by the Company with the sole preference share holder Govt. of India. In the absence of required information, the rate of dividend on these preference shares is considered at 8% per annum on no- cumulative basis as per past disclosure.
31. Unsecured Short Term Borrowings of Rs. 10,177.52 lacs (P. Y.: Rs. 10,177.52 lacs) from Govt. of India, the sole share holder of the Company;
a. These loans carry interest rate in the range of 14.50% to 22.25% ( including penal interest);
b. The Company has defaulted in repayment of above loan and interest.
c. A Govt. of India loans of Rs. 400.00 lacs (P.Y. Rs. 400.00 lacs) granted in 1999 pursuant to BIFR order sanctioning rehabilitation scheme was required to be interest free. However , the Statutory Auditors have observed that interest has been provided and charged on this loan from inception till March 31, 2015 aggregating to Rs. 2,012.46 lacs (P. Y. Rs. 1878.36 lacs). The Company will be taking up this matter with the Department of Heavy Industry (DHI) of Govt. of India and pending any decision, the interest is not reversed or de-recognized;
32. In respect of free hold properties of the Company:
a. The Company has 36.88 acres of land at Mulund comprising of 23.38 acres of free hold land and 13.49 acres of lease hold land. Out of free hold land 7.18 acres has been encroached by Municipal Corporation of Grater Mumbai (MCGM) and 3 acres by Slum dwellers, aggregating to 10.18 acres.
MCGM was approached several times in the past to vacate the encroachment. MCGM wide letter dated 13.08.2008 conveyed the out come of the decision of its “group leader meeting” that they can not part with the land under their possession but if Govt. of Maharashtra agrees, the admissible FSI ( Transfer of Development Right -TDR) of the land under their possession can be granted to the Company.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1543
During the meeting held on 03.09.2009 at Udyog bhavan, New Delhi, the Secretary, Dept. ofHeavy Industry stated that the land encroached by MCGM and Slum dweller falls within the purview of State Govt. and hence suggested to consider granting admissible FSI/TDR to the Company for the total land under encroachment. Additional Chief Secretary Govt. of Maharashtra agreed to support the proposal and stated that it will be taken up with the Dept. of Urban Development and Housing Dept. to consider granting of admissible FSI/TDR for the 10.18 acres of land. Meanwhile, the Company has given formal request to the Commissioner, MCGM, Mumbai vide letter R&C/CMD.MCGM.09-10 Dated January 2010 for grant of admissible TDR/FSI to the Company for the total land under encroachment Since then, there is no further progress in the matter.
b. The immovable properties of Mulund Works of the Company include lease hold land admeasuring 36087 sq. m.,which was held under the Court Decree with Bank of Maharashtra and expired in 1994.Based on negotiations, the Company had option to acquire reversionary interest for an agreed considerations of Rs. 70.00 lacs to be paid on or before March 31st, 2005. The Company was unable to pay the agreed consideration by the stipulated date due to, among other factors, non - availability of funds in a timely manner from the then Holding Company, Bharat Yantra Nigam Limited (BYNL). Subsequently, the Company has filled suite for specific performance in the Bombay High Court and the matter is sub-judice.
c. Original Documents of title to free hold and lease hold properties are available with the Company except for Ghatkopar flats. The management has obtained certified copy of Deed of Modification and Confirmation of Agreement for Sale dated September 18,1982 pertaining to Ghatkopar Flats from Registrar Office, Mumbai.
d. The Byculla Works of the Company are situated on lease hold land presently belonging to the Collector of Mumbai. The lease tenure has expired between 1974 to 2003. The Collector of Mumbai is in the process of revising its policy in respect of Govt. Land leased out and renewal of expired lease. The Collector of Mumbai has raised a demand of Rs. 992.30 lacs which has been disputed by the Company. However, pending the final decision, the Company has deposited Rs. 120 lacs with the Collector of Mumbai and the balance amount has been shown under contingent liability. Meanwhile, Collector, Mumbai sent a letter on 08.07.2013 to exercise an option from following two options:
i) Conversion of lease hold land into occupant class -2 by occupation right.
ii) Renewal of lease for 30 years w.e.f. 01.01.2012 with revision of rental every 5 years at the prevailing market value as per ready reckoner.
The Company has exercised option for conversion of above land into occupant class-2. The matter is pending with the Collector, Mumbai for hearing.
e. The Company has fixed assets on the leased premises at the Byculla and Mulund Works. The lease of the premises has expired and pending the final outcome of the Company’s litigation / negotiations in respect of same, no impairment is assessed on the fixed assets at the leased premises and depreciation on these assets is provided as per the Company’s policy. In the opinion of the Company, relying on independent valuation report of July, 2013, as the value of assets is more than the carrying value, no further impairment is deemed necessary in accordance with the Accounting Standard As - 28.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1542
At present operations of the Company are continuing at all Units & Corporate Office. As at March 31,2015 the Company had cash & cash equivalents of Rs. 9,737.13 lacs (P.Y. Rs. 7,106.22 lacs) These resources may not, however, be sufficient on their own to allow for full revival of the operations of the Company and hence further source of funding may be required to be obtained.
The Company has been successful in managing its business operations. Also the Board of Director consider that it is appropriate for the accounts to be prepared on a going concern basis. Further , Board of Directors at their meeting on June 26, 2013 decided to make a formal proposal to Govt. of India and such other relevant authorities to convert Govt. of India loan and interest thereon in to equity shares as per applicable rules and regulations.
Consequently, no adjustments are made in the accounts relating to the recover ability of recorded assets amounts and in respect of recorded liabilities and contingent liabilities that might devolve on the Company. The Company has submitted a proposal to the Department of Heavy Industries (DHI) for revival of the Company and same is under the active consideration of the Govt. of India.
30. In respect of paid up share capital as disclosed in Note No. 2, 8% Preference Share capital is Rs. 2,326.00 lacs;(P.Y. Rs. 2, 326.00 lacs) the terms and conditions for issue and redemption of these preference shares issued during 1992-93 are yet to be finalize by the Company with the sole preference share holder Govt. of India. In the absence of required information, the rate of dividend on these preference shares is considered at 8% per annum on no- cumulative basis as per past disclosure.
31. Unsecured Short Term Borrowings of Rs. 10,177.52 lacs (P. Y.: Rs. 10,177.52 lacs) from Govt. of India, the sole share holder of the Company;
a. These loans carry interest rate in the range of 14.50% to 22.25% ( including penal interest);
b. The Company has defaulted in repayment of above loan and interest.
c. A Govt. of India loans of Rs. 400.00 lacs (P.Y. Rs. 400.00 lacs) granted in 1999 pursuant to BIFR order sanctioning rehabilitation scheme was required to be interest free. However , the Statutory Auditors have observed that interest has been provided and charged on this loan from inception till March 31, 2015 aggregating to Rs. 2,012.46 lacs (P. Y. Rs. 1878.36 lacs). The Company will be taking up this matter with the Department of Heavy Industry (DHI) of Govt. of India and pending any decision, the interest is not reversed or de-recognized;
32. In respect of free hold properties of the Company:
a. The Company has 36.88 acres of land at Mulund comprising of 23.38 acres of free hold land and 13.49 acres of lease hold land. Out of free hold land 7.18 acres has been encroached by Municipal Corporation of Grater Mumbai (MCGM) and 3 acres by Slum dwellers, aggregating to 10.18 acres.
MCGM was approached several times in the past to vacate the encroachment. MCGM wide letter dated 13.08.2008 conveyed the out come of the decision of its “group leader meeting” that they can not part with the land under their possession but if Govt. of Maharashtra agrees, the admissible FSI ( Transfer of Development Right -TDR) of the land under their possession can be granted to the Company.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1543
During the meeting held on 03.09.2009 at Udyog bhavan, New Delhi, the Secretary, Dept. ofHeavy Industry stated that the land encroached by MCGM and Slum dweller falls within the purview of State Govt. and hence suggested to consider granting admissible FSI/TDR to the Company for the total land under encroachment. Additional Chief Secretary Govt. of Maharashtra agreed to support the proposal and stated that it will be taken up with the Dept. of Urban Development and Housing Dept. to consider granting of admissible FSI/TDR for the 10.18 acres of land. Meanwhile, the Company has given formal request to the Commissioner, MCGM, Mumbai vide letter R&C/CMD.MCGM.09-10 Dated January 2010 for grant of admissible TDR/FSI to the Company for the total land under encroachment Since then, there is no further progress in the matter.
b. The immovable properties of Mulund Works of the Company include lease hold land admeasuring 36087 sq. m.,which was held under the Court Decree with Bank of Maharashtra and expired in 1994.Based on negotiations, the Company had option to acquire reversionary interest for an agreed considerations of Rs. 70.00 lacs to be paid on or before March 31st, 2005. The Company was unable to pay the agreed consideration by the stipulated date due to, among other factors, non - availability of funds in a timely manner from the then Holding Company, Bharat Yantra Nigam Limited (BYNL). Subsequently, the Company has filled suite for specific performance in the Bombay High Court and the matter is sub-judice.
c. Original Documents of title to free hold and lease hold properties are available with the Company except for Ghatkopar flats. The management has obtained certified copy of Deed of Modification and Confirmation of Agreement for Sale dated September 18,1982 pertaining to Ghatkopar Flats from Registrar Office, Mumbai.
d. The Byculla Works of the Company are situated on lease hold land presently belonging to the Collector of Mumbai. The lease tenure has expired between 1974 to 2003. The Collector of Mumbai is in the process of revising its policy in respect of Govt. Land leased out and renewal of expired lease. The Collector of Mumbai has raised a demand of Rs. 992.30 lacs which has been disputed by the Company. However, pending the final decision, the Company has deposited Rs. 120 lacs with the Collector of Mumbai and the balance amount has been shown under contingent liability. Meanwhile, Collector, Mumbai sent a letter on 08.07.2013 to exercise an option from following two options:
i) Conversion of lease hold land into occupant class -2 by occupation right.
ii) Renewal of lease for 30 years w.e.f. 01.01.2012 with revision of rental every 5 years at the prevailing market value as per ready reckoner.
The Company has exercised option for conversion of above land into occupant class-2. The matter is pending with the Collector, Mumbai for hearing.
e. The Company has fixed assets on the leased premises at the Byculla and Mulund Works. The lease of the premises has expired and pending the final outcome of the Company’s litigation / negotiations in respect of same, no impairment is assessed on the fixed assets at the leased premises and depreciation on these assets is provided as per the Company’s policy. In the opinion of the Company, relying on independent valuation report of July, 2013, as the value of assets is more than the carrying value, no further impairment is deemed necessary in accordance with the Accounting Standard As - 28.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1544
f. During the year ended March 31st, 2015 the Company has provided for depreciation on fixed Assets considering the remaining useful lives specified in Schedule II of the Companies Act, 2013. Consequently the depreciation for the year ended March 31, 2015 is higher by Rs. 14.69 lacs. Further an amount of Rs. 178.07 lacs for the assets in existence as on April 1, 2014 has been included in depreciation for the year.
33. The Board of Directors at their meeting on November 26, 2010 recommended (and referred to DHI) implementation of revised pay scales of employees w.e.f. January 01, 1997 estimating an outlay of Rs. 321.10 lacs from the Company’s internal resources BIFR has directed in the meeting of June 23, 2011 that the matter of pay revision could be considered after change of management. DHI has in turn sought approval from CCEA . Pending the appropriate approvals, no provision has been made in these financial statements.
The Company has submitted the revival plan along with implementation of 1997 pay scales to GOI for BRPSE concurrence on 20.05.2013. However, it may take some time for final approval of revival plan by the Govt. of India. In the mean time Board of Directors has decided to pay ad hoc salary to the existing employees vide Board Note Item No. 209-12 held on 26.06.2013 and Board Note Item No. 216-14 held on 19.08.2014. The monthly outgo on account of ad hoc salary will be Rs 0.30 lacs These adhoc salary will be adjusted from the arrears as and when 1997/2007 pay scale are implemented in the Company.
34. Balances due to/from parties ( including of Trade Receivable, Trade payable, Deposit, Statutory Dues, Loans and Advance & TDS Receivable ) are subject to confirmation and reconciliation, if any, with the parties, Claimsreceivable from Govt. Authorities include refunds and amounts that may be available for future adjustment dependent on applicable audit, assessment or evaluation.
Further the Company does not have full and complete particulars and records relating to old outstanding balance with respect to capital work in progress, certain inventories, debtor, creditors other receivables and payables ( including advances received and advance given) and contingent liabilities /litigation claims. Provision has been made for debit balances that are considered doubtful of recovery in consistence with past practice. In respect of old sundry creditors and other liabilities, in the opinion of the management, status quo needs to be maintained.
The necessary adjustments, if required, will be made when the accounts are reviewed, reconciled and settled The effect, thereof, if any, on the financial statements is not presently ascertainable.
35. In the opinion of the Board all assets other than Fixed Assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated except for reconciliation, adjustment in respect of some of the payables and receivables.
36. The transactions, including payments and expenditure (revenue & capital) as well as retirement, sale etc. of assets of the Company, wherever applicable, have been within the powers having been done in accordance with laid down policies/guidelines and is with the knowledge and authorization of the appropriate sanctioning authority. There are no transaction ultra - vires the powers.
37 The Company has complied with the guidelines on Corporate Governance for Central Public Sector
Enterprises issued by the Department of Public Enterprises, Government of India on March 21, 2010 except for the appointment of independent directors. However, the Company is in process of implementing the same in the future.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1545
38. Details of Foreign Currency TransactionParticulars March, 2014
(` . in lacs)
a. Earnings in Foreign Currency( Tower Testing Charges) 36.73
b. Expenditure in Foreign Currency -
39. The Company dose not have whole time secretary as required u/s 203 (1) of the Companies Act, 2013, in view of the financial position of the Company. In the post the Company had taken all reasonable efforts to comply with provisions of section 203(1) of the Companies Act, 2013.
In view of this, the financial statements of the Company have not been authenticated by a Company Secretary and CFO as required u/s. 134(1) of the Companies Act, 2013.
40. The Company is engaged in only one business segment and therefore segment reporting as envisaged in AS 17 is not applicable to the Company. There are no reportable geographical segments.
41. There is a carry forward of unabsorbed depreciation and business losses as at the Balance sheet date. As a matter of prudence, the Company has not recognized net deferred tax assets in term of Accounting Standard-22.
In view of the carry forward of unabsorbed depreciation and business losses, no provision for taxation has been made.
42. Upon revision of property tax in respect of leasehold property at Byculla, the Company has received an amount of Rs. 200.84 lacs on account of lessee from Brihan Mumbai Mahanagarpalika (BMC) on 21.02.2014 for the financial years 2010-11 to 2012-13. The Company has not considered the same as income as the amount is refundable to the lessees. However till date, the Company has not quantified the amount payable to each lessee.
43. The Company has not received any information from the suppliers regarding their status under the Micro. Small & Medium Enterprises Development Act, 2006 and hence disclosures regarding.
a. Amount due and outstanding to suppliers as at the end accounting year.b. Interest paid during the year.
c. Interest payable at the end of the accounting year and d. Interest accrued and unpaid at the end of the accounting year have not been given.
The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act.
44. Employee Benefits :
a. Short Term Employee Benefits : All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, short term compensated absences etc. and the expected cost of bonus, ex-gratia are recognized in the period in which the employee renders the related service.
March, 2015
(` . in lacs)
21.66-
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1544
f. During the year ended March 31st, 2015 the Company has provided for depreciation on fixed Assets considering the remaining useful lives specified in Schedule II of the Companies Act, 2013. Consequently the depreciation for the year ended March 31, 2015 is higher by Rs. 14.69 lacs. Further an amount of Rs. 178.07 lacs for the assets in existence as on April 1, 2014 has been included in depreciation for the year.
33. The Board of Directors at their meeting on November 26, 2010 recommended (and referred to DHI) implementation of revised pay scales of employees w.e.f. January 01, 1997 estimating an outlay of Rs. 321.10 lacs from the Company’s internal resources BIFR has directed in the meeting of June 23, 2011 that the matter of pay revision could be considered after change of management. DHI has in turn sought approval from CCEA . Pending the appropriate approvals, no provision has been made in these financial statements.
The Company has submitted the revival plan along with implementation of 1997 pay scales to GOI for BRPSE concurrence on 20.05.2013. However, it may take some time for final approval of revival plan by the Govt. of India. In the mean time Board of Directors has decided to pay ad hoc salary to the existing employees vide Board Note Item No. 209-12 held on 26.06.2013 and Board Note Item No. 216-14 held on 19.08.2014. The monthly outgo on account of ad hoc salary will be Rs 0.30 lacs These adhoc salary will be adjusted from the arrears as and when 1997/2007 pay scale are implemented in the Company.
34. Balances due to/from parties ( including of Trade Receivable, Trade payable, Deposit, Statutory Dues, Loans and Advance & TDS Receivable ) are subject to confirmation and reconciliation, if any, with the parties, Claimsreceivable from Govt. Authorities include refunds and amounts that may be available for future adjustment dependent on applicable audit, assessment or evaluation.
Further the Company does not have full and complete particulars and records relating to old outstanding balance with respect to capital work in progress, certain inventories, debtor, creditors other receivables and payables ( including advances received and advance given) and contingent liabilities /litigation claims. Provision has been made for debit balances that are considered doubtful of recovery in consistence with past practice. In respect of old sundry creditors and other liabilities, in the opinion of the management, status quo needs to be maintained.
The necessary adjustments, if required, will be made when the accounts are reviewed, reconciled and settled The effect, thereof, if any, on the financial statements is not presently ascertainable.
35. In the opinion of the Board all assets other than Fixed Assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated except for reconciliation, adjustment in respect of some of the payables and receivables.
36. The transactions, including payments and expenditure (revenue & capital) as well as retirement, sale etc. of assets of the Company, wherever applicable, have been within the powers having been done in accordance with laid down policies/guidelines and is with the knowledge and authorization of the appropriate sanctioning authority. There are no transaction ultra - vires the powers.
37 The Company has complied with the guidelines on Corporate Governance for Central Public Sector
Enterprises issued by the Department of Public Enterprises, Government of India on March 21, 2010 except for the appointment of independent directors. However, the Company is in process of implementing the same in the future.
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1545
38. Details of Foreign Currency TransactionParticulars March, 2014
(` . in lacs)
a. Earnings in Foreign Currency( Tower Testing Charges) 36.73
b. Expenditure in Foreign Currency -
39. The Company dose not have whole time secretary as required u/s 203 (1) of the Companies Act, 2013, in view of the financial position of the Company. In the post the Company had taken all reasonable efforts to comply with provisions of section 203(1) of the Companies Act, 2013.
In view of this, the financial statements of the Company have not been authenticated by a Company Secretary and CFO as required u/s. 134(1) of the Companies Act, 2013.
40. The Company is engaged in only one business segment and therefore segment reporting as envisaged in AS 17 is not applicable to the Company. There are no reportable geographical segments.
41. There is a carry forward of unabsorbed depreciation and business losses as at the Balance sheet date. As a matter of prudence, the Company has not recognized net deferred tax assets in term of Accounting Standard-22.
In view of the carry forward of unabsorbed depreciation and business losses, no provision for taxation has been made.
42. Upon revision of property tax in respect of leasehold property at Byculla, the Company has received an amount of Rs. 200.84 lacs on account of lessee from Brihan Mumbai Mahanagarpalika (BMC) on 21.02.2014 for the financial years 2010-11 to 2012-13. The Company has not considered the same as income as the amount is refundable to the lessees. However till date, the Company has not quantified the amount payable to each lessee.
43. The Company has not received any information from the suppliers regarding their status under the Micro. Small & Medium Enterprises Development Act, 2006 and hence disclosures regarding.
a. Amount due and outstanding to suppliers as at the end accounting year.b. Interest paid during the year.
c. Interest payable at the end of the accounting year and d. Interest accrued and unpaid at the end of the accounting year have not been given.
The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act.
44. Employee Benefits :
a. Short Term Employee Benefits : All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, short term compensated absences etc. and the expected cost of bonus, ex-gratia are recognized in the period in which the employee renders the related service.
March, 2015
(` . in lacs)
21.66-
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1546
b. Long Term Employee Benefits :
i) The Company has recognized the following amounts in the Profit and Loss Amount under the head Company’s Contribution to Provident Fund and other Funds : Rupees in lacs
(`. in lacs)
Particulars Previous YearProvident Fund and other funds 14.88
ii) Details of Gratuity plan are as follows:A. Amount recognized in Balance Sheet
(`. in lacs)
Particulars Previous Year Present value of Defined Benefits Obligations 78.37Net liabilities recognized in the BalanceSheet and included under Provisions
B. Expenses recognized in Profit and Loss Account
(`. in lacs)
Particulars Previous Year Current Service Cost 3.45Interest on Defined Benefit Obligation 8.05Actuarial Losses /(Gains) recognized in year (0.05)Total included in Employees Remuneration & Benefit.
C. Reconciliation of Benefit Obligation and Plan Assets for the period
(`. in lacs)
Particulars Previous Year Change in Defined Benefit Obligation
Opening Defined Benefit Obligation 102.56Current Service Cost 3.45Interest Cost 8.05Actuarial Losses (Gain) (0.05)Past Service Cost 0.00Benefit Paid (35.64)
Closing Defined Benefit ObligationChange in Fair Value of Assets
Opening Fair Value of Assets -Contribution by Employer 35.64Benefits Paid (35.64)
Closing Fair Value Assets -
Current Year14.1214.12
Current Year63.73
63.73
Current Year2.456.86
(7.32)
1.99
78.372.456.86
(7.32)0.00
(16.63)63.73
-16.63
(16.63)-
14.88
78.37
11.45
78.37
Current Year
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1547
D. Experienced Adjustment
(`. in lacs)
Particulars Previous YearDefined Benefit Obligation 78.37Surplus/(Deficit)
E. Summary Of Actuarial AssumptionsParticulars Previous YearDiscounted Rate (per annum) 8.75%Salary Escalation Rate (per annum) 7.50%Retirement Age 58 yearsMortality Rates Published
rates under theLIC (1994-96)
Mortality tablesWithdrawal Rate 1% 1%
45. Basic of Calculation of Basic and Diluted Earnings per share is as follows : Particulars Previous Year
Net Profit / (Loss) after taxation as per Profit (`. in
and Loss account Lacs) (382.78)Weighted Average no of Equity Shares Nos 315,753
Basic and Diluted Earnings per Share (`.) (121)
46. Prior Period Items Includes :
(`. in lacs)
Particulars Previous YearA) Income
Interest -Other Manufacturing, Selling & dist. exp. 228.47
Total Income (A)B) ExpenditureSub-Contracting Expenses 189.71Employees Remuneration & Benefits -Other Manufacturing, Selling & dist. exp. 3.27
Total Expenditure (B)Prior Period items ( Net) (A) -(B)
47. According to the Management there are no related party transaction and hence disclosure required to be made as per Accounting Standard 18- Related Party Transaction have not been given .
Current Year 63.73
(63.73)
Current Year7.75%7.50%
58 yearsIndian AssuredLives( 2006-08)
UltimateMortality Rate
Current Year
(364.46)315,753
(115)
Current Year
3.2530.6233.87
2.560.05
472.01474.62
(440.75)
(78.37)
228.47
192.9835.49
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1546
b. Long Term Employee Benefits :
i) The Company has recognized the following amounts in the Profit and Loss Amount under the head Company’s Contribution to Provident Fund and other Funds : Rupees in lacs
(`. in lacs)
Particulars Previous YearProvident Fund and other funds 14.88
ii) Details of Gratuity plan are as follows:A. Amount recognized in Balance Sheet
(`. in lacs)
Particulars Previous Year Present value of Defined Benefits Obligations 78.37Net liabilities recognized in the BalanceSheet and included under Provisions
B. Expenses recognized in Profit and Loss Account
(`. in lacs)
Particulars Previous Year Current Service Cost 3.45Interest on Defined Benefit Obligation 8.05Actuarial Losses /(Gains) recognized in year (0.05)Total included in Employees Remuneration & Benefit.
C. Reconciliation of Benefit Obligation and Plan Assets for the period
(`. in lacs)
Particulars Previous Year Change in Defined Benefit Obligation
Opening Defined Benefit Obligation 102.56Current Service Cost 3.45Interest Cost 8.05Actuarial Losses (Gain) (0.05)Past Service Cost 0.00Benefit Paid (35.64)
Closing Defined Benefit ObligationChange in Fair Value of Assets
Opening Fair Value of Assets -Contribution by Employer 35.64Benefits Paid (35.64)
Closing Fair Value Assets -
Current Year14.1214.12
Current Year63.73
63.73
Current Year2.456.86
(7.32)
1.99
78.372.456.86
(7.32)0.00
(16.63)63.73
-16.63
(16.63)-
14.88
78.37
11.45
78.37
Current Year
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1547
D. Experienced Adjustment
(`. in lacs)
Particulars Previous YearDefined Benefit Obligation 78.37Surplus/(Deficit)
E. Summary Of Actuarial AssumptionsParticulars Previous YearDiscounted Rate (per annum) 8.75%Salary Escalation Rate (per annum) 7.50%Retirement Age 58 yearsMortality Rates Published
rates under theLIC (1994-96)
Mortality tablesWithdrawal Rate 1% 1%
45. Basic of Calculation of Basic and Diluted Earnings per share is as follows : Particulars Previous Year
Net Profit / (Loss) after taxation as per Profit (`. in
and Loss account Lacs) (382.78)Weighted Average no of Equity Shares Nos 315,753
Basic and Diluted Earnings per Share (`.) (121)
46. Prior Period Items Includes :
(`. in lacs)
Particulars Previous YearA) Income
Interest -Other Manufacturing, Selling & dist. exp. 228.47
Total Income (A)B) ExpenditureSub-Contracting Expenses 189.71Employees Remuneration & Benefits -Other Manufacturing, Selling & dist. exp. 3.27
Total Expenditure (B)Prior Period items ( Net) (A) -(B)
47. According to the Management there are no related party transaction and hence disclosure required to be made as per Accounting Standard 18- Related Party Transaction have not been given .
Current Year 63.73
(63.73)
Current Year7.75%7.50%
58 yearsIndian AssuredLives( 2006-08)
UltimateMortality Rate
Current Year
(364.46)315,753
(115)
Current Year
3.2530.6233.87
2.560.05
472.01474.62
(440.75)
(78.37)
228.47
192.9835.49
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1548
48. Quantitative DetailsIn respect of Nagpur Unit (Quantity in MT)Sr. Particulars Description Opening Purchase / Sales / ClosingNo. Inventory Manufacturer Consumption Inventory1. Raw Materials Steel 51.359 1141.880 1088.681 104.5582. Raw Materials Zinc Process
Materials - 11.803 - 11.8033. Work in Stock in
Progress Process 258.01 2209.33 2267.18 200.164. Finished Structural 152.202 1105.02 1111.33 145.890
Goods
In respect of Chennai Unit 1. PRODUCTION
Product As 31st March 2014Licensed Installed ActualCapacity Capacity Production
Structural -MT NA 4800 11970RefrigerationEquipments - Nos. 180 100 --Refrigeration Compressors - Nos. 4000 4000 --Hand Pumps - Nos. NA 2000 --
2. CLOSING STOCK As 31st March 2014
Quantity Amount in Rs.Refrigeration Equipments - -Refrigeration Compressors - -Hand Pumps - -
3. EARNINGS IN FOREIGN EXCHANGE As 31st March 2014
Quantity Amount in Rs.F.O.B. Value of Export NIL NIL
4 CONSUMPTION OF RAW MATERIALS AND COMPONENTS As 31st March 2014
Qty. (MT) Rs. in LacsSteel - -Nuts and Bolts - -Other Expenses IncludingPurchase of Components - 7.78 TOTAL - 7.78
As 31st March, 2015Licensed Installed ActualCapacity Capacity Production
NA 4800 9198
180 100 --
4000 4000 --NA 2000 --
As 31st March, 2015Quantity Amount in Rs.
- -- -- -
As 31st March, 2015Quantity Amount in Rs.
NIL NIL
As 31st March, 2015 Qty. (MT) Rs. in Lacs
- -- -
- 1.87- 1.87
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1549
5. SALES As 31st March 2014
Quantity Amount in Rs.Structural 11970 2633.48Public Health & Env. Engg. Lab. - 372.20Spares Parts for Hand Pump - 8.64
March 2014
% ` .in Lacs
a. Value of Imported Raw Materialsand Components consumed - -Value of Indegenious Raw Materialsand Components consumed 100 % 577.22
b. C.I.F. Value of Imports -
50. Previous year figures have been regrouped / re arranged where ever necessary to make them comparable with those of Current Year.
As 31st March, 2015Quantity Amount in Rs.
9198 2023.53- 262.92- 1.91
`. in Lacs
- -
-
Total 11970 3014.32
49. Particulars
9198 2288.36
March 2015
%
100% 447.60
As per our Report of even date attached.
For Sorab S. Engineer & Co.Chartered AccountantsFRN No. : 110417W For and on behalf of Board of Directors
CA R. N. Anklesaria P. K. Kothari Mr. Manjit Kumar Ms. Sanyukta Samaddar Mr. S. D. UmrikarPartner Chairman & Director Director Dy. Manager (F&A)M. No. 34461 Managing Director Co. Sec. I/CPlace : MumbaiDate : 27/08/2015 Date : 25/08/2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1548
48. Quantitative DetailsIn respect of Nagpur Unit (Quantity in MT)Sr. Particulars Description Opening Purchase / Sales / ClosingNo. Inventory Manufacturer Consumption Inventory1. Raw Materials Steel 51.359 1141.880 1088.681 104.5582. Raw Materials Zinc Process
Materials - 11.803 - 11.8033. Work in Stock in
Progress Process 258.01 2209.33 2267.18 200.164. Finished Structural 152.202 1105.02 1111.33 145.890
Goods
In respect of Chennai Unit 1. PRODUCTION
Product As 31st March 2014Licensed Installed ActualCapacity Capacity Production
Structural -MT NA 4800 11970RefrigerationEquipments - Nos. 180 100 --Refrigeration Compressors - Nos. 4000 4000 --Hand Pumps - Nos. NA 2000 --
2. CLOSING STOCK As 31st March 2014
Quantity Amount in Rs.Refrigeration Equipments - -Refrigeration Compressors - -Hand Pumps - -
3. EARNINGS IN FOREIGN EXCHANGE As 31st March 2014
Quantity Amount in Rs.F.O.B. Value of Export NIL NIL
4 CONSUMPTION OF RAW MATERIALS AND COMPONENTS As 31st March 2014
Qty. (MT) Rs. in LacsSteel - -Nuts and Bolts - -Other Expenses IncludingPurchase of Components - 7.78 TOTAL - 7.78
As 31st March, 2015Licensed Installed ActualCapacity Capacity Production
NA 4800 9198
180 100 --
4000 4000 --NA 2000 --
As 31st March, 2015Quantity Amount in Rs.
- -- -- -
As 31st March, 2015Quantity Amount in Rs.
NIL NIL
As 31st March, 2015 Qty. (MT) Rs. in Lacs
- -- -
- 1.87- 1.87
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1549
5. SALES As 31st March 2014
Quantity Amount in Rs.Structural 11970 2633.48Public Health & Env. Engg. Lab. - 372.20Spares Parts for Hand Pump - 8.64
March 2014
% ` .in Lacs
a. Value of Imported Raw Materialsand Components consumed - -Value of Indegenious Raw Materialsand Components consumed 100 % 577.22
b. C.I.F. Value of Imports -
50. Previous year figures have been regrouped / re arranged where ever necessary to make them comparable with those of Current Year.
As 31st March, 2015Quantity Amount in Rs.
9198 2023.53- 262.92- 1.91
`. in Lacs
- -
-
Total 11970 3014.32
49. Particulars
9198 2288.36
March 2015
%
100% 447.60
As per our Report of even date attached.
For Sorab S. Engineer & Co.Chartered AccountantsFRN No. : 110417W For and on behalf of Board of Directors
CA R. N. Anklesaria P. K. Kothari Mr. Manjit Kumar Ms. Sanyukta Samaddar Mr. S. D. UmrikarPartner Chairman & Director Director Dy. Manager (F&A)M. No. 34461 Managing Director Co. Sec. I/CPlace : MumbaiDate : 27/08/2015 Date : 25/08/2015
RICHARDSON & CRUDDAS (1972) LIMITED
nd 42 ANNUAL REPORT 2014-1550
TE
N Y
EA
R D
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ST
1 2 3 4 5 6 7 8 9 10
11 12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
Sr
No
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2013-2
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