General company profile :
Relicab Cable Manufacturing Limited (the ‘Company’) was incorporated on 23/02/2009 as Private Limited Company under the Companies Act 1956 and the same was converted in Public Limited Company on 22nd September, 2015. The company is engaged mainly in manufacturing cables and wires. The Company has manufacturing plants in Daman and sales in Domestic as well as International market. The Company is listed on SME Platform of Bombay Stock Exchange (BSE) .
(a) Rights, preferences and restrictions attached to shares
(i) The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.
(ii) In the event of liquidation of the Company, the holders of the equity shares of the Company will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.
(b) The reconciliation of the number of shares outstanding and the amount of share capital is set out below:
Unsecured loan taken from NBFC for the period ranging 24 months to 36 months. The first installment is due in February 2017 and ending on February 2020.
(a) Working Capital Loan from Union Bank of India are seccured against hypothecation of stock & book debts, Plant & Machinery. This loan is also hyothecated by land & building situated at Daman, owned by Reliance Cable Corporation a partnership firm of the promoters.
The loan is also secured by asignement of LIC policies, FDR, Cumulative Deposit and against personal guarnatee of directors and corporate guartantee given by Reliance Cable Corporation.
Cash credit is repayable on demand and carries variable interest.
(b) The facility from The National Small Industries Corporation Limited is under Raw Materials Assistance Scheme and is secured against bank guarantee. The amount payable to the said corporation carries an interest rate @12.95%
Details of Micro and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act,2006 (“MSMED Act”). Under Micro and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act,2006 (“MSMED Act”) , certain disclosure are required to be made relating to Micro, Small and Medium Enterprises. The Company is in process of compling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is not readliy available, no disclosure have been made in the accounts. However in view of the management, the impact of interest, if any , that may be payable in aacordance with the provision of this Act is not expected to be material.
Advance import license received on account of export made during the year and recognised in income for the year. The benefit of license is accrued during the year hence accounted for.
Sundry Deposit include deposit to related party Rs.50,00,000/- (March 31, 2017 Rs.50,00,000/-) for premises taken on Leave & Licence Lease.
The disclosure required as per the revised AS 15 is as under:
a) Retirement Benefits
The Company has following long term retirement employees benefits:
i) Defined Contribution Plan:
The Company’s defined contribution plans are Employees’ Provident fund and Pension Scheme (under the provision of the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952) since the company has no further obligation beyond making the contributions.
Note: The current year provisions are made on the basis of salary paid to present employees covered under gratuity scheme.
b) Short Term Employee Benefits
All employees benefits falling due wholly with in twelve months of rendering services are classified as short term employee benefits, which include salaries, wages, bonus, leave encashement ets. The said benefits are recognised as expenses in the period in which the employee renders the related service and measured accordingly.
Leave encashment is provided on the basis of earned leave standing to the credit of the employees and the same is discharged by the company by the year end or in the immediate subsequent year.
1 Related parties disclosure :
A) Relationships
1) Key Managerial Personnel
- Suhir H.Shah, Director
- Parag J Shah, Director
2) Relatives of Key Managerial Personnel and Entities over which significant influence is exercised by key management personnel or their relatives and with whom transactions have taken place in the ordinary course of business Rusha Shah, Suhani Shah, Nivish Shah, Rupa Shah, Paresha Shah, Snehal Shah, Suhir Shah (HUF) , Reliance Cable Corporation, (Suhir H Shah and Parag J Shah are partners), Divine Cell Phones Private Limited, (Suhir H Shah is Director).
2 In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realised, in the ordinary course of the business. The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.
Previous period figures have been regrouped and recast wherever necessary to conform to the current year classification.
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