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NOTES TO ACCOUNTS

Rushabh Precision Bearings Ltd.
You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 0.00 Cr. P/BV 0.00 Book Value (₹) -1.73
52 Week High/Low (₹) 10/2 FV/ML 10/1 P/E(X) 0.00
Bookclosure 17/04/2025 EPS (₹) 0.00 Div Yield (%) 0.00
Year End :1998-03 
1. Deferred payment guarantees from Union Bank of India is secured by hypothecation of machinery purchased under DPGL.

2. Cash Credit loan from Union Bank of India is secured by hypothecation of Stock in trade and personal guarantee of Chairman & Managing Director

3. Working Capital Loan from Industrial Development of India (IDBI) is secured by Mortgage by deposit of title deeds on its properties situated at Wadhwan City, Dist. Surendranagar, Gujarat State and Personal Guarantee of the Chairman and Managing Director.

4. Motorcar loans from Citi Bank are secured by hypothecation of Two Motorcars.

5. The Company has on 24th December, 1996 privately placed a Secured Redeemable Non-Convertible Debentures issue of Rs.4.00 Crores (each Rs.1000/-) secured by charge on assets which are acquired out of the proceeds of the Debenture issue and such other assets as may be decided by the Board of Directors in consultation with Trustees

6. H.P. Finance from GSFC is secured by personal guarantee of Directors.

7. Outstanding balances of Suppliers, Debtors, Creditors and others are subject to Confirmation.

8. The Inter Corporate Deposits received by the Company during the financial year are subject to confirmation from the respective parties and in case of some there are legal disputes pending in the Court.

9. In the opinion of the Board & to the best of their knowledge belief, current assets, loans and advances are stated in the Balance Sheet at the realisable value in ordinary course of business.

10. The company has not paid managerial remuneration to Shri. Rajesh D. Vora, Shri. Dhirajlal H. Vora, Smt. Sunayana R. Vora & Shri. Rasik V. Tolia during the year although the same were approved in the Annual General Meeting held on 18th September 1996 as the aforesaid Directors have waived the same vide their waiver letter dated 31st March 1998.

11. The company has disputed the Income Tax liability of Rs. 11059095/- for the A.Y. 1996-97 and on the contrary claimed a Refund of Rs. 1628012/- in the Revised Return of Income Tax filed by the Company for the relevant Financial Year on 1st December 1997. As the said Revised Return has been rejected by the Assessing Officer of Income Tax. Therefore Company has not Given any effect of the said Revised Financial Account as on 31.03.1996, in the current Year.

12. No provision has been made in the Accounts for Income Tax as the Unit is located in Government notified backward area which is eligible for benefits u/s 80IA.

13. Additional information pursuant to the provision of paragraph 3, 4C & 4D of part 2 of Schedule VI of the Companies Act, 1956.

14. The expenditure incurred on private placement of debentures is being treated as deferred Revenue expenditure to be amortised over of 10 years and thus accordingly Rs. 19322 is charged to Revenue account during the year.

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