Riba Textiles Limited originally incorporated on 04.01.59as a private limited by company & subsequently convertedinto public limited by passing special resolution on12.7.1994 and obtained fresh certificate of Incorporationon 08.09.94 has been promoted by Ravinder Garg & hisfamily. The company is engaged in the manufacturing ofTerry Towels at village Chidana in Distt. Panipat (Haryana). The commercial production was started on 1.1.92.The cost of project was Rs.228.96 lac which was financedby way of promoters share capital of Rs.55.72 lac termloan from HSIDC Rs.45.00 lac term loan of Rs.112.58 lacfrom ICICI (foreign currency loan) and balance Rs.15.66 lacby deposits from promoters.The company has an existing relationship with ICICI andHSIDC which have part financed the existing operations. Thecompany has not defaulted with ICICI and rather haspre-paid a part of term loan.The company availed Rs.45.00 lac from HSIDC. The repaymentof term loan was started in May 1993 but the company didnot pay the same due to delayed implementation of theproject and this instalment of Rs.2.65 lac was rescheduledin Aug. 93 by spreading it equally on the remaininginstalments. Thereafter the company is regular in therepayments.The commercial production of existing operations wasscheduled to commence in June 1991 which was started inJan 1992 due to the delay in the supply of some parts ofMachinery.There has been no labour problem/closure in the companysince its inception.The promoters have a family business consisting of twopartnership firms : Swastika Spinning Mills & Amba WoollenMills which are engaged in the manufacturing of non-worstedyarn & blankets at Panipat. The promoters have alsoestablished two other Partnership firms : Riba Udyog & RibaProcessors which are engaged in job work for Riba TextileLtd.&& Not including depreciation written back and statesubsidy taken to reserve* Including share application money which is for theexpansion project. (EPS works out to Rs.10.23 and Bookvalue Rs.30.54 if share application money is excluded)** Annualised EPS works out to Rs.6.09## There was a substantial Increase in profits for theperiod year ended 31.03.95 over the year ended 31.3.94 onaccount of the following factors:1. Higher capacity utilization for 1994-95 compared to1993-94.2. Export sales increased from Rs. 32.23 lacs in 1993-94 toRs. 372.48 lacs in 1994-95.3. During 1993-94 there was a substantial increase in rateof cotton yarn but prices of finished products did notincrease correspondingly as the Company could hot pass onthe increased raw material cost to its clients. Cotton yarnrates during the 1994-95 were comparatively stable andthe Company was able to realize better profits throughhigher realizations and better margins.NOTES1. OTHER INCOME (Rs. in lacs)i) Subsidy - 0.45 - - -ii) Ins. Claim - - 10.00 - 0.02iii) Duty Draw Back - - 0.93 3.05 2.04iv) Interest - - - 1.05 2.11v) Others - - 3.08 - -2. During the year 1992-93 the company has changed themethod of providing depreciation from written down valuemethod to straight line method with retrospective effectfrom 1st April 1991. Consequently the excess depreciationof Rs. 1724925/- in respect of the year 1991-92 has beenwritten back and adjusted in the profit & loss account.3. Share Application Money represents the full amount ofRs.15/- per share received and includes Rs.6/- as sharepremium per share.4. During the year ending 31.3.92 the Company has receivedstate subsidy amounting to Rs.2500000/- which wascredited to respective fixed assets in the year ending31.3.93 the company has transferred the same to thereserves.
Name | Position |
---|---|
Mrs. Asha Garg | Chairperson & Whole Time Director |
Mr. Amit Garg | Managing Director |
Mr. Nitin Garg | Whole Time Director |
Mr. Shyam Sunder Miglani | Independent Director |
Mr. Navnish Mittal | Independent Director |