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Riba Textiles Ltd.

BSE: 531952 | NSE: | Series: NA | ISIN: INE811H01017 | SECTOR: Textiles - Hosiery & Knitwear

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Jul 02, 15:45
50.35 -2.65 (-5.00%)
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5-Day
75,094
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77,951
30-Day
77,166
46,048
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    53.00

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    50.35 (503)

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Dec 27, 11:22
NT* 0.00 (0.00%)
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Riba Textiles is not listed on NSE

Annual Report

For Year :
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Director’s Report

The Directors have pleasure in presenting the Nineteen Annual Report on the working of the Company together with the Audited Accounts for the year ended 31st March 2008. FINANCIAL HIGHLIGHTS (Rs. in Lacs) 2008 2007 Sales Domestic 236.86 383.40 Export 5012.84 4213.06 Other Income 0.01 0.53 Total Expenditure 4593.61 3892.47 Interest 313.59 182.59 Gross ProfitALoss) after 656.10 721.81 Interest before depreciation Depreciation 227.23 179.0l Provision for Taxation 51.68 62.581 Net Profit/(Loss) 427.42 480.23 OPERATIONS & FUTURE PROSPECTS During the year under review, your company has achieved a turnover of Rs.5249.27 lacs against the last year turn over of Rs.4596.46 lacs showing an impressive growth of 40.75%. The growth achieved by the company had been due to commencement of commercial production of the expansion unit in December 2006 and due to better economic conditions, improved cordial industrial relationships in the company. Your Directors are hopeful that in the current financial year, company will achieve higher growth accompanied with better results due to commencement of production of expansion unit from December 2006. DIVIDEND The Board of Directors of your company is of the opinion that to smoothen the liquidity position, no dividend should be recommended & resources be utilised for financing of expansion project of the company. DIRECTORS Shri Ravinder Garg and Shri Shalinder Sharma Directors, retires by rotation and being eligible, offer themselves for re-appointment. Your Directors solicits your approval for their appointment. CORPORATE GOVERNANCE A detailed report on Corporate Governance compliance duly certified by the Companys Statutory Auditors as required under clause 49 of the listing agreement forms part of this report. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect, to Directors Responsibility Statement, it is hereby stated that: 1. That in the preparation of the accounts for the financial year ended 31st March 2008 the applicable accounting standards have been followed along with proper explanation relating to material departures. 2. That the Directors have selected such accounting policies and applied them constantly and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company for the year under review. 3. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for preventing and detecting fraud and other irregularities, 4. That the directors have prepared the accounts for the financial year ended 31st March 2008 on a going concern basis. PARTICULARS OF EMPLOYEES During the period under review, the company had no employee who are covered under Section 217(2 A) of the Companies Act 1956. FIXED DEPOSIT During the year under review, .your company has not invited any deposits from the Public U/s 58 A of the Companies Act, 1956. LISTING The securities of the Company are listed at Bombay Stock Exchange, Mumbai. The securities of the company were delisted from Delhi, Ludhiana and Ahmedabad Stock Exchange. Listing fees for the Bombay Stock Exchange has been paid. AUDIT COMMITTEE Pursuant to the provisions of clause 49 of the listing agreement, the Company had constituted an Audit Committee of the Board of Directors. The Audit Committee comprises of three Independent Non-Executive Directors. Shri Anil Chopra, Shri Shailendra Sharma. Shri Anil Chopra was appointed as the Chairman of the Audit Committee. The terms of reference stipulated by the Board to the Audit Committee are, as contained under Clause 49 of the Listing Agreement, i.e. a. Oversight of the Companys financial reporting process and the disclosure of its financial information. b. Recommending the appointment and removal of external auditors, fixation of audit fee and also approval for payment for any other services. C. Reviewing with management the annual financial statements before submission to the board, focusing primarily on (i) any changes in accounting policies and practices, (ii) major accounting entries based on exercise of judgment by management, (iii) qualifications in draft audit report, (iv) significant adjustments arising out of audit, (v) the going concern assumption, (vi) compliance with accounting standards, (vii) compliance with Stock Exchange and legal requirements concerning financial statements and (viii) any related party transactions i.e. transactions of the company of material nature, with promoters or the management, their subsidiaries or relatives etc. that may have potential conflict with the interests of Company at large. d. Reviewing with the management, external and internal auditors, the adequacy of internal control systems. e. Reviewing the adequacy of internal audit functions. f. Discussion with internal auditors any significant findings and follow up these on. g. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board. h. Discussion with external auditors before the audit commences nature and scope of audit as well as has post-audit discussion to ascertain any area of concern. 1. Reviewing the Companys financial and risk management policies. REMUNERATION COMMITTEE Pursuance to clause 49 of the listing agreement, and as per the amendments introduced by Schedule XIII of the Companies Act 1956, a remuneration committee was formed by the company consisting of two directors namely Shri Shailender Sharma and Shri Anil Chopra As per the responsibilities entrusted to the remuneration committee under the notification No. GSR (36 E) DT. 16/01/2002 appointment and payment of remuneration to Managing Directors and Whole Time Directors of the company having no profits or have inadequate profits is required to be approved by the remuneration committee. During the year under review Shri Shailender Sharma, was elected as Chairman of the remuneration Committee. DEMATERIALISATION OF SHARES As per the circular issued by SEBI, shares of your company are under Demat mode accordingly to meet requirements. M/s BEETAL FINANCIAL & COMPUTER SERVICES (P) LTD have been appointed as Registrar and share transfer agent (RTA) for carrying out both transfer and demat work for the company as per the SEBI direction and such Registrar & Share Transfer Agent (RTA) shall look after entire share related matters of the company. The company has entered agreement with NSDL & CSDL for demat of shares. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO. Information required to be given pursuant to section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosures of particulars in the report of the Directors) Rules 1988 and forming part of the Directors report for the year ended 31st March, 2007 are given below : A. CONSERVATION OF ENERGY Energy Conservation Measures Taken: Control on illumination lights. The factory building has been constructed in such a manner to allow natural lighting. Additional Investment and Proposals, `if any, being implemented for reduction in consumption of energy: The boilers, fed on furnace oil have been replaced with the auto controlled boiler fed on rice husk/pat coke. Impact of above measures on reduction of energy consumption and consequent impact on production of goods. Significant. Cost of production has reduced and production has increased. B. TECHNOLOGY ABSORPTION RESEARCH AND DEVELOPMENT (R & D) a) Specific areas in which R&D carried out by the company : None b) Benefits derived as a result of above : Nil c) Future plan of action The company will take R&D activities to improve quality and reduce cost by reducing wastage. EXPENDITURE ON R&D No separate details of such expenditure can be ascertained. Research and Development is being carried out in normal course of business. Technology Absorption, Adaptation and Innovation: a) Efforts in brief made towards technology absorption, adaptation and innovation and benefits derived there from. NIL b) Imported Technology: No new Technology was imported during the year. C. FOREIGN EXCHANGE EARNINGS AND OUTGO. Details of Foreign Exchange, earnings and Outgo are given as below:- Year 2008 Year 2007 (Amt.in lacs) (Amt.in lacs) Foreign Exchange earning 5012.84 4002.41 Foreign Exchange outgoing 683.55 1669.48 INDUSTRIAL RELATIONS During the year under review, industrial relations in the company had been cordial at various levels & had improved significantly Board of Directors of the company places on record that effective steps taken last year had brought in improved relationships. AUDITORS M/s. Midha & Associates,. Chartered Accountants the companys Auditors retire at the conclusion of this Annual General Meeting and being eligible offer themselves for reappointment which, if made, will be in confirmation with the provisions of Section 224 (IB) the of Companies Act, 1956. ACKNOWLEDGEMENT Your Directors express their sincere appreciation and thanks to the Customers, Suppliers, Bankers, Shareholders, Central and Haryana Government for their valuable co-operation and assistance. Your Directors wish to place on record their appreciation for the contribution made by the employees at all level. For and on behalf of the Board of RIBA TEXTILES LIMITED Sd/- Place : PANIPAT RAVINDER GARG Date : 30.07.2008 Chairman

Director’s Report