Rushil Decor Limited

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Corporate Office: Regd. Office: Rushil House S. No. 125. Near Kalyanpura Patia, Village ITLA. Near Neelkanth Green Bungalow. Gandhinagar-Mansa Road, Ta. Kaloi. Off Sindhu Bhavan Road, Shilaj, Dist. Gandhinagar-382845, Gujarat. INDIA Ahmedabad-380058. Gujarat, INDIA. CIN: L25209GJ1993PLC019532 (t +91-79-61400400 0 +91-79-61400401 G) [email protected] O www.virlaminate.com

RDU032/2018-19 Date: 28.08.2018

To, The National Stock Exchange of India Ltd Exchange Plaza, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051

To,

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001

ISIN: INE573K01017, NSE EQUITY SYMBOL: RUSHIL, BSE SCRIPT CODE: 533470

Dear Sir/Madam,

Sub: Notice of Annual General Meeting (AGM) and Annual Report of the Company

Purstiant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, please find enclosed the Notice of the 24th AGM of the Company scheduled to be held on Saturday the 22nd day of September, 2018 at 11.30 A.M at the Registered office of the company at S. No. 125, Nr. Kalyanpura Patia, Gandhinagar Mansa Road, Village ltla, Tai. Kaloi, Dist. Gandhinagar - 382845 and the Annual Report of the Company for the Financial Year 2017-18.

Please take the same into your records and do the needful.

Thanking you.

Yours Faithfully, F-0r, Rushil De:dJ-imited � MoJ rt',�c:____ -vr ... ----:- ? '"�i) ,s

mukh K. Modi ompliance Officer Tele No.: (079) 61400400

Encl.: As Above

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I :I RUIHIL DECOR LIMITED

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A. Corporate

Desire to deliver excellence beyond customer expectations	02
Desire to serve customer aspirations	04
Desire to be ‘Numero Uno’	06
Desire to be ‘eco-friendly’	08
Managing Director’s Message	10
Desire to perform consistently	12
B. Statutory Reports
Notice	13
Board’s Report	22
Management Discussion and Analysis	47
Corporate Governance Report	50
C. Financial Statements
Independent Auditor’s Report	70
Balance Sheet	76
Statement of Profit and Loss	77
Cash Flow Statement	78
Statement of Changes in Equity	79
Notes to the Financial Statements	81

Disclaimer

This document contains statements about expected future events and financials of Rushil Decor Limited which are forward-looking. By their nature, forward-looking statements require The Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the assumptions, predictions and other forwardlooking statements may not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the Management’s Discussion and Analysis Report of this annual report.

Online version of the report can be downloaded from: https://www.rushil.com/financial

Or simple scan here:

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today’s customer is more educated, more demanding and 346.23 Cr **RevenueS in 2017-18** always looking for an aesthetic appeal. Fulfilling their desires and aspirations requires the mindset 59.19 Cr to foresee the upcoming trends, eBiDTA* in 2017-18 innovate and continuously deliver exciting products. ` 21.30 At Rushil Decor Limited (referred as RDL or ‘the Company’), we are one ePS* in 2017-18

At Rushil Decor Limited (referred as RDL or ‘the Company’), we are one of India’s leading listed decorative solution providers manufacturing wide variety of Decorative and Industrial Laminated Sheets and Medium Density fibre boards (MDF), WPC Board with superior designs, colours and finishing.

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`30.98 Cr
PAT in 2017-18
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Our diverse product and eco-friendly solutions, truly serve even the minutest customer aspirations while maintaining highest standards of quality, convenience and consistency in an affordable manner.

Today, we are amongst the top 5 brands in domestic MDF Board manufacturing industry as well as in the laminates segment providing inspiration to become ‘Numero Uno’ in our forte.

EBIDTA: Earnings before interest, depreciation, tax, and amortization EPS: Earnings Per Share *PAT: Profit After Tax

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investor information:
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AGM DATE: 22-09-18 AGM VENUE: Registered office of the Company at S. No. 125, Near Kalyanpura Patia, Village Itla, Gandhinagar Mansa Road, Tal. Kalol, Dist. Gandhinagar - 382845, Gujarat INDIA.

Desire to deliver excellence beyond customer expectations

Operates three state-of-the-art manufacturing facilities to produce wide variety of Decorative and Industrial Laminates in Gujarat. Produces MDF Boards through its plant in Karnataka.

Focused on providing aesthetic appeal to your furniture – a ‘want’ of the future generation.

Determined to grow to a larger scale through its greenfield project for manufacturing thick and thin MDF Boards in Visakhapatnam, Andhra Pradesh.

Provides more value added product range through its entry into Wood Polymer Composite (WPC) segment – an eco-friendly, recycled material of the future.

Showcases its awareness and recognition amongst customers through array of brands like ‘Vir Laminate’, ‘Vir MDF’, ‘Vir Prelam’, Vir PVC, Vir WPC, Vir Door, Vir 90 degree and our other brand names having VIR as prefix.

And most importantly, through all this, ‘Delivering Desires’ to become the best in its own business forte.

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That’s Rushil Decor limited for you.

Journey of more than 25 years towards an impeccable future

2 Rushil Decor limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

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oUR VIsIon

To be the numero uno Indian Brand in the Laminate industry and to establish ourselves as the most reliable MDF Board supplier in India.

oUR MIssIon

To help our customers in achieving their business objectives by providing innovative, best-in-class products produced with expertise and excellence.

34.9 Lakhs sheets er annum p

CAPACiTy

1,100[+] DeSignS

120[+]

TexTuReS

Annual Report 2017-18 3

Desire to serve customer aspirations

RDl iS PoSiTioneD AS inDiA’S ToP 5 PRoDuCeRS oF mDF BoARDS AS well AS lAminATeS. wiTH PRimARy FoCuS on THRee SegmenTS, viz., mDF BoARDS, lAminATe AnD wPC, ouR STRATegiC ComPeTiTive ADvAnTAge iS DeRiveD FRom ouR ΄DeSign FiRST΄, ΄QuAliTy FiRST΄ AnD ΄BRAnD ConSCiouS΄ APPRoACH oFFeRing innovATive PRoDuCTS, DeSign vARiATionS AnD vAlue engineeReD AlTeRnATiveS To ouR CuSTomeRS

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In Laminated sheet segment our value proposition is to be a design leader offering wide array of sheet designs at a competitive price point in the domestic as well as export markets. Our product excellence is reinstated with several quality certifications like ISO 9001:2008, ISO 14001:2004, BSOHSAS 18001: 2007 and certificate of compliance of quality systems and standards for high pressure decorative laminates and compact laminates by UK certification and Inspection Ltd.

4 Rushil Decor limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

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Certified
ISO 9001 : 2008
ISO 14001 : 2004
BSOHSAS 18001 : 2007
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In MDF Boards (including prelam MDF Board segment), we offer competitively priced products manufactured using German technology and machines. With our current capacity to provide a thickness ranging between 7.5 mm to 30 mm, we are in process of setting up our state-of-theart MDF manufacturing plant in Andhra Pradesh to produce the entire thickness range of MDF Boards from 1 mm to 30 mm.

In WPC Segment, we provide an eco-friendly, versatile and durable and 100% recycled product.

A value engineered product – truly saving Mother Nature.

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Annual Report 2017-18 5

Desire to be ‘numero Uno’

we, AT RDl, ARe PeRFeCTly PoiSeD To gRAB THe oPPoRTuniTy PRoviDeD By THe exPonenTiAl DemAnD FoR THe new-Age FuRniTuRe mATeRiAlS DRiven By THe ‘wAnT’ oF THe ‘ConvenienCe’ geneRATion. ToDAy’S geneRATion iS AlwAyS in SeARCH FoR ‘ReADymADe’ PACkAgeS – Be iT ReADymADe CloTHeS, PACkAgeD SPiCeS, ReADymADe ReSiDenTiAl ComPlex oR ReADymADe FuRniTuRe. An inCReASing ConSumeR PReFeRenCe FoR ReADymADe FuRniTuRe will leAD To STRong gRowTH in THe mDF SegmenT.

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The wood engineered products like MDF Boards, laminates, WPC has been growing significantly over the past years, across both globally and domestically. Majority of this industry is captured by plywood manufacturers with MDF seizing the second highest proportion. However, with the passage of time, MDF is getting much larger coverage for its inherent benefits like cheaper material, ease of handling, wider range, higher strength and greater fire, moisture and temperature resistance capacity than plywood.

The domestic MDF Board industry has witnessed around 20% CAGR as compared to 6-8% for plywood during 2012-2017. This has augured well with the

6 Rushil Decor limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

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20% CAGR
MDF industry
growth between
2012-2017
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fact that India has one of the lowest per capita MDF consumption as compared to its global peers giving its domestic MDF industry a chance to grow manifold.

Keeping up to this rapid pace of growth in MDF industry, we commenced greenfield expansion of MDF Board with thrice the capacity to manufacture thick and thin MDF Boards at Visakhapatnam, Andhra Pradesh. The Location was strategically chosen as Southern India is the primary market for MDF Boards and has adequate supply for its key raw materials. Besides,it also has proximity to the Visakhapatnam port. Land for the project has been allotted by the AP State Government to us and the equipment vendors are finalised. We expect this state-ofthe-art facility to be on-stream by the FY2020.

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Annual Report 2017-18 7

Desire to be ‘eco-friendly’

wiTH gRowing uRBAniSATion DRive THRougHouT THe CounTRy AnD wiTH inCReASe in PolluTion THRougH emiSSion oF gReenHouSe gASSeS, FAllouT oF gReATeR inDuSTRiAliSATion, THe veRy exiSTenCe oF moTHeR nATuRe iS AT STAke. Due To unPlAnneD AnD RAPiD DeFoReSTATion, gloBAl wARming AnD DePleTion oF ozone lAyeR in THe ATmoSPHeRe iS inCReASing.

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We, at RDL, despite being in an industry where wood is a basic raw material, desire to become ‘eco-friendly’ through our innovative alternative product offerings and path- breaking strategic concepts like agroforestry. In our endeavour to do so, we have set up a unit in Chikmagalur, Karnataka, to manufacture wide variety of wood PVC panels as a higher value-added and eco-friendly product which can be considered as alternative of Plywood. WPC is a composite of recycled natural fibre and polymer offering a strong, durable, cost effective, maintenance-friendly, nonhazardous, pesticide proof, weather, UV rays and moisture resistant alternative to plywood with no process waste generation. With application ranging between furniture industry, automotive, construction

8 Rushil Decor limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

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WPC an eco-friendly
and 100% recycled
material made of
natural fibre or
agricultural waste
mixed with
polymers.
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and even consumer goods like electronic items, the global WPC market is expected to witness CAGR of 10.7% during the period 2016-2021. It’s an eco-friendly and 100% recycled material made of natural fibre or agricultural waste mixed with polymers.

In line with our desire to save Mother Nature, we have introduced concept of agro-forestry which is a land use system to integrate trees and shrubs on farmlands to enhance productivity, profitability and ecosystem sustainability. With active participation in Government sponsored agro-forestry projects, we offer farmers a second source of income and strategically source timber a low cost. This win-win strategy between farmers and RDL translates to our broader desire to conserve natural resources and forest.

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Annual Report 2017-18 9

Managing Director’s Message

Dear Stakeholders,

Let me take the pleasure in presenting you the Annual Report of your company for the financial year 2017-18. The Company has achieved revenue of 346.23 Cr in 2017-18, a growth of 12.13% over the previous year. It also has posted a net profit of 30.98 Cr during the current year, a growth of 26.30% over the previous year. During the last three financial years, our net profit after tax has grown at a significant pace of 108.30% of CAGR; the net margin also improved by 655 basis points during the same period.

The steady performance in financial numbers is generated through our consistent drive to achieve beyond the expected aspirational limits and our incessant efforts to become a recognised force in the engineered wood product industry. India is at the cusp of a new growth trajectory with a huge consumer market to reckon with. With Government of India focusing clearly on its ‘Make in India’ initiative, the potential for growth in per capita income and in turn, in consumerism and spending propensity is expected to be manifold in the near future. Assuming a conservative GDP estimate of 6-7% a year, India’s consumption expenditure is expected to touch USD 4 trillion by 2025 making India the third

largest consumer market in the world. Rising affluence is the biggest driver of increasing consumption. The sheer size of India’s youth combined with improved education pave the way for sustained growth in purchasing power making it one of the world’s most encouraging growth stories for the next 20 years.

AFFoRDABle HouSing

Your company is perfectly attuned to meet the dynamic requirements of affordability, durability and comfort of the young India population. A perfect mix of aesthetic appeal along with low maintenance and readymade array of varied product designs form the core of today’s young generation requirements. We, at RDL, have positioned ourselves perfectly to meet this requirement of our customers and grab the opportunity to grow exponentially in the near future.

With implementation of Real Estate (Regulation and Development) Act, 2016, the home buyers have rejuvenated with confidence on protection of their interests thus translating into enhanced demand for homes throughout the country in sync with Government of India’s mission to ‘House for all by 2020’.

emPHASiS on RenewABle eneRgy

FY 2017-18 was another year to achieve great milestones for us at RDL. During this year, your company has initiated the process of expansion of its MDF Board manufacturing capacity with its Greenfield project in Visakhapatnam, Andhra Pradesh. We expect to reap benefits from this endeavour by the

10 Rushil Decor limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

our Dream Project We are setting up a greenfield project of ‘Thin & Thick’ MDF board manufacturing facility with an installed capacity of 800 CBM per day at Atchutapuram, Vishakhapatnam district, Andhra Pradesh at a total cost of approximately ` 341 Cr. Here’s the current status:

z Land acquisition completed
z Construction has commenced on the acquired land z Placed an order for acquisition of main MDF manufacturing line with Siempelkamp Maschinen-und Anlagenbau GmbH, a German based supplier

The commercial production is expected to commence from April 2020. Upon commencement, the Company’s production capacities will increased from existing 300 CBM per day to 1,100 CBM per day.

end of FY 2020. Our desire to be eco-friendly and provide a much potent alternative to conventional engineered wood products has driven us to set up a new WPC unit in Chikmagalur, Karnataka to manufacture wide variety of wood PVC panels during the year. Let me also share my pleasure to be on board of governance of Indian Plywood Industries Research & Training Institute (IPIRTI) representing to Association of Indian Panelboard Manufacturer.

CoRPoRATe SoCiAl ReSPonSiBiliTy

In its endeavour to deliver its corporate social responsibility (CSR) initiatives, RDL has taken part in several community upliftment initiatives like women and children empowerment, sanitation programmes, disaster management initiatives, health and educational programmes throughout the year. These pro-community

initiatives have translated with significant increase in our CSR expenditure during the year, demonstrating the value that our CSR programs have been delivering to society.

ConCluSion

At RDL, we are grateful to our stakeholders for ushering in trust, support and encouragement since the beginning of our journey. We will continue to meet the expectation of our stakeholders in the years to come through enriched strategic, operational and product innovation drives – to become successful in our endeavour to be an ‘eco-friendly’ leader in the engineered wood products industry with a wish to deliver desired offerings for our customer’s aesthetic requirements.

Best Wishes,

Krupesh Thakkar

Annual Report 2017-18 11

Desire to perform consistently

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346.23
308.78
297.57
278.08
257.30
2013-14 2014-15 2015-16 2016-17 2017-18
Total Revenue ( in Cr) 30.98 24.53 7.14 3.01 -0.66 2013-14 2014-15 2015-16 2016-17 2017-18 PAT ( in Cr)
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59.19
50.57
36.19
30.68
29.58
2013-14 2014-15 2015-16 2016-17 2017-18
eBiDTA ( ` in Cr)
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17.10
16.38
12.16
11.50
11.03
2013-14 2014-15 2015-16 2016-17 2017-18
eBiDTA margins (%)
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8.95
7.94
2.40
1.17
-0.24
2013-14 2014-15 2015-16 2016-17 2017-18
PAT margins (%)
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21.30
17.28
4.96
2.09
-0.45
2013-14 2014-15 2015-16 2016-17 2017-18
earnings per share ( ` Per Share)
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12 Rushil Decor limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notice

NOTICE is hereby given that the Twenty Fourth Annual General Meeting of the members of Rushil Decor Limited (CIN: L25209GJ1993PLC019532) will be held on Saturday, the 22nd Day of September, 2018 at 11.30 A.M. at the Registered Offi ce of the Company at S. No. 125, Near Kalyanpura Patia, Village Itla, Gandhinagar Mansa Road, Tal. Kalol, Dist. Gandhinagar - 382845, Gujarat, India to transact the following businesses:

ORDINARY BUSINESS:

To receive, consider and adopt the Audited Financial Statements of the Company for the Financial Year ended on 31st March, 2018 and the Report of the Board of Directors and Auditors thereon.
To declare fi nal dividend on the Equity Shares for the Financial Year ended on 31st March, 2018.
To appoint a Director in place of Mr. Ghanshyambhai A. Thakkar (DIN: 00208843), who retires by rotation and, being eligible, offers himself for re-appointment.

SPECIAL BUSINESS:

To consider the Re-appointment and fi xing the remuneration of Mr. Kaushikbhai J. Thakkar (DIN: 06541630) as Whole-Time Director of the Company and in this connection, to approve with or without modifi cation(s), the following resolution as an Ordinary Resolution:

“ RESOLVED THAT pursuant to provisions of Sections 196, 197, 203, Schedule V and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modifi cations or re-enactments thereof for the time being in force) and also subject to approval of the Central Government, if required, Mr. Kaushikbhai Jaykrishnabhai Thakkar (DIN: 06541630) be and is hereby re-appointed as a Whole Time Director of the Company for the period of fi ve years with effect from 30th March, 2018 upon the principal terms and conditions including terms of remuneration as set out in the explanatory statement annexed hereto and forming part of this notice with a liberty to the Board of Directors to alter and vary the terms and conditions of the appointment so as the total remuneration payable to him shall not exceed the limits prescribed in Schedule V of the Companies Act, 2013 (including any statutory modifi cations or re-enactments thereof for the time being in force) and as agreed by and between the Board of Directors and Mr. Kaushikbhai J. Thakkar without any further reference to Shareholders in General Meeting.

RESOLVED FURTHER THAT notwithstanding anything contained to the contrary in the Companies Act, 2013, wherein any fi nancial year the Company has no profi ts or it’s profi t is inadequate, Mr. Kaushikbhai Jaykrishnabhai Thakkar will be paid minimum remuneration as stated in the Explanatory Statement or such remuneration as may be approved by the Board within the ceiling prescribed under Schedule V of the Companies Act, 2013 or any modifi cation or re-enactment thereof at a particular time.

RESOLVED FURTHER THAT in the event of any statutory amendment or modifi cation by the Central Government to the Companies Act, 2013, the Board of Directors be and is hereby authorised to vary and alter the terms of appointment including remuneration payable to Mr. Kaushikbhai Jaykrishnabhai Thakkar within such prescribed limit or ceiling and as agreed by and between the Company and Mr. Kaushikbhai Jaykrishnabhai Thakkar without any further reference to the Company in General Meeting.

RESOLVED FURTHER THAT the Board of Directors (or a committee thereof constituted for this purpose) be and is hereby authorised to do all such acts, deeds and things necessary to give effect to this resolution”.

Notes:

Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 in respect of special businesses to be transacted is annexed hereto.

2. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL MEETING (AGM) IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE ON A POLL INSTEAD OF HIMSELF/HERSELF AND A PROXY NEED NOT BE A MEMBER OF THE COMPANY.

The instrument appointing a proxy, in order to be valid and effective, must be deposited with the Company at its Registered Offi ce or Corporate Offi ce not later than 48 hours before the commencement of the Meeting.

A person can act as proxy on behalf of members not exceeding fi fty (50) and holding in the aggregate not more than 10% of the total share capital of the Company carrying Voting Rights. In case a proxy is proposed to be appointed by a Member holding more than 10% of the total share capital of the Company carrying voting rights, then such proxy shall not act as a proxy for any other member.

Pursuant to the provisions of Section 91 of the Companies Act, 2013, the Register of Members and the Share Transfer Books of the Company will remain closed from Monday, the 17th day of September, 2018

Annual Report 2017-18 13

Notice (Contd.)

to Saturday, the 22nd day of September, 2018 (both days inclusive) for payment of fi nal dividend and Annual General Meeting.

The Final dividend, as recommended by the Board, if approved at the AGM, in respect of equity shares held in electronic form will be payable to the benefi cial owners of shares as on Saturday, the 15th day of September, 2018 as per the details furnished to the Company by Depositories for this purpose. In case of shares held in physical form, dividend will be paid to the shareholders, whose names shall appear on the Register of Members as on Saturday, the 15th day of September, 2018.
In case of joint holders attending the Meeting, only such joint holder who is higher in the order of names will be entitled to vote.
Members holding the shares in electronic mode may please note that their dividend would be paid through National Electronic Clearing System (NECS) or Electronic Clearing Services (ECS) at the available RBI locations. The dividend would be credited to their bank account as per the mandate given by the members to their DPs. In the absence of availability of NECS/ECS facility, the dividend would be paid through warrants.
In accordance with Section 101 and 136 of the Companies Act, 2013 read with Rules made thereunder the Notice of the 24th AGM along with Attendance Slip and Proxy Form as a part of the Annual Report 2017-18 is being sent by electronic mode to those Members whose e-mail addresses are registered with the Company / Depositories, unless any Member has requested for a physical copy of the same. For Members who have not registered their e-mail addresses, physical copies are being sent by the permitted mode.
The Annual Report 2017-18 of the Company circulated to the members of the Company will be made available on the Company’s website www.rushil.com.
To support the ‘Green Initiative’, Members who have not recorded or registered their email addresses are requested to register their e-mail address and changes therein with the Depository Participants, if the shares are held in dematerialised form and with the Company’s Registrar & Transfer Agent if the shares are held in physical form, in case you have not registered your e-mail ids till now.
Members / proxies are requested to bring the Attendance Slip sent herewith, duly fi lled in, for attending the meeting.
All documents referred to in the accompanying notice and explanatory statement will be kept open for inspection at the Registered Offi ce and Corporate Offi ce of the Company on all working days during business hours prior to date of Annual General Meeting.
Members wishing to claim dividends, which remain unclaimed, are requested to correspond with the Company at its corporate offi ce address. Members are requested to ensure that they claim the dividend(s) from the Company before transfer of the said amount to Investor Education and Protection Fund (IEPF).
Members can avail the facility of nomination in respect of securities held by them pursuant to the provision of Section 72 of the Companies Act, 2013. Members holding shares in physical form and desiring to avail this facility may send their nomination in the prescribed form duly fi lled to RTA. Members holding shares in electronic mode may contact their respective Depository Participant (DP) for availing this facility.
The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent Account Number (PAN) by every participant in securities market. Members holding shares in electronic form are, therefore, requested to submit their PAN to their Depository Participants with whom they are maintaining their demat accounts. Members holding shares in physical form can submit their PAN to the Company.
Corporate members intending to send their authorised representatives to attend the Meeting are requested to send to the Company a certifi ed copy of the Board Resolution authorising their representative to attend and vote on their behalf at the Meeting.
The Company’s Registrar and Transfer Agents for its share registry work is Bigshare Services Private Limited address at 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri (East), Mumbai - 400059, Maharashtra. Tel No.: 02262638200, Email: [email protected] and Website: www.bigshareonline.com.
In compliance with the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration) Amendment Rules, 2015 as amended and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is pleased to offer the facility of voting through electronic means and the businesses set out in the Notice above may be transacted through such electronic voting.

14 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notice (Contd.)

The facility of voting through electronic means is provided through the e-voting platform of Central Depository Services (India) Limited (“remote e-voting”).

The facility for voting, through the Ballot Paper shall also be made available at the meeting and Members attending the meeting who have not casted their vote by remote e-voting shall be able to exercise their right of Voting at the meeting through the Ballot Paper. The members who have cast their vote by remote e-voting prior to the meeting may also attend the meeting but shall not be entitled to cast their vote again.
The Members who avail the facility of voting, through the Remote e-voting, cannot vote at the Meeting. If a member casts vote by both modes, then voting done through e-voting shall prevail and voting done through the Ballot form at meeting shall be treated invalid.
The Members holding shares as on the cut-off date i.e. Saturday, the 15th day of September, 2018, shall be reckoned for voting purpose and a person who is not a Member as on the cut-off date should treat this Notice for information purposes only. The voting rights of members shall be in proportion to their shares of the paid-up equity share capital in the Company as on the cut-off-date.
The Register of Directors and Key Managerial Personnel and their shareholding, maintained under Section 170 of the Companies Act, 2013, The Register of Contracts or Arrangements in which the directors are interested maintained under Section 189 of the Companies Act, 2013, the Auditor’s Report and Secretarial Audit Report will be available for inspection by the members at the Annual General Meeting.
Procedure for Dematerialisation of Shares
Dematerialisation starts with opening a Demat account. For demat account opening, you need to shortlist a Depository Participant (DP) that offers Demat services.
To convert the physical shares into electronic/ demat form, A Dematerialisation Request Form (DRF), which is available with the Depository Participant (DP), has to be fi lled in and deposited along with share certifi cates. On each share certifi cate, ‘Surrendered for Dematerialisation’ needs to be mentioned.
The DP needs to process this request along with the share certifi cates to the Company and simultaneously to registrar and transfer agents through the depository.
Once the request is approved, the share certifi cates in the physical form will be destroyed and a confi rmation of dematerialisation will be sent to the depository.
The depository will then confi rm the dematerialisation of shares to the DP. Once this is done, a credit in the holding of shares will reflect in the investor’s account electronically.

The process to convert physical shares into Dematerialisation form as provided herewith is just for information and knowledge of the shareholders. It is requested to study the process of Dematerialisation by contacting to your DP before initiating it.

The instructions for shareholders voting electronically are as under:
- (i) The voting period begins on Tuesday, the 18th day of September, 2018 (9:00 a.m.) and ends on Friday, the 21st day of September, 2018 (5:00 p.m.). During this period shareholders’ of the Company, holding shares either in physical form or in dematerialised form, as on the cut-off date (record date) of Saturday, the 15th day of September, 2018 may cast their vote electronically. The e-voting module shall be disabled by CDSL for voting thereafter.
- (ii) The shareholders should log on to the e-voting website www.evotingindia.com.
- (iii) Click on Shareholders.
- (iv) Now Enter your User ID
  - a. For CDSL: 16 digits benefi ciary ID,
  - b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
  - c. Members holding shares in Physical Form should enter Folio Number registered with the Company.
(v) Next enter the Image Verifi cation as displayed and Click on Login.
(vi) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier voting of any company, then your existing password is to be used.
Deface the share certifi cate(s) to dematerialise by writing across “Surrendered for Dematerialisation”

Annual Report 2017-18 15

Notice (Contd.)

(vii) If you are a fi rst time user follow the steps given below:

For Members holding shares in Demat Form and Physical Form

PAN Dividend Bank Details OR Date of Birth (DOB)

Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for both demat shareholders as well as physical shareholders)

Members who have not updated their PAN with the Company / Depository Participant are requested to use the sequence number which is printed on Postal Ballot / Attendance Slip indicated in the PAN fi eld.

Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your demat account or in the Company records in order to login.

If both the details are not recorded with the depository or company please enter the member id / folio number in the Dividend Bank details fi eld as mentioned in instruction (iv).
(viii) After entering these details appropriately, click on “SUBMIT” tab.
(ix) Members holding shares in physical form will then directly reach the Company selection screen. However, members holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required to mandatorily enter their login password in the new password fi eld. Kindly note that this password is to be also used by the demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confi dential.
(x) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions contained in this Notice.
(xi) Click on the EVSN against the Company’s name for which you choose to vote i.e. Rushil Decor Limited.
(xii) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.
(xiii) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.
(xiv) After selecting the resolution you have decided to vote on, click on “SUBMIT”.A confi rmation box will be displayed. If you wish to confi rm your vote, click on
“OK”, else to change your vote, click on “CANCEL” and accordingly modify your vote.
(xv) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.
(xvi) You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting page.
(xvii) If a demat account holder has forgotten the login password then Enter the User ID and the image verifi cation code and click on Forgot Password & enter the details as prompted by the system.
(xviii) Shareholders can also use Mobile app - “m - Voting” for e voting. m - Voting app is available on Apple, Android and Windows based Mobile. Shareholders may log in to m - Voting using their e voting credentials to vote for the Company resolution(s).

(xix) Note for Non – Individual Shareholders and Custodians

Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log on to www.evotingindia.com and register themselves as Corporates.
A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to [email protected].
After receiving the login details, user would be able to link the account(s) for which they wish to vote on.
The list of accounts linked in the login should be mailed to [email protected] and on approval of the accounts they would be able to cast their vote.

16 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notice (Contd.)

A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the Custodian, if any, should be uploaded in PDF format in the system for the scrutiniser to verify the same.
(xx) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions (“FAQs”) and e-voting manual available at www.evoting india.com, under help section or write an email to [email protected].
Other Instructions:
I. A member may exercise his votes at any General Meeting by electronic means and company may pass any resolution by electronic voting system in accordance with the Rule 20 of the Companies (Management and Administration) Amendment Rules, 2015. During the e-voting period, members of the Company holding shares either in physical form or dematerialised form, as on the cut-off date i.e., Saturday, the 15th day of September, 2018 may cast their votes electronically.
II. The Remote e-voting period commences at Tuesday, 18th day of September, 2018 (9.00 a.m.)

and ends on Friday, the 21stday of September, 2018 (5:00 p.m.). At the end of Remote e-voting period, the facility shall forthwith be blocked. Once the vote on a resolution is cast by a shareholder, the shareholder shall not be allowed to change it subsequently.

III. The Company has appointed CS Mihika S. Jain, Practicing Company Secretary (ACS Membership No: 35308& CP No.: 13304) as the Scrutiniser for overseeing the voting and remote e-voting process in a fair and transparent manner.
IV. The shareholders are requested to write to the Company Secretary at the below mentioned address for resolving their grievances:

Name : Modi Hasmukh Kanubhai

Designation : Company Secretary

Address : Rushil House, Near Neelkanth Green Bungalow, Off. Sindhu Bhavan Road, Shilaj, Ahmedabad -380058

Email : [email protected] and ipo@ rushil.com

Telephone : (079) 61400400

Fax : (079) 61400401

Annual Report 2017-18 17

Explanatory Statement Pursuant to Section 102 of the Companies Act, 2013

FOR ITEM NO. 4:

Mr. Kaushikbhai J. Thakkar was appointed as an Executive Director of the Company for a term of 5 years w.e.f. 30th March, 2013 with the approval of shareholders in the Annual General Meeting held on 27th September, 2013. The tenure of his appointment has expired on 29th March, 2018. Mr. Kaushikbhai J. Thakkar, aged 60 years, is associated with the Company since August, 2008. He has wide experience of admin and business. He is looking after the affairs of branches and business with consignment agents. Presently he is actively providing services in Internal Control Department of the Company ensuring proper implementation of risk management policies as well as internal fi nancial control systems of the Company. He also takes care of optimum utilisation of resources of the Company.

As the tenure of his appointment has expired on 29th March, 2018, the Board of Directors, at its meeting held on 3rd February, 2018 considered the proposal of his reappointment and appointed him as a Whole-Time Director of the Company, subject to approval of members, for a further period of fi ve years from 30th March, 2018 to 29th March, 2023.

It is proposed to seek members’ approval for re-appointment and remuneration payable to Mr. Kaushikbhai J. Thakkar, as a Whole Time Director, in terms of applicable provisions of the Companies Act, 2013.

Detailed particulars of the terms of re-appointment of and remuneration payable to Mr. Kaushikbhai J. Thakkar are as follows:

A) TENURE OF APPOINTMENT : 5 years from 30th March, 2018 to 29th March, 2023
B) NATURE OF DUTIES: The appointee shall devote his whole time and attention for the business of the Company and particularly to look into the affairs of the manufacturing units of the Company. He may also carry out such duties as may be decided by the Board of Directors from time to time.
C) AGGREGATE REMUNERATION: 45,000 (Rupees Forty Five Thousand Only) per month with such periodical increments or changes as may be decided by Board of Directors from time to time on the recommendation of Remuneration Committee subject however that the aggregate remuneration on account of salary will not exceed 90,000 (Rupees Ninety Thousand Only) per month during the tenure of his appointment.
D) BENEFITS,PERQUISITES AND OTHER ALLOWANCES: Perquisites, Allowances, Leave Encashment and other benefi ts as per company’s rules will be provided as may be determined by the Board from time to time and it will not be considered in aggregate remuneration.
E) MINIMUM REMUNERATION: In the event of inadequacy or absence of the profi ts of the Company in any Financial Year, Mr. Kaushikbhai J. Thakkar, shall be paid the salary and perquisites as admissible under section II of part II of schedule V of the Companies Act, 2013.
F) OTHER TERMS OF APPOINTMENT:
i. The terms and conditions of the said appointment may be altered and varied from time to time by the Board as it may, in its discretion deem fi t, in such manner as may be agreed to between the Board and the Appointee subject to the compliances of provisions and schedule V of the Companies Act, 2013 and other applicable laws.
ii. All personnel policies of the Company and the related rules which are applicable to other employees and Directors of the Company will also be applicable to the Appointee, unless specifi cally provided otherwise.
iii. The terms and conditions of appointment with the Appointee also include clauses pertaining to adherence with the code of conduct applicable to all Board Members and Senior Management Personnel of Rushil Decor Limited, no conflict of interest with the Company and maintenance of confi dentiality.

The Nomination and Remuneration Committee has considered and recommended the re-appointment of Mr. Kaushikbhai J. Thakkar as a Whole Time Director for fi ve years from the date of 30th March, 2018 to 29th March, 2023.The same was also approved by the Board of Directors vide their meeting held on 3rd February, 2018.

Mr. Kaushikbhai J. Thakkar will be considered as “Rotational Director” as per Section 152 of the Companies Act, 2013.

Brief resume and other details of Mr. Kaushikbhai J. Thakkar whose reappointment is proposed hereby is provided in the annexure to the Explanatory Statement attached herewith.

The terms and conditions of Re-appointment of Mr. Kaushikbhai J. Thakkar as a Whole Time Director of the

18 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Explanatory Statement Pursuant to Section 102 of the Companies Act, 2013 (Contd.)

Company shall be open for inspection by the Members at the Registered Offi ce of the Company during normal business hours on any working day.

In compliance with the provisions of Companies Act, 2013 and schedule V of the Companies Act, 2013, the reappointment of Mr. Kaushikbhai J. Thakkar as a Whole Time Director is now being placed before the Members for their approval.

Except Mr. Kaushikbhai J. Thakkar, none of the other directors of the Company and Key Managerial Personnel and their relatives are concerned or interested, fi nancially or otherwise, in the proposed Resolution.

The Board commends the resolution set out at Item No. 4 of the Notice for approval by the shareholders as an Ordinary Resolution.

By Order of the Board, For Rushil Decor Limited

Date: 11.08.2018 Hasmukh K. Modi Place: Ahmedabad Company Secretary Registered Offi ce:

S. No. 125, Nr. Kalyanpura Patia, Vill. Itla, Gandhinagar Mansa Road, Tal. Kalol, Dist. Gandhinagar - 382845. Corporate Identifi cation Number: L25209GJ1993PLC019532 Website: www.rushil.com

Annual Report 2017-18 19

Annexure to Item No. 4 of the Notice:

Information as required under Regulation 36 of the SEBI (LODR) Regulations, 2015 with respect to the Appointment / Reappointment of Directors at the ensuing Annual General Meeting is as under:

Particulars	Mr. Ghanshyambhai A. Thakkar	Mr. Kaushikbhai J. Thakkar
Director Identif cation Number Date of Birth Date of joining the Board Qualif cation Nature of expertise in specif c functional areas No. of Shares held in the Company Directorship and Committee Memberships held in other Companies (Other than Rushil Decor Limited) Disclosure of relationships between Directors inter-se	00208843 18.11.1943 08.03.2007 B.Sc., Diploma in Civil Engineering Vast Experience in General Management, Production and Purchase 1990900 He is neither holding Directorship nor holding Committee Membership in any other Companies. Mr. Ghanshyambhai A. Thakkar is a father of Mr. Krupeshbhai G. Thakkar (Managing Director) of the Company	06541630 27.03.1958 30.03.2013 Higher Secondary Having Admin, Business experience and expertise in Internal Control functions NIL He is neither holding Directorship nor holding Committee Membership in any other Companies. He is not related to any of the Directors of the Company.

20 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Route Map to the venue of the AGM:

==> picture [233 x 252] intentionally omitted <==

==> picture [134 x 432] intentionally omitted <==

==> picture [233 x 217] intentionally omitted <==

==> picture [134 x 37] intentionally omitted <==

Prominent Land Mark near Venue of AGM for Easy Location:

Kalyanpura Village Bus Stand on the Gandhinagar Mansa Road which is Next to Balva Cross Road and six kilometre before the Mansa Bus stand.

Annual Report 2017-18 21

Board’s Report

To

The Members,

The Directors are pleased to present the 24th Annual Report of Rushil Decor Limited (“the Company”) together with the audited fi nancial statements for the year ended on 31st March, 2018.

FINANCIAL RESULTS

|(in Lakhs)|(in Lakhs)|(`in Lakhs)|
|---|---|---|
|Particulars|2017-18|2016-17|
|Revenue from Operations
Prof ts before Interests, Depreciation, Extra-Ordinary Items & Tax
Less: Financial Costs
Prof t before Depreciation & Tax
Less: Depreciation & Amortisation Expenses
Prof t Before Tax
Provision for Tax:
Current Tax
Deferred Tax
Prof t After Tax
Add: Balance of Prof t Brought Forward from previous year
Prof t available for appropriation
Appropriation:
Final Dividend Paid
Tax on Final Dividend
Final Dividend Proposed
Tax on Final Dividend Proposed
Balance Carried over to the Balance Sheet
Basic & Diluted Earnings Per Share|35,097.57|33,210.86
5,106.06
1037.10
4,068.96
689.23
3,379.73
722.32
168.45
2,488.96
4,137.97
6,626.93
72.00
14.66
-
-
6,540.27
17.28|
||5,919.41||
||870.24||
||5,049.17||
||752.93||
||4,296.24||
||||
||1,051.00||
||147.17||
||3,098.07||
||6,540.26||
||9,638.33||
||||
||-||
||-||
||73.59||
||14.98||
||9,549.76||
||21.30||

COMPANY’S FINANCIAL PERFORMANCE

Net revenue from operations increased to 34,351.92 Lakhs as against 30,612.04 Lakhs in the previous year showing a growth of 12.22%.

The Profi t before Tax for the current year is 4,296.24 Lakhs as against 3,379.73 Lakhs in the previous year showing a growth of 27.12%.

The Profi t after Tax (PAT) for the current year is 3,098.07 Lakhs as against the profi t of 2,488.96 Lakhs in the previous year. The growth in PAT of current fi nancial year is mainly driven by increase in net revenue from sales of MDF Boards and softening of input prices during the year.

There are no material changes and commitments affecting the fi nancial position of the Company, which have occurred between the end of the fi nancial year 2017-18 and the date of this Report.

NEW PROJECTS

Manufacturing Facility” in Andhra Pradesh with an installed capacity of 800 CBM per day or 2,40,000 CBM per annum. The project may have capability of producing the entire range of thickness of MDF Board from 1 mm to 30 mm. This project is being set up at an approximate outlay of ` 341 Cr. The Company has already acquired and taken possession of the land at Atchutapuram, Dist. Vishakhapatnam, Andhra Pradesh for this purpose and development of the same is under process. Commercial production is expected to commence by the year 2020. The Company has engaged with a German contractor for the design and delivery of machinery for the production of “Thin & Thick MDF Board”.

Company has started the production of New Project of WPC Board at Chikmagalur, Karnataka. It belongs to the Wood Plastic Composite board. The fi nal Product is generally used as raw material in Furniture Industry. Presently, about 45% of the domestic demand for wood plastic composites is met through imports, which is dominated by China. So, it is huge scope to capture the market.

In view of the improving market scenario and growing demand for MDF boards, the Company is setting-up a greenfi eld unit for manufacturing of “Thin & Thick MDF Board

22 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

BOARD’S REPORT (Contd.)

DIVIDEND

The Directors have recommended a fi nal dividend of 0.50 (Fifty Paisa only) per equity share (5% on par value of 10/- per share) for the Financial Year ended 31st March, 2018 subject to approval of the shareholders at the ensuing AGM. The fi nal dividend on equity shares, if approved by the members would involve a cash outflow of 88.57 Lakhs including dividend distribution tax thereon for an amount of 14.98 Lakhs. In the last year ended 31st March, 2017, total dividend declared and paid was 0.50 (Fifty Paisa only) per share of 10/- each. Thus, the total dividend on equity shares for the Financial Year 2016-17 was in aggregate 86.66 Lakhs including dividend distribution tax thereon of 14.66 Lakhs.

RESERVES

and Remuneration of Managerial Personnel) Rules, 2014, Mr. Ghanshyam A. Thakkar, Whole time Director, Mr. Krupesh G. Thakkar, Managing Director, Mr. Keyur M. Gajjar, Chief Executive Offi cer, Mr. Vipul S. Vora, Chief Financial Offi cer and Mr. Hasmukh K. Modi, Company Secretary, are the key managerial personnel of the Company. There has been no change in the key managerial personnel during the year.

NUMBER OF MEETINGS OF THE BOARD AND ITS COMMITTEES

The details of the meetings of Board of directors and its Committees convened during the Financial Year 2017-18 are set out in the Corporate Governance Report, which forms part of this Report.

DECLARATION OF INDEPENDENCE

Company has not proposed any amount to be carried to General Reserves.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Retirement by rotation and subsequent re-appointment:

Mr. Ghanshyam A. Thakkar, Whole Time Director, is liable to retire by rotation at the ensuing AGM, pursuant to Section 152 and other applicable provisions, if any, of the Companies Act, 2013, read with the Companies (Appointment and Qualifi cation of Directors) Rules, 2014 (including any statutory modifi cation(s) or re-enactment(s) thereof for the time being in force), and being eligible have offered himself for re-appointment.

Appropriate business for his re-appointment is being placed for the approval of the shareholders of the Company at the ensuing AGM. The brief resume of the Director and other related information has been detailed in the Notice convening the ensuing AGM of the Company.

Re-appointment of Executive Director & Whole Time Director:

Subject to the approval of the shareholders at the ensuing AGM, the Board of Directors at their meeting considered and approved the re-appointment of Mr. Kaushik J. Thakkar as the Executive Director of the Company for a period of 5 (fi ve) years commencing from 30th March, 2018.

Appropriate resolution for the reappointment of the aforesaid director is being moved at the ensuing Annual General Meeting, which the board recommends for your approval.

Key Managerial Personnel:

As per the provisions of Sections 2(51) and 203 of the Companies Act, 2013 read with the Companies (Appointment

All Independent Directors have submitted the declarations of Independence, as required under Section 149(7) of the Companies Act, 2013 that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and qualify to act as Independent Director of the Company.

EVALUATION OF THE PERFORMANCE OF THE BOARD, COMMITTEES AND INDIVIDUAL DIRECTORS

Pursuant to the provisions of the Companies Act, 2013 read with Rules framed there under and in compliance with the requirements of SEBI (LODR) Regulations, 2015, the Board has carried out the annual evaluation of the performance of the Board as a whole, Individual Directors including Independent Directors, Non-Independent Directors, Chairperson and the Board Committees. A structured questionnaire was prepared after taking into consideration the 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, Meetings of the board, functioning of the board, effectiveness of board processes, Board culture, execution and performance of specifi c duties, obligations and governance.

A separate exercise was also 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 judgement, 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

Annual Report 2017-18 23

BOARD’S REPORT (Contd.)

excluding the director being evaluated. 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 Key Managerial Personnel. The Directors expressed their satisfaction with the evaluation process.

AUDIT COMMITTEE COMPOSITION

The Audit Committee comprises of Mr. Shankar Prasad Bhagat, Independent Director as Chairman, Mrs. Jingle Thakkar, Independent Director, Mr. Kaushikbhai J. Thakkar, Executive Director and Mr. Rohitbhai B. Thakkar, Independent Director as Members.

All members of the Audit Committee are financially literate and more than one-half of the members have expertise in accounting / financial management with ability to read and understand the financial statements.

Further, as per section 177(8) of the Companies Act, 2013 there was not any single case in the financial year that any recommendation was made by the Audit Committee and the Board has not accepted it.

RISK MANAGEMENT POLICY

The Company has a robust Risk Management policy. The Company through Board and Audit Committee oversees the Risk Management process including risk identification, impact assessment, effective implementation of the mitigation plans and risk reporting. Risk Management forms an integral part of the Company’s planning process.

The Audit Committee has additional oversight in the area of financial risks and controls. Major risks identified by the business and functions are systematically addressed through mitigating actions on continuing basis.

There are no risks, which in the opinion of the Board threaten the existence of the Company.

INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY

The Board has adopted policies and procedure for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of fraud and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.

VIGIL MECHANISM

Your Company has established a Vigil Mechanism / Whistle Blower Policy which is in compliance with the provisions of Section 177 (9) of the Companies Act, 2013 and Regulation 22 of the SEBI (LODR) Regulations, 2015. The policy provides for a framework and process whereby concerns can be raised by its directors and employees against any kind of discrimination, harassment, victimisation or any other unfair practice being adopted against them. The Policy provides adequate safeguards against victimisation of Director(s) / employee(s) and direct access to the Chairman of the Audit Committee in appropriate or exceptional cases. The Protected Disclosures, if any reported under this Policy will be appropriately and expeditiously investigated by the Chairman.

Your Company hereby affirms that no Director / employee has been denied access to the Chairman of the Audit Committee and that no complaints were received during the year.

The Whistle Blower Policy has been disclosed on the Company’s website under the web link http://www.rushil.com/ CodesPoliciesPdf/Whistle_Blower_Policy.pdf and circulated to all the Directors / employees.

During the year no reportable material weakness in the design or operation were observed.

DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL

In accordance with Section 178 and other applicable provisions if any, of the Companies Act, 2013 read with the Rules framed thereunder and Regulation 19 of the SEBI (LODR) Regulations 2015, the Board of Directors formulated the Remuneration Policy of the Company on the recommendations of the Nomination and Remuneration Committee. The salient aspects covered in the Remuneration Policy, covering the policy on appointment and remuneration of Directors, key managerial personnel, employees and other matters have been outlined in the Corporate Governance Report which forms part of this Report.

PARTICULARS OF EMPLOYEES

The information required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors/employees of the Company is set out in “ Annexure [1] ” of this report.

24 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

BOARD’S REPORT (Contd.)

The statement containing the information of the top ten employees in terms of remuneration drawn as required under Section 197 of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 will be provided to any Member on a written request to the Company Secretary. In terms of Section 136 of the Act, the Reports and Accounts are being sent to the Members and others entitled thereto, excluding the aforesaid information of top ten employees which is available for inspection by the members at the Registered offi ce of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting.

SECRETARIAL AUDIT

The Secretarial Audit Report in the prescribed form no. MR – 3 for the Financial Year 2017-18 is annexed herewith as “ Annexure [2] ”to this Report. The Secretarial Auditor has not reported any qualifi cation, reservation or adverse remark or disclaimer in her report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The CSR initiatives of the Company, during the fi nancial year 2017-18 carried out in areas of promoting education, preventive health care and sanitation, Eradicating hunger, poverty and malnutrition (food supply), plantation activity etc. These activities are in accordance with Schedule VII of the Companies Act, 2013 and CSR Policy of the Company.

The CSR expenditure incurred by the Company during the 2017-18 as well as other details of initiatives undertaken by the Company during the Financial Year in CSR has detailed in this Annual Report. The Annual Report on CSR activities is attached as Annexure [3] to this Report.

The Policy on CSR of the Company Pursuant to Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 is available on https://www.rushil.com/CodesPoliciesPdf/ Corporate-Social-Responsibility-Policy-of-RDL.pdf.

RELATED PARTY TRANSACTIONS

During the 2017-18, Company has entered into some transactions with related parties as defi ned under Section 2(76) of the Companies Act, 2013, which were in the ordinary course of business and at arms’ length basis. Further, the transactions were in accordance with the provisions of the Companies Act, 2013, read with rules framed thereunder and the SEBI (LODR) Regulations, 2015.

During the 2017-18, there were no transactions with related parties which can be considered as material transactions as defi ned under the SEBI (LODR) Regulations, 2015.

All transactions with related parties were entered with approval of the Audit Committee. The Company has obtain omnibus approvals from the Audit Committee for related party transactions which are of repetitive nature, entered in the ordinary course of business and are on arm’s length basis in accordance with the provisions of Companies Act, 2013 read with the Rules issued thereunder and the SEBI (LODR) Regulations, 2015.

The details of the related party transactions as required under Ind AS are set out in Notes to the fi nancial statements.

The Form AOC- 2 pursuant to Section 134 (3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014 is set out as “ Annexure [4] ”to this Report.

DIRECTORS’ RESPONSIBILITY STATEMENT

In terms of the requirements of Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, Board of Directors of the Company, hereby state and confi rm that:

(a) in the preparation of the annual accounts for the fi nancial year ended 31st March, 2018, the applicable accounting standards have been followed and there are no material departures from the same;
(b) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2018 and of the profi t and loss of the Company for the fi nancial year ended 31st March, 2018;
(c) they have taken proper and suffi cient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) they have prepared annual accounts on a going concern basis;
(e) they have laid down internal fi nancial controls to be followed by the Company and that such internal fi nancial controls are adequate and operating effectively; and

Annual Report 2017-18 25

BOARD’S REPORT (Contd.)

(f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

MATERIAL CHANGES AND COMMITMENTS

There are no material changes and commitments affecting the fi nancial position of the Company which have occurred between the end of the fi nancial year 2017-18 and the date of this Report. Further, there is no any change in the nature of business of the Company.

PUBLIC DEPOSITS

During the year under review, Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014. Further, Company does not have any deposit which is in violation of Chapter V of the Act.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements. The Company has not provided any guarantees during the Financial Year.

STATUTORY AUDITORS

M/s. Parikh & Majmudar, Chartered Accountants were appointed as Statutory Auditors of the Company at the AGM held on 27th September, 2016 for a term of fi ve consecutive years.

As per the provisions of Companies (Amendment) Act, 2017, fi rst proviso to section 139(1) of the Companies Act, 2013 is omitted. So, requirement of ratifi cation of appointment of Auditors by the members at every AGM is dispensed with henceforth.

The Notes on fi nancial statement referred to in the Auditors’ Report are self-explanatory and do not call for any further comments. The Auditors’ Report does not contain any qualifi cation, reservation or adverse remark.

EXTRACT OF ANNUAL RETURN

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information required under section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies(Accounts) Rules, 2014, is annexed here with as “ Annexure [6] .

CORPORATE GOVERNANCE REPORT

The report on Corporate Governance along with a certifi cate from the Practicing Company Secretary on its compliance for the Financial Year 2017-18, as per Regulation 34(3) read with Schedule V of the SEBI (LODR) Regulations, 2015 forms part of this Annual Report and annexed to this Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As per requirements of Listing Regulations, a detailed review of the developments in the industry, performance of the Company, opportunities and risks, internal control systems, outlook etc. of the Company is given under the head Management Discussion and Analysis Report, which forms part of this Annual Report.

CEO/CFO CERTIFICATION

Pursuant to Regulation 17(8) of SEBI (LODR), Regulations, 2015, the CEO and CFO of the Company have given Certifi cate to the Board. The CEO and the CFO also provide quarterly certifi cation on Financial Results while placing the Financial Results before the Board in terms of Regulation 33(2)(a) of SEBI (LODR), Regulations, 2015.

DISCLOSURES AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has adopted zero tolerance for sexual harassment at workplace and has formulated a policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules thereunder for prevention and Redressal of complaints of sexual harassment at workplace.

Extract of the Annual Return in Form No. MGT-9 forms part of the Board’s Report and is annexed herewith as “ Annexure [5] ”.

26 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

BOARD’S REPORT (Contd.)

The policy aims to provide protection to employees at workplace and prevent and redress complaints of sexual harassment and for the matters connected and incidental thereto, with the objective of providing safe working environment, where employees feel secure.

During the Financial year 2017-18, the Company has not received any complaint of sexual harassment at workplace.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS /TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND THE COMPANY’S OPERATIONS IN FUTURE:

There are no Signifi cant / material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of the Company and it’s operations in future.

ACKNOWLEDGEMENT

The Board wishes to place on record its sincere appreciation to the Company’s customers, vendors, central and state government bodies, auditors, legal advisors, consultants, registrar and bankers for their continued support to the Company during the year under review. The Directors also wish to place on record their appreciation for the dedicated efforts of the employees at all levels. Finally, the Board expresses its gratitude to the members for their continued trust, co-operation and support.

For and on behalf of the Board of Directors,

Mr. Ghanshyambhai A. Thakkar Date: 11.08.2018 Chairman Place: Ahmedabad (DIN: 00208843)

The details of litigation on tax and other related matters are disclosed in the Auditor’s Report and Financial Statements which forms part of this Annual Report.

Annual Report 2017-18 27

Annexure [1] TO BOARD’S REPORT

INFORMATION REQUIRED UNDER SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

A. Ratio of remuneration of each Director to the median remuneration of all the employees of the Company for the Financial Year 2017-18 is as follows:

Year 2017-18 is as follows:	Year 2017-18 is as follows:
		(Amount in`)
Name of Director	Designation	Total Annual Remuneration(`)	Ratio of remuneration of director to the Median remuneration
Mr. Ghanshyambhai A. Thakkar	Whole Time Director	1,05,69,278	49.44
Mr. Krupeshbhai G. Thakkar	Managing Director	1,05,58,679	49.39
Mr. Kaushikbhai J. Thakkar	Whole Time Director	4,79,784	2.24

Independent Directors receiving only sitting fees for attending the board meeting. The sitting fees paid to Independent Directors is not covered in the above table.
Median remuneration of the Company for all its employees is ` 2,38,059/- per annum for the fi nancial year 2017-18.
The aforesaid details are calculated on the basis of remuneration for the fi nancial year 2017-18.
B. Details of percentage increase in the remuneration of each Director, Chief Executive Offi cer, Chief Financial Offi cer & Company Secretary in the fi nancial year 2017-18 is as follows:

				(Amount in`)
Name of Director	Designation	Remuneration (in`)		Increase(%)
		2017-18	2016-17
Mr. Ghanshyambhai A. Thakkar	Whole Time Director	1,05,69,278	85,88,309	23.07
Mr. Krupeshbhai G. Thakkar	Managing Director	1,05,58,679	85,63,222	23.30
Mr. Kaushikbhai J. Thakkar	Whole Time Director	4,79,784	4,10,277	16.94
Mr. Keyur M. Gajjar	CEO	50,49,658	37,91,312	33.19
Mr. Vipul S. Vora	CFO	33,26,728	28,50,764	16.70
Mr. Hasmukh K. Modi	CS	15,48,151	13,25,005	16.84

Notes:

Independent directors receiving only sitting fees for attending the board meeting. So, in the above table, sitting fees paid to independent directors are not considered.
The remuneration to Directors is within the overall limits approved by the shareholders.
c. Percentage increase in the median remuneration of all employees in the Financial Year 2017-18: 11.36%
D. Number of permanent employees on the rolls of the Company as on 31st March, 2018: 411 employees
E. Comparison of average percentage increase in salary of employees other than the Managerial personnel and the percentage increase in the managerial remuneration:

Remuneration to Managerial Personnel including KMP is increased by 23.52% in 2017-18 compared to 2016-17. While Average salary of all employees other than KMP is increased by 13.31% in 2017-18 compared to 2016-17.

Percentage increase in Remuneration of Managerial Personnel at 23.52% is mainly due to change in salary structure of Managing Director and Whole time Director from the 2017-18 vide Special Resolution passed in the Annual General Meeting held on 23.09.2017.

F. It is hereby affi rmed that the remuneration paid is as per the Remuneration Policy for Directors, Key Managerial Personnel and other Employees.

28 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Annexure [2] TO BOARD’S REPORT

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31st March, 2018

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,

The Members, Rushil Decor Limited Rushil House, Nr. Neelkanth Green Bungalow,

Off. SindhuBhavan Road,

Shilaj, Ahmedabad-380058

I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Rushil Decor Limited (hereinafter called “the Company”). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.

On the Basis of my verifi cation of the Secretarial Compliance and on the basis of Secretarial audit of Company’s books, papers, minute books, forms and returns fi led and other records maintained by the Company and as shown to me during the said audit and also based on the information provided by the Company, its offi cers, agents and authorised representatives during the conduct of secretarial audit, I hereby report that in my opinion and to the best of my understanding, the Company has, during the audit period covering the fi nancial year ended on 31st March, 2018 complied with the statutory provisions listed hereunder and also that the Company has adequate Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

I have examined the secretarial compliance based on books, papers, minute books, forms and returns fi led and other records maintained by the Company for the fi nancial year ended on 31st March, 2018 and as shown to me during my audit, according to the provisions of following Laws:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) Secretarial Standards issued by The Institute of Company Secretaries of India.
(iii) Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(v) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(vi) The following Regulations and Guidelines prescribed under the Securities and Exchange 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) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
(d) The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “SEBI LODR”)
(vii) Laws specifi cally applicable to the industry to which the Company belongs, as identifi ed by the management, that is to say.
a) Environment Protection Act, 1986
b) The Hazardous Wastes (Management, Handling and Trans boundary Movement) Rules, 2008
c) The Water (Prevention & Control of Pollution) Act, 1974 and Rules made thereunder
d) The Air (Prevention & Control of Pollution) Act, 1981
e) Intellectual Property Acts
f) Customs Act, 1962
g) Indian Boilers Act, 1923
h) Indian Forest Act read with State Rules
i) Bureau of Indian Standards Act, 1986

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.

(iv) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;

Annual Report 2017-18 29

Annexure [2] TO BOARD’S REPORT (Contd.)

Board of Directors of the Company is duly constituted with proper balance of Executive Directors, NonExecutive Directors and Independent Directors, Woman Director. There was no change in the composition of the Board of Directors during the period under review.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent in advance, and a system exists for seeking and obtaining further information and clarifi cations on the agenda items before the meeting and for meaningful participation at the meeting.
There is adequate compliance management system for the purpose of other laws.
Decisions at the Board Meetings and Committee Meetings, as represented by the management, were taken unanimously.
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.
I further report that during the audit period there were no specifi c events / actions having a major bearing on the affairs of the Company in pursuance of the above referred laws, Rules, regulations, guidelines, standards, etc. except as follow:
a) During the year, Company has allotted and issued 3,17,460 Equity Shares upon conversion of 3,17,460 convertible warrants issued on preferential basis. The said securities had been issued at the price of 630/- per warrant (Including premium of 620/-).
b) During the Financial year Company has commenced the production of a new product called “PVC Board” at Chikmagalur, Karnataka in January, 2018.
c) Company is in the process to establish new “Thin and Thick MDF” project having value of Appx. ` 341 Cr at Atchutapuram, Dist. Vishakhapatnam in the state of Andhra Pradesh. As informed by the Management, the commercial production of the said project will start in the month of April, 2020.

Mihika S. Jain Date: 11.08.2018 ACS No: 35308 Place: Ahmedabad CP No: 13304

This Report is to be read with our letter of even date which is annexed as ‘ Annexure A ’ and forms an integral part of this report.

30 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Annexure A

To,

The Members,

I have not verifi ed the correctness and appropriateness of fi nancial records and Books of Accounts of the Company.

Rushil Decor Limited

Rushil House, Nr. Neelkanth Green Bungalow,

Off. Sindhu Bhavan Road,

Shilaj, Ahmedabad-380058

Our report of even date is to be read along with this letter.

Maintenance of Secretarial record is the responsibility of the management of the Company. My responsibility is to express an opinion on these secretarial records based on my audit.
I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verifi cation was done on test basis to ensure that correct facts are reflected in Secretarial records. I believe that the process and practices, I followed provide a reasonable basis for my opinion.
Where ever required, I have obtained the Management representation about the Compliance of laws, rules and regulations and happening of events etc.
The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. My examination was limited to the verifi cation of procedure on test basis.
The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the effi cacy or effectiveness with which the management has conducted the affairs of the Company.

Mihika S. Jain Date: 11.08.2018 ACS No: 35308 Place: Ahmedabad CP No: 13304

Annual Report 2017-18 31

Annexure [3] To Board’s Report

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITIES (CSR) ACTIVITIES

1. Brief outline of the Company’s CSR policy including overview of projects or programs proposed to be undertaken and a reference to the web-link to the CSR policy and projects or programs:

The CSR policy of the Company outline aims for signifying care for the community by identifying some thrust area around, which focus on the Company‘s CSR initiatives and channelizing the resources which include providing Health, education, hygienic food, clean water, medical aid or any other fi nancial help to needy persons.

The CSR Activities undertaken by the Company is within the broad framework of Schedule VII of the Companies Act, 2013. Company has framed a CSR Policy in compliance with the provisions of the Companies Act, 2013 and approved by Board of Directors, is placed on the Company’s website, which can be accessed through the following link:

https://www.rushil.com/CodesPoliciesPdf/Corporate-Social-Responsibility-Policy-of-RDL.pdf

2. The Composition of the CSR Committee:

The composition of the CSR Committee as on 31st March, 2018 is as follows:

Name of the Member	Position in Committee	Nature of Directorship
Mr. Ghanshyam A. Thakkar Mr. Krupesh G. Thakkar Mr. Shankar Prasad Bhagat	Chairman Member Member	Whole time Director Managing Director Independent Director

Mr. Hasmukh K. Modi, Company Secretary, acts as Secretary to the CSR Committee.

3. Average Net Profi t of the Company for the last three fi nancial years: ` 20,29,94,957.00

4. Prescribed CSR expenditure (2% of this amount as in Sr. No. 3 above): ` 40,59,899/-

However, The actual amount spent by the Company is ` 69,48,893/-

5. Details of CSR spend for the fi nancial year:

a. Total amount to be spent for the fi nancial year: ` 40,59,899/-
b. Actual amount spent for the fi nancial year: ` 69,48,893/-
c. Amount unspent, if any: NIL
d. Extra amount spent for the fi nancial year: ` 28,88,994/-
e. Manner in which the amount spent during the fi nancial year is detailed below:

|(in Lakhs)|(in Lakhs)|(in Lakhs)|(in Lakhs)|(in Lakhs)|(in Lakhs)|(in Lakhs)|(in Lakhs)|
|---|---|---|---|---|---|---|---|
|(1)|(2)|(3)|(4)|(5)|(6)|(7)|
(8)|
|Sr.
No|CSR project or
activity identif ed|Sector in which
the Project is
covered|Projects or
programs
(1) Local area or
other
(2) Specify the
State and district
where projects
or programs was
undertaken|Amount outlay
(budget) project
or programs
wise|

Amount spent on
the projects or
programs
Sub – heads:
(1) Direct
expenditure
on projects or
programs
(2)Overheads|

Cumulative
expenditure
upto to the
reporting period|

Amount
spent : Direct
or through
implementing
agency*|
|1|Promoting
education
by providing
educational
materials, school
fees, tuition
support etc|Cl. (ii) promoting
education|(1) At Mansa,
Dist.-Gandhinagar,
Gujarat, and
(2) At city
& district -
Ahmedabad,
Gujarat.|5.00|5.94|5.94|Direct and
through
implementing
agency|

32 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Annexure [3] TO BOARD’S REPORT (Contd.)

(` in Lakhs)

							(`in Lakhs)
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Sr. No	CSR project or activity identif ed	Sector in which the Project is covered	Projects or programs (1) Local area or other (2) Specify the State and district where projects or programs was undertaken	Amount outlay (budget) project or programs wise	Amount spent on the projects or programs Sub – heads: (1) Direct expenditure on projects or programs (2)Overheads	Cumulative expenditure upto to the reporting period	Amount spent : Direct or through implementing agency*
2	Providing grocery, food, clear drinking water etc.	Cl. (i) Eradicating hunger, poverty and malnutrition	(1) At Mansa, Dist.-Gandhinagar, Gujarat, and (2) At city & district - Ahmedabad, Gujarat.	5.09	6.99	6.99	Direct and through implementing agency
3	Providing medical helps	Cl. (i) promoting health care including preventive health care	(1) At Mansa, Dist.-Gandhinagar, Gujarat, and (2) At city & district - Ahmedabad, Gujarat.	25.00	53.05	53.05	Direct and through implementing agency
4	Old age Facility	Cl. (iii) setting up old age homes and such other facilities for senior citizens	At Ahmedabad, Gujarat	2.00	0.14	0.14	Through implementing agency
5	Animal Welfare	Cl. (iv) animal welfare	At Ahmedabad, Gujarat	1.50	0.16	0.16	Through implementing agency
6	Plantation activity	Cl. (iv) Environment sustainability	At Chikmagalur, Karnataka	1.50	3.00	3.00	Direct
7	Activities for Welfare of armed forces	Cl. (vi) Measures for the benef t of armed forces	Directorate, Sainik Welfare And Resettlement, Gujarat State Ahmedabad	0.50	0.21	0.21	Direct
	TOTAL			40.59	69.49	69.49

Company has carried out some of the CSR expenses through implementing agency namely Ghanshyam Parivar Trust. This trust has the some common objects as covered in Schedule VII and has an established track record of more than four years in undertaking such activities.

6. In case the Company has failed to spend the two per cent of the average net profi t of the last three fi nancial years or any part thereof, the Company shall provide the reasons for not spending the amount in its Board report.

Not Applicable

7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the Company.

The CSR Committee confi rms that the implementation and monitoring of the CSR Policy is in compliance with the CSR objectives and Policy of the Company.

(Krupesh G. Thakkar) (Ghanshyambhai A. Thakkar) Date: 11.08.2018 Managing Director Chairman of CSR Committee Place: Ahmedabad

Annual Report 2017-18 33

Annexure [4] to Board’s Report

FORM NO. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)

Form for disclosure of particulars of contracts or arrangements entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto

1. Details of contracts or arrangements or transactions not at arm’s length basis: Nil

2. Details of material contracts or arrangement or transactions at arm’s length basis: Nil

Date: 11.08.2018 Place: Ahmedabad

(Ghanshyambhai A. Thakkar) Chairman (DIN: 00208843)

34 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Annexure [5] to Board’s Report

FORM NO. MGT-9

EXTRACT OF ANNUAL RETURN

As on the fi nancial year ended on 31.03.2018

[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]

	Rules, 2014]
I.	REGISTRATION AND OTHER DETAILS:
i)	CIN	L25209GJ1993PLC019532
ii)	Registration Date	24-05-1993
iii)	Name of the Company	Rushil Decor Limited
iv)	Category / Sub-Category of the Company	Public Company / Limited by shares
v)	Address of the Registered off ce and contact details	S. No. 125, Near Kalyanpura Patia, Village Itla, Gandhinagar-Mansa Road, Taluka Kalol, Dist.: Gandhinagar, Gujarat – 382845. Tel: (079) 61400400 Fax: (079) 61400401
vi)	Whether listed company	Yes / No
	Details of the Stock Exchanges where shares are listed
	Sr. No. Name of Stock Exchange	BSE Equity Script Code / NSE Equity Symbol
	1 BSE Limited (BSE)	533470
	2 The National Stock Exchange of India Limited (NSE)	RUSHIL
vii)	Name, Address and Contact details of Registrar and Transfer Agent, if any	Big Share Services Private Limited 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri East, Mumbai 400059 Maharashtra Tel: (022) 62638200 Fax:(022) 62638299 Email:[email protected]
II.	PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
	All the business activities contributing 10% or more of the total turnover of the Company	As per attachment - A
III.	PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES	Company has no Holding, Subsidiary or Associate Company.
IV.	SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
	i) Category-wise Share Holding	As per attachment – B
	ii) Shareholding of Promoters	As per Attachment – C
	iii) Change in Promoters’ Shareholding ( please specify, if there is no change)	As per Attachment – D
	iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs)	As per Attachment – E
	v) Shareholding of Directors and Key Managerial Personnel	As per Attachment – F
V.	INDEBTEDNESS
	Indebtedness of the Company including interest outstanding/accrued but not due for payment	As per Attachment – G
VI.	REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A.	Remuneration to Managing Director, Whole-time Directors and/or Manager	As per Attachment – H
B.	Remuneration to other directors	As per Attachment – I
C.	Remuneration to Key Managerial Personnel other than MD/MANAGER/WTD	As per Attachment – J
VII.	PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES	As per Attachment – K

Annual Report 2017-18 35

Annexure [5] to Board’s Report (Contd.)

ATTACHMENT - A

PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company is as follows:

Sl.		NIC Code of the Product/	% to total turnover of the
No.	Name and Description of main products / services	service	Company
1	Laminated Sheets and other allied items	1709	51.18%
2	Medium Density Fiber Board	1621	48.70%

ATTACHMENT – B

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

i) Category-wise Share Holding

Category of Shareholders	Category of Shareholders	Category of Shareholders	No. of Shares held at the beginning of the year (As on 01.04.2017)	No. of Shares held at the beginning of the year (As on 01.04.2017)	No. of Shares held at the beginning of the year (As on 01.04.2017)	No. of Shares held at the beginning of the year (As on 01.04.2017)	No. of Shares held at the end of the year (As on 31.03.2018)	No. of Shares held at the end of the year (As on 31.03.2018)	No. of Shares held at the end of the year (As on 31.03.2018)	No. of Shares held at the end of the year (As on 31.03.2018)	% Change during the year
			Demat	Physical	Total	% of Total Shares	Demat	Physical	Total	% of Total Shares
A.	Promoters
	(1)	Indian
		a) Individual / HUF	6045914	0	6045914	41.98	6045914	0	6045914	41.08	(0.90)
		b) Central Govt	0	0	0	0	0	0	0	0	0
		c) State Govt (s)	0	0	0	0	0	0	0	0	0
		d) Bodies Corp.	0	0	0	0	0	0	0	0	0
		e) Banks / FI	0	0	0	0	0	0	0	0	0
		f) Any Other….
		f-1) Firm representing through its Partners	1845770	0	1845770	12.82	1845770	0	1845770	12.54	(0.28)
	Sub-total (A) (1):-		7891684	0	7891684	54.80	7891684	0	7891684	53.62	(1.18)
	(2)	Foreign
		a) NRIs – Individuals	0	0	0	0	0	0	0	0	0
		b) Other – Individuals	0	0	0	0	0	0	0	0	0
		c) Bodies Corp.	0	0	0	0	0	0	0	0	0
		d) Banks / FI	0	0	0	0	0	0	0	0	0
		e)AnyOther….	0	0	0	0	0	0	0	0	0
	Sub-total (A) (2):-		0	0	0	0	0	0	0	0	0
Total shareholding of Promoter (A) = (A)(1)+(A)(2)			7891684	0	7891684	54.80	7891684	0	7891684	53.62	(1.18)
B.	Public Shareholding
	1.	Institutions
		a) Mutual Funds	0	0	0	0	0	0	0	0	0
		b) Banks / FI	2032	0	2032	0.01	3775	0	3775	0.03	0.02
		c) Central Govt	0	0	0	0	0	0	0	0	0
		d) State Govt(s)	0	0	0	0	0	0	0	0	0
		e) Venture Capital Funds	0	0	0	0	0	0	0	0	0
		f) Insurance Companies	0	0	0	0	0	0	0	0	0
		g) FIIs	170167	0	170167	1.18	170167	0	170167	1.16	(0.02)
		h) Foreign Venture Capital Funds	0	0	0	0	0	0	0	0	0
		i) Others (specify) (Foreign Portfolio Investor)	475554	0	475554	3.30	2093066	0	2093066	14.22	10.92
	Sub-total (B)(1):-		647753	0	647753	4.50	2267008	0	2267008	15.40	10.90
	2.	Non-Institutions
		a) Bodies Corp.
		i) Indian	3971493	0	3971493	27.58	2310472	0	2310472	15.70	(11.88)
		ii) Overseas	0	0	0	0	0	0	175000	1.19	1.19
		b) Individuals

36 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Annexure [5] to Board’s Report (Contd.)

Category of Shareholders	Category of Shareholders	Category of Shareholders	No. of Shares held at the beginning of the year (As on 01.04.2017)	No. of Shares held at the beginning of the year (As on 01.04.2017)	No. of Shares held at the beginning of the year (As on 01.04.2017)	No. of Shares held at the beginning of the year (As on 01.04.2017)	No. of Shares held at the end of the year (As on 31.03.2018)	No. of Shares held at the end of the year (As on 31.03.2018)	No. of Shares held at the end of the year (As on 31.03.2018)	No. of Shares held at the end of the year (As on 31.03.2018)	% Change during the year
			Demat	Physical	Total	% of Total Shares	Demat	Physical	Total	% of Total Shares
		i) Individual shareholders holding nominal share capital upto 1 lakh	381871	5	381876	2.65	365198	5	365203	2.48	(0.17)
		ii) Individual shareholders holding nominal share capital in excess of` 1 lakh	1292577	0	1292577	8.98	921168	0	921168	6.26	(2.72)
		c) Others (specify) (Partnership Firm)	0	0	0	0	317460	0	317460	2.16	2.16
		Clearing Members	199619	0	199619	1.39	357399	0	357399	2.43	1.04
		NRI	4232	0	4232	0.03	520	0	520	0.00	(0.03)
		NRI (REPAT)	182	0	182	0.00	39730	0	39730	0.27	0.27
		NRI (NON REPAT)	10481	0	10481	0.07	71701	0	71701	0.49	0.42
		Corporate BodyNBFC	103	0	103	0.00	115	0	115	0.00	0
	Sub-total (B)(2):-		5860558	5	5860563	40.70	4558763	5	4558768	30.98	(9.72)
Total Public Shareholding (B)=(B) (1)+ (B)(2)			6508311	5	6508316	45.20	6825771	5	6825776	46.38	1.18
C.	Shares held by Custodian for GDRs & ADRs		0	0	0	0	0	0	0	0	0
Grand Total (A+B+C)			14399995	5	14400000	100	14717455	5	14717460	100.00	0

(ii) Shareholding of Promoters and promoter group

Sr. No.	Shareholder’s Name	Shareholding at the beginning of the year (As on 01.04.2017)	Shareholding at the beginning of the year (As on 01.04.2017)	Shareholding at the beginning of the year (As on 01.04.2017)	Shareholding at the end of the year (As on 31.03.2018)	Shareholding at the end of the year (As on 31.03.2018)	Shareholding at the end of the year (As on 31.03.2018)	% change in shareholding during the year
		No. of Shares	% of total Shares of the Company	%of Shares Pledged / encumbered to total shares	No. of Shares	% of total Shares of the Company	%of Shares Pledged / encumbered to total shares
1	GHANSHYAMBHAI AMBALAL THAKKAR	1990900	13.83	0	1990900	13.53	0	(0.30)
2	KRUPESH GHANSHYAMBHAI THAKKAR AND GHANSHYAMBHAI AMBALAL THAKKAR REPRE. RUSHIL INTERNATIONAL (PARTNERSHIP FIRM)	1845770	12.82	0	1845770	12.54	0	(0.28)
3	KRUPESH GHANSHYAMBHAI THAKKAR	1542484	10.71	0	1542484	10.48	0	(0.23)
4	KRUPESH G. THAKKAR KARTA OF KRUPESH GHANSHYAMBHAI THAKKAR (HUF)	1389693	9.65	0	1389693	9.44	0	(0.21)
5	KRUPA KRUPESH THAKKAR	282415	1.96	0	282415	1.92	0	(0.04)
6	GHANSHYAMBHAI A. THAKKAR KARTA OF GHANSHYAMBHAI AMBALAL THAKKAR (HUF)	385382	2.68	0	385382	2.62	0	(0.06)
7	DINUBEN GHANSHYAMBHAI THAKKAR	246516	1.71	0	246516	1.67	0	(0.04)
8	RUSHIL KRUPESH THAKKAR	208524	1.45	0	208524	1.42	0	(0.03)
Total		7891684	54.80	0	7891684	53.62	0	(1.18)

Annual Report 2017-18 37

Annexure [5] to Board’s Report (Contd.)

(iii) Change in Promoters and promoter Group’ Shareholding (please specify, if there is no change)

Particulars	Shareholding at the beginning of the year(As on 01-04-2017)	Shareholding at the beginning of the year(As on 01-04-2017)	Cumulative Shareholding during the year (01-04-2017 to 31-03-2018)	Cumulative Shareholding during the year (01-04-2017 to 31-03-2018)
	No. of shares	% of total shares of the Company	No. of shares	% of total shares of the Company
At the beginning of the year	7891684	54.80
Date wise Increase / Decrease in Promotes shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus / sweat equity etc.)	--	--	Note-1
At the end of the year	7891684	53.62

Note: 1 . The Change in Promoters and Promoter Groups’ Shareholding in % of total shares of the Company between 01-04-2017 and 31-03-2018 is on account of 3,17,460 new Equity Shares allotted on conversion of 3,17,460 Convertible Warrants into Equal number of Equity shares as issued earlier on preferential basis to person covered under Public Category.

(iv) Share holding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

Sl. No.	Shareholder’s Name	Shareholding	Shareholding	Date	Increase/ (Decrease) in shareholding	Reason	Cumulative Shareholding during the year (01.04.2017 to 31.03.2018)	Cumulative Shareholding during the year (01.04.2017 to 31.03.2018)
		No. of Shares at the beginning (01.04.2017)/ end of the year (31.03.2018)	% of total Shares of the Company Shares				No. of Shares	% of total shares of the Company
1	ELARA INDIA OPPORTUNITIES FUND LIMITED	No. of Shares at the Beginning of the Year		01/04/2017	--	--	--	--
				05/05/2017	100000	Purchase	100000	0.68
				12/05/2017	50000	Purchase	150000	1.03
				19/05/2017	140000	Purchase	290000	1.98
				26/05/2017	115000	Purchase	405000	2.77
				02/06/2017	71200	Purchase	476200	3.26
				21/07/2017	20000	Purchase	496200	3.40
				29/09/2017	54000	Purchase	550200	3.77
				13/10/2017	36000	Purchase	586200	4.01
				08/12/2017	(36000)	Sale	550200	3.77
		No. of Shares at the End of the Year		31/03/2018	--	--	550200	3.74
2.	ANAND RATHI GLOBAL FINANCE LIMITED	No. of Shares at the Beginning of the Year		01/04/2017	--	--	701350	4.87
				28/07/2017	(7500)	Sale	693850	4.75
				04/08/2017	(4000)	Sale	689850	4.72
				27/10/2017	(10000)	Sale	679850	4.65
				03/11/2017	(3600)	Sale	676250	4.63
				10/11/2017	(3900)	Sale	672350	4.60
				17/11/2017	(300)	Sale	672050	4.60
				24/11/2017	(6500)	Sale	665550	4.55
				01/12/2017	(11500)	Sale	654050	4.48
				08/12/2017	(17500)	Sale	636550	4.36
				12/01/2018	(24331)	Sale	612219	4.19

38 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Annexure [5] to Board’s Report (Contd.)

Sl. No.	Shareholder’s Name	Shareholding	Shareholding	Date	Increase/ (Decrease) in shareholding	Reason	Cumulative Shareholding during the year (01.04.2017 to 31.03.2018)	Cumulative Shareholding during the year (01.04.2017 to 31.03.2018)
		No. of Shares at the beginning (01.04.2017)/ end of the year (31.03.2018)	% of total Shares of the Company Shares				No. of Shares	% of total shares of the Company
				19/01/2018	(42200)	Sale	570019	3.90
				09/02/2018	(1223)	Sale	568796	3.89
				16/02/2018	(4500)	Sale	564296	3.83
				23/02/2018	(18475)	Sale	545821	3.71
				23/03/2018	(10216)	Sale	535605	3.64
		No. of Shares at the End of the Year		31/03/2018	--	--	535605	3.64
3.	TIRTHANKAR SHARES AND SERVICES PRIVATE LIMITED	No. of Shares at the Beginning of the Year		01/04/2017	62800	--	62800	0.43
				09/02/2018	441300	Purchase	504100	3.45
		No. of Shares at the End of the Year		31/03/2018	--	--	504100	3.43
4.	ASPIRE EMERGING FUND	No. of Shares at the Beginning of the Year		01/04/2017	--	--	--	--
				08/12/2017	78500	Purchase	78500	0.54
				29/12/2017	198000	Purchase	276500 301500	1.89 2.06
				26/01/2018	25000	Purchase
				02/02/2018	80000	Purchase	381500	2.61
				16/02/2018	110000	Purchase	491500	3.34
				16/03/2018	(13000)	Sale	478500	3.25
		No. of Shares at the End of the Year		31/03/2018	0	Sale	478500	3.25
5.	VESPERA FUND LIMITED	No. of Shares at the Beginning of the Year		01/04/2017	--	--	--	--
				12/05/2017	100000	Purchase	100000	0.68
				26/05/2017	155000	Purchase	255000	1.75
				23/06/2017	40500	Purchase	295500	2.02
				07/07/2017	42000	Purchase	337500	2.31
				21/07/2017	10000	Purchase	347500	2.38
				12/01/2018	(10000)	Sale	337500	2.31
		No. of Shares at the End of the Year		31/03/2018	--	--	337500	2.29
6.	SHRIRAM CREDIT COMPANY LIMITED	No. of Shares at the Beginning of the Year		01/04/2017	--	--	689819	4.72
				28/04/2017	(2000)	Sale	687819	4.71
				19/05/2017	(2000)	Sale	685819	4.69
				26/05/2017	(10713)	Sale	675106	4.62
				02/06/2017	(37700)	Sale	637406	4.36
				04/08/2017	(7307)	Sale	630099	4.31
				22/09/2017	(10000)	Sale	620099	4.24
				13/10/2017	(133668)	Sale	486431	3.33
				20/10/2017	(4208)	Sale	482223	3.30

Annual Report 2017-18 39

Annexure [5] to Board’s Report (Contd.)

Sl. No.	Shareholder’s Name	Shareholding	Shareholding	Date	Increase/ (Decrease) in shareholding	Reason	Cumulative Shareholding during the year (01.04.2017 to 31.03.2018)	Cumulative Shareholding during the year (01.04.2017 to 31.03.2018)
		No. of Shares at the beginning (01.04.2017)/ end of the year (31.03.2018)	% of total Shares of the Company Shares				No. of Shares	% of total shares of the Company
				27/10/2017	(2070)	Sale	480153	3.29
				08/12/2017	30677	Purchase	510830	3.50
				15/12/2017	(70000)	Sale	440830	3.02
				22/12/2017	(9000)	Sale	431830	2.96
				05/01/2018	(17346)	Sale	414484	2.84
				12/01/2018	(40082)	Sale	374402	2.56
				19/01/2018	(99957)	Sale	274445	1.88
		No. of Shares at the End of the Year		31/03/2018	--	--	274445	1.86
7.	SHRIRAM INSIGHT SHARE BROKERS LIMITED	No. of Shares at the Beginning of the Year		01/04/2017	--	--	452736	3.10
				14/04/2017	(5049)	Sale	447687	3.06
				21/04/2017	170140	Purchase	617827	4.23
				28/04/2017	(88377)	Sale	529450	3.62
				05/05/2017	(45638)	Sale	483812	3.31
				12/05/2017	(58079)	Sale	425733	2.91
				19/05/2017	(85119)	Sale	340614	2.33
				26/05/2017	(71268)	Sale	269346	1.84
				02/06/2017	(43818)	Sale	225528	1.54
				09/06/2017	33423	Purchase	258951	1.77
				16/06/2017	1502	Purchase	260453	1.78
				23/06/2017	10604	Purchase	271057	1.86
				30/06/2017	200	Purchase	271257	1.86
				07/07/2017	16372	Purchase	287629	1.97
				14/07/2017	27193	Purchase	314822	2.15
				21/07/2017	88442	Purchase	403264	2.76
				28/07/2017	(1132)	Sale	402132	2.75
				04/08/2017	7581	Purchase	409713	2.80
				25/08/2017	6444	Purchase	416157	2.85
				01/09/2017	(3)	Sale	416154	2.85
				15/09/2017	5	Purchase	416159	2.85
				22/09/2017	9228	Purchase	425387	2.91
				29/09/2017	(294)	Sale	425093	2.91
				06/10/2017	(20)	Sale	425073	2.91
				13/10/2017	97872	Purchase	522945	3.58
				20/10/2017	(50833)	Sale	472112	3.23
				27/10/2017	16151	Purchase	488263	3.34
				10/11/2017	50	Purchase	488313	3.34
				17/11/2017	732	Purchase	489045	3.35
				24/11/2017	(1484)	Sale	487561	3.34
				01/12/2017	(298)	Sale	487263	3.33
				08/12/2017	(40196)	Sale	447067	3.06
				15/12/2017	78932	Purchase	525999	3.60

40 Rushil Decor Limited

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Annexure [5] to Board’s Report (Contd.)

Sl. No.	Shareholder’s Name	Shareholding	Shareholding	Date	Increase/ (Decrease) in shareholding	Reason	Cumulative Shareholding during the year (01.04.2017 to 31.03.2018)	Cumulative Shareholding during the year (01.04.2017 to 31.03.2018)
		No. of Shares at the beginning (01.04.2017)/ end of the year (31.03.2018)	% of total Shares of the Company Shares				No. of Shares	% of total shares of the Company
				22/12/2017	47080	Purchase	573079	3.92
				29/12/2017	(219282)	Sale	353797	2.42
				05/01/2018	(35711)	Sale	318086	2.18
				12/01/2018	20851	Purchase	338937	2.32
				19/01/2018	34461	Purchase	373398	2.56
				26/01/2018	24411	Purchase	397809	2.72
				02/02/2018	4070	Purchase	401879	2.75
				09/02/2018	17147	Purchase	419026	2.87
				16/02/2018	21569	Purchase	440595	2.99
				23/02/2018	(28429)	Sale	412166	2.80
				09/03/2018	12547	Purchase	424713	2.89
				16/03/2018	(3317)	Sale	421396	2.86
				23/03/2018	12955	Purchase	434351	2.95
				30/03/2018	26855	Purchase	461206	3.13
		No. of Shares at the End of the Year		31/03/2018	--	--	461206	3.13
8.	GIRABEN ATULBHAI SHAH	No. of Shares at the Beginning of the Year		01/04/2017	--	--	344438	2.36
				30/06/2017	35447	Purchase	379885	2.60
				07/07/2017	7516	Purchase	387401	2.65
				14/07/2017	(64000)	Sale	323401	2.21
				28/07/2017	(6000)	Sale	317401	2.17
				16/09/2017	20289	Purchase	337690	2.31
				29/09/2017	3734	Purchase	341424	2.34
				22/12/2017	63475	Purchase	404899	2.77
				05/01/2018	(11000)	Sale	393899	2.70
				12/01/2018	(80000)	Sale	313899	2.15
				16/02/2018	(60000)	Sale	253899	1.73
		No. of Shares at the End of the Year		31/03/2018	--	--	253899	1.73
9.	DAVOS INTERNATIONAL FUND	No. of Shares at the Beginning of the Year		01/04/2017	--	--	190000	1.30
				29/12/2017	52000	Purchase	242000	1.66
		No. of Shares at the End of the Year		31/03/2018	--	--	242000	1.64
10.	SURYAKANT HIRALAL PARIKH	No. of Shares at the Beginning of the Year		01/04/2017	--	--	--	--
				28/07/2017	106666	Allotment	106666	0.73
				19/01/2018	105820	Allotment	212486	1.45
				15/02/2018	104974	Allotment	317460	2.16
		No. of Shares at the End of the Year		31/03/2018	--	--	317460	2.16

Annual Report 2017-18 41

Annexure [5] to Board’s Report (Contd.)

(v) Shareholding of Directors and Key Managerial Personnel:

Sr. No.	Name	Shareholding	Shareholding	Date	Increase/ (Decrease) in share holding	Reason	Cumulative Shareholding during the year (01.04.2017 to 31.03.2018)	Cumulative Shareholding during the year (01.04.2017 to 31.03.2018)
		No. of Shares at the beginning (01.04.2017)/ end of the year (31.03.2018)	% of total Shares of the Company				No. of Shares	% of total shares of the Company
1	GHANSHYAMBHAI AMBALAL THAKKAR	1990900	13.83	01.04.2017	0	Nil Transaction during the year.	1990900	13.53*
		1990900	13.53*	31.03.2018
2	KRUPESH GHANSHYAMBHAI THAKKAR	1542484	10.71	01.04.2017	0	Nil Transaction during the year.	1542484	10.48*
		1542484	10.48*	31.03.2018
3	SHANKAR PRASAD BHAGAT	0	0	01.04.2017	0	No Holding and Move- ment during the year	0	0
		0	0	31.03.2018
4	ROHITBHAI BHAILALBHAI THAKKAR	0	0	01.04.2017	0	No Holding and Move- ment during the year	0	0
		0	0	31.03.2018
5	KAUSHIKBHAI JAYKRISHNABHAI THAKKAR	0	0	01.04.2017	0	No Holding and Move- ment during the year	0	0
		0	0	31.03.2018
6	JINGLE PIYUSH THAKKAR	0	0	01.04.2017	0	No Holding and Move- ment during the year	0	0
		0	0	31.03.2018
	Key Managerial Personnel:
1	KEYUR MOHANBHAI GAJJAR	0	0	01.04.2017	0	No Holding and Move- ment during the year	0	0
		0	0	31.03.2018
2	VIPUL SHANTILAL VORA	0	0	01.04.2017	0	No Holding and Move- ment during the year	0	0
		0	0	31.03.2018
3	HASMUKH KANUBHAI MODI	1	--	01.04.2017	--	--	1	0
		1	--	31.03.2018	--	--	1	0

Note: The Change in Directors’ and KMPs’ Shareholding in % of total shares of the Company between 01-04-2017 and 31-032018 is on account of allotment of 3,17,460 new Equity Shares allotted on conversion of 3,17,460 Convertible Warrants into Equal number of Equity shares as issued earlier on preferential basis to person covered under Public Category.

V. INDEBTEDNESS

Indebtedness of the Company including interest outstanding / accrued but not due for payment

Indebtedness of the Company including interest outstanding / accrued but not due for payment	Indebtedness of the Company including interest outstanding / accrued but not due for payment	Indebtedness of the Company including interest outstanding / accrued but not due for payment	Indebtedness of the Company including interest outstanding / accrued but not due for payment	Indebtedness of the Company including interest outstanding / accrued but not due for payment
(`In Lakhs)
	Secured Loans excluding deposits	Unsecured Loans	Deposits	Total
Indebtedness at the beginning of the f nancial year (as on 01.04.2017)
i) Principal Amount	8,595.83	690.73	0.00	9,286.56
ii) Interest due but not paid	0.00	0.00	0.00	0.00
iii) Interest accrued but not due	16.48	0.00	0.00	16.48
Total (i+ii+iii)	8,612.31	690.73	0.00	9,303.04
Change in Indebtedness during the f nancial year (during the 2017-18)
Addition	66,407.31	2,589.17	0.00	68,996.48
Reduction	65,032.19	3,155.85	0.00	68,188.04
Net Change	1,375.13	(566.68)	0.00	808.45
Indebtedness at the end of the f nancial year (as on 31.03.2018)
i) Principal Amount	9,978.36	124.05	0.00	10,102.41
ii) Interest due but not paid	0	0	0.00	0
iii) Interest accrued but not due	9.08	0	0.00	9.08
Total (i+ii+iii)	9,987.44	124.05	0.00	10,111.49

42 Rushil Decor Limited

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Annexure [5] to Board’s Report (Contd.)

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and / or Manager:

					(Amount in`)
Sr. No.	Particulars of Remuneration	Name of MD / WTD / Manager			Total Amount
		Krupeshbhai G. Thakkar	Ghanshyambhai A. Thakkar	Kaushikbhai J. Thakkar
1.	Gross salary
	(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961	1,05,58,679	1,05,69,278	4,79,784	2,16,07,741
	(b) Value of perquisites u/s 17(2) Income-tax Act, 1961	--	--	--	--
	(c) Prof ts in lieu of salary under section 17(3) Income-tax Act, 1961	--	--	--	--
2.	Stock Option	--	--	--	--
3.	Sweat Equity	--	--	--	--
4.	Commission - as % of prof t - others, specify…	--	--	--	--
5.	Others, please specify	--	--	--	--
Total (A)		1,05,58,679	1,05,69,278	4,79,784	2,16,07,741
	Ceiling as per the Act	`4,29,62,395/- being 10% of the Net prof ts of the Company calculated as per Section 198 of the Companies Act, 2013

B. Remuneration to other directors:

B. Remuneration to other directors:	B. Remuneration to other directors:
			(Amount in`)
Sr. No.	Particulars of Remuneration		Name of Directors		Total Amount
		Mrs. Jingle Thakkar	Shankar Prasad Bhagat	Rohitbhai B. Thakkar
1.	Independent Directors
	• Fee for attending board / committee meetings	25,000	25,000	25,000	75,000
	• Commission	--	--	--	--
	• Others, please specify	--	--	--	--
Total (1)		25,000	25,000	25,000	75,000
2.	Other Non-Executive Directors
	• Fee for attending board / committee meetings	--	--	--	--
	• Commission	--	--	--	--
	• Others, please specify	--	--	--	--
Total (2)
Total (B)=(1+2)		25,000	25,000	25,000	75,000
Total Managerial Remuneration					2,16,82,741
	Overall Ceiling as per the Act	Overall Managerial Remuneration: 11% of the net prof ts of the Company calculated as per Section 198 of the Companies Act, 2013 i.e.`4,72,58,635/-.<br>Non-Executive Directors: 1% of the net prof ts of the Company calculated as<br>per Section 198 of the Companies Act, 2013 i.e.`42,96,239/-

Annual Report 2017-18 43

Annexure [5] to Board’s Report (Contd.)

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD

					(Amount in`)
Sr. no.	Particulars of Remuneration	Key Managerial Personnel			Total Amount
		CEO (Keyur M. Gajjar)	Company Secretary (Hasmukh K. Modi)	CFO (Vipul S. Vora)
1.	Gross salary
	(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961	50,49,658	15,48,151	33,26,728	99,24,537
	(b) Value of perquisites u/s 17(2) Income-tax Act, 1961	--	--	--	--
	(c) Prof ts in lieu of salary under section 17(3) Income-tax Act, 1961	--	--	--	--
2.	Stock Option	--	--	--	--
3.	Sweat Equity	--	--	--	--
4.	Commission	--	--	--	--
	- as % of prof t
5.	Others, please specify	--	--	--	--
Total		50,49,658	15,48,151	33,26,728	99,24,537

VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:

Type	Type	Brief Description
A.	COMPANY
	Penalty	--------------NONE---------------------
	Punishment
	Compounding
B.	DIRECTORS
	Penalty	--------------NONE---------------------
	Punishment
	Compounding
C.	OTHER OFFICERS IN DEFAULT
	Penalty	--------------NONE---------------------
	Punishment
	Compounding

44 Rushil Decor Limited

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Annexure [6] to Board’s Report (Contd.)

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

(A) CONSERVATION OF ENERGY

(i) Steps taken for conservation of energy as well as the steps taken by the Company for utilising alternate sources of energy:
Company has introduced VFD for the following equipments at the MDF Board manufacturing plant of the Company at Chikmagalur, Karnataka.
- 2 Nos. screw conveyor motors (4 KW Refi ner Area)
- 1 No Pneumatic transfer fan (132 KW Refi ner Area)

On introduction of VFD, Company made saving in energy cost at some level by reducing the power consumption of Approximately 75,000 units per year.

During the Financial Year 2017-18, Company purchased 71,59,820 units by open access power through INDIAN ENERGY EXCHANGE, which resulted into reduction of the power cost of Approximately ` 0.60 per unit.
On the regular basis, Company is doing check in the electricity distribution network for safe and effi cient performance.
The Company is doing on Regular basis Preventive and corrective maintenance of machines as proactive measures to optimise energy usage and available time of machines.
At boiler area location in Laminate Plant, introduction of VFD in boiler panels for motors has resulted into reduction in electricity consumption and lower maintenance cost of motor and blower.
Introduction of Air Operated Double Diaphragm pump, for transporting chemical to process which resulted into Wastage control of chemical & prevention of spillage of chemical on ground. Replacement of Modern technology pump has also resulted into electricity savings.
Installation of energy effi cient LED lightning inside plant premises and making fool proofi ng system of entire plant outdoor lighting system resulted in energy saving.
Company has fi xed Air Ventilation on top roof of factory premises running through wind energy in replacement of exhaust fans which were running through electricity.
Replacement of reciprocating compressor with screw compressor inside the plant which resulted into reduction of electricity consumption.
Company has also modifi ed / propose to modify the following processes or techniques which are useful in energy saving:
- Increase in chipper machine speed which resulted into reduction of chipper operation hours which ultimately resulted into energy saving of Approximately 32,000 KWH per year.
- Installation of additional air bottles in compressed air system for better utilisation of compressed air.
(ii) Capital Investment on energy conservation equipment: NIL

(iii) Impact of energy conservation measures:

Energy conservation measures undertaken by the Company have resulted in savings in power cost which ultimately resulted into overall cost savings of the Company.

(B) TECHNOLOGY ABSORPTION

(i) The efforts made by the Company towards technology absorption:

Company on continuous basis modifi es and upgrades the manufacturing process / parameters which resulted into cost effectiveness, better productivity in terms of quantity without compromising quality of the products.
Company increased the cooking time of chip bin & digester. It also modifi ed the wax dosing system & fi bre discharge system from refi ner according to raw material which resulted into improvement of quality of fi bre used in process and overall quality of the products.
Company replaced the old softener in the boiler system by Installation of new RO plant having 10 KL per hour capacity. This

Annual Report 2017-18 45

Annexure [6] to Board’s Report (Contd.)

has resulted into increase in boiler water tube life as well as improvement of steam quantity and quality. Company is saving Approximately 10 KL of water and 3 ton of fuel per day due to lower blow down of water used in manufacturing process.

Development of new products, design, concept and processes at regular intervals.
Company on continuous basis upgrades the chemical formula, new and alternate Raw Material consumption etc. for better quality and cost effectiveness.
The Company on an on-going basis interacts with markets, for technical expertise for our industry.
Company has undertaken in house R&D activities to improve the quantity and quality of products.
Upgradation of handling system of hot press machine with latest technology which resulted into saving in production loss and increase in productivity.
Company modifi ed / propose to modify the following process systems which will result into increase in the production and/or improvement in quality of the products:
Installation of automatic printing machine for MDF Boards
Installation of new VFD’s for vacuum fan, Mat reject fan, oil circulation pump etc.
Installation of new dosing system at glue kitchen for reduction of consumption of resin and wax.
Installation of stationary type palfi nger equipment at chipper in feed system for smooth feeding of wood to chipper machine for improvement of performance of chipper machine.
(ii) The benefi ts derived like product improvement, cost reduction, product development or import substitution:

Company is covered under the design products industry. New designs and varieties in products has always remained the demand of customers. So, development of new products and creativity in the processes are the basic requirements to sustain and increase the market share of the Company. Company has derived various benefi ts from new and improved technology and R&D activities i.e. Product (quality) improvement, reduced cost of fi nal products, Reduction in process time, Conservation of energy, Smooth processing, conservation of environment, Increase in customer base, Increase in the brand value of Company etc.

(iii) Imported Technology (imported during the last 3 years reckoned from the beginning of the fi nancial year):

The Company has not imported any technology during the last three years

(iv) Expenditure on Research and Development: NIL

(C) FOREIGN EXCHANGE EARNINGS AND OUTGO

Foreign exchange earned in terms of actual inflows during the Financial Year 2017-18 was ` 101.09 Cr (equivalent value of various currencies).

Foreign exchange outgo in terms of actual outflows during the Financial Year 2017-18 was ` 62.88 Cr (equivalent value of various currencies).

46 Rushil Decor Limited

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Management Discussion and Analysis

1) OVERVIEW OF INDIAN ECONOMY

The Indian economy emerged as the fastest growing economy in the world with the GDP growth rate of 6.7% for the year 2017-18. Increase in industrial production, pick up in private investments & consumption, and a good monsoon are the supporting stones of the growth revival. Further the country has recovered from the temporary transitional effect caused by GST implementation and the demonetisation.

During the year number of crucial structural initiatives were taken to develop a stable macro-economic platform. The implementation of Real Estate Regulatory Authority (RERA) Act was one of the structural initiatives which has been a major step towards formalisation of the economy. Besides, rise in the industrial production, stock market index, auto sales and exports, gave a clear vision of the country’s recovery. The Index of Industrial Production (IIP) rose by / marked a growth of 3.7% in April-December, 2017 and the Industrial output grew by 7.1% in December, 2017.

Ministry of Housing & Urban Affairs has approved the construction of 3,21,567 more affordable houses across 523 cities for the benefi t of urban poor under Pradhan Mantri Awas Yojana (Urban) with an investment of 18,203 Cr with central assistance of 4,752 Cr. Prime Minister’s Employment Generation Programme (PMEGP) will be continued with an outlay of ` 5,500 Cr for three years from 2017-18 to 2019-20, according to the Cabinet Committee on Economic Affairs (CCEA).

Currently, India is the world’s seventh-largest economy at US$ 2.2 Tn of GDP. The recent Government commitment to inject sizeable capital into the banking sector and increasing farmers’ incomes is likely to play a crucial role in boosting GDP growth rate to over 7.5% in 2018-19. India’s GDP is expected to reach US$ 6 Tn by the year 2027 as per Morgan Stanley Report and achieve upper-middle income status on the back of digitalization, globalisation, favourable demographics, with rapid increasing reforms.

(Source: Economic Times, CNBC, IBEF)

2) INDUSTRY STRUCTURE AND DEVELOPMENT

The size of Indian wood panel industry is estimated to be approximately ` 285 Bn. Traditionally the industry has largely remained unorganised due to poor technical know-how and skill set required. However, the pattern has gradually changed over the last few years as the organised players have grown at a faster rate at 12% - 15% as against industry growth rate of 5% - 7%, capturing the market share from unorganised players. New construction activities drive 85% to 90% of demand in the sector while the balance comes from renovation and replacement. (Source: Money Control)

==> picture [112 x 10] intentionally omitted <==

----- Start of picture text -----

Indian Wood Panel Industry
----- End of picture text -----

==> picture [203 x 166] intentionally omitted <==

----- Start of picture text -----

20%
INR 285 Bn
15% 65%
Plywood Fibreboard Decorative Products
----- End of picture text -----

Indian Plywood Market

==> picture [183 x 181] intentionally omitted <==

----- Start of picture text -----

70%
90%
30%
10%
2010 2018
Unorganised Organised
(Source: Money Control)
----- End of picture text -----

LAMINATES PRODUCTS

Decorative laminates is an attractive, appealing and safe way to keep the interior beautiful and to safeguard furniture from wear and tear and the risk of fi re. It is generally used as furniture surface materials or wall panelling. Decorative laminates usually increase the life span of surfaces and give them an attractive fi nish. Decorative laminates are available in a broad range of colours, designs, and textures to meet the specifi cations of various end users. Decorative laminates are basically of three types: high-pressure laminates, lowpressure laminates and edge banding. High-pressure laminates are high-priced and more durable, whereas low-pressure laminates are low-cost. Edge banding is generally used to smooth the exposed edges of surfaces including MDF and plywood. The basic raw materials required for manufacturing of decorative laminates include kraft paper, tissue paper, base paper, melamine, methanol, phenol and formaldehyde.

Annual Report 2017-18 47

Management Discussion and Analysis (Contd.)

Present market size of Indian Laminate Industry is around ` 52 Bn, out of which organised sector share is around 40%, the balance being share of unorganised sector players. The industry is presently growing in a modest fashion matching with the growth in the overall home furniture segment.

MEDIUM DENSITY FIBRE (MDF) BOARD

Medium-density fi bre board (MDF) is an engineered wood product created by breaking down softwood into wood fi bres, often in a defi brator, combining it with wax and resin, and forming panels by applying high pressure at high temperature. It is a building material similar in application to plywood but made up of separated fi bres. The advantage of MDF is that it is denser than normal particle board, 50% cheaper than plywood, and it can be easily moulded, machined, painted and its weight is much less than that of plywood making it user friendly.

Globally, MDF market has grown approx. 11 times over the past couple of decades with a CAGR of 13%, forming 65% of the total plywood and MDF consumption. Whereas, in India the market has grown by 20% over the past fi ve years forming just 6% of the total plywood and MDF consumption.

(Source: Investment Imperative)

3) OPPORTUNITIES AND THREATS OPPORTUNITIES:

Brand Image: The Company has maintained good brand image and quality products in the Indian as well as international market. The Company’s premium brands such as “VIR Laminates’, ‘Signor’ and ‘VIR MDF’ are well known in the market because they continuously live upto brand image of comfort, quality and style.
Wide product range: The Company has around 1100+ designs and 120+ Textures in laminated sheet, which gives it unmatched competitive superiority over its competitors. Company remains eager in providing latest designs and products to its customers. The Company continuously strive towards expanding its product ranges.
Expansion of Market Network: The Company continues to expand its marketing networks, by appointing Consignment Agent, branches, distributors, dealers etc. in various states across India.
MDF Market Growth: The MDF market in India is 100% organised as this segment poses an entry barrier in terms of high capital investments. MDF is commonly used as a substitute for low to medium quality plywood as it is 40% to 50% cheaper. Further, it is also resistant to moisture and can be easily moulded & machined for

furniture applications. There exists a huge scope for import substitution as 30-35% of the demand in India is met through imports.

• Government Policy: Government policy plays a crucial role in growth and development of overall economy and sector wise performance of the economy. During the year the government has introduced two major policy reforms i.e. implementation of Goods and Service Tax (GST) and Real Estate Regulatory Act (RERA). This policy reforms have positively impacted the company because they aid the organised players to grow.

Housing for All: Central Government is aiming to provide housing for every Indian family by 2022. The scheme results in increase in demand for housing related industries including furniture.

THREATS:

High Competition: The wood panel Industry has entered into the era of the high competition, due to rise in awareness about the industry, leading to entrance of large number of unorganised players. Competition from both unorganised and organised players, leads to diffi culties in improving market share. Additionally, foreign manufacturers play an important role in increasing competition.
Manpower: One of the common problem faced by every company is fi nding talent with competence or even skilled manpower for the wood-based panel industries irrespective of the company brand or size in this competitive era.
Raw Material: The wood-based panel industries is dependent on natural forests for their raw material requirement. It generally requires eucalyptus, silver oak, poplar etc as raw material and short supply of the same leads to rise in price of raw materials.
New Entrance: More and more new organised players are entering into market which leads to rise in competition in organised sector also.
4) SEGMENT-WISE / PRODUCT-WISE PERFORMANCE:

LAMINATES & ALLIED PRODUCTS:

Despite intense competition in laminate segment from organised and unorganised sector, the Company has performed well by effective planning, use of appropriate market strategy and improving quality of product with reasonable price. Major policy changes such as GST and RERA implementation has not adversely impacted the sales of the Company. The total revenue of laminate segment was 181.33 Cr in the year 2017-18 as compared to 177.22 Cr in the year 2016-17. The Company has introduced unique marketing strategy to maintain the sales. The Profi t before Interest and Taxes of laminate segment decreased from 21.94 Cr in the year 2016-17 to 21.84 Cr in the year 2017-18.

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Management Discussion and Analysis (Contd.)

MEDIUM DENSITY FIBRE BOARD (MDF):

The Company’s performance was good in MDF segment in the year 2017-18 as compare to preceding year. The total revenue of MDF product has risen 10.07% from 156.74 Cr in the year 2016-17 to 172.52 Cr in the year 2017-18. The Profi t before Interest and Taxes rose 30.47% from 25.04 Cr in the year 2016-17 to 32.67 Cr in the year 2017-18.

5) OUTLOOK:

The housing for all scheme by central government has driven the investment and increase the demand for modern interiors. Going ahead, increase in demand for real estate, retail, hospitality and healthcare will further boost the demand for MDF, laminates and other valueadded products.

Growing real estate and construction sector, government emphasis on infrastructure and housing, rising per capita income, growing employment opportunities, urbanisation, government proposal of new satellite cities, affordable housing loan, reduced home renovation cycle from 15 years to 5 years are some of the growth drivers resulting in rise in demand. Additionally, rise in number of corporate offi ces which are being set up in tier-2 and tier-3 location boost the demand for offi ce furniture.

6) RISK AND CONCERN

All the business is subject to risk, likewise our company is also exposed to general industrial risk such as interest rate volatility, economic cycle, credit risk, asset risk (natural calamity etc), human resource risk, foreign exchange fluctuation risk, government policy change risk, IT risk, transportation risk, competition risks and raw material availability risks.

To avoid or overcome the above general industry risk the management has formed robust risk management policy. The company manages risk by remaining updated from market demand, maintaining a conservative fi nancial profi le and by following prudent business and risk management practices.

purchase / sale functions, verifi cation of sale bills, preaudit of order, capital expenses, payment verifi cation, physical verifi cation of stock at factory, branches and consignees, employee benefi t, labour expenses, post audit expense journal and purchase, fi xed assets register and verifi cation of all the registers maintained in the Company.

8) DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The Gross revenue from operation increased 5.68% from 332.11 Cr in the year 2016-17 to 350.98 Cr in the year 2017-18. The Profi t before Taxes increased 27.10% from 33.80 Cr in the year 2016-17 to 42.96 Cr in the year 2017-18. The Profi t after Taxes increased 24.47% from 24.89 Cr in the year 2016-17 to 30.98 Cr in the year 2017-18.

9) MATERIAL DEVELOPMENT IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED

The Company recognised the importance of manpower and believes that success is a result of cumulative contribution of all the employees at every level. The human resource department encourage employees to attend seminars or programs related to their fi elds. The Company make a continuous attempt to create a positive work environment.

Employees are considered the most important asset of the Company and hence any creative suggestion by the employees are always welcomed by the management. The Company is conscious about providing healthy and joyful life to the employees resulting into excellent relationship with the employees.

There was not any case pursuant to the sexual harassment of women at workplace (Prevention, Prohibition and Redressal ) Act, 2013 was reported during the year.

As on 31st March, 2018 the Company has 411 employees. Going forward the Company focuses to retain and develop the existing employees and encourage them move towards the common business vision and mission.

7) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an effi cient and effective internal control system aiming to achieve effi ciency in operations, optimum utilisation of resources and compliances with all applicable laws and regulation. The Company also has a budgetary control system to monitor expenditure against approved budgets on an ongoing basis.

The Company has the internal control department which is headed by internal auditor. Internal auditor looks into the matter of statutory compliance,

CAUTIONARY STATEMENT

Statement made in the Management Discussion and Analysis describing the various parts may be “forward looking statement” within the meaning of application securities laws and regulations. The actual result may differ from those expectations depending upon the economic conditions, changes in Govt. Regulation and amendments in tax laws and other internal and external factors.

Annual Report 2017-18 49

Corporate Governance Report

1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE:

The corporate governance philosophy of your Company ensures transparency in all dealings and in the functioning of the management and the Board. These policies seek to focus on enhancement of long-term shareholder value without compromising on integrity, social obligations and regulatory compliances. The Company operates within accepted standards of propriety, fair play and justice and aims at creating a culture of openness in relationships between itself and its stakeholders. It has set up a system which enables all its employees to voice their concerns openly and without any fear or inhibition. In quest for this goal, the Policies of the Company are intended to reinforce the capacity of the Board of Directors to oversee the administration and to upgrade long haul shareholder esteem. Everything is done to upgrade shareholders value in totality.

Great Corporate Governance alludes to a framework that involves transparency, reasonableness, responsibility and trustworthiness. The Company is focused on straightforwardness in every one of its dealings and spots uncompromising accentuation on respectability and administrative consistence. It is about trust and relationship. Your company has been improving in Corporate Governance since the foundation of the Company. Corporate Governance is about to keep up great association with stakeholders, creation and support of trust with people associated with group be it shareholders, regulators, representatives, employees, suppliers, clients, fi nanciers and the general public at large. Satisfactory and convenient information is basic to responsibility.

2. BOARD OF DIRECTORS

(a) Composition and Category of Directors:

The Board of your company has an optimum combination of Executive, Non-executive, Independent Non-executive and Woman Directors with conformity of Regulation 17 of SEBI (LODR) Regulation 2015 as well as the companies Act, 2013 read with rule framed thereunder, to maintain the independence of board and separate its functions of management and governance in transparent manner.

None of the Directors on the Board is a member of more than ten Committees or Chairman of fi ve Committees (committees being Audit Committee and Stakeholders Relationship Committee as per Regulation 26(1) of the Listing Regulations) across all the Public Companies in which he / she is a Director. The necessary disclosures regarding their Committee positions have been made by all the Directors.

The composition of the Board of Directors of the Company as on 31st March, 2018 is as follows:

Sr. No.	Name of the Director	Category
1.	Mr. Ghanshyambhai A. Thakkar	Executive Director / Promoter(Chairman)
2.	Mr. Krupeshbhai G. Thakkar	Executive Director / Promoter (Managing Director)
3.	Mr. Kaushikbhai J. Thakkar	Executive Director
4.	Mr. Shankar Prasad Bhagat	Independent Non- Executive Director
5.	Mr. Rohitbhai B. Thakkar	Independent Non- Executive Director
6.	Mrs. Jingle Thakkar	Independent Non- Executive Director / Woman Director

As per the declarations received from the Directors, none of the Directors is disqualifi ed under Section 164 of the Companies Act, 2013. During the year under review, none of the Directors of the Company has resigned from the Board.

(b) Details of attendance of each Director at Board Meetings and at the last year’s Annual General Meeting with particulars of their other Directorships and Chairman / Membership of Board Committees as on 31st March, 2018 are given in the following table:

The composition of the Board of Directors and their attendance at the board meetings and at the last Annual General Meeting and also the number of other Boards or Committees in which the directors are holding the position of member / chairperson is as follows:

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Corporate Governance Report (Contd.)

Sr. No.	Name of the Director	Category	No. of Board meetings attended	Directorship in Companies including this Company	Directorship in Companies including this Company	Committee position in Companies including this *Company ()**	Committee position in Companies including this *Company ()**	Attendance at last AGM
				As Chairman	As Member	As Chairman	As Member
1	Mr. Ghanshyambhai A. Thakkar	Chairman (Executive Director and Promoter)	5	1	--	---	1	Yes
2	Mr. Krupeshbhai G. Thakkar (#)	Managing Director (Executive Director and Promoter)	5	--	4	--	1	Yes
3	Mr. Kaushikbhai J. Thakkar	Executive Director	5	--	1	--	1	Yes
4	Mr. Shankar Prasad Bhagat	Non-Executive and Independent Director	5	--	4	3	4	Yes
5	Mr. Rohitbhai B. Thakkar	Non Executive and Independent Director	5	--	1	--	1	Yes
6	Mrs. Jingle Thakkar	Non Executive and Independent Director	5	--	1	--	1	Yes

(#) The directorship of Krupeshbhai Thakkar covers the directorship in one Listed Company, two Private Companies and one Section 8 Company.
(*) This includes only membership / chairmanship in Audit Committee and Stakeholders Relationship Committee of all Public Limited Company excludes private limited companies, foreign companies, companies registered under Section 8 of the Companies Act, 2013.
(c) Number of board meetings and dates on which held:

The Board met 5 (FIVE) times during the Financial Year 2017-18 and the time gap between two meetings is not more than 120 days. The Board Meetings were held on, (i) 29.04.2017(ii) 12.08.2017 (iii) 11.11.2017 (iv) 03.02.2018 and (v) 07.03.2018.

(d) Disclosure of Relationship between Directors Inter-se:

Mr. Ghanshyambhai A. Thakkar is father of Mr. Krupeshbhai G. Thakkar and none of the other Directors is having inter-se relationship.

(e) Familiarisation Programme and Web link where details of familiarisation programmes imparted to independent directors is disclosed:

In Compliance with Regulations 25(7) of the SEBI (LODR) Regulations, 2015, your Company has put the structure of familiarisation Programme for all its Independent Directors and also to new appointee on the Board, to inform about a brief background of the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business

model, operations of the Company, etc. Periodic presentations are made to the Board on business and performance of the Company.

The details of such familiarisation programmes for Independent Directors of the Company are posted on the website of the Company and it can be access by this link

https://www.rushil.com/CodesPoliciesPdf/ Familiarisation-Programme-for-IndependentDirectors.pdf

(f) Code of Conduct:

Your Company has framed Code of Conduct for board of directors which includes Code of Conduct for Independent Directors which suitably incorporates the duties of independent directors as laid down in the Companies Act, 2013 (“Act”) and senior management to provide guidance and help in recognising and dealing with ethical issues, provide mechanisms to report unethical conduct, and to help promote a culture of honesty.

In respect of fi nancial year 2017-18, all Board members and Senior Management personnel of the Company have affi rmed compliance with the

Annual Report 2017-18 51

Corporate Governance Report (Contd.)

code as applicable to them and a declaration to this effect signed by the CEO is mentioned at the end of Corporate Governance Report.

(g) Information supplied to the Board of Directors:

The dates of Board and Committee Meetings were communicated to the Directors and Committee members respectively well in advance in compliance with various provision of the law. Members were given agenda in details along with necessary documents and information in advance of each meeting of the Board and Committee(s) by e-mail as well as in meeting itself also except price sensitive information which was available in meeting only.

The Board periodically reviews compliance reports with respect to laws and regulations applicable to the Company. The Board has available complete information as enumerated in Part A of Schedule II of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as well as other information as required by them. The Board members may bring up any matter for consideration of the Board, in consultation with the Chairman. The Meetings of the Board and Committees are generally held at corporate offi ce of the Company.

(h) Independent Directors:

Your company, in the compliance with the provisions of section 149, 152, Schedule IV and other applicable provisions of the Companies Act, 2013 read with rules framed thereunder and the SEBI (LODR) Regulation, 2015, Mr. Shankar Prasad Bhagat, Rohitbhai B. Thakkar and Mrs. Jingle Thakkar, are Independent Directors of the Company and they are not liable to retire by rotation.

Independent Directors at the fi rst meeting of the Board held in this fi nancial year gave a declaration that he/she meets the criteria of Independence as required under Section 149 (7) of the Companies Act, 2013 read with the SEBI (LODR) Regulations, 2015.

Further the Independent Directors have confi rmed that they are not crossing limit of Chairmanship or membership holding in Audit Committee and Stakeholders’ Relationship Committee of other Companies as mentioned in Regulation 26 (1) of the SEBI (LODR) Regulations, 2015.

None of the Independent Directors of your Company serve as Independent Directors in more than 7 listed entities and in case they are whole-

time directors in any listed entity, then he / she does not serve as an Independent Director in more than 3 listed entities as per Regulation 25(1) of the SEBI (LODR) Regulations, 2015.

(i) Formal letter of appointment to the Independent Directors:

The Company has issued formal letter of appointment to all the Independent Directors on their appointment explaining inter-alia, their roles, responsibilities, code of conduct, functions and duties as directors of the Company. The terms and conditions of appointment of independent directors have been hosted on the website of the Company and can be accessed at https:// www.rushil.com/CodesPoliciesPdf/Terms-andconditions-for-appointment-of-IndependentDirector.pdf

(j) Separate Meeting of Independent Directors:

Pursuant to provision of Schedule IV of the Companies Act, 2013 read with Regulation 25 (3) of SEBI (LODR) Regulations, 2015, a separate meeting of Independent Directors was held on 12.08.2017 inter alia , to discuss:

a. appointment of the chairman of the meeting
b. the review of the performance of NonIndependent Directors and the board as a whole
c. the review of the performance of the chairperson Mr. Ghanshyambhai A. Thakkar by taking into account the views of all the executive directors and non executive directors;
d. the review and assess the quality, quantity and timeliness of flow of information between the Company management and the board that is necessary for the board to effectively and reasonably perform their duties.

All the Independent Directors were present in this meeting.

(k) Non-executive Directors’ compensation and disclosures:

Your Company has not paid any fees / compensation, to non-executive directors, including independent directors except sitting fees within limit as specifi ed under the Companies Act, 2013 read with Rule framed thereunder for board meeting attended by them. There was no any pecuniary relationship or transactions of Non-

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Corporate Governance Report (Contd.)

executive director’s vis-à-vis the Company. None of the Non-Executive Directors of the Company is holding shares or convertible instruments in the Company.

3. AUDIT COMMITTEE

In Compliance with the various provision of the Companies Act, 2013 read with Rules framed thereunder, the SEBI (LODR) Regulation, 2015 and other applicable law, your Company has constituted, (1) Audit committee (2) Nomination and Remuneration Committee (3) Stakeholders Relationship Committee (4) Corporate Social Responsibility Committee and other required Committees.

The minutes of Committee meetings are tabled at the next Board meetings for their review, consideration, noting and doing needful. The minutes of the proceedings of the Committee Meetings are captured in the same manner as the Board Meetings and in accordance with the provisions of the Companies Act, 2013 read with rules framed thereunder and as per Secretarial Standard - 1.

(a) Brief description of terms of references:

Your company has constituted a qualifi ed and independent Audit Committee in line with provisions of Section 177 of the Companies Act, 2013 read with rules framed thereunder and Regulation 18 of the SEBI (LODR) Regulations, 2015. As on 31st March, 2018, Audit Committee comprises four directors out of which three are Non-Executive Independent Director and one is Executive Director. Mr. Hasmukh K. Modi, Company Secretary acts as a secretary to the Audit Committee.

Role and Term of reference:

The Role and terms of reference of the Audit Committee are in compliance with the provision of Section 177 of the Companies Act, 2013 read with the Rules framed there under and SEBI (LODR) Regulations, 2015.

The brief description of Role and terms of reference of Audit Committee is as under:

oversight of the listed entity’s fi nancial reporting process and the disclosure of its fi nancial information to ensure that the fi nancial statement is correct, suffi cient and credible;
recommendation for appointment, remuneration and terms of appointment of auditors of Company;
approval of payment to statutory auditors for any other services rendered by the statutory auditors;
reviewing, with the management, the annual fi nancial statements and auditor’s report thereon before submission to the board for approval, with particular reference to:
a) matters required to be included in the director’s responsibility statement to be included in the board’s report in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013;
b) changes, if any, in accounting policies and practices and reasons for the same;
c) major accounting entries involving estimates based on the exercise of judgment by management;
d) signifi cant adjustments made in the fi nancial statements arising out of audit fi ndings;
e) compliance with listing and other legal requirements relating to fi nancial statements;
f) disclosure of any related party transactions;
g) modifi ed opinion(s) in the draft audit report;
reviewing, with the management, the quarterly fi nancial statements before submission to the board for approval;
reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilised for purposes other than those stated in the offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the board to take up steps in this matter;

Annual Report 2017-18 53

Corporate Governance Report (Contd.)

reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process;
approval or any subsequent modifi cation of transactions of the listed entity with related parties;
scrutiny of inter-corporate loans and investments;
valuation of undertakings or assets of the listed entity, wherever it is necessary;
evaluation of internal fi nancial controls and risk management systems;
reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffi ng and seniority of the offi cial heading the department, reporting structure coverage and frequency of internal audit;
discussion with internal auditors of any signifi cant fi ndings and follow up there on;
reviewing the fi ndings 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;
discussion with statutory auditors before the audit commences, to ascertain any area of concern;
to look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;
to review the functioning of the whistle blower mechanism;
approval of appointment of chief fi nancial offi cer after assessing the qualifi cations, experience and background, etc. of the candidate;
The audit committee shall mandatorily review the following information:
1) management discussion and analysis of fi nancial condition and results of operations;
2) statement of signifi cant related party transactions (as defi ned by the audit committee), submitted by management;
3) management letters / letters of internal control weaknesses issued by the statutory auditors;
4) internal audit reports relating to internal control weaknesses;
5) the appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review by the audit committee.
6) statement of deviations:
- a. quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1).
- b. annual statement of funds utilised for purposes other than those stated in the offer document / prospectus / notice in terms of Regulation 32(7).
Carrying out any other function as may be statutorily required to be carried out by the Audit Committee.
Carrying out any other function as may be referred to the Committee by the Board.

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(b) The details about the composition of the Committee, Name of chairperson & Members and attendance at the meetings are as under:

The Audit Committee met 4 (four) times during the Financial Year 2017-18 and the time gap between two meetings is not more than 120 days. The Meetings were held on, (i) 29.04.2017 (ii) 12.08.2017 (iii) 11.11.2017 and (iv) 03.02.2018.

Name of the Director	Designation	Nature of Directorship	Audit Committee Meeting details	Audit Committee Meeting details
			Held	Attended
Mr. Shankar Prasad Bhagat	Chairman	Non-Executive / Independent Director	4	4
Mr. Kaushikbhai J. Thakkar	Member	Executive Director	4	4
Mrs. Jingle Thakkar	Member	Non-Executive / Independent Director	4	4
Mr. Rohitbhai B. Thakkar	Member	Non-Executive / Independent Director	4	4

All the members of the committee are wellversed in matters relating to fi nance, accounts and general management practices. Mr. Shankar Prasad Bhagat, Chairman of the Audit Committee is a Chartered Accountant and he was present at the Annual General Meeting of the Company held on 23rd day of September, 2017. The CEO, CFO, and the Statutory Auditors regularly attend the meeting of the Audit Committee as permanent invitees. Other invitees are invited on need basis to brief the Audit Committee on important matters.

4. NOMINATION AND REMUNERATION COMMITTEE:

(a) Brief description of terms of reference:

Your company has framed qualifi ed Nomination and Remuneration Committee as per the requirements of Section 178 of the Companies Act, 2013 read with Rules framed thereunder and Regulation 19 of the SEBI (LODR) Regulations 2015.

Nomination and Remuneration Committee, as on 31st March, 2018, comprises 4 (Four) directors out of which 3 (Three) are Non-Executive Independent Director and one is Whole Time Director & Chairman of the Company. Mr. Hasmukh K. Modi, Company Secretary acts as a secretary to the Committee.

Terms of reference

The terms of reference of the Nomination and Remuneration Committee inter alia , includes the following:

To formulate and review the criteria for determining qualifi cations, positive attributes and independence of a director;
To recommend to the Board a policy, relating to the remuneration of the directors, key managerial personnel and other employees and to ensure compliance with the remuneration policy set forth by the Company;
To formulate criteria for evaluation of Independent Directors and the Board;
To devise a policy on Board diversity;
To report on the systems and on the amount of the annual remuneration of directors and senior management.
To carry out such other works as may be defi ned by the board of directors under the framework of the SEBI (LODR) Regulations, 2015 and Companies Act, 2013, as amended from time to time.
To perform such other functions as may be necessary or appropriate for the performance of its duties.
(b) The details about the composition of the Committee, Name of chairperson & Members and attendance at the meetings are as under:

The Nomination and Remuneration Committee met 1(one) time during the Financial Year 201718. The Meeting was held on 29.04.2017.

Mr. Shankar Prasad Bhagat, Chairman of the Nomination and Remuneration Committee was present at the Annual General Meeting of the Company held on 23rd day of September, 2017.

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Corporate Governance Report (Contd.)

The details of the composition of the Committee, Name of chairperson & Members and attendance at the meetings are as under:

as under:
Name of the Director	Designation	Nature of Directorship	Meeting details
			Held	Attended
Mr. Shankar Prasad Bhagat	Chairman	Non-Executive / Independent Director	1	1
Mr. Rohitbhai B. Thakkar	Member	Non-Executive / Independent Director	1	1
Mrs. Jingle Thakkar	Member	Non-Executive / Independent Director	1	1
Mr. Ghanshyambhai A. Thakkar	Member	Whole Time director & Chairman of the Company	1	1

(c) Performance Evaluation Criteria for Independent Directors:

As per the Nomination and Remuneration Policy of the Company, the performance evaluation of independent directors is carried out on the basis of prescribed criteria including participation and contribution by a director in the meeting, commitment, effective deployment of knowledge and expertise, effective management of relationship with stakeholders, integrity and maintenance of confi dentiality, willingness to devote suffi cient time to carry out the duties and responsibilities effectively including attendance at meetings, act in the best interest of minority shareholders of the Company etc.

(d) Nomination and Remuneration Policy of the Company

The Nomination and Remuneration Policy formulated and recommended by the Nomination and Remuneration Committee is duly approved by the Board of Directors of the Company. The Nomination and Remuneration committee has formulated the criteria for appointment and remuneration including determination of qualifi cations, positive attributes, independence of Directors and other matters as provided under sub-section (3) of Section 178 of the Companies Act, 2013. The remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration Policy of your Company.

Company’s policy on directors’ appointment and remuneration including criteria for determining qualifi cations, positive attributes, independence of a director and other matters as provided under sub-section (3) of section 178 is available on the website of the Company with a web link https://www.rushil.com/CodesPoliciesPdf/ Remuneration-Policy-of-RDL.pdf

THE BRIEF ABOUT THE REMUNERATION POLICY OF THE COMPANY IS AS FOLLOWS:

1. APPLICABILITY:

The Policy is applicable to

Directors (Executive and Non-Executive)
Key Managerial Personnel
Senior Management Personnel

2. GENERAL ABOUT THE POLICY:

This Policy is divided in three parts:
Part – A covers the matters to be dealt with and recommended by the Committee to the Board,

Part – B covers the appointment; and

Part – C covers remuneration and perquisites etc.

PART – A

MATTERS TO BE DEALT WITH, PERUSED AND RECOMMENDED TO THE BOARD BY THE NOMINATION AND REMUNERATION COMMITTEE:

The Committee shall:

Formulate the criteria for determining qualifi cations, positive attributes and independence of a director.
Identify persons who are qualifi ed to become Director and persons who may be appointed in Key Managerial and Senior Management positions in accordance with the criteria laid down.
Recommend to the Board, appointment and removal of Director, KMP and Senior Management Personnel.

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PART – B

POLICY FOR APPOINTMENT AND REMOVAL OF DIRECTOR, KMP AND SENIOR MANAGEMENT:

Appointment criteria and qualifi cations:
The Committee shall identify and ascertain the qualifi cation, expertise and experience of the person for appointment as Director, KMP or at Senior Management level and recommend to the Board his / her appointment.
A person should possess adequate qualifi cation, expertise and experience for the position he / she is considered for appointment. The Committee has discretion to decide whether qualifi cation, expertise and experience possessed by a person is suffi cient / satisfactory for the concerned position.
The Company shall not appoint or continue the employment of any person as Whole time Director who has attained the age of seventy years. Provided that the term of the person holding this position may be extended beyond the age of seventy years with the approval of shareholders by passing a special resolution based on the explanatory statement annexed to the notice for such motion indicating the justifi cation for extension of appointment beyond seventy years.
Term / Tenure:
Managing Director / Whole-time Director:

The Company shall appoint or reappoint any person as Managing Director or Executive Director for a term not exceeding fi ve years at a time. No reappointment shall be made earlier than one year before the expiry of term.

Independent Director:

An Independent Director shall hold offi ce for a term up to fi ve consecutive years on the Board of the Company and will be eligible for re-appointment on passing of a special resolution by the Company and disclosure of such appointment in the Board’s report.

but such Independent Director shall be eligible for appointment after expiry of three years of ceasing to become an Independent Director. Provided that an Independent Director shall not, during the said period of three years, be appointed in or be associated with the Company in any other capacity, either directly or indirectly.

At the time of appointment of Independent Director it should be ensured that number of Boards on which such Independent Director Serves is restricted to seven listed companies as an Independent Director and three listed companies as an Independent Director in case such person is serving as a Whole-time Director of a listed company.

• Evaluation:

The Committee may carry out evaluation of performance of every Director as per requirement under the Companies Act, 2013 read with rules framed thereunder on annual basis. It may also carry out evaluation of Senior Personnel at regular interval as per policy of the Company.

Removal:

Due to reasons for any disqualifi cation mentioned in the Companies Act, 2013, rules made thereunder or under any other applicable Act, rules and regulations, the Committee may recommend, to the Board with reasons recorded in writing, removal of a Director, KMP or Senior Management Personnel subject to the provisions and compliance of the said Act, rules and regulations.

Retirement:

•

The Director, KMP and Senior Management Personnel shall retire as per the applicable provisions of the Companies Act, 2013 and the prevailing policy of the Company, if any. The Board will have the discretion to retain the Director, KMP, Senior Management Personnel in the same position / remuneration or otherwise even after attaining the retirement age, for the benefi t of the Company.

No Independent Director shall hold offi ce for more than two consecutive terms,

Annual Report 2017-18 57

Corporate Governance Report (Contd.)

PART – C

POLICY RELATING TO THE REMUNERATION FOR THE WHOLE-TIME DIRECTOR, KMP AND SENIOR MANAGEMENT PERSONNEL

General:
The remuneration / compensation / commission etc. to the Wholetime Director, KMP and Senior Management Personnel will be determined by the Committee and recommended to the Board for approval. The remuneration / compensation / commission etc. shall be subject to the prior/post approval of the shareholders of the Company and Central Government, wherever required.
The remuneration and commission to be paid to the Whole-time Director shall be in accordance with the percentage / slabs / conditions laid down in the provisions of the Companies Act, 2013, and the rules made thereunder.
Increments to the existing remuneration / compensation structure may be recommended by the Committee to the Board which should be within the slabs approved by the Shareholders in the case of Whole-time Director.
Where any insurance is taken by the Company on behalf of its Director, Chief Executive Offi cer, Chief Financial Offi cer, the Company Secretary and any other employees for indemnifying them against any liability, the premium paid on such insurance shall not be treated as part of the remuneration payable to any such personnel. Provided that if such person is proved to be guilty, the premium paid on such insurance shall be treated as part of the remuneration.
Remuneration to Whole-time / Executive / Managing Director, KMP and Senior Management Personnel:
Fixed pay:

The Whole-time Director / KMP and Senior Management Personnel shall be eligible for a monthly remuneration as may be approved by the Board on the recommendation of the Committee. The break-up of the pay scale and quantum of perquisites including, employer’s contribution to P.F, pension scheme, medical expenses, club fees etc. shall be decided and approved by the Board on the recommendation of the Committee and approved by the shareholders and Central Government, wherever required.

Minimum Remuneration:

If, in any fi nancial year, the Company has no profi ts or its profi ts are inadequate, the Company shall pay remuneration to its Whole-time Director and Managing Director in accordance with the provisions of Schedule V of the Companies Act, 2013 and if it is not able to comply with such provisions, with the previous approval of the Central Government.

Provisions for excess remuneration:

If any Whole-time Director or Managing Director draws or receives, directly or indirectly by way of remuneration any such sums in excess of the limits prescribed under the Companies Act, 2013 or without the prior sanction of the Central Government, where required, he / she shall refund such sums to the Company and until such sum is refunded, hold it in trust for the Company. The Company shall not waive recovery of such sum refundable to it unless permitted by the Central Government.

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• Remuneration to Non- Executive / Independent Director:

1. Remuneration / Commission:

The remuneration / commission shall be fi xed as per the slabs and conditions mentioned in the Companies Act, 2013 and the rules made thereunder.

2. Sitting Fees:

The Non- Executive / Independent Director may receive remuneration by way of fees for attending meetings of Board or Committee thereof. Provided that the amount of such fees, in any case, shall not exceed ` One lakh per meeting of the Board or Committee or such amount as may be prescribed by the Central Government from time to time. The Board has discretion to determine the sitting fees of Non- Executive / Independent Director but not more that the limit prescribed under the Companies Act, 2013 read with rules framed thereunder.

3. Commission:

Commission may be paid within the monetary limit approved by shareholders, subject to the limit as provided under the provisions of the Companies Act, 2013 read with rules framed thereunder.

Stock Options:

An Independent Director shall not be entitled to any stock option of the Company.

The Board may, upon recommendation of the Nomination and Remuneration Committee, amend or modify this Policy as and when deems necessary.

5. REMUNERATION TO DIRECTORS

(a) All pecuniary relationship or transactions with Non-executive director’s vis-à-vis the Company:

There was no any pecuniary relationship or transactions with Non-executive director’s vis-àvis the Company.

(b) Criteria for Making payment to non-executive directors:

Criteria for making payment to non-executive director is available on the website of Company with a weblink https:// www.rushil.com/CodesPoliciesPdf/criteria-of-making-payments-to-non-executive-directors.pdf

(c) Disclosure with respect to remuneration :

The detail of remuneration and sitting fees paid to the directors during the fi nancial year 2017-18 is as under:

The detail of remuneration and sitting fees paid to the directors during the f nancial year 2017-18 is as under:	The detail of remuneration and sitting fees paid to the directors during the f nancial year 2017-18 is as under:	The detail of remuneration and sitting fees paid to the directors during the f nancial year 2017-18 is as under:	The detail of remuneration and sitting fees paid to the directors during the f nancial year 2017-18 is as under:
(Amount in`)
Name	Salary, Perquisites and Allowances	Sitting Fess	Total
Mr. Ghanshyambhai A. Thakkar	1,05,69,278/-	--	1,05,69,278/-
Mr. Krupeshbhai G. Thakkar	1,05,58,679/-	--	1,05,58,679/-
Mr. Kaushikbhai J. Thakkar	4,79,784/-	--	4,79,784/-
Mr. Shankar Prasad Bhagat	--	25,000/-	25,000/-
Mr. Rohitbhai Bhailalbhai Thakkar	--	25,000/-	25,000/-
Mrs. Jingle Thakkar	--	25,000/-	25,000/-

Your Company is not paying anything to non-executive director except sitting fees for board meeting attended by them.

Directors are receiving only the fi xed component of remuneration. They are not receiving any performance linked incentives.

During the fi nancial year, 2017-18, the Company does not have any stock option scheme for its Directors or employees. Moreover, there is no separate provision for payment of severance fees to the Directors.

Annual Report 2017-18 59

Corporate Governance Report (Contd.)

6. STAKEHOLDERS RELATIONSHIP COMMITTEE:

In compliance with provisions of section 178(5) of the Companies Act, 2013 read with Rules framed thereunder and Regulation 20 of the SEBI (LODR) Regulations, 2015, Company has duly constituted Stakeholders Relationship Committee. This Committee is specifi cally established to consider and resolve the grievances of the security holders of the Company, including complaints related to transfer of shares, non-receipt of Annual Report, non-receipt of declared dividends, etc

As per Regulation 20(4) of the SEBI (LODR) Regulations, 2015, Role of the Stakeholders’ Relationship Committee is specifi ed under Part D of Schedule II of the SEBI (LODR) Regulations, 2015.

(a) Name of the Director heading the Committee:

Name of the Director	Designation	Nature of Directorship
Mr. Shankar Prasad Bhagat	Chairman	Non-Executive Independent Director
Mr. Ghanshyambhai A. Thakkar	Member	Whole Time director & chairman
Mr. Krupeshbhai G. Thakkar	Member	Managing Director

(b) Name and designation of Compliance Offi cer:

Mr. Hasmukh K. Modi, Company Secretary is the Compliance Offi cer for complying with the requirements of Securities laws and the Listing Regulations.

(c) Number of shareholders’ complaints received, number not solved to the satisfaction of shareholders and number of pending complaints:

During the Financial Year 2017-18, Company did not receive any complaint from any shareholder of the Company. Further, Company has not held any meeting during the Financial Year 2017-18. There is no complaint pending at the end of the Financial Year.

OTHER BOARD COMMITTEES

The Board has constituted following other Board committees besides the committees mentioned above:

1. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

Composition and Meeting

Company has constituted Corporate Social Responsibility (CSR) Committee, in compliance with the provision of section 135 of the Companies Act, 2013 read with Rules framed thereunder.

The CSR Committee met 1 (One) time during the Financial Year 2017-18 on 11.08.2017.

The composition of the CSR Committee as on 31st March, 2018 and the details of members’ participation at the respective meeting of the Committee are as under:

Name of the Director	Designation	Nature of Directorship	Meeting details	Meeting details
			Held	Attended
Mr. Ghanshyambhai A. Thakkar	Chairman	Whole Time Director & Chairman	1	1
Mr. Shankar Prasad Bhagat	Member	Non-Executive / Independent Director	1	1
Mr. Krupeshbhai G. Thakkar	Member	Managing Director	1	1

Terms of reference

The terms of reference of the CSR Committee are as under:

Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the Company as specifi ed in Schedule VII of the Companies Act, 2013;
Recommend the amount of expenditure to be incurred on the activities referred to in above clause;
Monitor the Corporate Social Responsibility Policy of the Company from time to time.
Adhere to Section 135 of the Companies Act, 2013 & Companies (Corporate Social Responsibility Policy) Rules, 2014 (including any statutory modifi cations, amendments or re-enactments thereto for the time being in force) and;
All other activities as informed or delegated by the Board of Directors from time to time

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7. GENERAL BODY MEETINGS:

(a) Location and time where last three AGMs were held, whether any special resolutions passed in the previous 3 AGMs:

Financial year ended	Date of AGM	Time	Location	No. of Special Resolution passed
31.03.2017	23.09.2017	03.00PM	At the Registered off ce of the Company at S. No. 125, Nr. Kalyanpura Patia, Gandhinagar Mansa Road, Village Itla, Tal. Kalol, Dist. Gandhinagar- 382845	2 (Two) (See Note:1)
31.03.2016	27.09.2016	03.00 PM		1 (One) (See Note:2)
31.03.2015	26.09.2015	03.00 PM		__

Note:1: In the Annual General Meeting held on 23.09.2017, 2 (Two) Special Resolutions were passed as follow:
1. Re-appointment and fi xing the remuneration of Ghanshyambhai A. Thakkar as Whole Time Director of the Company for a term of 5 (Five) years;
2. Increase in Borrowing limits up to 600 Cr (Rupees Six Hundred Crores Only) under Section 180(1)(c) of the Companies Act, 2013
Note:2: In the Annual General Meeting held on 27.09.2016, 1 (One) Special Resolution was passed as follow:
1. Re-appointment of Mr. Rohitbhai B. Thakkar as an Independent Director of the Company for a term of 5 (Five) years;
(b) Whether any special resolution passed last year through postal ballot – details of voting pattern: No special resolutions were passed during 2017-18 through postal ballot.
(c) Person who conducted the Postal Ballot exercise: N.A.
(d) Whether any special resolution is proposed to be conducted through postal ballot:

No any Special Resolution is proposed to be conducted through postal ballot

(e) Procedure for Postal Ballot: Procedure for Postal Ballot does not require.

8. MEANS OF COMMUNICATION

(a)	QUARTERLY RESULTS	The quarterly results are published in the newspapers and displayed on the Company’s website.
(b)	NEWSPAPERS WHEREIN RESULTS NORMALLY PUBLISHED	The Quarterly, Half Yearly Financial Results are generally published in Economic Times / Financial Express/Business Standard in English language & also in Guajarati language in Economic Times / Financial Express / Prabhat / Jai Hind.
(c)	COMPANY’S WEBSITE, WHERE DISPLAYED	The separate section named “INVESTORS RELATIONSHIP” in the Company’s websitewww.rushil.comis displaying required information in respect of interest of various stakeholders. The Annual Report for this f nancial year 2017-18 as well as Quarterly / Half Yearly Financial Results of the Companyis also available therein.
(d)	WHETHER IT ALSO DISPLAYS OFFICIAL NEWS RELEASES;	The Company’s off cial news releases and presentations made to the institutional investors and analysts, if any are also available on the Company’s website.
(e)	THE PRESENTATIONS MADE TO INSTITUTIONAL INVESTORS OR TO ANALYSTS

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Corporate Governance Report (Contd.)

9. GENERAL SHAREHOLDER INFORMATION

(a)	AGM: Date, Time and Venue	Saturday, 22nd day of September, 2018 at 11:30 A.M. at the Registered Off ce of the Company at S. No. 125, Nr. Kalyanpura Patia, Village Itla, Gandhinagar Mansa Road, Tal. Kalol, Dist. Gandhinagar – 382845, Gujarat, India.	Saturday, 22nd day of September, 2018 at 11:30 A.M. at the Registered Off ce of the Company at S. No. 125, Nr. Kalyanpura Patia, Village Itla, Gandhinagar Mansa Road, Tal. Kalol, Dist. Gandhinagar – 382845, Gujarat, India.	Saturday, 22nd day of September, 2018 at 11:30 A.M. at the Registered Off ce of the Company at S. No. 125, Nr. Kalyanpura Patia, Village Itla, Gandhinagar Mansa Road, Tal. Kalol, Dist. Gandhinagar – 382845, Gujarat, India.
(b)	Financial Year	Financial Year of the Company is from April 01 will be declared for the f nancial year 2018-19 a		to March 31 and f nancial results s per the following schedule:
		Particulars	:	Tentative and subject to change
		Quarterly Unaudited Results
		Quarter ending 30th June, 2018	:	On 11th August, 2018
		Quarter ending 30th September, 2018	:	On or before 14th November, 2018
		Quarter ending 31st December, 2018	:	On or before 14th February, 2019
		Fourth Quarter and Annual ending on 31st March, 2019	:	On or before 30th May, 2019
	Date of Book Closure	FromMonday, 17th day of September, 2018 to Saturday, 22nd day of September, 2018(both days inclusive)
(c)	Dividend Payment Date	Your Board has recommended a Final Dividend of`0.50 per share on equity<br>shares of face value of`10/-. This is subject to approval by shareholders at the ensuing Annual General Meeting. Final Dividend on equity shares as recommended by the Directors for the year ended 31st March, 2018, when approved at the Annual General Meeting, will be paid after the date of ensuing AGM but within the statutory time limit of 30 days from the date of AGM.
(d)	Name and address of stock exchanges at which the Company’s shares are listed & details of annual listing fee paid	(i) Bombay Stock Exchange Limited (BSE), Corporate off ce: Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400 001 and (ii) National Stock Exchange of India Limited (NSE), Corporate off ce: Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 Annual Listing Fees for the year 2018-19 have been paid by the Company to BSE and NSE.
	Demat ISIN Numbers in NSDL & CDSL	INE573K01017
(e)	Stock Code/Symbol	BSE Equity Script Code: 533470 NSE Equity Symbol: RUSHIL

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(F) MARKET PRICE DATA-HIGH, LOW DURING EACH MONTH IN LAST FINANCIAL YEAR:

The monthly high and low prices of the Company’s shares at BSE and NSE for the year ended 31st March, 2018 are as under:

|Month|BSE Limited(in**)**|**BSE Limited(in**)|National Stock Exchange of India Limited(in**)**|**National Stock Exchange of India Limited(in**)|
|---|---|---|---|---|
||High|Low|High|Low|
|April-17|713.80|541.00|714.00|518.00|
|May-17|780.95|696.25|781.90|682.00|
|June-17|827.80|732.05|828.90|747.45|
|July-17|853.40|759.90|853.00|758.05|
|August-17|864.70|753.05|835.00|750.00|
|September-17|1,074.75|777.95|1,075.00|780.10|
|October-17|1,145.85|844.00|1,145.00|900.10|
|November-17|1,190.00|882.00|1,195.00|885.05|
|December-17|975.90|730.00|975.95|801.10|
|January-18|1,085.75|882.70|1,080.75|896.00|
|February-18|1,059.95|852.30|1,060.00|850.00|
|March-18|949.90|764.00|910.00|775.00|

(g) Performance in comparison to board based indices such as BSE Sensex:

The monthly high and low prices of the Company’s shares at BSE along with BSE Sensex monthly closing for the year ended 31st March, 2018 are as under:

Month	Bombay Stock	Exchange (in`)	BSE SENSEX	BSE SENSEX
	High	Low	High	Low
April-17	713.80	541.00	30,184.22	29,241.48
May-17	780.95	696.25	31,255.28	29,804.12
June-17	827.80	732.05	31,522.87	30,680.66
July-17	853.40	759.90	32,672.66	31,017.11
August-17	864.70	753.05	32,686.48	31,128.02
September-17	1,074.75	777.95	32,524.11	31,081.83
October-17	1,145.85	844.00	33,340.17	31,440.48
November-17	1,190.00	882.00	33,865.95	32,683.59
December-17	975.90	730.00	34,137.97	32,565.16
January-18	1,085.75	882.70	36,443.98	33,703.37
February-18	1,059.95	852.30	36,256.83	33,482.81
March-18	949.90	764.00	34,278.63	32,483.84

(h) In case the securities are suspended from trading, the Directors Report shall explain the reason thereof: Not Applicable

(i) Registrar to an issue and share transfer agents:

Share Registrar and Transfer Agent

Bigshare Services Private Limited

Address: 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri(East),Mumbai, Maharashtra, 400059 Tel No.: 022- 62638200 Email: [email protected] Website: www.bigshareonline.com

Annual Report 2017-18 63

Corporate Governance Report (Contd.)

(j) Share Transfer System:

Trading in equity shares of the Company through recognised Stock Exchanges can be done only in dematerialised form. All equity shares except 5 (Five) equity shares of the Company are in electronic form. For transfer of physical shares, powers to approve share transfers and related requests have been delegated by Stakeholders Grievance Committee to concerned department of the Company for expeditious disposal of shareholders’ requests and complaints. It is system that Share transfers / transmission, if any, is taken up for approval and the transferred security is to be dispatched to the transferees within the stipulated time. Detail of transfers / transmission approved by the delegates is to be taken for noting by the Shareholders / Investors Grievance Committee at its next meeting.

(k) Distribution of Shareholding as on 31st March, 2018:

The distribution of shareholding of the Company as on 31st March, 2018 was as follows:

(i) By size of shareholding:

No. of Shares	No. of Shareholders	% of Total Shareholders	No. of Shares	% of Shareholding
01 to 5000	2903	96.96%	371576	2.52%
5001 to 10000	19	0.63%	147834	1.00%
10001 to 20000	19	0.63%	270070	1.84%
20001 to 30000	8	0.27%	189029	1.28%
30001 to 40000	5	0.17%	178351	1.21%
40001 to 50000	5	0.17%	226294	1.54%
50001 & 100000	8	0.27%	543262	3.69%
100001 & above	26	0.90%	12791044	86.91%
Total	2993	100.00	14717460	100.00

(ii) Pattern of Shareholding :

Sr. No.	Category	No. of Shares	% of total No. of shares
1	Promoters and Promoter Group	7891684	53.62
2	Public Shareholding:
	- Financial Institutions / Banks	3775	0.03
	- Foreign Institutional Investors (FII)	170167	1.16
	- Foreign Portfolio Investors	2093066	14.22
	- NBFCs registered with RBI	115	0.00
	- Bodies Corporate	2485472	16.89
	- Individuals – i. Holding nominal share capital upto`2 Lakhs	439902	2.98
	- Individuals – ii. Holding nominal share capital in excess of `2 Lakhs	846469	5.75
	- Clearing Member	357399	2.43
	- Non Resident Indians	111951	0.76
	- Other (i.e Family fund , a Partnership Firm)	317460	2.16
	Total	14717460	100

(l) Dematerialisation of shares:

Equity shares of the Company can be traded in dematerialised form only. The Company has established connectivity with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) through its Registrars & Share Transfer Agents Bigshare Services Private Limited.

64 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Corporate Governance Report (Contd.)

Break up of shares in physical and demat form as on 31st March, 2018:

Sr. No.	Particulars	No. of Shares	% of Shares
1	Demat Segment:
	NSDL	11845707	80.49
	CDSL	2871748	19.51
2.	Physical:	5	0
	Total:	14717460	100.00

(m) Outstanding GDRS / ADRS / Warrants or any Convertible Instruments, conversion date and likely impact on equity: NIL

(n) Commodity price risk or foreign exchange risk and hedging activities:

In order to manage the Company’s Foreign Exchange exposure towards exports, imports and foreign currency liabilities, the board in every quarter discusses about the foreign exchange exposure and takes appropriate actions to control the Foreign Exchange Risk. For managing the foreign exchange risk, the Company hedges on regular basis the net outstanding of foreign currency exposures to mitigate the foreign currency risk.

In the Financial Year 2017-18, the Company hedged the Foreign Exchange by taking Plain Vanilla option, forward contract and other similar options to mitigate adverse movement of foreign currency, if required. The unhedged foreign currency exposure has a natural hedge. Thus, Company is reducing the majority of foreign exchange risk by proper planning.

Company has not any direct impact of Commodity price movement like major fluctuation of crude prices. However, it has an indirect impact on the Company since some of our chemical consumption is connected with crude prices and Company is taking required steps for that.

(o) Plant Locations:

Laminate Division

Sr No.	Unit	Address
1	Unit -RDL	608,GIDC Mansa,Dist. Gandhinagar,Gujarat.
2	Unit – MRPL	At Dholakuva Patia,Gandhinagar Mansa Road,Mansa,Dist. Gandhinagar
3	Unit – RHPL	S.No.125, Nr. Kalyanpura Patia, Gandhinagar Mansa Road, Village. Itla, Tal. Kalol, Gandhinagar.
MDF Board Division:
Sr No.	Unit	Address
1.	Unit – Karnataka	Plot No. 58, 59 & 60p, Amble Industrial Estate, Village Amble, Tal. & Dis. Chikmagalur State Karnataka.

Registered offi ce Address:

S. No. 125, Nr. Kalyanpura Patia, Village Itla, Gandhinagar Mansa Road, Tal. Kalol, Dist. Gandhinagar – 382845, Gujarat, India.

(p) Address for correspondence:

To contact Registrar & Transfer Agent for all matters relating to Shares, Dividends, Annual Reports	Bigshare Services Private Limited 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri (East), Mumbai, Maharashtra, 400059 Tel No.: 022- 62638200 Email:[email protected] Website:www.bigshareonline.com

Annual Report 2017-18 65

Corporate Governance Report (Contd.)

For any other General Matters or in case of any diffi culties / grievances including matters relating to Shares, Dividends, Annual Reports as above

Name of the Compliance Offi cer

10. OTHER DISCLOSURES

(a) Disclosures on materially signifi cant related party transactions that may have potential conflict with the interest of company at large:

During the fi nancial year 2017-18, there was no materially signifi cant related party transaction undertaken by the Company under Section 188 of the Companies Act, 2013, read with rules framed thereunder, Indian Accounting Standards (Ind AS 24) and Regulation 23 of SEBI (LODR) Regulations, 2015 that may have potential conflict with the interest of the Company at large. The Company has entered into some transactions with related parties as defi ned under Section 2(76) of the Companies Act, 2013, which were in the ordinary course of business and at arms’ length basis and the same were duly approved or reviewed by the Audit Committee.

The necessary disclosures regarding the transactions with related parties are given in the Notes to the fi nancial statements. Your Company has formulated a Policy on materiality of Related Party Transactions and also dealing with Related Party Transaction. It is posted on the website of the Company which can be accessed by the link https://www.rushil.com/CodesPoliciesPdf/ Policy-on-dealing-with-Related-PartlyTransaction.pdf.

(b) Details of non-compliance by the Company, penalties, and strictures imposed on the Company by Stock Exchange or the Board or any statutory authority, on any matter related to capital markets during the last three years :

There is no such non-compliance by the Company, penalties, and strictures imposed on the Company by Stock Exchange or the Board or any statutory authority, on any matter related to capital markets during the last three years.

Secretarial Department Rushil Decor Limited, Rushil House, Near Neelkanth Green Bungalow, Off. Sindhu Bhavan Road, Shilaj, Ahmedabad – 380 058 Email: [email protected] [email protected] Tel No.: 079- 61400400 Fax No.: 079- 61400401 Mr. Hasmukh K. Modi Company Secretary

However, SEBI passed an order on 12.05.2017 in Respect of an Inquiry initiated against the Company for Non-disclosure of Loan details in DRHP / RHP / Prospectus and SEBI levied a penalty of ` 7,00,000 /- (Rupees Seven Lakhs Only). Company has paid the penalty to SEBI.

(c) Whistle-blower policy and affi rmation that no personnel has been denied access to the Audit Committee:

Pursuant to the provision of the section 177 of the Companies Act, 2013 read with Rules framed thereunder and Regulation 22 of the SEBI (LODR) Regulation, 2015, Your company has established Vigil Mechanism / Whistle Blower Policy for their Directors and Employees to report concerns about unethical behaviour, actual or suspected fraud or violation of the Company’s Code of Conduct or ethics policy.

The details of establishment of such mechanism available on the website of the Company and it can be access by the following link: https://www. rushil.com/CodesPoliciesPdf/Whistle_Blower_ Policy.pdf

It is affi rmed that no personnel has been denied to access the Chairman of the Audit Committee.

(d) Details of compliance with mandatory requirements and adoption of the non-mandatory requirements:

The Company has complied with all applicable mandatory requirements as specifi ed in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The following non-mandatory requirements under Part E of Schedule II of the Listing Regulations to the extent they have been adopted are mentioned below:

66 Rushil Decor Limited

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Corporate Governance Report (Contd.)

The Company has separate posts of Chairperson, Managing Director and Chief Executive Offi cer.

(e) Web link where policy on dealing with Material Subsidiaries:

The Company does not have any subsidiary company; however Company has formulated a policy for determining material subsidiary and it is available on the web link https://www.rushil. com/CodesPoliciesPdf/Policy-for-determiningMaterial-Subsidiary.pdf.

(f) Web link where policy on dealing with related party transaction:

The Policy on dealing with related party transaction is disclosed on the website of the Company and can be accessed at https://www. rushil.com/CodesPoliciesPdf/Policy-on-dealingwith-Related-Partly-Transaction.pdf.

(g) Disclosure of commodity price risks and commodity hedging activities :

As stated earlier, Company does not have any direct impact of Commodity price movement like major fluctuation of crude prices. However, it has an indirect impact on the Company since some of our chemical consumption is connected with crude prices and Company is taking required steps for that.

(h) Non-compliance of any requirement of corporate governance report of sub-para (2) to (10) of Schedule V (c) of the Listing Regulations: NIL .
(i) The disclosure of compliance of regulation 17 to 27 and clauses (b) to (i) of sub regulation (2) of regulation 46

The Company has complied with all the mandatory requirements specifi ed in Regulations 17 to 27 and clauses (b) to (i) of sub–regulation (2) of Regulation 46 of the SEBI (LODR) Regulations, 2015.

(j) Disclosures with respect to demat suspense account/unclaimed suspense account:

The Company does not have any shares in the demat suspense account or unclaimed suspense account.

Particulars of Directors seeking appointment / re-appointment at the ensuing Annual General Meeting have been provided in the Notice of the Annual General Meeting.
Declaration by the CEO on Code of Conduct as required by Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

I Keyur M. Gajjar, Chief Executive Offi cer of the Company hereby declare that all the Board Members and Senior Management Personnel of the Company have affi rmed the compliance with the Company’s Code of Conduct for the year ended on 31st March, 2018.

Place: Ahmedabad [Keyur M. Gajjar] Date: 11th August, 2018 Chief Executive Offi cer

Annual Report 2017-18 67

Corporate Governance Compliance Certifi cate

To,

The Members of

Rushil Decor Limited

I have examined the compliance of Corporate Governance by Rushil Decor Limited (“the Company”) for the year ended on 31st March, 2018 as stipulated in SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

The compliance of conditions of Corporate Governance is the responsibility of the Management. My examination was limited to a review of procedures and implementations thereof adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the fi nancial statements of the Company.

In my opinion and to the best of my information and according to the explanations given to me, I certify that the Company has complied with the conditions of Corporate Governance as stipulated in SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as applicable to the Company.

I further state that such compliance is neither an assurance as to the future viability of the Company nor the effi ciency or effectiveness with which the management has conducted the affairs of the Company.

Place: Ahmedabad Date: 11th August, 2018

Mihika S. Jain Proprietor Company Secretary M. No.-ACS.: 35308 CP No.: 13304

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02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Independent Auditor’s Report ..................................	70
Balance Sheet .........................................................	76
Statement of Prof t and Loss ...................................	77
Cash Flow Statement ...............................................	78
Statement of Changes in Equity ...............................	79
Notes to the Financial Statements ...........................	81

Annual Report 2017-18 69

Independent Auditor’s Report

TO THE MEMBERS OF RUSHIL DECOR LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying Ind AS Financial Statements of M/s RUSHIL DECOR LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profi t and Loss, (including the statement of Other Comprehensive Income), the Statement of Cash flows, the Statement of Changes in Equity for the year then ended, and a summary of the signifi cant accounting policies and other explanatory information. (Herein after referred to as “Ind AS fi nancial statements”).

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 Ind AS Financial Statements that give a true and fair view of the fi nancial position, fi nancial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specifi ed under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal fi nancial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS 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 Ind AS Financial Statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit of the Ind AS fi nancial statements in accordance with the Standards on Auditing, as specifi ed 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 procedures to obtain audit evidence about the amounts and the disclosures in the Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal fi nancial control relevant to the Company’s preparation of the Ind AS Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 Ind AS Financial Statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion on the Ind AS Financial Statements.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 of affairs of the Company as at 31st March, 2018, and its Profi ts total comprehensive income, the changes in equity and its cash flows for the year ended on that date.

OTHER MATTER

The Comparative fi nancial information of the Company for the year ended 31st March, 17 and the transition date opening date opening balance sheet as at 1st April, 2016 included in these Ind AS fi nancial statements, are based on the previously issued statutory fi nancial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by us and our reports for the years ended 31st March, 2017 and 31st March, 2016 dated 29th April, 2017 and 21st May, 2016 respectively expressed an unmodifi ed opinion on those fi nancial statements, as adjusted for the differences in the accounting principles

70 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Independent Auditor’s Report (Contd.)

adopted by the Company on transition to the Ind AS, which have been audited by us.

Our opinion is not modifi ed in respect of these matters.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure-“A” a statement on the matters specifi ed in paragraphs 3 and 4 of the Order.
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 purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profi t and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid Ind AS Financial Statements comply with the Indian Accounting Standards specifi ed under Section 133 of the Act,
(e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualifi ed as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal fi nancial controls over fi nancial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B” and
(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 as amended, 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 fi nancial position in its Ind AS Financial Statements as referred to in Note no. 37 to the Ind AS Financial Statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

For Parikh & Majmudar Chartered Accountants FR No. 107525W

[C.A (Dr) Hiten M. Parikh] Partner Membership No. 040230

Place: Ahmedabad Date: 19th May, 2018

Annual Report 2017-18 71

Annexure A To the Independent Audit Report

REFERRED TO IN PARAGRAPH “REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENT OF OUR REPORT” OF EVEN DATE TO THE MEMBERS OF RUSHIL DECOR LIMITED:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fi xed assets.
(b) According to the information and explanations given to us, the fi xed assets are verifi ed in a phased manner by the management, during the year which, in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verifi cation.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) As explained to us, the inventories have been physically verifi ed by the management at reasonable intervals during the year. The discrepancies noticed on verifi cation between physical stocks and the books of accounts were not material.
(iii) The Company has not granted any loans secured or unsecured to Companies, fi rms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.(the Act).
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans given during the year.
(v) The Company has not accepted any deposits from the public.
(vi) As explained to us, the Central Government has not prescribed the maintenance of Cost records under sub section (1) of section 148 of the companies Act 2013.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income-tax, sales tax, value added tax, duty of customs, duty of excise, service tax, Goods & Service Tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees’ state insurance.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, value added tax, duty of customs, duty of excise, service tax, Goods & Service Tax, cess and other material statutory dues were in arrears as at 31st March, 2018 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no material dues of service tax, Goods & Service Tax and value added tax which have not been deposited with the appropriate authorities on account of any dispute, However, according to information and explanations given to us, the following dues of Income Tax, duties of Custom, Central Sales tax and Duty of Excise have not been deposited by the Company on account of Dispute:

Nature of Statues	Nature of Dues	Amount (In`) (Net of payments)	Period to which the amount relates	Forum where dispute ispending
Income Tax Act 1961 Income Tax Act 1961 Central Excise Act,1944 The Customs Act 1962 Central Sales Tax Act	Penalty Penalty Excise Duty, Interest& Penalty Custom Duty with Interest &Penalty Central Sales Tax	10,31,840/- 32,270/- 13,20,210/- 22,55,536/- with Interest 5,00,000/- Penalty 16,89,373/-	2013-14 2012-13 April, 2015 to Feb, 2016 2014-15 2013-14	CIT (A), 9, Ahmedabad CIT (A), 9, Ahmedabad Custom Excise & Service Tax Appellate Tribunal, Ahmedabad () Custom Excise & Service Tax Appellate Tribunal, Ahmedabad () Deputy Commissioner (Commercial Tax), Gandhinagar

72 Rushil Decor Limited

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Annexure A To the Independent Audit Report (Contd.)

(viii) According to information & explanations given to us, the Company has not defaulted in repayment of its dues to Banks or Financial institutions or Government. The Company does not have any borrowings from debenture holders.
(ix) According to the information & explanations given to us, the Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year under review. However, the term loans raised during the year has been applied for the purpose for which they were raised.
(x) According to the information and explanations given to us, no fraud by the Company or on the Company by its offi cers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act
(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has made preferential allotment of fully paid up equity shares during the year and the requirement of Section 42 of the Companies Act, 2013 have been complied with and the amount raised have been used for the purposes for which the funds were raised.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For Parikh & Majmudar Chartered Accountants FR No. 107525W

[C.A (Dr) Hiten M. Parikh] Partner Membership No. 040230

Place: Ahmedabad Date: 19th May, 2018

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the fi nancial statements as required by the applicable accounting standards.

Annual Report 2017-18 73

Annexure B To the Independent Auditor’s Report off Even Date on the Financial Statements of Rushil Decor Limited

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 (“THE ACT”)

We have audited the internal financial controls over financial reporting of M/s RUSHIL DECOR LIMITED (“the Company”) as of 31st March, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit

to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made

74 Rushil Decor Limited

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Annexure B To the Independent Audit Report (Contd.)

only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Parikh & Majmudar Chartered Accountants FR No. 107525W

[C.A (Dr) Hiten M. Parikh] Partner Membership No. 040230

Place: Ahmedabad Date: 19th May, 2018

Annual Report 2017-18 75

Balance Sheet 31st March, 2018

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

(Amount in `)

Particulars	Note No. As at 31st March, 2018 As at 31st March, 2017	Note No. As at 31st March, 2018 As at 31st March, 2017	Note No. As at 31st March, 2018 As at 31st March, 2017	As at 1st April, 2016
ASSETS Non - Current Assets Property, Plant and Equipment Capital work-in-progress Other Intangible assets Financial Assets (i) Investments (ii) Trade receivables (iii) Loans Other non-current assets Total Non - Current Assets	1 1 2 3 4 5 6		1,61,87,88,359 1,57,79,239 1,09,002 10,000 76,65,778 16,53,405 5,28,42,388 1,69,68,48,171	1,59,97,53,509 99,70,108 2,20,846 10,000 77,40,350 24,92,238 5,06,06,009 1,67,07,93,060


		1,94,17,18,803
		4,07,77,523
		11,36,414

		10,000
		1,85,08,010
		23,16,780
		23,52,65,212
		2,23,97,32,742
Current Assets Inventories Financial Assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than (ii) above (iv) Loans Other current assets Total Current Assets	7 8 9 10 11 12		61,80,36,151 47,79,67,598 1,97,17,854 4,69,00,533 - 10,42,45,562 1,26,68,67,698	61,13,72,473 40,82,96,692 1,83,92,825 4,45,03,247 - 9,40,84,046 1,17,66,49,283
		83,23,63,150

		48,32,44,722
		56,51,699
		4,23,41,548
		2,50,00,000
		14,00,73,213
		1,52,86,74,332
Total Assets :		3,76,84,07,074	2,96,37,15,869	2,84,74,42,343
EQUITY AND LIABILITIES Equity (a) Equity Share capital (b) Other Equity Total Equity	13 14		14,40,00,000 1,11,32,00,176 1,25,72,00,176	14,40,00,000 82,69,02,248 97,09,02,248

		14,71,74,600
		1,55,94,11,103
		1,70,65,85,703
LIABILITIES Non-Current Liabilities Financial Liabilities (i) Borrowings (ii) Other Financial Liabilities Provisions Deferred tax liabilities (Net) Other non-current liabilities Total Non - Current Liabilities	15 16 17 18 19		33,08,64,511 3,85,37,257 1,02,76,234 26,91,27,317 1,25,44,184 66,13,49,503	43,69,13,468 3,78,99,900 83,95,394 25,22,82,308 - 73,54,91,070


		38,86,43,225
		4,16,50,993
		1,12,44,231
		28,38,43,991
		1,34,88,561
		73,88,71,001
Current Liabilities Financial Liabilities (i) Borrowings (ii) Trade payables (iii) Other f nancial liabilities Other current liabilities Provisions Current Tax Liabilities (Net) Total Current Liabilities	20 21 22 23 24 25		45,70,27,215 40,73,20,469 14,24,12,545 2,56,37,387 1,27,68,574 - 1,04,51,66,190	46,90,51,628 50,80,98,956 13,94,51,890 1,06,27,800 1,09,70,155 28,48,596 1,14,10,49,025

		46,82,14,879
		63,75,41,692
		15,60,15,880
		1,82,09,488
		1,87,31,388
		2,42,37,043
		1,32,29,50,370
Total Equity and Liabilities :		3,76,84,07,074	2,96,37,15,869	2,84,74,42,343

The accompanying Notes 1 to 54 are integral part of these Financial Statements.

As per our separate report of even date attached. For Parikh & Majmudar For and on behalf of the Board of Directors, Rushil Decor Limited Chartered Accountants ( Firm Regn.No.107525W)

CA Dr. Hiten Parikh Partner Membership No.040230

Place: Ahmedabad Date: 19th May, 2018

[Ghanshyambhai A.Thakkar] Chairman DIN : 00208843

[V. S .Vora] Chief Financial Offi cer

[Krupeshbhai G. Thakkar] Managing Director DIN : 01059666

[H. K. Modi] Company Secretary

76 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Statement of Profi t and Loss for the year ended 31st March, 2018

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

Statement of Prof t and Loss for the year ended 31st March, 2018 RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)	Statement of Prof t and Loss for the year ended 31st March, 2018 RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)	Statement of Prof t and Loss for the year ended 31st March, 2018 RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)
(Amount in)<br>Sr.<br>No<br>Particulars<br>Note<br>No.<br>Year ended<br>31st March, 2018<br>Year ended<br>31st March, 2017<br>I<br>Revenue from Operations<br>26<br>3,50,97,57,249<br>3,32,10,85,670<br>II<br>Other Income<br>27<br>2,70,67,802<br>2,92,35,255<br>III<br>Total Income (I + II)<br>3,53,68,25,051<br>3,35,03,20,925<br>IV<br>Expenses:<br>Cost of Materials Consumed<br>28<br>1,89,63,08,560<br>1,69,29,13,171<br>Purchases of Stock-in-Trade<br>29<br>1,55,10,713<br>76,78,821<br>Changes in Inventories of Finished goods, Stock-in-Trade and Work-in-<br>progress<br>30<br>(10,32,37,753)<br>(2,25,47,970)<br>Excise duty<br>31<br>7,45,64,991<br>25,98,81,516<br>Employee Benef ts Expense<br>32<br>20,97,93,520<br>18,48,27,758<br>Finance Costs<br>33<br>8,70,23,507<br>10,37,10,454<br>Depreciation and Amortisation Expense<br>7,52,93,456<br>6,89,22,864<br>Other Expenses<br>34<br>85,19,44,099<br>71,69,61,937<br>Total Expenses (IV)<br>3,10,72,01,093<br>3,01,23,48,551<br>V<br>Prof t before tax ( III- IV )<br>42,96,23,958<br>33,79,72,374<br>VI<br>Tax expense :<br>35<br>(1)<br>Current Tax<br>10,51,00,000<br>7,22,32,087<br>(2)<br>Deferred Tax<br>1,47,16,674<br>1,68,45,009<br>Total Tax Expenses (VI)<br>11,98,16,674<br>8,90,77,096<br>VII<br>Prof t for the period (V -VI)<br>30,98,07,283<br>24,88,95,278<br>VIII Other Comprehensive Income<br>A (i) Items that will not be reclassif ed to prof t or loss<br>(16,91,616)<br>(39,31,598)<br>B (i) Items that will be reclassif ed to prof t or loss<br>-<br>-<br>(ii) Income tax relating to items that will be reclassif ed to prof t or loss<br>-<br>-<br>Total Other Comprehensive Income (VIII)<br>(16,91,616)<br>(39,31,598)<br>IX<br>Total Comprehensive Income for the period (VII + VIII) (Comprising<br>Prof t and Other Comprehensive Income for the period)<br>30,81,15,667<br>24,49,63,680<br>X<br>Earnings per equity share (Face Value of10/- each) Basic & Diluted 36 21.30 17.28
I Revenue from Operations 26 II Other Income 27 III Total Income (I + II)	3,50,97,57,249	3,32,10,85,670 2,92,35,255 3,35,03,20,925
	2,70,67,802
	3,53,68,25,051
IV Expenses: Cost of Materials Consumed 28 Purchases of Stock-in-Trade 29 Changes in Inventories of Finished goods, Stock-in-Trade and Work-in- progress 30 Excise duty 31 Employee Benef ts Expense 32 Finance Costs 33 Depreciation and Amortisation Expense Other Expenses 34 Total Expenses (IV)		1,69,29,13,171 76,78,821 (2,25,47,970) 25,98,81,516 18,48,27,758 10,37,10,454 6,89,22,864 71,69,61,937 3,01,23,48,551
	1,89,63,08,560
	1,55,10,713
	(10,32,37,753)
	7,45,64,991
	20,97,93,520
	8,70,23,507
	7,52,93,456
	85,19,44,099
	3,10,72,01,093
V Prof t before tax ( III- IV ) VI Tax expense : 35 (1) Current Tax (2) Deferred Tax Total Tax Expenses (VI)	42,96,23,958	33,79,72,374 7,22,32,087 1,68,45,009 8,90,77,096

	10,51,00,000
	1,47,16,674
	11,98,16,674
VII Prof t for the period (V -VI) VIII Other Comprehensive Income A (i) Items that will not be reclassif ed to prof t or loss B (i) Items that will be reclassif ed to prof t or loss (ii) Income tax relating to items that will be reclassif ed to prof t or loss Total Other Comprehensive Income (VIII)	30,98,07,283	24,88,95,278 (39,31,598) - - (39,31,598)

	(16,91,616)
	-
	-
	(16,91,616)
IX Total Comprehensive Income for the period (VII + VIII) (Comprising Prof t and Other Comprehensive Income for the period) X Earnings per equity share (Face Value of`10/- each) Basic & Diluted 36	30,81,15,667	24,49,63,680 17.28

	21.30

The accompanying Notes 1 to 54 are integral part of these Financial Statements.

As per our separate report of even date attached. For Parikh & Majmudar Chartered Accountants ( Firm Regn.No.107525W)

CA Dr. Hiten Parikh Partner Membership No.040230

Place: Ahmedabad Date: 19th May, 2018

For and on behalf of the Board of Directors, Rushil Decor Limited

[Ghanshyambhai A.Thakkar] [Krupeshbhai G. Thakkar] Chairman Managing Director DIN : 00208843 DIN : 01059666

[V. S .Vora] Chief Financial Offi cer

[H. K. Modi] Company Secretary

Annual Report 2017-18 77

Cash Flow Statement for the year ended 31st March, 2018

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

Cash Flow Statement for the year ended 31st March, 2018 RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)	Cash Flow Statement for the year ended 31st March, 2018 RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)
		(Amount in`)
Particulars		31st March, 2018 31st March, 2017
(A) (B) (C)	CASH FLOW FROM OPERATING ACTIVITIES Prof t before tax Adjustments for Re-measurement gain/(loss) on def ned benef t plans Depreciation and amortisation expense Interest and Finance cost (Prof t)/Loss on disposal of Property, Plant and Equipment Total		33,79,72,374 (39,31,598) 6,89,22,864 10,37,10,454 85,128 16,87,86,848
		42,96,23,958

		(16,91,616)
		7,52,93,456
		8,70,23,507
		61,075
		16,06,86,422
	Operating Prof t Before Working Capital Changes	59,03,10,380	50,67,59,222
	Adjustment for Change In: (Increase) / Decrease in Inventories (Increase) / Decrease in Trade Receivables (Increase) / Decrease in Financial Assets (Increase) / Decrease in Other Assets Increase / (Decrease) in Trade Payables Increase / (Decrease) in Financial Liabilities Increase / (Decrease) in Other Liabilities Increase / (Decrease) in Short Term Provisions Total Adjustment for Change		(66,63,678) (6,95,96,334) (21,02,666) (1,27,45,553) (10,07,78,486) 35,98,012 2,94,34,611 17,98,419 (15,70,55,675)
		(21,43,26,999)
		(1,61,19,356)
		19,20,81,303
		(21,82,50,476)
		23,02,21,222
		1,67,17,072
		(55,15,525)
		59,62,814
		(92,29,945)
	Total	58,10,80,435	34,97,03,547
	Direct Taxes Paid (Net of Refunds) Net Cash Generated From Operations	(8,08,62,957)	(7,47,33,024) 27,49,70,523
		50,02,17,478
	CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property, Plant and Equipment Sale of Property, Plant and Equipment Loans (Given) Changes in Non Current Assets Net Cash Generated From Investing Activities		(9,71,23,058) 33,82,928 - 5,44,212 (9,31,95,918)
		(42,52,71,358)
		9,60,688
		(2,50,00,000)
		(18,81,85,694)
		(63,74,96,364)
	CASH FLOW FROM FINANCING ACTIVITIES Money received against warrant Capital Reserve Issue of share capital Securities premium Increase / (Decrease) in Long term borrowings Increase / (Decrease) in Short term borrowings Interest and Finance cost Dividend Paid (Including Tax On Dividend) Net Cash Generated From Financing Activities		5,00,00,000 - - - (10,60,48,957) (1,20,24,413) (10,37,10,454) (86,65,752) (18,04,49,576)
		(5,00,00,000)
		-
		31,74,600
		19,68,25,200
		5,77,78,714
		1,11,87,665
		(8,70,23,507)
		(87,29,941)
		12,32,12,731
	Net Increase In Cash & Cash Equivalents	(1,40,66,155)	13,25,029
	Cash & Cash Equivalents At Opening Closing		1,83,92,825 1,97,17,854
		1,97,17,854
		56,51,699

As per our separate report of even date attached. For Parikh & Majmudar

For and on behalf of the Board of Directors, Rushil Decor Limited

Chartered Accountants ( Firm Regn.No.107525W)

CA Dr. Hiten Parikh

Partner Membership No.040230

Place: Ahmedabad Date: 19th May, 2018

[Ghanshyambhai A.Thakkar] Chairman DIN : 00208843 [V. S .Vora] Chief Financial Offi cer

[Krupeshbhai G. Thakkar] Managing Director DIN : 01059666 [H. K. Modi] Company Secretary

78 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Statement of Changes in Equity for the year ended 31st March, 2018

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

==> picture [442 x 662] intentionally omitted <==

----- Start of picture text -----

(Amount in ) 14,40,00,000 - 31,74,600 14,71,74,600 14,40,00,000 - 14,40,00,000 (Amount in) Total 1,11,32,00,176 14,99,99,800 19,68,25,200 (72,53,333) (14,76,608) (16,91,616) 30,98,07,283 1,55,94,11,103
Plans (35,08,496) - - (19,99,99,800) - - - (16,91,616) - (52,00,112)
Other Income
Defi ned Benefi t
Comprehensive
Remeasurements of
Retained Earnings 65,40,26,316 - - - (72,53,333) (14,76,608) - 30,98,07,283
General Reserve - - - - - - -
60,00,000 60,00,000 95,51,03,659
Money received against share warrants 5,00,00,000 14,99,99,800 - - - - - -
Reserve - - (19,99,99,800) - - - - -
Reserves and Surplus Amalgamation 33,00,000 33,00,000
Securities Premium Reserve - - 19,68,25,200 - - - -
- - - - - - -
Capital Redemption Reserve 50,000 40,33,32,356 50,000 60,01,57,556
EQUITY SHARE CAPITAL Particulars For the year ended 31st March, 2018 Balance as at 1st April 2017 Changes in equity share capital during the year Issued during the year Balance as at 31st March, 2018 For the year ended 31st March, 2017 Balance as at 1st April, 2016 Changes in equity share capital during the year - Balance as at 31st March, 2017 Reconciliation of Other Equity as at 31st March, 2018 Particulars Balance at the beginning of the reporting period Issued during the period Converted into Equity Shares Received against shares issued during the year Dividend on Equity Shares Tax on Dividend Adjustments as per Ind AS Profi t for the year Balance at the end of the reporting period
A) B ) OTHER EQUITY
----- End of picture text -----

Annual Report 2017-18 79

Statement of Changes in Equity for the year ended 31st March, 2018 (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

(Amount in`)	Other	Comprehensive	Reserves and Surplus Income	Money	Capital Securities received Remeasurements of	Redemption Premium Amalgamation against share General Retained Def ned Benef t	Particulars Total Reserve Reserve Reserve warrants Reserve Earnings Plans	Balance at the beginning of 50,000 40,33,32,356 33,00,000 - 60,00,000 41,37,96,790 4,23,102 82,69,02,248	the reporting period	Issued during the period - - - 5,00,00,000 - - - 5,00,00,000	Dividend on Equity Shares - - - - - (72,00,000) - (72,00,000)	Tax on Dividend - - - - - (14,65,752) - (14,65,752)	Adjustments as per Ind AS - - - - - - (39,31,598) (39,31,598)	Prof t for the year - - - - - 24,88,95,278 - 24,88,95,278	Balance at the end of the 50,000 40,33,32,356 33,00,000 5,00,00,000 60,00,000 65,40,26,316 (35,08,496) 1,11,32,00,176	reporting period	As per our separate report of even date attached.	ForParikh & Majmudar For and on behalf of the Board Directors, Rushil Decor Limited	Chartered Accountants	( Firm Regn.No.107525W)	CA Dr. Hiten Parikh [Ghanshyambhai A.Thakkar] [Krupeshbhai G. Thakkar]	Partner Chairman Managing Director	Membership No.040230 DIN :00208843 DIN :01059666	Place: Ahmedabad [V. S .Vora] [H. K. Modi]	Date: 19th May, 2018 Chief Financial Off cer Company Secretary

80 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

A. DISCLOSURE OF ACCOUNTING POLICIES

(a) Corporate Information :

The Company is a Public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on National Stock Exchange and Bombay Stock Exchange. The Company is primarily engaged in manufacturing and sale of Laminate Sheets, Medium Density Fibre Board, Prelaminated Medium Density Fibre Board boards, Polyvinyl Chloride Board, Particle Board. The Company presently has manufacturing facilities at Itla, Mansa and Dhodakua in (Gujarat) and Chikmangaluru (Karnataka).

(b) Basis of Preparation of Financial Statements :

The Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notifi ed under the Companies (Indian Accounting Standards) Rules, 2015. The Financial Statements up to year ended 31st March, 2017 were prepared in accordance with accounting standards notifi ed under the Company (Accounting Standards) Rules 2006 read with Rule 7(1) of the Companies (Accounts) Rules, 2014 and the provisions of the Companies Act, 2013 (hereinafter referred to as the ‘previous GAAP’).

These Financial Statements are the fi rst fi nancial statements of the Company under Ind AS - the transition date being 1st April, 2016. The information as to how the Company has adopted Ind AS and the impact thereof on Company’s fi nancial position, fi nancial performance and cash flows is presented in notes to fi nancial statements.

The fi nancial statements have been prepared under the historical cost basis, except for the Land which has been measured at fair value.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The Company’s management evaluates all recently issued or revised accounting standards on an ongoing basis.

The fi nancial statements are presented in Indian Rupees (‘INR’). Where changes are made in presentation, the comparative fi gures of the previous year are regrouped and re-arranged accordingly.

(c) Use of Estimates :

The preparation of fi nancial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the fi nancial statements and the results of operations during the reporting year end. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates.

(d) Property, Plant and Equipment :

i) Property, Plant and Equipment are stated at original cost (net of tax/ duty credit availed) less accumulated depreciation and impairment losses except freehold land which is carried at fair value. Cost includes cost of acquisition, construction and installation, taxes, duties, freight, other incidental expenses related to the acquisition, and pre-operative expenses including attributable borrowing costs incurred during pre-operational period.
ii) Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefi ts associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profi t and loss during the reporting period in which they are incurred.
iii) Assets which are not ready for their intended use on reporting date are carried as capital work-in-progress at cost, comprising direct cost and related incidental expenses.

Annual Report 2017-18 81

Notes to the Financial Statements (Contd.) RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

iv) On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment as at 1st April, 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment except Land which is measured at fair value.
v) The Company has exercised the option available to it under Rule 46A of the Companies (Accounting Standards) (Second Amendment) Rules, 2011 in respect of accounting for fluctuations in foreign exchange relating to “Long Term Foreign Currency Monetary Items”. On transition to Ind AS, aforesaid option is not available for loans availed after 1st April, 2016.
vi) Property, Plant and Equipment including continuous process plants are depreciated and/or amortised on the basis of their useful lives as notifi ed in Schedule II to the Companies Act, 2013. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
vii) Depreciation in respect of additions to assets has been charged on pro rata basis with reference to the period when the assets are ready for use. The provision for depreciation for multiple shifts has been made in respect of eligible assets on the basis of operation of respective units.
viii) An asset’s carrying amount is written down immediately on discontinuation to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in Profi t/ Loss on Sale and Discard of Fixed Assets.
ix) Useful lives of the Property, Plant and Equipment as notifi ed in Schedule II to the Companies Act, 2013 are as follows:

Buildings	- 3 to 60 years
Plant and Equipments	- 15 to 25 years
Furniture and Fixtures	- 10 years
Vehicles	- 8 to 10 years
Off ce Equipments	- 5 to 10 years

x) At each balance sheet date, the Company reviews the carrying amount of property, plant and equipment to determine whether there is any indication of impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment loss. The recoverable amount is higher of the net selling price and the value in use, determined by discounting the estimated future cash flows expected from the continuing use of the asset to their present value.

(e) Intangible Assets :

i) Intangible assets acquired by payment e.g. Computer Software are disclosed at cost less amortisation on a straight-line basis over its estimated useful life.
ii) Intangible assets are carried at cost, net of accumulated amortisation and impairment loss, if any.
iii) On transition to Ind AS, the Company has elected to continue with the carrying value of all of its intangible assets as at 1st April, 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of the intangible assets.
iv) Intangible assets are amortised on straightline method as follows: Computer Software - 5 years
v) At each balance sheet date, the Company reviews the carrying amount of intangible assets to determine whether there is any indication of impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment loss. The recoverable amount is higher of the net selling price and the value in use, determined by discounting the estimated future cash flows expected from the continuing use of the asset to their present value.

82 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

(f) Revenue Recognition :

i) Revenue comprises of all economic benefi ts that arise in the ordinary course of activities of the Company which result in increase in Equity, other than increases relating to contributions from equity participants. Revenue is recognised to the extent that it is probable that the economic benefi ts will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable.
ii) Sale of Goods: Revenue from sales of goods is recognised on transfer of signifi cant risks and rewards of ownership to the customers. Revenue shown in the Statement of Profi t and Loss are inclusive of Excise Duty upto 30th June, 2017 and the value of selfconsumption, but excludes inter-transfers, returns, trade discounts, cash discounts, value added tax, central sales tax and Goods and Service Tax. Excise Duty expense has been disclosed in Statement of Profi t and Loss as expenditure.
iii) Services: Revenue from Services are recognised as and when the services are rendered.
iv) Interest: Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.
(g) Employee Benefi ts :
i) Short-term employee benefi ts are recognised as an expense at the undiscounted amount in the Statement of Profi t and Loss of the year in which the related service is rendered.
ii) Post Employment and Retirement benefi ts in the form of Gratuity are considered as defi ned benefi t obligations and is provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at the date of the Balance Sheet. Every Employee who has completed fi ve years or more of service is entitled to Gratuity on terms not less favourable than the provisions of The Payment of Gratuity Act, 1972.
iii) The present value of the defi ned benefi t obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of reporting period on government bonds that have terms approximating to the terms of the related obligation.
iv) Employee benefi ts in the form of Provident Fund is considered as defi ned contribution plan and the contributions to Employees’ Provident Fund Organisation established under The Employees’ Provident Fund and Miscellaneous Provisions Act 1952 is charged to the Statement of Profi t and Loss of the year when the contributions to the respective funds are due. The Company pays provident fund contributions to publicly administered provident funds as per local regulations. The Company has no further payment obligations once the contributions have been paid.

(h) Valuation Of Inventories :

i) The cost of inventories have been computed to include all cost of purchases, cost of conversion and other related costs incurred in bringing the inventories to their present location and condition. The costs of Raw Materials, Stores and spare parts etc., consumed consist of purchase price including duties and taxes (other than those subsequently recoverable by the enterprise from the taxing authorities), freight inwards and other expenditure directly attributable to the procurement.
ii) Stock of Raw Materials are valued at cost and of those in transit and at port related to these items are valued at cost to date. Goods and materials in transit are valued at actual cost incurred upto the date of balance sheet. Material and supplies held for use in the production of inventories are not written down if the fi nished products in which they will be used are expected to be sold at or above cost.
iii) Stock of Stores and spare parts, and Power & Fuels are valued at cost; and of those in transit and at port related to these items are valued at cost.

Annual Report 2017-18 83

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

iv) Goods-in-process is valued at lower of cost or net realisable value.
v) Stock of Finished goods is valued at lower of cost or net realisable value.
vi) Stock-in-trade is valued at lower of cost or net realisable value.

(i) Cash Flow Statement :

i) Cash flows are reported using indirect method, whereby profi t before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flow from regular revenue generating, fi nancing and investing activities of the Company is segregated.
ii) Cash and cash equivalents in the balance sheet comprise cash at bank, cash/cheques in hand and short-term investments with an original maturity of three months or less.

(j) Financial Assets :

i) The Company classifi es its fi nancial assets as those to be measured subsequently at fair value (either through other comprehensive income, or through profi t or loss), and those to be measured at amortised cost.
ii) Trade receivables represent receivables for goods sold by the Company upto to the end of the fi nancial year. The amounts are generally unsecured and are usually received as per the terms of payment agreed with the customers. The amounts are presented as current assets where receivable is due within 12 months from the reporting date.
iii) Trade receivables are impaired using the lifetime expected credit loss model under simplifi ed approach. The Company uses a matrix to determine the impairment loss allowance based on its historically observed default rates over expected life of trade receivables and is adjusted for forward looking estimates. At every reporting date, the impairment loss allowance is determined and updated and the same is deducted from Trade Receivables with corresponding charge/credit to Profi t and Loss.
iv) A fi nancial asset is derecognised only when the Company has transferred the rights to receive cash flows from the fi nancial asset, or when it has transferred substantially all the risks and rewards of the asset, or when it has transferred the control of the asset.

(k) Financial Liabilities :

i) Borrowings are initially recognised and subsequently measured at amortised cost, net of transaction costs incurred. The transaction costs is amortised over the period of borrowings using the effective interest method in Capital Work in Progress upto the commencement of related Plant, Property and Equipment and subsequently under fi nance costs in profi t and loss account.
ii) Borrowings are removed from balance sheet when the obligation specifi ed in the contract is discharged, cancelled or expired.
iii) Borrowings are classifi ed as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
iv) Trade Payables represent liabilities for goods and services provided to the Company upto to the end of the fi nancial year. The amounts are unsecured and are usually paid as per the terms of payment agreed with the vendors. The amounts are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially and subsequently measured at amortised cost.
v) Financial assets and Financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
vi) Derivative fi nancial instruments are in the nature of Forward contracts. Forward contracts are executed to hedge the foreign exchange rate with respect to liabilities for goods and services in foreign currencies.

84 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.) RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

vii) Derivative fi nancial instruments are recognised initially and subsequently at fair value through mark to market valuation obtained from Forex Advisors. Gain or loss arising from the changes in fair value of derivatives are debited to the foreign exchange fluctuations in the statement of profi t and loss.

(l) Fair Value Measurement :

i) The Company measures fi nancial instruments such as derivatives at fair value at each balance sheet date.
ii) The Company also measures Land at fair value at each balance sheet date.
iii) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Company.
iv) The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
v) A fair value measurement of a nonfi nancial asset takes into account a market participant’s ability to generate economic benefi ts by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
vi) The Company uses valuation techniques that are appropriate in the circumstances and for which suffi cient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
vii) The assets and liabilities which has been measured at fair value are, Derivatives and Land.

(m) Foreign Currency Transactions :

i) The Company’s fi nancial statements are presented in Indian Rupees (‘INR’), which is also the Company’s functional currency.
ii) Foreign currency transactions are recorded on initial recognition in the functional currency, using the exchange rate at the date of the transaction. At each balance sheet date, foreign currency monetary items are reported using the closing exchange rate. Exchange differences that arise on settlement of monetary items or on reporting at each balance sheet date of the Company’s monetary items at the closing rate are recognised as income or expenses in the period in which they arise.
iii) Non-monetary items which are carried at historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction. Nonmonetary items measured at fair value in a foreign currency are translated using the exchange rate at the date when the fair value is determined.

(n) Borrowing Costs :

i) Borrowing costs are interest and other costs (including exchange differences relating to foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs) incurred in connection with the borrowing of funds.
ii) General and specifi c borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets during the period of time that is required to complete and prepare the asset for its intended use. A qualifying asset is one that takes necessarily substantial period of time to get ready for its intended use.
iii) All other borrowing costs are expensed in the period in which they are incurred.

Annual Report 2017-18 85

Notes to the Financial Statements (Contd.) RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

(o) Accounting For Taxes On Income :

i) Tax expenses comprise of current tax and deferred tax including applicable surcharge and cess.
ii) Current Income tax is computed using the tax effect accounting method, where taxes are accrued in the same period in which the related revenue and expenses arise. A provision is made for income tax annually, based on the tax liability computed, after considering tax allowances and exemptions. Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable.
iii) Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for fi nancial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profi ts against which the deductible temporary differences, and the carry forward unused tax credits and unused tax losses can be utilised.
iv) The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that suffi cient taxable profi t will be available to allow all or part of the deferred tax assets to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it is become probable that future taxable profi ts will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted at the reporting date.
v) Deferred tax is recognised in the statement of profi t and loss, except to the extent

that it relates to items recognised in other comprehensive income. As such, deferred tax is also recognised in other comprehensive income.

vi) Deferred Tax Assets and Deferred Tax Liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the Deferred Tax Assets and Deferred Tax Liabilities relate to taxes on income levied by same governing taxation laws.

(p) Provisions, Contingent Liabilities And Contingent Assets :

i) Provisions are made when (a) the Company has a present legal or constructive obligation as a result of past events; (b) it is probable that an outflow of resources embodying economic benefi ts will be required to settle the obligation; and (c) a reliable estimate is made of the amount of the obligation.
ii) Contingent liabilities are not provided for but are disclosed by way of Notes on Accounts. Contingent liabilities is disclosed in case of a present obligation from past events (a) when it is not probable that an outflow of resources will be required to settle the obligation; (b) when no reliable estimate is possible; (c) unless the probability of outflow of resources is remote.
iii) Contingent assets are not accounted but disclosed by way of Notes on Accounts where the inflow of economic benefi ts is probable.

(q) Current And Non-Current Classifi cation :

i) The Normal Operating Cycle for the Company has been assumed to be of twelve months for classifi cation of its various assets and liabilities into “Current” and “Non-Current”.
ii) The Company presents assets and liabilities in the balance sheet based on current and non-current classifi cation.
iii) An asset is current when it is (a) expected to be realised or intended to be sold or consumed in normal operating cycle; (b) held primarily for the purpose of trading; (c) expected to be realised within twelve months after the reporting period; (d) Cash and cash equivalent unless restricted from

86 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.) RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classifi ed as noncurrent.

iv) An liability is current when (a) it is expected to be settled in normal operating cycle; (b) it is held primarily for the purpose of trading; (c) it is due to be discharged within twelve months after the reporting period; (d) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities are classifi ed as non-current.

(r) Government Grants :

Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected remaining useful life of the related asset.

When the Company receives grants of nonmonetary assets, the asset and the grant are recorded at fair value amounts and released to profi t or loss over the expected useful life in a pattern of consumption of the benefi t of the underlying asset i.e. by equal annual instalments.

(s) Segment Reporting :

i) Operating Segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM). The CODM assesses the fi nancial performance and position of the Company and makes strategic decisions. The CODM consists of the Chairman, Managing Director, CEO and Chief Financial Offi cer.
ii) The Company’s operating businesses are organised and managed separately according to the nature of products, with each segment representing a strategic business unit that offers different products and serves different markets. The identifi able segments are Manufacturing and Sale of (a) Laminate Sheets (b) Medium Density Fibre Board (c) Polyvinyl Chloride Board and (d) Particle Board.
iii) The analysis of geographical segment is based on the geographical location of the customers. The geographical segments considered for disclosure are (a) Sales within India include sales to customers located within India; (b) Sales outside India include sales to customers located outside India.
iv) Common allocable costs are allocated to each segment according to the ratio of their respective turnover to the total turnover.
v) The Unallocated Segment includes general corporate income and expense items, which are not allocated to any business segment.

(t) Related Party Transactions :

i) A related party is a person or entity that is related to the reporting entity preparing its fi nancial statements
(a) A person or a close member of that person’s family is related to reporting entity if that person;
- (i) has control or joint control of the reporting entity;
- (ii) has signifi cant influence over the reporting entity; or
- (iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.
(b) An entity is related to a reporting entity if any of the following conditions applies;
- (i) the entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others);
- (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member);
- (iii) Both entities are joint ventures of the same third party;
- (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity;

Annual Report 2017-18 87

Notes to the Financial Statements (Contd.) RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

(v) The entity is a post-employment benefi t plan for the benefi t of employees of either the reporting entity or an entity related to the reporting entity;
(vi) The entity is controlled or jointly controlled by a person identifi ed in (a);
(vii) A person identifi ed in (a)
- (i) has signifi cant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity);
(viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity.
ii) A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

Compensation includes all employee benefi ts i.e. all forms of consideration paid, payable or provided by the entity, or on behalf of the entity, in exchange for services rendered to the entity. It also includes such consideration paid on behalf of a parent of the entity in respect of the entity.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.

iii) Disclosure of related party transactions as required by the accounting standard is furnished in the Notes on Financial Statements.

(u) Earnings Per Share :

i) Basic earnings per share are calculated by dividing the net profi t or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.
ii) For the purpose of calculating diluted earnings per share, the net profi t or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

(v) Expenses For Corporate Social Responsibility :

i) In case of CSR activities undertaken by the Company, if any expenditure of revenue nature is incurred or an irrevocable contribution is made to any agency to be spent by the latter on any of the activities mentioned in Schedule VII to the Companies Act, 2013, the same is charged as an expense to its Statement of Profi t and Loss.
ii) In case, the expenditure incurred by the Company is of such a nature which gives rise to an asset, such an asset is recognised where the Company retains the control of the asset and any future economic benefi t accrues to it. A liability incurred by entering into a contractual obligation is recognised to the extent to which CSR activity is completed during the year.

88 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

|(Amount in) **Particulars** **Freehold** **Land** **Leasehold** **Land** **Buildings** **Plant and** **Equipments** **Furniture** **and Fixtures** **Vehicles** **Computers** **Total**|(Amount in)
Particulars
Freehold
Land
Leasehold
Land
Buildings
Plant and
Equipments
Furniture
and Fixtures
Vehicles
Computers
Total|Cost of Assets
As at 1st April, 2016
17,85,00,000 5,25,00,000 43,89,23,466 1,18,50,40,594
65,14,117 4,39,86,126
34,77,787 1,90,89,42,090
Addition
-
-
2,85,56,339
3,97,75,655 1,68,26,503
51,59,898
14,08,905
9,17,27,300
Disposal / Adjustments
-
-
-
37,40,460
-
12,16,695
-
49,57,155
Transfer
-
-
-
20,03,525
-
-
-
20,03,525
As at 31st March, 2017
17,85,00,000 5,25,00,000 46,74,79,805 1,21,90,72,264 2,33,40,620 4,79,29,329
48,86,692
1,99,37,08,710
Addition
18,61,84,645
-
9,07,82,550
9,80,57,693 1,22,83,642 1,02,30,314
16,10,727
39,91,49,571
Disposal / Adjustments
-
-
-
-
-
21,43,457
-
21,43,457
Transfer
-
-
-
7,01,745
-
-
-
7,01,745
As at 31st March, 2018
36,46,84,645 5,25,00,000 55,82,62,355 1,31,64,28,212 3,56,24,262 5,60,16,186
64,97,419
2,39,00,13,079
Depreciation
As at 1st April, 2016
-
-
5,92,26,528
23,19,59,124
28,06,288 1,18,92,742
33,03,899
30,91,88,581
Charge for the year
-
-
1,43,59,344
4,72,95,734
14,88,785
54,88,530
1,22,602
6,87,54,995
Disposal / Adjustments
-
-
-
7,73,337
-
7,15,762
-
14,89,099
Transfer
-
-
-
15,34,126
-
-
-
15,34,126
As at 31st March, 2017
-
- 7,35,85,872
27,69,47,395
42,95,073 1,66,65,510
34,26,501
37,49,20,351
Charge for the period
-
-
1,50,15,937
4,97,78,639
29,43,241
65,01,705
6,92,346
7,49,31,868
Disposal / Adjustments
-
-
-
-
-
11,21,694
-
11,21,694
Transfer
-
-
-
4,36,249
-
-
-
4,36,249
As at 31st March, 2018
-
- 8,86,01,809
32,62,89,785
72,38,314 2,20,45,521
41,18,847
44,82,94,276
Net Block
As at 31st March, 2017
17,85,00,000 5,25,00,000 39,38,93,933
94,21,24,869 1,90,45,547 3,12,63,819
14,60,191 1,61,87,88,359
As at 31st March, 2018
36,46,84,645 5,25,00,000 46,96,60,546
99,01,38,427 2,83,85,948 3,39,70,665
23,78,572 1,94,17,18,803
CAPITAL WORK IN PROGRESS AND PRE-OPERATIVE EXPENSES:
(Amount in) **Particulars** **TOTAL**|**Cost of Assets** As at 1st April, 2016 **17,85,00,000 5,25,00,000 43,89,23,466 1,18,50,40,594** **65,14,117 4,39,86,126** **34,77,787 1,90,89,42,090** Addition - - 2,85,56,339 3,97,75,655 1,68,26,503 51,59,898 14,08,905 9,17,27,300 Disposal / Adjustments - - - 37,40,460 - 12,16,695 - 49,57,155 Transfer - - - 20,03,525 - - - 20,03,525 **As at 31st March, 2017** **17,85,00,000 5,25,00,000 46,74,79,805 1,21,90,72,264 2,33,40,620 4,79,29,329** **48,86,692** **1,99,37,08,710** Addition 18,61,84,645 - 9,07,82,550 9,80,57,693 1,22,83,642 1,02,30,314 16,10,727 39,91,49,571 Disposal / Adjustments - - - - - 21,43,457 - 21,43,457 Transfer - - - 7,01,745 - - - 7,01,745 **As at 31st March, 2018** **36,46,84,645 5,25,00,000 55,82,62,355 1,31,64,28,212 3,56,24,262 5,60,16,186** **64,97,419** **2,39,00,13,079** Depreciation As at 1st April, 2016 - - 5,92,26,528 23,19,59,124 28,06,288 1,18,92,742 33,03,899 30,91,88,581 Charge for the year - - 1,43,59,344 4,72,95,734 14,88,785 54,88,530 1,22,602 6,87,54,995 Disposal / Adjustments - - - 7,73,337 - 7,15,762 - 14,89,099 Transfer - - - 15,34,126 - - - 15,34,126 **As at 31st March, 2017** **-** **- 7,35,85,872** **27,69,47,395** **42,95,073 1,66,65,510** **34,26,501** **37,49,20,351** Charge for the period - - 1,50,15,937 4,97,78,639 29,43,241 65,01,705 6,92,346 7,49,31,868 Disposal / Adjustments - - - - - 11,21,694 - 11,21,694 Transfer - - - 4,36,249 - - - 4,36,249 **As at 31st March, 2018** **-** **- 8,86,01,809** **32,62,89,785** **72,38,314 2,20,45,521** **41,18,847** **44,82,94,276** Net Block **As at 31st March, 2017** **17,85,00,000 5,25,00,000 39,38,93,933** **94,21,24,869 1,90,45,547 3,12,63,819** **14,60,191 1,61,87,88,359** **As at 31st March, 2018** **36,46,84,645 5,25,00,000 46,96,60,546** **99,01,38,427 2,83,85,948 3,39,70,665** **23,78,572 1,94,17,18,803** **CAPITAL WORK IN PROGRESS AND PRE-OPERATIVE EXPENSES:** (Amount in)
Particulars
TOTAL|Cost of Assets
As at 1st April, 2016
17,85,00,000 5,25,00,000 43,89,23,466 1,18,50,40,594
65,14,117 4,39,86,126
34,77,787 1,90,89,42,090
Addition
-
-
2,85,56,339
3,97,75,655 1,68,26,503
51,59,898
14,08,905
9,17,27,300
Disposal / Adjustments
-
-
-
37,40,460
-
12,16,695
-
49,57,155
Transfer
-
-
-
20,03,525
-
-
-
20,03,525
As at 31st March, 2017
17,85,00,000 5,25,00,000 46,74,79,805 1,21,90,72,264 2,33,40,620 4,79,29,329
48,86,692
1,99,37,08,710
Addition
18,61,84,645
-
9,07,82,550
9,80,57,693 1,22,83,642 1,02,30,314
16,10,727
39,91,49,571
Disposal / Adjustments
-
-
-
-
-
21,43,457
-
21,43,457
Transfer
-
-
-
7,01,745
-
-
-
7,01,745
As at 31st March, 2018
36,46,84,645 5,25,00,000 55,82,62,355 1,31,64,28,212 3,56,24,262 5,60,16,186
64,97,419
2,39,00,13,079
Depreciation
As at 1st April, 2016
-
-
5,92,26,528
23,19,59,124
28,06,288 1,18,92,742
33,03,899
30,91,88,581
Charge for the year
-
-
1,43,59,344
4,72,95,734
14,88,785
54,88,530
1,22,602
6,87,54,995
Disposal / Adjustments
-
-
-
7,73,337
-
7,15,762
-
14,89,099
Transfer
-
-
-
15,34,126
-
-
-
15,34,126
As at 31st March, 2017
-
- 7,35,85,872
27,69,47,395
42,95,073 1,66,65,510
34,26,501
37,49,20,351
Charge for the period
-
-
1,50,15,937
4,97,78,639
29,43,241
65,01,705
6,92,346
7,49,31,868
Disposal / Adjustments
-
-
-
-
-
11,21,694
-
11,21,694
Transfer
-
-
-
4,36,249
-
-
-
4,36,249
As at 31st March, 2018
-
- 8,86,01,809
32,62,89,785
72,38,314 2,20,45,521
41,18,847
44,82,94,276
Net Block
As at 31st March, 2017
17,85,00,000 5,25,00,000 39,38,93,933
94,21,24,869 1,90,45,547 3,12,63,819
14,60,191 1,61,87,88,359
As at 31st March, 2018
36,46,84,645 5,25,00,000 46,96,60,546
99,01,38,427 2,83,85,948 3,39,70,665
23,78,572 1,94,17,18,803
CAPITAL WORK IN PROGRESS AND PRE-OPERATIVE EXPENSES:
(Amount in) **Particulars** **TOTAL**|**Cost of Assets** As at 1st April, 2016 **17,85,00,000 5,25,00,000 43,89,23,466 1,18,50,40,594** **65,14,117 4,39,86,126** **34,77,787 1,90,89,42,090** Addition - - 2,85,56,339 3,97,75,655 1,68,26,503 51,59,898 14,08,905 9,17,27,300 Disposal / Adjustments - - - 37,40,460 - 12,16,695 - 49,57,155 Transfer - - - 20,03,525 - - - 20,03,525 **As at 31st March, 2017** **17,85,00,000 5,25,00,000 46,74,79,805 1,21,90,72,264 2,33,40,620 4,79,29,329** **48,86,692** **1,99,37,08,710** Addition 18,61,84,645 - 9,07,82,550 9,80,57,693 1,22,83,642 1,02,30,314 16,10,727 39,91,49,571 Disposal / Adjustments - - - - - 21,43,457 - 21,43,457 Transfer - - - 7,01,745 - - - 7,01,745 **As at 31st March, 2018** **36,46,84,645 5,25,00,000 55,82,62,355 1,31,64,28,212 3,56,24,262 5,60,16,186** **64,97,419** **2,39,00,13,079** Depreciation As at 1st April, 2016 - - 5,92,26,528 23,19,59,124 28,06,288 1,18,92,742 33,03,899 30,91,88,581 Charge for the year - - 1,43,59,344 4,72,95,734 14,88,785 54,88,530 1,22,602 6,87,54,995 Disposal / Adjustments - - - 7,73,337 - 7,15,762 - 14,89,099 Transfer - - - 15,34,126 - - - 15,34,126 **As at 31st March, 2017** **-** **- 7,35,85,872** **27,69,47,395** **42,95,073 1,66,65,510** **34,26,501** **37,49,20,351** Charge for the period - - 1,50,15,937 4,97,78,639 29,43,241 65,01,705 6,92,346 7,49,31,868 Disposal / Adjustments - - - - - 11,21,694 - 11,21,694 Transfer - - - 4,36,249 - - - 4,36,249 **As at 31st March, 2018** **-** **- 8,86,01,809** **32,62,89,785** **72,38,314 2,20,45,521** **41,18,847** **44,82,94,276** Net Block **As at 31st March, 2017** **17,85,00,000 5,25,00,000 39,38,93,933** **94,21,24,869 1,90,45,547 3,12,63,819** **14,60,191 1,61,87,88,359** **As at 31st March, 2018** **36,46,84,645 5,25,00,000 46,96,60,546** **99,01,38,427 2,83,85,948 3,39,70,665** **23,78,572 1,94,17,18,803** **CAPITAL WORK IN PROGRESS AND PRE-OPERATIVE EXPENSES:** (Amount in)
Particulars
TOTAL|Cost of Assets
As at 1st April, 2016
17,85,00,000 5,25,00,000 43,89,23,466 1,18,50,40,594
65,14,117 4,39,86,126
34,77,787 1,90,89,42,090
Addition
-
-
2,85,56,339
3,97,75,655 1,68,26,503
51,59,898
14,08,905
9,17,27,300
Disposal / Adjustments
-
-
-
37,40,460
-
12,16,695
-
49,57,155
Transfer
-
-
-
20,03,525
-
-
-
20,03,525
As at 31st March, 2017
17,85,00,000 5,25,00,000 46,74,79,805 1,21,90,72,264 2,33,40,620 4,79,29,329
48,86,692
1,99,37,08,710
Addition
18,61,84,645
-
9,07,82,550
9,80,57,693 1,22,83,642 1,02,30,314
16,10,727
39,91,49,571
Disposal / Adjustments
-
-
-
-
-
21,43,457
-
21,43,457
Transfer
-
-
-
7,01,745
-
-
-
7,01,745
As at 31st March, 2018
36,46,84,645 5,25,00,000 55,82,62,355 1,31,64,28,212 3,56,24,262 5,60,16,186
64,97,419
2,39,00,13,079
Depreciation
As at 1st April, 2016
-
-
5,92,26,528
23,19,59,124
28,06,288 1,18,92,742
33,03,899
30,91,88,581
Charge for the year
-
-
1,43,59,344
4,72,95,734
14,88,785
54,88,530
1,22,602
6,87,54,995
Disposal / Adjustments
-
-
-
7,73,337
-
7,15,762
-
14,89,099
Transfer
-
-
-
15,34,126
-
-
-
15,34,126
As at 31st March, 2017
-
- 7,35,85,872
27,69,47,395
42,95,073 1,66,65,510
34,26,501
37,49,20,351
Charge for the period
-
-
1,50,15,937
4,97,78,639
29,43,241
65,01,705
6,92,346
7,49,31,868
Disposal / Adjustments
-
-
-
-
-
11,21,694
-
11,21,694
Transfer
-
-
-
4,36,249
-
-
-
4,36,249
As at 31st March, 2018
-
- 8,86,01,809
32,62,89,785
72,38,314 2,20,45,521
41,18,847
44,82,94,276
Net Block
As at 31st March, 2017
17,85,00,000 5,25,00,000 39,38,93,933
94,21,24,869 1,90,45,547 3,12,63,819
14,60,191 1,61,87,88,359
As at 31st March, 2018
36,46,84,645 5,25,00,000 46,96,60,546
99,01,38,427 2,83,85,948 3,39,70,665
23,78,572 1,94,17,18,803
CAPITAL WORK IN PROGRESS AND PRE-OPERATIVE EXPENSES:
(Amount in) **Particulars** **TOTAL**|**Cost of Assets** As at 1st April, 2016 **17,85,00,000 5,25,00,000 43,89,23,466 1,18,50,40,594** **65,14,117 4,39,86,126** **34,77,787 1,90,89,42,090** Addition - - 2,85,56,339 3,97,75,655 1,68,26,503 51,59,898 14,08,905 9,17,27,300 Disposal / Adjustments - - - 37,40,460 - 12,16,695 - 49,57,155 Transfer - - - 20,03,525 - - - 20,03,525 **As at 31st March, 2017** **17,85,00,000 5,25,00,000 46,74,79,805 1,21,90,72,264 2,33,40,620 4,79,29,329** **48,86,692** **1,99,37,08,710** Addition 18,61,84,645 - 9,07,82,550 9,80,57,693 1,22,83,642 1,02,30,314 16,10,727 39,91,49,571 Disposal / Adjustments - - - - - 21,43,457 - 21,43,457 Transfer - - - 7,01,745 - - - 7,01,745 **As at 31st March, 2018** **36,46,84,645 5,25,00,000 55,82,62,355 1,31,64,28,212 3,56,24,262 5,60,16,186** **64,97,419** **2,39,00,13,079** Depreciation As at 1st April, 2016 - - 5,92,26,528 23,19,59,124 28,06,288 1,18,92,742 33,03,899 30,91,88,581 Charge for the year - - 1,43,59,344 4,72,95,734 14,88,785 54,88,530 1,22,602 6,87,54,995 Disposal / Adjustments - - - 7,73,337 - 7,15,762 - 14,89,099 Transfer - - - 15,34,126 - - - 15,34,126 **As at 31st March, 2017** **-** **- 7,35,85,872** **27,69,47,395** **42,95,073 1,66,65,510** **34,26,501** **37,49,20,351** Charge for the period - - 1,50,15,937 4,97,78,639 29,43,241 65,01,705 6,92,346 7,49,31,868 Disposal / Adjustments - - - - - 11,21,694 - 11,21,694 Transfer - - - 4,36,249 - - - 4,36,249 **As at 31st March, 2018** **-** **- 8,86,01,809** **32,62,89,785** **72,38,314 2,20,45,521** **41,18,847** **44,82,94,276** Net Block **As at 31st March, 2017** **17,85,00,000 5,25,00,000 39,38,93,933** **94,21,24,869 1,90,45,547 3,12,63,819** **14,60,191 1,61,87,88,359** **As at 31st March, 2018** **36,46,84,645 5,25,00,000 46,96,60,546** **99,01,38,427 2,83,85,948 3,39,70,665** **23,78,572 1,94,17,18,803** **CAPITAL WORK IN PROGRESS AND PRE-OPERATIVE EXPENSES:** (Amount in)
Particulars
TOTAL|Cost of Assets
As at 1st April, 2016
17,85,00,000 5,25,00,000 43,89,23,466 1,18,50,40,594
65,14,117 4,39,86,126
34,77,787 1,90,89,42,090
Addition
-
-
2,85,56,339
3,97,75,655 1,68,26,503
51,59,898
14,08,905
9,17,27,300
Disposal / Adjustments
-
-
-
37,40,460
-
12,16,695
-
49,57,155
Transfer
-
-
-
20,03,525
-
-
-
20,03,525
As at 31st March, 2017
17,85,00,000 5,25,00,000 46,74,79,805 1,21,90,72,264 2,33,40,620 4,79,29,329
48,86,692
1,99,37,08,710
Addition
18,61,84,645
-
9,07,82,550
9,80,57,693 1,22,83,642 1,02,30,314
16,10,727
39,91,49,571
Disposal / Adjustments
-
-
-
-
-
21,43,457
-
21,43,457
Transfer
-
-
-
7,01,745
-
-
-
7,01,745
As at 31st March, 2018
36,46,84,645 5,25,00,000 55,82,62,355 1,31,64,28,212 3,56,24,262 5,60,16,186
64,97,419
2,39,00,13,079
Depreciation
As at 1st April, 2016
-
-
5,92,26,528
23,19,59,124
28,06,288 1,18,92,742
33,03,899
30,91,88,581
Charge for the year
-
-
1,43,59,344
4,72,95,734
14,88,785
54,88,530
1,22,602
6,87,54,995
Disposal / Adjustments
-
-
-
7,73,337
-
7,15,762
-
14,89,099
Transfer
-
-
-
15,34,126
-
-
-
15,34,126
As at 31st March, 2017
-
- 7,35,85,872
27,69,47,395
42,95,073 1,66,65,510
34,26,501
37,49,20,351
Charge for the period
-
-
1,50,15,937
4,97,78,639
29,43,241
65,01,705
6,92,346
7,49,31,868
Disposal / Adjustments
-
-
-
-
-
11,21,694
-
11,21,694
Transfer
-
-
-
4,36,249
-
-
-
4,36,249
As at 31st March, 2018
-
- 8,86,01,809
32,62,89,785
72,38,314 2,20,45,521
41,18,847
44,82,94,276
Net Block
As at 31st March, 2017
17,85,00,000 5,25,00,000 39,38,93,933
94,21,24,869 1,90,45,547 3,12,63,819
14,60,191 1,61,87,88,359
As at 31st March, 2018
36,46,84,645 5,25,00,000 46,96,60,546
99,01,38,427 2,83,85,948 3,39,70,665
23,78,572 1,94,17,18,803
CAPITAL WORK IN PROGRESS AND PRE-OPERATIVE EXPENSES:
(Amount in`)
Particulars
TOTAL|

|
|---|---|---|---|---|---|---|---|---|---|
||
Total|1,90,89,42,090|9,17,27,300
49,57,155
20,03,525
1,99,37,08,710|39,91,49,571
21,43,457
7,01,745
2,39,00,13,079|30,91,88,581
6,87,54,995
14,89,099
15,34,126
37,49,20,351
7,49,31,868
11,21,694
4,36,249
44,82,94,276|1,61,87,88,359|1,94,17,18,803|TOTAL|99,70,108
1,57,79,239
4,07,77,523|
||Computers|34,77,787|14,08,905
-
-
48,86,692|16,10,727
-
-
64,97,419|33,03,899
1,22,602
-
-
34,26,501
6,92,346
-
-
41,18,847|14,60,191|23,78,572|||
|||||||||Particulars|As at 1st April, 2016
As at 31st March, 2017
As at 31st March, 2018|
||Vehicles|4,39,86,126|51,59,898
12,16,695
-
4,79,29,329|1,02,30,314
21,43,457
-
5,60,16,186|1,18,92,742
54,88,530
7,15,762
-
1,66,65,510
65,01,705
11,21,694
-
2,20,45,521|3,12,63,819|3,39,70,665|||
||Furniture
and Fixtures|65,14,117|1,68,26,503
-
-
2,33,40,620|1,22,83,642
-
-
3,56,24,262|28,06,288
14,88,785
-
-
42,95,073
29,43,241
-
-
72,38,314|1,90,45,547|2,83,85,948|||
||Plant and
Equipments|1,18,50,40,594|3,97,75,655
37,40,460
20,03,525
1,21,90,72,264|9,80,57,693
-
7,01,745
1,31,64,28,212|23,19,59,124
4,72,95,734
7,73,337
15,34,126
27,69,47,395
4,97,78,639
-
4,36,249
32,62,89,785|94,21,24,869|99,01,38,427|||
||Buildings|43,89,23,466|2,85,56,339
-
-
46,74,79,805|9,07,82,550
-
-
55,82,62,355|5,92,26,528
1,43,59,344
-
-
7,35,85,872
1,50,15,937
-
-
8,86,01,809|39,38,93,933|46,96,60,546|||
||Leasehold
Land|5,25,00,000|-
-
-
5,25,00,000|-
-
-
5,25,00,000|-
-
-
-
-
-
-
-
-|5,25,00,000|5,25,00,000|||
||Freehold
Land|17,85,00,000|-
-
-
17,85,00,000|18,61,84,645
-
-
36,46,84,645|-
-
-
-
-
-
-
-
-|17,85,00,000|36,46,84,645|||
||Particulars|Cost of Assets
As at 1st April, 2016|Addition
Disposal / Adjustments
Transfer
As at 31st March, 2017|Addition
Disposal / Adjustments
Transfer
As at 31st March, 2018|Depreciation
As at 1st April, 2016
Charge for the year
Disposal / Adjustments
Transfer
As at 31st March, 2017
Charge for the period
Disposal / Adjustments
Transfer
As at 31st March, 2018|Net Block
As at 31st March, 2017|As at 31st March, 2018|||

Annual Report 2017-18 89

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

2. OTHER INTANGIBLE ASSETS

||(Amount in)|(Amount in)|
|---|---|---|
|Particulars|As at 31st March, 2018||
||Computer
Software|Total|
|Cost of Assets
As at 1st April, 2016
Addition - Software
Disposal / Adjustments
As at 31st March, 2017|||
||12,62,433|12,62,433|
||56,025|56,025|
||-|-|
||13,18,458|13,18,458|
|Addition
Disposal / Adjustments
As at 31st March, 2018|13,89,000|13,89,000|
||-|-|
||27,07,458|27,07,458|
|Amortisation
As at 1st April, 2016
Charge for the year
Disposal / Adjustments
As at 31st March, 2017|||
||10,41,587|10,41,587|
||1,67,869|1,67,869|
||-|-|
||12,09,456|12,09,456|
|Charge for the period
Disposal / Adjustments
As at 31st March, 2018|3,61,588|3,61,588|
||-|-|
||15,71,044|15,71,044|
|Net Block|||
|As at 31st March, 2017|1,09,002|1,09,002|
|As at 31st March, 2018|11,36,414|11,36,414|

3. INVESTMENTS :

||||||(Amount in)|(Amount in)|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|Investment in government securities
or trust securities National savings
certif cate
Total|||
|10,000
10,000|
|10,000
10,000|
|||10,000|||||
|||10,000|||||

4. TRADE RECEIVABLES :

||||||(Amount in)|(Amount in)|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|Non-current Trade Receivable
Unsecured, Considered Good
Total|||
|76,65,778
76,65,778|
|77,40,350
77,40,350|
|||1,85,08,010|||||
|||1,85,08,010|||||

5. LOANS :

||||||(Amount in)|(Amount in)|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|Loans to Staff
Total||23,16,780|
|16,53,405
16,53,405|
|24,92,238
24,92,238|
|||23,16,780|||||

90 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

6. OTHER NON-CURRENT ASSETS :

||||||(Amount in)|(Amount in)|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|(a) Advance for Capital goods
(b) Security Deposit
Unsecured,Considered Good
(c) Advance other than Capital
goods
(d) Other Loan and advances
Unsecured,Considered Good
(e) Advance Income Tax , TDS & TCS
Total||20,88,14,244|

|2,06,28,551
2,68,58,659
34,00,162
6,76,338
12,78,678
5,28,42,388|

|2,11,72,763
2,55,08,434
19,25,137
3,73,338
16,26,337
5,06,06,009|
||||||||
|||2,46,47,220|||||
|||46,678|||||
||||||||
|||4,78,468|||||
|||12,78,602|||||
|||23,52,65,212|||||

7. INVENTORIES : (AS TAKEN, VALUED & CERTIFIED BY A DIRECTOR)

||(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|(a) Raw Materials
(b) Work in progress
(c) Finished goods (Finished Goods
at Port4,11,91,301/- P.YNil)
(d) Stores and spares
(e) Power & Fuel
Total||30,65,19,929|

|23,54,85,736
5,69,48,716
28,28,32,868
4,22,72,865
4,95,966
61,80,36,151|

|25,63,94,130
5,71,78,352
26,00,55,262
3,67,83,488
9,61,241
61,13,72,473|
|||5,64,23,632|||||
|||38,65,95,705|||||
|||8,16,17,721|||||
|||12,06,163|||||
|||83,23,63,150|||||

8. TRADE RECEIVABLES :

||(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|(i)
Outstanding for a period
exceeding six months
Unsecured,Considered Good
(ii) Others
Unsecured,Considered Good
Total|||
|2,89,61,807
44,90,05,791
47,79,67,598|
|2,19,90,616
38,63,06,076
40,82,96,692|
|||2,10,53,087|||||
||||||||
|||46,21,91,635|||||
|||48,32,44,722|||||

9. CASH AND CASH EQUIVALENTS :

||(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|(a) Balances with Scheduled Banks
On Current Account
Bank of Baroda - EEFC Account
in US$ Bank of Baroda - EEFC Account
in Euro
(b) Cash on hand
Total|||

|17,27,841
1,57,13,292
-
22,76,721
1,97,17,854|

|29,27,385
1,30,52,695
-
24,12,745
1,83,92,825|
|||20,05,739|||||
|||3,67,333|||||
|||58,073|||||
|||32,20,554|||||
|||56,51,699|||||

Annual Report 2017-18 91

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

10. OTHER BANK BALANCES

						(Amount in`) 1st April, 2016 4,45,03,247 4,45,03,247
Particulars	Amount	31st March, 2018	Amount	31st March, 2017	Amount	1st April, 2016
Fixed Deposit with Banks Total		4,23,41,548		4,69,00,533 4,69,00,533		4,45,03,247 4,45,03,247
		4,23,41,548

11. LOANS AND ADVANCES

||||||(Amount in) **Amount** **1st April,** **2016** - **-**|(Amount in)
Amount
1st April,
2016

-

-|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|Amount|1st April,
2016|
|Other Loans
Total||2,50,00,000|
|-
-|
|-
-|
|||2,50,00,000|||||

12. OTHER CURRENT ASSETS :

||||||(Amount in) **Amount** **1st April,** **2016** 2,31,91,037 3,33,34,166 1,59,96,301 63,85,371 1,51,77,171 **9,40,84,046**|(Amount in)
Amount
1st April,
2016

2,31,91,037

3,33,34,166

1,59,96,301

63,85,371

1,51,77,171
9,40,84,046|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|Amount|1st April,
2016|
|Balance with government
authorities
Licence on hand & Licence
Receivables
Advance to Suppliers
Prepaid Expenses
Other Advances
Total||2,88,61,829|

|1,85,52,814
4,75,15,564
2,11,76,616
87,55,978
82,44,590
10,42,45,562|

|2,31,91,037
3,33,34,166
1,59,96,301
63,85,371
1,51,77,171
9,40,84,046|
|||7,15,20,872|||||
|||2,13,45,876|||||
|||1,25,71,674|||||
|||57,72,962|||||
|||14,00,73,213|||||

13. SHARE CAPITAL :

||||||(Amount in) **Amount** **1st April,** **2016** 20,00,00,000 **20,00,00,000** 14,40,00,000 **14,40,00,000**|(Amount in)
Amount
1st April,
2016

20,00,00,000
20,00,00,000

14,40,00,000
14,40,00,000|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|Amount|1st April,
2016|
|Authorised :
20000000 (P.Y 20000000) Equity
Shares of10/- each **Total**||||20,00,00,000 **20,00,00,000**||20,00,00,000 **20,00,00,000**| |||20,00,00,000||||| |||**20,00,00,000**||||| |**Issued & Subscribed and Paid up :** 14717460 (P.Y 14400000) Equity Shares of10/- each fully paid up
Total||||14,40,00,000
14,40,00,000||14,40,00,000
14,40,00,000|
|||14,71,74,600|||||
|||14,71,74,600|||||

1) Reconciliation of the shares outstanding at the beginning and at the end of the reporting year

						(Amount in`) 1st April, 2016 14,40,00,000 - 14,40,00,000
Particulars	Amount	31st March, 2018	Amount	31st March, 2017	Amount	1st April, 2016
At the beginning of period Issued during the year Outstanding at the end of year	1,44,00,000	14,40,00,000	1,44,00,000 - 1,44,00,000	14,40,00,000 - 14,40,00,000	1,44,00,000 - 1,44,00,000	14,40,00,000 - 14,40,00,000
	3,17,460	31,74,600
	1,47,17,460	14,71,74,600

Note : The Company has only one class of shares having Par value of ` 10 per share Each Share Holder ie eligible for one vote Per Share.

92 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

2) Details of shares held by each shareholder holding more than 5% shares:


Particulars	As at 31st March, 2018		As at 31st March, 2017		As at 1st April, 2016
	Number of shares held	% holding in that class of shares	Number of shares held	% holding in that class of shares	Number of shares held	% holding in that class of shares
Equity shares with voting rights Ghanshyambhai Ambalal Thakkar Krupesh Ghanshyambhai Thakkar and Ghanshyambhai Ambalal Thakkar Repre. Rushil International (Patnership Firm) Krupesh Ghanshyambhai Thakkar Krupesh G. Thakkar Karta of Krupesh Ghanshyambhai Thakkar (HUF) Shriram Credit Company Limited			19,90,900 18,45,770 15,42,484 13,89,693 -	13.83 12.82 10.71 9.65 -	20,25,950 18,45,770 15,42,484 13,89,693 8,93,931	14.07 12.82 10.71 9.65 6.21
	19,90,900	13.53
	18,45,770	12.54
	15,42,484	10.48
	13,89,683	9.44
	-	-

14. OTHER EQUITY :

|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Securities Premium Account** Opening Balance 40,33,32,356 40,33,32,356 40,33,32,356 Add : Addition during the year 19,68,25,200 - - **Total** **60,01,57,556 60,01,57,556 40,33,32,356 40,33,32,356 40,33,32,356 40,33,32,356** **Amalgamation Reserve** 33,00,000 33,00,000 33,00,000 **Capital Redemption Reserve** **(For Redemption of Preference** **Share Capital)** 50,000 50,000 50,000 **General Reserve** Opening Balance 60,00,000 60,00,000 60,00,000 Add : Addition during the year - 60,00,000 - 60,00,000 - 60,00,000 **Retained Earnings** Balance Brought Forward From Previous Year 65,40,26,316 41,37,96,790 18,35,77,370 Adjustment as per IND AS Add: Fair Value of Land - - 21,18,53,194 Less: DTL created as per Fair Value of Land - - 4,50,41,655 Add: Fair Value of Term loan effect - - 8,68,855 Add: Prof t on M2M of Forward Contract (Net of tax) - - 1,38,604 **Total** **65,40,26,316** **41,37,96,790** **35,13,96,368** Add: Prof t/(Loss) for the year 30,98,07,283 24,88,95,278 7,10,66,174 **Total** **96,38,33,600** **66,26,92,068** **42,24,62,542**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Securities Premium Account
Opening Balance
40,33,32,356
40,33,32,356
40,33,32,356
Add : Addition during the year
19,68,25,200
-
-
Total
60,01,57,556 60,01,57,556 40,33,32,356 40,33,32,356 40,33,32,356 40,33,32,356
Amalgamation Reserve
33,00,000
33,00,000
33,00,000
Capital Redemption Reserve
(For Redemption of Preference
Share Capital)
50,000
50,000
50,000
General Reserve
Opening Balance
60,00,000
60,00,000
60,00,000
Add : Addition during the year
-
60,00,000
-
60,00,000
-
60,00,000
Retained Earnings
Balance Brought Forward From
Previous Year
65,40,26,316
41,37,96,790
18,35,77,370
Adjustment as per IND AS
Add: Fair Value of Land
-
-
21,18,53,194
Less: DTL created as per Fair
Value of Land
-
-
4,50,41,655
Add: Fair Value of Term loan effect
-
-
8,68,855
Add: Prof t on M2M of Forward
Contract (Net of tax)
-
-
1,38,604
Total
65,40,26,316
41,37,96,790
35,13,96,368
Add: Prof t/(Loss) for the year
30,98,07,283
24,88,95,278
7,10,66,174
Total
96,38,33,600
66,26,92,068
42,24,62,542|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Securities Premium Account** Opening Balance 40,33,32,356 40,33,32,356 40,33,32,356 Add : Addition during the year 19,68,25,200 - - **Total** **60,01,57,556 60,01,57,556 40,33,32,356 40,33,32,356 40,33,32,356 40,33,32,356** **Amalgamation Reserve** 33,00,000 33,00,000 33,00,000 **Capital Redemption Reserve** **(For Redemption of Preference** **Share Capital)** 50,000 50,000 50,000 **General Reserve** Opening Balance 60,00,000 60,00,000 60,00,000 Add : Addition during the year - 60,00,000 - 60,00,000 - 60,00,000 **Retained Earnings** Balance Brought Forward From Previous Year 65,40,26,316 41,37,96,790 18,35,77,370 Adjustment as per IND AS Add: Fair Value of Land - - 21,18,53,194 Less: DTL created as per Fair Value of Land - - 4,50,41,655 Add: Fair Value of Term loan effect - - 8,68,855 Add: Prof t on M2M of Forward Contract (Net of tax) - - 1,38,604 **Total** **65,40,26,316** **41,37,96,790** **35,13,96,368** Add: Prof t/(Loss) for the year 30,98,07,283 24,88,95,278 7,10,66,174 **Total** **96,38,33,600** **66,26,92,068** **42,24,62,542**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Securities Premium Account
Opening Balance
40,33,32,356
40,33,32,356
40,33,32,356
Add : Addition during the year
19,68,25,200
-
-
Total
60,01,57,556 60,01,57,556 40,33,32,356 40,33,32,356 40,33,32,356 40,33,32,356
Amalgamation Reserve
33,00,000
33,00,000
33,00,000
Capital Redemption Reserve
(For Redemption of Preference
Share Capital)
50,000
50,000
50,000
General Reserve
Opening Balance
60,00,000
60,00,000
60,00,000
Add : Addition during the year
-
60,00,000
-
60,00,000
-
60,00,000
Retained Earnings
Balance Brought Forward From
Previous Year
65,40,26,316
41,37,96,790
18,35,77,370
Adjustment as per IND AS
Add: Fair Value of Land
-
-
21,18,53,194
Less: DTL created as per Fair
Value of Land
-
-
4,50,41,655
Add: Fair Value of Term loan effect
-
-
8,68,855
Add: Prof t on M2M of Forward
Contract (Net of tax)
-
-
1,38,604
Total
65,40,26,316
41,37,96,790
35,13,96,368
Add: Prof t/(Loss) for the year
30,98,07,283
24,88,95,278
7,10,66,174
Total
96,38,33,600
66,26,92,068
42,24,62,542|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Securities Premium Account** Opening Balance 40,33,32,356 40,33,32,356 40,33,32,356 Add : Addition during the year 19,68,25,200 - - **Total** **60,01,57,556 60,01,57,556 40,33,32,356 40,33,32,356 40,33,32,356 40,33,32,356** **Amalgamation Reserve** 33,00,000 33,00,000 33,00,000 **Capital Redemption Reserve** **(For Redemption of Preference** **Share Capital)** 50,000 50,000 50,000 **General Reserve** Opening Balance 60,00,000 60,00,000 60,00,000 Add : Addition during the year - 60,00,000 - 60,00,000 - 60,00,000 **Retained Earnings** Balance Brought Forward From Previous Year 65,40,26,316 41,37,96,790 18,35,77,370 Adjustment as per IND AS Add: Fair Value of Land - - 21,18,53,194 Less: DTL created as per Fair Value of Land - - 4,50,41,655 Add: Fair Value of Term loan effect - - 8,68,855 Add: Prof t on M2M of Forward Contract (Net of tax) - - 1,38,604 **Total** **65,40,26,316** **41,37,96,790** **35,13,96,368** Add: Prof t/(Loss) for the year 30,98,07,283 24,88,95,278 7,10,66,174 **Total** **96,38,33,600** **66,26,92,068** **42,24,62,542**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Securities Premium Account
Opening Balance
40,33,32,356
40,33,32,356
40,33,32,356
Add : Addition during the year
19,68,25,200
-
-
Total
60,01,57,556 60,01,57,556 40,33,32,356 40,33,32,356 40,33,32,356 40,33,32,356
Amalgamation Reserve
33,00,000
33,00,000
33,00,000
Capital Redemption Reserve
(For Redemption of Preference
Share Capital)
50,000
50,000
50,000
General Reserve
Opening Balance
60,00,000
60,00,000
60,00,000
Add : Addition during the year
-
60,00,000
-
60,00,000
-
60,00,000
Retained Earnings
Balance Brought Forward From
Previous Year
65,40,26,316
41,37,96,790
18,35,77,370
Adjustment as per IND AS
Add: Fair Value of Land
-
-
21,18,53,194
Less: DTL created as per Fair
Value of Land
-
-
4,50,41,655
Add: Fair Value of Term loan effect
-
-
8,68,855
Add: Prof t on M2M of Forward
Contract (Net of tax)
-
-
1,38,604
Total
65,40,26,316
41,37,96,790
35,13,96,368
Add: Prof t/(Loss) for the year
30,98,07,283
24,88,95,278
7,10,66,174
Total
96,38,33,600
66,26,92,068
42,24,62,542|(Amount in`)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Securities Premium Account
Opening Balance
40,33,32,356
40,33,32,356
40,33,32,356
Add : Addition during the year
19,68,25,200
-
-
Total
60,01,57,556 60,01,57,556 40,33,32,356 40,33,32,356 40,33,32,356 40,33,32,356
Amalgamation Reserve
33,00,000
33,00,000
33,00,000
Capital Redemption Reserve
(For Redemption of Preference
Share Capital)
50,000
50,000
50,000
General Reserve
Opening Balance
60,00,000
60,00,000
60,00,000
Add : Addition during the year
-
60,00,000
-
60,00,000
-
60,00,000
Retained Earnings
Balance Brought Forward From
Previous Year
65,40,26,316
41,37,96,790
18,35,77,370
Adjustment as per IND AS
Add: Fair Value of Land
-
-
21,18,53,194
Less: DTL created as per Fair
Value of Land
-
-
4,50,41,655
Add: Fair Value of Term loan effect
-
-
8,68,855
Add: Prof t on M2M of Forward
Contract (Net of tax)
-
-
1,38,604
Total
65,40,26,316
41,37,96,790
35,13,96,368
Add: Prof t/(Loss) for the year
30,98,07,283
24,88,95,278
7,10,66,174
Total
96,38,33,600
66,26,92,068
42,24,62,542|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|Securities Premium Account
Opening Balance
Add : Addition during the year
Total|||40,33,32,356
-
40,33,32,356|

40,33,32,356|40,33,32,356
-
40,33,32,356|

40,33,32,356|
||40,33,32,356||||||
||19,68,25,200||||||
||60,01,57,556|60,01,57,556|||||
|Amalgamation Reserve
Capital Redemption Reserve
(For Redemption of Preference
Share Capital)
General Reserve
Opening Balance
Add : Addition during the year
Retained Earnings
Balance Brought Forward From
Previous Year
Adjustment as per IND AS
Add: Fair Value of Land
Less: DTL created as per Fair
Value of Land
Add: Fair Value of Term loan effect
Add: Prof t on M2M of Forward
Contract (Net of tax)
Total||33,00,000|

60,00,000

-
41,37,96,790
-
-
-
-
41,37,96,790|33,00,000
50,000

60,00,000

|

60,00,000

-
18,35,77,370
21,18,53,194
4,50,41,655
8,68,855
1,38,604
35,13,96,368|33,00,000
50,000

60,00,000

|
|||50,000|||||
||||||||
||60,00,000||||||
||-|
60,00,000|||||
||||||||
||65,40,26,316||||||
||||||||
||-||||||
||-||||||
||-||||||
||-||||||
||65,40,26,316||||||
|Add: Prof t/(Loss) for the year
Total|30,98,07,283||24,88,95,278
66,26,92,068|
|7,10,66,174
42,24,62,542|
|
||96,38,33,600||||||

Annual Report 2017-18 93

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

14. OTHER EQUITY : (Contd.)

OTHER EQUITY :(Contd.)	OTHER EQUITY :(Contd.)	OTHER EQUITY :(Contd.)	OTHER EQUITY :(Contd.)	OTHER EQUITY :(Contd.)	OTHER EQUITY :(Contd.)	OTHER EQUITY :(Contd.)
(Amount in`)
Particulars	Amount	31st March, 2018	Amount	31st March, 2017	Amount	1st April, 2016
Less :Final Dividend on equity share (amount per share`0.50 (31st<br>March, 2016 and 31st March,2017)<br>Less : Tax on Equity Dividend<br>Less : Interim Dividend on equity<br>share (amount per share`Nil (31st March, 2016 amount per share` 0.50) Less : Tax on Equity Dividend Money received against share warrants : Opening Balance Add : Issued during the period Less: Converted into Equity Shares Closing Balance Other Comprehensive Income (a) Remeasurements of Def ned Benef t Plans Balance as per last Financial year Add: For the Year Closing Balance Total	72,53,333		72,00,000 14,65,752 - - - 5,00,00,000 - 5,00,00,000 4,23,102 (39,31,598) -	65,40,26,316 5,00,00,000 (35,08,496) 1,11,32,00,176	- - 72,00,000 14,65,752 - - - - 4,23,102 -	41,37,96,790 - 4,23,102 82,69,02,248
	14,76,608

		95,51,03,659

	5,00,00,000
	14,99,99,800
	19,99,99,800
	-	-


	(35,08,496)
	(16,91,616)
	-	(52,00,112)
		1,55,94,11,103

15. BORROWINGS :

||(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|
|---|---|---|---|---|---|---|
|Particulars|31st March,
2018|
31st March,
2018|
31st March,
2017|
31st March,
2017|
1st April,
2016|
1st April,
2016|
||Current
maturities|
Non-Current
Portion|
Current
maturities|
Non-Current
Portion|
Current
maturities|
Non-Current
Portion|
|(a) Term Loan (refer note 1 below)
From Banks
I. Bank of Baroda (refer note 1
below)
(a) Term loan A/c no
01500600020467
(b) Term loan-iii External
Commercial Borrowing (US$ 63,00,000 ) (Note :1)
(c) Term loan A/c no
01500600020603
(d) Corporate loan A/c no
01500600020796
(e) Term loan A/c no
01500600020907
(f) Term loan A/c no
01500600021047|||2,61,34,829
6,80,92,500

23,33,333

2,50,00,000

62,50,000

62,50,000|2,61,34,830
6,80,92,500

-

8,93,93,754

2,34,80,297

3,10,20,158|
2,61,34,829

6,95,62,500

40,00,000

2,00,00,000

62,50,000

-|
5,22,69,659
13,91,25,000

23,33,333
11,41,24,650

2,96,93,995

2,00,00,000|
||||||||
||||||||
||2,61,34,829|
-|||||
||6,84,28,500|
-|||||
||-|
-|||||
||3,00,00,000|
5,96,33,208|||||
||62,50,000|
1,72,52,252|||||
||62,50,000|
2,48,33,157|||||

94 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

15. BORROWINGS : (Contd.)

||(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|
|---|---|---|---|---|---|---|
|Particulars|31st March,
2018|
31st March,
2018|
31st March,
2017|
31st March,
2017|
1st April,
2016|
1st April,
2016|
||Current
maturities|
Non-Current
Portion|
Current
maturities|
Non-Current
Portion|
Current
maturities|
Non-Current
Portion|
|(g) Term loan A/c no
01500600021195
(h) Corporate loan A/c no
01500600021248
(i) Term loan A/c no
01500600021225
(b) Unsecured Loans from related
parties From Directors and
related parties
(c) From Others
Vehicle Loans (refer note 2
below)
Loan from LIC (refer note 3
below)
Loan from Karnataka VAT-I
(refer note 4 below)
Loan from Karnataka VAT-II
(refer note 4 below)
Loan from Karnataka VAT-III
(refer note 4 below)
Inter corporate loans
(d) Deferred Revenue (KVAT
LOAN) (refer note 4 below)
Total|58,33,000|
9,99,77,944|
-

-

-

20,13,297

46,90,993

-

-

-

-

-

-
14,07,64,952|
-

-

-

4,03,56,058

48,47,464

35,16,250

14,81,650

64,50,749
-

2,67,04,030

93,86,771
33,08,64,511|
-

-

-

27,13,919

62,29,715

-

-

-

-

22,25,000

-
13,71,15,963|
-

-

-

1,07,99,890

61,12,211

35,16,250

13,20,544

-

-

5,59,95,505

16,22,431
43,69,13,468|
||-|
12,00,00,000|||||
||9,37,500|
2,14,52,010|||||
||32,49,152|
80,30,535|||||
||||||||
||51,74,584|
77,35,517|||||
||-|
35,16,250|||||
||-|
16,62,411|||||
||-|
72,37,740|||||
||-|
35,56,563|||||
||11,25,740|
-|||||
||-|
1,37,55,638|||||
||15,33,83,305|38,86,43,225|||||

Note:1

Term loan from Bank of Baroda

Secured by way of hypothecation of raw material, stocks, book debt, movable assets of the Company and also secured by way of equitable mortgage of a) land and building and plant and machinery of the Company b) offi ce premises situated at flat no 1 & 2 krinkal apartment, paldi, ahmedabad belonging to the Company c) residential bunglow situated 4, pushpa dhanwa owners association, vastrapur, ahmedabad belonging to Mr. Ghanshyambhai Thakkar d) plot situated at lati bazar, ahmedabad in the name of Mr. Ghanshyambhai Thakkar e) Pledge of fi xed deposit of 0.73 Cr f) Pledge of fi xed deposit of 0.20 Cr and also secured by way of personal guarantee of Mr. Ghanshyambhai Thakkar and Mr. Krupeshbhai Thakkar.

Annual Report 2017-18 95

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

Term of Repayment

Particulars	Repayment Schedule	Repayment Schedule	Repayment Schedule
Term loan A/C NO. 01500600020467	24 quarterly instalments (23 instalments of`65,33,707.33 plus interest) Interest will be charged as and when due. The repayment was proposed to start after 33 months (including moratorium period of 15 months from the date of f rst disbursement)
ECB TERM LOAN	24 quarterly instalments (24 instalments of US$ 2,62,500 plus interest) The repayment has begun from April,2013. The repayment was proposed to start after 33 months initial moratorium from the date of f rst disburesment.March-15 term loan evaluated @ 62.495 per US$ and March-14 term loan evaluated @ 59.89 per US$.So far as on Date 31/03/2017,sixteen instalments are been paid.
Term loan A/C NO. 01500600020603	Term loan is to be repaid in 60 monthly instalments after completion of moratorium period of 12 months from the date of f rst disbursement. The term loan is to be repaid by 59 equal monthly instalments each of`3.34 Lakhs and last instalment of`2.94 Lakhs. The interest is to be served on monthly basis.
Corporate loan A/C NO. 01500600020796	Corporate loan is to be repaid in 24 quarterly instalments after completion of moratorium period of 18 months from the date of f rst disbursement as under. The interest is to be served on monthly basis.
	Year	No. of instalments	Total (`in Lakhs)
	2015-16 2016-17 2017-18 2018-19 2019-20 2020-21	37.50x4 50.00x4 62.50x4 75.00x4 75.00x4 75.00x4	150 200 250 300 300 300
		Total	1,500
Corporate loan A/C NO. 01500600020907	Corporate loan is to be repaid in 24 quarterly instalments after completion of moratorium period of 12 months from the date of f rst disbursement as under. The interest is to be served on monthly basis.
	Year	No. of instalments	Total (`in Lakhs)
	2015-16 2016-17 2017-18 2018-19 2019-20 2020-21	15.625x4 15.625x4 15.625x4 15.625x4 15.625x4 15.625x4	62.50 62.50 62.50 62.50 62.50 62.50
		Total	375.00
Corporate loan A/C NO. 01500600021047	Corporate loan is to be repaid in 24 quarterly instalments after completion of moratorium period of 12 months from the date of f rst disbursement as under. The interest is to be served on monthly basis.
	Year	No. of instalments	Total (`in Lakhs)
	2017-18 2018-19 2019-20 2020-21 2021-22 2022-23	15.625x4 15.625x4 15.625x4 15.625x4 15.625x4 15.625x4	62.50 62.50 62.50 62.50 62.50 62.50
		Total	375.00

96 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

Particulars	Repayment Schedule
Term loan A/C NO. 01500600021195	Term loan is to be repaid in 24 quarterly instalments commencing after
	a moratorium period of 9 months from the date of commencement
	of commercial production in Equal amount as under. The interest is
	to be served on monthly basis.
	Year No. of instalments	Total (`in Lakhs)
	2017-18 58.33x4	233.32
	2018-19 58.33x4	233.32
	2019-20 58.33x4	233.32
	2020-21 58.33x4	233.32
	2021-22 58.33x4	233.32
	2022-23 58.33x4	233.40
	Total	1,400.00
Corporate loan A/C NO. 01500600021248	Corporate loan is to be repaid in 24 quarterly instalments after
	completion of moratorium period of 12 months from the date
	disbursement as under. The interest is to be served on monthly
	basis.

Year	No. of instalments	Total (`in Lakhs)
2017-18	50.00x1	50.00
2018-19	50.00x4	200.00
2019-20	50.00x4	200.00
2020-21	50.00x4	200.00
2021-22	50.00x4	200.00
2022-23	50.00x4	200.00
2023-24	50.00x3	150.00
	Total	1200.00

Term loan A/C NO. 01500600021225 Term loan is to be repaid in 24 quarterly instalments commencing after a moratorium period of 12 months from the date of fi rst disbursement in Equal amount as under. The interest is to be served on monthly basis.

Year	No. of instalments	Total (`in Lakhs)
2017-18	9.375x4	37.50
2018-19	9.375x4	37.50
2019-20	9.375x4	37.50
2020-21	9.375x4	37.50
2021-22	9.375x4	37.50
2022-23	9.375x4	37.50
	Total	225.00

Note :2 Secured by hypothecation on vehicle purchased under hire purchase agreements. Repayment schedule is as under.

Annual Report 2017-18 97

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

Name of Bank	Monthly instalments including interest(In`)	Period	Commencing Date
AXIS BANK LIMITED LOAN NO. AUR000302328191 AXIS BANK LIMITED LOAN NO. AUR000302498262 ICICI BANK LOAN A/C NO/ LAABD00034403676 ICICI BANK LIMITED A/C NO LAABD00030528056 ICICI BANK LIMITED A/C NO LAABD00032973849 ICICI BANK LIMITED A/C NO LAAB00035591912 KOTAK MAHINDRA BANK LIMITED (LOAN AGREE NO CE-452818) KOTAK MAHINDRA BANK LIMITED (LOAN AGREE NO CE-452824) KOTAK MAHINDRA BANK LIMITED (LOAN AGREE NO CE-14833009) BANK OF BARODA LOAN A/C No.01500600020859	94,286 36,880 18,556 90,312 87,056 50,405 70,706 70,706 1,34,925 10,747	10.4.2017 TO 10.3.2020 10.7.2017 TO 10.6.2020 1.06.2016 TO 1.05.2019 1.12.2014 TO 1.11.2019 1.8.2015 TO 1.7.2018 10.5.2017 TO 10.4.2020 1.8.2015 TO 1.6.2018 1.8.2015 TO 1.6.2018 1.10.2017 TO 1.9.2022 5.6.2014 TO 5.5.2019	10.4.2017 10.7.2017 1.06.2016 1.12.2014 1.8.2015 10.5.2017 1.8.2015 1.8.2015 1.10.2017 5.6.2014

Note :3 Secured against pledge of keyman Insurance policies of directors.

Note :4 Loan from Karnataka VAT

Secured by way of Bank guarantee. The loan is repayable in 3 equal annual instalment as per details mentioned below:

Due Date	Particulars of repayment of principal amount for VAT -I	Particulars of repayment of principal amount for VAT -II	Particulars of repayment of principal amount for VAT -III
01-04-2021 01-04-2022 01-04-2023 01-04-2024 01-04-2025 01-04-2026 Total	9,80,992 9,80,992 9,80,991 - - - 29,42,975	- 47,92,065 47,92,065 47,92,065 - - 1,43,76,195	- - - 29,64,394 29,64,394 29,64,394 88,93,182

98 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

16. OTHER FINANCIAL LIABILITIES :

||(Amount in) **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Current** **maturities** **Non-Current** **Portion** **Current** **maturities** **Non-Current** **Portion** **Current** **maturities** **Non-Current** **Portion** 17,25,000 3,73,59,066 - 3,14,24,136 - 3,06,07,641 42,91,927 71,13,121 72,92,259 **4,16,50,993** **3,85,37,257** **3,78,99,900**|(Amount in)
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Current
maturities
Non-Current
Portion
Current
maturities
Non-Current
Portion
Current
maturities
Non-Current
Portion
17,25,000
3,73,59,066
-
3,14,24,136
-
3,06,07,641
42,91,927
71,13,121
72,92,259
4,16,50,993
3,85,37,257
3,78,99,900|(Amount in) **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Current** **maturities** **Non-Current** **Portion** **Current** **maturities** **Non-Current** **Portion** **Current** **maturities** **Non-Current** **Portion** 17,25,000 3,73,59,066 - 3,14,24,136 - 3,06,07,641 42,91,927 71,13,121 72,92,259 **4,16,50,993** **3,85,37,257** **3,78,99,900**|(Amount in)
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Current
maturities
Non-Current
Portion
Current
maturities
Non-Current
Portion
Current
maturities
Non-Current
Portion
17,25,000
3,73,59,066
-
3,14,24,136
-
3,06,07,641
42,91,927
71,13,121
72,92,259
4,16,50,993
3,85,37,257
3,78,99,900|(Amount in) **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Current** **maturities** **Non-Current** **Portion** **Current** **maturities** **Non-Current** **Portion** **Current** **maturities** **Non-Current** **Portion** 17,25,000 3,73,59,066 - 3,14,24,136 - 3,06,07,641 42,91,927 71,13,121 72,92,259 **4,16,50,993** **3,85,37,257** **3,78,99,900**|(Amount in)
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Current
maturities
Non-Current
Portion
Current
maturities
Non-Current
Portion
Current
maturities
Non-Current
Portion
17,25,000
3,73,59,066
-
3,14,24,136
-
3,06,07,641
42,91,927
71,13,121
72,92,259
4,16,50,993
3,85,37,257
3,78,99,900|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
||Current
maturities|
Non-Current
Portion|
Current
maturities|
Non-Current
Portion|
Current
maturities|
Non-Current
Portion|
|(a) Trade Deposit from Customers
(b) Trade Payables (including trade
payable for capital goods
42,67,656/- previous year 51,13,117/-)
Total|17,25,000|
3,73,59,066|
-

|
3,14,24,136
71,13,121
3,85,37,257|
-

|
3,06,07,641
72,92,259
3,78,99,900|
|||42,91,927|||||
|||4,16,50,993|||||

17. LONG TERM PROVISIONS :

|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Provision for Gratuity 1,12,44,231 1,02,76,234 83,95,394 **Total** **1,12,44,231** **1,02,76,234** **83,95,394**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision for Gratuity
1,12,44,231
1,02,76,234
83,95,394
Total
1,12,44,231
1,02,76,234
83,95,394|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Provision for Gratuity 1,12,44,231 1,02,76,234 83,95,394 **Total** **1,12,44,231** **1,02,76,234** **83,95,394**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision for Gratuity
1,12,44,231
1,02,76,234
83,95,394
Total
1,12,44,231
1,02,76,234
83,95,394|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Provision for Gratuity 1,12,44,231 1,02,76,234 83,95,394 **Total** **1,12,44,231** **1,02,76,234** **83,95,394**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision for Gratuity
1,12,44,231
1,02,76,234
83,95,394
Total
1,12,44,231
1,02,76,234
83,95,394|(Amount in`)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision for Gratuity
1,12,44,231
1,02,76,234
83,95,394
Total
1,12,44,231
1,02,76,234
83,95,394|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|Provision for Gratuity
Total||1,12,44,231|
|1,02,76,234
1,02,76,234|
|83,95,394
83,95,394|
|||1,12,44,231|||||

18. DEFERRED TAX LIABILITIES (NET) :

|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Deferred tax liabilities (Net) 28,38,43,991 26,91,27,317 25,22,82,308 **Total** **28,38,43,991** **26,91,27,317** **25,22,82,308**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Deferred tax liabilities (Net)
28,38,43,991
26,91,27,317
25,22,82,308
Total
28,38,43,991
26,91,27,317
25,22,82,308|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Deferred tax liabilities (Net) 28,38,43,991 26,91,27,317 25,22,82,308 **Total** **28,38,43,991** **26,91,27,317** **25,22,82,308**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Deferred tax liabilities (Net)
28,38,43,991
26,91,27,317
25,22,82,308
Total
28,38,43,991
26,91,27,317
25,22,82,308|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Deferred tax liabilities (Net) 28,38,43,991 26,91,27,317 25,22,82,308 **Total** **28,38,43,991** **26,91,27,317** **25,22,82,308**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Deferred tax liabilities (Net)
28,38,43,991
26,91,27,317
25,22,82,308
Total
28,38,43,991
26,91,27,317
25,22,82,308|(Amount in`)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Deferred tax liabilities (Net)
28,38,43,991
26,91,27,317
25,22,82,308
Total
28,38,43,991
26,91,27,317
25,22,82,308|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|Deferred tax liabilities (Net)
Total||28,38,43,991|
|26,91,27,317
26,91,27,317|
|25,22,82,308
25,22,82,308|
|||28,38,43,991|||||

19. OTHER NON-CURRENT LIABILITIES :

||(Amount in) **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Non-Current** **Portion** **Non-Current** **Portion** **Non-Current** **Portion** 1,31,79,592 - - 1,38,15,000 - (6,35,408) (6,35,408) - **1,25,44,184** **1,31,79,592** - (6,35,408) (6,35,408) - **1,19,08,776** **1,25,44,184** - **15,79,785** **-** **-** **1,34,88,561** **1,25,44,184** **-**|(Amount in)
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Non-Current
Portion
Non-Current
Portion
Non-Current
Portion
1,31,79,592
-
-
1,38,15,000
-
(6,35,408)
(6,35,408)
-
1,25,44,184
1,31,79,592
-
(6,35,408)
(6,35,408)
-
1,19,08,776
1,25,44,184
-
15,79,785
-
-
1,34,88,561
1,25,44,184
-|(Amount in) **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Non-Current** **Portion** **Non-Current** **Portion** **Non-Current** **Portion** 1,31,79,592 - - 1,38,15,000 - (6,35,408) (6,35,408) - **1,25,44,184** **1,31,79,592** - (6,35,408) (6,35,408) - **1,19,08,776** **1,25,44,184** - **15,79,785** **-** **-** **1,34,88,561** **1,25,44,184** **-**|(Amount in)
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Non-Current
Portion
Non-Current
Portion
Non-Current
Portion
1,31,79,592
-
-
1,38,15,000
-
(6,35,408)
(6,35,408)
-
1,25,44,184
1,31,79,592
-
(6,35,408)
(6,35,408)
-
1,19,08,776
1,25,44,184
-
15,79,785
-
-
1,34,88,561
1,25,44,184
-|(Amount in) **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Non-Current** **Portion** **Non-Current** **Portion** **Non-Current** **Portion** 1,31,79,592 - - 1,38,15,000 - (6,35,408) (6,35,408) - **1,25,44,184** **1,31,79,592** - (6,35,408) (6,35,408) - **1,19,08,776** **1,25,44,184** - **15,79,785** **-** **-** **1,34,88,561** **1,25,44,184** **-**|(Amount in)
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Non-Current
Portion
Non-Current
Portion
Non-Current
Portion
1,31,79,592
-
-
1,38,15,000
-
(6,35,408)
(6,35,408)
-
1,25,44,184
1,31,79,592
-
(6,35,408)
(6,35,408)
-
1,19,08,776
1,25,44,184
-
15,79,785
-
-
1,34,88,561
1,25,44,184
-|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|||Non-Current
Portion|
|Non-Current
Portion|
|Non-Current
Portion|
|(a) Deferred Revenue (Subsidy)
At the beginning of the year
Add: Added during the year
Less: Released to the
statement of prof t and loss at
the end of the year
Less : Current (Amount
Disclosed under the head
Other Current Liabilities refer
Note 23)
Non-current
(b) Advance from customers
Total|||1,38,15,000
(6,35,408)
1,31,79,592
(6,35,408)

|

1,25,44,184
-
1,25,44,184|-
-
-
-
-

|

-
-
-|
||1,31,79,592||||||
||-||||||
||(6,35,408)||||||
||1,25,44,184||||||
||(6,35,408)||||||
|||1,19,08,776|||||
|||15,79,785|||||
|||1,34,88,561|||||

Annual Report 2017-18 99

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

20. BORROWINGS :

|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Current Borrowings** Loans repayable on demand **Working Capital From Banks** Bank of Baroda - Cash Credit Loans (including Working capital demand loan of10 Cr
P.Y7 Cr (refer note no.1) 23,08,03,317 21,76,28,368 23,48,79,084 Bank of Baroda - Packing Credit (refer note no.1) 17,60,98,141 18,89,17,000 18,63,12,050 Bank of Baroda - Foreign Bills Purchase (refer note no.1) 6,13,13,421 5,04,81,847 4,78,60,494 **Total** **46,82,14,879** **45,70,27,215** **46,90,51,628**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Current Borrowings
Loans repayable on demand
Working Capital From Banks
Bank of Baroda - Cash Credit
Loans (including Working
capital demand loan of10 Cr P.Y7 Cr (refer note no.1)
23,08,03,317
21,76,28,368
23,48,79,084
Bank of Baroda - Packing
Credit (refer note no.1)
17,60,98,141
18,89,17,000
18,63,12,050
Bank of Baroda - Foreign Bills
Purchase (refer note no.1)
6,13,13,421
5,04,81,847
4,78,60,494
Total
46,82,14,879
45,70,27,215
46,90,51,628|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Current Borrowings** Loans repayable on demand **Working Capital From Banks** Bank of Baroda - Cash Credit Loans (including Working capital demand loan of10 Cr
P.Y7 Cr (refer note no.1) 23,08,03,317 21,76,28,368 23,48,79,084 Bank of Baroda - Packing Credit (refer note no.1) 17,60,98,141 18,89,17,000 18,63,12,050 Bank of Baroda - Foreign Bills Purchase (refer note no.1) 6,13,13,421 5,04,81,847 4,78,60,494 **Total** **46,82,14,879** **45,70,27,215** **46,90,51,628**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Current Borrowings
Loans repayable on demand
Working Capital From Banks
Bank of Baroda - Cash Credit
Loans (including Working
capital demand loan of10 Cr P.Y7 Cr (refer note no.1)
23,08,03,317
21,76,28,368
23,48,79,084
Bank of Baroda - Packing
Credit (refer note no.1)
17,60,98,141
18,89,17,000
18,63,12,050
Bank of Baroda - Foreign Bills
Purchase (refer note no.1)
6,13,13,421
5,04,81,847
4,78,60,494
Total
46,82,14,879
45,70,27,215
46,90,51,628|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Current Borrowings** Loans repayable on demand **Working Capital From Banks** Bank of Baroda - Cash Credit Loans (including Working capital demand loan of10 Cr
P.Y7 Cr (refer note no.1) 23,08,03,317 21,76,28,368 23,48,79,084 Bank of Baroda - Packing Credit (refer note no.1) 17,60,98,141 18,89,17,000 18,63,12,050 Bank of Baroda - Foreign Bills Purchase (refer note no.1) 6,13,13,421 5,04,81,847 4,78,60,494 **Total** **46,82,14,879** **45,70,27,215** **46,90,51,628**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Current Borrowings
Loans repayable on demand
Working Capital From Banks
Bank of Baroda - Cash Credit
Loans (including Working
capital demand loan of10 Cr P.Y7 Cr (refer note no.1)
23,08,03,317
21,76,28,368
23,48,79,084
Bank of Baroda - Packing
Credit (refer note no.1)
17,60,98,141
18,89,17,000
18,63,12,050
Bank of Baroda - Foreign Bills
Purchase (refer note no.1)
6,13,13,421
5,04,81,847
4,78,60,494
Total
46,82,14,879
45,70,27,215
46,90,51,628|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Current Borrowings** Loans repayable on demand **Working Capital From Banks** Bank of Baroda - Cash Credit Loans (including Working capital demand loan of10 Cr
P.Y7 Cr (refer note no.1) 23,08,03,317 21,76,28,368 23,48,79,084 Bank of Baroda - Packing Credit (refer note no.1) 17,60,98,141 18,89,17,000 18,63,12,050 Bank of Baroda - Foreign Bills Purchase (refer note no.1) 6,13,13,421 5,04,81,847 4,78,60,494 **Total** **46,82,14,879** **45,70,27,215** **46,90,51,628**| |---|---|---|---|---|---|---| |**Particulars**|**Amount**|**31st March,** **2018**| **Amount**|**31st March,** **2017**| **Amount**|**1st April,** **2016**| |**Current Borrowings** Loans repayable on demand **Working Capital From Banks** Bank of Baroda - Cash Credit Loans (including Working capital demand loan of10 Cr
P.Y`7 Cr (refer note no.1)
Bank of Baroda - Packing
Credit (refer note no.1)
Bank of Baroda - Foreign Bills
Purchase (refer note no.1)
Total|||

|21,76,28,368
18,89,17,000
5,04,81,847
45,70,27,215|

|23,48,79,084
18,63,12,050
4,78,60,494
46,90,51,628|
||||||||
||||||||
|||23,08,03,317|||||
|||17,60,98,141|||||
|||6,13,13,421|||||
|||46,82,14,879|||||

Note:1

Working Capital facility from Bank of Baroda

21. TRADE PAYABLES : (refer note no.48)

|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Total outstanding dues of micro enterprises and small enterprises (including trade payable for capital goods1,55,232/- previous year Nil) 4,30,74,016 2,18,29,595 2,46,46,531 Total outstanding dues of creditors other than micro enterprises and small enterprises (including trade payable for capital goods 
5,13,56,220/-
previous
year
1,28,93,206/-) 59,44,67,676 38,54,90,874 48,34,52,425 **Total** **63,75,41,692** **40,73,20,469** **50,80,98,956**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Total outstanding dues of micro
enterprises and small enterprises
(including trade payable for capital
goods1,55,232/- previous year
Nil)
4,30,74,016
2,18,29,595
2,46,46,531
Total outstanding dues of creditors
other
than
micro
enterprises
and small enterprises (including
trade payable for capital goods
 5,13,56,220/- previous year 1,28,93,206/-)
59,44,67,676
38,54,90,874
48,34,52,425
Total
63,75,41,692
40,73,20,469
50,80,98,956|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Total outstanding dues of micro enterprises and small enterprises (including trade payable for capital goods1,55,232/- previous year Nil) 4,30,74,016 2,18,29,595 2,46,46,531 Total outstanding dues of creditors other than micro enterprises and small enterprises (including trade payable for capital goods 
5,13,56,220/-
previous
year
1,28,93,206/-) 59,44,67,676 38,54,90,874 48,34,52,425 **Total** **63,75,41,692** **40,73,20,469** **50,80,98,956**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Total outstanding dues of micro
enterprises and small enterprises
(including trade payable for capital
goods1,55,232/- previous year
Nil)
4,30,74,016
2,18,29,595
2,46,46,531
Total outstanding dues of creditors
other
than
micro
enterprises
and small enterprises (including
trade payable for capital goods
 5,13,56,220/- previous year 1,28,93,206/-)
59,44,67,676
38,54,90,874
48,34,52,425
Total
63,75,41,692
40,73,20,469
50,80,98,956|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Total outstanding dues of micro enterprises and small enterprises (including trade payable for capital goods1,55,232/- previous year Nil) 4,30,74,016 2,18,29,595 2,46,46,531 Total outstanding dues of creditors other than micro enterprises and small enterprises (including trade payable for capital goods 
5,13,56,220/-
previous
year
1,28,93,206/-) 59,44,67,676 38,54,90,874 48,34,52,425 **Total** **63,75,41,692** **40,73,20,469** **50,80,98,956**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Total outstanding dues of micro
enterprises and small enterprises
(including trade payable for capital
goods1,55,232/- previous year
Nil)
4,30,74,016
2,18,29,595
2,46,46,531
Total outstanding dues of creditors
other
than
micro
enterprises
and small enterprises (including
trade payable for capital goods
 5,13,56,220/- previous year 1,28,93,206/-)
59,44,67,676
38,54,90,874
48,34,52,425
Total
63,75,41,692
40,73,20,469
50,80,98,956|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Total outstanding dues of micro enterprises and small enterprises (including trade payable for capital goods1,55,232/- previous year Nil) 4,30,74,016 2,18,29,595 2,46,46,531 Total outstanding dues of creditors other than micro enterprises and small enterprises (including trade payable for capital goods 
5,13,56,220/-
previous
year
1,28,93,206/-) 59,44,67,676 38,54,90,874 48,34,52,425 **Total** **63,75,41,692** **40,73,20,469** **50,80,98,956**| |---|---|---|---|---|---|---| |**Particulars**|**Amount**|**31st March,** **2018**| **Amount**|**31st March,** **2017**| **Amount**|**1st April,** **2016**| |Total outstanding dues of micro enterprises and small enterprises (including trade payable for capital goods1,55,232/- previous year Nil) Total outstanding dues of creditors other than micro enterprises and small enterprises (including trade payable for capital goods 
5,13,56,220/-
previous
year
`1,28,93,206/-)
Total||4,30,74,016|

|2,18,29,595
38,54,90,874
40,73,20,469|

|2,46,46,531
48,34,52,425
50,80,98,956|
|||59,44,67,676|||||
|||63,75,41,692|||||

100 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

22. OTHER FINANCIAL LIABILITIES :

|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** (a) Current maturities of long- term debt; 15,18,59,153 13,87,51,655 13,44,02,044 (b) From Directors and related parties 32,49,152 20,13,297 27,13,919 (c) Interest accrued but not due on borrowings; 9,07,575 16,47,593 23,35,927 **Total** **15,60,15,880** **14,24,12,545** **13,94,51,890**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
(a) Current maturities of long-
term debt;
15,18,59,153
13,87,51,655
13,44,02,044
(b) From Directors and related
parties
32,49,152
20,13,297
27,13,919
(c) Interest accrued but not due
on borrowings;
9,07,575
16,47,593
23,35,927
Total
15,60,15,880
14,24,12,545
13,94,51,890|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** (a) Current maturities of long- term debt; 15,18,59,153 13,87,51,655 13,44,02,044 (b) From Directors and related parties 32,49,152 20,13,297 27,13,919 (c) Interest accrued but not due on borrowings; 9,07,575 16,47,593 23,35,927 **Total** **15,60,15,880** **14,24,12,545** **13,94,51,890**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
(a) Current maturities of long-
term debt;
15,18,59,153
13,87,51,655
13,44,02,044
(b) From Directors and related
parties
32,49,152
20,13,297
27,13,919
(c) Interest accrued but not due
on borrowings;
9,07,575
16,47,593
23,35,927
Total
15,60,15,880
14,24,12,545
13,94,51,890|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** (a) Current maturities of long- term debt; 15,18,59,153 13,87,51,655 13,44,02,044 (b) From Directors and related parties 32,49,152 20,13,297 27,13,919 (c) Interest accrued but not due on borrowings; 9,07,575 16,47,593 23,35,927 **Total** **15,60,15,880** **14,24,12,545** **13,94,51,890**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
(a) Current maturities of long-
term debt;
15,18,59,153
13,87,51,655
13,44,02,044
(b) From Directors and related
parties
32,49,152
20,13,297
27,13,919
(c) Interest accrued but not due
on borrowings;
9,07,575
16,47,593
23,35,927
Total
15,60,15,880
14,24,12,545
13,94,51,890|(Amount in`)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
(a) Current maturities of long-
term debt;
15,18,59,153
13,87,51,655
13,44,02,044
(b) From Directors and related
parties
32,49,152
20,13,297
27,13,919
(c) Interest accrued but not due
on borrowings;
9,07,575
16,47,593
23,35,927
Total
15,60,15,880
14,24,12,545
13,94,51,890|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|(a) Current maturities of long-
term debt;
(b) From Directors and related
parties
(c) Interest accrued but not due
on borrowings;
Total||15,18,59,153|

|13,87,51,655
20,13,297
16,47,593
14,24,12,545|

|13,44,02,044
27,13,919
23,35,927
13,94,51,890|
|||32,49,152|||||
|||9,07,575|||||
|||15,60,15,880|||||

23. OTHER CURRENT LIABILITIES :

|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Advance from customers 1,46,79,668 1,69,51,980 68,36,644 Duties and taxes 28,94,412 80,49,999 37,91,156 Deferred Revenue (Subsidy) 6,35,408 6,35,408 - **Total** **1,82,09,488** **2,56,37,387** **1,06,27,800**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Advance from customers
1,46,79,668
1,69,51,980
68,36,644
Duties and taxes
28,94,412
80,49,999
37,91,156
Deferred Revenue (Subsidy)
6,35,408
6,35,408
-
Total
1,82,09,488
2,56,37,387
1,06,27,800|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Advance from customers 1,46,79,668 1,69,51,980 68,36,644 Duties and taxes 28,94,412 80,49,999 37,91,156 Deferred Revenue (Subsidy) 6,35,408 6,35,408 - **Total** **1,82,09,488** **2,56,37,387** **1,06,27,800**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Advance from customers
1,46,79,668
1,69,51,980
68,36,644
Duties and taxes
28,94,412
80,49,999
37,91,156
Deferred Revenue (Subsidy)
6,35,408
6,35,408
-
Total
1,82,09,488
2,56,37,387
1,06,27,800|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Advance from customers 1,46,79,668 1,69,51,980 68,36,644 Duties and taxes 28,94,412 80,49,999 37,91,156 Deferred Revenue (Subsidy) 6,35,408 6,35,408 - **Total** **1,82,09,488** **2,56,37,387** **1,06,27,800**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Advance from customers
1,46,79,668
1,69,51,980
68,36,644
Duties and taxes
28,94,412
80,49,999
37,91,156
Deferred Revenue (Subsidy)
6,35,408
6,35,408
-
Total
1,82,09,488
2,56,37,387
1,06,27,800|(Amount in`)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Advance from customers
1,46,79,668
1,69,51,980
68,36,644
Duties and taxes
28,94,412
80,49,999
37,91,156
Deferred Revenue (Subsidy)
6,35,408
6,35,408
-
Total
1,82,09,488
2,56,37,387
1,06,27,800|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|Advance from customers
Duties and taxes
Deferred Revenue (Subsidy)
Total||1,46,79,668|

|1,69,51,980
80,49,999
6,35,408
2,56,37,387|

|68,36,644
37,91,156
-
1,06,27,800|
|||28,94,412|||||
|||6,35,408|||||
|||1,82,09,488|||||

24. PROVISIONS :

|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Provision for employee benef ts 61,59,610 51,37,741 50,65,141 Provision for Gratuity 24,76,750 18,09,856 16,09,796 Provision for expenses 1,00,95,028 58,20,977 42,95,218 **Total** **1,87,31,388** **1,27,68,574** **1,09,70,155**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision for employee benef ts
61,59,610
51,37,741
50,65,141
Provision for Gratuity
24,76,750
18,09,856
16,09,796
Provision for expenses
1,00,95,028
58,20,977
42,95,218
Total
1,87,31,388
1,27,68,574
1,09,70,155|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Provision for employee benef ts 61,59,610 51,37,741 50,65,141 Provision for Gratuity 24,76,750 18,09,856 16,09,796 Provision for expenses 1,00,95,028 58,20,977 42,95,218 **Total** **1,87,31,388** **1,27,68,574** **1,09,70,155**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision for employee benef ts
61,59,610
51,37,741
50,65,141
Provision for Gratuity
24,76,750
18,09,856
16,09,796
Provision for expenses
1,00,95,028
58,20,977
42,95,218
Total
1,87,31,388
1,27,68,574
1,09,70,155|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** Provision for employee benef ts 61,59,610 51,37,741 50,65,141 Provision for Gratuity 24,76,750 18,09,856 16,09,796 Provision for expenses 1,00,95,028 58,20,977 42,95,218 **Total** **1,87,31,388** **1,27,68,574** **1,09,70,155**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision for employee benef ts
61,59,610
51,37,741
50,65,141
Provision for Gratuity
24,76,750
18,09,856
16,09,796
Provision for expenses
1,00,95,028
58,20,977
42,95,218
Total
1,87,31,388
1,27,68,574
1,09,70,155|(Amount in`)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision for employee benef ts
61,59,610
51,37,741
50,65,141
Provision for Gratuity
24,76,750
18,09,856
16,09,796
Provision for expenses
1,00,95,028
58,20,977
42,95,218
Total
1,87,31,388
1,27,68,574
1,09,70,155|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|Provision for employee benef ts
Provision for Gratuity
Provision for expenses
Total||61,59,610|

|51,37,741
18,09,856
58,20,977
1,27,68,574|

|50,65,141
16,09,796
42,95,218
1,09,70,155|
|||24,76,750|||||
|||1,00,95,028|||||
|||1,87,31,388|||||

25. CURRENT TAX LIABILITIES (NET):

|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Provision of Income tax (Net of** **Advance Tax & TDS)** For 2017 - 2018 2,42,37,043 - - For 2015 - 2016 - 2,42,37,043 - - 28,48,596 28,48,596 **Total** **2,42,37,043** **-** **28,48,596**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision of Income tax (Net of
Advance Tax & TDS)
For 2017 - 2018
2,42,37,043
-
-
For 2015 - 2016
-
2,42,37,043
-
-
28,48,596
28,48,596
Total
2,42,37,043
-
28,48,596|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Provision of Income tax (Net of** **Advance Tax & TDS)** For 2017 - 2018 2,42,37,043 - - For 2015 - 2016 - 2,42,37,043 - - 28,48,596 28,48,596 **Total** **2,42,37,043** **-** **28,48,596**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision of Income tax (Net of
Advance Tax & TDS)
For 2017 - 2018
2,42,37,043
-
-
For 2015 - 2016
-
2,42,37,043
-
-
28,48,596
28,48,596
Total
2,42,37,043
-
28,48,596|(Amount in) **Particulars** **Amount** **31st March,** **2018** **Amount** **31st March,** **2017** **Amount** **1st April,** **2016** **Provision of Income tax (Net of** **Advance Tax & TDS)** For 2017 - 2018 2,42,37,043 - - For 2015 - 2016 - 2,42,37,043 - - 28,48,596 28,48,596 **Total** **2,42,37,043** **-** **28,48,596**|(Amount in)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision of Income tax (Net of
Advance Tax & TDS)
For 2017 - 2018
2,42,37,043
-
-
For 2015 - 2016
-
2,42,37,043
-
-
28,48,596
28,48,596
Total
2,42,37,043
-
28,48,596|(Amount in`)
Particulars
Amount
31st March,
2018
Amount
31st March,
2017
Amount
1st April,
2016
Provision of Income tax (Net of
Advance Tax & TDS)
For 2017 - 2018
2,42,37,043
-
-
For 2015 - 2016
-
2,42,37,043
-
-
28,48,596
28,48,596
Total
2,42,37,043
-
28,48,596|
|---|---|---|---|---|---|---|
|Particulars|Amount|31st March,
2018|
Amount|31st March,
2017|
Amount|1st April,
2016|
|Provision of Income tax (Net of
Advance Tax & TDS)
For 2017 - 2018
For 2015 - 2016
Total|||-

-
|

-
-|-

28,48,596
|

28,48,596
28,48,596|
||2,42,37,043||||||
||-|
2,42,37,043|||||
|||2,42,37,043|||||

Annual Report 2017-18 101

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

26. REVENUE FROM OPERATIONS

||(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)| |---|---|---|---|---|---| ||**Particulars**|**Amount**|**31st March, 2018**|**Amount**|**31st March, 2017**| ||**I. Revenue from operations** **A. Sale of Products** Direct Export Turnover Deemed Export Turnover Domestic Turnover **Gross Turnover** **B. Other Revenue from operations** **Total Revenue from operations**||| |1,02,00,22,024 13,87,932 2,21,27,62,730 **3,23,41,72,686** **8,69,12,984** **3,32,10,85,670**| ||||||| ||||97,53,78,971||| ||||-||| ||||2,43,15,38,212||| ||||**3,40,69,17,183**||| ||||**10,28,40,066**||| ||||**3,50,97,57,249**||| ||(Amount in)|||||
||Details of product sold|Amount|31st March, 2018|Amount|31st March, 2017|
||- Decorative laminate sheet
- Medium Density Fiber Board
- Polyvinayl Chloride Board
- Trading
Melamine
Phenol
Base Paper
Raw Veneer and Layons
Tissue Paper
Treated Kraft Sheets
Kraft Paper
Total||1,66,85,61,726|

72,00,000
11,58,118
2,48,060
10,70,818
-
-

-
|1,66,30,18,049
1,56,14,77,641
-

96,76,996
3,23,41,72,686|
||||1,71,65,45,345|||
||||41,38,520|||
|||||||
|||21,58,000||||
|||1,43,68,961||||
|||3,91,149||||
|||-||||
|||5,24,865||||
|||1,000||||
|||2,27,617|
1,76,71,592|||
||||3,40,69,17,183|||
||(Amount in`)|||||
||Other operating revenue as under|||31st March, 2018|31st March, 2017|
||Licence due income
Total|||10,28,40,066|
8,69,12,984

8,69,12,984|
|||||10,28,40,066||
|||||||
|27. |OTHER INCOME :|||||

|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)| |---|---|---|---|---| |**Particulars**|**Amount**|**31st March, 2018**|**Amount**|**31st March, 2017**| |Dividend Foreign Exchange Gain Interest Income (TDS6,34,492/-
and P.Y.`5,71,704/-)
Deferred Revenue Amortised (IND
AS-20) Refer note No. 19
Total||-|

|-
1,92,59,985
93,39,862
6,35,408
2,92,35,255|
|||1,89,11,944|||
|||75,20,450|||
|||6,35,408|||
|||2,70,67,802|||

102 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

28. COST OF MATERIALS CONSUMED:

(Amount in`)<br>Particulars<br>Amount<br>31st March,<br>2018<br>Amount<br>31st March,<br>2017<br>Raw Material Consumed:<br>Opening Stock of Raw Material<br>23,54,85,736<br>25,63,94,130<br>Add : Purchases<br>(Net<br>of<br>Excise,<br>Discount Rate Diff. & Material<br>for Resale`1,55,10,713/- previous year`76,78,821/-)<br>1,87,02,11,244<br>1,58,51,63,509<br>Add : Freight, Octroi, and Clearing &<br>Forwarding<br>3,13,19,679<br>3,08,68,175<br>Add : C.V.D., Other Duty & Licence<br>Use<br>6,58,11,830<br>5,59,73,093<br>Total<br>2,20,28,28,489<br>1,92,83,98,907<br>Less : Closing Stock of Raw Material<br>30,65,19,929<br>23,54,85,736<br>Total<br>1,89,63,08,560<br>1,69,29,13,171<br>(Amount in`) Details of raw material and its components Amount 31st March, 2018 Amount 31st March, 2017 BASE PAPER 25,66,19,766 29,02,87,235 KRAFT PAPER 36,80,75,556 31,91,23,321 PHENOL 15,18,35,364 11,86,40,730 METHANOL 2,14,36,553 2,25,71,973 FORMALDEHYDE 10,54,61,090 8,24,38,857 MELAMINE 9,34,16,632 7,65,28,631 WOOD 38,52,57,004 37,84,58,084 UREA FORMALDEHYDE RESIN 24,04,32,022 21,02,04,798 MUF RESIN 4,24,21,706 2,82,96,127 WAX 2,54,19,328 2,23,11,596 PIGMENT DYE 1,90,65,219 2,25,19,031 IMPREGATION PAPER 5,58,78,576 4,47,27,177 IMPREGATION RESIN 3,05,48,772 2,01,58,843 PVC K57 1,37,79,635 - MODIFIER LP90 63,87,197 - OTHERS 8,02,74,140 5,66,46,768 Total 1,89,63,08,560 1,69,29,13,171	(Amount in`)<br>Particulars<br>Amount<br>31st March,<br>2018<br>Amount<br>31st March,<br>2017<br>Raw Material Consumed:<br>Opening Stock of Raw Material<br>23,54,85,736<br>25,63,94,130<br>Add : Purchases<br>(Net<br>of<br>Excise,<br>Discount Rate Diff. & Material<br>for Resale`1,55,10,713/- previous year`76,78,821/-)<br>1,87,02,11,244<br>1,58,51,63,509<br>Add : Freight, Octroi, and Clearing &<br>Forwarding<br>3,13,19,679<br>3,08,68,175<br>Add : C.V.D., Other Duty & Licence<br>Use<br>6,58,11,830<br>5,59,73,093<br>Total<br>2,20,28,28,489<br>1,92,83,98,907<br>Less : Closing Stock of Raw Material<br>30,65,19,929<br>23,54,85,736<br>Total<br>1,89,63,08,560<br>1,69,29,13,171<br>(Amount in`) Details of raw material and its components Amount 31st March, 2018 Amount 31st March, 2017 BASE PAPER 25,66,19,766 29,02,87,235 KRAFT PAPER 36,80,75,556 31,91,23,321 PHENOL 15,18,35,364 11,86,40,730 METHANOL 2,14,36,553 2,25,71,973 FORMALDEHYDE 10,54,61,090 8,24,38,857 MELAMINE 9,34,16,632 7,65,28,631 WOOD 38,52,57,004 37,84,58,084 UREA FORMALDEHYDE RESIN 24,04,32,022 21,02,04,798 MUF RESIN 4,24,21,706 2,82,96,127 WAX 2,54,19,328 2,23,11,596 PIGMENT DYE 1,90,65,219 2,25,19,031 IMPREGATION PAPER 5,58,78,576 4,47,27,177 IMPREGATION RESIN 3,05,48,772 2,01,58,843 PVC K57 1,37,79,635 - MODIFIER LP90 63,87,197 - OTHERS 8,02,74,140 5,66,46,768 Total 1,89,63,08,560 1,69,29,13,171	(Amount in`)<br>Particulars<br>Amount<br>31st March,<br>2018<br>Amount<br>31st March,<br>2017<br>Raw Material Consumed:<br>Opening Stock of Raw Material<br>23,54,85,736<br>25,63,94,130<br>Add : Purchases<br>(Net<br>of<br>Excise,<br>Discount Rate Diff. & Material<br>for Resale`1,55,10,713/- previous year`76,78,821/-)<br>1,87,02,11,244<br>1,58,51,63,509<br>Add : Freight, Octroi, and Clearing &<br>Forwarding<br>3,13,19,679<br>3,08,68,175<br>Add : C.V.D., Other Duty & Licence<br>Use<br>6,58,11,830<br>5,59,73,093<br>Total<br>2,20,28,28,489<br>1,92,83,98,907<br>Less : Closing Stock of Raw Material<br>30,65,19,929<br>23,54,85,736<br>Total<br>1,89,63,08,560<br>1,69,29,13,171<br>(Amount in`) Details of raw material and its components Amount 31st March, 2018 Amount 31st March, 2017 BASE PAPER 25,66,19,766 29,02,87,235 KRAFT PAPER 36,80,75,556 31,91,23,321 PHENOL 15,18,35,364 11,86,40,730 METHANOL 2,14,36,553 2,25,71,973 FORMALDEHYDE 10,54,61,090 8,24,38,857 MELAMINE 9,34,16,632 7,65,28,631 WOOD 38,52,57,004 37,84,58,084 UREA FORMALDEHYDE RESIN 24,04,32,022 21,02,04,798 MUF RESIN 4,24,21,706 2,82,96,127 WAX 2,54,19,328 2,23,11,596 PIGMENT DYE 1,90,65,219 2,25,19,031 IMPREGATION PAPER 5,58,78,576 4,47,27,177 IMPREGATION RESIN 3,05,48,772 2,01,58,843 PVC K57 1,37,79,635 - MODIFIER LP90 63,87,197 - OTHERS 8,02,74,140 5,66,46,768 Total 1,89,63,08,560 1,69,29,13,171	(Amount in`)<br>Particulars<br>Amount<br>31st March,<br>2018<br>Amount<br>31st March,<br>2017<br>Raw Material Consumed:<br>Opening Stock of Raw Material<br>23,54,85,736<br>25,63,94,130<br>Add : Purchases<br>(Net<br>of<br>Excise,<br>Discount Rate Diff. & Material<br>for Resale`1,55,10,713/- previous year`76,78,821/-)<br>1,87,02,11,244<br>1,58,51,63,509<br>Add : Freight, Octroi, and Clearing &<br>Forwarding<br>3,13,19,679<br>3,08,68,175<br>Add : C.V.D., Other Duty & Licence<br>Use<br>6,58,11,830<br>5,59,73,093<br>Total<br>2,20,28,28,489<br>1,92,83,98,907<br>Less : Closing Stock of Raw Material<br>30,65,19,929<br>23,54,85,736<br>Total<br>1,89,63,08,560<br>1,69,29,13,171<br>(Amount in`) Details of raw material and its components Amount 31st March, 2018 Amount 31st March, 2017 BASE PAPER 25,66,19,766 29,02,87,235 KRAFT PAPER 36,80,75,556 31,91,23,321 PHENOL 15,18,35,364 11,86,40,730 METHANOL 2,14,36,553 2,25,71,973 FORMALDEHYDE 10,54,61,090 8,24,38,857 MELAMINE 9,34,16,632 7,65,28,631 WOOD 38,52,57,004 37,84,58,084 UREA FORMALDEHYDE RESIN 24,04,32,022 21,02,04,798 MUF RESIN 4,24,21,706 2,82,96,127 WAX 2,54,19,328 2,23,11,596 PIGMENT DYE 1,90,65,219 2,25,19,031 IMPREGATION PAPER 5,58,78,576 4,47,27,177 IMPREGATION RESIN 3,05,48,772 2,01,58,843 PVC K57 1,37,79,635 - MODIFIER LP90 63,87,197 - OTHERS 8,02,74,140 5,66,46,768 Total 1,89,63,08,560 1,69,29,13,171	(Amount in`)<br>Particulars<br>Amount<br>31st March,<br>2018<br>Amount<br>31st March,<br>2017<br>Raw Material Consumed:<br>Opening Stock of Raw Material<br>23,54,85,736<br>25,63,94,130<br>Add : Purchases<br>(Net<br>of<br>Excise,<br>Discount Rate Diff. & Material<br>for Resale`1,55,10,713/- previous year`76,78,821/-)<br>1,87,02,11,244<br>1,58,51,63,509<br>Add : Freight, Octroi, and Clearing &<br>Forwarding<br>3,13,19,679<br>3,08,68,175<br>Add : C.V.D., Other Duty & Licence<br>Use<br>6,58,11,830<br>5,59,73,093<br>Total<br>2,20,28,28,489<br>1,92,83,98,907<br>Less : Closing Stock of Raw Material<br>30,65,19,929<br>23,54,85,736<br>Total<br>1,89,63,08,560<br>1,69,29,13,171<br>(Amount in`) Details of raw material and its components Amount 31st March, 2018 Amount 31st March, 2017 BASE PAPER 25,66,19,766 29,02,87,235 KRAFT PAPER 36,80,75,556 31,91,23,321 PHENOL 15,18,35,364 11,86,40,730 METHANOL 2,14,36,553 2,25,71,973 FORMALDEHYDE 10,54,61,090 8,24,38,857 MELAMINE 9,34,16,632 7,65,28,631 WOOD 38,52,57,004 37,84,58,084 UREA FORMALDEHYDE RESIN 24,04,32,022 21,02,04,798 MUF RESIN 4,24,21,706 2,82,96,127 WAX 2,54,19,328 2,23,11,596 PIGMENT DYE 1,90,65,219 2,25,19,031 IMPREGATION PAPER 5,58,78,576 4,47,27,177 IMPREGATION RESIN 3,05,48,772 2,01,58,843 PVC K57 1,37,79,635 - MODIFIER LP90 63,87,197 - OTHERS 8,02,74,140 5,66,46,768 Total 1,89,63,08,560 1,69,29,13,171
Details of raw material and its components	Amount	31st March, 2018	Amount	31st March, 2017
BASE PAPER KRAFT PAPER PHENOL METHANOL FORMALDEHYDE MELAMINE WOOD UREA FORMALDEHYDE RESIN MUF RESIN WAX PIGMENT DYE IMPREGATION PAPER IMPREGATION RESIN PVC K57 MODIFIER LP90 OTHERS Total		25,66,19,766		29,02,87,235 31,91,23,321 11,86,40,730 2,25,71,973 8,24,38,857 7,65,28,631 37,84,58,084 21,02,04,798 2,82,96,127 2,23,11,596 2,25,19,031 4,47,27,177 2,01,58,843 - - 5,66,46,768 1,69,29,13,171
		36,80,75,556
		15,18,35,364
		2,14,36,553
		10,54,61,090
		9,34,16,632
		38,52,57,004
		24,04,32,022
		4,24,21,706
		2,54,19,328
		1,90,65,219
		5,58,78,576
		3,05,48,772
		1,37,79,635
		63,87,197
		8,02,74,140
		1,89,63,08,560

Annual Report 2017-18 103

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

29. PURCHASE OF STOCK-IN-TRADE :

|(Amount in) **Particulars** **31st March, 2018** **31st March, 2017** Melamine 19,39,795 52,35,421 Phenol 1,25,89,077 12,42,984 Base Paper 3,64,666 2,36,702 Raw Veneer and Layons - 9,63,714 Tissue Paper 3,79,346 - Treated Kraft Sheets 922 - Kraft Paper 2,36,907 - **Total** **1,55,10,713** **76,78,821**|(Amount in)
Particulars
31st March, 2018
31st March, 2017
Melamine
19,39,795
52,35,421
Phenol
1,25,89,077
12,42,984
Base Paper
3,64,666
2,36,702
Raw Veneer and Layons
-
9,63,714
Tissue Paper
3,79,346
-
Treated Kraft Sheets
922
-
Kraft Paper
2,36,907
-
Total
1,55,10,713
76,78,821|(Amount in`)
Particulars
31st March, 2018
31st March, 2017
Melamine
19,39,795
52,35,421
Phenol
1,25,89,077
12,42,984
Base Paper
3,64,666
2,36,702
Raw Veneer and Layons
-
9,63,714
Tissue Paper
3,79,346
-
Treated Kraft Sheets
922
-
Kraft Paper
2,36,907
-
Total
1,55,10,713
76,78,821|
|---|---|---|
|Particulars|31st March, 2018|31st March, 2017|
|Melamine
Phenol
Base Paper
Raw Veneer and Layons
Tissue Paper
Treated Kraft Sheets
Kraft Paper
Total|19,39,795|
52,35,421

12,42,984

2,36,702

9,63,714

-

-

-

76,78,821|
||1,25,89,077||
||3,64,666||
||-||
||3,79,346||
||922||
||2,36,907||
||1,55,10,713||

30. CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS:

(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** **Opening Stock** Finished Goods 28,28,32,868 26,00,55,262 Stock-in-Progress 5,69,48,716 5,71,78,352 **Total** **33,97,81,584** **31,72,33,614** **Less : Closing Stock** Finished Goods 38,65,95,705 28,28,32,868 Stock-in-Progress 5,64,23,632 5,69,48,716 **Total** **44,30,19,337** **33,97,81,584** **Increase/(Decrease) in Stock of** **Finished Goods & Stock-in-Progress** **(10,32,37,753)** **(2,25,47,970)** (Amount in)
Details of Finished Goods
31st March, 2018
31st March, 2017
- Decorative laminate sheet
26,79,30,144
19,65,50,471
- Medium Density Fiber Board
10,14,10,062
8,62,82,397
- Polyvinayl Chloride Board
1,72,55,499
-
Total
38,65,95,705
28,28,32,868
EXCISE DUTY

31.

|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** Excise duty on Sales 7,45,64,991 25,98,81,516 **Total** **7,45,64,991** **25,98,81,516**|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Excise duty on Sales
7,45,64,991
25,98,81,516
Total
7,45,64,991
25,98,81,516|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** Excise duty on Sales 7,45,64,991 25,98,81,516 **Total** **7,45,64,991** **25,98,81,516**|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Excise duty on Sales
7,45,64,991
25,98,81,516
Total
7,45,64,991
25,98,81,516|(Amount in`)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Excise duty on Sales
7,45,64,991
25,98,81,516
Total
7,45,64,991
25,98,81,516|
|---|---|---|---|---|
|Particulars|Amount|31st March, 2018|Amount|31st March, 2017|
|Excise duty on Sales
Total||7,45,64,991|
|25,98,81,516
25,98,81,516|
|||7,45,64,991|||

104 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

32. EMPLOYEE BENEFITS EXPENSES:

	(Amount in`)<br>Particulars<br>Amount<br>31st March, 2018<br>Amount<br>31st March, 2017<br>Salary & Bonus<br>20,36,01,327<br>17,94,52,855<br>Contribution to Provident Fund etc.<br>61,92,193<br>53,74,903<br>Total<br>20,97,93,520<br>18,48,27,758<br>FINANCE COSTS:<br>(Amount in`) Particulars Amount 31st March, 2018 Amount 31st March, 2017 Interest on Cash Credit 2,98,80,504 2,97,51,058 Interest on Term Loan 3,25,75,690 4,08,63,864 Interest to Unsecured loan 77,04,029 1,32,99,194 Interest to Financial Institution 17,98,232 37,75,477 Other Financial Charges 1,50,65,052 1,60,20,861 Foreign Exchange Fluctuation - - Total 8,70,23,507 10,37,10,454	(Amount in`)<br>Particulars<br>Amount<br>31st March, 2018<br>Amount<br>31st March, 2017<br>Salary & Bonus<br>20,36,01,327<br>17,94,52,855<br>Contribution to Provident Fund etc.<br>61,92,193<br>53,74,903<br>Total<br>20,97,93,520<br>18,48,27,758<br>FINANCE COSTS:<br>(Amount in`) Particulars Amount 31st March, 2018 Amount 31st March, 2017 Interest on Cash Credit 2,98,80,504 2,97,51,058 Interest on Term Loan 3,25,75,690 4,08,63,864 Interest to Unsecured loan 77,04,029 1,32,99,194 Interest to Financial Institution 17,98,232 37,75,477 Other Financial Charges 1,50,65,052 1,60,20,861 Foreign Exchange Fluctuation - - Total 8,70,23,507 10,37,10,454	(Amount in`)<br>Particulars<br>Amount<br>31st March, 2018<br>Amount<br>31st March, 2017<br>Salary & Bonus<br>20,36,01,327<br>17,94,52,855<br>Contribution to Provident Fund etc.<br>61,92,193<br>53,74,903<br>Total<br>20,97,93,520<br>18,48,27,758<br>FINANCE COSTS:<br>(Amount in`) Particulars Amount 31st March, 2018 Amount 31st March, 2017 Interest on Cash Credit 2,98,80,504 2,97,51,058 Interest on Term Loan 3,25,75,690 4,08,63,864 Interest to Unsecured loan 77,04,029 1,32,99,194 Interest to Financial Institution 17,98,232 37,75,477 Other Financial Charges 1,50,65,052 1,60,20,861 Foreign Exchange Fluctuation - - Total 8,70,23,507 10,37,10,454	(Amount in`)<br>Particulars<br>Amount<br>31st March, 2018<br>Amount<br>31st March, 2017<br>Salary & Bonus<br>20,36,01,327<br>17,94,52,855<br>Contribution to Provident Fund etc.<br>61,92,193<br>53,74,903<br>Total<br>20,97,93,520<br>18,48,27,758<br>FINANCE COSTS:<br>(Amount in`) Particulars Amount 31st March, 2018 Amount 31st March, 2017 Interest on Cash Credit 2,98,80,504 2,97,51,058 Interest on Term Loan 3,25,75,690 4,08,63,864 Interest to Unsecured loan 77,04,029 1,32,99,194 Interest to Financial Institution 17,98,232 37,75,477 Other Financial Charges 1,50,65,052 1,60,20,861 Foreign Exchange Fluctuation - - Total 8,70,23,507 10,37,10,454	(Amount in`)<br>Particulars<br>Amount<br>31st March, 2018<br>Amount<br>31st March, 2017<br>Salary & Bonus<br>20,36,01,327<br>17,94,52,855<br>Contribution to Provident Fund etc.<br>61,92,193<br>53,74,903<br>Total<br>20,97,93,520<br>18,48,27,758<br>FINANCE COSTS:<br>(Amount in`) Particulars Amount 31st March, 2018 Amount 31st March, 2017 Interest on Cash Credit 2,98,80,504 2,97,51,058 Interest on Term Loan 3,25,75,690 4,08,63,864 Interest to Unsecured loan 77,04,029 1,32,99,194 Interest to Financial Institution 17,98,232 37,75,477 Other Financial Charges 1,50,65,052 1,60,20,861 Foreign Exchange Fluctuation - - Total 8,70,23,507 10,37,10,454
33.

	Particulars	Amount	31st March, 2018	Amount	31st March, 2017
	Interest on Cash Credit Interest on Term Loan Interest to Unsecured loan Interest to Financial Institution Other Financial Charges Foreign Exchange Fluctuation Total		2,98,80,504		2,97,51,058 4,08,63,864 1,32,99,194 37,75,477 1,60,20,861 - 10,37,10,454
			3,25,75,690
			77,04,029
			17,98,232
			1,50,65,052
			-
			8,70,23,507

34. OTHER EXPENSES:

|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** **Stores & Spares Consumed :** Opening Stock 4,22,72,865 3,67,65,314 Add : Purchases 8,99,99,009 7,02,72,459 **Total** **13,22,71,874** **10,70,37,773** Less: Closing Stock 8,16,17,721 5,06,54,153 4,22,72,865 6,47,64,908 Commission on Imports 5,55,877 14,22,741 Central Excise Duty Expenses 6,48,093 14,89,175 Jobwork Charges 83,59,546 73,70,140 Power & Fuel Consumed : Opening Stock 4,95,966 9,79,415 Add : Purchases 25,98,40,718 22,03,18,039 **Total** **26,03,36,684** **22,12,97,454** Less: Closing Stock 12,06,163 25,91,30,521 4,95,966 22,08,01,488 **Repairs & Maintenance :** Machinery 75,15,382 55,52,577 Building 28,59,661 34,67,616 Others 12,02,159 1,15,77,202 8,73,801 98,93,994 Wages 11,16,46,981 9,89,16,501 Transport Charges 12,22,535 2,18,373 Factory Expenses 1,59,08,281 1,66,03,289 Advertisement Expenses 2,68,19,769 1,38,05,549 Audit Fees* 3,75,000 3,75,000|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Stores & Spares Consumed :
Opening Stock
4,22,72,865
3,67,65,314
Add : Purchases
8,99,99,009
7,02,72,459
Total
13,22,71,874
10,70,37,773
Less: Closing Stock
8,16,17,721
5,06,54,153
4,22,72,865
6,47,64,908
Commission on Imports
5,55,877
14,22,741
Central Excise Duty Expenses
6,48,093
14,89,175
Jobwork Charges
83,59,546
73,70,140
Power & Fuel Consumed :
Opening Stock
4,95,966
9,79,415
Add : Purchases
25,98,40,718
22,03,18,039
Total
26,03,36,684
22,12,97,454
Less: Closing Stock
12,06,163
25,91,30,521
4,95,966
22,08,01,488
Repairs & Maintenance :
Machinery
75,15,382
55,52,577
Building
28,59,661
34,67,616
Others
12,02,159
1,15,77,202
8,73,801
98,93,994
Wages
11,16,46,981
9,89,16,501
Transport Charges
12,22,535
2,18,373
Factory Expenses
1,59,08,281
1,66,03,289
Advertisement Expenses
2,68,19,769
1,38,05,549
Audit Fees
3,75,000
3,75,000|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** **Stores & Spares Consumed :** Opening Stock 4,22,72,865 3,67,65,314 Add : Purchases 8,99,99,009 7,02,72,459 **Total** **13,22,71,874** **10,70,37,773** Less: Closing Stock 8,16,17,721 5,06,54,153 4,22,72,865 6,47,64,908 Commission on Imports 5,55,877 14,22,741 Central Excise Duty Expenses 6,48,093 14,89,175 Jobwork Charges 83,59,546 73,70,140 Power & Fuel Consumed : Opening Stock 4,95,966 9,79,415 Add : Purchases 25,98,40,718 22,03,18,039 **Total** **26,03,36,684** **22,12,97,454** Less: Closing Stock 12,06,163 25,91,30,521 4,95,966 22,08,01,488 **Repairs & Maintenance :** Machinery 75,15,382 55,52,577 Building 28,59,661 34,67,616 Others 12,02,159 1,15,77,202 8,73,801 98,93,994 Wages 11,16,46,981 9,89,16,501 Transport Charges 12,22,535 2,18,373 Factory Expenses 1,59,08,281 1,66,03,289 Advertisement Expenses 2,68,19,769 1,38,05,549 Audit Fees* 3,75,000 3,75,000|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Stores & Spares Consumed :
Opening Stock
4,22,72,865
3,67,65,314
Add : Purchases
8,99,99,009
7,02,72,459
Total
13,22,71,874
10,70,37,773
Less: Closing Stock
8,16,17,721
5,06,54,153
4,22,72,865
6,47,64,908
Commission on Imports
5,55,877
14,22,741
Central Excise Duty Expenses
6,48,093
14,89,175
Jobwork Charges
83,59,546
73,70,140
Power & Fuel Consumed :
Opening Stock
4,95,966
9,79,415
Add : Purchases
25,98,40,718
22,03,18,039
Total
26,03,36,684
22,12,97,454
Less: Closing Stock
12,06,163
25,91,30,521
4,95,966
22,08,01,488
Repairs & Maintenance :
Machinery
75,15,382
55,52,577
Building
28,59,661
34,67,616
Others
12,02,159
1,15,77,202
8,73,801
98,93,994
Wages
11,16,46,981
9,89,16,501
Transport Charges
12,22,535
2,18,373
Factory Expenses
1,59,08,281
1,66,03,289
Advertisement Expenses
2,68,19,769
1,38,05,549
Audit Fees
3,75,000
3,75,000|(Amount in`)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Stores & Spares Consumed :
Opening Stock
4,22,72,865
3,67,65,314
Add : Purchases
8,99,99,009
7,02,72,459
Total
13,22,71,874
10,70,37,773
Less: Closing Stock
8,16,17,721
5,06,54,153
4,22,72,865
6,47,64,908
Commission on Imports
5,55,877
14,22,741
Central Excise Duty Expenses
6,48,093
14,89,175
Jobwork Charges
83,59,546
73,70,140
Power & Fuel Consumed :
Opening Stock
4,95,966
9,79,415
Add : Purchases
25,98,40,718
22,03,18,039
Total
26,03,36,684
22,12,97,454
Less: Closing Stock
12,06,163
25,91,30,521
4,95,966
22,08,01,488
Repairs & Maintenance :
Machinery
75,15,382
55,52,577
Building
28,59,661
34,67,616
Others
12,02,159
1,15,77,202
8,73,801
98,93,994
Wages
11,16,46,981
9,89,16,501
Transport Charges
12,22,535
2,18,373
Factory Expenses
1,59,08,281
1,66,03,289
Advertisement Expenses
2,68,19,769
1,38,05,549
Audit Fees
3,75,000
3,75,000|
|---|---|---|---|---|
|Particulars|Amount|31st March, 2018|Amount|31st March, 2017|
|Stores & Spares Consumed :
Opening Stock
Add : Purchases
Total|||3,67,65,314
7,02,72,459
10,70,37,773|

|
||4,22,72,865||||
||8,99,99,009||||
||13,22,71,874||||
|Less: Closing Stock
Commission on Imports
Central Excise Duty Expenses
Jobwork Charges
Power & Fuel Consumed :
Opening Stock
Add : Purchases
Total|8,16,17,721|
5,06,54,153|
4,22,72,865

9,79,415
22,03,18,039
22,12,97,454|
6,47,64,908
14,22,741
14,89,175
73,70,140

|
|||5,55,877|||
|||6,48,093|||
|||83,59,546|||
||||||
||4,95,966||||
||25,98,40,718||||
||26,03,36,684||||
|Less: Closing Stock
Repairs & Maintenance :
Machinery
Building
Others
Wages
Transport Charges
Factory Expenses
Advertisement Expenses
Audit Fees|12,06,163|
25,91,30,521|
4,95,966
55,52,577
34,67,616

8,73,801

|
22,08,01,488

98,93,994
9,89,16,501
2,18,373
1,66,03,289
1,38,05,549
3,75,000|
||||||
||75,15,382||||
||28,59,661||||
||12,02,159|
1,15,77,202|||
|||11,16,46,981|||
|||12,22,535|||
|||1,59,08,281|||
|||2,68,19,769|||
|||3,75,000|||

Annual Report 2017-18 105

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

34. OTHER EXPENSES: (Contd.)

|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** Sales Commission 5,11,91,320 5,36,16,677 Computer Maintenance Expenses 16,16,801 11,57,813 Corporate Social Responsibility contribution 69,48,893 18,30,203 Donation 2,85,900 2,43,502 General/ Miscellaneous Expenses 96,93,741 98,58,096 Insurance Expenses 35,67,908 47,85,677 Legal & Professional Charges 1,75,18,576 1,18,19,484 Loss on Sale of Fixed Assets 61,075 85,128 Postage and Telephone Expenses 45,18,076 41,84,130 Equity Enhancement Expense 5,03,001 - Printing and Stationary Expenses 20,50,660 30,22,837 Swachh Bharat Cess 2,55,610 11,58,103 Krishi Kalyan Cess 2,52,691 9,73,490 Rent, Rate and Taxes 1,14,23,490 97,57,484 Selling Expenses 21,77,84,722 14,56,24,023 Sundry Balances Written off 25,02,268 - Travelling, Conveyance and Vehicle Expenses 3,48,71,409 3,31,84,132 **Total** **85,19,44,099** **71,69,61,937**|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Sales Commission
5,11,91,320
5,36,16,677
Computer Maintenance Expenses
16,16,801
11,57,813
Corporate
Social
Responsibility
contribution
69,48,893
18,30,203
Donation
2,85,900
2,43,502
General/ Miscellaneous Expenses
96,93,741
98,58,096
Insurance Expenses
35,67,908
47,85,677
Legal & Professional Charges
1,75,18,576
1,18,19,484
Loss on Sale of Fixed Assets
61,075
85,128
Postage and Telephone Expenses
45,18,076
41,84,130
Equity Enhancement Expense
5,03,001
-
Printing and Stationary Expenses
20,50,660
30,22,837
Swachh Bharat Cess
2,55,610
11,58,103
Krishi Kalyan Cess
2,52,691
9,73,490
Rent, Rate and Taxes
1,14,23,490
97,57,484
Selling Expenses
21,77,84,722
14,56,24,023
Sundry Balances Written off
25,02,268
-
Travelling, Conveyance and Vehicle
Expenses
3,48,71,409
3,31,84,132
Total
85,19,44,099
71,69,61,937|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** Sales Commission 5,11,91,320 5,36,16,677 Computer Maintenance Expenses 16,16,801 11,57,813 Corporate Social Responsibility contribution 69,48,893 18,30,203 Donation 2,85,900 2,43,502 General/ Miscellaneous Expenses 96,93,741 98,58,096 Insurance Expenses 35,67,908 47,85,677 Legal & Professional Charges 1,75,18,576 1,18,19,484 Loss on Sale of Fixed Assets 61,075 85,128 Postage and Telephone Expenses 45,18,076 41,84,130 Equity Enhancement Expense 5,03,001 - Printing and Stationary Expenses 20,50,660 30,22,837 Swachh Bharat Cess 2,55,610 11,58,103 Krishi Kalyan Cess 2,52,691 9,73,490 Rent, Rate and Taxes 1,14,23,490 97,57,484 Selling Expenses 21,77,84,722 14,56,24,023 Sundry Balances Written off 25,02,268 - Travelling, Conveyance and Vehicle Expenses 3,48,71,409 3,31,84,132 **Total** **85,19,44,099** **71,69,61,937**|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Sales Commission
5,11,91,320
5,36,16,677
Computer Maintenance Expenses
16,16,801
11,57,813
Corporate
Social
Responsibility
contribution
69,48,893
18,30,203
Donation
2,85,900
2,43,502
General/ Miscellaneous Expenses
96,93,741
98,58,096
Insurance Expenses
35,67,908
47,85,677
Legal & Professional Charges
1,75,18,576
1,18,19,484
Loss on Sale of Fixed Assets
61,075
85,128
Postage and Telephone Expenses
45,18,076
41,84,130
Equity Enhancement Expense
5,03,001
-
Printing and Stationary Expenses
20,50,660
30,22,837
Swachh Bharat Cess
2,55,610
11,58,103
Krishi Kalyan Cess
2,52,691
9,73,490
Rent, Rate and Taxes
1,14,23,490
97,57,484
Selling Expenses
21,77,84,722
14,56,24,023
Sundry Balances Written off
25,02,268
-
Travelling, Conveyance and Vehicle
Expenses
3,48,71,409
3,31,84,132
Total
85,19,44,099
71,69,61,937|(Amount in`)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Sales Commission
5,11,91,320
5,36,16,677
Computer Maintenance Expenses
16,16,801
11,57,813
Corporate
Social
Responsibility
contribution
69,48,893
18,30,203
Donation
2,85,900
2,43,502
General/ Miscellaneous Expenses
96,93,741
98,58,096
Insurance Expenses
35,67,908
47,85,677
Legal & Professional Charges
1,75,18,576
1,18,19,484
Loss on Sale of Fixed Assets
61,075
85,128
Postage and Telephone Expenses
45,18,076
41,84,130
Equity Enhancement Expense
5,03,001
-
Printing and Stationary Expenses
20,50,660
30,22,837
Swachh Bharat Cess
2,55,610
11,58,103
Krishi Kalyan Cess
2,52,691
9,73,490
Rent, Rate and Taxes
1,14,23,490
97,57,484
Selling Expenses
21,77,84,722
14,56,24,023
Sundry Balances Written off
25,02,268
-
Travelling, Conveyance and Vehicle
Expenses
3,48,71,409
3,31,84,132
Total
85,19,44,099
71,69,61,937|
|---|---|---|---|---|
|Particulars|Amount|31st March, 2018|Amount|31st March, 2017|
|Sales Commission
Computer Maintenance Expenses
Corporate
Social
Responsibility
contribution
Donation
General/ Miscellaneous Expenses
Insurance Expenses
Legal & Professional Charges
Loss on Sale of Fixed Assets
Postage and Telephone Expenses
Equity Enhancement Expense
Printing and Stationary Expenses
Swachh Bharat Cess
Krishi Kalyan Cess
Rent, Rate and Taxes
Selling Expenses
Sundry Balances Written off
Travelling, Conveyance and Vehicle
Expenses
Total||5,11,91,320|

|5,36,16,677
11,57,813
18,30,203
2,43,502
98,58,096
47,85,677
1,18,19,484
85,128
41,84,130
-
30,22,837
11,58,103
9,73,490
97,57,484
14,56,24,023
-
3,31,84,132
71,69,61,937|
|||16,16,801|||
|||69,48,893|||
|||2,85,900|||
|||96,93,741|||
|||35,67,908|||
|||1,75,18,576|||
|||61,075|||
|||45,18,076|||
|||5,03,001|||
|||20,50,660|||
|||2,55,610|||
|||2,52,691|||
|||1,14,23,490|||
|||21,77,84,722|||
|||25,02,268|||
|||3,48,71,409|||
|||85,19,44,099|||

|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** As auditors - Statutory audit 2,50,000 2,50,000 Tax audit 1,25,000 1,25,000 Taxation Matters - - Management Services - - Company Law Matters - - Certif cation fees & other services - - Reimbursement of expenses - - **Total** **3,75,000** **3,75,000**|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
As auditors - Statutory audit
2,50,000
2,50,000
Tax audit
1,25,000
1,25,000
Taxation Matters
-
-
Management Services
-
-
Company Law Matters
-
-
Certif cation fees & other services
-
-
Reimbursement of expenses
-
-
Total
3,75,000
3,75,000|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** As auditors - Statutory audit 2,50,000 2,50,000 Tax audit 1,25,000 1,25,000 Taxation Matters - - Management Services - - Company Law Matters - - Certif cation fees & other services - - Reimbursement of expenses - - **Total** **3,75,000** **3,75,000**|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
As auditors - Statutory audit
2,50,000
2,50,000
Tax audit
1,25,000
1,25,000
Taxation Matters
-
-
Management Services
-
-
Company Law Matters
-
-
Certif cation fees & other services
-
-
Reimbursement of expenses
-
-
Total
3,75,000
3,75,000|(Amount in`)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
As auditors - Statutory audit
2,50,000
2,50,000
Tax audit
1,25,000
1,25,000
Taxation Matters
-
-
Management Services
-
-
Company Law Matters
-
-
Certif cation fees & other services
-
-
Reimbursement of expenses
-
-
Total
3,75,000
3,75,000|
|---|---|---|---|---|
|Particulars|Amount|31st March, 2018|Amount|31st March, 2017|
|As auditors - Statutory audit
Tax audit
Taxation Matters
Management Services
Company Law Matters
Certif cation fees & other services
Reimbursement of expenses
Total||2,50,000|

|2,50,000
1,25,000
-
-
-
-
-
3,75,000|
|||1,25,000|||
|||-|||
|||-|||
|||-|||
|||-|||
|||-|||
|||3,75,000|||

35. TAX EXPENSE :

|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** (1) Current Tax 10,51,00,000 7,22,32,087 (2) Deferred Tax 1,47,16,674 1,68,45,009 **Total** **11,98,16,674** **8,90,77,096**|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
(1) Current Tax
10,51,00,000
7,22,32,087
(2) Deferred Tax
1,47,16,674
1,68,45,009
Total
11,98,16,674
8,90,77,096|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** (1) Current Tax 10,51,00,000 7,22,32,087 (2) Deferred Tax 1,47,16,674 1,68,45,009 **Total** **11,98,16,674** **8,90,77,096**|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
(1) Current Tax
10,51,00,000
7,22,32,087
(2) Deferred Tax
1,47,16,674
1,68,45,009
Total
11,98,16,674
8,90,77,096|(Amount in`)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
(1) Current Tax
10,51,00,000
7,22,32,087
(2) Deferred Tax
1,47,16,674
1,68,45,009
Total
11,98,16,674
8,90,77,096|
|---|---|---|---|---|
|Particulars|Amount|31st March, 2018|Amount|31st March, 2017|
|(1) Current Tax
(2) Deferred Tax
Total||10,51,00,000|

|7,22,32,087
1,68,45,009
8,90,77,096|
|||1,47,16,674|||
|||11,98,16,674|||

106 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

35. TAX EXPENSE : (Contd.)

|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** **Reconciliation of the Income Tax** **Expense (Current Tax + Deferred Tax)** **amount considering the enacted** **Income Tax Rate and effective Income** **Tax Rate of the Company as follows.** Enacted Income Tax Rate in India applicable to the Company 34.608% 34.608% Accounting Prof t Before Tax 42,79,32,342 33,40,40,776 Current Tax expenses on Prof t before tax expenses at the enacted income tax rate in India 14,80,98,825 11,56,04,832 Non deductible expenses for Tax Purpose 3,26,08,487 2,86,94,630 Deductible Expenses for Tax purposes (4,25,56,638) (3,97,06,663) MAT Credit Entitlement (3,30,50,673) (3,22,65,546) Excess Provision of earlier years written back - (95,166) **A : Current tax as reported in the** **Statement of Prof t and Loss** **10,51,00,000** **7,22,32,087** Reconciliation of Deferred Tax Liability Timing Difference of Depreciation (Deferred tax liability) 1,54,77,468 1,78,90,154 Gratuity Payment (Deferred Tax Liability) (5,65,803) (7,20,158) Capital gain on land revaluation- Deferred Tax Liability) (1,94,991) (3,24,987) **B : Deferred tax as reported in the** **Statement of Prof t and Loss "** **1,47,16,674** **1,68,45,009** **C : Total Tax expense as reported in** **the Statement of Prof t and Loss** **C=A+B "** **11,98,16,674** **8,90,77,096**|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Reconciliation of the Income Tax
Expense (Current Tax + Deferred Tax)
amount considering the enacted
Income Tax Rate and effective Income
Tax Rate of the Company as follows.
Enacted Income Tax Rate in India
applicable to the Company
34.608%
34.608%
Accounting Prof t Before Tax
42,79,32,342
33,40,40,776
Current Tax expenses on Prof t before
tax expenses at the enacted income
tax rate in India
14,80,98,825
11,56,04,832
Non deductible expenses for Tax
Purpose
3,26,08,487
2,86,94,630
Deductible Expenses for Tax purposes
(4,25,56,638)
(3,97,06,663)
MAT Credit Entitlement
(3,30,50,673)
(3,22,65,546)
Excess Provision of earlier years
written back
-
(95,166)
A : Current tax as reported in the
Statement of Prof t and Loss
10,51,00,000
7,22,32,087
Reconciliation of Deferred Tax
Liability
Timing Difference of Depreciation
(Deferred tax liability)
1,54,77,468
1,78,90,154
Gratuity Payment (Deferred Tax
Liability)
(5,65,803)
(7,20,158)
Capital gain on land revaluation-
Deferred Tax Liability)
(1,94,991)
(3,24,987)
B : Deferred tax as reported in the
Statement of Prof t and Loss "
1,47,16,674
1,68,45,009
C : Total Tax expense as reported in
the Statement of Prof t and Loss
C=A+B "
11,98,16,674
8,90,77,096|(Amount in) **Particulars** **Amount** **31st March, 2018** **Amount** **31st March, 2017** **Reconciliation of the Income Tax** **Expense (Current Tax + Deferred Tax)** **amount considering the enacted** **Income Tax Rate and effective Income** **Tax Rate of the Company as follows.** Enacted Income Tax Rate in India applicable to the Company 34.608% 34.608% Accounting Prof t Before Tax 42,79,32,342 33,40,40,776 Current Tax expenses on Prof t before tax expenses at the enacted income tax rate in India 14,80,98,825 11,56,04,832 Non deductible expenses for Tax Purpose 3,26,08,487 2,86,94,630 Deductible Expenses for Tax purposes (4,25,56,638) (3,97,06,663) MAT Credit Entitlement (3,30,50,673) (3,22,65,546) Excess Provision of earlier years written back - (95,166) **A : Current tax as reported in the** **Statement of Prof t and Loss** **10,51,00,000** **7,22,32,087** Reconciliation of Deferred Tax Liability Timing Difference of Depreciation (Deferred tax liability) 1,54,77,468 1,78,90,154 Gratuity Payment (Deferred Tax Liability) (5,65,803) (7,20,158) Capital gain on land revaluation- Deferred Tax Liability) (1,94,991) (3,24,987) **B : Deferred tax as reported in the** **Statement of Prof t and Loss "** **1,47,16,674** **1,68,45,009** **C : Total Tax expense as reported in** **the Statement of Prof t and Loss** **C=A+B "** **11,98,16,674** **8,90,77,096**|(Amount in)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Reconciliation of the Income Tax
Expense (Current Tax + Deferred Tax)
amount considering the enacted
Income Tax Rate and effective Income
Tax Rate of the Company as follows.
Enacted Income Tax Rate in India
applicable to the Company
34.608%
34.608%
Accounting Prof t Before Tax
42,79,32,342
33,40,40,776
Current Tax expenses on Prof t before
tax expenses at the enacted income
tax rate in India
14,80,98,825
11,56,04,832
Non deductible expenses for Tax
Purpose
3,26,08,487
2,86,94,630
Deductible Expenses for Tax purposes
(4,25,56,638)
(3,97,06,663)
MAT Credit Entitlement
(3,30,50,673)
(3,22,65,546)
Excess Provision of earlier years
written back
-
(95,166)
A : Current tax as reported in the
Statement of Prof t and Loss
10,51,00,000
7,22,32,087
Reconciliation of Deferred Tax
Liability
Timing Difference of Depreciation
(Deferred tax liability)
1,54,77,468
1,78,90,154
Gratuity Payment (Deferred Tax
Liability)
(5,65,803)
(7,20,158)
Capital gain on land revaluation-
Deferred Tax Liability)
(1,94,991)
(3,24,987)
B : Deferred tax as reported in the
Statement of Prof t and Loss "
1,47,16,674
1,68,45,009
C : Total Tax expense as reported in
the Statement of Prof t and Loss
C=A+B "
11,98,16,674
8,90,77,096|(Amount in`)
Particulars
Amount
31st March, 2018
Amount
31st March, 2017
Reconciliation of the Income Tax
Expense (Current Tax + Deferred Tax)
amount considering the enacted
Income Tax Rate and effective Income
Tax Rate of the Company as follows.
Enacted Income Tax Rate in India
applicable to the Company
34.608%
34.608%
Accounting Prof t Before Tax
42,79,32,342
33,40,40,776
Current Tax expenses on Prof t before
tax expenses at the enacted income
tax rate in India
14,80,98,825
11,56,04,832
Non deductible expenses for Tax
Purpose
3,26,08,487
2,86,94,630
Deductible Expenses for Tax purposes
(4,25,56,638)
(3,97,06,663)
MAT Credit Entitlement
(3,30,50,673)
(3,22,65,546)
Excess Provision of earlier years
written back
-
(95,166)
A : Current tax as reported in the
Statement of Prof t and Loss
10,51,00,000
7,22,32,087
Reconciliation of Deferred Tax
Liability
Timing Difference of Depreciation
(Deferred tax liability)
1,54,77,468
1,78,90,154
Gratuity Payment (Deferred Tax
Liability)
(5,65,803)
(7,20,158)
Capital gain on land revaluation-
Deferred Tax Liability)
(1,94,991)
(3,24,987)
B : Deferred tax as reported in the
Statement of Prof t and Loss "
1,47,16,674
1,68,45,009
C : Total Tax expense as reported in
the Statement of Prof t and Loss
C=A+B "
11,98,16,674
8,90,77,096|
|---|---|---|---|---|
|Particulars|Amount|31st March, 2018|Amount|31st March, 2017|
|Reconciliation of the Income Tax
Expense (Current Tax + Deferred Tax)
amount considering the enacted
Income Tax Rate and effective Income
Tax Rate of the Company as follows.
Enacted Income Tax Rate in India
applicable to the Company
Accounting Prof t Before Tax
Current Tax expenses on Prof t before
tax expenses at the enacted income
tax rate in India
Non deductible expenses for Tax
Purpose
Deductible Expenses for Tax purposes
MAT Credit Entitlement
Excess Provision of earlier years
written back
A : Current tax as reported in the
Statement of Prof t and Loss|||34.608%
33,40,40,776
11,56,04,832
2,86,94,630
(3,97,06,663)
(3,22,65,546)
(95,166)
|

7,22,32,087|
||34.608%||||
||42,79,32,342||||
||14,80,98,825||||
||3,26,08,487||||
||(4,25,56,638)||||
||(3,30,50,673)||||
||-||||
|||10,51,00,000|||
|
Reconciliation of Deferred Tax
Liability
Timing Difference of Depreciation
(Deferred tax liability)
Gratuity Payment (Deferred Tax
Liability)
Capital gain on land revaluation-
Deferred Tax Liability)
B : Deferred tax as reported in the
Statement of Prof t and Loss "|||1,78,90,154
(7,20,158)
(3,24,987)
|
1,68,45,009|
||1,54,77,468||||
||(5,65,803)||||
||(1,94,991)||||
|||1,47,16,674|||
|C : Total Tax expense as reported in
the Statement of Prof t and Loss
C=A+B "||11,98,16,674||8,90,77,096|

36. EARNINGS PER SHARE :

|(Amount in) **Particulars** **Year ended** **31st March,2018** **Year ended** **31st March,2017** **Basic/Diluted Earnings per Share** Number of Equity Shares at the beginning of the year 1,44,00,000 1,44,00,000 Number of Equity Shares allotted during the year: 80,000 Shares allotted during the year dated 17th May, 2017 80,000 - 26,666 Shares allotted during the year dated 29th May, 2017 26,666 - 1,05,820 Shares allotted during the year dated 25th Nov, 2017 1,05,820 - 1,04,974 Shares allotted during the year dated 15th Feb, 2017 1,04,974 - Total Number of Equity Shares at the end of the year 1,47,17,460 1,44,00,000 Weighted average number of equity shares 1,45,42,108 1,44,00,000 Prof t for the year (after tax,available for equity shareholders) In
30,98,07,283
24,88,95,278
Basic and Diluted Earnings Per Share **21.30** **17.28**|(Amount in)
Particulars
Year ended
31st March,2018
Year ended
31st March,2017
Basic/Diluted Earnings per Share
Number of Equity Shares at the beginning of the year
1,44,00,000
1,44,00,000
Number of Equity Shares allotted during the year:
80,000 Shares allotted during the year dated 17th May, 2017
80,000
-
26,666 Shares allotted during the year dated 29th May, 2017
26,666
-
1,05,820 Shares allotted during the year dated 25th Nov, 2017
1,05,820
-
1,04,974 Shares allotted during the year dated 15th Feb, 2017
1,04,974
-
Total Number of Equity Shares at the end of the year
1,47,17,460
1,44,00,000
Weighted average number of equity shares
1,45,42,108
1,44,00,000
Prof t for the year (after tax,available for equity shareholders) In 30,98,07,283 24,88,95,278 **Basic and Diluted Earnings Per Share**
21.30
17.28|(Amount in) **Particulars** **Year ended** **31st March,2018** **Year ended** **31st March,2017** **Basic/Diluted Earnings per Share** Number of Equity Shares at the beginning of the year 1,44,00,000 1,44,00,000 Number of Equity Shares allotted during the year: 80,000 Shares allotted during the year dated 17th May, 2017 80,000 - 26,666 Shares allotted during the year dated 29th May, 2017 26,666 - 1,05,820 Shares allotted during the year dated 25th Nov, 2017 1,05,820 - 1,04,974 Shares allotted during the year dated 15th Feb, 2017 1,04,974 - Total Number of Equity Shares at the end of the year 1,47,17,460 1,44,00,000 Weighted average number of equity shares 1,45,42,108 1,44,00,000 Prof t for the year (after tax,available for equity shareholders) In
30,98,07,283
24,88,95,278
Basic and Diluted Earnings Per Share **21.30** **17.28**| |---|---|---| |**Particulars**|**Year ended** **31st March,2018**| **Year ended** **31st March,2017**| |**Basic/Diluted Earnings per Share** Number of Equity Shares at the beginning of the year Number of Equity Shares allotted during the year: 80,000 Shares allotted during the year dated 17th May, 2017 26,666 Shares allotted during the year dated 29th May, 2017 1,05,820 Shares allotted during the year dated 25th Nov, 2017 1,04,974 Shares allotted during the year dated 15th Feb, 2017 Total Number of Equity Shares at the end of the year Weighted average number of equity shares Prof t for the year (after tax,available for equity shareholders) In
Basic and Diluted Earnings Per Share`||
1,44,00,000

-

-

-

-

1,44,00,000

1,44,00,000

24,88,95,278

17.28|
||1,44,00,000||
||||
||80,000||
||26,666||
||1,05,820||
||1,04,974||
||1,47,17,460||
||1,45,42,108||
||30,98,07,283||
||21.30||

Annual Report 2017-18 107

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

37. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES:

a. Contingent liabilities:

(1) Claims against the Company not acknowledged as debts

Particulars

Disputed Income Tax Demand Matter Under Appeal 10,64,110/- (P.Y 61,60,050)
Disputed Excise Demand Matter Under Appeal 83,96,065/- (P.Y 58,87,440/-)
Disputed Custom Duty Matter Under Appeal 27,55,536/- (P.Y 27,55,536)
Disputed VAT Liability matter under Appeal 16,89,373/- (P.Y NIL)

Note:

(a) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above, pending resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions pending with various forums/ authorities.
(b) The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its fi nancial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its fi nancial results.

(2) Outstanding Letters of Credit `2,69,57,924/-(P. Y` 38,04,964/-)

(3) Outstanding Bank Guarantee `2,62,12,352/-(PY` 1,73,19,170/-)

b. Commitments:

Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances, 107,89,28,751/- (previous year5,54,10,254/-)

38. FINANCIAL AND DERIVATIVE INSTRUMENTS

Capital Management

The Company’s objective when managing capital is to:

Safeguard its ability to continue as a going concern so that the Company is able to provide maximum return to stakeholders and benefi ts for other stakeholders.
Maintain an optimal capital structure to reduce the cost of capital.

The Company’s Board of director’s reviews the capital structure on regular basis. As part of this review the board considers the cost of capital risk associated with each class of capital requirements and maintenance of adequate liquidity.

Disclosures

This section gives an overview of the signifi cance of fi nancial instruments for the Company and provides additional information on balance sheet items that contain fi nancial instruments

The details of signifi cant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised in respect of each class of fi nancial asset, fi nancial liability and equity instrument are disclosed in Note (A) j, k, l and m.

(i) Categories of Financial Instruments

Categories of Financial Instruments
	(Amount in`)
Particulars	As at 31st March, 2018 As at 31st March, 2017		As at 1st April, 2016
FINANCIAL ASSETS Measured at Amortised Cost (i) Trade and Other Receivables (ii) Cash and Cash Equivalents (iii) Loans		48,56,33,376 1,97,17,854 16,53,405	41,60,37,042 1,83,92,825 24,92,238

	50,17,52,732
	56,51,699
	2,73,16,780

108 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

			(Amount in`)
Particulars	As at 31st March, 2018 As at 31st March, 2017		As at 1st April, 2016
(iv) Other Financial Assets FINANCIAL LIABILITIES Measured at Amortised Cost (i) Borrowings (ii) Trade Payables (iii) Other Financial Liabilities	10,000	10,000 78,78,91,726 40,73,20,469 18,09,49,802	10,000 90,59,65,096 50,80,98,956 17,73,51,790


	85,68,58,104
	63,75,41,692
	19,76,66,873

(ii) Fair Value Measurement

This note provides information about how the Company determines fair values of various fi nancial assets

Fair Value of fi nancial assets and liabilities that are not measured at fair value (but fair value disclosures are required).

Management considers that the carrying amounts of fi nancial assets and fi nancial liabilities recognised in the fi nancial statements approximate their fair values.

(iii) Financial Risk Management Objectives

While ensuring liquidity is suffi cient to meet Company’s operational requirements, the Company’s fi nancial management committee also monitors and manages key fi nancial risks relating to the operations of the Company by analysing exposures by degree and magnitude of risks. These risks include market risk (including currency risk and price risk), credit risk and liquidity risk.

Market Risk

Market risk is the risk that the fair value of future cash flows of a fi nancial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate, currency risk and other price risk, such as commodity price risk and equity price risk. Financial instruments affected by market risk include FVTPL investments, trade payables, trade receivables, etc.

Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s operating activities. The Company has a treasury department which monitors the foreign exchange fluctuations on the continuous basis and advises the management of any material adverse effect on the Company.

Interest Rate Risk

The Company’s interest rate risk arises from the Long-Term Borrowings with fi xed rates. The Company’s fi xed rates borrowings are carried at amortised cost.

Liquidity Risk

The Company manages liquidity risk by maintaining suffi cient cash and cash equivalents including bank deposits and availability of funding through an adequate amount of committed credit facilities to meet the obligations when due.

Management monitors rolling forecasts of liquidity position and cash and cash equivalents on the basis of expected cash flows. In addition, liquidity management also involves projecting cash flows considering level of liquid assets necessary to meet obligations by matching the maturity profi les of fi nancial assets & liabilities and monitoring balance sheet liquidity ratios.

The following tables detail the Company’s remaining contractual maturity for its non-derivative fi nancial liabilities with agreed repayment periods. The information included in the tables have been drawn up based on the undiscounted cash flows of fi nancial liabilities based on the earliest date on which the Company can be required to pay. The contractual maturity is based on the earliest date on which the Company may be required to pay.

Annual Report 2017-18 109

Notes to the Financial Statements (Contd.) RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

The following are the contractual maturities of non-derivative fi nancial liabilities, based on contractual cash flows:

The following are the contractual maturities of non-derivative f nancial liabilities, based on contractual cash flows:	The following are the contractual maturities of non-derivative f nancial liabilities, based on contractual cash flows:	The following are the contractual maturities of non-derivative f nancial liabilities, based on contractual cash flows:	The following are the contractual maturities of non-derivative f nancial liabilities, based on contractual cash flows:	The following are the contractual maturities of non-derivative f nancial liabilities, based on contractual cash flows:
(Amount in`)
Particulars	Due in 1 Year	1 Year - 3 Years	More than 3 Years	Total
As at 31st March, 2018 Borrowings Trade Payables Other Financial Liabilities Total As at 31st March, 2017 Borrowings Trade Payables Other Financial Liabilities Total As at 1stApril, 2016 Borrowings Trade Payables Other Financial Liabilities Total	46,82,14,879 63,75,41,692 15,60,15,880 1,26,17,72,451 45,70,27,215 40,73,20,469 14,24,12,545 1,00,67,60,229 46,90,51,628 50,80,98,956 13,94,51,890 1,11,66,02,474	17,91,66,664 42,91,927 4,16,50,993 22,51,09,584 24,29,66,637 71,13,121 3,85,37,257 28,86,17,015 29,41,48,257 72,92,259 3,78,99,900 33,93,40,416	20,94,76,561 - - 20,94,76,561 8,78,97,874 - - 8,78,97,874 14,27,65,211 - - 14,27,65,211	85,68,58,104 64,18,33,619 19,76,66,873 1,69,63,58,596 78,78,91,726 41,44,33,590 18,09,49,802 1,38,32,75,118 90,59,65,096 51,53,91,215 17,73,51,790 1,59,87,08,101

Credit Risk

Credit risk is the risk that counter party will not meet its obligations under a fi nancial instrument or customer contract, leading to a fi nancial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables).

Trade Receivables

An impairment analysis is performed at each reporting date on an individual basis for all the customers. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables disclosed in Note 4 and 8, as the Company does not hold collateral as security. The Company has evaluated the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries.

The Company has a detailed review mechanism of overdue customer receivables at various levels within organisation to ensure proper attention and focus for realisation.

The Company has a detailed review mechanism of overdue customer receivables at various levels within organisation to ensure proper attention and focus for realisation.	The Company has a detailed review mechanism of overdue customer receivables at various levels within organisation to ensure proper attention and focus for realisation.	The Company has a detailed review mechanism of overdue customer receivables at various levels within organisation to ensure proper attention and focus for realisation.	The Company has a detailed review mechanism of overdue customer receivables at various levels within organisation to ensure proper attention and focus for realisation.	The Company has a detailed review mechanism of overdue customer receivables at various levels within organisation to ensure proper attention and focus for realisation.
(Amount in`)
Particulars	Upto 1 Year	1 Year - 3 Years	More than 3 Years	Total
As at 31st March, 2018 Loans to Employees Trade Receivables Other Financial Assets Total As at 31st March, 2017 Loans to Employees Trade Receivables Other Financial Assets Total	- 48,32,44,722 2,50,00,000 50,82,44,722 - 47,79,67,598 - 47,79,67,598	23,16,780 1,85,08,010 - 2,08,24,790 16,53,405 76,65,778 - 93,19,183	- - - - - - - -	23,16,780 50,17,52,732 2,50,00,000 52,90,69,512 16,53,405 48,56,33,376 - 48,72,86,781

(a) For hedging currency

	As at	As at
Particulars	31st March, 2018	31st March, 2017
Outstanding Forward Contract	2,767.81	1,626.27

110 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.) RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

(b) The year-end foreign currency exposure that have not been hedged by any derivative instruments or otherwise are as under

Particulars	Amount receivable in Foreign Currency	Amount receivable in Foreign Currency	Amount Payable in Foreign Currency	Amount Payable in Foreign Currency
	Foreign Currency (in Mn)	Indian Currency (in Lakhs))	Foreign Currency (in Mn)	Indian Currency (in Lakhs)
31-03-2018	0.255940 USD 2.174250 EURO	1,909.98	2.506316 USD 1.070496 EURO	1,491.62
31-03-2017	0.201159 USD 0.004416 EURO	133.50	3.686749 USD 0.091574 EURO 4.521708 JPY	2,480.43

39.[The Previous year’s fi gures have been regrouped, reworked, rearranged and reclassifi ed wherever necessary to make them ] comparable with current year fi gures.

40.[Balances of Unsecured Loans, Trade Receivables, Payables and Loans and Advances are subject to Confi rmation from ] respective parties

41. OPERATING SEGMENT:

Primary

The primary segment of the Company, comprising of ‘Decorative, Laminates’, ‘Particle Board’ and ‘Medium Density Fiber Board’.

Segment wise Revenue, Results and capital employed

Primary business segments – Revenue by nature of products:

Primary business segments – Revenue by nature of products:	Primary business segments – Revenue by nature of products:
		(Amount in`)
DETAILS 2017-18		2016-17
Decorative Laminated Sheets Medium Density Fiber Board Polyvinyl Chloride Boards Total	1,66,85,61,726/-(*)	1,66,30,18,049/-() 1,56,14,77,641/-() - 3,22,44,95,690/-
	1,71,65,45,345/-
	41,38,520/-
	3,38,92,45,591/-

(*) Does not include trading Sales of 1,76,71,592/- (Previous year 96,76,996/-)

Revenue by geographical regions

(i) Decorative Laminate Sheets

Decorative Laminate Sheets	Decorative Laminate Sheets
		(Amount in`)
DETAILS 2017-18		2016-17
India Outside India Total	69,31,82,755/-	64,72,17,214/-() 1,01,58,00,835/- 1,66,30,18,049/-*
	97,53,78,971/-
	1,66,85,61,726/-

(*) Does not include Trading sales of 1,76,71,592/- (Previous year 86,06,178/-)

Annual Report 2017-18 111

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

(ii) Medium Density Fibre Board

		(Amount in`)
Details 2017-18		2016-17
India Outside India Total	1,71,65,45,345/-	1,55,72,56,452/-() 42,21,189/- 1,56,14,77,641/-*
	-
	1,71,65,45,345/-

(*) Does not include Trading sales of Nil/- (Previous year 10,70,818/-)
(iii) Polyvinyl Chloride Boards

Polyvinyl Chloride Boards	Polyvinyl Chloride Boards	Polyvinyl Chloride Boards
(Amount in`)
Details	2017-18 2016-17
India Outside India Total	41,38,520/-	- - -
	-
	41,38,520/-

Segment wise Revenue (Gross), Results, Assets and Liabilities

(Amount in `)

		(Amount in`)
	Year ended on	Year ended on
Particulars	31st March, 2018	31st March, 2017
1 Segment Revenue (Gross) a Laminates & allied products b Particle Board c Medium Density Fiber Board d Polyvinyl Chloride Boards`<br>e<br>Unallocated<br>Total<br>Less: Inter segment revenue<br>Gross sales from Operations<br>2<br>Segment Results<br>Prof t before Interest and Tax:<br>a<br>Laminates & allied products<br>b<br>Particle Board<br>c<br>Medium Density Fiber Board<br>d<br>Polyvinyl Chloride Boards` e Unallocated Total Less: i Interest ii Other Unallocable expenditure Add: i Unallocable income Total Prof t Before Tax and Other Comprehensive Income 3a Segment Assets a Laminates b Particle Board c Medium Density Fiber Board d Polyvinyl Chloride Boards`<br>e<br>Unallocated<br>Total Segment Assets<br>3b<br>Segment Liabilities<br>a<br>Laminates<br>b<br>Particle Board<br>c<br>Medium Density Fiber Board<br>d<br>Polyvinyl Chloride Boards` e Unallocated Total Segment Liabilities		1,77,22,30,415 - 1,56,74,24,380 - - 3,33,96,54,795 1,85,69,125 3,32,10,85,670 21,93,99,746 29,14,644 25,04,40,301 - - 47,27,54,691 10,37,10,454 3,10,71,863 - 33,79,72,374 1,43,80,55,429 7,28,70,349 1,43,57,32,174 - 1,70,57,917 2,96,37,15,869 77,75,71,837 82,900 25,96,82,214 - 78,29,239 1,04,51,66,190
	1,81,32,73,115
	-
	1,72,52,01,318
	41,38,520
	-
	3,54,26,12,953
	3,28,55,704
	3,50,97,57,249


	21,83,64,427
	-9,65,561
	32,67,05,957
	-54,86,315
	-
	53,86,18,508

	8,70,23,507
	2,19,71,043

	-
	42,96,23,958

	1,60,48,29,565
	71699598
	1,52,44,53,035
	20,35,43,011
	36,38,81,865
	3,76,84,07,074

	89,47,78,024
	82,900
	35,70,67,799
	4,56,75,441
	2,53,46,206
	1,32,29,50,370

112 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

42. RELATED PARTY TRANSACTION:

Names of related parties and description of relationship:	Names of related parties and description of relationship:	Names of related parties and description of relationship:
Sr. No.	Nature of Relationship	Name of Related Parties
1	Associate Companies/Enterprise	Rushil International Decoply Agency Shri Krupa Decorative Veneer Private Limited Surya Panel Private Limited Ghanshyam Sales Agency VirStuddio Private Limited (OPC) Ratnatej Infrastructure Private Limited Vir Decorative Sheets Private Limited Ghanshyam Forwarders Private Limited
2	Key Management Personal	Ghanshyambhai A. Thakkar Krupeshbhai G. Thakkar Kaushikbhai J. Thakkar Keyurbhai Gajjar Rushil K. Thakkar Vipul S Vora Hasmukh Modi
3	Relative of key management person	Ghanshyambhai A. Thakkar HUF Krupeshbhai G. Thakkar HUF Krupaben K. Thakkar Saraswatiben N. Thakkar Dinuben G. Thakkar Masumi K. Thakkar Rushvi R. Thakkar Alka G. Thakkar Ambalal D. Thakkar HUF Aditi V. Thakkar Dhara V. Thakkar Dhvanil V. Thakkar Mrunal Keyur Gajjar Manthan K. Thakkar Viresh Thakkar Snehal K Thakkar HUF Alpa S Thakkar Precision Engineering& Fabrication

Note: - Related parties have been identifi ed by the management.

Annual Report 2017-18 113

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

Related Party Transactions for the Year Ended on 31.03.2018

|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **(A) Volume of** **Transactions** **1) Sales of Goods** Shri Krupa Decorative Veneer Private Limited - 13,87,932 - - - - - 13,87,932 Surya Panel Private Limited 2,75,29,568 - - - - - 2,75,29,568 - **2) Goods Purchased** Shri Krupa Decorative Veneer Private Limited - 10,29,367 - - - - - 10,29,367 Surya Panel Private Limited 11,50,318 - - - - - 11,50,318 - **3) Capital Service /** **Goods Purchased** Shri Krupa Decorative Veneer Private Limited - 25,22,234 - - - - - 25,22,234 **4) Freight / Demurrage** **Charges** Ghanshyam Forwarders Private Limited 6,90,000 75,85,299 - - - - 6,90,000 75,85,299 Surya Panel Private Limited 41,78,368 - - - - - 41,78,368 - **5) Sales of Capital** **Item** Shri Krupa Decorative Veneer Private Limited - 2,14,200 - - - - - 2,14,200 **6) Loan Taken/** **Granted** (A) Loan Taken i) Ghanshyambhai Thakkar - HUF Loan taken - - - - 2,47,377 4,26,830 2,47,377 4,26,830 Loan repaid - - - - 7,01,534 1,50,850 7,01,534 1,50,850 Balance at 31st March - - - - 2,24,494 6,78,651 2,24,494 6,78,651 Balance at 1st April - - - - 6,78,651 4,02,671 6,78,651 4,02,671|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
(A) Volume of
Transactions
1) Sales of Goods
Shri Krupa
Decorative Veneer
Private Limited
-
13,87,932
-
-
-
-
-
13,87,932
Surya Panel Private
Limited
2,75,29,568
-
-
-
-
- 2,75,29,568
-
2) Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
-
10,29,367
-
-
-
-
-
10,29,367
Surya Panel Private
Limited
11,50,318
-
-
-
-
-
11,50,318
-
3) Capital Service /
Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
-
25,22,234
-
-
-
-
-
25,22,234
4) Freight / Demurrage
Charges
Ghanshyam
Forwarders Private
Limited
6,90,000
75,85,299
-
-
-
-
6,90,000
75,85,299
Surya Panel Private
Limited
41,78,368
-
-
-
-
-
41,78,368
-
5) Sales of Capital
Item
Shri Krupa
Decorative Veneer
Private Limited
-
2,14,200
-
-
-
-
-
2,14,200
6) Loan Taken/
Granted
(A) Loan Taken
i) Ghanshyambhai
Thakkar - HUF
Loan taken
-
-
-
-
2,47,377
4,26,830
2,47,377
4,26,830
Loan repaid
-
-
-
-
7,01,534
1,50,850
7,01,534
1,50,850
Balance at 31st
March
-
-
-
-
2,24,494
6,78,651
2,24,494
6,78,651
Balance at 1st
April
-
-
-
-
6,78,651
4,02,671
6,78,651
4,02,671|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **(A) Volume of** **Transactions** **1) Sales of Goods** Shri Krupa Decorative Veneer Private Limited - 13,87,932 - - - - - 13,87,932 Surya Panel Private Limited 2,75,29,568 - - - - - 2,75,29,568 - **2) Goods Purchased** Shri Krupa Decorative Veneer Private Limited - 10,29,367 - - - - - 10,29,367 Surya Panel Private Limited 11,50,318 - - - - - 11,50,318 - **3) Capital Service /** **Goods Purchased** Shri Krupa Decorative Veneer Private Limited - 25,22,234 - - - - - 25,22,234 **4) Freight / Demurrage** **Charges** Ghanshyam Forwarders Private Limited 6,90,000 75,85,299 - - - - 6,90,000 75,85,299 Surya Panel Private Limited 41,78,368 - - - - - 41,78,368 - **5) Sales of Capital** **Item** Shri Krupa Decorative Veneer Private Limited - 2,14,200 - - - - - 2,14,200 **6) Loan Taken/** **Granted** (A) Loan Taken i) Ghanshyambhai Thakkar - HUF Loan taken - - - - 2,47,377 4,26,830 2,47,377 4,26,830 Loan repaid - - - - 7,01,534 1,50,850 7,01,534 1,50,850 Balance at 31st March - - - - 2,24,494 6,78,651 2,24,494 6,78,651 Balance at 1st April - - - - 6,78,651 4,02,671 6,78,651 4,02,671|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
(A) Volume of
Transactions
1) Sales of Goods
Shri Krupa
Decorative Veneer
Private Limited
-
13,87,932
-
-
-
-
-
13,87,932
Surya Panel Private
Limited
2,75,29,568
-
-
-
-
- 2,75,29,568
-
2) Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
-
10,29,367
-
-
-
-
-
10,29,367
Surya Panel Private
Limited
11,50,318
-
-
-
-
-
11,50,318
-
3) Capital Service /
Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
-
25,22,234
-
-
-
-
-
25,22,234
4) Freight / Demurrage
Charges
Ghanshyam
Forwarders Private
Limited
6,90,000
75,85,299
-
-
-
-
6,90,000
75,85,299
Surya Panel Private
Limited
41,78,368
-
-
-
-
-
41,78,368
-
5) Sales of Capital
Item
Shri Krupa
Decorative Veneer
Private Limited
-
2,14,200
-
-
-
-
-
2,14,200
6) Loan Taken/
Granted
(A) Loan Taken
i) Ghanshyambhai
Thakkar - HUF
Loan taken
-
-
-
-
2,47,377
4,26,830
2,47,377
4,26,830
Loan repaid
-
-
-
-
7,01,534
1,50,850
7,01,534
1,50,850
Balance at 31st
March
-
-
-
-
2,24,494
6,78,651
2,24,494
6,78,651
Balance at 1st
April
-
-
-
-
6,78,651
4,02,671
6,78,651
4,02,671|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **(A) Volume of** **Transactions** **1) Sales of Goods** Shri Krupa Decorative Veneer Private Limited - 13,87,932 - - - - - 13,87,932 Surya Panel Private Limited 2,75,29,568 - - - - - 2,75,29,568 - **2) Goods Purchased** Shri Krupa Decorative Veneer Private Limited - 10,29,367 - - - - - 10,29,367 Surya Panel Private Limited 11,50,318 - - - - - 11,50,318 - **3) Capital Service /** **Goods Purchased** Shri Krupa Decorative Veneer Private Limited - 25,22,234 - - - - - 25,22,234 **4) Freight / Demurrage** **Charges** Ghanshyam Forwarders Private Limited 6,90,000 75,85,299 - - - - 6,90,000 75,85,299 Surya Panel Private Limited 41,78,368 - - - - - 41,78,368 - **5) Sales of Capital** **Item** Shri Krupa Decorative Veneer Private Limited - 2,14,200 - - - - - 2,14,200 **6) Loan Taken/** **Granted** (A) Loan Taken i) Ghanshyambhai Thakkar - HUF Loan taken - - - - 2,47,377 4,26,830 2,47,377 4,26,830 Loan repaid - - - - 7,01,534 1,50,850 7,01,534 1,50,850 Balance at 31st March - - - - 2,24,494 6,78,651 2,24,494 6,78,651 Balance at 1st April - - - - 6,78,651 4,02,671 6,78,651 4,02,671|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
(A) Volume of
Transactions
1) Sales of Goods
Shri Krupa
Decorative Veneer
Private Limited
-
13,87,932
-
-
-
-
-
13,87,932
Surya Panel Private
Limited
2,75,29,568
-
-
-
-
- 2,75,29,568
-
2) Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
-
10,29,367
-
-
-
-
-
10,29,367
Surya Panel Private
Limited
11,50,318
-
-
-
-
-
11,50,318
-
3) Capital Service /
Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
-
25,22,234
-
-
-
-
-
25,22,234
4) Freight / Demurrage
Charges
Ghanshyam
Forwarders Private
Limited
6,90,000
75,85,299
-
-
-
-
6,90,000
75,85,299
Surya Panel Private
Limited
41,78,368
-
-
-
-
-
41,78,368
-
5) Sales of Capital
Item
Shri Krupa
Decorative Veneer
Private Limited
-
2,14,200
-
-
-
-
-
2,14,200
6) Loan Taken/
Granted
(A) Loan Taken
i) Ghanshyambhai
Thakkar - HUF
Loan taken
-
-
-
-
2,47,377
4,26,830
2,47,377
4,26,830
Loan repaid
-
-
-
-
7,01,534
1,50,850
7,01,534
1,50,850
Balance at 31st
March
-
-
-
-
2,24,494
6,78,651
2,24,494
6,78,651
Balance at 1st
April
-
-
-
-
6,78,651
4,02,671
6,78,651
4,02,671|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **(A) Volume of** **Transactions** **1) Sales of Goods** Shri Krupa Decorative Veneer Private Limited - 13,87,932 - - - - - 13,87,932 Surya Panel Private Limited 2,75,29,568 - - - - - 2,75,29,568 - **2) Goods Purchased** Shri Krupa Decorative Veneer Private Limited - 10,29,367 - - - - - 10,29,367 Surya Panel Private Limited 11,50,318 - - - - - 11,50,318 - **3) Capital Service /** **Goods Purchased** Shri Krupa Decorative Veneer Private Limited - 25,22,234 - - - - - 25,22,234 **4) Freight / Demurrage** **Charges** Ghanshyam Forwarders Private Limited 6,90,000 75,85,299 - - - - 6,90,000 75,85,299 Surya Panel Private Limited 41,78,368 - - - - - 41,78,368 - **5) Sales of Capital** **Item** Shri Krupa Decorative Veneer Private Limited - 2,14,200 - - - - - 2,14,200 **6) Loan Taken/** **Granted** (A) Loan Taken i) Ghanshyambhai Thakkar - HUF Loan taken - - - - 2,47,377 4,26,830 2,47,377 4,26,830 Loan repaid - - - - 7,01,534 1,50,850 7,01,534 1,50,850 Balance at 31st March - - - - 2,24,494 6,78,651 2,24,494 6,78,651 Balance at 1st April - - - - 6,78,651 4,02,671 6,78,651 4,02,671|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
(A) Volume of
Transactions
1) Sales of Goods
Shri Krupa
Decorative Veneer
Private Limited
-
13,87,932
-
-
-
-
-
13,87,932
Surya Panel Private
Limited
2,75,29,568
-
-
-
-
- 2,75,29,568
-
2) Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
-
10,29,367
-
-
-
-
-
10,29,367
Surya Panel Private
Limited
11,50,318
-
-
-
-
-
11,50,318
-
3) Capital Service /
Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
-
25,22,234
-
-
-
-
-
25,22,234
4) Freight / Demurrage
Charges
Ghanshyam
Forwarders Private
Limited
6,90,000
75,85,299
-
-
-
-
6,90,000
75,85,299
Surya Panel Private
Limited
41,78,368
-
-
-
-
-
41,78,368
-
5) Sales of Capital
Item
Shri Krupa
Decorative Veneer
Private Limited
-
2,14,200
-
-
-
-
-
2,14,200
6) Loan Taken/
Granted
(A) Loan Taken
i) Ghanshyambhai
Thakkar - HUF
Loan taken
-
-
-
-
2,47,377
4,26,830
2,47,377
4,26,830
Loan repaid
-
-
-
-
7,01,534
1,50,850
7,01,534
1,50,850
Balance at 31st
March
-
-
-
-
2,24,494
6,78,651
2,24,494
6,78,651
Balance at 1st
April
-
-
-
-
6,78,651
4,02,671
6,78,651
4,02,671|(Amount in`)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
(A) Volume of
Transactions
1) Sales of Goods
Shri Krupa
Decorative Veneer
Private Limited
-
13,87,932
-
-
-
-
-
13,87,932
Surya Panel Private
Limited
2,75,29,568
-
-
-
-
- 2,75,29,568
-
2) Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
-
10,29,367
-
-
-
-
-
10,29,367
Surya Panel Private
Limited
11,50,318
-
-
-
-
-
11,50,318
-
3) Capital Service /
Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
-
25,22,234
-
-
-
-
-
25,22,234
4) Freight / Demurrage
Charges
Ghanshyam
Forwarders Private
Limited
6,90,000
75,85,299
-
-
-
-
6,90,000
75,85,299
Surya Panel Private
Limited
41,78,368
-
-
-
-
-
41,78,368
-
5) Sales of Capital
Item
Shri Krupa
Decorative Veneer
Private Limited
-
2,14,200
-
-
-
-
-
2,14,200
6) Loan Taken/
Granted
(A) Loan Taken
i) Ghanshyambhai
Thakkar - HUF
Loan taken
-
-
-
-
2,47,377
4,26,830
2,47,377
4,26,830
Loan repaid
-
-
-
-
7,01,534
1,50,850
7,01,534
1,50,850
Balance at 31st
March
-
-
-
-
2,24,494
6,78,651
2,24,494
6,78,651
Balance at 1st
April
-
-
-
-
6,78,651
4,02,671
6,78,651
4,02,671|
|---|---|---|---|---|---|---|---|---|
|Nature of Transaction|Associate Companies/
Enterprises||Key Management
Personnel||Relatives of Key
Management Personnel||Total||
|As on -->|2017-18|2016-17|2017-18|2016-17|2017-18|2016-17|2017-18|2016-17|
|(A) Volume of
Transactions
1) Sales of Goods
Shri Krupa
Decorative Veneer
Private Limited
Surya Panel Private
Limited|-
2,75,29,568|13,87,932
-|-
-|-
-|-
-|-
-|-
2,75,29,568|13,87,932
-|
|2) Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited
Surya Panel Private
Limited|-
11,50,318|10,29,367
-|-
-|-
-|-
-|-
-|-
11,50,318|10,29,367
-|
|3) Capital Service /
Goods Purchased
Shri Krupa
Decorative Veneer
Private Limited|-|25,22,234|-|-|-|-|-|25,22,234|
|4) Freight / Demurrage
Charges
Ghanshyam
Forwarders Private
Limited
Surya Panel Private
Limited|6,90,000
41,78,368|75,85,299
-|-
-|-
-|-
-|-
-|6,90,000
41,78,368|75,85,299
-|
|5) Sales of Capital
Item
Shri Krupa
Decorative Veneer
Private Limited|-|2,14,200|-|-|-|-|-|2,14,200|
|6) Loan Taken/
Granted
(A) Loan Taken
i) Ghanshyambhai
Thakkar - HUF
Loan taken
Loan repaid
Balance at 31st
March
Balance at 1st
April|-
-
-
-|-
-
-
-|-
-
-
-|-
-
-
-|2,47,377
7,01,534
2,24,494
6,78,651|4,26,830
1,50,850
6,78,651
4,02,671|2,47,377
7,01,534
2,24,494
6,78,651|4,26,830
1,50,850
6,78,651
4,02,671|

114 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** ii) Ambalal D. Thakkar - HUF Loan taken - - - - 57,762 27,55,313 57,762 27,55,313 Loan repaid - - - - 28,00,000 1,50,000 28,00,000 1,50,000 Balance at 31st March - - - - 1,04,227 28,46,465 1,04,227 28,46,465 Balance at 1st April - - - - 28,46,465 2,41,152 28,46,465 2,41,152 iii) Krupeshbhai G. Thakkar - HUF Loan taken - - - - 12,86,140 10,38,177 12,86,140 10,38,177 Loan repaid - - - - 24,14,500 6,67,385 24,14,500 6,67,385 Balance at 31st March - - - - 3,56,580 14,84,940 3,56,580 14,84,940 Balance at 1st April - - - - 14,84,940 11,14,148 14,84,940 11,14,148 iv) Smt. Dinuben G. Thakkar Loan taken - - - - 2,32,227 52,79,251 2,32,227 52,79,251 Loan repaid - - - - 17,49,642 50,02,236 17,49,642 50,02,236 Balance at 31st March - - - - 99,195 16,16,610 99,195 16,16,610 Balance at 1st April - - - - 16,16,610 13,39,595 16,16,610 13,39,595 v) Krupaben K. Thakkar Loan taken - - - - 5,19,763 5,01,34,873 5,19,763 5,01,34,873 Loan repaid - - - - 3,21,83,069 1,95,89,915 3,21,83,069 1,95,89,915 Balance at 31st March - - - - 9,52,784 3,26,16,090 9,52,784 3,26,16,090 Balance at 1st April - - - - 3,26,16,090 20,71,132 3,26,16,090 20,71,132 vi) Rushil K. Thakkar Loan taken - - - - 6,37,607 3,72,370 6,37,607 3,72,370 Loan repaid - - - - 8,61,650 - 8,61,650 - Balance at 31st March - - - - 2,01,450 4,25,493 2,01,450 4,25,493 Balance at 1st April - - - - 4,25,493 53,123 4,25,493 53,123 vii) Krupeshbhai G Thakkar Loan taken - - 5,53,83,130 1,50,95,488 - - 5,53,83,130 1,50,95,488|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
ii) Ambalal D.
Thakkar - HUF
Loan taken
-
-
-
-
57,762
27,55,313
57,762
27,55,313
Loan repaid
-
-
-
-
28,00,000
1,50,000
28,00,000
1,50,000
Balance at 31st
March
-
-
-
-
1,04,227
28,46,465
1,04,227
28,46,465
Balance at 1st
April
-
-
-
-
28,46,465
2,41,152
28,46,465
2,41,152
iii) Krupeshbhai G.
Thakkar - HUF
Loan taken
-
-
-
-
12,86,140
10,38,177
12,86,140
10,38,177
Loan repaid
-
-
-
-
24,14,500
6,67,385
24,14,500
6,67,385
Balance at 31st
March
-
-
-
-
3,56,580
14,84,940
3,56,580
14,84,940
Balance at 1st
April
-
-
-
-
14,84,940
11,14,148
14,84,940
11,14,148
iv) Smt. Dinuben G.
Thakkar
Loan taken
-
-
-
-
2,32,227
52,79,251
2,32,227
52,79,251
Loan repaid
-
-
-
-
17,49,642
50,02,236
17,49,642
50,02,236
Balance at 31st
March
-
-
-
-
99,195
16,16,610
99,195
16,16,610
Balance at 1st
April
-
-
-
-
16,16,610
13,39,595
16,16,610
13,39,595
v) Krupaben K.
Thakkar
Loan taken
-
-
-
-
5,19,763 5,01,34,873
5,19,763 5,01,34,873
Loan repaid
-
-
-
- 3,21,83,069 1,95,89,915 3,21,83,069 1,95,89,915
Balance at 31st
March
-
-
-
-
9,52,784 3,26,16,090
9,52,784 3,26,16,090
Balance at 1st
April
-
-
-
- 3,26,16,090
20,71,132 3,26,16,090
20,71,132
vi) Rushil K.
Thakkar
Loan taken
-
-
-
-
6,37,607
3,72,370
6,37,607
3,72,370
Loan repaid
-
-
-
-
8,61,650
-
8,61,650
-
Balance at 31st
March
-
-
-
-
2,01,450
4,25,493
2,01,450
4,25,493
Balance at 1st
April
-
-
-
-
4,25,493
53,123
4,25,493
53,123
vii) Krupeshbhai G
Thakkar
Loan taken
-
- 5,53,83,130 1,50,95,488
-
- 5,53,83,130 1,50,95,488|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** ii) Ambalal D. Thakkar - HUF Loan taken - - - - 57,762 27,55,313 57,762 27,55,313 Loan repaid - - - - 28,00,000 1,50,000 28,00,000 1,50,000 Balance at 31st March - - - - 1,04,227 28,46,465 1,04,227 28,46,465 Balance at 1st April - - - - 28,46,465 2,41,152 28,46,465 2,41,152 iii) Krupeshbhai G. Thakkar - HUF Loan taken - - - - 12,86,140 10,38,177 12,86,140 10,38,177 Loan repaid - - - - 24,14,500 6,67,385 24,14,500 6,67,385 Balance at 31st March - - - - 3,56,580 14,84,940 3,56,580 14,84,940 Balance at 1st April - - - - 14,84,940 11,14,148 14,84,940 11,14,148 iv) Smt. Dinuben G. Thakkar Loan taken - - - - 2,32,227 52,79,251 2,32,227 52,79,251 Loan repaid - - - - 17,49,642 50,02,236 17,49,642 50,02,236 Balance at 31st March - - - - 99,195 16,16,610 99,195 16,16,610 Balance at 1st April - - - - 16,16,610 13,39,595 16,16,610 13,39,595 v) Krupaben K. Thakkar Loan taken - - - - 5,19,763 5,01,34,873 5,19,763 5,01,34,873 Loan repaid - - - - 3,21,83,069 1,95,89,915 3,21,83,069 1,95,89,915 Balance at 31st March - - - - 9,52,784 3,26,16,090 9,52,784 3,26,16,090 Balance at 1st April - - - - 3,26,16,090 20,71,132 3,26,16,090 20,71,132 vi) Rushil K. Thakkar Loan taken - - - - 6,37,607 3,72,370 6,37,607 3,72,370 Loan repaid - - - - 8,61,650 - 8,61,650 - Balance at 31st March - - - - 2,01,450 4,25,493 2,01,450 4,25,493 Balance at 1st April - - - - 4,25,493 53,123 4,25,493 53,123 vii) Krupeshbhai G Thakkar Loan taken - - 5,53,83,130 1,50,95,488 - - 5,53,83,130 1,50,95,488|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
ii) Ambalal D.
Thakkar - HUF
Loan taken
-
-
-
-
57,762
27,55,313
57,762
27,55,313
Loan repaid
-
-
-
-
28,00,000
1,50,000
28,00,000
1,50,000
Balance at 31st
March
-
-
-
-
1,04,227
28,46,465
1,04,227
28,46,465
Balance at 1st
April
-
-
-
-
28,46,465
2,41,152
28,46,465
2,41,152
iii) Krupeshbhai G.
Thakkar - HUF
Loan taken
-
-
-
-
12,86,140
10,38,177
12,86,140
10,38,177
Loan repaid
-
-
-
-
24,14,500
6,67,385
24,14,500
6,67,385
Balance at 31st
March
-
-
-
-
3,56,580
14,84,940
3,56,580
14,84,940
Balance at 1st
April
-
-
-
-
14,84,940
11,14,148
14,84,940
11,14,148
iv) Smt. Dinuben G.
Thakkar
Loan taken
-
-
-
-
2,32,227
52,79,251
2,32,227
52,79,251
Loan repaid
-
-
-
-
17,49,642
50,02,236
17,49,642
50,02,236
Balance at 31st
March
-
-
-
-
99,195
16,16,610
99,195
16,16,610
Balance at 1st
April
-
-
-
-
16,16,610
13,39,595
16,16,610
13,39,595
v) Krupaben K.
Thakkar
Loan taken
-
-
-
-
5,19,763 5,01,34,873
5,19,763 5,01,34,873
Loan repaid
-
-
-
- 3,21,83,069 1,95,89,915 3,21,83,069 1,95,89,915
Balance at 31st
March
-
-
-
-
9,52,784 3,26,16,090
9,52,784 3,26,16,090
Balance at 1st
April
-
-
-
- 3,26,16,090
20,71,132 3,26,16,090
20,71,132
vi) Rushil K.
Thakkar
Loan taken
-
-
-
-
6,37,607
3,72,370
6,37,607
3,72,370
Loan repaid
-
-
-
-
8,61,650
-
8,61,650
-
Balance at 31st
March
-
-
-
-
2,01,450
4,25,493
2,01,450
4,25,493
Balance at 1st
April
-
-
-
-
4,25,493
53,123
4,25,493
53,123
vii) Krupeshbhai G
Thakkar
Loan taken
-
- 5,53,83,130 1,50,95,488
-
- 5,53,83,130 1,50,95,488|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** ii) Ambalal D. Thakkar - HUF Loan taken - - - - 57,762 27,55,313 57,762 27,55,313 Loan repaid - - - - 28,00,000 1,50,000 28,00,000 1,50,000 Balance at 31st March - - - - 1,04,227 28,46,465 1,04,227 28,46,465 Balance at 1st April - - - - 28,46,465 2,41,152 28,46,465 2,41,152 iii) Krupeshbhai G. Thakkar - HUF Loan taken - - - - 12,86,140 10,38,177 12,86,140 10,38,177 Loan repaid - - - - 24,14,500 6,67,385 24,14,500 6,67,385 Balance at 31st March - - - - 3,56,580 14,84,940 3,56,580 14,84,940 Balance at 1st April - - - - 14,84,940 11,14,148 14,84,940 11,14,148 iv) Smt. Dinuben G. Thakkar Loan taken - - - - 2,32,227 52,79,251 2,32,227 52,79,251 Loan repaid - - - - 17,49,642 50,02,236 17,49,642 50,02,236 Balance at 31st March - - - - 99,195 16,16,610 99,195 16,16,610 Balance at 1st April - - - - 16,16,610 13,39,595 16,16,610 13,39,595 v) Krupaben K. Thakkar Loan taken - - - - 5,19,763 5,01,34,873 5,19,763 5,01,34,873 Loan repaid - - - - 3,21,83,069 1,95,89,915 3,21,83,069 1,95,89,915 Balance at 31st March - - - - 9,52,784 3,26,16,090 9,52,784 3,26,16,090 Balance at 1st April - - - - 3,26,16,090 20,71,132 3,26,16,090 20,71,132 vi) Rushil K. Thakkar Loan taken - - - - 6,37,607 3,72,370 6,37,607 3,72,370 Loan repaid - - - - 8,61,650 - 8,61,650 - Balance at 31st March - - - - 2,01,450 4,25,493 2,01,450 4,25,493 Balance at 1st April - - - - 4,25,493 53,123 4,25,493 53,123 vii) Krupeshbhai G Thakkar Loan taken - - 5,53,83,130 1,50,95,488 - - 5,53,83,130 1,50,95,488|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
ii) Ambalal D.
Thakkar - HUF
Loan taken
-
-
-
-
57,762
27,55,313
57,762
27,55,313
Loan repaid
-
-
-
-
28,00,000
1,50,000
28,00,000
1,50,000
Balance at 31st
March
-
-
-
-
1,04,227
28,46,465
1,04,227
28,46,465
Balance at 1st
April
-
-
-
-
28,46,465
2,41,152
28,46,465
2,41,152
iii) Krupeshbhai G.
Thakkar - HUF
Loan taken
-
-
-
-
12,86,140
10,38,177
12,86,140
10,38,177
Loan repaid
-
-
-
-
24,14,500
6,67,385
24,14,500
6,67,385
Balance at 31st
March
-
-
-
-
3,56,580
14,84,940
3,56,580
14,84,940
Balance at 1st
April
-
-
-
-
14,84,940
11,14,148
14,84,940
11,14,148
iv) Smt. Dinuben G.
Thakkar
Loan taken
-
-
-
-
2,32,227
52,79,251
2,32,227
52,79,251
Loan repaid
-
-
-
-
17,49,642
50,02,236
17,49,642
50,02,236
Balance at 31st
March
-
-
-
-
99,195
16,16,610
99,195
16,16,610
Balance at 1st
April
-
-
-
-
16,16,610
13,39,595
16,16,610
13,39,595
v) Krupaben K.
Thakkar
Loan taken
-
-
-
-
5,19,763 5,01,34,873
5,19,763 5,01,34,873
Loan repaid
-
-
-
- 3,21,83,069 1,95,89,915 3,21,83,069 1,95,89,915
Balance at 31st
March
-
-
-
-
9,52,784 3,26,16,090
9,52,784 3,26,16,090
Balance at 1st
April
-
-
-
- 3,26,16,090
20,71,132 3,26,16,090
20,71,132
vi) Rushil K.
Thakkar
Loan taken
-
-
-
-
6,37,607
3,72,370
6,37,607
3,72,370
Loan repaid
-
-
-
-
8,61,650
-
8,61,650
-
Balance at 31st
March
-
-
-
-
2,01,450
4,25,493
2,01,450
4,25,493
Balance at 1st
April
-
-
-
-
4,25,493
53,123
4,25,493
53,123
vii) Krupeshbhai G
Thakkar
Loan taken
-
- 5,53,83,130 1,50,95,488
-
- 5,53,83,130 1,50,95,488|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** ii) Ambalal D. Thakkar - HUF Loan taken - - - - 57,762 27,55,313 57,762 27,55,313 Loan repaid - - - - 28,00,000 1,50,000 28,00,000 1,50,000 Balance at 31st March - - - - 1,04,227 28,46,465 1,04,227 28,46,465 Balance at 1st April - - - - 28,46,465 2,41,152 28,46,465 2,41,152 iii) Krupeshbhai G. Thakkar - HUF Loan taken - - - - 12,86,140 10,38,177 12,86,140 10,38,177 Loan repaid - - - - 24,14,500 6,67,385 24,14,500 6,67,385 Balance at 31st March - - - - 3,56,580 14,84,940 3,56,580 14,84,940 Balance at 1st April - - - - 14,84,940 11,14,148 14,84,940 11,14,148 iv) Smt. Dinuben G. Thakkar Loan taken - - - - 2,32,227 52,79,251 2,32,227 52,79,251 Loan repaid - - - - 17,49,642 50,02,236 17,49,642 50,02,236 Balance at 31st March - - - - 99,195 16,16,610 99,195 16,16,610 Balance at 1st April - - - - 16,16,610 13,39,595 16,16,610 13,39,595 v) Krupaben K. Thakkar Loan taken - - - - 5,19,763 5,01,34,873 5,19,763 5,01,34,873 Loan repaid - - - - 3,21,83,069 1,95,89,915 3,21,83,069 1,95,89,915 Balance at 31st March - - - - 9,52,784 3,26,16,090 9,52,784 3,26,16,090 Balance at 1st April - - - - 3,26,16,090 20,71,132 3,26,16,090 20,71,132 vi) Rushil K. Thakkar Loan taken - - - - 6,37,607 3,72,370 6,37,607 3,72,370 Loan repaid - - - - 8,61,650 - 8,61,650 - Balance at 31st March - - - - 2,01,450 4,25,493 2,01,450 4,25,493 Balance at 1st April - - - - 4,25,493 53,123 4,25,493 53,123 vii) Krupeshbhai G Thakkar Loan taken - - 5,53,83,130 1,50,95,488 - - 5,53,83,130 1,50,95,488|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
ii) Ambalal D.
Thakkar - HUF
Loan taken
-
-
-
-
57,762
27,55,313
57,762
27,55,313
Loan repaid
-
-
-
-
28,00,000
1,50,000
28,00,000
1,50,000
Balance at 31st
March
-
-
-
-
1,04,227
28,46,465
1,04,227
28,46,465
Balance at 1st
April
-
-
-
-
28,46,465
2,41,152
28,46,465
2,41,152
iii) Krupeshbhai G.
Thakkar - HUF
Loan taken
-
-
-
-
12,86,140
10,38,177
12,86,140
10,38,177
Loan repaid
-
-
-
-
24,14,500
6,67,385
24,14,500
6,67,385
Balance at 31st
March
-
-
-
-
3,56,580
14,84,940
3,56,580
14,84,940
Balance at 1st
April
-
-
-
-
14,84,940
11,14,148
14,84,940
11,14,148
iv) Smt. Dinuben G.
Thakkar
Loan taken
-
-
-
-
2,32,227
52,79,251
2,32,227
52,79,251
Loan repaid
-
-
-
-
17,49,642
50,02,236
17,49,642
50,02,236
Balance at 31st
March
-
-
-
-
99,195
16,16,610
99,195
16,16,610
Balance at 1st
April
-
-
-
-
16,16,610
13,39,595
16,16,610
13,39,595
v) Krupaben K.
Thakkar
Loan taken
-
-
-
-
5,19,763 5,01,34,873
5,19,763 5,01,34,873
Loan repaid
-
-
-
- 3,21,83,069 1,95,89,915 3,21,83,069 1,95,89,915
Balance at 31st
March
-
-
-
-
9,52,784 3,26,16,090
9,52,784 3,26,16,090
Balance at 1st
April
-
-
-
- 3,26,16,090
20,71,132 3,26,16,090
20,71,132
vi) Rushil K.
Thakkar
Loan taken
-
-
-
-
6,37,607
3,72,370
6,37,607
3,72,370
Loan repaid
-
-
-
-
8,61,650
-
8,61,650
-
Balance at 31st
March
-
-
-
-
2,01,450
4,25,493
2,01,450
4,25,493
Balance at 1st
April
-
-
-
-
4,25,493
53,123
4,25,493
53,123
vii) Krupeshbhai G
Thakkar
Loan taken
-
- 5,53,83,130 1,50,95,488
-
- 5,53,83,130 1,50,95,488|(Amount in`)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
ii) Ambalal D.
Thakkar - HUF
Loan taken
-
-
-
-
57,762
27,55,313
57,762
27,55,313
Loan repaid
-
-
-
-
28,00,000
1,50,000
28,00,000
1,50,000
Balance at 31st
March
-
-
-
-
1,04,227
28,46,465
1,04,227
28,46,465
Balance at 1st
April
-
-
-
-
28,46,465
2,41,152
28,46,465
2,41,152
iii) Krupeshbhai G.
Thakkar - HUF
Loan taken
-
-
-
-
12,86,140
10,38,177
12,86,140
10,38,177
Loan repaid
-
-
-
-
24,14,500
6,67,385
24,14,500
6,67,385
Balance at 31st
March
-
-
-
-
3,56,580
14,84,940
3,56,580
14,84,940
Balance at 1st
April
-
-
-
-
14,84,940
11,14,148
14,84,940
11,14,148
iv) Smt. Dinuben G.
Thakkar
Loan taken
-
-
-
-
2,32,227
52,79,251
2,32,227
52,79,251
Loan repaid
-
-
-
-
17,49,642
50,02,236
17,49,642
50,02,236
Balance at 31st
March
-
-
-
-
99,195
16,16,610
99,195
16,16,610
Balance at 1st
April
-
-
-
-
16,16,610
13,39,595
16,16,610
13,39,595
v) Krupaben K.
Thakkar
Loan taken
-
-
-
-
5,19,763 5,01,34,873
5,19,763 5,01,34,873
Loan repaid
-
-
-
- 3,21,83,069 1,95,89,915 3,21,83,069 1,95,89,915
Balance at 31st
March
-
-
-
-
9,52,784 3,26,16,090
9,52,784 3,26,16,090
Balance at 1st
April
-
-
-
- 3,26,16,090
20,71,132 3,26,16,090
20,71,132
vi) Rushil K.
Thakkar
Loan taken
-
-
-
-
6,37,607
3,72,370
6,37,607
3,72,370
Loan repaid
-
-
-
-
8,61,650
-
8,61,650
-
Balance at 31st
March
-
-
-
-
2,01,450
4,25,493
2,01,450
4,25,493
Balance at 1st
April
-
-
-
-
4,25,493
53,123
4,25,493
53,123
vii) Krupeshbhai G
Thakkar
Loan taken
-
- 5,53,83,130 1,50,95,488
-
- 5,53,83,130 1,50,95,488|
|---|---|---|---|---|---|---|---|---|
|Nature of Transaction|Associate Companies/
Enterprises||Key Management
Personnel||Relatives of Key
Management Personnel||Total||
|As on -->|2017-18|2016-17|2017-18|2016-17|2017-18|2016-17|2017-18|2016-17|
|ii) Ambalal D.
Thakkar - HUF
Loan taken
Loan repaid
Balance at 31st
March
Balance at 1st
April|-
-
-
-|-
-
-
-|-
-
-
-|-
-
-
-|57,762
28,00,000
1,04,227
28,46,465|27,55,313
1,50,000
28,46,465
2,41,152|57,762
28,00,000
1,04,227
28,46,465|27,55,313
1,50,000
28,46,465
2,41,152|
|iii) Krupeshbhai G.
Thakkar - HUF
Loan taken
Loan repaid
Balance at 31st
March
Balance at 1st
April|-
-
-
-|-
-
-
-|-
-
-
-|-
-
-
-|12,86,140
24,14,500
3,56,580
14,84,940|10,38,177
6,67,385
14,84,940
11,14,148|12,86,140
24,14,500
3,56,580
14,84,940|10,38,177
6,67,385
14,84,940
11,14,148|
|iv) Smt. Dinuben G.
Thakkar
Loan taken
Loan repaid
Balance at 31st
March
Balance at 1st
April|-
-
-
-|-
-
-
-|-
-
-
-|-
-
-
-|2,32,227
17,49,642
99,195
16,16,610|52,79,251
50,02,236
16,16,610
13,39,595|2,32,227
17,49,642
99,195
16,16,610|52,79,251
50,02,236
16,16,610
13,39,595|
|v) Krupaben K.
Thakkar
Loan taken
Loan repaid
Balance at 31st
March
Balance at 1st
April|-
-
-
-|-
-
-
-|-
-
-
-|-
-
-
-|5,19,763
3,21,83,069
9,52,784
3,26,16,090|5,01,34,873
1,95,89,915
3,26,16,090
20,71,132|5,19,763
3,21,83,069
9,52,784
3,26,16,090|5,01,34,873
1,95,89,915
3,26,16,090
20,71,132|
|vi) Rushil K.
Thakkar
Loan taken
Loan repaid
Balance at 31st
March
Balance at 1st
April|-
-
-
-|-
-
-
-|-
-
-
-|-
-
-
-|6,37,607
8,61,650
2,01,450
4,25,493|3,72,370
-
4,25,493
53,123|6,37,607
8,61,650
2,01,450
4,25,493|3,72,370
-
4,25,493
53,123|
|vii) Krupeshbhai G
Thakkar
Loan taken|-|-|5,53,83,130|1,50,95,488|-|-|5,53,83,130|1,50,95,488|

Annual Report 2017-18 115

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** Loan repaid - - 5,59,48,176 1,77,70,130 - - 5,59,48,176 1,77,70,130 Balance at 31st March - - 4,74,405 10,39,450 - - 4,74,405 10,39,450 Balance at 1st April - - 10,39,450 37,14,092 - - 10,39,450 37,14,092 viii) Ghanshyambhai A Thakkar Loan taken - - 94,45,692 2,67,51,244 - - 94,45,692 2,67,51,244 Loan repaid - - 90,90,666 2,98,70,016 - - 90,90,666 2,98,70,016 Balance at 31st March - - 15,09,150 11,54,124 - - 15,09,150 11,54,124 Balance at 1st April - - 11,54,124 42,72,896 - - 11,54,124 42,72,896 ix) Kaushikbhai J Thakkkar Loan taken - - 2,00,000 - - - 2,00,000 - Loan repaid - - - - - - - - Balance at 31st March - - 3,00,000 1,00,000 - - 3,00,000 1,00,000 Balance at 1st April - - 1,00,000 1,00,000 - - 1,00,000 1,00,000 x) Masumi K. Thakkar Loan taken - - - - 43,49,870 2,00,000 43,49,870 2,00,000 Loan repaid - - - - - - - - Balance at 31st March - - - - 45,52,402 2,00,000 45,52,402 2,00,000 Balance at 1st April - - - - 2,02,532 - 2,02,532 - xi) Viresh Natvarlal Thakkar Loan taken - - - - - - - - Loan repaid - - - - - - - - Balance at 31st March - - - - 2,05,000 2,05,000 2,05,000 2,05,000 Balance at 1st April - - - - 2,05,000 2,05,000 2,05,000 2,05,000 **7) Managerial** **Remuneration** Ghanshyambhai Thakkar - - 1,05,69,278 85,88,309 - - 1,05,69,278 85,88,309 Krupeshbhai G. Thakkar - - 1,05,58,679 85,63,222 - - 1,05,58,679 85,63,222 Kaushik J Thakkar - - 4,79,784 4,10,277 - - 4,79,784 4,10,277|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
Loan repaid
-
- 5,59,48,176 1,77,70,130
-
- 5,59,48,176 1,77,70,130
Balance at 31st
March
-
-
4,74,405
10,39,450
-
-
4,74,405
10,39,450
Balance at 1st
April
-
-
10,39,450
37,14,092
-
-
10,39,450
37,14,092
viii) Ghanshyambhai
A Thakkar
Loan taken
-
-
94,45,692 2,67,51,244
-
-
94,45,692 2,67,51,244
Loan repaid
-
-
90,90,666 2,98,70,016
-
-
90,90,666 2,98,70,016
Balance at 31st
March
-
-
15,09,150
11,54,124
-
-
15,09,150
11,54,124
Balance at 1st
April
-
-
11,54,124
42,72,896
-
-
11,54,124
42,72,896
ix) Kaushikbhai J
Thakkkar
Loan taken
-
-
2,00,000
-
-
-
2,00,000
-
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
3,00,000
1,00,000
-
-
3,00,000
1,00,000
Balance at 1st
April
-
-
1,00,000
1,00,000
-
-
1,00,000
1,00,000
x) Masumi K.
Thakkar
Loan taken
-
-
-
-
43,49,870
2,00,000
43,49,870
2,00,000
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
-
-
45,52,402
2,00,000
45,52,402
2,00,000
Balance at 1st
April
-
-
-
-
2,02,532
-
2,02,532
-
xi) Viresh Natvarlal
Thakkar
Loan taken
-
-
-
-
-
-
-
-
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
-
-
2,05,000
2,05,000
2,05,000
2,05,000
Balance at 1st
April
-
-
-
-
2,05,000
2,05,000
2,05,000
2,05,000
7) Managerial
Remuneration
Ghanshyambhai
Thakkar
-
- 1,05,69,278
85,88,309
-
- 1,05,69,278
85,88,309
Krupeshbhai G.
Thakkar
-
- 1,05,58,679
85,63,222
-
- 1,05,58,679
85,63,222
Kaushik J Thakkar
-
-
4,79,784
4,10,277
-
-
4,79,784
4,10,277|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** Loan repaid - - 5,59,48,176 1,77,70,130 - - 5,59,48,176 1,77,70,130 Balance at 31st March - - 4,74,405 10,39,450 - - 4,74,405 10,39,450 Balance at 1st April - - 10,39,450 37,14,092 - - 10,39,450 37,14,092 viii) Ghanshyambhai A Thakkar Loan taken - - 94,45,692 2,67,51,244 - - 94,45,692 2,67,51,244 Loan repaid - - 90,90,666 2,98,70,016 - - 90,90,666 2,98,70,016 Balance at 31st March - - 15,09,150 11,54,124 - - 15,09,150 11,54,124 Balance at 1st April - - 11,54,124 42,72,896 - - 11,54,124 42,72,896 ix) Kaushikbhai J Thakkkar Loan taken - - 2,00,000 - - - 2,00,000 - Loan repaid - - - - - - - - Balance at 31st March - - 3,00,000 1,00,000 - - 3,00,000 1,00,000 Balance at 1st April - - 1,00,000 1,00,000 - - 1,00,000 1,00,000 x) Masumi K. Thakkar Loan taken - - - - 43,49,870 2,00,000 43,49,870 2,00,000 Loan repaid - - - - - - - - Balance at 31st March - - - - 45,52,402 2,00,000 45,52,402 2,00,000 Balance at 1st April - - - - 2,02,532 - 2,02,532 - xi) Viresh Natvarlal Thakkar Loan taken - - - - - - - - Loan repaid - - - - - - - - Balance at 31st March - - - - 2,05,000 2,05,000 2,05,000 2,05,000 Balance at 1st April - - - - 2,05,000 2,05,000 2,05,000 2,05,000 **7) Managerial** **Remuneration** Ghanshyambhai Thakkar - - 1,05,69,278 85,88,309 - - 1,05,69,278 85,88,309 Krupeshbhai G. Thakkar - - 1,05,58,679 85,63,222 - - 1,05,58,679 85,63,222 Kaushik J Thakkar - - 4,79,784 4,10,277 - - 4,79,784 4,10,277|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
Loan repaid
-
- 5,59,48,176 1,77,70,130
-
- 5,59,48,176 1,77,70,130
Balance at 31st
March
-
-
4,74,405
10,39,450
-
-
4,74,405
10,39,450
Balance at 1st
April
-
-
10,39,450
37,14,092
-
-
10,39,450
37,14,092
viii) Ghanshyambhai
A Thakkar
Loan taken
-
-
94,45,692 2,67,51,244
-
-
94,45,692 2,67,51,244
Loan repaid
-
-
90,90,666 2,98,70,016
-
-
90,90,666 2,98,70,016
Balance at 31st
March
-
-
15,09,150
11,54,124
-
-
15,09,150
11,54,124
Balance at 1st
April
-
-
11,54,124
42,72,896
-
-
11,54,124
42,72,896
ix) Kaushikbhai J
Thakkkar
Loan taken
-
-
2,00,000
-
-
-
2,00,000
-
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
3,00,000
1,00,000
-
-
3,00,000
1,00,000
Balance at 1st
April
-
-
1,00,000
1,00,000
-
-
1,00,000
1,00,000
x) Masumi K.
Thakkar
Loan taken
-
-
-
-
43,49,870
2,00,000
43,49,870
2,00,000
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
-
-
45,52,402
2,00,000
45,52,402
2,00,000
Balance at 1st
April
-
-
-
-
2,02,532
-
2,02,532
-
xi) Viresh Natvarlal
Thakkar
Loan taken
-
-
-
-
-
-
-
-
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
-
-
2,05,000
2,05,000
2,05,000
2,05,000
Balance at 1st
April
-
-
-
-
2,05,000
2,05,000
2,05,000
2,05,000
7) Managerial
Remuneration
Ghanshyambhai
Thakkar
-
- 1,05,69,278
85,88,309
-
- 1,05,69,278
85,88,309
Krupeshbhai G.
Thakkar
-
- 1,05,58,679
85,63,222
-
- 1,05,58,679
85,63,222
Kaushik J Thakkar
-
-
4,79,784
4,10,277
-
-
4,79,784
4,10,277|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** Loan repaid - - 5,59,48,176 1,77,70,130 - - 5,59,48,176 1,77,70,130 Balance at 31st March - - 4,74,405 10,39,450 - - 4,74,405 10,39,450 Balance at 1st April - - 10,39,450 37,14,092 - - 10,39,450 37,14,092 viii) Ghanshyambhai A Thakkar Loan taken - - 94,45,692 2,67,51,244 - - 94,45,692 2,67,51,244 Loan repaid - - 90,90,666 2,98,70,016 - - 90,90,666 2,98,70,016 Balance at 31st March - - 15,09,150 11,54,124 - - 15,09,150 11,54,124 Balance at 1st April - - 11,54,124 42,72,896 - - 11,54,124 42,72,896 ix) Kaushikbhai J Thakkkar Loan taken - - 2,00,000 - - - 2,00,000 - Loan repaid - - - - - - - - Balance at 31st March - - 3,00,000 1,00,000 - - 3,00,000 1,00,000 Balance at 1st April - - 1,00,000 1,00,000 - - 1,00,000 1,00,000 x) Masumi K. Thakkar Loan taken - - - - 43,49,870 2,00,000 43,49,870 2,00,000 Loan repaid - - - - - - - - Balance at 31st March - - - - 45,52,402 2,00,000 45,52,402 2,00,000 Balance at 1st April - - - - 2,02,532 - 2,02,532 - xi) Viresh Natvarlal Thakkar Loan taken - - - - - - - - Loan repaid - - - - - - - - Balance at 31st March - - - - 2,05,000 2,05,000 2,05,000 2,05,000 Balance at 1st April - - - - 2,05,000 2,05,000 2,05,000 2,05,000 **7) Managerial** **Remuneration** Ghanshyambhai Thakkar - - 1,05,69,278 85,88,309 - - 1,05,69,278 85,88,309 Krupeshbhai G. Thakkar - - 1,05,58,679 85,63,222 - - 1,05,58,679 85,63,222 Kaushik J Thakkar - - 4,79,784 4,10,277 - - 4,79,784 4,10,277|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
Loan repaid
-
- 5,59,48,176 1,77,70,130
-
- 5,59,48,176 1,77,70,130
Balance at 31st
March
-
-
4,74,405
10,39,450
-
-
4,74,405
10,39,450
Balance at 1st
April
-
-
10,39,450
37,14,092
-
-
10,39,450
37,14,092
viii) Ghanshyambhai
A Thakkar
Loan taken
-
-
94,45,692 2,67,51,244
-
-
94,45,692 2,67,51,244
Loan repaid
-
-
90,90,666 2,98,70,016
-
-
90,90,666 2,98,70,016
Balance at 31st
March
-
-
15,09,150
11,54,124
-
-
15,09,150
11,54,124
Balance at 1st
April
-
-
11,54,124
42,72,896
-
-
11,54,124
42,72,896
ix) Kaushikbhai J
Thakkkar
Loan taken
-
-
2,00,000
-
-
-
2,00,000
-
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
3,00,000
1,00,000
-
-
3,00,000
1,00,000
Balance at 1st
April
-
-
1,00,000
1,00,000
-
-
1,00,000
1,00,000
x) Masumi K.
Thakkar
Loan taken
-
-
-
-
43,49,870
2,00,000
43,49,870
2,00,000
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
-
-
45,52,402
2,00,000
45,52,402
2,00,000
Balance at 1st
April
-
-
-
-
2,02,532
-
2,02,532
-
xi) Viresh Natvarlal
Thakkar
Loan taken
-
-
-
-
-
-
-
-
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
-
-
2,05,000
2,05,000
2,05,000
2,05,000
Balance at 1st
April
-
-
-
-
2,05,000
2,05,000
2,05,000
2,05,000
7) Managerial
Remuneration
Ghanshyambhai
Thakkar
-
- 1,05,69,278
85,88,309
-
- 1,05,69,278
85,88,309
Krupeshbhai G.
Thakkar
-
- 1,05,58,679
85,63,222
-
- 1,05,58,679
85,63,222
Kaushik J Thakkar
-
-
4,79,784
4,10,277
-
-
4,79,784
4,10,277|(Amount in) **Nature of Transaction** **Associate Companies/** **Enterprises** **Key Management** **Personnel** **Relatives of Key** **Management Personnel** **Total** **As on -->** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** **2017-18** **2016-17** Loan repaid - - 5,59,48,176 1,77,70,130 - - 5,59,48,176 1,77,70,130 Balance at 31st March - - 4,74,405 10,39,450 - - 4,74,405 10,39,450 Balance at 1st April - - 10,39,450 37,14,092 - - 10,39,450 37,14,092 viii) Ghanshyambhai A Thakkar Loan taken - - 94,45,692 2,67,51,244 - - 94,45,692 2,67,51,244 Loan repaid - - 90,90,666 2,98,70,016 - - 90,90,666 2,98,70,016 Balance at 31st March - - 15,09,150 11,54,124 - - 15,09,150 11,54,124 Balance at 1st April - - 11,54,124 42,72,896 - - 11,54,124 42,72,896 ix) Kaushikbhai J Thakkkar Loan taken - - 2,00,000 - - - 2,00,000 - Loan repaid - - - - - - - - Balance at 31st March - - 3,00,000 1,00,000 - - 3,00,000 1,00,000 Balance at 1st April - - 1,00,000 1,00,000 - - 1,00,000 1,00,000 x) Masumi K. Thakkar Loan taken - - - - 43,49,870 2,00,000 43,49,870 2,00,000 Loan repaid - - - - - - - - Balance at 31st March - - - - 45,52,402 2,00,000 45,52,402 2,00,000 Balance at 1st April - - - - 2,02,532 - 2,02,532 - xi) Viresh Natvarlal Thakkar Loan taken - - - - - - - - Loan repaid - - - - - - - - Balance at 31st March - - - - 2,05,000 2,05,000 2,05,000 2,05,000 Balance at 1st April - - - - 2,05,000 2,05,000 2,05,000 2,05,000 **7) Managerial** **Remuneration** Ghanshyambhai Thakkar - - 1,05,69,278 85,88,309 - - 1,05,69,278 85,88,309 Krupeshbhai G. Thakkar - - 1,05,58,679 85,63,222 - - 1,05,58,679 85,63,222 Kaushik J Thakkar - - 4,79,784 4,10,277 - - 4,79,784 4,10,277|(Amount in)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
Loan repaid
-
- 5,59,48,176 1,77,70,130
-
- 5,59,48,176 1,77,70,130
Balance at 31st
March
-
-
4,74,405
10,39,450
-
-
4,74,405
10,39,450
Balance at 1st
April
-
-
10,39,450
37,14,092
-
-
10,39,450
37,14,092
viii) Ghanshyambhai
A Thakkar
Loan taken
-
-
94,45,692 2,67,51,244
-
-
94,45,692 2,67,51,244
Loan repaid
-
-
90,90,666 2,98,70,016
-
-
90,90,666 2,98,70,016
Balance at 31st
March
-
-
15,09,150
11,54,124
-
-
15,09,150
11,54,124
Balance at 1st
April
-
-
11,54,124
42,72,896
-
-
11,54,124
42,72,896
ix) Kaushikbhai J
Thakkkar
Loan taken
-
-
2,00,000
-
-
-
2,00,000
-
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
3,00,000
1,00,000
-
-
3,00,000
1,00,000
Balance at 1st
April
-
-
1,00,000
1,00,000
-
-
1,00,000
1,00,000
x) Masumi K.
Thakkar
Loan taken
-
-
-
-
43,49,870
2,00,000
43,49,870
2,00,000
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
-
-
45,52,402
2,00,000
45,52,402
2,00,000
Balance at 1st
April
-
-
-
-
2,02,532
-
2,02,532
-
xi) Viresh Natvarlal
Thakkar
Loan taken
-
-
-
-
-
-
-
-
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
-
-
2,05,000
2,05,000
2,05,000
2,05,000
Balance at 1st
April
-
-
-
-
2,05,000
2,05,000
2,05,000
2,05,000
7) Managerial
Remuneration
Ghanshyambhai
Thakkar
-
- 1,05,69,278
85,88,309
-
- 1,05,69,278
85,88,309
Krupeshbhai G.
Thakkar
-
- 1,05,58,679
85,63,222
-
- 1,05,58,679
85,63,222
Kaushik J Thakkar
-
-
4,79,784
4,10,277
-
-
4,79,784
4,10,277|(Amount in`)
Nature of Transaction
Associate Companies/
Enterprises
Key Management
Personnel
Relatives of Key
Management Personnel
Total
As on -->
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
2017-18
2016-17
Loan repaid
-
- 5,59,48,176 1,77,70,130
-
- 5,59,48,176 1,77,70,130
Balance at 31st
March
-
-
4,74,405
10,39,450
-
-
4,74,405
10,39,450
Balance at 1st
April
-
-
10,39,450
37,14,092
-
-
10,39,450
37,14,092
viii) Ghanshyambhai
A Thakkar
Loan taken
-
-
94,45,692 2,67,51,244
-
-
94,45,692 2,67,51,244
Loan repaid
-
-
90,90,666 2,98,70,016
-
-
90,90,666 2,98,70,016
Balance at 31st
March
-
-
15,09,150
11,54,124
-
-
15,09,150
11,54,124
Balance at 1st
April
-
-
11,54,124
42,72,896
-
-
11,54,124
42,72,896
ix) Kaushikbhai J
Thakkkar
Loan taken
-
-
2,00,000
-
-
-
2,00,000
-
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
3,00,000
1,00,000
-
-
3,00,000
1,00,000
Balance at 1st
April
-
-
1,00,000
1,00,000
-
-
1,00,000
1,00,000
x) Masumi K.
Thakkar
Loan taken
-
-
-
-
43,49,870
2,00,000
43,49,870
2,00,000
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
-
-
45,52,402
2,00,000
45,52,402
2,00,000
Balance at 1st
April
-
-
-
-
2,02,532
-
2,02,532
-
xi) Viresh Natvarlal
Thakkar
Loan taken
-
-
-
-
-
-
-
-
Loan repaid
-
-
-
-
-
-
-
-
Balance at 31st
March
-
-
-
-
2,05,000
2,05,000
2,05,000
2,05,000
Balance at 1st
April
-
-
-
-
2,05,000
2,05,000
2,05,000
2,05,000
7) Managerial
Remuneration
Ghanshyambhai
Thakkar
-
- 1,05,69,278
85,88,309
-
- 1,05,69,278
85,88,309
Krupeshbhai G.
Thakkar
-
- 1,05,58,679
85,63,222
-
- 1,05,58,679
85,63,222
Kaushik J Thakkar
-
-
4,79,784
4,10,277
-
-
4,79,784
4,10,277|
|---|---|---|---|---|---|---|---|---|
|Nature of Transaction|Associate Companies/
Enterprises||Key Management
Personnel||Relatives of Key
Management Personnel||Total||
|As on -->|2017-18|2016-17|2017-18|2016-17|2017-18|2016-17|2017-18|2016-17|
|Loan repaid|-|-|5,59,48,176|1,77,70,130|-|-|5,59,48,176|1,77,70,130|
|Balance at 31st
March
Balance at 1st
April|-
-|-
-|4,74,405
10,39,450|10,39,450
37,14,092|-
-|-
-|4,74,405
10,39,450|10,39,450
37,14,092|
|viii) Ghanshyambhai
A Thakkar
Loan taken
Loan repaid
Balance at 31st
March
Balance at 1st
April|-
-
-
-|-
-
-
-|94,45,692
90,90,666
15,09,150
11,54,124|2,67,51,244
2,98,70,016
11,54,124
42,72,896|-
-
-
-|-
-
-
-|94,45,692
90,90,666
15,09,150
11,54,124|2,67,51,244
2,98,70,016
11,54,124
42,72,896|
|ix) Kaushikbhai J
Thakkkar
Loan taken
Loan repaid
Balance at 31st
March
Balance at 1st
April|-
-
-
-|-
-
-
-|2,00,000
-
3,00,000
1,00,000|-
-
1,00,000
1,00,000|-
-
-
-|-
-
-
-|2,00,000
-
3,00,000
1,00,000|-
-
1,00,000
1,00,000|
|x) Masumi K.
Thakkar
Loan taken
Loan repaid
Balance at 31st
March
Balance at 1st
April|-
-
-
-|-
-
-
-|-
-
-
-|-
-
-
-|43,49,870
-
45,52,402
2,02,532|2,00,000
-
2,00,000
-|43,49,870
-
45,52,402
2,02,532|2,00,000
-
2,00,000
-|
|xi) Viresh Natvarlal
Thakkar
Loan taken
Loan repaid
Balance at 31st
March
Balance at 1st
April|-
-
-
-|-
-
-
-|-
-
-
-|-
-
-
-|-
-
2,05,000
2,05,000|-
-
2,05,000
2,05,000|-
-
2,05,000
2,05,000|-
-
2,05,000
2,05,000|
|7) Managerial
Remuneration
Ghanshyambhai
Thakkar
Krupeshbhai G.
Thakkar
Kaushik J Thakkar|-
-
-|-
-
-|1,05,69,278
1,05,58,679
4,79,784|85,88,309
85,63,222
4,10,277|-
-
-|-
-
-|1,05,69,278
1,05,58,679
4,79,784|85,88,309
85,63,222
4,10,277|

116 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.) RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

(Amount in `)

Nature of Transaction	Associate Companies/ Enterprises	Associate Companies/ Enterprises	Key Management Personnel	Key Management Personnel	Relatives of Key Management Personnel	Relatives of Key Management Personnel	Total	Total
As on -->	2017-18	2016-17	2017-18	2016-17	2017-18	2016-17	2017-18	2016-17
8) Dividend Paid Ghanshyambhai Thakkar Ghanshyambhai Thakkar HUF Krupeshbhai G. Thakkar Krupeshbhai Thakkar HUF Smt. Dinuben G. Thakkar Krupaben K. Thakkar Rushil K. Thakkar Rushil International	- - - - - - - -	- - - - - - - -	9,95,450 1,92,691 7,71,242 6,94,847 1,23,258 1,41,208 1,04,262 9,22,885	9,95,450 1,92,691 7,71,242 6,94,847 1,23,258 1,41,208 1,04,262 9,22,885	- - - - - - - -	- - - - - - - -	9,95,450 1,92,691 7,71,242 6,94,847 1,23,258 1,41,208 1,04,262 9,22,885	9,95,450 1,92,691 7,71,242 6,94,847 1,23,258 1,41,208 1,04,262 9,22,885
9) Interest Expenses Ghanshyambhai Thakkar HUF Krupeshbhai G. Thakkar Krupeshbhai Thakkar HUF Smt. Dinuben G. Thakkar Ambalal D. Thakkar - HUF Krupaben K. Thakkar Rushil K. Thakkar Ghanshyambhai Thakkar Masumi K. Thakkar	- - - - - - - - -	- - - - - - - - -	- 6,11,835 - - - - - 1,83,024 -	- 5,03,965 - - - - - 11,19,681 -	60,762 - 45,881 54,410 64,180 4,20,617 65,939 - 3,88,744	49,043 - 1,59,256 1,31,801 70,703 41,15,278 20,120 - 2,532	60,762 6,11,835 45,881 54,410 64,180 4,20,617 65,939 1,83,024 3,88,744	49,043 5,03,965 1,59,256 1,31,801 70,703 41,15,278 20,120 11,19,681 2,532
10) Salary to Relatives of Key Management Personal Krupaben K. Thakkar Rushil k Thakkar	- -	- -	- -	- -	45,67,829 12,97,905	43,75,570 10,13,483	45,67,829 12,97,905	43,75,570 10,13,483

Annual Report 2017-18 117

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in`)|
|---|---|---|---|---|---|---|---|---|
|Nature of Transaction|Associate Companies/
Enterprises||Key Management
Personnel||Relatives of Key
Management Personnel||Total||
|As on -->|2017-18|2016-17|2017-18|2016-17|2017-18|2016-17|2017-18|2016-17|
|11) Salary to Key
Management
Personal
Keyurbhai Gajjar
Vipulbhai Vora
Hashmukhbhai
Modi|-
-
-|-
-
-|50,49,658
33,26,728
15,48,151|37,91,312
28,50,764
13,25,005|-
-
-|-
-
-|50,49,658
33,26,728
15,48,151|37,91,312
28,50,764
13,25,005|
|12) Lease Rent
Expense
Ratnatej
Infrastructure
Private Limited
Krupeshbhai G.
Thakkar|1,20,000
-|1,20,000
-|-
70,35,000|-
56,00,000|-
-|-
-|1,20,000
70,35,000|1,20,000
56,00,000|
|13) Reimbursement of
Processing Fees
Krupesh G.
Thakkar|-|-|3,54,000|-|-|-|3,54,000|-|
|14) Lease Rent
Deposit
Ratnatej
Infrastructure
Private Limited|32,00,000|-|-|-|-|-|32,00,000|-|
|15) Clearing &
Forwarding
Expense
Shri Krupa
Decorative Veneer
Private Limited
Vir Studdio Private
Limited (OPC)|-
46,667|-
-|-
-|-
-|-
-|-
-|-
46,667|-
-|

43. DISCLOSURES REGARDING EMPLOYEE BENEFITS

As per Indian Accounting Standard 19 “Employee Benefi ts” the disclosures are given below:

Contribution to defi ned contribution plan, recognised as expense for the year is as under:

Contribution to def ned contribution plan, recognised as expense for the year is as under:	Contribution to def ned contribution plan, recognised as expense for the year is as under:
		(Amount in`)
Particulars 2017-18		2016-17
Employers contribution to provident fund	61,92,193/-	53,74,903/-

118 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

(i) Defi ned Contribution Plan: Employee benefi ts in the form of Provident Fund are considered as defi ned contribution plan and the contributions to Employees Provident Fund Organisation established under The Employees Provident Fund and Miscellaneous Provisions Act 1952 and Employees State Insurance Act, 1948, respectively, are charged to the profi t and loss account of the year when the contributions to the respective funds are due.
(ii) Defi ned Benefi t Plan: Retirement benefi ts in the form of Gratuity are considered as defi ned benefi t obligation and are provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at the date of the Balance Sheet.

Every Employee who has completed fi ve years or more of service is entitled to Gratuity on terms not less favourable than the provisions of The Payment of Gratuity Act, 1972.

As the Company has not funded its liability, it has nothing to disclose regarding plan assets and its reconciliation.

Benefi ts will be paid earlier than expected. The impact of this will depend on whether the benefi ts are vested as at the resignation date.

B. Investment Risk:

For funded plans that rely on insurers for managing the assets, the value of assets certifi ed by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are signifi cant changes in the discount rate during the inter-valuation period.

Liquidity Risk:

C.

Employees with high salaries and long durations or those higher in hierarchy, accumulate signifi cant level of benefi ts. If some of such employees resign/retire from the Company there can be strain on the cashflows.

D. Market Risk:

(iii) Major risk to the plan

I have outlined the following risks associated with the plan:

A. Actuarial Risk:

It is the risk that benefi ts will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected.

Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity Benefi ts will be paid earlier than expected. Since there is no condition of vesting on the death benefi t, the acceleration of cash flow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity

E.

Market risk is a collective term for risks that are related to the changes and fluctuations of the fi nancial markets. One actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money. An increase in discount rate leads to decrease in Defi ned Benefi t Obligation of the plan benefi ts & vice versa. This assumption depends on the yields on the corporate/government bonds and hence the valuation of liability is exposed to fluctuations in the yields as at the valuation date.

Legislative Risk:

Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation/regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to pay higher benefi ts to the employees. This will directly affect the present value of the Defi ned Benefi t Obligation and the same will have to be recognised immediately in the year when any such amendment is effective.

Annual Report 2017-18 119

Notes to the Financial Statements (Contd.) RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

(iv) Defi ned Benefi t Cost

Def ned Benef t Cost	Def ned Benef t Cost	Def ned Benef t Cost
(Amount in`)
Particulars For the year ended 31st March, 2018 For the year ended 31st March, 2017
Current Service Cost Interest Expense on Def ned Benef t Obligation (DBO) Def ned Benef t Cost included in Prof t and Loss Remeasurements - Due to Financial Assumptions Remeasurements - Due to Experience Assumptions Remeasurements - Due to Experience Adjustments Return on plan assets excluding amounts included in interest income Def ned Benef t Cost included in Other Comprehensive Income Total Def ned Benef t Cost in Prof t and Loss and OCI	62,41,025	69,22,893 5,30,300 - 16,17,503 4,09,371 (60,77,721) 1,19,249 (39,31,598) 35,21,595
	2,99,963
	-
	68,87,700
	-
	(84,70,970)
	(1,08,346)
	(16,91,616)
	48,49,372

(v) Movement in Defi ned benefi t liability:

Movement in Def ned benef t liability:	Movement in Def ned benef t liability:	Movement in Def ned benef t liability:
(Amount in`)
Particulars For the year ended 31st March, 2018 For the year ended 31st March, 2017
Opening Def ned Benef t Obligation Interest Expense on Def ned Benef t Obligation (DBO) Current Service Cost Total Remeasurements included in OCI Less: Benef ts paid Less: Contributions to plan assets Closing benef t obligation Current Liabilities of Closing benef t obligation Non-Current Liabilities of Closing benef t obligation	1,20,86,090	1,03,51,945 - 37,25,900 39,31,598 (4,11,714) (50,00,000) 1,20,86,090 1,02,76,234 18,09,856
	-
	63,26,507
	(16,91,616)
	-
	(30,00,000)
	1,37,20,981
	1,12,44,231
	24,76,750

(vi) Sensitivity Analysis of Defi ned Benefi t Obligation:

(Amount in `)

|||||(Amount in)|(Amount in)|
|---|---|---|---|---|---|
||2017-18|||2016-17||
|Under Base Scenario|LAM|MDF|WPC|LAM|MDF|
|(A) Discount rate Sensitivity||||||
|Increase by 0.5%
(% change)
Decrease by 0.5%
(% change)|64,82,146
(6.61%)
74,48,597
7.32%|1,75,14,623
(5.02%)
1,94,51,178
5.48%|25,078
(10.61%)
31,462
12.14%|80,18,078
(5.16%)
89,31,081
5.64%|1,06,31,215
(4.50%)
1,16,75,359
4.88%|
|
(B) Salary growth rate Sensitivity||||||
|Increase by 0.5%
(% change)
Decrease by 0.5%
(% change)|72,91,905
5.06%
65,98,025
(4.94%)|1,90,64,016
3.38%
1,77,95,844
(3.49%)|30,118
7.35%
25,969
(7.44%)|89,06,439
5.35%
80,68,061
(4.57%)|1,16,12,320
4.32%
1,07,17,033
(3.72%)|
|

(C) Withdrawal rate (W.R.) Sensitivity||||||
|W.R. x 110%
(% change)
W.R. x 90%
(% change)|69,18,233
(0.33%)
69,65,868
0.36%|1,84,33,516
(0.04%)
1,84,50,353
0.05%|27,665
(1.39%)
28,447
1.40%|86,08,119
1.82%
83,77,354
(0.91%)|1,12,52,595
1.09%
1,10,12,532
(1.07%)|

(vii) Actuarial assumptions:

Actuarial assumptions:	Actuarial assumptions:	Actuarial assumptions:
(Amount in`)
Particulars For the year ended 31st March, 2018 For the year ended 31st March, 2017
Mortality Table: Indian Assured Lives Mortality (2006-08) Table Discount Rate (per annum) Rate of escalation in salary (per annum) Withdrawal rate		7.52% 6.00% 2% at all ages
	7.55%
	10.00%
	2% at all ages

(viii) The above details are certifi ed by the actuary.

120 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

44. CORPORATE SOCIAL RESPONSIBILITY CONTRIBUTION

(a) Gross amount required to be spent by the Company during the year 40,59,899/- (Previous year 22,85,013/-)
(b) Amount spent during the year on:

||(Amount in)|(Amount in)|(Amount in)|(Amount in)|
|---|---|---|---|---|
|Particulars|Year|Amount spent (**)**|**Amount yet to be** **spent (**)|Total (`)|
|(i)
Construction/acquisition
of any asset
(ii)
On purposes other than (i)
above|2017-18
2017-18|Nil
69,48,893/-|Nil
Nil|Nil
69,48,893/-|

45. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business and the provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts reasonably necessary.

46. Inventories are as taken, valued and certifi ed by the management.

47. DEFERRED TAX ASSETS/(LIABILITY):

The breakup of Deferred Tax as at 31.03.2018 is as under

DEFERRED TAX ASSETS/(LIABILITY): The breakup of Deferred Tax as at 31.03.2018 is as under
	(Amount in`)
Particulars	As on 31st March, 2018 As on 31st March, 2017
Deferred Tax Liabilities. - Timing Difference of Depreciation (Deferred tax liability) - Capital gain on land revaluation (Deferred Tax Liability) Deferred Tax Assets. - Gratuity Payment (Deferred Tax Liability) Net Deferred Tax Liability		22,85,93,403 4,47,16,668 41,82,754 26,91,27,317
	24,40,70,871
	4,45,21,677

	47,48,557
	28,38,43,991

48. MICRO, SMALL & MEDIUM ENTERPRISE:

As per the Micro, Small & Medium Development Act, 2006 and to the extent of the information available, amounts unpaid as at the yearned together with the interest paid / payable, is as follows:

at the yearned together with the interest paid / payable, is as follows:	at the yearned together with the interest paid / payable, is as follows:	at the yearned together with the interest paid / payable, is as follows:
(Amount in`)
Particulars 2017 – 18 2016 – 17
The Principal Amount Interest Paid under MSMED Act, 2006 Interest due (Other than 23.3 (b)) Interest accrued and unpaid Interest due and payable till actual payment	4,30,74,016/-	2,18,29,595/- NIL NIL NIL NIL
	NIL
	NIL
	NIL
	NIL

49. (A) CONSUMPTION OF RAW MATERIALS IN TERMS OF VALUE AND PERCENTAGE:

|||(Amount in)|(Amount in)|(Amount in`)|
|---|---|---|---|---|
|Sr.
No. Particulars|2017-18|%|2016-17|%|
|i)
Imported ()
ii)
Indigenous
Total|70,57,76,051|37.22
62.78
100.00|63,33,51,555
1,05,97,58,660
1,69,29,13,171|37.40
62.60
100.00|
||1,19,05,32,510||||
||1,89,63,08,561*||||

(*) Includes high seas purchase/bond transfer

Annual Report 2017-18 121

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

49. (B) CONSUMPTION OF STORES AND SPARES IN TERMS OF VALUE AND PERCENTAGE:

|||(Amount in)|(Amount in)|(Amount in`)|
|---|---|---|---|---|
|Sr.
No. Particulars|2017-18|%|2016-17|%|
|i)
Imported
ii)
Indigenous
Total|1,19,61,295|23.61
76.39
100.00|1,50,79,415
4,96,85,493
6,47,64,908|23.28
76.72
100.00|
||3,86,92,858||||
||5,06,54,153||||

49. (C) TRADING GOODS:

|||(Amount in)|(Amount in)|(Amount in`)|
|---|---|---|---|---|
|Sr.
No. Particulars|2017-18|%|2016-17|%|
|i)
Imported ()
ii)
Indigenous
Total|1,52,72,884|98.47
1.53
100.00|54,72,123
22,06,698
76,78,821|71.26
28.74
100.00|
||2,37,829||||
||1,55,10,713*||||

(*) Includes high seas purchase/bond transfer

50. PARTICULARS OF POWER AND FUEL COST:

			(Amount in`)
	Sr. No. Particulars	2017-18	2016-17
	1 Electricity 2 Lignite & Coal 3 Diesel Expense Total	18,35,61,992	15,78,77,635 5,74,17,351 55,06,502 22,08,01,488
		6,97,58,857
		58,09,672
		25,91,30,521
	CIF VALUE OF IMPORTS
51.
			(Amount in`)
	Sr. No. Particulars	2017-18	2016-17
	i) Raw Material ii) Capital Goods	47,13,44,359	54,33,15,584 1,53,56,243
		9,01,02,104

52. FIRST TIME ADOPTION OF IND AS:

A) Effects of Ind AS adoption on Balance Sheet as at 31st March, 2017 and 1st April, 2016

122 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

|||(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|(Amount in)|
|---|---|---|---|---|---|---|---|
|Particulars|Note
No.|As at 31st March, 2017 (End of last period
presented asper IGAAP)|||As at 1st April, 2016
(Date of Transition)|||
|||As per
IGAAP|Adjustments
on transition
to Ind AS|As per Ind
AS|As per
IGAAP|Adjustments
on transition
to Ind AS|As per Ind
AS|
|Current assets
Inventories
Financial Assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash
equivalents
(iv) Bank balances
other than (iii)
above
(v) Loans
Other current assets
Total Assets|b(ii)
b(ii)
b(i)|61,80,36,151
-
47,79,67,598
6,66,18,387
-
-
10,57,18,233
2,74,83,83,205|-
-
-
(4,69,00,533)
4,69,00,533
-
(14,72,672)|61,80,36,151
-
47,79,67,598
1,97,17,854
4,69,00,533
-
10,42,45,562
2,96,37,15,869|61,13,72,473
-
40,82,96,692
6,28,96,072
-
-
9,57,10,383
2,63,55,89,149|-
-
-
(4,45,03,247)
4,45,03,247
-
(16,26,337)|61,13,72,473
-
40,82,96,692
1,83,92,825
4,45,03,247
-
9,40,84,046
2,84,74,42,343|
|EQUITY AND LIABILITIES
EQUITY
(a) Equity Share
capital
(b) Other Equity
(c) Money received
against share
warrants
LIABILITIES
Non-current liabilities
Financial Liabilities
(i) Borrowings
(ii) Other Financial
Liabilities
Provisions
Deferred tax liabilities
(Net)
Other non-current
liabilities
Current liabilities
Financial Liabilities
(i) Borrowings
(ii) Trade payables
Total outstanding
dues of micro
enterprises and
small enterprises
Total outstanding
dues of creditors
other than micro
enterprises and
small enterprises
(iii) Other f nancial
liabilities
Other current liabilities
Provisions
Current Tax Liabilities
(Net)
Total Equity and Liabilities|Equity
Reco
b(v)
c
b(i)
g
d, i
b(i)
b(i)
b(i), c
b(i)|14,40,00,000
90,57,51,112
5,00,00,000
33,16,57,802
3,85,37,257
1,20,86,090
22,31,39,337
-
45,70,27,215
2,18,29,595
38,54,90,874
-
17,37,26,182
51,37,741
-
2,74,83,83,205|-
20,74,49,064
(5,00,00,000)
(7,93,291)
-
(18,09,856)
4,59,87,980
1,25,44,184
-
-
-
14,24,12,545
(14,80,88,795)
76,30,833
-|14,40,00,000
1,11,32,00,176
-
33,08,64,511
3,85,37,257
1,02,76,234
26,91,27,317
1,25,44,184
45,70,27,215
2,18,29,595
38,54,90,874
14,24,12,545
2,56,37,387
1,27,68,574
-
2,96,37,15,869|14,40,00,000
65,90,83,250
-
43,77,82,323
3,78,99,900
1,00,05,190
20,72,40,653
-
46,90,51,628
2,46,46,531
48,34,52,425
-
15,45,51,118
78,76,131
-
2,63,55,89,149|-
16,78,18,998
-
(8,68,855)
-
(16,09,796)
4,50,41,655
-
-
-
-
13,94,51,890
(14,39,23,318)
30,94,024
28,48,596|14,40,00,000
82,69,02,248
-
43,69,13,468
3,78,99,900
83,95,394
25,22,82,308
-
46,90,51,628
2,46,46,531
48,34,52,425
13,94,51,890
1,06,27,800
1,09,70,155
28,48,596
2,84,74,42,343**|

Annual Report 2017-18 123

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

B) Statement of Reconciliation of Equity (Shareholders’ Funds) as at 31st March, 2017 and 1st April, 2016

||(Amount in)|(Amount in)|
|---|---|---|
|Sr.
No. Particulars
Note
No.|As at
31st March,
2017|As at
1st April,
2016|
|1
Total Equity (Shareholders’ Fund) as per IGAAP
2
Gain/(Loss) on Fair Valuation of Property, Plant and Equipment
a
3
Deferred Tax impact of Ind AS adjustments
g
4
Recognition of Prepaid Processing Fees
e
5
Adjustment for Asset related from Government Grants
d, i
6
Recognition of Depreciation on Asset related from Government Grants
i
7
Adjustment on account of Mark to Market Forward Contract
c
8
Deferred Revenue Written off
i
9
Tax Impact of Ind AS Adjustments
h
10
Total Equity as per Ind AS|1,09,97,51,112
21,18,53,194
(4,59,87,980)
7,93,291
(1,00,00,000)
(1,41,537)
4,90,681
6,35,408
(1,93,993)
1,25,72,00,177|80,30,83,250
21,18,53,194
(4,50,41,655)
8,68,855
-
-
1,76,210
-
(37,606)
97,09,02,248|

C) Effects of Ind AS adoption on Standalone Statement of Profi t & Loss for the year ended 31st March, 2017

Sr. No. Particulars	Note No.	Year ended 31st March,2017 (End of last period presented as per IGAAP)	Year ended 31st March,2017 (End of last period presented as per IGAAP)	Year ended 31st March,2017 (End of last period presented as per IGAAP)
		Asper IGAAP*	Adjustments on transition to Ind AS	Asper Ind AS
I Revenue from Operations (Gross) Less: Central Excise Duty Revenue from Operations (Net) II Other Income III Total Income (I +II)	b(iii) f c, d, i	3,31,93,99,466 25,98,81,516 3,05,95,17,950 2,82,85,376 3,08,78,03,326	(16,86,204) 25,98,81,516 - (9,49,879)	3,32,10,85,670 - 3,32,10,85,670 2,92,35,255 3,35,03,20,925
IV Expenses: Cost of Materials Consumed Purchases of Stock-in-Trade Changes in Inventories of Finished goods, Stock-in-Trade and Work-in- progress Excise duty on Sales Employee Benef ts Expense Finance Costs Depreciation and Amortisation Expense Other Expenses Total Expenses (IV)	f b(i), j e i b(iii)	1,69,29,13,171 76,78,821 (2,25,47,970) - 20,64,66,597 10,36,34,890 6,87,81,327 69,75,68,492 2,75,44,95,328	- - - (25,98,81,516) 2,16,38,839 (75,564) (1,41,537) (1,93,93,445) -	1,69,29,13,171 76,78,821 (2,25,47,970) 25,98,81,516 18,48,27,758 10,37,10,454 6,89,22,864 71,69,61,937 3,01,23,48,551
V Prof t before tax ( III- IV ) VI Tax expense : (1) Current Tax (2) Deferred Tax (2) Short/(Excess) provision of earlier years	h g b(i)	33,33,07,998 7,21,33,260 1,58,98,684 (57,560)	(46,64,376) (98,827) (9,46,325) (57,560)	33,79,72,374 7,22,32,087 1,68,45,009 -
VII Prof t for the period (V -VI) VIII Other Comprehensive Income A (i) Items that will not be reclassif ed to prof t or loss B (i) Items that will be reclassif ed to prof t or loss		24,53,33,614 - -	(35,61,664) 39,31,598 -	24,88,95,278 (39,31,598) -

124 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

Sr. No. Particulars	Year ended 31st March,2017 (End of last period presented as per IGAAP)	Year ended 31st March,2017 (End of last period presented as per IGAAP)	Year ended 31st March,2017 (End of last period presented as per IGAAP)
	Asper IGAAP*	Adjustments on transition to Ind AS	Asper Ind AS
(ii) Income tax relating to items that will be reclassif ed to prof t or loss Sub-total	- -	- -	- (39,31,598)
IX Total Comprehensive Income for the period (VII + VIII) (Comprising Prof t and Other Comprehensive Income for the period) X Earnings per equity share (Face Value of `10/- each) Basic & Diluted	24,53,33,614 17.04	3,69,934	24,49,63,680 17.28

D) Effects of Ind AS adoption on Standalone Cash Flow statement for the year ended 31st March, 2017

Sr. No. Particulars	Note No.	Year ended 31st March,2017	Year ended 31st March,2017	Year ended 31st March,2017
		Asper IGAAP*	Effect of Transition to Ind AS	Asper Ind AS
1 Net cash flows from operating activities 2 Net cash flows from investing activities 3 Net cash flows from f nancing activities 4 Net Increase in Cash and Cash Equivalents 5 Cash & Cash Equivalents - Opening Balance 6 Cash & Cash Equivalents - Closing Balance		26,06,01,549 (9,15,95,763) (16,52,83,471) 37,22,315 6,28,96,072 6,66,18,387	(1,43,68,974) 16,00,155 1,51,66,106 - - -	27,49,70,523 (9,31,95,918) (18,04,49,577) 13,25,028 1,83,92,825 1,97,17,854

E) Statement of Reconciliation of total comprehensive income for the year ended 31st March, 2017

Sr. No. Particulars	Note No.	Year ended 31st March,2017 (End of last period presented as per IGAAP)
1 Net Prof t after Tax as per previous Indian GAAP Add: 2 Adjustment on account of Mark to Market Forward Contract 3 Deferred Income Written off 4 Excise Duty 5 Reclassif cation of Actuarial loss on Def ned Benef t plans to Other Comprehensive Income Less: 6 Adjustment of Prepaid Processing Fees 7 Recognition of Depreciation on Asset related from Government Grants 8 Excise Duty 9 Deferred Tax impact of Ind AS adjustments 10 Tax Impact of Ind AS Adjustments 11 Net Prof t after Tax before OCI as per Ind AS 12 Other Comprehensive Income 13 Net Prof t after Tax as per Ind AS	c d, i f j e i f g h j	24,53,33,614 3,14,471 6,35,408 25,98,81,516 39,31,598 75,564 1,41,537 25,98,81,516 9,46,325 1,56,387 24,88,95,278 (39,31,598) 24,49,63,680

Notes to fi rst time adoption

a Property Plant and Equipment

On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment as at 1st April, 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment except Land which is measured at fair value.

Annual Report 2017-18 125

Notes to the Financial Statements (Contd.) RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

b

b (i) Assets / liabilities which do not meet the defi nition of fi nancial asset / fi nancial liability have been reclassifi ed to other asset / liability.
b (ii) The Company has re-classifi ed Fixed Deposit Investment from cash and cash equivalents to other bank balances.
b (iii) As per Ind AS, revenue shall be measured at the fair value of the consideration received or receivable. Fair Value is to be adjusted for trade discounts and volume rebates allowed by the entity. The discount and the expected cash flows should be estimated at the time of sale and the expected discount should be recognised as a reduction of revenue.
b (iv) Short/Excess Provision of Tax has been reclassifi ed in Current Tax Expense.
b (v) Money received against Share Warrants has been reclassifi ed to Other Equity.

c

Mark to Market Forward Contract

Ind AS 109 requires all derivatives to be measured at fair value and recognise any changes in fair value on the reporting date in profi t and loss account unless they are designated in a qualifying hedge relationship. Under previous GAAP, derivatives were not measured at fair value. Mark to Market (MTM) gain/(loss) shall be recognised in Profi t and Loss account with a corresponding derivative asset/ liability at each reporting date. The Company has hedged its liability in foreign currency by entering into forward contracts.

d Deferred Revenue

Under Indian GAAP, the Company credited capital investment subsidy in capital reserve. Under Ind AS, the Company has to recognise the capital subsidy as deferred revenue and released to profi t or loss over the expected useful life in a pattern of consumption of the benefi t of the underlying asset i.e. by equal annual instalments.

e Long Term Borrowings

Ind AS 109 requires transaction costs incurred towards origination of borrowings to be deducted from the carrying amount of borrowings on initial recognition. These costs are recognised in the profi t and loss over the tenure of the borrowings as part of the interest expense by applying the effective interest rate method. Under previous GAAP, these transaction costs were charged to profi t and loss as and when incurred, or were capitalised to plant and machinery if the same pertains to new project or expansion of existing facility.

f Excise Duty

Under the previous GAAP, revenue from sale of products was presented exclusive of excise duty. Under Ind AS, revenue from sale of goods is presented inclusive of excise duty. The excise duty paid is presented on the face of statement of profi t and loss as part of expenses

g Deferred Tax

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profi ts and accounting profi ts for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP.

In addition, the various transitional adjustments lead to temporary differences. Deferred tax adjustments are recognised in correlation to the underlying transaction in retained earnings.

h Provision for Income Tax

Provision for Income Tax has been increased due to Ind AS Adjustments in Profi t & Loss Account.

i Government Grant

The deferred revenue relates to the asset related government grant received in earlier years, the same has been accounted for as deferred revenue against the recognition of related assets and depreciation on the same. Further such grant released to profi t or loss over the expected useful life in a pattern of consumption of the benefi t of the underlying asset i.e. by equal annual instalments.

j Actuarial gain/(loss) on Defi ned Benefi t plans for Employee Benefi ts:

Under Ind AS, the change in defi ned benefi t liability is split into changes arising out of service and interest cost and changes arising out of remeasurements. Changes due to service and interest cost are to be recognised in Profi t and Loss account and the changes arising out of re-measurements are to be recognised directly in Other Comprehensive Income (OCI).

126 Rushil Decor Limited

02 - 12 13 - 68 70 - 127 Corporate Overview Statutory Reports Financial Sections

Notes to the Financial Statements (Contd.)

RUSHIL DECOR LIMITED (CIN : L25209GJ1993PLC019532)

53. EXPENDITURE IN FOREIGN CURRENCY:

		(Amount in`)
Sr. No. Particulars	2017-18	2016-17
i) Travelling Expenses ii) Exhibition Expenses iii) Bank charges, Interest & Commission iv) Membership subscription v) Stores Purchase vi) Repair & Maintenance Import vii) Processing Fees viii) Demurrage Charges (FOREIGN)	19,41,791	33,44,208 36,47,449 2,40,65,502 2,50,566 1,46,18,060 - - -
	19,05,027
	2,44,49,244
	2,68,117
	1,76,57,981
	8,89,750
	47,57,100
	2,17,200

54. EARNING IN FOREIGN EXCHANGE:

EARNING IN FOREIGN EXCHANGE:
		(Amount in`)
Sr. No. Particulars	2017-18	2016-17
i) FOB Value of exports ii) Reimbursement of Processing fees	1,00,60,94,432	97,51,22,564 -
	47,57,000

-: Signifi cant accounting policies – A: -
-: Notes To Financial Statements 1 to 54: -

For Parikh & Majmudar Chartered Accountants ( Firm Regn.No.107525W)

CA Dr. Hiten Parikh Partner Membership No.040230

Place: Ahmedabad Date: 19th May, 2018

For and on behalf of the Board of Directors, Rushil Decor Limited

[Ghanshyambhai A.Thakkar] Chairman DIN : 00208843

[Krupeshbhai G. Thakkar] Managing Director DIN : 01059666

[V. S .Vora] Chief Financial Offi cer

[H. K. Modi] Company Secretary

Annual Report 2017-18 127

Notes

128 Rushil Decor Limited

RUSHIL DECOR LIMITED

Corporate Identifi cation No.: L25209GJ1993PLC019532

Regd. Offi ce: S. No.125, Near Kalyanpura Patia, Gandhinagar – Mansa Road, Village Itla, Tal: Kalol, Dist. Gandhinagar – 382845, Gujarat.

Tel.: (079) 61400400, Fax: (079) 61400401 Email ID: [email protected] Website: www.rushil.com

FORM NO. MGT – 11

PROXY FORM

[Pursuant to section 105(6) of the Companies Act, 2013 read with Rule 19(3) of the Companies (Management and Administration) Rules, 2014]

	Administration) Rules, 2014]
CIN	L25209GJ1993PLC019532
Name of the Company	RUSHIL DÉCOR LIMITED
Registered off ce	S. No. 125, Near Kalyanpura Patia, Village Itla, Gandhinagar Mansa Road, Tal. Kalol, Dist. Gandhinagar - 382845,Gujarat,India
Name of the member(s)
Registered Address

E-mail Id:
Folio No/ Client Id
DP Id

I/We being a member / members of ............................................ shares of the above named company, hereby appoint

1.	Name :	E-mail Id :
	Address:	Signature : ...........................................................,or failinghim

2.	Name :	E-mail Id :
	Address:	Signature : ...........................................................,or failinghim

3.	Name :	E-mail Id :
	Address:	Signature : ....................................................................................

as my/our proxy to attend and vote (on a poll) for me/us and on my / our behalf at the 24th Annual General Meeting of the Company to be held on Saturday, the 22nd day of September, 2018 at 11:30 A.M. at the Registered offi ce of the Company at S. No. 125, Near Kalyanpura Patia, Village Itla, Gandhinagar Mansa Road, Tal. Kalol, Dist. Gandhinagar - 382845, Gujarat, India and at any adjournment thereof in respect of such resolutions as are indicated below:

Resolution No.	Resolution
1	To receive, consider and adopt the Audited Financial Statements of the company for the Financial Year ended on 31st March,2018 and the Report of the Board of Directors and Auditors thereon.
2	To declare f nal dividend on the EquityShares for the Financial Year ended 31st March,2018.
3	To appoint a Director in place of Mr. Ghanshyambhai A. Thakkar (DIN: 00208843), who retires by rotation and,beingeligible,offers himself for re-appointment.
4	To consider the Re-appointment and f xing the remuneration of Mr. Kaushikbhai J. Thakkar (DIN: 06541630) as Whole-Time Director of the company.

Signed this ................ day of ...................................... 2018
Signature of the member	Signature of the proxy holder(s)

Affi x ` 1 Revenue Stamp

Note: This form of proxy in order to be effective should be duly completed and deposited at the Registered Offi ce or Corporate Offi ce of the Company not less than 48 hours before the commencement of the meeting.

Annual ReportAnnual Report 2017-18 2017-18 129129

130 Rushil Decor Limited

RUSHIL DECOR LIMITED

Corporate Identifi cation No.: L25209GJ1993PLC019532

Regd. Offi ce: S. No.125, Near Kalyanpura Patia, Gandhinagar – Mansa Road, Village Itla, Tal: Kalol, Dist. Gandhinagar – 382845, Gujarat.

Tel.: (079) 61400400, Fax: (079) 61400401 Email ID: [email protected] Website: www.rushil.com

ATTENDANCE SLIP

(To be presented at the entrance)

DP ID Client ID Folio No No. of Share:

I/We hereby record my / our presence at the 24th Annual General Meeting of the Company held on Saturday, the 22nd day of September, 2018 at 11:30 A.M. at S. No. 125, Near Kalyanpura Patia, Village Itla, Gandhinagar Mansa Road, Tal. Kalol, Dist. Gandhinagar - 382845, Gujarat, India.

Name of the Member / Proxy holder Signature of the Member / Proxy holder

Applicable for investors holding shares in electronic form.
Please complete this attendance slip and hand it over at the entrance of the meeting hall.
Member/Proxy holder should bring his/her copy of the Annual Report for reference at the meeting.

Annual Report 2017-18 131

132 Rushil Decor Limited

it'sanSGA creation I adsvita.com

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•• •• • ••• •• • • ••• ···•• · • • . •••••• · •• · · ••·

I: I RU\HIL DECOR LIMITED

Corporate Office

Registered Office

Rushil Decor Ltd. Rushil House Near Neelkanth Green Bungalow, Off. Sindhu Bhavan Road, Shi\aj, Ahmedabad-380058, Gujarat, INDIA.

Rushil Decor Ltd. S. No. 125, Near Ka\yanpura Patia, Village ITLA, Gandhinagar-Mansa Road, Ta. Kaloi, Dist. Gandhinagar-382845, Gujarat, INDIA. CIN:L25209GJ1993PLC019532

• ••

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Online

+91-79-61400400 +91-79-61400401 " Q [email protected] www.rushil.com e Ci)

-------------- CE:

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IS : 2046-1995 IS 12406 : 2003 IS: 14587 : 1998
HGS-s 333
CM/L : 7439785 CM/L: 4737475 CM/L: 6200030374
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AI assistant

Rushil Decor Limited — Annual Report 2018

61709_rns_2018-08-28_8df7b169-6d94-421c-b8e1-9448a08e4e4f.pdf

RUSHIL DECOR LIMITED

RDU032/2018-19 Date: 28.08.2018

ISIN: INE573K01017, NSE EQUITY SYMBOL: RUSHIL, BSE SCRIPT CODE: 533470

Dear Sir/Madam,

Sub: Notice of Annual General Meeting (AGM) and Annual Report of the Company

Thanking you.

I :I RUIHIL DECOR LIMITED

Contents

A. Corporate

Disclaimer

Desire to deliver excellence beyond customer expectations

That’s Rushil Decor limited for you.

oUR VIsIon

oUR MIssIon

Desire to serve customer aspirations

Desire to be ‘numero Uno’

Desire to be ‘eco-friendly’

Managing Director’s Message

Dear Stakeholders,

AFFoRDABle HouSing

emPHASiS on RenewABle eneRgy

CoRPoRATe SoCiAl ReSPonSiBiliTy

ConCluSion

Desire to perform consistently

Notice

ORDINARY BUSINESS:

SPECIAL BUSINESS:

Notes:

Notice (Contd.)

Notice (Contd.)

Notice (Contd.)

For Members holding shares in Demat Form and Physical Form

(xix) Note for Non – Individual Shareholders and Custodians

Notice (Contd.)

Explanatory Statement Pursuant to Section 102 of the Companies Act, 2013

FOR ITEM NO. 4:

Explanatory Statement Pursuant to Section 102 of the Companies Act, 2013 (Contd.)

Annexure to Item No. 4 of the Notice:

Route Map to the venue of the AGM:

Prominent Land Mark near Venue of AGM for Easy Location:

Board’s Report

To

The Members,

FINANCIAL RESULTS

COMPANY’S FINANCIAL PERFORMANCE

NEW PROJECTS

BOARD’S REPORT (Contd.)

DIVIDEND

RESERVES

NUMBER OF MEETINGS OF THE BOARD AND ITS COMMITTEES

DECLARATION OF INDEPENDENCE

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Retirement by rotation and subsequent re-appointment:

Re-appointment of Executive Director & Whole Time Director:

Key Managerial Personnel:

EVALUATION OF THE PERFORMANCE OF THE BOARD, COMMITTEES AND INDIVIDUAL DIRECTORS

BOARD’S REPORT (Contd.)

AUDIT COMMITTEE COMPOSITION

RISK MANAGEMENT POLICY

INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY

VIGIL MECHANISM

DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL

PARTICULARS OF EMPLOYEES

BOARD’S REPORT (Contd.)

SECRETARIAL AUDIT

CORPORATE SOCIAL RESPONSIBILITY (CSR)

RELATED PARTY TRANSACTIONS

DIRECTORS’ RESPONSIBILITY STATEMENT

BOARD’S REPORT (Contd.)

MATERIAL CHANGES AND COMMITMENTS

PUBLIC DEPOSITS

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

STATUTORY AUDITORS

EXTRACT OF ANNUAL RETURN

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

CORPORATE GOVERNANCE REPORT

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Rushil Decor Limited Annual Report 2018