1.1 Terms / rights attached to equity shares
The Company has only one class of equity shares having a par value of ''
10 per share. Each holder of equity shares is entitled to one vote per
share. The Company declares and pays dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting. In the event
of liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after distribution
of all preferential amounts. The distribution will be in proportion to
the number of equity shares held by the shareholders.
The borrowings from banks on Cash Credit account are secured by
hypothecation of Stocks and Book Debts and Second charge on the
property of Glass Bottle Division and personal guarantees given by
Chairman and Vice-Chairman.
The term loan from IndusInd Bank is secured by assignment of lease
rentals receivable from some of the licencees of the Company''s
properties situated at Vikhroli and Lower Parel, Mumbai together with
first charge on properties leased to TCS at Empire Plaza, Vikhroli.
(1) In accordance with the provision Specified in Part C of Schedule II
to the Companies Act. 2013, effective from 1st April, 2014, the Company
has reassessed the remaining useful lives of its fixed assets and based
on this, the Company has charged depreciation for the year ended 31st
March, 2015. Consequently, the transitional impact of Rs. 14.50 Lakhs
(net of deferred tax - Rs. 7.46 Lakhs) has been adjusted to retained
(2) During the year, the Company''s leasehold land at Ambernath was
transferred to Building WIP as the Company has decided to
carryout constructions of flats / industrial and commercial galas on
the said land.
(Rs. in lakhs)
As at 31st As at 31st
March, 2015 March, 2014
2. Contingent liabilities not
provided for :
a) Guarantees given by the Banks 1,584.31 1,155.15
b) Letters of Credits/Buyers Credit 2,565.51 553.05
c) Claims against the Company not
acknowledged as debts 19.55 29.81
d) Estimated amount of contracts
remaining to be executed on Capital
Account (Net of advances) 60.57 2,337.75
e) Excise demand disputed by the Company. 18.59 27.34
f) Service tax demand disputed by
the Company. 2.11 2.11
g) Income Tax matters in respect of
which appeals are pending 306.99 160.70
h) Sales tax demand disputed
by the Company. 427.60 259.19
3. The value of stocks include all taxes and duties. Cenvat is
credited to statement of Profit & Loss on consumption basis. Cenvat
related to year-end stock is carried forward in Balance Sheet under the
head ''Other Laibilities''.
4. Excise duty liability on Finished Goods stock has not been provided
and also not included in the valuation of Finished Goods stock.
However, it has no impact on Statement of Profit & Loss.
5. The previous year''s figures have been regrouped / reclassified