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Tilaknagar Industries
BSE: 507205|NSE: TI|ISIN: INE133E01013|SECTOR: Breweries & Distilleries
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Notes to Accounts Year End : Mar '13
i) Estimated amount of contracts remaining to be executed on capital
 accounts and not provided for is approx Rs.250 million (net of
 advances) (P.Y. Rs.40 million).
 
 ii) Operating Lease:
 
 a) The Company has taken Bottling units under cancellable operating
 lease at various locations and during the financial year T28.51 million
 (P.Y. T22.50 million) paid towards lease rentals has been charged to
 Statement of Profit and Loss.
 
 b) The Company has taken various residential / commercial premises
 under cancellable operating lease. Lease rental expenses included in
 the Statement of Profit and Loss for the financial year is T14.90
 million (P.Y. T23.25 million).
 
 c) Except for escalation clauses contained in certain lease
 arrangements providing for increase in the lease payment by a specified
 percentage / amounts after completion of specified period, the lease
 terms do not contain any exceptional / restrictive covenants other than
 the prior approval of the lessee before the renewal of lease.
 
 d) There are no restrictions such as those concerning dividend and
 additional debt other than in some cases where prior approval of lessor
 is required for further leasing. There is no contingent rent payment.
 
 iii) The disclosure of Accounting Standard 15 Employee Benefits is as
 follows:
 
 Defined Contribution Plan
 
 The Company has charged in the Statement of Profit and Loss during the
 financial year an amount of T22.07 million (P.Y. T19.14 million) under
 defined contribution plan as employer''s contribution to Provident Fund.
 
 Defined Benefit Plan
 
 The Employees'' gratuity fund scheme managed by LIC is a defined benefit
 plan. The present value of obligation is determined based on actuarial
 valuation using the Projected Unit Credit Method, which recognizes each
 period of service as giving rise to additional unit of employee benefit
 entitlement and measures each unit separately to build up the final
 obligation.
 
 iv) Employee Stock Option Scheme
 
 a) The Shareholders of the Company at the Annual General Meetings held
 on August 06, 2008 and September 20, 2010 had approved the Employee
 Stock Option Scheme (ESOP) 2008 and Employee Stock Option Scheme (ESOP)
 2010 respectively and also approved Employee Stock Option Scheme (ESOP)
 2012 on May 24, 2012 by way of Postal Ballot.
 
 b) During the financial year ended March 31, 2013, the following
 schemes were in operation :
 
 v) Segment Reporting:
 
 The Company is predominantly engaged in the business of manufacture and
 sale of Indian Made Foreign Liquor and its related products which
 constitute a single business segment.
 
 vi) Related Party Disclosures:
 
 The disclosures pertaining to the related parties as required by the
 Accounting Standard 18 Related Party Disclosure issued by the
 Institute of Chartered Accountants of India, as applicable, are as
 under:
 
 a) List of Subsidiary Companies Prag Distillery (P) Ltd.
 
 Vahni Distilleries Private Limited
 
 Kesarval Springs Distillers Pvt. Ltd.
 
 Punjab Expo Breweries Private Limited
 
 Mykingdom Ventures Pvt. Ltd.
 
 P.P. Caps Private Limited
 
 Studd Projects P. Ltd.
 
 Srirampur Grains Private Limited
 
 Shivprabha Sugars Ltd.
 
 b) Key Managerial Personnel Mr. Amit Dahanukar
 
 Mrs. Shivani Amit Dahanukar
 
 c) Company in which Key Managerial M.L. Dahanukar and Co. Pvt. Ltd.
 
 Personnel has substantial interest Arunoday Investments Pvt. Ltd.
 
 d) Relative of Key Managerial Personnel Dr. Priyadarshini A. Dahanukar
 
 vii) Provision of excise duty on finished goods manufactured but yet to
 be cleared from the factory as at March 31, 2013 estimated atRs.47.20
 million (P.Y. T92.05 million) has been provided in the books and also
 been considered in valuation of closing stock of finished goods.
 Provision for excise duty on finished goods charged in the Statement of
 Profit and Loss for the financial year is as follows:
 
 viii) There are no amounts outstanding in respect of unpaid dividend /
 fixed deposits for more than seven years to be transferred to Investor
 Education & Protection Fund.
 
 ix) The Company has not received the required information from
 suppliers regarding their status under the Micro, Small and Medium
 Enterprises Development Act, 2006 and hence disclosures relating to
 Micro, Small and Medium Enterprises have not been made.
 
 x) The Company has not entered into any forward exchange contracts
 to hedge against its foreign Currency exposures relating to the
 underlying transactions and firm commitments. The Company does not
 enter into any derivative instruments for trading or speculative
 purposes. The foreign currency exposure not hedged as at March 31, 2013
 are as under:
 
 xi)During October 2012, the Company has acquired 26% stake in Mason
 & Summers Marketing Services Pvt Ltd (MSMSPL), a Company engaged in the
 business of sales, marketing and distribution of branded products of
 IMFL.
 
 xii) During the financial year, the Income tax department conducted
 survey on the Company. The Company is in the process of submitting all
 the necessary documents and replies to the Income Tax Department. The
 Company has not received any notice of demand in consequence of the
 survey till the date of signing of the financial statements.
 
 xiii) The Company has been granted Mega Project status for its new
 facilities at Shrirampur Factory under Package Scheme of Incentives
 (PSI) 2007 by the Government of Maharashtra. With its mega project
 status, the Company is entitled to monetary benefits which includes
 Industrial Promotional Subsidy in the form of refunds equivalent to
 100% of eligible investment of Rs.2,546.21 million or to the extent of
 taxes payable under Maharashtra Value Added Tax Act, 2002 and Central
 Sales Tax Act, 1956 in respect of sale of finished goods eligible for
 incentives after adjustment of set off or other credit available within
 a period of seven years whichever is lower.Other operating income for
 the year includes Rs.109.84 million on account of entitlement of MVAT
 and CST refund for the previous year 201 1 -2012.
 
 xiv) Other significant notes
 
 a) The Company''s glass manufacturing unit was given to Ramnath Glass
 Containers Pvt. Ltd (RGCPL) managed by Mehta Brothers on lease for
 carrying out their business, which had discontinued the operations in
 the year 2003 and handed over the unit back to the Company in totally
 unworkable conditions without fulfilling their legal obligations under
 the agreement. Due to this the Company had to pay the statutory
 liabilities and settle the dues of the workmen on behalf of RGCPL /
 Mehta Brothers. The Company has initiated the legal action against the
 RGCPL / Mehta Brothers for recovery of amount paid together with
 interest and damages amounting to T76.20 million.
 
 b) The Company''s distributor Ding Dong Liquors has filed a winding up
 petition on the Company in the High Court of Judicature of Bombay for
 recovery of Security Deposit of T25.00 million. The Company withheld
 the Security Deposit on the grounds that Ding Dong Liquors had failed
 to deliver the ''C'' Forms and other amounts due to the Company. The
 Hon''ble High Court vide its Order directed the Company to deposit a sum
 of Rs.12.70 million out of the total amount claimed by Ding Dong
 Liquors. The Company has deposited the above sum with the Court and
 filed an appeal against the said Order.
 
 Further, the Company has filed a separate suit for recovery of dues of
 T39.00 million and C-forms against Ding Dong Liquors which has been
 upheld by the Bombay High court by dismissing the winding up petition
 and directed Ding Dong Liquors to avail remedy from the Hon''ble Court
 for recovery of the amount failing which the Company will be entitled
 to an amount of Rs.12.70 million deposited with the Court.Ding Dong has
 filed a seperate suit claiming recovery but have failed to get the
 transfer of the deposited amount in that suit inspite of praying for
 the same.
 
 c) Anupama Wine Distributors has filed a suit before the City Civil
 Court, Bangalore claiming Rs.73.11 million towards refund of security
 deposit and other dues. The Hon''ble Court vide its Order dated December
 22, 2007 dismissed their application for attachment of property for
 recovery of the above dues. The Company has filed a counter claim for
 Rs.119.30 million against Anupama Wine Distributors and the matter is
 pending before City Civil Court, Bangalore.
 
 d) Anupama Wine Distributors has filed a Company petition against the
 Company before Bombay High Court and against that the Hon''ble Bombay H
 igh Court has vide order dated March 16 , 2009 directed to the Company
 to Deposit a security worth Rs.42.10 million. The Company deposited a
 Bank Guarantee worth the said amount with the High Court, Mumbai and
 filed an appeal against the said Order which has been upheld the
 Hon''ble Bombay High Court by dismissing the winding up petition and
 allowed the Company to discharge the bank guarantee. The said order of
 Bombay High Court was challenged by Anupama Wine Distributors by filing
 a Special Leave Application at Hon''ble Supreme Court. The Hon''ble
 Supreme Court has rejected their Special Leave Application.
 Accordingly, Company has discharged the said bank guarantee.
 
 e) The Company has filed a winding up petition against its bottler and
 manufacturer Rhizome Distilleries Pvt. Ltd., Hyderabad at Hyderabad
 High Court for the recovery of its pending dues of T69.00 million
 against the sales proceeds received by them against Company''s products
 which they have failed to provide to the Company. The High Court,
 Hyderbad have passed an order restraining Rhizome Distilleries Pvt.
 Ltd. from alienating its assets and now the matter is placed for final
 orders. The Company has also filed a seperate civil suit against
 Rhizome Distilleries Pvt. Ltd. for the recovery. The complaints against
 the Rhizome Distillery Pvt. Ltd.''s directors under section 138 of
 Negotiable Instruments Act has also been filed regarding the bouncing
 of cheques which they had provided against our sales proceeds.
 
 xv)The Ministry of Corporate affairs, Government of India, vide
 General Circular No 2 and 3 dated February 08, 2011 and February 21,
 2011 respectively has granted a general exemption from compliance with
 section 212 of the Companies Act, 1956, subject to fulfillment of
 conditions stipulated in the circular. The Company has satisfied the
 conditions stipulated in the circular and is entitled to the exemption.
 Necessary information relating to the subsidiaries has been included in
 the Consolidated Financial Statements.
 
 xvi) Figures of previous year have been regrouped, reclassified and
 recast, wherever considered necessary.
Source : Dion Global Solutions Limited
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