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Tudor India

BSE: 517451|ISIN: INE842A01017|SECTOR: Auto Ancillaries
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Tudor India is not traded in the last 30 days
Tudor India is not listed on NSE
Mar 09
Notes to Accounts Year End : Mar '10
BACKGROUND
 
 Tudor India Limited (the Company) was incorporated on January 3, 1986
 as a Public Limited Company with the objective of manufacturing lead
 acid storage batteries for automotive and non-automotive applications.
 The Company is a subsidiary of CMP Batteries Ltd., U. K. (CMP). The
 ultimate Holding Company is Exide Technologies, U. S. A.
 
 2.  Estimated amounts of contracts [net of advances Rs. 1,691,790
 (Previous Year Rs. 1,865,930)] Remaining to be executed on capital
 account and not provided for are Rs. 8,201,191 (Previous Year Rs.
 18,248,199).
 
 
 3.  Contingent Liabilities:
 
 i) Demands/ liabilities of
 
                                                                   Rs.
 
 Particulars                          March 31, 2010     March 31, 2009
 
 Sales Tax demands under appeal           28,702,553         30,260,784
 
 (Based on legal advice obtained 
 by the Company, wherever 
 applicable.)
 
 Excise Duty (to the extent 
 ascertainable)                          161,830,751        161,144,886
 
 Income Tax                                        -            243,800
 
 
 Outstanding Guarantees given by a bank on behalf of the Company Rs.
 175,000 (Previous Year Rs. 289,335).  Claims against the Company not
 acknowledged as debts Rs. 1,000,000 (Previous Year Rs. 1,000,000).
 
 Note:
 
 Represents estimates made for probable liabilities arising out of
 pending assessment proceedings with various Government Authorities. The
 information usually required by Accounting Standard 29 - Provisions,
 Contingent Liabilities and Contingent Assets, notified under
 sub-section (3C) of Section 211 of the Act, is not disclosed on grounds
 that it can be expected to prejudice the interests of the Company.
 
 The timing of the outflow with regard to the said matter depends on the
 exhaustion of remedies available to the Company under the law and,
 hence, the Company is not able to reasonably ascertain the timing of
 the outflow.
 
 Notes:
 
 (a) Excludes gratuity and leave encashment benefits, since the
 actuarial valuation is done on global basis.
 
 (b) The computation of profits under Section 309(5) of the Act has not
 been given as no commission is payable to the Manager / Managing
 Director.
 
 (c) The Board of Directors at their meeting held on March 15,2010
 passed a resolution for appointment of Mr. Jagdishwar P. Sinha as a
 Managing Director effective March 15, 2010 for a period of 5 years.
 Further, the Company has agreed to pay remuneration of Rs. 167,938 for
 the year ended March 31, 2010, which is in excess of the limits
 prescribed under chapter XIII of the Act. The Company would be seeking
 the approval of Shareholders at the forthcoming Annual General Meeting.
 The Company is required to obtain permission from Ministry of Company
 Affairs, Government of India (MCF) for payment of remuneration in
 excess of the limits prescribed under Chapter XIII of the Act. The
 Company has made application with the MCF on June 14, 2010.
 
 5.  Outstanding dues to Micro and Small Enterprises
 
 There are no Micro and Small Enterprises, to whom the Company owes
 dues, which are outstanding for more than 45 days at the Balance Sheet
 date. The information regarding Micro and Small enterprises have been
 determined to the extent such parties have been identified on the basis
 of information available with the Company.
 
 6.  The Company has carried out an independent review for assessing
 compliance up to March 31, 2009 with the Transfer Pricing Rules, 2001
 issued by the Central Board of Direct Taxes of India and no deviations
 were observed from the requirements of the aforesaid Transfer Pricing
 Rules. An independent review for assessing compliance for the year
 April 1, 2009 to March 31, 2010 with the aforesaid Transfer Pricing
 Rules is under progress. On the basis of self-assessment of the
 operations during the year, and the conclusion drawn on independent
 review of its operations in the previous financial year, the Management
 does not expect any significant deviations from the requirements of the
 aforesaid Transfer Pricing Rules.
 
 7.  Licensed and Installed Capacities
 
 Licensed Capacity:
 
 The Companys product (storage batteries) is exempted from licensing
 requirement under the Industrial Policy by virtue of Notification no.
 477 (E) dated July 25, 1991.
 
 Installed Capacity per annum (as certified by Management):
 
 1,000,000 storage batteries (Previous Year 1,000,000 storage batteries)
 
 Notes:
 
 1.  Production includes 127 Nos. re-make batteries (Previous Year
 37,111 Nos.).
 
 2.  Sales include warranty replacement/ free samples aggregating 25,729
 Nos. (Previous Year 39,721 Nos.).
 
 3.  Production includes adjustments for excess/ shortage.
 
 4.  Figures in brackets pertain to previous year.
 
 Note:
 
 The relevant information is given in aggregate as individual items are
 too numerous to be conveniently grouped and are of a value less than
 10% of the total.
 
 8.  Related Party Disclosures:
 
 (i) Parties where control exists:
 
     Exide Technologies, U. S. A., Ultimate Holding Company 
 
     CMP Batteries Ltd., U. K., Holding Company
 
 (ii) Enterprises where common control exists (with whom transactions
 have taken place during the year):
 
      Exide Al Dobowi Ltd.
 
      S. E. Del Tudor, Spain
 
      Exide Technologies, New Zealand
 
      Exide Technologies (Shanghai) Co. Ltd.
 
      Exide Australia Pty Limited
 
      GNB Technologies (India) Private Limited
 
      Exide Technologies S.A.S., France
 
 (iii) Key Management Personnel:
 
       Madan Kotnala, Manager (up to September 15, 2009)
  
       Jagdishwar P. Sinha, Managing Director (w. e.f. March 15, 2010)
 
 9.  Segment Reporting
 
 Primary Segment
 
 In accordance with Accounting Standard 17 Segment Reporting, notified
 under sub-section (3C) of Section 211 of the Act, the Company has
 determined its business segments as Lead Acid Storage Batteries and
 hence, has no other primary reportable segments. Accordingly, the
 segment revenue, segment liabilities, total carrying amount of segment
 assets, total carrying amount of segment liabilities, total cost
 incurred to acquire segment assets, total amount of charge for
 depreciation and amortisation during the year are as reflected in the
 financial statement as of and for the year ended March 31, 2010.
 
 Secondary Segment
 
 The performance of the Company is mainly driven by the sales made
 locally and hence, no separate geographical segment is identified.
 Accordingly, revenue from external customers, carrying amount of
 segment assets and addition to fixed assets during the year are all
 reflected in the financial statements as of and for the year ended
 March 31, 2010.
 
 10.  Operating Leases
 
 The Company has entered into cancellable leasing arrangements for
 office premises. The lease rental of Rs. 5,802,303 (Previous Year Rs:
 5,897,557) has been included under the head Operating Expenses under
 Schedule P annexed to and forming part of the Profit and Loss
 Account.
 
 11.  Deferred Taxation
 
 The Company has accounted for Deferred Tax in accordance with the
 Accounting Standard 22 Accounting for Taxes on Income, notified under
 sub-section (3C) Section 211 of the Act.
 
 12.  Going Concern:
 
 In view of the substantial erosion of net-worth, Exide Technologies U.
 S. A., the Ultimate Holding Company, has informed the Company of its
 intention, subject to restrictions under the Credit Agreement, dated
 May 15, 2007 (as amended, modified, restated and/ or supplemented from
 time to time), among Exide Technologies, Exide Global Holding
 Netherlands B. V., the Lenders thereto and Deutsche Bank AG New York
 Branch, as Administrative Agent, and other instruments evidencing
 funded indebtedness, of providing financial support and to take
 commercially reasonable measures to arrange for sufficient funds to be
 available to the Company to meet its financial obligations, as and when
 fell due for the period of not less then 12 Month from the date of
 signing of financial statements for the year ended March 31, 2010 and,
 accordingly, the financial statements have been prepared on going
 concern basis and no adjustments has been made to write down the assets
 to net realisable value.
 
 13.  The Company has adopted Accounting Standard 15 Employee Benefits
 with effect from April 1, 2007. Pursuant to adoption, the Company has
 classified various benefits provided to employees as under: -
 
 I Defined Contribution Plans
 
 a.  Provident Fund
 
 b.  State Defined Contribution Plans
 
 i.  Employers Contribution to Labour Welfare Fund
 
 ii.  Employers Contribution to Employees Pension Scheme 1995
 
 During the year, the Company has recognised the following amounts in
 the Profit and Loss Account:
 
 II Defined Benefit Plan Gratuity
 
 In accordance with Accounting Standard 15, actuarial valuation was done
 in respect of the aforesaid defined benefit plan of gratuity based on
 the following assumptions:-
 
 c) Percentage of each Category of Plan Assets to total Fair Value of
 Plan Assets as at March 31, 2010
 
 The Plan Assets are administered by Life Insurance Corporation of India
 (LIC) as per Investment Pattern stipulated for Pension and Group
 Schemes Fund by Insurance Regulatory and Development Authority
 regulations.
 
 The experience adjustment is on account of attrition in the number of
 employees as compared to previous year and change in actuarial
 assumptions.
 
 The estimates of future salary increases, considered in actuarial
 valuation, take in to account inflation, seniority, promotion and other
 relevant factors, such as supply and demand and the employment Market.
 
 i) The liability for leave encashment and compensated absences as at
 year end is Rs. 2,074,215 (Previous Year Rs.  4,321,604)
 
 14.  Other information pursuant to the provisions of paragraph 4D of
 Part II of Schedule VI to the Act is either Nil or not applicable to
 the Company during the current year.
 
 15.  Prior year comparatives have been reclassified to conform to the
 current years presentation, wherever applicable.
Source : Dion Global Solutions Limited
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