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Notes to Accounts of Berger Paints (India) Ltd.

Mar 31, 2014

1. CONTINGENT LIABILITIES

As at As at 31st March, 2014 31st March,2013 Rs. Crores Rs. Crores

a) Claims against the Company not acknowledged as debts :

The Sales Tax, Excise & Service Tax, and Income Tax have made certain claims totalling Rs. 29 (31st March 2013: Rs. 28), Rs. 18 (31st March 2013: Rs. 29), Rs. 18 (31st March 2013: Rs. 9) respectively in respect of earlier years. The Company has been advised by its lawyers that none of the claims are tenable and is therefore contesting the same. The future cash flows on account of the above cannot be determined unless the judgement/decisions are received from the ultimate judicial forums.

b) Corporate guarantees issued by the Company to certain banks for loans taken by some of its subsidiaries and amount outstanding as at 31st March 253.16 242.90

c) Some of the fixed assets of the Company have been mortgaged by deposit of title deeds in favour of Standard Chartered Bank towards loan extended to its subsidiary, M/s Lusako Trading Limited.

2. SEGMENT INFORMATION

The Company has only one business segment, namely Paints with almost the entire sales being made in the domestic market.

3. LEASES

The Company''s leasing arrangements are in the nature of cancellable operating leases. These are usually renewed periodically by mutual consent. Related lease rentals have been disclosed under the head Rent in Note 28 of the Statement of profit and Loss.

4. PREVIOUS YEAR COMPARATIVES

Previous year''s figures have been regrouped and reclassified to confirm to current year''s classifcation wherever necessary.

5. All figures are in Rupees Crores. Figures marked with asterisks (*) are below the rounding of norm adopted by the Company.


Mar 31, 2013

1. CONTINGENT LIABILITIES As at As at 31st March, 2013 31st March, 2012 Rs. Crores Rs. Crores

a) Claims against the Company not acknowledged as debts :

The Sales Tax, Excise & Service Tax, Income Tax and Provident Fund Authorities have made certain claims totalling Rs. 28 (2011-12: Rs. 33), Rs. 29 (2011-12: Rs. 34), Rs. 9 (2011-12: Rs. 15) and Rs. Nil (2011-12: Rs. 1) respectively in respect of earlier years. The Company has been advised by its lawyers that none of the claims are tenable and is therefore contesting the same. The future cash flows on account of the above cannot be determined unless the judgement/decisions are received from the ultimate judicial forums.

b) Corporate guarantees issued by the Company to certain banks for loans taken by some of its subsidiaries and amount outstanding as at 31st March 242.90 206.90

c) Some of the fixed assets of the Company have been mortgaged by deposit of title deeds in favour of Standard Chartered Bank towards loan extended to its subsidiary, M/s Lusako Trading Limited.

2. SEGMENT INFORMATION

The Company has only one business segment, namely Paints with almost the entire sales being made in the domestic market.

3. LEASES

The Company''s leasing arrangement are in the nature of operating leases which are not non cancellable. These are usually renewed periodi- cally by mutual consent. The rentals payable against these arrangements appear under the head Rent in Note 28 to the Statement of Profit and Loss - Rs. Nil (2011-12: Rs. Nil).

4. PREVIOUS YEAR COMPARATIVES

Previous year''s figures have been regrouped and reclassified to conform to current year''s classification.

5. All figures are in Rupees Crores. Figures marked with asterisks (*) are below the rounding off norm adopted by the Company.


Mar 31, 2012

A) Terms / rights attached to equity shares :

Share Capital comprises only equity shares of Rs 2/- each only.

The equity shares rank pari passu in all respects including right to dividend, issue of new shares and voting rights.

b) Shares reserved for issue under options Refer Note 45 for details.

* Refer Note 47

a. Cash Credit are secured by hypothecation of stock-in-trade and book debts and repayable on demand.

1. CONTINGENT LIABILITIES As at As at 31st March, 2012 31st March, 2011 Rs Mn Rs Mn

a) Claims against the Company not acknowledged as debts :

The Sales Tax, Excise & Service Tax, Income Tax and Provident Fund Authorities have made certain claims totalling Rs 333 (2010-11: Rs 263), Rs 344 (2010-11: Rs 394), Rs 151 (2010-11: Rs 30) and Rs 1 (2010-11: Rs 1) respectively in respect of earlier years. The Company has been advised by its lawyers that none of the claims are tenable and is therefore contesting the same. The future cash flows on account of the above cannot be determined unless the judgement/decisions are received from the ultimate judicial forums.

b) Corporate guarantees issued by the Company to certain banks for loans taken by some of its subsidiaries and amount outstanding as at 31st March 2,069 1,759

c) Some of the fixed assets of the Company have been mortgaged by deposit of title deeds in favour of Standard Chartered Bank towards loan extended to its subsidiary, M/s Lusako Trading Limited.

Notes : a) The disclosures included above are limited to the extent provided by the actuary.

b) The amounts for "Other Defined Benefit Plans" are below the rounding off norm adopted by the Company (refer note 47) and hence the disclosures as required under AS - 15 "Employee Benefits" have not been given.

ii) During the year, the Company has recognised the following amounts in the Statement of Profit and Loss for defined contribution plans :

- Provident and Family Pension Fund (applicable for certain eligible employees whose provident fund accounts are maintained with the Regional Provident Fund Commissioner - Rs 9 (2010-11: Rs 9)

- Superannuation Fund - Rs 20 (2010-11: Rs 19).

iii) Provident Fund for certain eligible employees is administered by the Company through the Trust "Berger Paints Provident Fund (Covered)" as per the provisions of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. The Rules for such a Trust provide that in a provident fund set up by the employer, being exempt under Section 17(1) of the said Act, any shortfall in the rate of interest on contributions as compared to the rate approved by the government for the Employees' Provident Fund administered by the Regional Provident Fund Commissioner is to be met by the employer. Such a provident fund would in effect be a defined benefit plan in accordance with the requirement of AS 15, Employee Benefits (Revised 2005).

The actuarial valuation conducted (as per the Guidance Note issued by the Actuarial Society of India during the year) indicate that there is no shortfall as on 31st March, 2012 based on the following assumptions:

2. SEGMENT INFORMATION

The Company has only one business segment, namely Paints with almost the entire sales being made in the domestic market.

3. LEASES

The Company's leasing arrangement are in the nature of operating leases which are not non cancellable. These are usually renewed periodically by mutual consent. The rentals payable against these arrangements appear under the head Rent in Note 28 to the Statement of Profit and Loss - Rs 0 (2010-11: Rs 0)*.

* Refer Note 47

4. PREVIOUS YEAR COMPARATIVES

The financial statements for the year 31st March, 2011 had been prepared as per pre-revised Schedule VI to the Companies Act, 1956 applicable for the year. The financial statements for year ended 31st March, 2012, however, have been prepared as per Revised Schedule VI notified under the Companies Act, 1956 applicable for financial statements prepared for the financial year commencing April 1, 2011. Accordingly, the previous year's figures have been regrouped and reclassified to confirm to current year's classification.

5. All figures are in Rs Million. Figures marked with asterisks (*) are below the rounding off norm adopted by the Company.


Mar 31, 2010

(i) (a) Gross depreciation for the year amounts to Rs. 265,243 (2008-09 : Rs. 205,400) from which has been deducted Rs. 1,173 (2008-09 : Rs. 1,417) being extra depreciation for the year arising on revaluation of fixed assets withdrawn from Revaluation Reserve.

(b) Net gain on exchange fluctuation recognised in the Profit and Loss Account amounts to Rs. 12,741 (2008-09 Net Loss : Rs. 28,889).

(c) Calculation of Earnings per Share of Rs. 3.65 (2008-09 : Rs. 2.78) (Face Value Rs. 2) :

The numerator (net profit for the year) and denominator (number of equity shares) are Rs. 1,201,378 (2008-09 : Rs. 887,554) and 329,156,300 (2008-09 : 318,872,464) shares respectively.

(ii) The Company has only one business segment, namely Paints with almost the entire sales being made in the domestic market.

(iii) The Companys leasing arrangements are in the nature of operating leases which are not non-cancellable. These are usually renewed periodically by mutual consent. The rentals payable against these arrangements appear under the head Rent in Schedule 17 to the Profit and Loss Account - Rs. 123 (2008-09 : Rs. 123). (xv) All figures are in Rupees thousands.

(iv) Previous years figures have been regrouped wherever necessary.

2) The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in Accounting Standard - 3 on Cash Flow Statement issued by the Institute of Chartered Accountants of India.

3) Previous years figures have been regrouped, wherever necessary. This is the Cash Flow Statement referred to in our report of even date.

 
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