Home  »  Company  »  TCP Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of TCP Ltd.

Mar 31, 2014

NOTE 1

1. Contingent Asset:

(a ) The Company had filed a suit against a Sundry Debtor (M/s. Mehra Agencies) for recovery of its trade debts for Rs 2,48,278/- (2013 - Rs 2,48,278/-) and the Honourable Court has passed an order in favour of the Company.

(b) The Company has filed a petition before the Tamilnadu Electricity Regulatory Commission,Chennai against a Sundry Debtor (TANGEDCO) for recovery of its trade Debts amounting to Rs 9,19,24,107/- (2013 - Rs 9,19,24,107/- for adopting infirm power rate and the same is pending.

2. Contingent Liabilities:

a. Letter of Credit opened by banks for purchase of raw materials Rs 48,82,20,554/- (2013 - Rs 98,83,91,837/-)

b. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 67,03,732/- (2013 - Rs 65,20,039/-)

c. Guarantee given by the bankers on behalf of Company Rs 7,79,88,423/- (2013 - Rs 4,55,19,920/-)

d. Excise Duty Rs. 8,01,680 /- ( 2013 - Rs 8,01,680/- ) for which the Company has preferred an appeal before the appellate authorities and it is pending. Out of this, a sum of Rs. 2,46,655/- (Rs 2,39,930/-) has been paid under protest

e. Income Tax - Rs. 15,15,24,790/- (Rs.26,86,26,550/-) for which the company has preferred a rectification petition before the Assessing Officer and Appeal before the Appellate Authority and the same are pending. The Company is confident of succeeding the aforesaid appeals in view of the fact that most of the issues are already settled in favour of the company by higher judicial forum.

The 9.75% CRPS are redeemable on or before 30-6-2016. The 9% CRPS are redeemable in tranches on different dates. The earliest date of redemption is 30-1-2012. The companies have extended the Redemption date, in the case of those redemptions which have fallen due up to 31st March 2012, for a further period of 5 years.

The arrears of Preference Dividend are calculated from the date of original allotment of shares by Binny Ltd. Binny Ltd was demerged on 1st January 2010 (i.e., the Appointed date) vide the Order of The Madras High Court dated 22nd April 2010. The arrears of preference dividend are to be borne by the resulting companies, viz., Binny Mills Ltd and S V Global Mill Ltd, from the date of original allotment of shares by Binny Ltd.

Pursuant to the sale of S V Global Mill Ltd CRPS to The Thirumagal Mills Ltd and purchase of Binny Mills Ltd CRPS from The Thirumagal Mills Ltd on 3-9-2013 (as stated in the preceding Para) the arrears of Preference dividend on the S V Global Mill Ltd CRPS amounting to Rs.3,16,41,848/- as at 31-3-2013 will now vest with The Thirumagal Mills Ltd. Hence there are no preference dividend arrears on these CRPS for the year ended 31-3-14.

Similarly the 9% Preference dividend arrears on Binny Mills Ltd CRPS for the year ended 31-3-14 amounting to Rs.87,28,47,408/- includes arrears amount of Rs.2,17,02,993/- on the 1,24,46,161 9% CRPS purchased from The Thirumagal Mills Ltd on 3-9-2013.

Pursuant to the sale of Binny Ltd CRPS to MBDL and purchase of Binny Mills Ltd CRPS from MBDL in March 2014 (as stated in the preceding Para) the arrears of Preference dividend on the Binny Ltd CRPS amounting to Rs. 31,11,84,295/- as at 31-3-2013 will now vest with MBDL. Hence there are no preference dividend arrears on these CRPS for the year ended 31-3-14.

Similarly the 9.75% Preference dividend arrears on Binny Mills Ltd CRPS for the year ended 31-3-14 amounting to Rs. 22,21,538/- includes arrears amount of Rs.11,10,769/- on the 2,94,000 9.75% CRPS purchased from MBDL and 9% Preference dividend arrears on Binny Mills Ltd CRPS for the year ended 31-3-14 amounting to Rs. 87,28,47,408/- includes arrears amount of Rs.41,63,76,685/- on the 12,20,50,992 9% CRPS purchased from MBDL.

The right to receive the dividend arises only when it is declared by the companies. As per the Accounting Standard (AS) 9 - Revenue Recognition of the Companies (Accounting Standards) Rules, 2006, dividends from investments in shares should be recognised as revenue only when the owner''s right to receive payment is established. Since the right to receive the payment is not established by the Balance Sheet date, the arrears of preference dividends is not recognised as revenue in the books of accounts of the company.

Overseas Direct Investment:

The Company has entered into a Memorandum of Understanding dated 3rd March 2014 (MOU) with M/s Wayne Burt Precision Technologies Pte Ltd, having its Registered Office at No.6, Woodlands Loop, Singapore 738346, for investing in that Company up to 10% shareholding for a consideration of US $ 3 million. M/s Wayne Burt Precision Technologies Pte Ltd is one of the largest Precision Technology Company manufacturing complex parts for oil and gas industry. The manufacturing unit is located at its Registered Office at No.6, Woodlands Loop, Singapore 738346.

As per the MOU, out of the consideration amount of US $ 3 million, the Company has to remit US Dollars equivalent to Rs.15 crores, within 7 days of signing of the mOu. The balance consideration amount has to be remitted within 3 months of signing of the MOU. Accordingly, on 7th March 2014, the Company remitted US $ 24,57,203.70 @ Rs.61.045 equivalent to Rs.15 crores.

The Company was allotted 31,16,899 ordinary shares of one Singapore Dollar each fully paid aggregating to Singapore Dollars 31,16,899 of M/s Wayne Burt Precision Technologies Pte Ltd on 15th March 2014 vide their Share Certificate No.005 dated 15th March, 2014.

As per the ''Accounting and Corporate Regulatory Authority (ACRA)'' Report dated 9-1-2014, filed with the Registrar of Companies and Business , Singapore, on 9-1-2014, the following are the details about the Company:

Company Name : Wayne Burt Precision Technologies Pte Ltd,

Registration No. : 201326309K

Date of Incorporation : 27-09-2013

Company Type : Limited Private Company

Registered Office address : 111, North Bridge Road, No.

16-04, Peninsula Plaza Singapore (179098) Principal activities of the Company : Manufacturing of Hydrolic Cylinder

Paid up share capital : 37,59,101 ordinary shares amounting to

Singapore Dollars 37,59,101

Principal shareholder : Wayne Burt Systems Pte Ltd,

111, North Bridge Road, No.16-04, Peninsula Plaza, Singapore (179098) holding 37,59,101 ordinary Shares.

Board of Directors : 1. Mallya Sampath Kumar

2. Vanitha Mahesh Triplicani

3. Ramasamy Jayapal

4. Mahesh Triplicani Gowri Sankar

5. Molakal George Mathew

Statutory Compliance:

The making of the overseas direct investment in M/s Wayne Burt Precision Technologies Pte Ltd up to an amount of US $ 3 million was sanctioned by the Board of Directors under section 372A(2) of the Companies Act, 1956, with the consent of all the directors present at the meeting, at their Board Meeting held on 31st January 2014. The Company has submitted the necessary Exchange Control Documents for the remittance.

The Company''s Inter corporate investments are within the limits laid down under section 372A of the Companies Act, 1956 (Section 186 of the Companies Act, 2013) viz., 100% of the free reserves as at 31st March 2013 which amounts to Rs.297.36 crores. The Company''s aggregate inter corporate investment as at 31st March 2014 is Rs.161.62 crores.

The present value of obligations has been calculated using Projected Unit Credit Method, as specified in Accounting Standard 15-Employee Benefits, which assumes that each period of service gives rise to an additional unit of obligation.

The company is a going concern with normal changes in the employees'' profile.

a) Gratuity is administered through Group Gratuity Scheme with Life Insurance Corporation of India. The expected return on plan assets is based on market expectation at the beginning of the year, for the returns over the entire life of the related obligation.

b) During the year the company has recognised the following amounts in the Profit and Loss Account:

(i) . Salaries & Wages includes compensated absences Rs.(-) 20,86,296 - (2013:

Rs.19,13,597/-) and a Net gain of Rs. 5,21,233 /- towards Contribution to Gratuity Fund (2013: expense of Rs. 1,00,37,682/-)

(ii) . Contribution to PF, ESI and other funds includes Provident Fund and family pension Rs. 91,61,363/- (2013: Rs. 81,85,379/-) and Employee State Insurance Plan Rs. 36,39,210/- (2013: Rs. 27,29,838/-)

e) Employee Benefits shall comprise of the amounts shown under Salaries and wages, Contribution to P.F., E.S.I. and other funds and Workmen and Staff Welfare expenses. The Compensated absences comprise of Casual Leave and Earned Leave entitlements of the employees. The value of Earned Leave has been computed based on Actuarial valuation.

f) Movement of Net liability for gratuity:

Opening balance as on 1st April 2013 (33,76,576)

Add: Contribution to gratuity fund 20,47,145

Add: Gain recognised in the Profit & Loss A/c (5,21,233)

Closing balance as on 31st March 2014 (59,44,954)

Figures in brackets indicate those for the previous year (C) Notes:

(i) The Segment Revenue in the geographical market in the secondary business segment considered for disclosure are as follows:

- Domestic - Comprising of sales to customers located within India and earnings in India

- International - Comprising of sales to customers located outside India.

(ii) Segment Revenue in each of the above business segments primarily include sales, and operating income in the respective segments other than interest and dividend income.

(iii) Segment Revenue,Results,Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

(iv) Inter segment transfers are effected at the prevailing rates of the Company.

The following are the related party transactions during the year

Holding company Nil

Subsidiary TCP Hotels Private Ltd.

Associates

Tanchem Imports &

Exports Private Ltd

Thiruvalluvaar Textiles

Private Ltd

Binny Ltd

Binny Mills Ltd

S V Global Mill Ltd ; and

Mohan Breweries & Distilleries Ltd

Enterprises managed by Common Directors

Key Management Personnel

Shri V.R.Venkataachalam, Managing Director Shri V. Rajasekaran, Executive Director

Relatives of KMP

The following persons are related to

Shri V.R. Venkataachalam, Managing Director, as stated:

Smt. Radha Venkataachalam, Wife

Smt. T. Amudha,

Smt. M. Radha, L Sisters

Smt. Dr. R. Andal,

Shri V. Sengutuvan, Son

Selvi V. Samyuktha Daughter

Figures in brackets relate to the previous year

No amounts have been written off or provided for or written back during the year in respect of debts due from or to the related parties.


Mar 31, 2013

1. CORPORATE INFORMATION:

TCP Ltd (the Company) is a Public Limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Madras Stock Exchange, Ahmadabad Stock Exchange and the Delhi Stock Exchange. The Company is engaged in the business of manufacture and sale of Sodium Hydrosulphite, Liquid Sulphur Dioxide and generation and sale of power.

2. BASIS OF PREPARATION:

The financial statements have been prepared in conformity with generally accepted accounting principles to comply in all material respects with the notified Accounting Standards (''AS'') under Companies Accounting Standards Rules, 2006, as amended, the relevant provisions of the Companies Act, 1956 (''the Act''). The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year, except for the change in accounting policy explained below.

Current / Non-current classification of assets / liabilities

The Company has classified all its assets / liabilities into current / non-current portion based on the time frame of 12 months from the date of financial statements. Accordingly, assets / liabilities expected to be realised / settled within 12 months from the date of financial statements are classified as current and other assets / liabilities are classified as non-current.

NOTE 3

NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED MARCH 31,2013

1. Contingent Asset:

(a ) The Company had filed a suit against a Sundry Debtor ( M/s Mehra Agencies) for recovery of its trade debts for Rs 2,48,278/- (2012 - Rs 2,48,278/-) and the Honourable Court has passed an order in favour of the Company.

(b) The Company has filed a petition before the Tamilnadu Electricity Regulatory Commission, Chennai against a Sundry Debtor (TNEB) for recovery of its trade Debts amounting to Rs 9,19,24,107/- for adopting infirm power rate and the same is pending.

2. Contingent Liabilities:

a. Letter of Credit opened by banks for purchase of raw materials Rs. 98,83,91,837/- (2012 - Rs 24,65,94,687/-)

b. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 65,20,039/- (2012 - Rs 52,04,424/-)

c. Guarantee given by the bankers on behalf of Company Rs 4,55,19,920/- (2012- Rs 3,98,89,375/-)

d. Excise Duty Rs. 8,01,680 /- ( 2012 - Rs 8,01,680/- ) for which the Company has preferred an appeal before the appellate authorities and it is pending. Out of this, a sum of Rs. 2,39,930/- (Rs 2,39,930/-) has been paid under protest

e. Income Tax - Rs. 26,86,26,550/- (Rs.19,30,34,320/-) for which the company has preferred a rectification petition before the Assessing Officer and Appeal before the Appellate Authority and the same are pending.

f. Claims against the Company not acknowledged as Debt Rs 3,41,50,215/- (2012- 3,41,50,215/-)

9. Export Earnings in foreign currency: (FOB Value) Rs 20,74,73,115/- ( 2012 - Rs13,96,26,350/-)

10. The Company has availed Cenvat Credit of Rs.6,67,95,933/-(2012 -Rs 5,02,20,949/-)

11. i) Total outstanding dues to small scale industrial undertaking Rs 26,84,381/- (2012 -Rs 38,63,594/-) ii) Total outstanding dues of creditors other than small scale industrial undertakings Rs 110,47,39,393/- ( 2012 - Rs.63,72,89,493/-)

12. The names of small scale industrial undertakings to whom the company owes a sum exceeding Rs, one lakh which is outstanding for more than 30 days.

a. Ganesh Polymers

b. Blue Packaging ( India ) Ltd.,

c. Fluid Air Technologies

d. Geeco Enercon Pvt Ltd.,

e. IRC Engineering Services India P Ltd.,

f. Nandini Multi Packs

g. Cee Gee Paints & Chemicals

h. Tectel Products

13. There are no micro, small and medium enterprises to whom the company owes dues which are outstanding for more than 45 days at the Balance Sheet date, computed on unit wise basis. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

14. Acknowledgment of Balances: The company has obtained confirmation of balances from all the banks except SBI,Karaikudi. In respect of Debtors and creditors, the confirmation of balances were sought for by the company or by the concerned parties, as the case may be. The same has been received/sent in few cases. The reconciliation of the discrepancies in balances, wherever applicable, is in progress.

4. Earnings per Share:

Earnings per share (EPS) computed in accordance with Accounting Standard - 20 issued by the Institute of Chartered Accountants of India.

a) Weighted average number of equity shares of Rs 10/- each

i) Number of Shares at the beginning of the year 50,31,909

ii) Number of Shares at the end of the year 50,31,909 Weighted average number of equity shares outstanding during the year 50,31,909

b) Net Profit after tax available for equity shareholders 15,12,59,333

c) Basic and diluted earnings per share (in Rupees) 30.06

5. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2009

1. Contingent Asset:

The Company had filed a suit against a Sundry Debtor (M/s Mehra Agencies) for recovery of its trade debts for Rs 2,48,278/- (2008 - Rs 2.48,278/-) and the Honourable Court has passed an order in favour of the Company

2. Contingent Liabilities:

(a) Letter of Credit opened by banks for purchase of raw materials Rs, 23,62,86.304/- {2008 -Rs 25,02,32,248/-)

(b) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 5,62,500/- (2008- Rs 1,18,000/-)

(c) Guarantee given by the bankers on behalf of Company Rs.1.87,64,834/- (2006-Rs 1,39,51,117/-)

(d) Excise Duty Rs. 13.00,543 /- ( 2008 - Rs 14,17,563/- ) for which the Company has preferred an appeal before the appellate authorities and it is pending. Out of this, a sum of Rs 4,42,393/- (Rs4,33,393/-) has been paid under protest.

(e) Service Tax Rs 49,981/- (2008 - Rs Nil) for which the Company has preferred an appeal before the Appellate Authority and it is pending.

3. Sales reflected in Power Division includes a sum of Rs 44,82,67,537/- towards differential rate per unit of power exported to the TNEB Grid pertaining to earlier years which is recognised as income of the year in view of the Petition filed by the Company before the TNERC and the same is heard pending final pronouncement of the Judgement. The Company is reasonably certain that this amount will be received.

4. The Company has availed Modval Credit of Rs. 5,78.35,627 /- (2008-Rs 5.12,00,723/-)

5. i) Total outstanding dues to small scale industrial undertaking Rs 20,50,105 /- (2008 -Rs 17,79,311/-) ii) Total outstanding dues of creditors other than small scale industrial undertakings Rs 51,73,95,882/- ( 2008 - Rs.47,58.56,191/-)

6. The names of small scale industrial undertakings to whom the company owes a sum exceeding Rs, one lakh which is outstanding for more than 30 days.

i) Rasi Metal Fabricators

ii) Blow Packaging Industries

iii) Kaarthikeyan Polymers

iv) Ganesh Polymers

v) Sri Ramjee Metals

vi) Sree Murugan Paints

vii) Pioneer Printing Inks

viii) Fluid Air Technologies

ix) Parag Fans & Cooling Systems Ltd.,

7. Secured Loan includes interest accrued and due amounting to Rs Nil /- (2008 - Rs 3,64,143/-) Un secured Loan Includes interest accrued and due amounting to Rs 48,97.895/- (2008 - Rs 47,76.5007-)

8. Loans and Advances include amounts due from firms / companies in which Directors are interested Rs 20,93,18,492 !-{ 2008 - Rs 27,10.06,697/-). The amount due from Subsidiary Company, Viceroy Chennai Hotels Pvt Ltd., Rs 1,21.49,497/- (2008 - Rs 1.08,48,667/- } and the maximum balance outstanding at any time during the year Rs 1.21,49.497 /-( 2008 - Rs 1,08,46,667/-)

9. There are no micro, small and medium enterprises to whom the company owes dues which are outstanding for more than 45 days at the Balance Sheel date, computed on unit wise basis. The above information has been determined to the extern such parties have been identified on the basis of information available with the Company

10. Previous years figures have been regrouped wherever necessary to conform to current years Classification.

11. Employee Benefits:

a) The company has determined the liability for Employee benefits as at 31st March 2009 in accordance with the Accounting Standard 15-Employee Benefits issued by the ICAI and as provided in the Companies (Accounting Standard) Rules 2006.

b) Defined Benefit Plan-As per Actuarial Valuation on 31st March .2009 - Gratuity

Movement of Net Liability

a) Gratuity is administered through Group Gratuity Scheme with Life Insurance Corporation of India. The expected return on plan assets is based on market expectation at the beginning of the year, for the returns over the entire life of the related obligatory

b) During the year the company has recognised the fallowing, amounts in the Profit and Loss, Account in Schedule t3:

(i). Salaries & Wages includes compensated absences Rs 47.87.126/- (2008: Rs.14,25,997/-) and contribution to Gratuity Fund Rs. 1,22,30,726/- (2008 Rs. 37.93.305/-]

(ii). Contribution to PF, ESI and other funds includes Provident Fund and family pension Rs.47.71.221/- (2008: Rs.48,53.306/-) and Employee State Insurance Plan Rs.10.49,607/- (2008 Rs. 10,36,833/-)

a) Employee Benefits shall comprise of the amounts shown under Salaries and wages, Contribution to P.F.. E.S.t. and other funds and Workmen and Staff Welfare expenses. The Compensated absences comprise of Casual Leave and Earned Leave entitlements of the employees. The value at Earned Leave has been computed based on Actuarial valuation.

Related Party relationships:

Holding company Nil

Subsidiary Viceroy Chennai Hotels Private Ltd.

Associates

Tanchem Imports & Exports Private Ltd Enterprises managed fay

ThiruvalIuvaar Textiles- common directors Private Ltd

Binny Ltd

Binny Engineering Ltd; and

Mohan Breweries & Distilleries Ltd.

Key Management Personnel

Shri V.R.Venkataachalarn, Managing Director Shri V. Rajasekaran, Executive Director

Relatives of KMP

The following persons are related to Shri V.R. Venkataachalam, Managing Director, as stated:

Smt. Radha Venkataachalam, Wife

Smt. T. Amudha,

Smt. M Radha. Sisters

Smt. Dr. R. Andal.

Shri V. Sengutuvan, Son

Selvi V. Samyuktha Daughter


Mar 31, 2003

1. Disputed Tax Liability (in appeals) not provided for:

Income Tax Rs. 70,40,245/- (11,66,755/-) for which the company has preferred an appeal before THE COMMISSIONER OF INCOME TAX (APPEALS) and it is pending.

Sales Tax Rs. 11,45,578/- (11,45,578/-) for which an appeal before THE SALES TAX APPELLATE TRIBUNAL is pending.

Exercise Duty Rs. 22,06,078/- (17,33,854/-) for which the Company has preferred an appeal before the appellate authorities and it is pending.

2. Contingent Liability.

(a) Letter of Credit opened by banks for purchase of raw materials Rs. 28,24,21,072/- (Rs. 13,19,88,528/-)

(b) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 12,33,884/- (Rs. 2,56,310/-)

(c) Counter Guarantee given by the company to its Bankers Rs. NIL (Rs. 28,02,123/-)

3. The Company has availed Modvat Credit of Rs. 3,71,31,259/- (Rs. 2,95,81,053/-)

4. i) Total outstanding dues of small scale industrial undertaking Rs. 20,24,092/- (Rs. 26,74,942/-)

ii) Total outstanding dues of creditors other than small scale industrial undertakings Rs.33,28,26,446/- (Rs. 19,92,03,172/-)

5. The names of small scale industrial undertakings to whom the company owes a sum exceeding Rs. one lakh which is outstanding for more than 30 days.

i) South India Drums Private Ltd.

ii) Royal Industries

iii) Rasi Metal Fabricators

iv) Palani Sheet Metal Works

v) Blow Plast Industries

vi) Bharani Steel Industries

vii) Karthikeyan Polymers

viii) Ceeaye Drums Mfg., Co.,

ix) Ganesh Polymor

6. Secured Loan includes interest accrued and due amounting to Rs. 88,603/- (2002 - Rs. 1,62,661/-)

7. Sundry Debtors includes debts due from Companies in which Directors are interested Rs. 10,62,148/- (2002 - Rs. 5,65,309/-) and the maximum balance outstanding at any time during the year Rs. 13,50,424/- (2002 - Rs. 11,64,104/-).

8. Loans and Advances include amounts due from firms / companies in which Directors are interested Rs. 8,96,72,777/- (2002 - Rs. 3,77,19,918/-); Amounts due from companies under the same management Rs. 2,07,61,928/- (2002 - Rs. 80,79,323/-) and the maximum balance outstanding at any time during the year Rs. 11,07,57,980/- (2002 - Rs. 4,61,09,301/-)

(c) Notes:

(i) The Segment Revenue in the geographical segments considered for disclosure are as follows:

Domestic - Comprising of sales to customers located within India and earnings in India International - Comprising of sales to customers located outside India.

(ii) Segment Revenue in each of the above business segments primarily include sales and miscellaneous income in the respective segments other than interest and dividend income.

(iii) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

(iv) Inter segments transfers are effected at the prevailing rates of the Company.

9. Related parties disclosure:

The following are the list of related parties as envisaged in Accounting Standard 18 issued by Institute of Chartered Accountants pertaining to related party disclosures:

Nature of Relationship:

Name of the related Parties Nature of Relationship

1. Shri V R Venkataachalam, Managing Director Key Management Personnel

2. Shri V Rajasekaran, Executive Director Key Management Personnel

3. T V R S Enterprises, Chennai Enterprise controlled by Key Management Personnel

4. Tanchem Imports & Exports Pvt. Ltd., Chennai Enterprise controlled by common Directors

5. Udayar Investments & Consultancy Co., Pvt. Ltd. Enterprise controlled by common Directors

6. V R V Imports & Exports Pvt Ltd., Chennai Enterprise controlled by common Directors

7. Thiruvalluvar Textiles Pvt. Ltd., Chennai Enterprise controlled by common Directors

8. Trichy Steel Rolling Mills Ltd., Chennai Common Managing Director

9. Sri Medicampus Printers, Chennai Proprietory concern controlled by relative of Key Management Personnel

10. Mohan Roller Flour Mills, Chennai Proprietory Concern controlled by relative of Key Management Personnel in the capacity of lessee.

11. Leases

Disclosure as required by Accounting Standard 19," Leases", issued by the Institute of

Chartered Accountants of India are given below: -

(a) Where the Company Is a lessee

(i) The Company has taken a roller flour mill under operating lease agreement. It is generally not non-cancellable and is valid for a period of 11 months and is renewable by mutual consent on mutually agreed terms.

(ii) Lease payments amounting to Rs 24 lakhs are recognized in the Statement of Profit and Loss Account under" Rent" in Schedule 14.

(iii) The future minimum lease payments under operating lease not later than one year is Rs 24 lacs.

Find IFSC