Home  »  Company  »  Tirupati Inks  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Tirupati Inks Ltd.

Mar 31, 2014

1.1 The Company has a wholly owned foreign subsidiary named "TIRUPATI INKS WORLD WIDE FZE" at United Arab Emirates.

Transactions with the wholly owned foreign subsidiary included in the financial statements as on 31.03.2014 are as follows:-

1.2 Other Non Current Assets include a sum of Rs. 556.42 Lacs, being book value of assets lost/damaged at Company''s Kanpur Unit. The insurance claim has been pending with the Insurance Company for some time on account of the Insurance Company adopting dilly dallying tactics. In view of the present situation, the Company is contemplating seeking legal remedies at appropriate forums. Therefore, the claim amount has been considered as Non Current Assets. The loss, if any, on account of this, would be accounted for at appropriate time after exhaustion of legal remedies as the Company is confident of recovery of the claim.

1.3 Provision for taxation of Rs. 287.26 Lacs for the financial year 2013-14 represents Income Tax computed as per the normal provisions prescribed under the Income Tax Act, 1961.

1.4 Disclosures required under section 22 of the Micro, Small and Medium Enterprise Development Act, 2006:-

1.5 In the opinion of the board, the Current Assets, Loans & Advances are approximately of the value stated, if realized, in the ordinary course of business.

2.1 CONTINGENT LIABILITIES AND COMMITMENTS

Contingent liabilities not provided for in respect of

(Rs. in Lacs)

a. Letter of Credit issued to parties by banks on our behalf for which materials not received 84.68 74.59

b. Excise matter under Appeal at Commissioner Appeals

Demand 3.66 3.66

Penalty 5.51 5.51

c. The Company has imported Plant & Machinery under Export Promotion Capital Goods Scheme (EPCG), where under the company is required to fulfill certain export obligation. The outstanding export obligation as on the Balance Sheet date is Rs. 2121.97 Lacs. This export obligation has to be fulfilled by 8th August, 2017. The liability amounting to Rs. 353.66 Lacs on account of Custom Duty may arise along with interest in the event of non fulfillment of the export obligation.

2.2 The company has provided Excise Duty of Rs. 24.05 Lacs (Previous Year Rs. 15.76 Lacs) on the finished goods lying in the premises as on the Balance Sheet date and included in the inventory value.

2.3 Additional Information, where applicable, pursuant to the provisions of Schedule VI of the Companies Act 1956, is as under:-

A. Licensed Capacity

The Company is not required to obtain License under the Industrial Development & Regulation Act, 1951 as informed by the management; therefore the said details are not applicable.

2.4 SEGMENT REPORTING:-

Based on the guidelines of Accounting Standards on Segment Reporting (AS-17) issued by The Institute of Chartered Accountants of India, the Company''s primary business segment is only Printing Inks & Allied Products and hence segment reporting under this head is not applicable. The secondary segment i.e. Geographical Segment is also not applicable since the Company''s operations are situated in one geographical area i.e. India.

2.5 Balances of some of the Trade Receivables, Trade Payables, Loans & Advances are subject to reconciliation/ confirmation from the respective parties. The management does not expect any material differences affecting the financial statements for the year.

2.6 During the FY 2013-14, the Company has issued 9947400 equity shares of face value Rs. 10/- per share at an issue price of Rs. 20/- per share, by way of Preferential Allotment. An Extra Ordinary General Meeting (EGM) of the Shareholders was convened on 29.03.2014, wherein the proposal for allotment of further shares to certain strategic investors and promoters was approved. Thereafter, the allotment of these equity shares was made at a duly convened Board Meeting held on 31.03.2014. The Listing and Trading Approval for the newly issued equity shares has been obtained on 29.05.2014.

2.7 Closing Stock of Raw Materials includes Goods in Transit of Rs. 545.23 Lacs.

2.8 The Previous Year figures have been regrouped wherever considered necessary to conform with the current year''s classification.


Mar 31, 2013

Corporate Information

The Company was incorporated as S P Leasing Limited on April 10, 1984 in New Delhi as Public Limited Company under the Companies Act, 1956. The name of the company was changed to Jyotiragamaya Promoters Limited on May 1, 2008. Subsequently, the name of the company was changed to Tirpuati Inks Limited on March 27, 2009 pursuant to the Scheme of Amalgamation approved by the Honor''able High Court of Delhi on November 19, 2008. The company is engaged in the manufacturing of Printing Inks & its Allied Products and provides complete packaging solutions. The Company has its manufacturing units located at Jammu and Greater Noida. The Equity Shares of the company stand listed on BSE Limited and Delhi Stock Exchange Limited.

1.1 Short Term Loans & Advances include a sum of Rs. 556.42 Lacs being book value of assets lost/damaged in the at Company''s Kanpur unit. The insurance claim is under process and is likely to be settled shortly. The difference, if any, being contingent in nature, will be adjusted at the time of settlement of insurance claim.

1.2 During the year, Mr. Rakesh Kumar Agrawal and Mrs. Rajni Maheshwari being Whole Time Directors & Mr. Ram Prakash Gupta, being Independent Director resigned from the Board of the company w.e.f. 3rd December, 2012.

Mr. Satya Narain Agrawal, a Commerce Law Graduate and a Fellow Company Secretary was appointed as a promoter director of the company during the year.

1.3 Provision for taxation of Rs. 141.59. Lacs for the financial year 2012-13 represents Income Tax computed as per MAT prescribed under the Income Tax Act, 1961.

1.4 CONTINGENT LIABILITIES AND COMMITMENTS

Contingent liabilities not provided for in respect of

a. Letter of Credit issued to parties by banks on our behalf towards which materials are not received till 31.03.2013 : Rs. 74.59 Lacs

b. Excise matter under Appeal at Commissioner Appeals

Demand : Rs. 3.66 Lacs

Penalty : Rs. 5.51 Lacs

c. The Company has imported Plant & Machinery under Export Promotion Capital Goods Scheme (EPCG), where under the company is required to fulfill export obligation amounting to Rs 3512.60 lacs on FOB basis within six years from the date of issue of authorization i.e. 09.08.2011. The liability amounting to Rs.585.43 Lacs on account of Custom Duty may arise along with interest in the event of non fulfillment of the export obligation.

1.5 The company has provided Excise Duty of Rs. 15.76 Lacs (Previous Year Rs. 0.97 Lacs) on the finished goods lying in the premises as on the Balance Sheet date and included in the inventory value.

1.6 Additional Information, where applicable, pursuant to the provisions of Schedule VI of the Companies Act 1956, is as under:-

*Installed Capacity has been ascertained on a presumed product mix and is variable with the change in product mix, in view of the fact that different varieties of products are produced using different machines and different time cycles. This capacity is on the basis of Triple shift working as certified by the management and being a technical matter, relied upon by the auditor without verification.

1.7 SEGMENT REPORTING:-

Based on the guidelines of Accounting Standards on Segment Reporting (AS-17) issued by The Institute of Chartered Accountants of India, the Company''s primary business segment is only Printing Inks & Allied Products and hence segment reporting under this head is not applicable. The secondary segment i.e. Geographical Segment is also not applicable since the Company''s operations are situated in one geographical area i.e. India

1.8 Balances of some of the Trade Receivables, Trade Payables, Loans & Advances are subject to reconciliation/ confirmation from the respective parties. The Management does not expect any material differences affecting the financial statements for the year.

*The Board of the company at its meeting held on 23.08.2011 decided that instead of investing Rs. 500.00 Lacs each earmarked for Acquisitions and General Corporate Purposes, the company shall invest these amounts on its Capacity Expansion to include more machines for the purpose of creating larger capacities at its Greater Noida Unit. This decision of the Board was subsequently approved by the Shareholders by means of passing a Special Resolution at the Annual General Meeting of the company held on 27.09.2011.

1.9 Closing Stock of Inventories includes Goods in Transit of Raw Materials of Rs. 39.07 Lacs

1.10 The Previous Year figures have been regrouped wherever considered necessary to confirm with the previous year''s classification.

1.11 All the figures have been rounded off to the nearest lacs of rupees.


Mar 31, 2012

Corporate Information

The Company was incorporated as S P Leasing Limited on April 10, 1984 in New Delhi as Public Limited Company under the Companies Act, 1956. The name of the company was changed to Jyotiragamaya Promoters Limited on May 1, 2008. Subsequently, the name of the company was changed to Tirpuati Inks Limited on March 27, 2009 pursuant to the Scheme of Amalgamation approved by the Honor'able High Court of Delhi on November 19, 2008.The company is engaged in the manufacturing of Printing Inks & its Allied Products and provides complete packaging solutions. The Company has its manufacturing units located at Jammu and Greater Noida. The Equity Shares of the company stand listed on Bombay Stock Exchange Limited and Delhi Stock Exchange Limited.

1.1 In March,2011, a major fire erupted in the Kanpur Unit of the Company and caused damaged to the Building, Plant & Machinery and Stocks. The loss was fully covered under the Insurance Policy. The Company lodged an insurance claim of Rs. 675.00 lacs based on market value of assets lost/damaged in fire. However, as a prudent accounting policy, the company accounted for only Rs. 556.42 lacs (Rs. 127.13 lacs for Fixed Assets & Rs. 429.29 towards stocks, including taxes) in its books of accounts as Insurance Claim pending adjudication, being the book value of assets lost/destroyed in fire. As informed by the management the said Insurance Claim is in the final stage of settlement. Any excess/less value, being contingent in nature, will be adjusted at the time of final disposal of the Insurance Claim.

1.2 During the financial year the company started its commercial production on 28.01.2012 in its new manufacturing Unit at Greater Noida

1.3 Provision for taxation of Rs. 81.26 Lacs for the financial year 2011-12 represents Income Tax computed as per MAT prescribed under the Income Tax Act, 1961.

1.4 Based on the information available with the company in respect of MSME (as defined in the Micro Small & Medium Enterprises Development Act, 2006) there are no delays in payment of dues to such enterprises during the period.

The above information regarding Micro Small & Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditor.

1.5 In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realized, in the ordinary course of business.

1.6 The company has provided Excise Duty of Rs. 0.97 Lacs ( Previous Year Rs. 1.82 Lacs) on the finished goods lying in the premises as on the Balance Sheet date and included in the inventory value.

1.7 Additional Information, where applicable, pursuant to the provisions of Schedule VI of the Companies Act 1956, is as under:-

A. Licensed Capacity

The Company is not required to obtain License under the Industrial Development & Regulation Act, 1951 as informed by the management; therefore the said details are not applicable.

B. Installed Capacity (Printing Inks & Allied Products)

Greater Noida Unit *8400 MT P.A.

Jammu Unit *840 MT P.A.

*Installed Capacity has been ascertained on a presumed product mix and is variable with the change in product mix, in view of the fact that different varieties of products are produced using different machines and different time cycles. This capacity is on the basis of Single shift working as certified by the management and being a technical matter, relied upon by the auditor without verification.

H. Amount remitted during the year in foreign currency on dividends and number of non - resident Shareholders - NIL

1.8 SEGMENT REPORTING:-

Based on the guidelines of Accounting Standards on Segment Reporting (AS-17) issued by The Institute of Chartered Accountants of India, the Company's primary business segment is Printing Inks & Allied Products and Polyester Films. Details of Business Segment to the extent available, are as follows:-

*The Board of Directors at their meeting held on 23.08.2011 decided that instead of investing Rs. 500.00 Lacs each earmarked for Acquisitions and General Corporate Purposes, the company shall invest these amounts on its Capacity Expansion to include more machines for the purpose of creating larger capacities at its Greater Noida Unit. This decision of the Board was subsequently approved by the shareholders by means of passing a special resolution at the Annual General Meeting of the company held on 27.09.2011.

**Pending utilization for designated purposes, funds used for working capital for optimum returns.

1.9 During the year the Company capitalized its Pre-operative Expense of Rs.74.66 Lacs towards its various Fixed Assets.

1.10 The Financial Statements for the Financial Year 31.03.2012 have been prepared as per the then applicable pre revised Schedule VI of the Companies Act, 1956. Consequent to the notifications under the Companies Act, 1956 the financial Statements for the year ended 31.03.2012 are prepared under Revised Schedule VI. Accordingly, the Previous Year figures have also been reclassified and regrouped to bring them in conformity with the current year's classification.

1.11 All the figures have been rounded off to the nearest lacs of rupees.


Mar 31, 2010

1. During the year ending 31st March, 2010, the Authorized Share Capital of the Company was increased from Rs.3.25 crores to Rs.12.00 crores w.e.f. 29-09-2009 and further increased to Rs.16.00 crores w.e.f. 27-11-2009.

2. The Board of Directors recommended final dividend @10% of the face value of Rs.10/- per share on 2775626 Equity Shares i.e. Rs.1/- per share for the Financial Year 2008-09 subject to the approval of the members in the AGM of the company which was held on 29-09-2009. However, members did not approve the payment of dividend and accordingly the amount of proposed dividend along with proposed dividend tax has been written back to the Reserve & Surplus on 30-09-2009.

3. Provision for taxation for the financial year 2009-10 represents Income Ta x computed as per the normal rate of Income Tax prescribed under the Income Tax Act, 1961 after taking MAT credit u/s 115JAA of the Income Tax Act, 1961.

4. Cash Credit Limit & PC / FDB Limit from Canara Bank of Rs.809.72 lacs & Rs.100.00 lacs respectively are secured by hypothecation of Stocks & Book Debts on 1st charge paripassu basis with Oriental Bank of Commerce (Consortium Member).

Term Loan from Canara Bank of Rs.33.61 lacs is secured by hypothecation of Factory Land & Building, Plant & Machinery and Other Moveable Fixed Assets of the company on 1st charge paripassu basis with Oriental Bank of Commerce (Consortium Member).

Cash Credit Limit from Oriental Bank of Commerce of Rs.606.11 lacs is secured by hypothecation of Stocks, Book Debts & Other Current Assets of the company on 1st charge paripassu basis with Canara Bank.

Term Loan from Oriental Bank of Commerce of Rs.32.13 lacs is secured by hypothecation of Fixed Assets of the company on 1st charge paripassu basis with Canara Bank.

5. During the year 2008-09 the company issued 400000 Convertible Warrants (10% upfront payments received @ Rs.1/- per convertible warrant) to the Strategic Investors on preferential basis with an entitlement to convert into/ exchange with the equal number of Equity Shares of the company, in one or more trenches at the option of the warrant holders within a period of 18 months from the date of issue of such Convertible Warrants.

Out of 400000 convertible warrants 344000 were converted and allotted as equity shares to various strategic investors on preferential basis on 30-09-2009 and remaining 56000 convertible warrants were converted and allotted as equity shares on 31-10-2009.

6. Based on the information available with the company in respect of MSME (as defined in the Micro Small & Medium Enterprises Development Act, 2006) there are no delays in payment of dues to such enterprises during the period.

The above information regarding Micro Small & Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditor.

7. In the opinion of the board, the Current Assets, Loans & Advances are approximately of the value stated, if realized, in the ordinary course of business.

8. Unsecured loan from Directors include Interest free loan of Rs. 15.65 lacs (previous year Rs.15.65 lacs)

9. The company has changed its registered office from B-5, First Floor,Captain Gaur Marg, East of Kailash, New Delhi-110065 to B-4, UNESCO Apartments, Plot No.-55, I-P Extn. Patparganj, Delhi-110092 w.e.f. 12-10-2009.

10. Related Party Disclosures for the Year Ended 31-03-2010 List of Related Parties

1 Key Management Personnel Mr. Sanjiv Agarwal

Mr. Rakesh Kumar Agarwal Smt. Rajni Maheshwari

2 Relative of Key Management Personnel Mr. Rajiv Maheshwari

(Husband of Smt. Rajni Maheshwari)

3 Enterprises that directly/indirectly through one or NIL more intermediaries control or controlled by, or under common control with, the company.

4 Associate Company NIL

5 Members or their relatives having significant influence NIL over the Company by having an interest in the voting power of the company

6 Enterprises in which substantial interest in the Ramdeo Polysters Pvt. Ltd. voting power is owned directly/indirectly by key management personnel or their relatives including directors and senior management of the company.

11. Additional Information where applicable pursuant to the provisions of Schedules VI of The Company Act 1956, is a under:- A. Licensed Capacity:

The Company is not required to obtain License under the Industrial Development & Regulation Act, as informed by the management; therefore the said details are not applicable.

B. Installed Capacity (Printing Inks) 1840000.000 kgs p.a.

Note: Installed capacity is on the basis of single shift working as certified by the management and being a technical matter, relied upon by the auditor without verification.

12. The company has provided Excise Duty of Rs.2,23,267.00 (previous year Rs. 1,77,851.75) on the finished goods lying in the premises as on the Balance Sheet date and included in the inventory value.

13. The company has filed the Draft Red Herring Prospectus with SEBI in December, 2009 for making a further public issue of an amount aggregating to Rs. 5150.00 lacs through Book Building process for which the approval of SEBI is pending. The company has incurred expenditure of Rs. 38.58 lacs upto 31.03.2010 towards proposed scheme for which further public issue has been intended.

14. Previous year figures have been regrouped, rearranged & recast where considered necessary.

15. Schedules 1 to 20 form an integral part of the accounts for the year ended 31st March, 2010.

16. All the figures have been rounded off to the nearest lacs rupees.

Find IFSC