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Notes to Accounts of TTK Prestige Ltd.

Mar 31, 2015

1.1 CONTINGENT LIABILITIES AND COMMITMENTS:

As at As at Particulars 31st March 31st March 2015 2014

(A) Contingent Liabilities

(a) Guarantees/LC 1244.14 1104.31

(b) Tax matters under appeal (IT/ST/ED etc) 709.64 432.74

(B) Commitments

Estimated amount of contracts remaining to be executed on capital account 466.13 2561.58 and not provided for

1.2 Pursuant to the Approval of shareholders to the proposed scheme of Demerger between TTK Prestige Limited (TTKPL) and Triveni Bialeti Industries Private Limited (TBI) for the purpose of transferring the Kitchen Appliances Division of TBI to TTKPL, The Honourable High Court of Madras has approved the scheme. However, the approval of The Honourable High Court of Bombay is awaited.

The Appointed Date being 01.04.2012, appropriate effect will be given in the Books of Accounts for the Assets /Liabilities including adjustments for taxes paid in accordance with the sanction of the Courts.

1.3 Exceptional income consists of Net Write back of Liabilities/Provisions no longer required, on account of extinguishment of a Distribution Line.

1.4 The company has deposited an amount of Rs. 340 lakhs in Capital Gain Account Scheme out of the proceeds of Land Compensation received in the previous financial year for acquisition of Company''s Land by the Government of Karnataka for Road widening purpose.

1.5 Forward Exchange Contract

As at the year end, the Company has not entered into any Forward Exchange Contract (or other derivative instruments). The year end foreign currency exposures, which are only in respect of Export receivables, that have not been hedged by a derivative instrument or otherwise amount to Rs. 449.87 lakhs (USD 720253.24) and Rs. 180.74 lakhs (EURO 268759.80).


Mar 31, 2014

1. CONTINGENT LIABILITIES AND COMMITMENTS:

As at As at Particulars 31 st 31 st March 2014 March 2013

A) Contingent Liabilities

(a) Guarantees/LC 1104.31 7424.18

(b) Tax matters under appeal (IT/ST/ED etc) 432.74 686.62

(B) Commitments

Estimated amount of contracts remaining to be executed on capital account 2561.58 5212.27 and not provided for

2. Pursuant to the Approval of shareholders to the proposed scheme of Demerger between TTK Prestige Limited (TTKPL) and Triveni Bialeti Industries Private Limited (TBI) for the purpose of transferring the Kitchen Appliances Division of TBI to TTKPL, the Honourable High Court of Madras has approved the scheme. However, the approval of The Honourable High Court of Bombay is awaited.

The Appointed Date being 01.04.2012, appropriate effect will be given in the Books of Accounts for the Assets /Liabilities including adjustments for taxes paid in accordance with the sanction of the Courts.

3. The Exceptional Income shown under Note No. 2.26 relates to the Enhanced Compensation for Land at Bangalore, acquired by the Government of Karnataka for Road widening purpose. The compensation was settled in accordance with the Order of the Honourable High Court of Karanataka. The compensation amount (net of related expenses) is Rs. 312.50 lacs. The interest on account of delay in settlement of compensation is Rs. 497.66 lacs.

4 The R & D facility of the Company has been recognized by the Ministry of Science & Technology,

Government of India, U/s 35(2) AB of the Income Tax Act. As required under this approval, expenditure in connection with R & D centre is disclosed as follows :

Rs. in Lacs

(1) Capital Expenditure 44.26

(2) Revenue Expenditure 178.38


Mar 31, 2013

1.1 Figures are given in lakhs. Previous year figures are given in brackets.

1.2 (1) The previous year''s figures have been regrouped and reclassified wherever necessary to make them comparable with the figures ofthe current year.

(2) A scheme of Amalgamation of M/s.Prestige Housewares India Limited(PHIL), (which was engaged in the business of manufacturing kitchen appliances), with TTK Prestige Ltd., was sanctioned by the Honourable High Court of Madras: The details of the Amalgamation are :

(a) The Amalgamation is in the Nature of Merger as defined in AS 14 issued by ICAI.

(b) Under the said scheme, all the assets and liabilities have been transferred to TTK Prestige Limited.

(c) As per the scheme approved by the High Court, a total of 20106 Equity shares in TTK Prestige Ltd, have been issued to the erstwhile shareholders of PHIL., the ratio of exchange being one equity share for every 24 shares of PHIL.

(d) The difference between the value of net identifiable assets and the agreed consideration amounting to Rs. 14.90 lacs has been credited to Capital Reserve.

(e) The Appointed date for the amalgamation was 1.4.2011 and the Order of the High Court dated 7th June 2012 was filed with the Registrar on the 16th ofAugust 2012, which is the effective date ofAmalgamation.

Pursuant to the Order ofthe High Court, the scheme of amalgamation has been given effect to in the previous year and the previous figures figures have been suitably adjusted.

1.3 a) The company has created a Trust which has taken a Group Gratuity Policy with the Life Insurance Corporation of India for future payment of gratuity to retired / resigned employees. Based on the actuarial valuation, provision has been made for the full value ofthe gratuity benefits as per the requirements of Accounting Standard (AS-15) (Revised) issued by The Institute of Chartered Accountants of India.

b) The Company contributes to a Superannuation Fund covering specified employees. The Contributions are by way of annual premia payable in respect of a superannuation policy issued by the Life Insurance Corporation of India, which confers benefits to retired / resigned employees based on policy norms. No other liabilities are incurred by the Company in this regard.

c) Leave encashment benefit has been charged to Profit & Loss account on the basis of actuarial valuation as at the yearend in line with the Accounting Standard (AS -15) (Revised) issued by the Institute of Chartered Accountants of India.

DEFINED BENEFIT PLAN:

The Employees'' Gratuity Fund Scheme managed by a Trust is defined benefit plan.

The present value of obligation is determined based on actuarial valuation using 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 as per Para 65 of the Accounting Standard AS - 15 (Revised), issued by the Institute of Chartered Accountants of India.

1.4 Fringe Benefit Tax (till the time of abolition) was paid under protest, since the matter is pending before The Hon''ble Supreme Court of India. In case of a favourable decision, the company would be entitled to seek refund of the same. Amount: Rs.197.37 Lakhs (P/Y:Rs. 197.37 lakhs).

1.5 Based on data received from Vendors, the amount due to MSMED is ascertained as Rs. 2062.75 lakhs. There are no over dues.

1.6 The company has two segments namely Kitchen Appliances and Property & Investment for reporting purposes.

1.7 Related Party transactions as per Accounting Standard - 18:

(a) The Company has transactions with the following entities.

Related Party, Enterprises over which Key Management personnel have significant control TTK Health Care Limited, Peenya Packaging Products, TTK LIG Limited, T.T. Krishnamachari & Co., TTK Services (P) Limited, Manttra Inc., USA.

Key Management Personnel and their Relatives:

Mr. T.T. Jagannathan, Mr. T.T. Raghunathan, Mr. S. Ravichandran, Mr. K. Shankaran, Dr. (Mrs.) Latha Jagannathan, Dr. T.T. Mukund, Mr. T.T. Lakshman, Mr. T.T. Venkatesh and Ms. Bhanu Raghunathan.

1.8 CONTINGENT LIABILITIES AND COMMITMENTS:

As at As at Particulars 31st March 2013 31st March 2012

A) Contingent Liabilities

(a) Guarantees/LC 7424.18 3203.60

(b) Tax matters under appeal (IT/ST/ED etc) 686.62 668.52

(B) Commitments

Estimated amount of contracts remaining to be executed on capital account 5212.27 10894.13 and not provided for


Mar 31, 2012

1. Paid up share capital of 1,13,21,084 shares (Previous year : 1,13,21,084 shares) Includes 78,69,064 shares of Rs 10/- each allotted as Bonus shares fully paid-up by capitalisation of reserves.

2. There was no issue / buy back of shares of the nature mentioned in clause(i) of note 6A of general instructions to Schedule VI in the last five years.

1.1. The previous year's figures have been regrouped and reclassified wherever necessary to make them comparable with the figures of the current year.

1.2. a) The company has created a Trust which has taken a Group Gratuity Policy with the Life Insurance Corporation of India for future payment of gratuity to retired / resigned employees. Based on the actuarial valuation, provision has been made for the full value of the gratuity benefits as per the requirements of Accounting Standard 15 (AS-15) (Revised) issued by The Institute of Chartered Accountants of India.

b) The Company contributes to a Superannuation Fund covering specified employees. The Contributions are by way of annual premia payable in respect of a superannuation policy issued by the Life Insurance Corporation of India, which confers benefits to retired / resigned employees based on policy norms. No other liabilities are incurred by the Company in this regard.

c) Leave encashment benefit has been charged to Profit & Loss account on the basis of actuarial valuation as at the yearend in line with the Accounting Standard (AS -15) (Revised) issued by the Institute of Chartered Accountants of India.

DEFINED BENEFIT PLAN:

The Employees' Gratuity fund scheme managed by a Trust is defined benefit plan.

The present value of obligation is determined based on actuarial valuation using 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 as per Para 65 of the Accounting Standard AS - 15(Revised), issued by the Institute of Chartered Accountants of India.

The obligation for leave encashment is recognized in the same manner as gratuity.

The estimate of rate of escalation in salary considered in actuarial valuation, take in to account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

1.3. Fringe Benefit Tax (till the time of abolition) was paid under protest, since the matter is pending before The Hon'ble Supreme Court of India. In case of a favorable decision, the company would be entitled to seek refund of the same. Amount: Rs 197.37 Lakhs (P/Y:Rs 197.37 lakhs).

1.4. Based on data received from Vendors, the amount due to MSMED is ascertained as Rs 1298.13 lakhs. There are no over dues.

1.5. The company has two segments namely Kitchen Appliances and Property & Investment for reporting purposes.

1.6. Disclosure as per Accounting Standard 19

The company has acquired certain items of Vehicles on Financial Lease on or after April 1, 2008 amounting to Rs Nil (Previous year - Rs Nil)

1.7. Related party transactions as per accounting standard-18:

(a) The Company has transactions with the following entities.

Associates:

Prestige Housewares India Limited:

Others:

TTK Health Care Limited, Peenya packaging Products, TTK LIG Limited, T.T. Krishnamachari & Co., TTK Services (P) Limited, Manttra Inc., USA

Key Management Personnel and their relatives:

Mr. T.T. Jagannathan, Mr. T.T. Raghunathan , Mr.S.Ravichandran, Mr. K. Shankaran, Dr.(Mrs.) Latha Jagannathan, Dr. T.T. Mukund, Mr. T.T. Lakshman, Mr. T.T. Venkatesh and Ms. Bhanu Raghunathan

1.8. CONTINGENT LIABILITIES AND COMMITMENTS:

Particulars As at As at 31st March 2012 31st March 2011

A) Contingent Liabilities

(a) Guarantees/LC 3203.60 3701.89

(b) Tax matters under appeal (IT/ST/ED etc) 668.52 773.00

(B) Commitments

Estimated amount of contracts remaining to be executed on capital account 10894.13 4581.70 and not provided for

 
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