| 1. Contingent Liabilities and Commitments:
As at As at
March 31,
2014 March 31,
2013
(Rs. in
Million) (Rs. in
Million)
Contingent Liabilities
a) Disputed Liability
- Central Excise authorities 10.30 10.67
- Sales Tax Authorities - -
- Income Tax 7.25 7.25
b) Counter Guarantees issued to
others 400.82 422.38
- Counter guarantees given for working
capital loan & overdraft
facilities of 2,996.00 2,715.50
US $ 50.50 million (PY US $ 50.50
million) granted to the wholly owned
subsidiary in USA viz. Piramal Glass
USA, Inc
- Counter guarantee given for insurance
cover granted to the wholly owned 83.90 96.67
subsidiary in USA viz. Piramal
Glass USA, Inc
- Counter guarantees given for working
capital loan of EURO 16.50 (PY 68.30 80.00
EURO 16.50) millions granted to the
wholly owned subsidiary in Europe
viz. Piramal Glass Europe SARL
c) The Company has provided Corporate
Guarantees and/or has given
pari passu 1198.40 1,086.20
charge on the entire fixed assets
(movable & immoveable) both
present & future (except assets
having exclusive charge) of the
Company situated at Jambusar &
Kosamba, for Term Loans aggregating
to US $ 20 million granted to the
wholly owned subsidiary in USA viz.
Piramal Glass USA, Inc.
Commitments
Estimated amount of contracts remaining
to be executed on Capital account (Net 45.66 150.24
of advances)
2. The Company had received a proposal dated February 07, 2014 from
Sri Hari Trust acting through its Corporate Trustee - PEL Management
Services Private Limited, being member of the promoter group, of the
Company, to acquire the entire fully paid-up equity shares of the
Company held by public shareholders and for consequential Voluntary
Delisting of the equity shares of the Company from all the stock
exchanges where such shares are presently listed i.e. BSE Limited and
National Stock Exchange of India Limited. The Board of Directors also
approved the delisting proposal at its meeting held dated 10th February
2014.
Further, the Company has obtained requisite majority from the public
shareholders through postal ballot and passed the special resolution
for making the final application for delisting of its shares to the said
stock exchanges as per regulation 8 (1) (d) of the Securities and
Exchange Board of India (Delisting of Equity Shares) Regulations, 2009.
3. Debtors, Loans and advances includes Rs. 1025.08 millions (previous
year Rs. 1,024.79 millions) are due from companies, where Directors of
the company are interested as Director.
4. a. In view of brought forward unabsorbed depreciation, the Company
is liable to pay tax under section 115JB of the Income Tax Act,
1961which has been provided for. The tax paid under section 115JB of
the Income Tax Act, 1961, in excess of regular tax payable under the
provision of the Income Tax Act, 1961 has been accounted for as MAT
Credit Entitlement.
b. Income tax assessment has been completed up to financial year 09-10
relevant to AY 10-11. Appeal is pending before Appellate Authorities
for several additions and/or disallowances made in various earlier
years. The management does not expect any additional liability, and
adjustment entries, if any, will be passed on finalization of
assessments.
5. The Company's operations relate only to container glass packaging
in the domestic as well as export market and accordingly, primary
segment reporting disclosures for business segments, as envisaged in
Accounting Standard 17 on 'Segment Reporting' (AS 17) issued by The
Institute of Chartered Accountants of India, is not applicable.
The Company's operations relating to secondary segment reporting has
been confined to sales in India and exports outside India.
Fixed assets used in the company's business and liabilities contracted
in respect of its manufacturing facilities are not identifiable in line
with the following reportable segments as the fixed assets and
liabilities contracted are used interchangeably between the segments.
Accordingly, only figures for debtors have been given.
6. The company's leasing arrangement (Operating) is only in respect of
vehicles & Office Equipments. The aggregate lease rentals payable on
these leasing arrangements are charged as lease rentals under "other
expenses" in schedule-16. These leasing arrangements are for a period
not exceeding five years and are in most cases renewable by mutual
consent on mutually agreeable terms.
The future lease rent payable in respect of vehicle on lease is:
(i) not later than 1 year - Rs. 2.37 millions (Previous year Rs. 3.05
millions), and
(ii) later than 1 year but less than 5 years - Rs. 1.12 millions
(Previous year Rs. 2.58 millions).
The future lease rent payable in respect of office building on lease is:
(i) not later than 1 year - Rs. 3.61 millions (Previous year 3.78), and
(ii) later than 1 year but less than 5 years - Rs. 9.77 millions
(Previous year 15.03).
The future lease rent payable in respect of office Equipment on lease
is:
(i) not later than 1 year - Rs. 6.29 millions (Previous year 5.66), and
(ii) later than 1 year but less than 5 years - Rs. 4.40 millions
(Previous year 8.03).
B) The company has not received any intimation form 'suppliers'
regarding their status under the Micro Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to amount
unpaid as at the year end together with interest paid/payable as
required under the said Act have not been furnished.
7. There are no amounts due and outstanding to be credited to Investor
Education and Protection fund.
8. Figures of Previous year have been regrouped wherever necessary for
comparative purposes.
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