1. Capital Work-in-Progress includes expenditure towards legal expenses incurred where the Company has preferred SLP in the Hon. Supreme Court against the order of Bombay High Court, which has been admitted and is pending for final hearing. Earlier, in the matter of proposed property development, the Hon. Bombay High Court rejected the writ petition filed by the Company upholding the rejection by Municipal Corporation, of the plans submitted by the Company on the ground of absence of “No Objection” from the Defence/ Navy. Due to uncertainty of the outcome of the legal proceedings, the expenditure incurred towards legal fees has been included in Capital Work-in-Progress. The same has not been charged to the Statement of Profit and Loss as the same does not pertain to the current operations of the Company.
2. In 1979, the Company entered into an agreement of assignment to obtain a land on leasehold basis from Turgbhadra Sugar Works Private Limited (formerly known as Mukesh Textile Mills Private Limited). The lease assignment was entered into on 6th August, 1979 for a residual lease period of 903 years and 5 months. Right of Use Asset (ROU) includes INR 317.81 lakhs transferred from Leasehold Land as per IND AS 116 for lease agreements.
3. In 1999, the Company has obtained a warehouse on leasehold basis from Mumbai Port Trust for a period of 30 years commencing from 1st July, 1999. Right of Use Asset (ROU) includes INR 0.63 lakhs created as per IND AS 116 for lease agreements.
4. In accordance with the Ind AS 36 on ‘Impairment of Assets, the Company has reassessed the carrying amounts of its Property, plant and equipment and is of the view that no further impairment / reversal is considered to be necessary in view of its expected realisable value.
5. The Company has not revalued any Property, Plant and Equipment during the Financial Year 2024-25 and Financial Year 2023-24.
6. The Company doesn’t not have any immovable property, whose title deeds are not held in the name of the company during the year ended 31st March, 2025 and 31st March, 2024.
The Company has only one class of equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.
During the financial year 2004-05, the Company had introduced a scheme duly approved by Hon'ble High Court of Andhra Pradesh at Hyderabad for consequential reduction of Capital whereby the Company proposed the reduction, cancellation and extinguishments of small-lot of Shareholdings (Shareholders holding less than 10 no. of shares) subject to such terms and conditions as specified in the scheme at a predetermined price. At the same time the Company had created the liability for making the repayment to shareholders called as “Payable as per Scheme of Arrangement 2003”. The Company is still making payments to the shareholders as and when the request is received.
Each preference share has a par value of INR 100 per share issued at premium of Rs.300/- each. The preference shares (NCRPS) rank ahead of the equity shares in the event of liquidation. The Preference shares issued are 0% Non-Convertible Redeemable Preference Shares. Each Preference shares shall be non-participating in the surplus-funds, not carry any dividend do not carry voting rights except in accordance with the provisions of Sec. 47 (2) of the Companies Act, 2013, be non-convertible and be redeemed within 20 years from the date of issue or on an earlier date only at the discretion of the issuer company, at a premium of 18%(Simple) p.a. on the issue price, payable at the time of redemption.
Defined benefit plans:
Gratuity
The Company operates a gratuity plan through the ‘TCI Industries Ltd Employees Group Gratuity Assurance Scheme' (Funded). Employees are entitled to a benefit equivalent to 15 days salary last drawn for each completed year of service in line with the Payment of Gratuity Act, 1972. The same is payable at the time of separation from the Company or retirement, whichever is earlier. The contribution for gratuity is invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law. The benefits vest after 5 years of continuous service.
Risk exposure
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:
Interest rate risk: A fall in the discount rate which is linked to the G. Sec. rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.
Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan's liability.
Investment Risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.
Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.
Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.
Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance company and a default will wipe out all the assets. Although probability of this is very less as insurance companies have to follow regulatory guidelines.
The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
Note 29: Non-Convertible Redeemable Preference Shares
During the year, the Company has issued 74,915 (31st March 2024: 59,250) 0% Non-Convertible Redeemable Preference Shares of Rs. 100/- each at an issue price of Rs. 400/- each including premium of Rs. 300/- for consideration in cash, which are redeemable within 20 years from the date of issue or on an earlier date only at the discretion of the issuer Company, at a premium of maximum 18% (simple) p.a. on the issue price i.e. maximum Rs. 400/- per share, payable at the time of redemption.
As per Ind-AS 32, a financial instrument may be classified as an equity or financial liability based on its substance rather than its legal form. The said Ind-AS 32 also explains when a financial instrument can be classified as equity or financial liability. To determine the classification of the said preference shares issued, the Company has taken a legal opinion relying on which the said preference shares have been classified as Equity and accordingly presented as “Other Equity” in the Balance Sheet.
Note 30: Contingent liability and commitments (to the extent not provided for)
Claim against the company not acknowledged as debt:
a) The Hon'ble Bombay High Court, by a judgment dated 1st March, 2012, awarded a decree in favour of Cotton Corporation of India Ltd for Rs. 22.79 lakh which together with interest amount to Rs. 89.27 lakh as on 31st March 2013. The Company has filed in a earlier year, SLP before the Hon'ble Supreme Court, against the said judgement, which has been admitted and stay has been granted on the execution of impugned decree. As directed by the Hon'ble Supreme Court, an amount of Rs. 50 lakhs has been deposited with Cotton Corporation of India Ltd. The SLP is pending for hearing.
b) The Brihanmumbai Electric Supply & Transport Undertaking (BEST) of The Brihan Mumbai Mahanagar Palika has filed a writ petition before The Hon'ble Bombay High Court in respect of electricity charges of the Ex Workers of the Company. As per the directions given by the Hon'ble Bombay High Court, BEST calculated and demanded a sum of Rs. 8.55 lakh comprising energy charges of Rs. 0.83 lakh and interest charges of Rs. 7.72 lakh. The Company has paid the energy charges and challenged the interest demand by way of a writ petition in the Hon'ble Bombay High Court and also deposited with BEST Rs. 2.50 lakhs as per Court order. The writ petition is pending for hearing.
c) Municipal Corporation of Greater Mumbai (MCGM) in earlier year of 2012 revised property taxes in Mumbai with retrospective effect from 1st April 2010 by migrating to capital value system from erstwhile rateable value system. Writ petitions were filed subsequent to the said revision, before the Hon'ble Bombay High Court by certain parties challenging the said revision in property taxes and by an interim order, the property owners were allowed to pay taxes at old rate plus 50% of the difference between old and revised rates, pending disposal of the writ petitions. The Company has been paying property taxes in terms of the said interim order. The total demand raised by MCGM for various structures for the period 1-4-2010 to 31-3-2025 amounts to Rs. 129.18 lakhs against which the company has paid amount aggregating to Rs. 84.89 lakhs, thereby Rs. 44.29 Lakhs remaining unpaid as on 31-3-2025. This has been fully provided for in the financial statements.
d) (i) The Company has also received notices, in the year 2015 for the period 1-4-2010 to 31-3-2015 & in each
subsequent years, from MCGM demanding property tax under the capital value system treating the property as open land instead of structures. As per the various notices, MCGM has raised demand amounting to Rs. 3820.77 lakhs for the period 1st April, 2010 to 31st March, 2025. The Company had filed written objections with MCGM. However, no order has yet been passed by the competent authority of MCGM in the matter, even though the competent authority has conducted hearing in an earlier year. Accordingly, no provision has been recognised for the amount in the financial statements.
(ii) The Hon'ble Bombay High Court vide its judgment dated 24th April, 2019 has disposed-off all above mentioned petitions referred in (c) above filed by the various parties and struck down certain rules regarding fixing of Capital Value of lands & buildings, made by the Corporation. The said order of the Hon'ble Bombay High Court was challenged in Hon'ble Supreme Court by the MCGM and the Hon'ble Supreme Court by its Interim order, confirmed that the property owners can continue to pay the property taxes in terms of the aforesaid interim order of the Hon'ble Bombay High Court. The said appeal of MCGM was subsequently dismissed by Hon'ble Supreme Court upholding the order of Hon'ble Bombay High Court. Against the same dismissal, MCGM had filed a Review Petition in Hon'ble Supreme Court, which has also since been dismissed on 14-03-2023. The Company estimates that, in view of the court decisions & the representations made in the past by the Company, the demand of MCGM shall reduce. The exact quantum of same will be known when MCGM does reassessment of the demands in view of the said orders & company's representations. Meanwhile, as stated in last report, the company has again received notice dated 28th March, 2024 demanding an amount of Rs. 6,048.35 lakhs (including interest of Rs. 2790.67 lakhs) upto 31st March, 2023 subject to order of the Hon'ble Bombay High Court in Writ Petition No. 2592 of 2013 & Hon'ble Supreme Court SLP No. 17009 of 2019 by MCGM. MCGM has requested the Company to pay the said amount within 21 days from receipt thereof otherwise the action of recovery will be initiated under Sections 203 to 206 of Mumbai Municipal Corporation Act, 1888. The lawyers of the company have replied to the said notice stating, inter alia, the said Notice is not in conformity with the Judgement of Hon'ble High Court which has been upheld by the Hon'ble Supreme Court and hence, as also, considering that the Complaint of the Company is pending with the Municipal Corporation for final disposal, MCGM cannot demand the property tax and accordingly the said Notice is misconceived and bad in law. Since then the company has not received any further communication from MCGM.
The Company has exposure to the following risks arising from financial instruments:
Ý Credit risk;
Ý Liquidity risk; and
Ý Market Risk - Interest rate Risk management framework
The Company's board of directors have overall responsibility for the establishment and oversight of the Company's risk management framework. The board of directors have authorized respective business Managers to establish the processes, who ensure that executive management controls risks through the mechanism of properly defined framework.
The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed by the business managers periodically to reflect changes in market conditions and the Company's activities. The Company, through management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
(i) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk of the industry and country in which customers operate.
The Company's Management has established a credit policy under which each new customer is analysed individually for creditworthiness before the Company's standard payment and delivery terms and conditions are offered. The Company as a policy do not extend credit to its customers to mitigate the credit risk. The Company's review includes market check, industry feedback, past financials and external ratings, if they are available, and in some cases bank references.
(ii) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to manage liquidity is to have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed circumstances, without incurring unacceptable losses or risking damage to the Company's reputation.
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of Securities/ credit facilities to meet obligations when due and to close out market positions.
Liquidity risk results from the Company's potential inability to meet the obligations associated with its financial liabilities, for example settlement of financial debt and paying suppliers. The aim is to ensure effective liquidity management, which primarily involves obtaining sufficient committed securities/ credit facilities to ensure adequate financial resources.
Net financial debt is used internally by Company to monitor the Company's credit resources available. Net financial debt is the Company's net interest-bearing debt, excluding interest-bearing assets, as these assets are not actively managed in relation to liquidity risk.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The contractual cash flow amounts are gross and undiscounted, and includes interest accrued but not due on borrowings:
(iii) Market risk
Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises mainly interest rate risk which in the case of the company is mitigated due to securities issued on a long-term basis at a fixed rate of return payable at the time of redemption of the securities.
Interest rate risk
Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rate is very low due to issuance of securities on a long term basis at a fixed rate of return.
Exposure to interest rate risk
The Company's interest rate risk arises majorly from the carrying fixed rate of interest. These obligations expose the Company to cash flow interest rate risk. The exposure of the Company's borrowing to interest rate changes as reported to the management at the end of the reporting period are as follows
Note 32: Segment Information
During the year, the Company operated in a single segment- “Income from rendering services by providing space for film shooting, TV serials and advertisements”. Therefore, separate segment disclosures are not applicable to the Company.
As there is no reasonable certainty that sufficient future taxable income will be available against which deferred tax assets can be realized, no deferred tax assets have been recognized in the Financial Statements on account of brought forwards losses and depreciation.
The Financial Statements were authorised for issue by the Board of Directors on 9th May, 2025.
Note 37: Advance towards sale of Immovable Property
The Company has received advance from 2 parties towards sale of land admeasuring 3 Acers 39 Guntas situated in Survey no. 133, Sholipur Village and Gram Panchayat, Farooqnagar Mandal, Mahbubnagar District, presently Rangareddy District. In earlier years, the company has received entire sale consideration of INR 1.95 lakhs against sale of land admeasuring 13 guntas from Mr. Ashutosh Gupta and part consideration of INR 19.9 Lakhs from M/s Gati Cargo Management Services Limited. Sale Deeds for the said transaction are yet to be executed/registered, hence, the same has been carried in the Financial Statements as advance (Refer Note 20).
Note 38: Capital Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for as at March 31,2025 is Nil (As at March 31,2024 (net of advances and deposits) aggregated Rs 87.91 Lakhs).
Note 39:
The external sea retaining wall and platform located on the north east side of the Company's property, belonging to Mumbai Port Trust was washed away by cyclone Taukte during the FY 2021-22. The damage resulted in collapse of boundary wall and erosion of some portion of Company's land. The Company had taken up the matter with Mumbai Port Trust (MBPT) for reconstruction of their wall/platform and for compensating the Company for the loss/damage caused. However, MBPT refused to carry out said repairs/reconstruction and have informed the company that it has no objection to the company carrying out the same. The cost of reconstruction of the sea wall/compound wall and refilling the area eroded is estimated to be Rs. 95 Lakhs on North East (MBPT wall side) as per the lowest offer received from contractor and is yet to be awarded.
Effective 1st April, 2019, the Company has adopted IND AS 116 to its leases using modified retrospective approach. The Lease liability is measured at the present value of remaining lease payments discounted using incremental borrowing rate at the date of initial application and right of use asset has been recognised at an amount equal to the lease liability plus initial direct cost.
The Company has presented Right of Use asset under Note-3 ‘Property, Plant & Equipment' and Lease Liability under Note-14 and Note-18 ‘Lease Liabilities' as per the requirements of Ind As 116 “Leases”.
Note 42 (A): Disclosure in relation to undisclosed income
The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year ended 31st March, 2025 and 31st March, 2024 in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
Note 42 (B): Details of Benami Property held
The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company, during the year ended 31st March, 2025 and 31st March, 2024 for holding any Benami property under the benami transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
Note 42 (C): Registration of Charge
The Company does not have any charges or satisfaction which are yet to be registered with ROC beyond the statutory period.
Note 42 (D): Corporate Social Responsibility
The provisions of Section 135 of the Companies Act, 2013 are not applicable to the Company.
Note 42 (E): Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended 31st March, 2025 and 31st March, 2024.
Note 42 (F) : Relationship with Struck off Companies
During the year, the Company did not have any transactions with companies struck off u/s 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
Note 42 (G) : Utilisation of Borrowed Funds and Share Premium
During the year ended 31st March, 2025, the Company has not advanced, loaned nor invested funds (either borrowed funds or share premium or any other sources or kinds of funds) to/ with any other person(s) or entity(ies) including foreign entities.
During the year ended 31st March, 2025, the Company has not received any fund from any person(s) or entity(ies), including foreign entities with the understanding (whether recorded in writing or otherwise) that the company shall directly or indirectly lend or invest or provide any guarantee or security.
Note 43: Previous year figures have been regrouped/ reclassified wherever necessary, to make them comparable with the current year figures.
1. The above Statement of Cash Flows has been prepared under the ‘Indirect Method' as set out in the Ind AS 7 on Statement of Cash Flows.
2. Figures for previous year have been regrouped/ rearranged wherever necessary.
The accompanying notes are an integral part of the Financial Statements.
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