Annual Report-FY 2011-12 - Timex Group India

per annum. In case of insufficiency of profits /no profits, the dividend on preference shares shall not be declared anddistributed and the dividend liability on the preference shares for the respective year’s shall lapse.- 7.1% Cumulative redeemable non-convertible preference shares shall be entitled to dividend at the rate of 7.1%per annum. In case of insufficiency of profits /no profits, the dividend on preference shares shall not be declaredand distributed in the respective year but the dividend liability on the preference shares for that respective year’sshall be cumulated and paid to the holders of the preference shares.- 7.1% Cumulative redeemable non-convertible preference shares shall be entitled to dividend at the rate of 7.1%per annum. In case of insufficiency of profits /no profits, the dividend on preference shares shall not be declaredand distributed in the respective year but the dividend liability on the preference shares for that respective year’sshall be cumulated and paid to the holders of the preference shares.d. Terms of redemption of preference shares- Maturity period for redemption of 0.1% preference shares amounting to Rs. 250 (Previous year Rs. 250) is tenyears from the date of allotment i.e. 25 March 2003, with an option to the Company of an earlier redemption after24 March 2005.- Maturity period for redemption of 7.1% preference shares amounting to Rs. 1,570 (previous year Rs. 1,570) is tenyears from the date of allotment i.e. 27 March 2004, with an option to the Company of an earlier redemption after27 March 2006. (Refer note 27)- Maturity period for redemption of 7.1% preference shares amounting to Rs. 2,290 (previous year Rs. 2,290) is tenyears from the date of allotment i.e. 27 March 2004, with an option to the Company of an earlier redemption after27 March 2006. (Refer note 27)e. Shares held by holding / ultimate holding company and /or their subsidiaries/associatesAs at 31 March 2012 As at 31 March 2011Amount % holding Amount % holdingRs. in lakhsRs. in lakhsTimex Group Luxury Watches B.V., the holding Company *- Equity shares [756 (previous year 756 )of Re. 1 each fully paid up] 756 74.93 756 74.93- Preference shares0.1% non cumulative redeemable non convertiblepreference shares of Rs. 10 each fully paid up 250 100 250 1007.1% cumulative redeemable non convertible preferenceshares of Rs. 10 each fully paid up 1,570 100 1,570 1007.1% cumulative redeemable non convertible preferenceshares of Rs. 10 each fully paid up 2,290 100 2,290 100* There is no other shareholders holding more than 5% shares in the company.(Rs. in lakhs)Year endedYear ended31 March 2012 31 March 20114. Reserves and surplusSecurities premium accountBalance at the beginning and at the end of the year 351 351351 351Surplus in the Statement of Profit and LossBalance at the beginning of the year 1,638 557Add: Profit for the year 453 1,401Less: Appropriations- Dividend on preference shares 274 274- Tax on dividend 45 46Balance at the end of the year 1,772 1,6382,123 1,98938