Annual Report-FY 2011-12 - Timex Group India

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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
5. Provisions Long-term Short-termYear ended Year ended Year ended Year ended31 March 2012 31 March 2011 31 March 2012 31 March 2011(Rs. in lakhs) (Rs. in lakhs) (Rs. in lakhs) (Rs. in lakhs)Provision for employee benefitsProvision for gratuity (refer note 40) 147 133 7 3Provision for compensated absences (refer note 40) 128 122 10 9275 255 17 12Other provisionsProvision for warranties (refer note 38) - - 69 96Proposed preference dividend - - 274 274Provision for tax on proposed preference dividend - - 45 46Provision for sales returns (refer note 38) - - 216 182Provision for income tax [net of advance tax - - 10 200of Rs.203 lakhs (previous year Rs. 203 lakhs)]Provision for litigations (refer note 38) - - 43 31- - 657 829275 255 674 841Year endedYear ended31 March 2012 31 March 2011(Rs. in lakhs) (Rs. in lakhs)6. Short-term borrowingsCash credit from banks (unsecured)* 865 -865 -* Timex Group Luxury Watches BV, the holding company, has provideda standby letter of credit amounting to Rs. 1,780 lakhs (previous yearRs. 1,780 lakhs) to the bankers of the Company as a guarantee for useof cash credit and overdraft facilities. The cash credit is repayable on demand.Year endedYear ended31 March 2012 31 March 2011(Rs. in lakhs) (Rs. in lakhs)7. Trade payable- total outstanding dues to micro and small enterprises (refer note 26) - -- others 5,990 4,8805,990 4,880Year endedYear ended31 March 2012 31 March 2011(Rs. in lakhs) (Rs. in lakhs)8. Other current liabilitiesDiscount, selling and other expenses 985 923Unearned income - 29Security deposits received from dealers 18 18Advance received from customers 174 115Dues to employees 154 130Statutory dues payable 463 284Book overdraft 1 42Capital creditors 15 31,810 1,54439
Page 5 and 6: and / or Agreement in such manner a
Page 9 and 10: working. He put in rigorous systems
Page 11 and 12: investments made by several Indian
Page 13 and 14: has sharpened its bell curve to imp
Page 15 and 16: REPORT ON CORPORATE GOVERNANCEYour
Page 17 and 18: Committee Membership1. Timex Group
Page 19 and 20: Reviewing the adequacy of internal
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Page 23 and 24: Listing Fees : Listing fees as pres
Page 25 and 26: DEMATERIALISATION OF SHARESDemateri
Page 27 and 28: CERTIFICATETo the Members of Timex
Page 29 and 30: Annexure referred to in para 3 of t
Page 31 and 32: * Represents additions made to the
Page 33 and 34: Statement of Profit and Loss for th
Page 35 and 36: Notes to the financial statements f
Page 37 and 38: immediately in the Statement of Pro
Page 39: (Rs. in lakhs)Year endedYear ended3
Page 43 and 44: As at 31 March 2011(Rs. in lakhs)Gr
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Page 55 and 56: 53(Rs. in lakhs)Particulars 2011-12
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Annual Report-FY 2011-12 - Timex Group India

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