Annual Report-FY 2011-12 - Timex Group India

25. (a) Capital and other commitments (Rs. in lakhs)As atAs atParticulars 31 March 2012 31 March 2011Estimated amount of contracts remaining to be executed on capitalaccount and not provided for (net of advances) 1 5(b) Contingent liabilities(Rs. in lakhs)As atAs atParticulars 31 March 2012 31 March 2011Claims against the Company not acknowledged as debtsa) Sales tax 79 79b) Excise duty 92 92c) Customs duty 8 8d) Income tax - 67e) Others 144 128*Bills discounted 462 457*During the previous years, the Company had received a notice from the relevant Government authorities for nonpayment of stamp duty on a lease entered into by the Company. The demand order of the same has not been receivedby the Company in the previous year and the liability on this account could not be ascertained. During the currentyear, the aforesaid demand order has been received and the amount has been settled.26. The Ministry of Micro, Small and Medium Enterprises has issued an Office Memorandum dated 26 August 2008 whichrecommends that the Micro and Small Enterprises should mention in their correspondence with its customers theEntrepreneurs Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure inrespect of the amounts payable to such enterprises as at 31 March 2012 and as at 31 March 2011 has been made in thefinancial statements based on information received and available with the Company. Based on the information currentlyavailable with the Company, there are no dues payable to Micro and Small Suppliers as defined in the Micro, Small andMedium Enterprises Development Act, 2006.27. The dividend liability on 15,700,000 2.9% cumulative redeemable non-convertible preference shares of Rs.10 each and22,900,000 5.4% cumulative redeemable non-convertible preference shares of Rs. 10 each, payable until 31 March 2009,was waived off as per the consent of the holders of these preference shares vide their letter dated 15 March 2009. Thecoupon rate applicable to these series of preference shares was revised to 7.1% effective 1 April 2010 till the date ofmaturity.28. Earnings per shareThe computation of basic/diluted earnings per share is set out below:(Rs. in lakhs)Year endedYear endedParticulars 31 March 2012 31 March 2011Profit as per Statement of Profit and Loss 453 1,401Less: Preference dividend and tax thereon 319 320Net profit attributable to equity shareholders – (A) 134 1,081Basic/weighted average no. of equity shares outstandingduring the year – (No. in lakhs.) – (B) 1,010 1,010Nominal value of equity shares (Rs.) 1.00 1.00Basic/diluted earnings per share (Rs.) – (A)/(B) 0.13 1.0729. Related partiesa. Related parties and nature of related party relationship where control exists:Description of RelationshipName of the PartyUltimate Holding CompanyHolding CompanyTimex Group B.V.Timex Group Luxury Watches B.V (formerlyTimex Watches B.V)46