Annual Report-FY 2012-13 - Timex Group India

37. Contingent liabilities and commitments(to the extent not provided for)Commitments(Rs. in lakhs)Particulars 31 March 2013 31 March 2012Estimated amount of contracts remaining to be executed on capital account0 # 1and not provided for (net of advances)# Amount is below rounding of threshold adopted by the Company.Contingent liabilities(Rs. in lakhs)Particulars 31 March 2013 31 March 2012Claims against the Company not acknowledged as debtsa) Sales tax 107 79b) Excise duty 92 92c) Customs duty 8 8d) Income tax* - -e) Others 167 144Dividend on cumulative preference shares- 2012-2013 274 -Corporate dividend tax on cumulative preference shares- 2012-2013 45 -Bills discounted 2 462* Represents additions made to the total taxable income of the Company by the tax authorities which have been disputedby the Company. No demand has been raised by the tax authorities as any additions to the income will be adjustedagainst the brought forward losses / unabsorbed depreciation.38. The Ministry of Micro, Small and Medium Enterprises has issued an Office Memorandum dated 26 August 2008which recommends that the Micro and Small Enterprises should mention in their correspondence with its customersthe Entrepreneurs Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure inrespect of the amounts payable to such enterprises 31 March 2013 and 31 March 2012 has been made in the financialstatements based on information received and available with the Company. Based on the information currently availablewith the Company, there are no dues payable to Micro and Small Suppliers as defined in the Micro, Small and MediumEnterprises Development Act, 2006.39. 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, waswaived off as per the consent of the holders of these preference shares vide their letter dated 15 March 2009. The coupon rateapplicable to these series of preference shares was revised to 7.1% effective 1 April 2010 till the date of maturity.40. Unhedged foreign currency exposuresForeign currency exposures on account of trade receivables / trade payables not hedged by derivative instruments areas follows:Particulars 31 March 2013 31 March 2012(in original currency) (Rs. in lakhs) (in original currency) (Rs. in lakhs)Payables- USD 96 5,300 94 4,900- EURO 0 # 20 0 # 20- HKD 3 20 8 55- CHF 0 # 20 0 # -Receivables- USD 5 260 9 468# Amount is below rounding off threshold adopted by the Company.55