Indage Vintners Ltd. के अकाउंट के लिये नोट

Mar 31, 2009

1.1 Contingent liabilities not provided for:

(Rs. in Millions)

Particulars 2008-2009 2007-2008

a) Disputed Sales Tax demand 5.00 5.00

b) Disputed Income Tax demand 5.64 5.64

c) Corporate Guarantees / Bank Guarantees 1346.12 77.12 for which the company has given counter guarantees.

The companys is of the opinion that based on the decisions of the Appellate authorities and the interpretations of the other relevant provisions, and as per the legal opinion obtained by it, the above Sales Tax and Income Tax, demands are likely to be either dropped or substantially reduced and hence the reserve created in past would be adequate enough to meet any liabilities, in respect of disputed matters which are pending in appeals. Provision for the Income Tax for the current year has been made as per the admissible provisions of the Income Tax Act, 1961.

1.2 Managerial remuneration

1.3 Amounts due from the officers of the Company :

1.4 In terms of the Accounting Standard 17 (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India the company has only one Segment i.e. "Production and distribution of Wines", Accordingly no separate disclosure is made.

1.5. SECURED LOANS:

(A) LOANS FROM BANKS, FINANCIAL INSTITUTIONS AND OTHERS:

The loans from Banks, Financial Institutions and Others stand secured as under: Out of Term Loans of Rs. 622.57 millions

a) Loans amounting to Rs. 32.90 millions are secured by hypothecation of all current assets both present and future as well as first charge to lead bankers and second charge to other consortium bankers on the fixed assets of the company.

b) Loan of Rs. 365.64 millions is secured by first pari passu charge over all immovable assets of the company.

c) Loan of Rs.224.03 millions is secured by sub servient charge over companys current assets. Cash Credit of Rs. 1402.55 millions:

Cash credit and other working capital facilities amounting to Rs. 1402.55 millions are secured "by hypothecation of all the Companys current assets both present and future as well as first charge to lead bankers and second charge to other consortium bankers on the fixed assets of the company.

(B) DEBENTURES:

SECURITY:

40, 12% Privately placed Secured Redeemable Debentures of Rs. 0.5 million each Secured by way of subservient / residual charge on movable / immovable property of the Company.

1.6. Disclosure requirements as per Accounting Standard 18 (AS-18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

Subsidiary Company Seabuckthorn Indage Ltd. Indage Holdings Ltd. Thachi Wines Pty Ltd. Indage UK Ltd.

Associate Concerns with which Indage Restaurants & Leisures Ltd.

transactions have taken place Indage Development Construction Pvt. Ltd.

during the year Marlborough Finance Pvt. Ltd.

Indage Wines - (Partnership Firm) Industrial Agencies Corporation - (Partnership Firm) Indage Engineering Pvt. Ltd Indage Investments Pvt. Ltd Vintner Wine Connection Pvt. Ltd. Indage Vineyards Pvt. Ltd. Indian Institute of Vine & Wine.

Key Personnel Mr. S. G. Chougule - Chairman Mr. A. B. Shah - Vice Chairman Mr. R. S. Chougule - Managing Director Mr. V. S. Chougule

Related parties of Key Management Sirius Capital Services Ltd.

personnel where transactions have Asian Electronics Limited.

taken place during the year Pranamghar (India) Pvt. Ltd.

Related parties of Key Management Mrs. P. S. Chougule

personnel where no transactions Mrs. A. S. Chougule

have taken place during the yearMrs. Rina R. Chougule. Mrs. Ramila A. Shah

Note: Related Party relationship is as identified by the Company and relied upon by the Auditors.

INDAGE VINTNERS LIMITED

1.7. Amounts receivable from Companies under the same management are as stated below: (The amount include advances pending adjustments against payables and also balances arising out of incorporation of accounting entries pursuant to scheme of arrangements).

1.8. Deferred Tax:

In terms of the Provisions of the Accounting Standard-22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India , there is a net deferred tax asset on account of accumulated business losses and unabsorbed depreciation.

In Compliance with Provisions of Accounting Standard and based on General Prudence, the Company has not recognised the Deferred Tax Asset. However the Deferred Tax Liability of Previous year has been reversed in the current year.

1.9. Earning per share:

1.10. The Company has carried all its Fixed Assets at its carrying amount and is expanding its business and production capacity. As per its economic performance and internal projections, the management contends that there is no potential impairment loss on the existing fixed assets of the company. No impairment loss is provided as stated under AS-28 "Impairment of Assets" issued by the Institute of Chartered Accountants of India.

1.11 During the year, the Company has written off share issue expenses, which are in the nature of stamp duty for fresh issue of shares against Securities Premium account amounting to Rs. 0.86 millions (Rs. 0.31 millions during P.Y)

1.12 The Company has undertaken various activities to boost its retail network including, among other things, incurring the costs of interior, inventory, displays, distributor and consumer oriented schemes. Such costs are however a part of maximum retail price which will be covered at such retail parlors on going basis. The Company controls the entire decision making in this respect and has limited liabilities, in view of the participation of the retail trader. The total investment amount so spent which is recoverable as explained above is disclosed under a separate head in the balance sheet.

1.13 Some of the balances in Sundry Creditors, Sundry Debtors and Other Liabilities are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

1.14 Previous Year figures have been regrouped and recast wherever necessary.