Investor Presentaiton
MRP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2023
h.
i.
j.
iii)
iv)
v)
15,000 [Floating Interest rate linked to 6 months T Bill rate] Listed Unsecured rated redeemable Taxable Non-convertible Debentures of
*1,00,000/- each aggregating to 150 Crore issued on 24th February, 2023, are to be redeemed on 24th February, 2026.
Secured Loan of 80.92 Crores was availed under SIPCOT soft loan in March 2020, further, additional SIPCOT Loan (secured) of 7.75 Crores was availed in March
2023. Interest is payable quartely at a rate of 0.10% (Previous year -0.10%). These loans are secured by way of second charge on the Fixed Assets created at the
company's plants at Perambalur, Near Trichy, Tamil Nadu. These loans will be repaid in full in April 2033 and April 2036 respectively.
Deferred payment credit is repayable along with interest (at varying rates) in 240 consecutive monthly instalments ending in March 2026.
Events Occurring after the Balance Sheet date
The proposed final dividend for Financial Year 2022-23 amounting to 71.68 Crores will be recognised as distribution to owners during the financial year 2023-24 on its
approval by Shareholders. The proposed final dividend amounts to *169/- per share.
Commitment:
(i)
(ii)
(iii)
Estimated amount of contracts remaining to be executed on Capital Account, net of advances and not provided for - 2185.02 Crores (Previous year *3031.32 Crores)
Guarantees given by the Banks -130.78 Crores (Previous year- 43.84 Crores)
Letters of Credit issued by the Banks - *265.58 Crores (Previous year - *182.45 Crores)
Contingent Liabilities not provided for:
Claims not acknowledged as debts:
(a)
Competition Commission of India (CCI) matter - Refer Note 1 below
Disputed Sales Tax demands pending before the Appellate Authorities /High Court - 198.44 Crores (Previous year - *196.00 Crores)
(b)
(c)
Disputed Excise/Customs Duty demands pending before the Appellate Authorities/High Court - 377.84 Crores (Previous year - *378.66 Crores)
(d)
(e)
(f)
Note 1:
Disputed Income Tax Demands - 275.64 Crores (Previous year - 159.87 Crores). Against the said demand the company has deposited an amount of *131.61 Crores
(Previous year *97.52 Crores)
Disputed Goods and Service Tax demands pending before the Appellate Authorities - 0.56 Crores (Previous year- 1.70 Crores)
Contested EPF Demands pending before Appellate Tribunal- 1.10 Crores (Previous year *1.10 Crores)
The Competition Commission of India (CCI) had on 2nd February, 2022 released its order dated 31st August, 2018, imposing penalty on certain Tyre Manufacturers
including the Holding Company and also the Automotive Tyre Manufacturers' Association, concerning the breach of the provisions of the Competition Act, 2002,
during the year 2011-12. A penalty of *622.09 Crores was imposed on the Holding Company. The appeal filed by the Holding Company has been disposed off by
National Company Law Appellate Tribunal (NCLAT) in December 2022 by remanding the matter to CCI for review after hearing the parties. CCI has in February 2023
filed an appeal against the Order of NCLAT before the Hon'ble Supreme Court. Pending disposal of the same, the Holding Company is of the view that no provision is
considered necessary in respect of this matter in the Consolidated Financial Statements.
For M M NISSIM & CO LLP
Chartered Accountants
Firm Reg. No. 107122W/W100672
N. KASHINATH
Partner
Mem. No. 036490
Chennai
Dated 03rd May, 2023
For SASTRI & SHAH
Chartered Accountants
Firm Reg. No. 003643S
CR KUMAR
Partner
Mem. No. 026143
Chennai
MADHU P NAINAN
Executive Vice
President Finance
S DHANVANTH KUMAR
Company Secretary
Chennai
JACOB KURIAN
V SRIDHAR
Director
KM MAMMEN
Chairman &
Director
DIN: 00860095
DIN: 00020276 Managing Director
DIN: 00020202
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