Mumbai, India (PressExposure) January 18, 2012 -- Tilaknagar Industries Ltd. [TI] (BSE: 507205; NSE: TI), a leading and well established player in the Indian Made Foreign Liquor (IMFL) industry, announced that the Annual Report and Accounts of the Company for year ended March 31, 2011, have been acknowledged as the winner and awarded a Gold Shield by the Institute of Chartered Accountants of India (ICAI) for Excellence in Financial Reporting.
The Gold Shield was awarded to the Company by Dr. M. Veerappa Moily, Union Minister for Corporate Affairs, Government of India, at a grand ceremony held on January 06, 2012 in Chennai. Mr. Amit Dahanukar, Chairman & Managing Director and Mr. Lalit Sethi, Chief Financial Officer of Tilaknagar Industries received the award on behalf of the Company.
Commenting on the achievement, Mr. Lalit Sethi, Chief Financial Officer, Tilaknagar Industries Ltd. said, "This award is recognition of the Company's internal controls and stringent efforts to maintain compliance with the prescribed financial framework while maintaining transparency and accountability through communications to our stakeholders. Winning this award is thus a great testimony to our belief and an endorsement of TI's commitment towards corporate transparency. We believe it's not only about designing a strong governance framework, but more importantly about embracing the same to meet our goal of long term sustainable growth, protecting the interests of our shareholders and presenting financial information in an open manner that is beneficial to current and prospective investors. This award further motivates us to continue engaging with our shareholders with regards to our business plans through consistent and timely financial communication."
The award has been conferred on TI, by the panel of judges, on review of accounting practices adopted by the enterprise in the preparation of financial statements and the policies adopted for disclosure and presentation of financial statements and other information in the annual report. The key factors for selection for the award entailed:
Compliance with statutory requirements for preparation and presentation financial statements as per the Companies Act, 1956 and SEBI regulations
Quality of financial information judged by the qualifications in the auditor's report, notes to the accounts and compliance with accounting principles by ICAI
The nature and quality of financial information presented in the annual report factored in key considerations such as adequacy of revenues/expenses details, use and proper cross referencing of schedules, ease of referencing, utilization of charts and graphs, clarity, lucidity and comprehensiveness of the financial statements from an individual/small shareholder's view point, extent of comparative data in terms of financial highlights & ratios and provision of additional information such as human resource accounting, inflation adjusted accounting, social responsibility etc
The extent, nature and quality of non-financial information presented which considers the comprehensiveness and adequacy of the Management Discussion and Analysis, employee engagement and development activities, Corporate Social Responsibility, sustainability measures, business philosophy and ethics, corporate governance and its compliance
The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its 61 years of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI now is the second largest accounting body in the whole world.
For more details please feel free to contact: