Annual Report 2011 - Ballarpur Industries Limited

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ScheDUleS "a" tO "l" attached to and forming part of the balance sheet as at June 30, 2011 J. RetIReMent BeneFItS Short term employee benefits are charged off in the year in which the related services are rendered. post employment and other long term employee benefits are charged off in the year in which the employee has rendered services. the K. amount charged off is recognized at the present value of the amount payable determined using actuarial valuation techniques. Actuarial gain and losses in respect of post employment and other long term benefits are charged to profit & Loss Accounts. IncOMe FROM InVeStMentS Income from Investments, where appropriate, is taken to revenue in full on declaration or receipt and tax deducted at source thereon is treated as advance tax. l. aDVance lIcenSe, IMPORt entItleMentS Advance license, Import Entitlements are recognized at the time of export and the benefit in respect of advance License received by the company against export made by it are recognized as and when goods are imported against them. M. taXatIOn provision for Current tax is made on the basis of estimated taxable income for the relevant accounting year in accordance with the Income tax Act, 1961. the deferred tax liability on account of timing differences between the book profits and the taxable profits for the year is accounted by applying the tax rates as applicable as on the balance sheet date. Deferred tax assets arising from timing differences are recognised on the principles of virtual certainty that these would be realised in future. n. IMPaIRMent OF aSSetS the company applies the test of Impairment of certain assets as provided in Accounting Standard (AS) – 28 “Impairment of Assets”. O. PROVISIOn anD cOntInGencIeS the Company shall create a provision when there is a present obligation as a result of past events that probably require an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure for a contingent liability is made, when there is a possible obligation or a present obligation that probably will not require an outflow of resources or where a reliable estimate of the obligation cannot be made. P. ShaRe PReMIUM accOUnt: UtIlISatIOn Debenture / Share / Zero Coupon Convertible Bonds issue expenses incurred and premium payable on Zero Coupon Convertible Bonds are adjusted in the same year against the Securities premium Account as permitted by section 78(2) of the Companies Act, 1956. 2. cOntInGent lIaBIlItIeS (a) Rs 10,181 Lacs being claims (30th June 2010 Rs 9618 Lacs) approximately against the company not acknowledge as debts. (b) the future obligation for the rentals under a Financial Lease Agreement entered into, by the Company for certain assets taken on lease by another Company amounts to Rs. NIL (30th June, 2010 Rs. 2.07 Lacs). 3. Guarantees given by bankers on behalf of the Company remaining outstanding and Bills Discounted with Banks remaining outstanding amount to Rs. 1,217.94 Lacs (30th June, 2010 Rs. 943.24 Lacs). 4. In respect of loan to its subsidiary abroad, the Company has granted to the lender an irrevocable and unconditional right to require the Company to purchase loan wholly or in parts as may be required by lender through exercise of put option given to lender, subjected to maximum limit of US$ 70 Millions. 5. Estimated amount of contracts remaining to be executed on Capital Account Rs. 785.34 Lacs (Net of Advances) (30th June, 2010 Rs. 504.98 Lacs). 6. the Company has operating leases for various premises and for other assets, which are renewable on a periodic basis and cancellable at its option. Rental expenses for operating leases charged to profit & Loss Account for the year are Rs. 29.64 Lacs (30th June, 2010 Rs. 43.17 Lacs). As of 30th June, 2011, the future minimum lease payments for non-cancellable operating leases are as below :- - Not later than one year from 30th June, 2011 Rs. 11.55 Lacs - Later than one year and not later than five years Rs. NIL 7. Unit Ashti has imported certain plant and Machinery at concessional rate of custom duty under 5% Export promotion Capital Goods (EpCG) scheme. the Unit has been granted two licenses, accordingly the unit is obliged to export goods amounting US$ 9.17 million, which is equivalent to eight and half times the duty saved on import of machinery. the unit is required to meet this export obligation over a period of eight years starting from 17th March 2005.the unit has achieved total export of US$ 12.91 million as on 30.06.11.the management is in the process of submitting the required documents for the issuance of Export obligation discharge certificate from the Director General of Foreign trade. 8. Disclosures required under the Micro, Small and Medium Development Act, 2006 (“the Development Act”) –delayed payments due as at the end of the year on accounts of principal – Rs.33.30 Lacs (30th June, 2010 Rs. 128.27 Lacs) and interest due thereon Rs. 4.81 Lacs (30th June, 2010 Rs. 3 Lacs). FInancIals 63
ScheDUleS "a" tO "l" attached to and forming part of the balance sheet as at June 30, 2011 9. the disclosure required under Accounting Standard 15 ”Employee Benefits” notified in the Companies (Accounting Standards) Rules 2006, are given below: Defined contribution Plan: Contribution to defined contribution plan is charged off for the year, are as under: Sr. Particulars as at 30th June, 2011 as at 30th June, 2010 no. (Rs. in lacs) (Rs. in lacs) 1. Employer’s Contribution in provident Fund 381.39 336.61 2. Employer’s contribution in Superannuation Fund 37.96 52.65 3. Employer’s Contribution in pension Scheme 194.30 200.50 Defined Benefit Plan: the present value of obligation is determined based on actuarial valuation using projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. the obligation for leave encashment is recognised in the same manner as gratuity. Sr. Particulars Gratuity leave Gratuity leave no. (Unfunded) encashment (Unfunded) encashment (Rs. in lacs) (Unfunded) (Rs.in lacs) (Unfunded) 2010-11 (Rs. in lacs) 2009-10 (Rs. in lacs) 2010-11 2009-10 a. Reconciliation of Opening and closing of Defined Benefit Obligation Defined benefit obligation at beginning of the year 2713.86 432.27 2249.84 374.29 Current Service Cost 168.03 17.90 184.31 24.74 Interest Cost 230.67 36.04 186.14 29.62 Actuarial (gain)/loss 115.22 45.98 182.15 83.01 Benefit paid (253.64) (100.54) (251.68) (79.39) plan Amendments – – 163.10 – Defined benefit obligation at year end 2974.14 431.65 2713.86 432.27 b. Reconciliation of opening and closing balance of fair value of plan assets Fair value of plan assets at beginning of the year – – – – Expected return on plan assets – – – – Actuarial gain/ (loss) – – – – Employer contribution 253.64 100.54 251.68 79.39 Benefit paid (253.64) (100.54) (251.68) (79.39) Fair Value of plan assets at year end – – – – Actual return on plan assets – – – – c. Reconciliation of fair value of assets and obligations Fair value of plan assets as at 30th June, 2011 – – – – present value of obligation as at 30th June, 2011 2974.14 431.65 2713.86 432.27 Amount recognized in Balance Sheet 2974.14 431.65 2713.86 432.27 d. expenses recognized during the year (under the head “personnel costs”) Current Service Cost 168.03 17.90 184.31 24.74 Interest Cost 230.67 36.04 186.14 29.62 Actuarial (gain)/loss 115.22 45.98 182.15 83.01 plan Amendments 163.10 – Net Cost 513.92 99.92 715.70 137.37 e. Discount rate (per annum) Expected rate of return on plan assets (per annum) 8.50% 8.50% 7.50% 7.50% Rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. the above information is certified by the actuary. 64 Ballarpur IndustrIes lImIted I annual report 2010-11
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contents 02 financials 52 board of
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company information listing on stoc
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PAPER PRODUcTION (in mt) CAGR 14.24
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InDeeD, aS I wrIte this letter to y
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onds) and is listed on the Singapor
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DurIng the fIrSt half of CY 2011, t
Page 14 and 15: India is highly fragmented with a m
Page 16 and 17: the mill has further reduced by 22.
Page 18 and 19: ha in 2010-11 with more than 800 ha
Page 20 and 21: Capacity expansion The status of ca
Page 22 and 23: TABLE 1 ABRIDGED PROfIT AND LOSS ST
Page 24 and 25: empowerment backed by strategic eng
Page 26 and 27: anIl D KhartoDe BhIgwan, pune Anil
Page 28 and 29: Veena chouDhary Illur VIllage, aSht
Page 30 and 31: indicators 2010-11 cOMMUNITY MOBILI
Page 32 and 33: BIlt IS leD By a strong and indepen
Page 34 and 35: TABLE 3 cOMPOSITION Of BOARD-LEVEL
Page 36 and 37: TABLE 4 DETAILS Of GENERAL MEETINGS
Page 38 and 39: cHART A BILT’S SHARE PERfORMANcE
Page 40 and 41: directors’ report Your Directors
Page 42 and 43: Rs. 66.67 Crore. PTIL is one of the
Page 44 and 45: which were filed on 22 December 201
Page 46 and 47: c. Back water tank pump supplying w
Page 48 and 49: 4. 7. Potential CDM projects/ Carbo
Page 50 and 51: to the members of ballarpur industr
Page 52 and 53: ANNExURE 1 in RS lACS Name of Statu
Page 54 and 55: PROFIt & lOSS accOUnt for the year
Page 56 and 57: ScheDUleS "a" tO "l" attached to an
Page 68 and 69: ScheDUleS "I" tO "VIII" attached to
Page 76 and 77: StateMent UnDeR SectIOn 212 OF the
Page 78 and 79: AuDITors’ reporT on ConsoLIDATeD
Page 80 and 81: ConsoLIDATeD proFIT & Loss ACCounT
Page 82 and 83: ConsoLIDATeD sCheDuLes "A" To "L" a
Page 90 and 91: ConsoLIDATeD sCheDuLes "I" To "VIII
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Annual Report 2011 - Ballarpur Industries Limited

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