SUBSIDIARY COMPANIES - ITC Ltd

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14 CASH AND BANK BALANCES Cash and Cash Equivalents Cash in Hand 1,26,193 1,08,067 Cheques, demand drafts on hand Balances with banks : 2,31,13,426 81,20,108 On Current Accounts Other Bank Balances 16,69,71,902 10,47,60,433 On Deposit Account* *includes ` 4,00,000 (2011 - ` 4,00,000) held as margin money 4,00,000 52,04,00,000 19,06,11,521 63,33,88,608 15 SHORT - TERM LOANS AND ADVANCES Good and Unsecured Advances recoverable in Cash or in kind or for value to be received 6,88,59,555 4,85,53,808 Loans to Employees Advance Tax 1,13,47,510 1,07,17,361 (Net of Provision for Income Tax) (Net of Provision for Indian Income Tax ` 18,38,28,849 (2011 - ` 10,86,28,179) and Provision for Tax for Overseas Branches ` 1,04,17,544 (2011 - ` 82,13,694)) Deposits with Government, 16,83,87,610 26,17,51,308 Public Bodies and Others Doubtful and Unsecured Advances recoverable in Cash or in kind 41,71,902 60,23,860 or for value to be received 93,30,338 80,40,083 Loans to Employees 24,62,234 24,20,047 Less : Provision for Short - Term Loans 1,17,92,572 1,04,60,130 and Advances (1,17,92,572) (1,04,60,130) 25,27,66,577 32,70,46,337 16 OTHER CURRENT ASSETS Good and Unsecured Interest accrued on Deposits, Loans, Advances, etc. 94,692 3,29,88,514 94,692 3,29,88,514 For the year ended For the year ended 31st March, 2012 31st March, 2011 (`) (`) 17 REVENUE FROM OPERATIONS Sale of Services Exports 4,24,51,02,468 3,13,57,67,526 Domestic 1,27,64,37,254 1,07,54,56,957 Resale of Hardware and Software (includes Exports 2012 ` 1,66,107 ( 2011 ` Nil)) 10,07,80,606 3,35,000 Other Operating Revenues 87,30,894 23,56,798 5,63,10,51,222 4,21,39,16,281 18 OTHER INCOME Interest on Deposits - Gross 62,32,678 3,63,60,697 Interest Others 2,11,01,644 1,10,48,423 Sale of Scrap etc. 5,84,337 1,31,734 Miscellaneous Income 33,57,453 27,08,623 3,12,76,112 5,02,49,477 19 EMPLOYEE BENEFITS EXPENSE Salaries and Bonus Contribution to Provident and 3,51,57,92,634 2,79,27,29,043 Other Funds (Refer Note 26) 15,08,67,208 9,74,06,337 Workmen and Staff Welfare Expenses 3,04,84,979 2,27,79,861 Reimbursement of Contractual Remuneration 3,64,95,829 2,28,86,957 3,73,36,40,650 2,93,58,02,198 126 As at As at 31st March, 2012 31st March, 2011 (`) (`) <strong>ITC</strong> INFOTECH INDIA LIMITED For the year ended For the year ended 31st March, 2012 31st March, 2011 (`) (`) 20 OTHER EXPENSES Rent 4,72,13,851 4,01,23,527 Rates and Taxes 18,76,941 15,71,771 Insurance 2,66,32,892 2,30,22,871 Travelling and Conveyance 38,17,46,903 29,40,21,493 Recruitment Expenses 4,08,83,559 5,34,38,423 Communication 3,13,79,423 2,81,38,724 Power and Fuel 5,17,49,172 4,11,04,659 Outsourcing Charges 47,09,35,852 30,92,25,973 Software and Related Expenses 6,83,02,431 5,50,35,756 Purchase of Hardware and Software for Resale 7,18,46,424 94,500 Business Development Expenses Repairs and Maintenance 2,94,11,565 3,28,89,928 - Buildings 2,36,64,432 1,30,36,883 - Machinery 1,66,04,349 1,27,77,866 - Others 45,62,153 64,10,177 Legal, Professional and Consultancy Expenses 7,53,09,553 4,02,54,953 Doubtful and Bad Debts 55,03,985 — Doubtful and Bad Loans and Advances 13,32,442 7,38,951 Fixed Assets Discarded Auditors' Remuneration and Expenses 33,09,836 10,25,906 (Refer Note 29) 18,19,291 17,62,409 Training and Development 2,50,80,948 2,04,68,167 Bank Charges 35,37,112 16,70,776 Printing and Stationery 31,31,141 25,48,127 Loss on Exchange (Net) 2,54,52,952 11,86,43,132 Miscellaneous Expenses 1,80,12,579 1,42,44,784 21 TAX EXPENSES 1,42,92,99,786 1,11,22,49,756 Current Tax (including tax on foreign branches ` 95,75,838 (2011 - ` 83,22,746) Adjustment for earlier year based on 14,22,69,602 3,64,13,124 completed assessment 6,46,016 (1,62,98,956) Deferred Tax (1,47,70,543) 79,87,933 MAT Credit (6,03,50,273) (87,93,157) 22 Commitments and Contingencies 6,77,94,802 1,93,08,944 a) Estimated amount of contracts remaining to be executed on capital account (net of advances ` Nil, 2011 - ` Nil) ` 1,89,06,870 (2011 - ` 2,23,23,643). b) Claims against the Company not acknowledged as debts ` 8,25,74,741 (2011 - ` 6,29,59,452) comprising certain claims relating to income tax disputed by the Company. 23 Micro and Medium scale business entities There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days during the year and also as at 31st March, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. 24 The Company’s significant leasing arrangements are in respect of operating leases for premises (residential, office etc). These leasing arrangements, which are not non cancellable, range between 11 months and 9 years generally, and are usually renewable by mutual consent on mutually agreeable terms. The aggregate lease rentals payable ` 4,54,93,100 (2011- ` 40,123,527) are charged as Rent under Note 20 to the Accounts. The Company has one non cancellable leasing arrangement with a lock-in period of 3 years for which the lease rentals of ` 17,20,751 (2011 - ` Nil) has been charged as Rent under Note 20 to the Accounts. The future minimum lease payment for the non-cancellable operating lease are as follows: 31st March, 2012 31st March, 2011 Within 1 year ` 41, 40,864 Nil 2 to 3 years ` 66,36,727 Nil 25 The Company uses forward exchange contracts to hedge against its foreign currency exposure relating to the underlying transaction and firm commitments. The use of foreign exchange forward contracts reduces the risk or cost to the Company. The Company does not use the foreign exchange forward contracts for trading or speculation purposes. The information on such outstanding contracts as at the year end is as follows: 31st March, 2012 31st March, 2011 Currency Pair Currency Buy Sell Buy Sell GBP - USD GBP — 11,46,697 — 14,70,000 EUR - USD EUR — 50,92,637 — 2,32,00,000 USD - INR USD — 1,42,71,435 — 3,89,95,429 AUD - USD AUD — 10,00,000 — 31,90,000 USD - DKK DKK 96,00,000 — 4,79,78,225 — USD - SEK SEK 6,00,000 — 10,60,000 — USD - NOK NOK — — 24,00,000 —
<strong>ITC</strong> INFOTECH INDIA LIMITED 26 Employee Benefits (a) The following table sets out the Defined Benefit Plans / Long-Term Compensated Absences - as per Actuarial Valuation as on 31st March, 2012 and recognised in the financial statements in respect of Employee Benefit Schemes : For the year ended 31st March, 2012 For the year ended 31st March, 2011 (`) (`) Leave Leave Pension Gratuity Encashment Pension Gratuity Encashment I. Components of Employer Expense Funded Unfunded Funded Unfunded 1 Current Service Cost 1,92,58,933 1,31,75,100 1,32,33,474 1,71,66,880 1,29,15,384 1,31,79,845 2 Interest cost 1,39,54,205 87,42,798 62,08,573 1,39,33,619 72,54,149 55,93,649 3 Expected Return on Plan Assets (1,02,58,875) (73,21,875) — (93,36,000) (70,80,000) — 4 Curtailment Cost / (Credit) — — — — — — 5 Settlement Cost / (Credit) — — — — — — 6 Past Service Cost — — — — — — 7 Actuarial Losses / (Gains) (19,48,079) 62,01,024 (55,02,246) (2,73,39,272) 15,56,917 (14,29,551) 8 Total expense recognised in the Statement of Profit & Loss 2,10,06,184 2,07,97,047 1,39,39,801 (55,74,773) 1,46,46,450 1,73,43,943 The Pension and Gratuity Expenses have been recognised in “Contribution to Provident and Other Funds” and Leave Encashment in “Salaries & Bonus” under Note 19. II. Actual Returns 89,00,000 56,00,000 — 1,00,00,000 64,00,000 — III. Net Asset / (Liability) recognised in Balance Sheet 1 Present Value of Defined Benefit Obligation 19,33,48,060 12,85,20,357 8,27,48,463 17,48,41,782 10,98,23,310 8,17,02,196 2 Fair Value on Plan Assets 12,67,00,000 8,77,00,000 — 12,20,00,000 8,98,00,000 — 3 Status [Surplus/(Deficit)] (6,66,48,060) (4,08,20,357) (8,27,48,463) (5,28,41,782) (2,00,23,310) (8,17,02,196) 4 Unrecognised Past Service Cost — — — — — — Short-Term Retirement benefits (5,92,24,503) (4,08,20,357) (2,25,65,404) (4,64,57,133) (2,00,23,310) (1,96,62,195) Long-Term Retirement benefits (74,23,557) — (6,01,83,059) (63,84,649) — (6,20,40,001) 5 Net Asset / (Liability) recognised in Balance Sheet (6,66,48,060) (4,08,20,357) (8,27,48,463) (5,28,41,782) (2,00,23,310) (8,17,02,196) IV. Change in Defined Benefit Obligations (DBO) 1 Present Value of DBO at Beginning of Period 17,48,41,782 10,98,23,310 8,17,02,196 17,79,23,852 9,25,76,860 7,54,82,968 2 Current Service Cost 1,92,58,933 1,31,75,100 1,32,33,474 1,71,66,880 1,29,15,384 1,31,79,845 3 Interest Cost 1,39,54,299 87,42,798 62,08,573 1,39,33,619 72,54,149 55,93,649 4 Curtailment Cost / (Credit) — — — — — — 5 Settlement Cost / (Credit) — — — — — — 6 Plan Amendments — — — — — — 7 Acquisitions — — — — — — 8 Actuarial (Gains) / Losses (33,06,954) 44,79,149 (55,02,246) (2,66,75,381) 8,76,917 (14,29,551) 9 Benefits Paid (1,14,00,000) (77,00,000) (1,28,93,534) (75,07,188) (38,00,000) (1,11,24,715) 10 Present Value of DBO at the End of Period 19,33,48,060 12,85,20,357 8,27,48,463 17,48,41,782 10,98,23,310 8,17,02,196 V. Change in Fair Value of Assets 1 Plan Assets at Beginning of Period 12,20,00,000 8,98,00,000 — 11,14,00,000 8,72,00,000 — 2 Acquisition Adjustment — — — — — — 3 Expected Return on Plan Assets 1,02,58,875 73,21,875 — 93,36,000 70,80,000 — 4 Actuarial Gains / (Losses) (13,58,875) (17,21,875) — 6,64,000 (6,80,00) — 5 Actual Company Contributions 72,00,000 — 1,28,93,534 81,07,188 — 1,11,24,715 6 Benefits Paid (1,14,00,000) (77,00,000) (1,28,93,534) (75,07,188) (38,00,000) (1,11,24,715) 7 Plan Assets at the End of Period 12,67,00,000 8,77,00,000 — 12,20,00,000 8,98,00,000 — VI. Actuarial Assumptions For the year ended 31st March, 2012 For the year ended 31st March, 2011 1 Discount Rate (%) 8.25% 8% 2 Expected Return on Plan Assets (%) 8.25% 8% 3 Long-term rate of compensation increase (%) – Management Staff 10% 10% – Others — 10% The estimates of future salary increases, considered in actuarial valuations take account of inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market. VII. Major Category of Plan Assets as a % of the Total For the year ended 31st March, 2012 For the year ended 31st March, 2011 1 Government Securities / Special Deposit with RBI 34% 33% 2 High Quality Corporate Bonds 31% 34% 3 Insurance Companies 26% 27% 4 Mutual Funds 2% 4% 5 Cash and Cash Equivalents 8% 3% VIII. Basis used to determine the Expected Rate of Return on Plan Assets The expected rate of return on plan assets is based on the current portfolio of assets, investment strategy and market scenario. In order to protect the capital and optimise returns within acceptable risk parameters, the plan assets are well diversified. 127
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SUBSIDIARY COMPANIES Russell Credit
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ANNEXURE TO THE REPORT OF THE DIREC
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6 RUSSELL CREDIT LIMITED BALANCE SH
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NOTES TO THE FINANCIAL STATEMENTS F
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ANNEXURE TO THE AUDITORS’ REPORT
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DIRECTORS’ REPORT TO THE MEMBERS
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to its bankers. The Company did not
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CASH FLOW STATEMENT FOR THE YEAR EN
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NOTES TO THE ACCOUNTS As at As at M
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NOTES TO THE ACCOUNTS 11. Fixed ass
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NOTES TO THE ACCOUNTS Year Ended Ye
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NOTES TO THE ACCOUNTS 26. Finance c
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NOTES TO THE ACCOUNTS 5. Transactio
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NOTES TO THE ACCOUNTS 43 - Signific
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DIRECTORS’ REPORT TO THE MEMBERS
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(vii) In our opinion, the Company h
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NOTES TO THE ACCOUNTS 1. Share capi
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23. Significant accounting policies
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of services. We have not observed a
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NOTES TO THE ACCOUNTS As at As at M
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NOTES TO THE ACCOUNTS 21. Segment i
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DIRECTORS’ REPORT FOR THE YEAR EN
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56 TECHNICO PTY LIMITED BALANCE SHE
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(c) Foreign currency translation Th
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60 TECHNICO PTY LIMITED NOTES TO AN
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NOTES TO AND FORMING PART OF FINANC
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NOTES TO AND FORMING PART OF FINANC
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BALANCE SHEET AS AT MARCH 31, 2012
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5. Liquidity Risk Liquidity risk is
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ANNEXURE TO THE REPORT OF DIRECTORS
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CASH FLOW STATEMENT FOR THE YEAR EN
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74 TECHNICO AGRI SCIENCES LIMITED N
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BALANCE SHEET (All amounts in `, un
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NOTES TO THE FINANCIAL STATEMENTS (
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NOTES TO THE FINANCIAL STATEMENTS (
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REPORT OF THE DIRECTORS FOR THE FIN
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184 MRR TRADING & INVESTMENT COMPAN
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REPORT OF THE DIRECTORS FOR THE FIN
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Annexure I Sl. No. Name of Director
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PROFIT AND LOSS ACCOUNT FOR THE YEA
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STATEMENT OF CHANGE IN EQUITY FOR T
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194 SURYA NEPAL PRIVATE LIMITED SCH
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196 SURYA NEPAL PRIVATE LIMITED SCH
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SCHEDULES TO THE ACCOUNTS (Contd.)
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STATEMENTS OF CASH FLOWS YEAR ENDED
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NOTE 12 - INCOME TAXES Income taxes
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SUBSIDIARY COMPANIES - ITC Ltd

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