SUBSIDIARY COMPANIES - ITC Ltd

More documents

Recommendations

Info

132 ITC INFOTECH LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2012 Unaudited Unaudited Note 2012 2012 2011 2011 £ ` £ ` Net cash inflow/(outflow) from operating activities Returns on investments and servicing of finance 18 3,008,231 231,152,470 852,194 61,183,268 Interest received Net cash inflow from returns on investments and 2,199 168,971 4,285 307,642 servicing of finance 2,199 168,971 4,285 307,642 Taxation Capital expenditure (632,790) (48,623,583) (222,070) (15,943,516) Payments to acquire tangible fixed assets (6,277) (482,325) (7,822) (561,580) Net cash outflow from capital expenditure (6,277) (482,325) (7,822) (561,580) Increase/(Decrease) in cash 18 2,371,363 182,215,533 626,587 44,985,814 The accompanying accounting policies and notes form part of these financial statements. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 MARCH, 2012 Unaudited Unaudited 2012 2012 2011 2011 £ ` £ ` Profit for the financial year 2,125,817 163,347,778 1,034,989 74,307,035 Currency translation of (loss) / gain of retained earnings of overseas branches 10,292 790,837 832 59,733 Total recognised gains and losses relating to the financial year 2,136,109 164,138,615 1,035,821 74,366,768 The accompanying accounting policies and notes form part of these financial statements. NOTES TO THE FINANCIAL STATEMENTS Supplementary information - Indian Rupee amounts The financial statements of ITC Infotech Limited are prepared in accordance with accounting principles generally accepted in the United Kingdom, the country of incorporation, and are presented in GBP. The supplementary information (comprising the pro-forma financial information disclosed in Indian Rupees) requested by the parent company has been arrived at by applying the year end interbank exchange rate of GBP 1 = ` 76.84 (2011: GBP 1 = ` 71.80) as provided by the parent company. The supplementary information has not been audited. 1. Principal accounting policies Basis of accounting These financial statements are prepared on the going concern basis, under the historical cost convention, and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below. Financial instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Turnover Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. Turnover from services performed on a "time and materials" basis is recognised as income as and when the services are performed. Turnover from software projects performed on a "time bound fixed price" basis is recognised as income at the point at which the "milestone" agreed with the customer is achieved. Fixed assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated to write down the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Leasehold improvements - 25% Fixtures and fittings - 25% Computer equipment Leased assets - 25% All leases are operating leases and the payments made under them are charged to the profit and loss account on a straight-line basis over the lease term.
ITC INFOTECH LIMITED Deferred taxation Deferred tax is recognised on all timing differences where the transactions or events that give the company an obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax is measured using rates of tax that have been enacted or substantively enacted by the balance sheet date. Foreign currencies Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities are translated at the rate of exchange ruling at the balance sheet date. All exchange differences are dealt with through the profit and loss account except that gains and losses arising from the retranslation of the opening retained earnings in overseas branches are adjusted against the reserves. Recruitment costs Legal costs and other charges incurred to obtain visas and other required immigration papers for recruits, recruitment fees and relocation costs are charged to the Profit & Loss Account when such costs are incurred. 2. Turnover The turnover and profit before tax are attributable to the one principal activity of the company. An analysis of turnover is given below: Unaudited Unaudited 2012 2012 2011 2011 £ ` £ ` United Kingdom 17,539,289 1,347,718,967 16,133,769 1,158,323,945 India 4,782,616 367,496,213 3,606,992 258,963,991 US 129,455 9,947,322 236,794 17,000,625 Singapore 190,461 14,635,023 9,676 694,688 Europe 1,653,783 127,076,686 2,203,074 158,169,698 Other 52,200 4,011,048 34,538 2,479,656 24,347,804 1,870,885,259 22,224,843 1,595,632,603 3. Other operating charges Administrative expenses 4,556,845 350,147,970 4,775,531 342,859,248 Provision for leave encashment no longer required (239,429) (18,397,724) — — 4,317,416 331,750,246 4,775,531 342,859,248 4. Operating profit Operating profit is stated after charging: Depreciation of owned fixed assets Auditor’s remuneration: 15,729 1,208,616 17,138 1,230,422 - audit fees 19,750 1,517,590 20,775 1,491,541 - non-audit fees – taxation and other services 3,250 249,730 14,505 1,041,386 Loss / (gain) on foreign exchange Operating lease costs: (26,053) (2,001,913) 100,051 7,183,161 Land and buildings 41,919 3,221,056 53,191 3,818,848 Plant and equipment 1,809 139,004 1,809 129,877 5. Directors and employees The average number of staff employed by the company during the financial year amounted to: 2012 2011 No. No. Staff The aggregate payroll costs of the above were: 232 210 Unaudited Unaudited 2012 2012 2011 2011 £ ` £ ` Wages and salaries 10,020,001 769,936,877 8,719,581 626,022,318 Social security costs 997,985 76,685,167 787,840 56,562,973 Remuneration in respect of directors was nil (2011: £nil). 11,017,986 846,622,044 9,507,421 682,585,291 6. Interest receivable & similar income Bank interest receivable 2,199 168,971 4,285 307,642 Other miscellaneous income 4,343 333,716 — — 6,542 502,687 4,285 307,642 133
Page 1:
SUBSIDIARY COMPANIES Russell Credit
Page 4 and 5:
ANNEXURE TO THE REPORT OF THE DIREC
Page 6 and 7:
6 RUSSELL CREDIT LIMITED BALANCE SH
Page 8 and 9:
NOTES TO THE FINANCIAL STATEMENTS F
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
ANNEXURE TO THE AUDITORS’ REPORT
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
DIRECTORS’ REPORT TO THE MEMBERS
Page 24 and 25:
to its bankers. The Company did not
Page 26 and 27:
CASH FLOW STATEMENT FOR THE YEAR EN
Page 28 and 29:
NOTES TO THE ACCOUNTS As at As at M
Page 30 and 31:
NOTES TO THE ACCOUNTS 11. Fixed ass
Page 32 and 33:
NOTES TO THE ACCOUNTS Year Ended Ye
Page 34 and 35:
NOTES TO THE ACCOUNTS 26. Finance c
Page 36 and 37:
NOTES TO THE ACCOUNTS 5. Transactio
Page 38 and 39:
NOTES TO THE ACCOUNTS 43 - Signific
Page 40 and 41:
DIRECTORS’ REPORT TO THE MEMBERS
Page 42 and 43:
(vii) In our opinion, the Company h
Page 44 and 45:
NOTES TO THE ACCOUNTS 1. Share capi
Page 46 and 47:
23. Significant accounting policies
Page 48 and 49:
of services. We have not observed a
Page 50 and 51:
NOTES TO THE ACCOUNTS As at As at M
Page 52 and 53:
NOTES TO THE ACCOUNTS 21. Segment i
Page 54 and 55:
DIRECTORS’ REPORT FOR THE YEAR EN
Page 56 and 57:
56 TECHNICO PTY LIMITED BALANCE SHE
Page 58 and 59:
(c) Foreign currency translation Th
Page 60 and 61:
60 TECHNICO PTY LIMITED NOTES TO AN
Page 62 and 63:
NOTES TO AND FORMING PART OF FINANC
Page 64 and 65:
NOTES TO AND FORMING PART OF FINANC
Page 66 and 67:
BALANCE SHEET AS AT MARCH 31, 2012
Page 68 and 69:
5. Liquidity Risk Liquidity risk is
Page 70 and 71:
ANNEXURE TO THE REPORT OF DIRECTORS
Page 72 and 73:
CASH FLOW STATEMENT FOR THE YEAR EN
Page 74 and 75:
74 TECHNICO AGRI SCIENCES LIMITED N
Page 76 and 77:
Notes to financial statements for t
Page 78 and 79:
NOTES TO FINANCIAL STATEMENTS FOR T
Page 80 and 81:
Notes to financial statements for t
Page 82 and 83: DIRECTORS’ REPORT FOR THE YEAR EN
Page 84 and 85: 84 TECHNICO ASIA HOLDINGS PTY LIMIT
Page 86 and 87: Note 4: Trade and other payables 20
Page 88 and 89: BALANCE SHEET AS ON 31st DECEMBER 2
Page 90 and 91: INCOME AND PROFIT DISTRIBUTION STAT
Page 92 and 93: NOTES TO FINANCIAL STATEMENTS 1. Br
Page 94 and 95: NOTES TO FINANCIAL STATEMENTS (Cont
Page 96 and 97: ANNEXURE TO AUDITORS’ REPORT (con
Page 98 and 99: NOTES TO THE FINANCIAL STATEMENTS 1
Page 100 and 101: NOTES TO THE FINANCIAL STATEMENTS (
Page 104 and 105: 14. The Board of Directors of the C
Page 106 and 107: BALANCE SHEET As at March 31, 2012
Page 114 and 115: 22. There were no transactions nece
Page 116 and 117: STATEMENT OF PROFIT AND LOSS FOR TH
Page 118 and 119: NOTES TO THE ACCOUNTS (Contd.) For
Page 120 and 121: adequate accounting records in acco
Page 122 and 123: given to us, the Company has not gi
Page 124 and 125: NOTES TO THE FINANCIAL STATEMENTS N
Page 126 and 127: 14 CASH AND BANK BALANCES Cash and
Page 128 and 129: 128 ITC INFOTECH INDIA LIMITED IX.
Page 130 and 131: REPORT OF THE DIRECTORS Your Direct
Page 134 and 135: Unaudited Unaudited 2012 2012 2011
Page 136 and 137: 17. Reconciliation of movements in
Page 138 and 139: 138 ITC INFOTECH (USA), INC. BALANC
Page 140 and 141: NOTES TO THE FINANCIAL STATEMENTS M
Page 142 and 143: NOTE F - INTANGIBLE ASSETS The Comp
Page 144 and 145: 144 PYXIS SOLUTIONS, LLC. USA STATE
Page 148 and 149: ANNEXURE TO THE AUDITORS' REPORT TO
Page 150 and 151: NOTES TO THE FINANCIAL STATEMENTS N
Page 154 and 155: REPORT OF THE DIRECTORS FOR THE FIN
Page 156 and 157: 156 GOLD FLAKE CORPORATION LIMITED
Page 162 and 163: 162 together with the notes thereon
Page 164 and 165: CASH FLOW STATEMENT FOR THE YEAR EN
Page 166 and 167: NOTES TO THE ACCOUNTS (Contd.) As a
Page 168 and 169: NOTES TO THE ACCOUNTS (Contd.) As a
Page 170 and 171: NOTES TO THE ACCOUNTS (Contd.) Esti
Page 172 and 173: NOTES TO THE ACCOUNTS (Contd.) 172
Page 174 and 175: REPORT OF THE DIRECTORS FOR THE FIN
Page 176 and 177: BALANCE SHEET (All amounts in `, un
Page 182 and 183:
REPORT OF THE DIRECTORS FOR THE FIN
Page 184 and 185:
184 MRR TRADING & INVESTMENT COMPAN
Page 186 and 187:
REPORT OF THE DIRECTORS FOR THE FIN
Page 188 and 189:
Annexure I Sl. No. Name of Director
Page 190 and 191:
PROFIT AND LOSS ACCOUNT FOR THE YEA
Page 192 and 193:
STATEMENT OF CHANGE IN EQUITY FOR T
Page 194 and 195:
194 SURYA NEPAL PRIVATE LIMITED SCH
Page 196 and 197:
196 SURYA NEPAL PRIVATE LIMITED SCH
Page 198 and 199:
SCHEDULES TO THE ACCOUNTS (Contd.)
Page 200 and 201:
STATEMENTS OF CASH FLOWS YEAR ENDED
Page 202:
NOTE 12 - INCOME TAXES Income taxes
show all

SUBSIDIARY COMPANIES - ITC Ltd

Create successful ePaper yourself

Delete template?

Save as template?