SUBSIDIARY COMPANIES - ITC Ltd

ANNEXURE TO THE AUDITORS' REPORT TO THE MEMBERS OF WILLS
CORPORATION LIMITED
(Referred to in paragraph 3 of the Auditors’ Report of even date)
1. (a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management
during the year and no material discrepancies between the book
records and the physical inventory have been noticed. In our opinion,
the frequency of verification is reasonable.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets has been disposed of
by the Company during the year.
2. The Company does not have any inventory.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to/ from companies, firms or other parties covered in the
register maintained under Section 301 of the Act.
4. In our opinion and according to the information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the Company and the nature of its business for the purchase
of fixed assets and for the sale of services. Further, on the basis of our
examination of the books and records of the Company, and according
to the information and explanations given to us, we have neither come
across nor have been informed of any continuing failure to correct major
weaknesses in the aforesaid internal control system.
5. (a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Act have been entered in the register required
to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts
or arrangements and exceeding the value of Rupees Five Lakhs in
respect of any party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. The Company has not accepted any deposits from the public within the
meaning of Sections 58A and 58AA of the Act and the rules framed there
under.
7. In our opinion, the Company has an internal audit system commensurate
with the size and nature of its business.
8. (a) According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the
Company is regular in depositing the undisputed statutory dues
BALANCE SHEET AS AT 31ST MARCH, 2012
148
WILLS CORPORATION LIMITED
including provident fund, income-tax, sales-tax, wealth tax, service
tax, cess and other material statutory dues as applicable with the
appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of
income-tax, sales tax, wealth tax, service tax, and cess which have
not been deposited on account of any dispute.
9. According to the records of the Company examined by us and the
information and explanation given to us, the Company has neither
borrowed moneys from any financial institution or bank nor has issued
any debentures during the year.
10. In our opinion and according to the information and explanations given
to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
11. The Company has not obtained any term loans.
12. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term basis,
which have been used for long-term investment.
13 According to the records of the Company examined by us and the
information and explanation given to us, the Company has not made
any preferential allotment of shares to parties and companies covered
in the register maintained under Section 301 of the Act during the year.
14 In our opinion clauses vii,xii to xiv,xix and xx of paragraph 4 of the Order
are not applicable to the Company for the current year.
15 During the course of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year, nor have we been
informed of such case by the management.
Kolkata
2nd May, 2012
Note 31st March, 2012 31st March, 2011
(`) (`) (`) (`)
I. EQUITY AND LIABILITIES
(1) Shareholder's Funds
(a) Share Capital 2 4,88,56,260 4,88,56,260
(b) Reserves and Surplus
(2) Non-Current Liabilities
3 3,54,44,360 8,43,00,620 2,89,16,389 7,77,72,649
(a) Long-Term Liabilities 4 20,00,000 20,00,000
(b) Long-Term Provisions
(3) Current Liabilities
5 2,28,134 22,28,134 1,97,252 21,97,252
(a) Other Current Liabilities 6 67,024 67,024 82,019 82,019
Total 8,65,95,778 8,00,51,920
II. ASSETS
(1) Non-Current Assets
(a) Fixed Assets
Tangible Assets 7 43,80,557 44,73,712
(b) Other Non-Current Assets
(2) Current Assets
8 56,563 44,37,120 56,563 45,30,275
(a) Current Investments 9 — 7,43,79,207
(b) Cash and Cash Equivalents 10 8,19,98,231 6,31,864
(c) Short-Term Loans and Advances 11 69,633 1,07,937
(d) Other Current Assets 12 90,794 8,21,58,658 4,02,637 7,55,21,645
Total 8,65,95,778 8,00,51,920
The accompanying Notes 1 to 17 are an integral part of the Financial Statements
In terms of our report of even date
For L. B. Jha & Co.
Chartered Accountants
Kamal Kumar Bhanja
Partner
Kolkata, 2nd May, 2012
For L. B. Jha & Co.
Chartered Accountants
(Registration No. 301088E)
Kamal Kumar Bhanja
Partner
Membership No. 14722
On behalf of the Board
R. Tandon Director
S. Dutta Director
T. Ghosal Secretary