SUBSIDIARY COMPANIES - ITC Ltd

NOTES TO THE ACCOUNTS (Contd.)
172
LANDBASE INDIA LIMITED
iv) Details of Transaction carried out during the financial year ended March 31, 2012 with related party in the ordinary course of business :
(Consolidated) (Amount in `)
S. No Particulars Holding Company Fellow Subsidiaries Associates KMP
March 31, 2012 March 31, 2011 March 31, 2012 March 31, 2011 March 31, 2012 March 31, 2011 March March
31, 2012 31, 2011
1 Sale of Services 65,313 4,05,434 — — 8,574 — 58,560 79,002
2 Purchase of Fixed Assets — — — 50,917 — — — —
3 Sale of Fixed Assets 2,58,691 — — — — — — —
4 Purchase of services 1,75,883 5,38,802 3,72,263 — 3,32,973 3,25,434 — —
5 Expenses Recovered 9,65,840 5,99,840 4,33,591 21,79,702 — 23,915 — —
6 Expenses Reimbursed 87,58,222 94,56,522 — 10,498 — — — —
7 Project Expenses Reimbursed 27,22,688 25,17,869 — — — 16,690 — —
8 Balances Outstanding
at the year end
i) Debtors/Receivables — — — 11,17,702 9,301 13,412 — —
ii) Creditors/Payables 1,48,40,338 39,47,268 — — 5,789 — — —
v) Disclosure in respect of transactions which are more than 10% of the total transactions of the same type with related parties (Amount in `)
S. No Particulars Holding Company Fellow Subsidiaries Associates KMP
March 31, 2012 March 31, 2011 March 31, 2012 March 31, 2011 March 31, 2012 March 31, 2011 March March
31, 2012 31, 2011
1 Sale of Services
— ITC Limited 65,313 4,05,434 — — — — — —
KMP — — — — — — 58,560 79,002
2 Purchase of Fixed Assets
Fortune Park Hotels Limited — — — 50,917 — — — —
3 Sale of Fixed Assets
— ITC Limited 2,58,691 — — — — — — —
4 Purchase of services
— ITC Limited
— International Travel
1,75,883 5,38,802 — — — — — —
House Limited — — — — 3,32,973 3,25,434 — —
— ITC Infotech India Limited — — 3,72,263 — — — — —
5 Expenses Recovered
— ITC Limited
— Greenacre
9,65,840 5,99,840 — — — — — —
Holdings Limited — — 4,33,591 21,79,702 — — — —
6 Expenses Reimbursed
— ITC Limited 87,58,222 94,56,522 — — — — — —
7 Project Expenses Reimbursed
— ITC Limited 27,22,688 25,17,869 — — — — — —
8 Balances Outstanding
at the year end
i) Debtors/Receivables
— Greenacres
Holdings Limited — — — 11,17,702 — — — —
— CIDL — — — — 9,301 — — —
ii) Creditors/payables
— ITC Limited 1,48,40,338 39,47,268 — — — — — —
NOTE 36
PREVIOUS YEAR FIGURES - The financial statements for the year ended March 31, 2012 had been prepared as per the then applicable, pre-revised schedule
VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act 1956, the financial statements for the
year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this
year’s classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for
preparation of financial statements.
NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2012
NOTE 37
SIGNIFICANT ACCOUNTING POLICIES
Convention
To prepare financial statements in accordance with applicable Accounting
Standards notified under Section 211(3C) of the Companies Act, 1956 and
the relevant provisions of the Companies Act, 1956, in India. A summary
of important accounting policies is set out below. The financial statements
have also been prepared in accordance with relevant presentational
requirements of the Companies Act, 1956.
Basis of Accounting
To prepare financial statements in accordance with the historical cost
convention.
Tangible and Intangible Assets
To state Fixed Assets at cost of acquisition inclusive of inward freight, duties
and taxes and incidental expenses related to acquisition. In respect of
major projects involving construction, related pre-operational expenses