SUBSIDIARY COMPANIES - ITC Ltd

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BALANCE SHEET (All amounts in `, unless otherwise stated) STATEMENT OF PROFIT AND LOSS 176 BFIL FINANCE LIMITED Note As at As at 31st March, 2012 31st March, 2011 Equity and Liabilities Shareholders’ funds Share Capital 3 20,00,00,000 20,00,00,000 Reserves and Surplus Non-current Liabilities 4 (59,90,71,464) (60,33,32,791) Long-term borrowing Current Liabilities 5 47,54,11,077 47,54,11,077 Trade Payables 6 1,07,347 1,05,516 Other current liabilities 7 4,54,280 6,60,630 Short-term provisions 8 76,56,074 76,56,074 Total 8,45,57,314 8,05,00,506 Assets Non-current assets Fixed Assets Tangible Assets 9 11,15,284 45,29,340 Capital work-in-progress 2,81,72,250 2,81,72,250 Non-current investments Current Assets 10 4,30,23,750 4,30,23,750 Inventories 11 1,000 1,000 Trade Receivables 12 — — Cash and Bank balances 13 78,81,625 8,29,760 Short-term loans and advances 14 11,71,168 5,66,654 Other current assets 15 31,92,237 33,77,752 Total 8,45,57,314 8,05,00,506 The notes are an integral part of these financial statements This is the Balance Sheet referred to in our report of even date For Lovelock & Lewes Firm Registration No. 301056E For and on behalf of the Board of Directors Chartered Accountants Anil Seth Director Sunit Kumar Basu, Partner P.K. Sen Director Membership No. 55000 V. Radhakrishnan Manager & Hyderabad, 02 May, 2012 Company Secretary Note For the year ended For the year ended 31st March, 2012 31st March, 2011 REVENUE Other Income 16 67,95,144 52,24,974 TOTAL REVENUE EXPENSES 67,95,144 52,24,974 Employee Benefit Expense 17 98,100 98,100 Depreciation and Amortization Expenses 18 2,36,623 2,50,806 Other Expense 19 21,99,094 94,83,996 TOTAL EXPENSES 25,33,817 98,32,902 PROFIT/(LOSS) BEFORE TAX Tax Expense 42,61,327 (46,07,928) Current Tax — — Deferred Tax — — PROFIT/(LOSS) FOR THE YEAR Earnings per equity share: [Nominal Value per share: ` 10 (2011: ` 10)] 42,61,327 (46,07,928) Basic and Diluted The notes are an integral part of these financial statements 0.21 (0.23) This is the Statement of Profit and Loss referred to in our report of even date. For Lovelock & Lewes Firm Registration No. 301056E For and On behalf of the Board of Directors Chartered Accountants Anil Seth Director Sunit Kumar Basu, Partner P. K. Sen Director Membership No. 55000 V. Radhakrishnan Manager & Hyderabad, May 02, 2012 Company Secretary
CASH FLOW STATEMENT (All amounts in `, unless otherwise stated) NOTES TO THE FINANCIAL STATEMENTS 1 General Information BFIL Finance Limited (the 'Company') is registered as Non-Banking Finance Company and was engaged in the business of Leasing, Hire purchase and other allied finance activities. Currently, there are no operational activities and the Company continues to pursue recovery of its old dues in the normal course of business. 2 Summary of significant accounting policies 2.1 Basis of preparation These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis based on the principle of going concern. All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria set out in the Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current – non current classification of assets and liabilities. 2.2 Tangible Assets All tangible assets including assets given on lease are valued at cost inclusive of direct and incidental expenses related to acquisition. Depreciation on tangible assets is provided on written down value method on pro-rate basis in accordance with the rates prescribed under amended Schedule XIV of the Companies Act, 1956. Leasehold improvements (excluding electrical installations) are being depreciated @ 5% on written down value and Electrical Installations included in Lease hold improvements are being amortised @ 15%. All the tangible assets are assessed for any indication of impairment at the end of each financial year. On such indication, the impairment loss (being the excess of carrying value over the recoverable value of the asset) is charged to the statement of profit and loss in the respective financial year. The impairment loss recognized in the prior BFIL FINANCE LIMITED For the year ended For the year ended 31st March, 2012 31st March, 2011 A. Cash Flow from Operating Activities: Profit/(Loss) before taxation Adjustments for : 42,61,327 (46,07,928) Depreciation/Amortization 2,36,623 2,50,806 Provision no longer required written back (7,50,000) (9,11,182) Interest Income (45,144) (63,724) Operating Profit Before Working Capital Changes Changes in Working Capital : 37,02,806 (53,32,028) Increase/(Decrease) in trade payables 1,831 1,72,145 Increase/(Decrease) in other current liabilities (2,06,350) 76,56,074 (Increase)/Decrease in short-term loans and advances (6,04,514) (4,21,373) (Increase)/Decrease in trade receivables 7,50,000 9,11,182 (Increase)/Decrease in other current assets 33,62,948 (33,77,752) Cash Generated from Operations 70,06,721 (3,91,752) Taxes paid — — Net cash generated from operations activities 70,06,721 (3,91,752) B. Cash flow from Investing Activities Interest received 45,144 63,724 Investments in bank deposits (Refer note 2 below) (38,178) (5,45,682) Net cash from investing activities 6,966 (4,81,958) C. Cash flow from Financing Activities — — Net increase in cash and cash equivalents 70,13,687 (8,73,710) Cash and Cash equivalents at the beginning of the year 2,84,078 11,57,788 Cash and Cash equivalents at the end of the year 72,97,765 2,84,078 Cash and cash equivalents comprise of: Cash on Hand — — Balances with Banks 72,97,765 2,84,078 Total 72,97,765 2,84,078 1. The above cash flow statement has been prepared under the “Indirect Method” as set out in AS-3 on ‘Cash Flow Statements’. 2. “Other bank balances” included under Cash and Bank balances represent investment in fixed deposits with banks,maturing beyond 3 months. Such balances have been excluded from opening and closing balances of Cash and Cash equivalents and movements in such balances have been shown under “Investing Activities”. 3. The comparative figures for the previous year have been re-arranged to conform with the revised presentation of the accounts. This is the Cash Flow Statement referred to in our report of even date. For Lovelock & Lewes Firm Registration No. 301056E For and on behalf of the Board of Directors Chartered Accountants Anil Seth Director Sunit Kumar Basu P. K. Sen Director Partner V. Radhakrishnan Manager & Membership No. 55000 Company Secretary Hyderabad, May 02, 2012 Hyderabad, May 02, 2012 years is reversed where the recoverable value exceeds the carrying value of the asset upon re-assessment in the subsequent years. 2.3 Investments All investments are stated at cost i.e. cost of acquisition, inclusive of expense incidental to acquisition where applicable. Provision for any permanent diminutions in the value of investments is made which is considered to be appropriate. Income from investments is stated in revenue account in the year in which it is accrued and at gross value. 2.4 Inventories Stock in trade comprising stock of securities are stated at cost or market price whichever is lower. Stock on hire is valued at agreement value less amount receivable. 2.5 Revenue Recognition As per the directives of the Reserve Bank of India, revenue is recognised upon realisation, on Non-Performing Assets. Revenue is not recognized on the grounds of prudence until realised in respect of liquidated damages, penalties and delayed payment charges, as recovery of the amounts is uncertain. 2.6 Current and Deferred Tax Tax expense for the period, comprising current tax and deferred tax, are included in the determination of the net profit or loss for the period. Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the taxation laws prevailing in the respective jurisdictions. Deferred tax is recognised for all the timing differences, subject to the consideration of prudence in respect of deferred tax assets. Deferred tax assets are recognised and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. 177
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SUBSIDIARY COMPANIES Russell Credit
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6 RUSSELL CREDIT LIMITED BALANCE SH
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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 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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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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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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BALANCE SHEET AS AT MARCH 31, 2012
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5. Liquidity Risk Liquidity risk is
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CASH FLOW STATEMENT FOR THE YEAR EN
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DIRECTORS’ REPORT FOR THE YEAR EN
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BALANCE SHEET AS ON 31st DECEMBER 2
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INCOME AND PROFIT DISTRIBUTION STAT
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14. The Board of Directors of the C
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BALANCE SHEET As at March 31, 2012
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22. There were no transactions nece
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STATEMENT OF PROFIT AND LOSS FOR TH
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NOTES TO THE ACCOUNTS (Contd.) For
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adequate accounting records in acco
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given to us, the Company has not gi
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NOTES TO THE FINANCIAL STATEMENTS N
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