SUBSIDIARY COMPANIES - ITC Ltd

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REPORT OF THE DIRECTORS FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2012 The Directors hereby submit their report for the financial year ended 31st March, 2012. Operations The operations of the Company during the year under review resulted in no loss / no profit. Fixed Deposits The Company has not accepted deposits under the Companies (Acceptance of Deposits) Rules, 1975. Particulars of Employees The Company has no employee in the category specified under Section 217 (2A) of the Companies Act, 1956. Conservation of energy, technology absorption, foreign exchange earnings and outgo The Company has no activities relating to Conservation of Energy and Technology Absorption. There has been no foreign exchange earnings or outgo during the year. Directors Sri P. K. Sen, Director retires at the forthcoming Annual General Meeting and being eligible, offers himself for re-appointment. AUDITORS’ REPORT TO THE MEMBERS OF MRR TRADING & INVESTMENT COMPANY LIMITED 1. We have audited the attached Balance Sheet of MRR Trading & Investment Company Limited (the ‘Company’) as at March 31, 2012, and the related Statement of Profit and Loss and Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company’s Management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor’s Report) Order, 2003, as amended by the Companies (Auditor’s Report) (Amendment) Order, 2004 (together the ‘Order’), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of ‘The Companies Act, 1956’ of India (the ‘Act’) and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: (a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; ANNEXURE TO AUDITORS’ REPORT Referred to in paragraph 3 of the Auditors’ Report of even date to the members of MRR Trading & Investment Company Limited on the financial statements for the year ended March 31, 2012 1. The Company has neither granted nor taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. 2. According to the information and explanations given to us, there have been no contracts or arrangements referred to in Section 301 of the Act during the year to be entered in the register required to be maintained under that Section. Accordingly, the question of commenting on transactions made in pursuance of such contracts or arrangements does not arise. 3. 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. 4. In our opinion, the Company has an internal audit system commensurate with its size and the nature of its business. 5. The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act for any of the products of the Company. 6 The accumulated losses of the Company exceeded fifty percent of its net worth as at March 31, 2012. The Company has not incurred cash 182 MRR TRADING & INVESTMENT COMPANY LIMITED Directors’ Responsibility Statement Your Directors have: i) Followed, in the preparation of the annual accounts, the applicable accounting standards with proper explanation relating to material departures; ii) Selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year which resulted in no profit / no loss for that period; iii) Taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv) Prepared the annual accounts on a going concern basis. On behalf of the Board Hyderabad P. K. Sen Director 2nd May, 2012 M. Yelamanda Director (c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Act; (e) On the basis of written representations received from the directors, as on March 31, 2012 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act; (f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give, in the prescribed manner, the information required by the Act, and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the company as at March 31, 2012; (ii) in the case of the Statement of Profit and Loss, of the profit (nil) for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For Lovelock & Lewes Firm Registration No. 301056E Chartered Accountants Sunit Kumar Basu Partner Hyderabad, 2nd May, 2012 Membership No: 55000 losses in the financial year ended on March 31, 2012 and in the immediately preceding financial year. 7. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 8. The provisions of any special statute applicable to chit fund/ nidhi/ mutual benefit fund/ societies are not applicable to the Company. 9. In our opinion, the company has not entered into any transactions and contracts relating to dealing or trading in shares, securities, debentures and other investments 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 during the year. 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. 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.
ANNEXURE TO AUDITORS’ REPORT (Contd.) 14. The Company has not issued any debentures during the year; and does not have any debentures outstanding as at the year end. 15. The Company has not raised any money by public issues during the year. 16. 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 any such case by the Management. 17. The Clauses (i)(a), (i)(b), (i)(c), (ii)(a), (ii)(b), (ii)(c), (iii)(b), (iii)(c), (iii)(d), (iii)(f), (iii)(g), (iv), (ix)(a), (ix)(b) and (xi) of paragraph 4, of the MRR TRADING & INVESTMENT COMPANY LIMITED Companies (Auditor’s Report) Order, 2003, as amended by the Companies (Auditor’s Report) (Amendment) Order, 2004 are not applicable in the case of the company for the current year, since in our opinion there is no matter which arises to be reported in the aforesaid order. For Lovelock & Lewes Firm Registration No. 301056E Chartered Accountants Sunit Kumar Basu Partner Hyderabad, 2nd May, 2012 Membership No: 55000 BALANCE SHEET (All amounts in `, unless otherwise stated) Note As at As at 31st March, 2012 31st March, 2011 (`) (`) Equity and Liabilities Shareholders’ funds Share Capital 3 5,00,000 5,00,000 Reserves and Surplus Current Liabilities 4 (4,16,160) (4,16,160) Trade Payables 5 13,483 13,236 Total Assets Non-current assets 97,323 97,076 Long-term loans and advances Current Assets 6 7,120 7,120 Cash and Bank balances 7 90,203 89,956 Total The notes are an integral part of these financial statements This is the Balance Sheet referred to in our Report of even date. 97,323 97,076 For Lovelock & Lewes Firm Registration No. 301056E Chartered Accountants Sunit Kumar Basu For and on behalf of the Board of Directors Partner P. K. Sen Director Membership No: 55000 M. Yelamanda Director Hyderabad, 2nd May, 2012 Hyderabad, 2nd May, 2012 STATEMENT OF PROFIT AND LOSS Note For the year ended For the year ended 31st March, 2012 31st March, 2011 (`) (`) (`) (`) Revenue Operating Income — — Total Revenue Expenses — — Other expense 8 1,72,944 1,70,463 Less: Expenses reimbursed by the Holding Company 1,72,944 1,70,463 Total Expenses — — Profit/(Loss) before tax Tax expense — — Current Tax — — Deferred Tax — — Profit/(Loss) for the year Earnings per equity share: [Nominal Value per share: Rs.10 (2011: Rs.10)] — — Basic and Diluted The notes are an integral part of these financial statements This is the Statement of Profit and Loss referred to in our report of even date. — — For Lovelock & Lewes Firm Registration No. 301056E Chartered Accountants Sunit Kumar Basu For and on behalf of the Board of Directors Partner P. K. Sen Director Membership No: 55000 M. Yelamanda Director Hyderabad, 2nd May, 2012 Hyderabad, 2nd May, 2012 183
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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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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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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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NOTES TO FINANCIAL STATEMENTS FOR T
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Notes to financial statements for t
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DIRECTORS’ REPORT FOR THE YEAR EN
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84 TECHNICO ASIA HOLDINGS PTY LIMIT
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BALANCE SHEET AS ON 31st DECEMBER 2
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INCOME AND PROFIT DISTRIBUTION STAT
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ANNEXURE TO AUDITORS’ REPORT (con
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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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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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14 CASH AND BANK BALANCES Cash and
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128 ITC INFOTECH INDIA LIMITED IX.
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REPORT OF THE DIRECTORS Your Direct
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