SUBSIDIARY COMPANIES - ITC Ltd

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23. Significant accounting policies 1. Basis of Accounting The financial statements have been prepared and presented under the historical cost convention, on the accrual basis of accounting and in accordance with the provisions of the Companies Act, 1956, (’the Act’) and the accounting principles generally accepted in India and comply with the accounting standards (’AS’) prescribed in the Companies (Accounting Standards) Rules, 2006, issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards, to the extent applicable. During the year ended March 31, 2012 (effective April 1, 2011), the revised Schedule VI notified under the Act has become applicable to Prag Agro Farm Limited (’the Company’) for preparation and presentation of its financial statements. The adoption of revised Schedule-VI does not impact recognition and measurement principles followed for preparation of financial statements. 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 revised Schedule VI. The accumulated losses of the Company as at March 31, 2012 have resulted in erosion of Company’s net worth. However, based on the Company’s future plans and letter of support received from Wimco Limited (Holding Company), these accounts have been prepared on a going concern basis. 2. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities on the date of the financial statements and actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods. 3. Fixed Assets / Amortisation / Impairment / Depreciation Tangible Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment loss. Cost includes all expenses attributable to the acquisition and development of the assets. Depreciation is computed on a straight-line basis at the following annual rates: Nature of Assets Rates % Plant, machinery 4.75 to 10.34 Furniture and fittings 6.33 Vehicles 7.07 to 11.31 Building and civil works on leasehold land are charged on straight-line basis over the lesser of period of lease and useful life. Assets individually costing ` 5,000 or less are fully depreciated in the year of acquisition. Leasehold Land is carried at cost less accumulated amortisation and impairment loss, if any. The lease agreement is effective upto 2031. Accordingly, expenditure incurred on leasehold land is amortised on a straight-line basis over the remaining period of the lease. Impairment In accordance with AS 28, where there is an indication of impairment of the Company’s assets, the carrying amounts of the Company’s assets are reviewed at each balance sheet date to determine whether there is any impairment. The recoverable amount of the asset (or where applicable, that of the cash generating unit to which the asset belongs) is estimated as the higher of its net selling price and its value in use. An impairment loss is recognised whenever the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. Impairment loss is recognised in the profit and loss account or against revaluation surplus, where applicable. 4. Inventories (i) In valuing poplar trees included under semi finished products, no adjustment is made to the total cost of trees on account of undeveloped / diseased trees, being normal loss during the period of maturity of plantation (based on a technical estimate) except that realisation / insurance claim for such trees is reduced from the 46 PRAG AGRO FARM LIMITED total cost. Every year, plantation cost already incurred is compared with net realisable value which is determined on the basis of estimated selling price less estimated cost likely to be incurred in future for bringing the plantation to maturity and the cost necessarily to be incurred in order to make sale. Cost includes all direct and indirect expenses in respect of the poplar plantation. Further, 75% of net standard realisable value of intercropping, waste, etc is reduced from the above cost because entire farm cost is first added to the cost of plantation. (ii) Agriculture produce/standing crops and plants are valued at 75% of their net realisable value. 5. Revenue recognition Revenue from sale of goods is recognised on transfer of all significant risks and rewards of ownership to the buyer. 6. Contingencies and Provisions A provision is created where there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A contingent liability is disclosed when there is a possible or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure is made. 7. Taxation Income-tax expense comprises current tax and deferred tax charge or credit. Current tax is determined in accordance with the Income Tax Act 1961. The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is a virtual certainty of realisation of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written-up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realised. As the Company is engaged in growing and selling agricultural produce, such income is exempt from income tax. Accordingly, there are no deferred tax assets/liabilities arising therefrom. 8. Earnings per share (’EPS’) The basic earnings per share (’EPS’) is computed by dividing the net profit attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the reporting period. Diluted EPS is computed by dividing the net profit attributable to the equity shareholders for the period by the weighted average number of equity and equivalent dilutive equity shares outstanding during the period, except where the results would be antidilutive. For BSR & Co. Chartered Accountants Firm’s Registration No: 101248W Bhavesh Dhupelia Partner Membership Number: 042070 Mumbai, 26th April, 2012 For and on behalf of the Board S K Sipani Director S Limaye Director Kolkata, 26th April, 2012
DIRECTORS’ REPORT TO THE MEMBERS OF PAVAN POPLAR LIMITED Your Directors present their Report and Accounts for the financial year ended on 31st March, 2012. Company Performance The Company’s turnover decreased to ` 71.47 lakhs as against previous year’s turnover of ` 82.19 Lakhs.The Company has posted a net profit of ` 3.32 lakhs as against a net profit of ` 4.43 lakhs during the previous year. Dividend Your Directors are unable to recommend dividend. Directors Mr. Dipes Chakraborti will retire by rotation at the ensuing Annual General Meeting of the Company and, being eligible, offer himself for re-election. Your Board has recommended his re-election. Directors’ Responsibility Statement Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm that - (i) in the preparation of the Annual Accounts, the applicable Accounting Standards have been followed and no significant departures have been made from the same; (ii) appropriate accounting policies have been applied consistently and judgements and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012 and of the profits for that period; (iii) proper and sufficient care has been taken 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; and (iv) the Annual Accounts have been prepared on a going concern basis. Audit Committee The Audit Committee comprises of M/s. S. Sipani, S. Limaye and D. Chakraborti. AUDITORS’ REPORT TO THE MEMBERS OF PAVAN POPLAR LIMITED We have audited the attached balance sheet of Pavan Poplar Limited (’the Company’) as at 31 March, 2012 and the related statement of profit and loss and cash flow statement for the year ended on that date, annexed thereto. 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. We conducted our audit in accordance with 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. As required by the Companies (Auditor’s Report) Order, 2003 (’the Order’), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (’the Act’), we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to 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 purpose 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; (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; ANNEXURE TO THE AUDITORS’ REPORT – 31 MARCH, 2012 (Referred to in our report of even date) (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified annually. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No discrepancies were noticed upon such verification during the year. (c) The Company has not disposed off any fixed assets during the year. (ii) (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. (b) The procedures for the physical verification of inventories followed PAVAN POPLAR LIMITED Auditors The Company’s Auditors, M/s BSR & Co., retire at the ensuing Annual General Meeting, and being eligible, offer themselves for re-appointment. The Board has recommended their re-appointment. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo A) Conservation of Energy The particulars in Form A regarding consumption of energy are not provided as the activity of the Company does not fall under the list of industries specified in the Schedule annexed to the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988. B) Technology Absorption There is no technology absorption during the year and the Company has not incurred any expenses on research and development. C) Foreign Exchange Earnings and Outgo There is no foreign exchange earning and outgo during the year. Employees None of the employees of the Company is covered under the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975. Acknowledgement The Board acknowledges the understanding and support of the government, investors, banks, distributors, customers, suppliers and business associates and the dedication and hard work of its employees. For and on behalf of the Board S. K. Sipani Director Kolkata, 15th June, 2012 S. Limaye Director (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 of the Company as at 31 March, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act; and (f) in our opinion, and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Act in the manner so required 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 31 March, 2012; (ii) in the case of the statement of profit and loss, of the profit of the Company for the year ended on that date; and (iii) in the case of the cash flow statement, of the cash flows of the Company for the year ended on that date For BSR & Co. Chartered Accountants Firm’s Registration No: 101248W Bhavesh Dhupelia Partner Mumbai, 26th April, 2012 Membership No: 042070 by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. (iii) According to the information and explanations given to us, we are of the opinion that there are no companies, firms or other parties covered in the register required under Section 301 of the Act. Accordingly, paragraph 4(iii) of the Order is not applicable. (iv) 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 with regard to purchase of inventory and fixed assets and with regard to the sale of goods. The activities of the Company do not involve sale 47
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NOTES TO THE FINANCIAL STATEMENTS (
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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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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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132 ITC INFOTECH LIMITED CASH FLOW
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Unaudited Unaudited 2012 2012 2011
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17. Reconciliation of movements in
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138 ITC INFOTECH (USA), INC. BALANC
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NOTES TO THE FINANCIAL STATEMENTS M
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NOTE F - INTANGIBLE ASSETS The Comp
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144 PYXIS SOLUTIONS, LLC. USA STATE
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REPORT OF THE DIRECTORS FOR THE FIN
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156 GOLD FLAKE CORPORATION LIMITED
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162 together with the notes thereon
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CASH FLOW STATEMENT FOR THE YEAR EN
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NOTES TO THE ACCOUNTS (Contd.) Esti
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BALANCE SHEET (All amounts in `, un
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184 MRR TRADING & INVESTMENT COMPAN
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Annexure I Sl. No. Name of Director
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PROFIT AND LOSS ACCOUNT FOR THE YEA
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STATEMENT OF CHANGE IN EQUITY FOR T
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194 SURYA NEPAL PRIVATE LIMITED SCH
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196 SURYA NEPAL PRIVATE LIMITED SCH
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SCHEDULES TO THE ACCOUNTS (Contd.)
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STATEMENTS OF CASH FLOWS YEAR ENDED
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NOTE 12 - INCOME TAXES Income taxes
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SUBSIDIARY COMPANIES - ITC Ltd

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