SUBSIDIARY COMPANIES - ITC Ltd

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NOTES TO THE ACCOUNTS 21. Segment information The Company’s activities involve predominantly business of growing and selling agricultural produce in India, which is considered to be a single business segment since these are subject to similar risks and returns. Further, the business is carried out in India and product sold primarily in India and hence there are no reportable geographical segments. Hence, the financial statements are reflective of the information required by Accounting Standard 17 on Segment Reporting. 22. No remuneration is payable to the Manager during the year. (2010-11: ` Nil) 23. The Company has not appointed a whole-time Company Secretary as required by Section 383 A of the Companies Act, 1956 and accordingly, the financial statements have not been authenticated by a whole-time Company Secretary. 52 PAVAN POPLAR LIMITED Year Ended Year Ended March 31, 2012 March 31, 2011 (`) (`) 18. Other expenses Power and fuel 10,50,177 12,09,066 Consumption of stores and spare parts 4,877 3,305 Rent 7,760 7,760 Rates and taxes 40,621 33,963 Insurance Repairs 50,242 25,644 - Buildings 40,573 35,142 - Others 3,11,975 2,38,141 Outward freight and handling charges 89,951 97,778 Plantation and cultivation 47,58,077 41,24,413 Bank and credit card charges 2,001 2,278 Travelling and conveyance 1,85,440 79,997 Legal and professional fees 3,93,194 3,96,459 Postage and telephone charges 5,343 5,680 Printing and stationery 8,957 8,188 Auditors' remuneration 1,03,650 1,05,185 Miscellaneous expenses 73,408 63,344 Total 71,26,246 64,36,343 As At As At March 31, 2012 March 31, 2011 (`) (`) 19. Contingent liabilities and commitments (to the extent not provided for) Contingent liabilities Claims against the Company not acknowledged as debts Local authority taxes -dispute relating to applicability and determination 6,64,524 6,64,524 Other matters for which the Company is contingently liable 68,802 68,802 Total 7,33,326 7,33,326 24. There are no Micro and Small Enterprises, to whom the Company owes any amounts, which are outstanding for more than 45 days as at March 31, 2012 (March 31, 2011 ` nil). This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. 25. Related Party Disclosures 1. Parties exercising control over the Company <strong>ITC</strong> Limited - Ultimate holding Company# Russell Credit Limited - Fellow Subsidiary of Holding Company# (was holding company of WIMCO Limited till September 28, 2011) WIMCO Limited - Holding Company # No transaction during the years 2011-12 and 2010-11 2. Other related parties with whom the Company had transactions Prag Agro Farm Limited (PAFL) - Fellow Subsidiary Company 3) Transaction with related parties Amount In (`) Particulars Holding Company Fellow Subsidiary Company Total Wimco Limited PAFL 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 Purchases 2,05,344 5,34,934 1,83,750 82,250 3,89,094 6,17,184 Sales — — 66,495 4,01,403 66,495 4,01,403 Expenses reimbursed 53,119 84,974 23,606 20,266 76,725 1,05,240 Expenses recovered 2,61,250 3,96,196 30,69,441 26,78,922 33,30,691 30,75,118 Loans given 2,45,232 1,32,653 — — 2,45,232 1,32,653 Receipt towards loan repayment 29,90,745 13,29,671 — — 29,90,745 13,29,671 Outstanding loans and advances 2,75,84,034 3,03,29,547 — — 2,75,84,034 3,03,29,547 Outstanding debtors 82,87,088 82,87,088 — — 82,87,088 82,87,088 26. Prior period comparatives As At As At March 31, 2012 March 31, 2011 20. Earnings per share The computation of earnings per share is set out below: Net Profit attributable to equity shareholders (A) (`) Weighted average number of equity shares outstanding 3,32,228 4,43,176 during the year (B) (`) Earnings per share of face value `10 each basic and 55,10,004 55,10,004 diluted (A/B) 0.06 0.08 The previous year’s figures have been re-grouped / re-arranged as necessary to conform to the present year’s classification consequent to notification of Revised Schedule VI under the Companies Act, 1956.
NOTES TO THE ACCOUNTS 27. Significant Accounting Policies 1. Basis of Preparation 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 Pavan Poplar 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. 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 amounts 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 recognized prospectively in current and future periods. 3. Fixed Assets/Amortisation/Impairment/Depreciation 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. Leasehold Land is carried at cost less accumulated amortisation and impairment loss, if any. The lease agreement is effective up to 2031. Accordingly, expenditure incurred on leasehold land is amortised on a straight-line basis over the remaining period of the lease. In accordance with AS-28 Impairment of Assets, 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 recognized whenever the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. Impairment loss is recognized in the profit and loss account or against revaluation surplus, where applicable. 4. Inventories ● In valuing poplar trees included under semi finished products, no adjustment is made to the total cost of the 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 total cost. Every year, plantation cost already incurred is compared with the 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 the 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 the entire farm cost is first added to the cost of plantation. ● Agricultural produce/standing crops and plants are valued at 75% of their net realisable value. 5. Retirement benefits Short-term employee benefits All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. These benefits include compensated absences such as paid annual leave. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised during the period. Contributions to the provident fund, which is a defined contribution scheme, are charged to the Profit and Loss Account in the period in which the liability is incurred. PAVAN POPLAR LIMITED Post-employment benefits The Company’s gratuity benefit scheme is a defined benefit plan which is not funded. The Company’s obligation in respect of the gratuity benefit scheme is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. The present value of the obligation under such defined benefit plan is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation is measured at the present value of the estimated future cash flows. The discount rates used for determining the present value of obligation under defined benefit plan are based on the market yields on Government securities as at the balance sheet date. Actuarial gains and losses are recognized immediately in the statement of profit and loss. Other long-term employment benefits Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized as a liability at the present value of the defined benefit obligation at the balance sheet date. The discount rates used for determining the present value of the obligation under defined benefit plan are based on the market yields on Government securities as at the balance sheet date. 6. Revenue recognition Revenue from sale of goods is recognized on transfer of all significant risks and rewards of ownership to the buyer. 7. 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 and a reliable estimate can be made of the amount involved. Where there is a possible or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure is made. 8. 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. 9. 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 anti-dilutive. 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 Dr. R. C. Dhiman Manager Kolkata, 26th April, 2012 53
Page 1: SUBSIDIARY COMPANIES Russell Credit
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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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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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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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ANNEXURE TO THE AUDITORS' REPORT TO
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NOTES TO THE FINANCIAL STATEMENTS N
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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.) As a
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NOTES TO THE ACCOUNTS (Contd.) As a
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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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