SUBSIDIARY COMPANIES - ITC Ltd

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DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH, 2012 Your directors present their report on the company for the financial year ended 31 March, 2012. Directors The names of the directors in office at any time during or since the end of the year are: Mr David Charles McDonald Mr Sachidanand Madan Mr Arup Kumar Mukerji Mr Allan Hendry Corporate information Technico Asia Holdings Pty Limited is a company limited by shares that is incorporated and domiciled in Australia. It is a wholly owned subsidiary of Technico Pty Ltd, a company incorporated in Australia. During the year under review, ITC Limited, India acquired from its wholly owned subsidiary, Russell Credit Limited the entire shareholding of your Company’s parent company, Technico Pty Limited (Technico), Australia. The registered office of Technico Asia Holdings Pty Limited is located at: 82 Suite 5, 20 Bundaroo Street, BOWRAL NSW 2576, Australia The company had no employees during the year. Principal activities During the year, the entity did not have any activity other than holding 100% of the shares of Technico Horticultural (Kunming) Co. Limited, China. Review and results of operations During the year, the company earned a profit of A$ nil [2011: nil]. DIRECTORS’ DECLARATION FOR THE YEAR ENDED 31 MARCH, 2012 In accordance with a resolution of the directors of Technico Asia Holdings Pty Limited, we state that in the opinion of the directors: (a) the company is not a reporting entity as defined in the Australian Accounting Standards; (b) the financial statements and notes of the company are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the company’s financial position as at 31 March, 2012 and of their performance for the year ended on that date; and AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF TECHNICO ASIA HOLDINGS PTY LIMITED FOR THE YEAR ENDED 31 MARCH, 2012 In relation to our audit of the financial report of Technico Asia Holdings Pty Limited for the financial year ended 31 March, 2012, to the best of my knowledge and belief, there have been no contraventions of the auditor INDEPENDENT AUDIT REPORT TO THE DIRECTORS OF TECHNICO ASIA HOLDINGS PTY LIMITED FOR THE YEAR ENDED 31 MARCH, 2012 We have audited the accompanying financial report, being a special purpose financial report of Technico Asia Holdings Pty Limited, which comprises the statement of financial position as at 31 March, 2012, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary or significant accounting policies and other explanatory information, and the directors’ declaration. TECHNICO ASIA HOLDINGS PTY LIMITED Significant events after balance date There are no significant events after the balance date to be reported. Environmental regulation and performance The company is not subject to any particular or significant environmental regulation. Indemnification and insurance of directors Indemnification The company has not, during or since the financial year, indemnified or agreed to indemnify a current or former director or officer or auditor of the company or of any related body corporate against a liability incurred whilst engaged as a director or officer or auditor. Insurance The company has not, during or since the financial year, paid any insurance premium or agreed to pay a premium insuring directors, officers and auditors of the company against liabilities for costs and expenses incurred in defending civil or criminal proceedings. Auditor independence The auditor’s independence declaration from Gillespies is on page 12 of this report. Signed in accordance with a resolution of the Board of Directors: Place: Sydney, Australia Allan Hendry Dated: 26th April, 2012 Director (ii) complying with Accounting Standards and Corporations Regulations; and (c) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. Place: Sydney, Australia On behalf of the Board: 26 April, 2012 Allan Hendry Director independence requirements of the Corporations Act 2001 or any applicable code of professional conduct. GILLESPIES Chartered Accountants Suite 5, 20 Bundaroo Street BOWRAL NSW 2576 David Duff Dated: 26 April, 2012 Partner Directors’ responsibility for the financial report The directors of the company are responsible for the preparation of the financial report and have determined that the basis of preparation described in note 1 to the financial report is appropriate to meet the requirements of the Corporations Act 2001 and is appropriate to meet the needs of the members.
The directors’ responsibility also includes such internal control as the directors determine is necessary to enable the preparation of a financial report that is free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the financial report based on our audit. We have conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstance, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH, 2012 TECHNICO ASIA HOLDINGS PTY LIMITED Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Technico Asia Holdings Pty Limited, would be in the same terms if given to the directors as at the time of the auditor’s report. Audit opinion In our opinion, the financial report of Technico Asia Holdings Pty Limited is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the company’s financial position as at 31 March, 2012 and of its performance for the year ended on that date; and (b) complying with Australian Accounting Standards to the extent described in note 1, and the Corporations Regulations 2001. Basis of accounting Without modifying our opinion, we draw attention to Note 1(a) to the financial report, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the directors’ financial reporting responsibilities under the Corporations Act 2001. As a result, the financial report may not be suitable for another purpose. GILLESPIES Chartered Accountants Suite 5, 20 Bundaroo Street BOWRAL NSW 2576 David Duff 26 April 2012 Partner 2012 2011 Notes $ ` $ ` Continuing operations Sale of goods Cost of sales: — — — — Other cost of sales — — — — Inventory write off and write down Gross profit — — — — Other income — — — — Marketing expenses — — — — Research and development expenses — — — — Occupancy expenses — — — — Administration expenses: — — — — Other administration expenses — — — — Recovery investments and loans — — — — Finance costs — — — — Other revenues/(expenses) from ordinary activities — — — — Profit from continuing operations before income tax expense — — — — Income tax expense — — — — Net profit attributable to members of Technico Asia Holdings Pty Ltd — — — — 83
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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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NOTES TO THE FINANCIAL STATEMENTS F
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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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Page 48 and 49: of services. We have not observed a
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Page 66 and 67: BALANCE SHEET AS AT MARCH 31, 2012
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Page 126 and 127: 14 CASH AND BANK BALANCES Cash and
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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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NOTES TO THE FINANCIAL STATEMENTS (
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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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NOTES TO THE ACCOUNTS (Contd.) 172
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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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