SUBSIDIARY COMPANIES - ITC Ltd

RUSSELL CREDIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2012 (Contd.)
4. Reserves and surplus
As at As at
31st March, 2012 31st March, 2011
(`) (`) (`) (`)
Capital reserve
Balance at the beginning and at the end of the year
General reserve
2,87,67,445 2,87,67,445
Balance at the beginning and at the end of the year
Special reserve u/s 45-IC of the Reserve Bank of India Act, 1934
1,38,36,301 1,38,36,301
Balance at the beginning of the year 62,81,35,020 58,81,92,201
Add: Transferred from Statement of Profit and Loss 6,28,67,007 3,99,42,819
Balance at the end of the year
Surplus in Statement of Profit and Loss
69,10,02,027 62,81,35,020
Balance at the beginning of the year 72,03,34,978 56,05,63,702
Add: Profit for the year 31,43,35,033 19,97,14,095
Less: Transferred to Special reserve u/s 45-IC of the Reserve Bank of
103,46,70,011 76,02,77,797
India Act, 1934 6,28,67,007 3,99,42,819
Balance at the end of the year 97,18,03,004 72,03,34,978
170,54,08,777 139,10,73,744
5. Deferred tax liabilities (net) As at As at
31st March, 2012 31st March, 2011
Deferred tax liabilities
(`) (`)
On fiscal allowances on fixed assets 51,05,252 56,16,364
Deferred tax assets
51,05,252 56,16,364
On employees' seperation and retirement etc. 20,53,028 12,15,322
Other timing differences — 2,91,543
On provision on standard assets 1,02,115 2,77,130
21,55,143 17,83,995
29,50,109 38,32,369
6 Long term provisions
Provision for employee benefits
Provision for compensated absences
Provision - others
1,32,735 10,63,503
Contingent provision against standard assets 3,01,401 5,38,590
4,34,136 16,02,093
7 Other current liabilities As at As at
31st March, 2012 31st March, 2011
Other payables (*)
(`) (`)
Dues to related parties Security deposit from the holding company 12,00,000 12,00,000
Liability towards purchase of investments 5,43,336 1,20,09,363
Liability towards expenses 39,26,799 29,58,297
Statutory remittances 8,30,284 1,18,336
65,00,419 1,62,85,996
(*) There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days during the year and also
as at 31st March, 2012. 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 based on information available with the Company.
8 Short term provisions As at As at
31st March, 2012 31st March, 2011
Current portion of long term employee benefits
(`) (`)
Provision for compensated absences
Provision - others
27,54,924 —
Current taxation (net of advance income tax) 78,18,057 83,46,001
Contingent provision against standard assets 13,333 3,15,564
9. Tangible assets
1,05,86,314 86,61,565
GROSS BLOCK (AT COST) DEPRECIATION NET BLOCK
Particulars As at Additions Disposal As at Upto For the Disposal Up to As at As at
commencement the end of 31st March, year 31st March, 31st March, 31st March,
of the year the year 2011 2012 2012 2011
(`) (`) (`) (`) (`) (`) (`) (`) (`) (`)
Plant & equipment(*) 12,07,36,456 2,98,81,243 1,37,35,399 13,68,82,300 4,07,82,206 1,23,74,297 80,71,558 4,50,84,945 9,17,97,355 7,99,54,250
Office equipment 1,60,000 — — 1,60,000 22,800 7,600 — 30,400 1,29,600 1,37,200
TOTAL 12,08,96,456 2,98,81,243 1,37,35,399 13,70,42,300 4,08,05,006 1,23,81,897 80,71,558 4,51,15,345 9,19,26,955 8,00,91,450
Previous Year 12,63,59,638 26,300 54,89,482 12,08,96,456 3,09,94,461 1,20,83,725 22,73,180 4,08,05,006 8,00,91,450 9,53,65,177
*Includes assets given on operating leases, which are not non-cancellable and are usually renewable by mutual consent on mutually agreeable terms.
The Gross Value of such assets is ` 13,68,56,001/- ( 2011 - ` 12,07,10,155/-) and Accumulated Depreciation is ` 4,50,82,871/- ( 2011 - ` 4,07,81,380/-).
Depreciation for the year charged to Statement of Profit and Loss is ` 1,23,73,048/- (2011 - ` 1,20,80,356/-).
The aggregate lease rental of ` 2,16,25,256/- (2011 - ` 2,09,09,256/-) is included in Lease and Other Rentals under Revenue from Operations (Note No. 18)
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