2002-03 - Grasim

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SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS Rs. in Crores Grasim & Joint Ventures Consolidated Consolidated Subsidiaries Previous Year SCHEDULE 23 SELLING, DISTRIBUTION, ADMINISTRATION AND OTHER EXPENSES Commission to Selling Agents 32.22 4.43 36.65 29.49 Brokerage and Discount 10.57 0.04 10.61 10.61 Freight, handling and other expenses 526.47 5.69 532.16 546.61 Advertisements 79.71 4.22 83.93 69.59 Insurance 19.69 0.53 20.22 20.24 Rent (including Lease Rent) 8.25 1.71 9.96 13.21 Rates and Taxes 14.74 0.78 15.52 11.93 Stationery, Printing, Postage and Telephone Expenses 17.69 1.04 18.73 19.94 Travelling and Conveyance 27.04 0.61 27.65 28.14 Legal and Professional charges 15.66 0.62 16.28 16.37 Bad debts written off 8.75 8.75 26.53 Provision for Doubtful Debts 1.14 3.06 4.20 2.74 Research contribution (including Expenses) 1.29 0.12 1.41 1.17 Donations 2.53 0.01 2.54 1.65 Directors’ Fee and Commission 1.55 0.01 1.56 1.05 Exchange Rate difference 0.61 2.03 2.64 3.35 Prior period Adjustments 1.00 1.00 Loss on Sale and/or discard of Fixed Assets 10.45 0.81 11.26 5.39 Loss on Sale of Investment 0.02 0.02 0.02 Miscellaneous Expenses 72.27 5.43 77.70 64.61 851.65 31.14 882.79 872.64 SCHEDULE 24 INTEREST On Fixed Loans and Debentures 164.93 12.15 177.08 173.06 On Other Accounts 31.88 0.18 32.06 44.42 SCHEDULE 25 Notes to Consolidated Financial Statements 196.81 12.33 209.14 217.48 1. Principles of Consolidation: (a) The Consolidated Financial Statements (CFS) comprise the financial statements of Grasim Industries Limited and its subsidiaries and its interest in Joint Ventures as on 31.03.2003, which are as under: (I) Subsidiaries: Name of the Company Country of % Shareholding & Incorporation Voting Power Shree Digvijay Cement Company Limited (SDCC) India 62.42 Samruddhi Swastik Trading and Investment Limited India 100.00 Sun God Trading and Investment Limited India 100.00 (II) Joint Ventures: Name of the Company Status Country of Ownership Financial Incorporation Interest Statement as on Tanfac Industries Limited Audited India 9.98% 31.03.2003 Idea Cellular Limited Unaudited (stand alone) India 7.34% 31.03.2003 A V Cell Inc. @ Audited Canada 16.67% 28.09.2002 @ There are no significant transactions or other material events that occurred between the balance sheet dates of A V Cell Inc. and Grasim. (86)
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS (b) The consolidated financial statements have been prepared using uniform accounting policies, inaccordance with the generally accepted accounting policies. However, In respect of Idea Cellular Limited, Cost of Rights and Licences including the fee paid on fixed basis prior to revenue share regime, is amortized on commencement of operations over the period of licence. (c) The effects of intra group transactions between Grasim & its subsidiaries are eliminated in consolidation. 2. The reporting financial year for SDCC is for 12 months ending 30th September.However,the financial statements for the year ended 31st March 2003 are made and audited and considered for consolidation. 3. Accounting Policies and Notes on Accounts of the financial statement of the Company and all the subsidiaries are set out in their respective financial statement. 4 In previous year Joint Ventures were accounted for as investments under Accounting Standard 13 -“Accounting for Investments” and the same have been accounted for as Joint Venture under Accounting Standard 27 in this year in Consolidated Financial Results. Accordingly, the figures for the previous year are not comparable. 5 The Ministry of Textiles, vide its orders dated 30th June 1997 and 1st July, 1999 has deleted cement from the list of commodities to be packed in Jute bags under the Jute Packaging (Compulsory Use in Packing Commodities) Act 1987. In view of this, the company does not expect any liability for non-despatch of cement in Jute bags in respect of earlier years. 6 Contingent Liabilities: Rs. Crores Grasim & Joint Ventures Total Subsidiaries a Claims not acknowledged as debts 198.20 3.21 201.41 b Custom duty which may arise is obligation for export is not fulfilled against import of raw materials and machinery. 5.65 5.65 c Outstanding Bank / Corporate Guarantees 8.01 5.00 13.01 d Custom duty on import of technical know-how and other services relating to projects 10.81 10.81 e Dividend on Cumulative Preference Shares 2.60 2.60 7. Estimated amount of Contracts remaining to be executed on capital account and not provided 70.39 6.86 77.25 8. Demand raised by Gujarat Electricity Board (GEB) contested by the Company in Gujarat High Court Rs. 715.20 Lacs (previous year Rs.715.20 Lacs) including delayed payment charges. A sum of Rs. 715.20 Lacs (previous year Rs.715.20 Lacs) has been deposited with GEB under protest. 9 Segment Reporting a. Primary Segment Reporting (by business segment) Segment have been identified in line with the Accounting Standard on Segment Reporting (AS 17), taking into account the organizational structure as well as the differential risk and returns of these segments. Details of products included in each of the segments are as under:- Fibre & Pulp - Viscose Staple Fibre & Rayon Grade Pulp Chemicals - Caustic Soda & Allied Chemicals Cement - Grey & White Cement Sponge Iron - Sponge Iron Textiles - Fabrics & Yarn Others - Mainly Telecom b. Inter-segment transfers of independent marketable products are at market rates (87)
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GRASIM INDUSTRIES LIMITED BOARD OF
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Wet Modulus (HWM) Fibres and specia
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“Our strategy dictates that we ge
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FINANCIAL HIGHLIGHTS Year ——> U
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SEGMENTAL REVIEW Cement 46% Sponge
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CHEMICALS FY03 FY02 % Change Instal
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The white cement division sustained
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Outlook for Grasim’s Textile busi
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Cash Flow Analysis FY 2003 (Rs.Crs.
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REPORT ON CORPORATE GOVERNANCE CORP
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Date of Board Meeting City No. of D
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11. The Board should set up a “Re
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SOCIAL REPORT BEYOND BUSINESS - REA
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To aid the performance of the farme
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We have recoursed to a number of in
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6. (b) Overseas Depository for GDRs
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14. Distribution of Shareholding as
Page 37 and 38: 21. Per Share Data: 2002-03 2001-02
Page 39 and 40: DIRECTORS’ REPORT Dear Shareholde
Page 41 and 42: As stipulated in Section 217(2AA) o
Page 43 and 44: ii) Pulp Units - Replacement of pur
Page 45 and 46: AUDITORS’ REPORT TO THE MEMBERS
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Page 49 and 50: PROFIT & LOSS ACCOUNT FOR THE YEAR
Page 51 and 52: SCHEDULES SCHEDULE 3 SECURED LOANS
Page 53 and 54: SCHEDULES SCHEDULE 4 Rs. in Crores
Page 55 and 56: SCHEDULES SCHEDULE 6 (Contd.) C. Pr
Page 57 and 58: SCHEDULES SCHEDULE 7 (Contd.) Rs. i
Page 59 and 60: SCHEDULES Rs. in Crores SCHEDULE 8
Page 61 and 62: SCHEDULES Rs. in Crores Previous Ye
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Page 65 and 66: SCHEDULES SCHEDULE 22 (Contd.) B b)
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Page 71 and 72: SCHEDULES 17. Related Party Transac
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Page 77 and 78: CASH FLOW STATEMENT FOR THE YEAR EN
Page 79 and 80: AUDITORS’ REPORT ON THE CONSOLIDA
Page 81 and 82: CONSOLIDATED PROFIT & LOSS ACCOUNT
Page 83 and 84: SCHEDULES FORMING PART OF CONSOLIDA
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Page 95 and 96: SHREE DIGVIJAY CEMENT COMPANY LIMIT
Page 109 and 110: SUN GOD TRADING AND INVESTMENTS LIM
Page 111 and 112: SAMRUDDHI SWASTIK TRADING AND INVES
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Page 117 and 118: GRASIM INDUSTRIES LIMITED Registere
Page 119 and 120: GRASIM INDUSTRIES LIMITED Registere
Page 121 and 122: Registrar of Companies - Madhya Pra
Page 123 and 124: Dear Shareholder(s) GRASIM INDUSTRI
Page 125: GRASIM INDUSTRIES LIMITED Details o
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2002-03 - Grasim

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