2010-11 - Grasim

ULTRATECH CEMENT
MIDDLE EAST INVESTMENTS LIMITED
a. The Consolidated Financial Statements (CFS) comprises the financial statements of UltraTech Cement
Middle East Investments Limited and its Subsidiaries as at 31.03.2011, which are as under:
Name of the Company
Country of
% Beneficial
Incorporation
Ownership in
Shareholding
and Voting
Power 2011
Subsidiary Companies
i) Arabian Cement Industry L.L.C. U.A.E 80%
ii) Star Cement Co. L.L.C., RAK U.A.E 80%
iii) Star Cement Co. L.L.C., Dubai U.A.E 80%
iv) Al Nakhla Crusher Co. L.L.C. U.A.E 80%
v) Arabian Gulf cement Co. W.L.L. Bahrain 80%
vi) Emirates Cement Bangladesh Ltd. Bangladesh 80%
vii)Emirates Power Company Ltd. Bangladesh 80%
b. The effect of intra group transactions between the Company and its subsidiaries are eliminated on
consolidation.
2. Notes on Accounts of the financial statements of the Company and its Subsidiaries are set out in their
respective financial statements.
3. Goodwill represents the difference between the Group’s share in the net worth of a subsidiary, and the
cost of acquisition at each point of time of making the investment in the subsidiary. For this purpose, the
Group’s share of net worth is determined on the basis of the latest financial statements prior to the
acquisition after making necessary adjustments for material events between the date of such financial
statements and the date of respective acquisition.
Goodwill arising out of an acquisition of equity stake is translated at the closing rate on each Balance Sheet
date as per AS 11 “The Effects of Changes in Foreign Exchange Rates” notified under the Companies
(Accounting Standard) Rules, 2006. In the event of cessation of operations of a subsidiary, the goodwill is
written off fully.
4. Secured loans
The loans of AED 0.74 Crores / INR 8.97 Crores (Previous year Nil) are secured by a first ranking mortgage
on land and plant and machinery of Bangladesh in favor of the Company’s bankers.
Bank
AED INR
AED
INR
Crores
Crores Crores
Crores
2010-11 2009-10
Bank Asia, Bangladesh
(Bangladesh Taka 14.34
Crores) 0.74 8.97 0.00 0.00
Tot
otal
al 0.74 8.97 0.00 0.00
5. Contingent Liabilities not provided for in respect of:
Particular
AED INR
AED
INR
Crores
Crores Crores
Crores
a) Claims not ackno
knowledged as debts in
respect of matters ters in appeals 2010-11 2009-10
i) Sales-tax NIL NIL NIL NIL
ii) Excise duty NIL NIL NIL NIL
iii) Royalty NIL NIL NIL NIL
iv) Customs NIL NIL NIL NIL
b) Others 2.69 32.69 NIL NIL
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