2010-11 - Grasim

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GRASIM BHIWANI TEXTILES LIMITED SCHEDULE 20 ACCO CCOUNTING POLICIES AND NOTES ON ACCO CCOUNTS A Significant Accounting Policies: 1. Accounting Concepts: The financial statements are prepared under the historical cost convention on accrual basis and in accordance with the applicable mandatory Accounting Standards. 2. Fixed Assets: Fixed assets are stated at cost (including other expenses related to acquisition and installation) less accumulated depreciation/ amortisation. 3. Foreign Currency rency Transactions: Foreign currency transactions are recorded at the exchange rate prevailing on the date of transaction. Monetary assets and liabilities in foreign currency existing at balance sheet date are translated at the exchange rate prevailing on that date. All other exchange differences are recognised in profit and loss account. Premium or discount on forward exchange contract is amortised as expense or income over the life of the contract. 4. Treatment of expendit xpenditure during construction period: Expenditure during construction period is included under Capital Work in Progress and the same is allocated to the respective Fixed Asset on the completion of its construction. 5. Inventories: Inventories are valued at the lower of cost or net realisable value except waste/scrap which is valued at net realisable value. The cost is computed on weighted average. Finished goods and process stock include cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Obsolete, defective and unserviceable inventories are duly provided for. 6. Researc esearch and development elopment expendit xpenditure: Revenue expenditure is charged to the profit and loss account and capital expenditure is added to the cost of fixed assets in the period in which it is incurred. 7. Depreciation/Amortization: Depreciation/amortisation charge is provided for on the following basis: a) On fixed assets at Straight Line Method applying the rates / useful life specified in Schedule XIV of the Companies Act, 1956, except as stated hereunder: Asset Estimated useful life Motor Cars 5 years Computer Software 3 years Furniture & Equipments 7 years Furniture & Equipments for Showroom 5 years Computers 4 years Telephone/ Mobile 3 years b) In respect of assets added/disposed of during the Year on prorata basis with reference to the month of addition/deduction except in case of new projects where it is provided for on the basis of the period of use. 8. Revenue enue Recognition: Sales revenue is recognized on transfer of the significant risks and rewards of ownership of the goods to the buyer and stated at net of sales tax, VAT, trade discounts, rebates but includes excise duty. Income from services is recognised as the services are rendered, based on agreement/arrangement with the concerned parties. Interest income is recognised on time proportion basis. Export incentives, certain insurance, railway and other claims, where quantum of accruals cannot be ascertained with reasonable certainty, are accounted on acceptance basis. 9. Bor orro rowing Cost: Interest and other costs in connection with the borrowing of the funds to the extent related/attributed to the acquisition/construction of qualifying fixed assets are capitalised upto the date when such assets are ready for its intended use and other borrowing costs are charged to Profit & Loss Account. 10. 0. Employee Benefits: The Company makes regular contribution to provident fund and superannuation fund and these contributions are charged to Profit & Loss Account. Contributions to the Gratuity Fund and provision for leave encashment are made on the basis of actuarial valuation at the end of Year and charged to Profit & Loss Account. 11. Pro rovision for Current rent and Defer erred red Tax: a) Provision for Current Tax is made on the basis of estimated taxable income for the current accounting Year and in accordance with the provisions as per Income Tax Act, 1961. b) Deferred Tax resulting from timing difference between book and taxable profit for the Year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is a reasonable certainty that the assets will be adjusted in future. 12. Pro rovisions / Contingencies: A provision is recognized when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on best estimate of the amount required to settle the obligation at the Balance Sheet date. Contingent liabilities are not provided for and are disclosed in the Notes on Accounts. Rs. in lacs 2011 2010 B. NOTES ON ACCO CCOUNTS 1.1 Contingent Liabilities not provided for in respect of: Claims not acknowledged as debts (includes demands in respect of Excise Duty, Cenvat Credit, Water Cess, Sales Tax/TAV, Electricity Duty etc.) Excise Duty 1464.85 1464.85 Custom Duty 31.35 31.35 Stamp Duty 433.80 433.80 1.2 Estimated amount of Contracts remaining to be executed on capital account and not provided (Net of advance Rs. 53.97 Lacs) 80.81 6.75 (previous year Rs. 4.46 Lacs) 2. Advances recoverable in cash or in kind include : a) Payment made to employees by way of Loans and Advances in the nature of loan where there is Rs. in Lacs Outstanding as on Maximum Balance Outstanding 31.03.2011 31.03.2010 31.03.2011 31.03.2010 No Interest or Interest below Section 372A of Companies Act, 1956 147.86 80.83 147.86 108.21 147.86 80.83 147.86 108.21 3 There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company. Rs. in Lacs 4 Auditors’ Remuneration 2011 2010 a) Statutory Auditors: Audit Fee 82725 75000 Tax Audit Fee 27575 25000 For Certification and other Work 22060 20000 b) Cost Auditors: Audit Fee 55150 55150 For Certification and Other Work Reimbursement of Expenses - - 156
GRASIM BHIWANI TEXTILES LIMITED 2011 2010 5 Earnings per share: Net Profit/(Loss) for the Year attributable to equity shareholders Rs. in Lacs 428.60 458.72 Weighted average number of equity shares outstanding Numbers 2005000 2005000 Basic and diluted earnings per share (face value of Rs.10 each) Rs. 2.14 2.29 Rs. in Lacs 6 Defer erred red Tax Assets and Liabilities as on 31st March 2011 1 are as under Defer erred red Tax Assets ssets: Expenses allowable in installments in Income Tax 64.89 36.28 Others 910.50 1256.42 975.39 1292.70 Defer erred red Tax Liability : Others - - Accumulated Depreciation 1150.01 1166.59 Net Defer erred red Tax Assets/(Liabilities) (174.62) 126.1 26.11 On ground of prudence cumulative MAT Credit entitlement amounting to Rs 204.40 Lac has not been recognized ed as an assets. 7 The Company operates in one business segment viz “Manufacturing and sales of textiles”, therefore segment information has not been furnished. The Company’s operating facilities are located in India. Breakup of domestic and export revenue is as under : Rs. In Lacs. Current Previous Period Period Domestic Revenue 25554.90 21889.30 Export Revenue 7182.17 5339.40 8. Disclosure of related parties/ related party transactions. a) List of related parties Name of the Related party Nature of Relationship Grasim Industries Ltd. Holding Company Sun God Trading & Investment Ltd. Fellow Subsidiary Samruddhi Swastik Trading & Investment Ltd. Fellow Subsidiary Harish Cement Limited Fellow Subsidiary Samruddhi Cement Ltd. (upto 30th June 2010) Fellow Subsidiary Ultratech Cement Ltd. Fellow Subsidiary Dakshin Cement Limited Fellow Subsidiary Ultratech Cement Lanka Private Limited Fellow Subsidiary UltraTech Cement Middle East Fellow Subsidiary Investment Limited Star Cement Co LLC, UAE Fellow Subsidiary Star Cement Co LLC, RAK, UAE Fellow Subsidiary Al Nakhla Crusher, LLC, Fujairah, UAE Fellow Subsidiary Arabian Cement Industry LLC, Abu Dhabi, UAE Fellow Subsidiary Arabian Gulf Cement Co WLL, Bahrain Fellow Subsidiary Emirates Power Company Ltd., Bangladesh Fellow Subsidiary Emirates Cement Bangladesh Ltd., Fellow Subsidiary Bangladesh Key Management persons (KMP) Mr.S.Krishnamoorthy Mr.S.K.Sharma (with effect from 17th April 2010) Disclosure of related party transactions: S.No. Particulars Name of Company Amount Amount (Rs in Lacs) (Rs in Lacs) 2011 2010 1. Sales & Services GrasimIndustrieLtd. 12.35 - Ultratech Cement Ltd. 4.87 - 2. Purchase of goods/ Grasim Industries Ltd. 2742.26 2331.74 payment for Ultratech Cement Ltd 6.59 - other services Samruddhi Cement Ltd. - 3.76 3. Interest paid Grasim Industries Ltd. - 144.76 4. Outstanding balance Grasim Industries Ltd. (201.87) (149.42) - Debtors/(Creditors) Ultratech Cement Ltd 4.45 - 5. Finance taken (ICD) Grasim Industries Ltd. 3179.27 3046.26 6. Payment for Service S.Krishnamoorthy 15.35 18.97 S.K.Sharma 22.51 - 7. Interest & other income S.Krishnamoorthy 1.52 0.66 (Received/Receivable) 8. Outstanding balance Loan & Advance S.Krishnamoorthy 27.60 27.55 9. Retirement Benefits Rs. in Lacs Rs. in Lacs 2011 2010 A. Defined Benefit Plans : a) Gratuity : The Employees’ gratuity scheme is managed by Trust. The present value of obligation 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.The Amount recognised in respect of gratuity is as under: (i) Present value of the funded defined benefit 1383.90 1224.49 obligation at the end of the period. Fair value of Plan Assets (1429.05) (1246.11) (iii) (iv) (ii) Net Liability/ (Assets) (45.15) (21.62) The amounts recognized in salary, wages and employee benefit in the Profit and Loss Account as follows in respect of gratuity Current Service Cost 75.52 77.86 Interest on defined benefit obligations 104.31 99.75 Expected return on plan assets Past Services Cost (90.55) (79.44) Net Actuarial (gain)/loss recognized during 0.46 - the period (50.70) (152.62) Net Cost 39.02 (54.45) Less: Capitalised as pre-operative expenses in - - respect of projects/old disputed settlements - - Net Charge to Profit and Loss Account 39.02 (54.45) Act ctual Ret eturn on plan assets Expected return on plan assets 90.55 79.44 Actuarial gain/(loss) on plan assets 92.39 60.15 Actual return on plan assets 182.94 139.59 Reconciliation of present value of the obligation and the fair value of the plan assets: Opening defined benefit obligation as on 1st April 2010 1224.49 1211.50 Current Service Cost 75.52 77.86 Interest Cost 104.31 99.75 Acturial (Gain)/loss 41.68 (92.47) Benefit Paid (62.55) (72.17) Past Service Cost 0.46 - Closing defined benefit obligation as on 1383.90 1224.49 31st March 2011 157 ⊳
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SUBSIDIARIES GRASIM INDUSTRIES LIMI
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CONTENTS 2 UltraTech Cement Limited
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UltraTec ech Cement Limited OVER VE
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UltraTec ech Cement Limited achieve
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UltraTec ech Cement Limited M/s. N.
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UltraTec ech Cement Limited m. n. W
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UltraTec ech Cement Limited FORM -
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UltraTec ech Cement Limited 4. Expe
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UltraTec ech Cement Limited Financi
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UltraTec ech Cement Limited 5. On t
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UltraTec ech Cement Limited (x) opi
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UltraTec ech Cement Limited (xv) (x
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UltraTec ech Cement Limited ` in Cr
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UltraTec ech Cement Limited CURRENT
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UltraTec ech Cement Limited CURRENT
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UltraTec ech Cement Limited SCHEDUL
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UltraTec ech Cement Limited 17. Cap
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UltraTec ech Cement Limited 19. Emp
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UltraTec ech Cement Limited Details
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UltraTec ech Cement Limited 22. Fig
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UltraTec ech Cement Limited (b) Pur
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UltraTec ech Cement Limited Balance
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UltraTec ech Cement Limited (i) (ii
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UltraTec ech Cement Limited 20. Fig
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DAKSHIN CEMENTS LIMITED AUDI UDITOR
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DAKSHIN CEMENTS LIMITED Schedules f
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DAKSHIN CEMENTS LIMITED Balance She
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HARISH CEMENT LIMITED AUDI UDITOR O
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2010-11 - Grasim

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