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96Schedule forming part of the Consolidated Financial Statements for the year ended 31st March, 2011SCHEDULE ‘O’ (Contd.)10. Contingent Liabilities in respect of -10.1 Sales Tax Matters under dispute [Net of payments ` 1,145 thousand (Previousyear ` 3,243 thousand)]10.2 Income Tax matters under dispute[Excludes disputed Income Tax matters, in view of favourable Tribunaldecision in similar case](` in ‘000)Year Ended 31.03.2011 Year Ended 31.03.201037,274 6,54612,790 1,80910.3 Service Tax matters under dispute [Net of payments ` 21,671 thousand109,692 96,261(Previous year ` 20,208 thousand)]10.4 Excise Duty matters under dispute [Net of payments ` 3,918 thousand6,172 5,329(Previous year ` 1,648 thousand)]10.5 Others 2,672 57511. Guarantees:-11.1 Bank Guarantees outstanding 479,554 346,59311.2 Corporate Guarantee given by Parent Company on behalf of Subsidiaries :- LimitTractors India Private Limited 4,000,600 NilMyanmar Tractors Limited 89,740 90,600TIL Overseas Pte. Ltd. 67,305 67,950- Amount outstanding at year-endTractors India Private Limited 2,200,400 NilMyanmar Tractors Limited Nil NilTIL Overseas Pte. Ltd. Nil Nil12. Capital Commitment [Net of advance ` 30,712 thousand (Previous year` 22,237 thousand)]567,722 18,566
Overview Performance Reviews Governance Financials97Annual Report 2010-11Schedule forming part of the Consolidated Financial Statements for the year ended 31st March, 2011SCHEDULE ‘O’ (Contd.)13. Technical Know-how [ shown under Intangible Assets - Schedule ‘E’ ] represents technical drawings, designs etc. relating to manufacture of the ParentCompany’s products acquired pursuant to various agreements conferring the right to manufacture and usage only.14. During the year TIPL’s long term composite maintenance contract with a customer, which entailed, inter-alia, supply of parts, was completed. The liabilityaccumulated in respect of earlier years amounting to ` 145,394 thousand [arising from payments received in advance as per the billing/payment schedule,which was time phased] has been appropriately adjusted, as in earlier years, against supply of parts in the current year.15. The Group has various Plant and Machinery (namely Diesel Generating Sets, Machines etc.) given under cancellable operating leases. Leases range forperiods between 6 months to 3 years. Terms of lease include terms for renewal, cancellation etc. Initial Direct costs (commissioning, installation etc.) forsuch assets are borne by the lessee, other than transportation cost, which is borne by the lessor and charged off to revenue. Lease rentals recognised asincome during the year ` 220,086 thousand (Previous Year ` 240,356 thousand). Other details for such Plant and Machinery are as below.(` in ‘000)Gross Block Accumulated Depreciation DepreciationAs at 31.03.2011 As at 31.03.2010 As at 31.03.2011 As at 31.03.2010 Year Ended 31.03.2011 Year Ended 31.03.2010741,090 647,032 261,937 199,182 100,345 93,78816. The Group has various residential / commercial premises taken under cancellable operating lease. Leases range for periods between 3 to 5 years. Termsof the lease include operating term for renewal, increase in rent for future periods, terms of cancellation etc. The operating lease payments for the yearamount to ` 40,909 thousand (Previous Year ` 28,320 thousand)17. Information given in accordance with the requirements of Accounting Standard 17 on “Segment Reporting” -The Group’s business segments are organised on product lines as follows:Material Handling Solutions (MHS)- engaged in manufacturing and marketing of various Material Handling Equipments namely Mobile Cranes,Port Equipment (Reach stacker , Level Luffing Cranes), Self Loading Truck Cranes etc. and dealing in spares and providing services to relatedequipments.Construction & Mining Solutions (CMS) - engaged as a dealer for Caterpillar Inc. USA for their earthmoving, construction mining equipments,spares etc. and providing related services in Eastern and Northern India, Bhutan,Nepal and Myamnar.Power Systems Solutions (PSS) - engaged in assembly, supply, erection and commissioning of Generating Sets powered by Caterpillar enginesand dealing in spares and providing related services in Eastern and Northern India, Bhutan,Nepal and Myamnar.Others represent all unallocated expenditure and include expenses incurred on common services provided to the segments which are not directlyidentifiable to the individual segments as well as expenses incurred at the corporate level which relate to the company as a whole.
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“We make our customers more profi
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