president & cfo - UB Group

More documents

Recommendations

Info

Consolidated Financial StatementSchedules forming part of account for the year ended March 31, 2009 (Contd.)Pension:Whyte and Mackay Group operates and contributes in a defined benefit pension scheme (the Pension Plan).Liability with regard to Pension Plan is accrued based on actuarial valuation, based on Projected Unit CreditMethod at the balance sheet date, carried out by an independent actuary. Actuarial Gains and Losses compriseexperience adjustments and the effect of changes in the actuarial assumptions and are recognised immediatelyin the Profit and Loss Account as income or expense.Provident Fund:Group’s Provident Funds administered by trusts set up any company in the Group where the company’sobligation is to provide the agreed benefit to the employees and the actuarial risk and investment risk fall,in substance, on the company, are treated as a defined benefit plan. Liability with regard to such providentfund plans are accrued based on actuarial valuation, based on Projected Unit Credit Method, carried out by anindependent actuary at the balance sheet date. Actuarial Gains and Losses comprise experience adjustmentsand the effect of changes in the actuarial assumptions and are recognised immediately in the Profit and LossAccount as income or expense.Death Benefit:Death Benefit payable at the time of death is actuarially ascertained at the year-end and provided for in theaccounts.c) Other long term employee benefits:Compensated absences which are not expected to occur within twelve months after the end of the periodin which the employee renders the related services are recognised as a liability at the present value of thedefined benefit obligation at the balance sheet date based on actuarial valuation carried out at each balancesheet date.d) Short term employee benefits:Undiscounted amount of short term employee benefits expected to be paid in exchange for the servicesrendered by employees is recognised during the period when the employee renders the services. Thesebenefits include compensated absences such as paid annual leave and performance incentives.15. Expenditure on account of Voluntary Retirement SchemeExpenditure on account of Voluntary Retirement Scheme of employees is expensed in the period in which it isincurred.16. Research and DevelopmentRevenue expenditure on research and development is charged to Profit and Loss Account in the period inwhich it is incurred. Capital Expenditure is included as part of fixed assets and depreciated on the same basisas other fixed assets.17. Taxes on IncomeProvision for income tax comprises current taxes and deferred taxes. Current tax is determined as the amountof tax payable in respect of taxable income for the period in accordance with the applicable laws.Deferred tax is recognised on timing differences between the accounting income and the taxable income forthe year and quantified using the tax rates and laws enacted or substantively enacted as on the balance sheetdate.98
Consolidated Financial StatementSchedules forming part of account for the year ended March 31, 2009 (Contd.)Deferred tax assets are recognised and carried forward to the extent that there is a reasonable / virtualcertainty that sufficient future taxable income will be available against which such deferred tax asset can berealised.Fringe Benefit Tax is determined at current applicable rates on expenses falling within the ambit of “FringeBenefit” as defined under the Income Tax Act, 1961.18. Earnings / (Loss) per Share (EPS)Basic EPS is arrived at based on Net Profit after Taxation available to equity shareholders to the weightedaverage number of equity shares outstanding during the year. The Diluted EPS is calculated on the same basisas Basic EPS, after adjusting for the effects of potential dilutive equity shares unless impact is anti-dilutive.19. ProvisionsA provision is recognised when an enterprise has a present obligation as a result of a past event and it isprobable that an outflow of resources will be required to settle the obligation, in respect of which a reliableestimate can be made. Provisions, other than employee benefits, are not discounted to their present value andare determined based on management estimate required to settle the obligation at the balance sheet date.These are reviewed at each balance sheet date and adjusted to reflect the current management estimates.Onerous Lease Provision:When a leasehold property ceases to be used in the business or a commitment is entered into which wouldcause this to occur, provision is made for the entire amount by which the recoverable amount of interest inthe property is expected to be insufficient to cover future obligations relating to the lease.20. ContingenciesLiabilities which are material and whose future outcome cannot be ascertained with reasonable certainty aretreated as contingent and, to the extent not provided for, are disclosed by way of notes on the accounts.21. Share / Foreign Currency Convertible Bonds [FCCBs] issue expenses and Premium on Redemption of FCCB :Share/ FCCBs issue expenses incurred are expensed in the year of issue and premium payable on FCCBs isexpensed over the currency of FCCBs. Both are adjusted to the Securities Premium Account as permitted bySection 78(2) of the Companies Act, 1956.22. ExpenditureExpenses are net of taxes recoverable, where applicable.23. Government grantsGovernment grants related to revenue expenses are recognised on a systematic basis in the Profit andLoss Account over the periods necessary to match them with the related costs which they are intended tocompensate.24. Miscellaneous Expenditure (to the extent not written off)Expenditure incurred for raising borrowed funds represents ancillary costs incurred in connection with thearrangement of borrowings and is amortised over the tenure of the respective borrowings. Amortisation ofsuch Miscellaneous Expenditure is included under Interest and Finance charges.99
Page 2 and 3:
CONTENTSDr. Vijay MallyaChairmanRep
Page 5 and 6:
Report of the DirectorsYour Directo
Page 8 and 9:
Report of the Directors (Contd.)The
Page 10 and 11:
Report of the Directors (Contd.)ANN
Page 12 and 13:
Report of the Directors (Contd.)SL.
Page 14 and 15:
Corporate Governance Report1. COMPA
Page 16 and 17:
Corporate Governance Report (Contd.
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Annexure to Report of the Directors
Page 26 and 27:
Auditors' Report to the Members of
Page 28 and 29:
Annexure to the Auditors' Report (C
Page 30 and 31:
Balance Sheet as at March 31, 2009S
Page 32 and 33:
Cash Flow Statement for the year en
Page 34 and 35:
Schedules forming part of Balance S
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Schedules forming part of Profit &
Page 46 and 47:
Schedules forming part of account f
Page 48 and 49:
Page 50 and 51:
Page 52 and 53: Schedules forming part of account f
Page 74 and 75: Statement Pursuant To Section 212(1
Page 76 and 77: Details of Subsidiary CompaniesName
Page 78 and 79: BALANCE SHEET ABSTRACTBALANCE SHEET
Page 80 and 81: Consolidated Financial StatementBal
Page 82 and 83: Consolidated Financial StatementCas
Page 84 and 85: Consolidated Financial StatementSch
Page 120 and 121: 116NOTES
Page 122 and 123: 118NOTES
Page 124: Level 6-10, UB Tower, UB City, 24 V
show all

president & cfo - UB Group

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?