2007-08 - Aditya Birla Nuvo, Ltd

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SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS10. INVESTMENTSInvestments are recorded at cost on the date of purchase, which includes brokerage and stamp duty, taxes,etc. Current Investments are stated at lower of cost and fair value. Long term investments are stated at cost afterdeducting provisions made, if any, for permanent diminution in the value.Investments of Life Insurance Business:Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and DevelopmentAuthority (Investment) Regulations, 2000, the Insurance Regulatory and Development Authority (Investment)(Amendment) Regulations, 2001, and various other circulars/notifications issued by the IRDA in this context fromtime to time.All debt securities are considered as ‘held to maturity’ and stated at amortised cost.The discount or premium, which is the difference between the purchase price and the redemption amount of thesecurities, is amortised and offset against interest income in the revenue account or the Profit and Loss Account, asthe case may be, on a straight line basis over the remaining period to maturity of these securities.Mutual fund investments are valued at realisable net asset value.CONSOLIDATED ACCOUNTSListed equity shares are valued and stated at fair value, being the last quoted closing prices on the Stock Exchange,Mumbai, and/or the National Stock Exchange, whichever is lower, at the Balance Sheet date.Unlisted equity shares are stated at historical cost. A provision is made for diminution, if any; in the value of theseshares to the extent that such diminution is other than temporary. Equity shares acquired through primary marketsand awaiting listing are valued at their issue prices.11. INVENTORIESRaw materials, components, stores and spares are valued at lower of cost and net realisable value. However, theseitems are considered to be realisable at cost if the finished products, in which they will be used, are expected to besold at or above cost.Work-in-progress and finished goods are valued at lower of cost and net realisable value. Finished goods and workin-progressinclude costs of conversion and other costs incurred in bringing the inventories to their present locationand condition.Cost of inventories is computed on a weighted-average/FIFO basis.Proceeds in respect of sale of raw materials/stores are credited to the respective heads. Obsolete, defective andunserviceable inventory is duly provided for.12. GOVERNMENT GRANTSGovernment Grants are recognised when there is reasonable assurance that the same will be received. Revenuegrants are recognised in the Profit and Loss Account. Capital grants relating to specific fixed assets are reducedfrom the gross value of the respective fixed assets. Other capital grants are credited to capital reserve.13. REVENUE RECOGNITIONFor Manufacturing Business, revenue is recognised as follows:Revenue from sale of products is recognised when the significant risks and rewards of ownership of the goodshave passed to the buyer.Sales are recorded net of trade discounts, rebates and include excise duty.(134)
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTSIncome from services are recognised as they are rendered-based on agreements/arrangements with the concernedparties. In case of fixed price contracts, revenue is recognised on percentage of completion method and revenuefrom time and materials contract is recognised as the services are provided. Maintenance income is accrued evenlyover the period of contract.Fertiliser price support under Group Concession and other Scheme of Government of India is recognised based onmanagement’s estimate taking into account known policy parameters and input price escalation/de-escalation.For Life Insurance Business, revenue is recognised as follows:Premium is recognised as income when due from policyholders. For unit linked and pension businesses, premiumincome is recognised when the associated units are created. Premium on lapsed policies is recognised as incomewhen such policies are reinstated. Premiums are net of service tax on risk premium collected, if any.In case of Linked Business, Top-up premiums paid by policyholders are considered as single premium and areunitised as prescribed by the regulations. This premium is recognised when the associated units are created.Investment Management Fee on linked funds is recognised when due.Reinsurance premium ceded is accounted for at the time of recognition of the premium income in accordancewith the terms and conditions of the relevant treaties with the reinsurers. Impact on account of subsequentrevisions to or cancellations of premium are recognised in the year in which they occur.In case of Telecom Business, Recharge Fees on recharge vouchers is recognised as revenue as and when therecharge voucher is activated by the subscriber. Unbilled receivables, represent revenues recognised from the billcycle date to the end of each month. These are billed in subsequent periods as per the terms of the billing plans.Income from Financial Services includes brokerage and fees on mutual fund units, bonds, fixed deposits and IPOs,which is recognised when due, on completion of transaction. Management fees from the schemes of the mutualfund are accounted on an accrual basis as per SEBI Regulations. Advisory and portfolio management fees areaccounted on an accrual basis as per contractual terms with clients.Dividend income on investments is accounted for when the right to receive the payment is established.CONSOLIDATED ACCOUNTS14. BENEFITS PAID (INCLUDING CLAIMS)In case of Life Insurance Business, maturity benefits are accounted for when due for payment. Surrenders, deathsand other claims are accounted for, when notified. Claims payable include the direct costs of settlement. Reinsurancerecoverable thereon is accounted for in the same period as the related claim. Repudiated claims, disputed beforejudicial authorities, are provided for based on management prudence considering the facts and evidences availablein respect of such claims.15. LICENCE FEES – REVENUE SHAREWith effect from August 1, 1999, the variable Licence Fee Computed at prescribed rates of revenue share is beingcharged to the Profit and Loss Account in the period in which the related revenue arises. Revenue for this purposecomprises adjusted gross revenue as per the licence agreement of the licence area to which the licence pertains.16. RETIREMENT AND OTHER EMPLOYEE BENEFITS(i)Defined Contribution PlanThe Group makes defined contribution to Provident Fund and Superannuation Schemes, which are recognisedin the Profit and Loss Account on accrual basis.(135)
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Mr. G. D. Birla and Mr. Aditya Birl
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THE CHAIRMAN’S LETTER TO SHAREHOL
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THE CHAIRMAN’S LETTER TO SHAREHOL
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ADITYA BIRLA NUVO LIMITEDBOARD OF D
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FINANCIAL HIGHLIGHTS - STANDALONERs
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MANAGEMENT’S DISCUSSION AND ANALY
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CORPORATE GOVERNANCE REPORTGovernan
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CORPORATE GOVERNANCE REPORT1. Manag
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CORPORATE GOVERNANCE REPORTEmployee
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CORPORATE GOVERNANCE REPORTAll the
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CORPORATE GOVERNANCE REPORTMEANS OF
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SOCIAL REPORTTranscending BusinessS
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SOCIAL REPORTMaking a difference -
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ENVIRONMENT REPORTElements for the
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SHAREHOLDER INFORMATION6c. Domestic
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SHAREHOLDER INFORMATION12. Share Tr
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SHAREHOLDER INFORMATION16. Demateri
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SHAREHOLDER INFORMATION21. Per Shar
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SHAREHOLDER INFORMATIONAccordingly,
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DIRECTORS’ REPORT TO THE SHAREHOL
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ANNEXURE ‘A’ TO THE DIRECTORS
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ANNEXURE ‘B’ TO DIRECTORS’ RE
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AUDITORS’ REPORT TO THE MEMBERSAn
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AUDITORS’ REPORT TO THE MEMBERS(x
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PROFIT & LOSS ACCOUNT FOR THE YEAR
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SCHEDULESSCHEDULE 2RESERVES & SURPL
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Page 164: ADITYA BIRLA NUVO LIMITEDRegistered
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2007-08 - Aditya Birla Nuvo, Ltd

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