2007-08 - Aditya Birla Nuvo, Ltd

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SCHEDULESSCHEDULE 19 (Contd.)SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTSThe ESOP compensation cost is amortised on a straight line basis over the total vesting period of the options.Accordingly, Rs. 0.68 Crores (net of recovery of Rs. 0.03 Crores from the subsidiaries) has been charged to thecurrent year Profit and Loss Account.6. a) Pursuant to the Scheme of Amalgamation (the Scheme) under Sections 391 to 394 of the Companies Act,1956, with effect from April 01, 2007 (the Appointed Date), Aditya Birla Insulators Limited (ABIL), the whollyowned subsidiary of the Company, has been merged with the Company.The Effective Date of the Scheme for merger of ABIL, as approved by the Hon’ble High Court of Gujarat on July31, 2007, is August 08, 2007. ABIL was in the business of manufacturing of Insulators.In terms of the Scheme, all assets and liabilities of ABIL have been transferred and stand vested with theCompany with effect from the Appointed Date at its respective book values on that date. ABIL carried on all itsbusinesses and activities for the benefit of and in trust for, the Company from the Appointed Date. Thus, theprofit or income accruing or arising to ABIL, or expenditure or losses arising or incurred by it from the AppointedDate are treated as the profit or income or expenditure or loss, as the case may be, of the Company. TheScheme has accordingly been given effect to in these accounts.b) The Company has accounted for the amalgamation as amalgamation in the nature of merger as prescribed byAccounting Standard 14 – Accounting for Amalgamation (AS-14) issued by the Institute of CharteredAccountants of India (ICAI). Accordingly, all the assets and liabilities of ABIL are recorded in the books of theCompany at their book values as on the Appointed Date.c) In terns of the Scheme, the Company has acquired assets having Net Book Value of Rs. 89.23 Crores as detailedhereunder:Rs. CroresFixed Assets (Net, including CWIP) 107.00Current Assets, Loans and Advances 123.98Total Assets 230.98Less:Current Liabilities and Provisions 72.35Loans 69.40Total Liabilities 141.75Net Book Value 89.23d) ABIL being a wholly owned subsidiary of the Company, all the shares held in ABIL by the Company werecancelled and extinguished. The difference between the book value of the investments in ABIL of Rs. 88.72Crores and its Net Book Value Rs. 89.23 Crores, amounting to Rs. 0.51 Crores is transferred to General Reservein accordance with the Scheme.e) In view of the aforesaid amalgamation with effect from April 01, 2007, the figures for the previous year are notcomparable with current year.7. In the previous year the Company had made a rights offer for issue of 9,826,638 equity shares of Rs. 10/- each at apremium of Rs. 783 per equity share, aggregating to Rs. 779.25 Crores.The Company has fully utilised the proceeds from Right Issue for the purposes as disclosed in the Letter of Offer forthe Rights Issue.(94)
SCHEDULESSCHEDULE 19 (Contd.)SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS8. (I) SECURED LOANS :Current YearRs. CroresPrevious Yeara) Term Loans secured by way of first pari passu charge createdby mortgage of the immovable properties of the Companysituated at Veraval, Rishra (Textile Division), Jagdishpur (ArgonGas Plant) and Renukoot, hypothecation of movables (save andexcept books debts) situated at these locations, subject to priorcharge(s) created on certain assets in favour of a FinancialInstitution and on Bankers Goods in favour of the Company’sBankers for working capital borrowings. 193.50 200.75b) Term Loan secured by way of first pari passu charge by way ofmortgage of the immovable properties of the Company situatedat Veraval, Rishra (Textile Division), Jagdishpur (Argon Gas Plant),Renukoot, and hypothecation of movables (save and exceptcurrent assets) situated at these locations, subject to priorcharge(s) created on certain assets in favour of a FinancialInstitution. 95.00 95.00c) Term Loans secured by way of exclusive first charge on assetsacquired there-against. 6.58 8.88d) Term Loan secured by way of first pari passu charge by way ofhypothecation of movable fixed assets situated at Veraval, Rishra(Textile Division), Jagdishpur (Argon Gas Plant) and Renukoot. 25.00 —e) Term Loan secured by way of first pari passu charge by way ofhypothecation of movable fixed assets situated at Hi-TechCarbon Division at Gummidipoondi. 45.00 —f) Term Loan secured by way of first pari passu charge by way ofhypothecation of movable fixed assets situated at InsulatorDivisions at Halol and Rishra. 45.00 —g) Term Loan secured by way of exclusive first charge created byhypothecation of Brand Rights/Trademark and movableproperties of the Company’s Madura Garment Division atBangalore and first pari passu charge created by hypothecationof the movable properties (except current assets) of theCompany situated at Veraval, Rishra (Textile Division), Jagdishpur(Argon Gas Plant) and Renukoot, subject to prior charge(s)created on certain assets in favour of a Financial Institutionand on Bankers Goods in favour of the Company’s Bankers forworking capitalborrowings. 100.00 100.00h) Term Loan secured by way of first pari passu charge created byhypothecation of movable properties (save and exceptinvestment and current assets) of the Fertiliser Plant of theCompany situated at Jagdishpur. 100.00 100.00i) Term Loan secured by way of second pari passu charge createdby way of mortgage of immovable properties of the Company’sRayon & Caustic Soda Plant at Veraval, Textile Plant at Rishra,Carbon Black Plant at Renukoot and Argon Gas Plant at(95)
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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
Page 45 and 46: SOCIAL REPORTMaking a difference -
Page 47 and 48: ENVIRONMENT REPORTElements for the
Page 49 and 50: SHAREHOLDER INFORMATION6c. Domestic
Page 51 and 52: SHAREHOLDER INFORMATION12. Share Tr
Page 53 and 54: SHAREHOLDER INFORMATION16. Demateri
Page 55 and 56: SHAREHOLDER INFORMATION21. Per Shar
Page 57 and 58: SHAREHOLDER INFORMATIONAccordingly,
Page 59 and 60: DIRECTORS’ REPORT TO THE SHAREHOL
Page 69 and 70: ANNEXURE ‘A’ TO THE DIRECTORS
Page 71 and 72: ANNEXURE ‘B’ TO DIRECTORS’ RE
Page 77 and 78: AUDITORS’ REPORT TO THE MEMBERSAn
Page 79 and 80: AUDITORS’ REPORT TO THE MEMBERS(x
Page 81 and 82: PROFIT & LOSS ACCOUNT FOR THE YEAR
Page 83 and 84: SCHEDULESSCHEDULE 2RESERVES & SURPL
Page 85 and 86: SCHEDULESRs. CroresAs atAs atFace V
Page 87 and 88: SCHEDULESSCHEDULE 7INVENTORIESAs at
Page 89 and 90: SCHEDULESRs. CroresYear EndedYear E
Page 91 and 92: SCHEDULESSCHEDULE 19SIGNIFICANT ACC
Page 93 and 94: SCHEDULESSCHEDULE 19 (Contd.)SIGNIF
Page 95: SCHEDULESSCHEDULE 19 (Contd.)SIGNIF
Page 121 and 122: SEGMENT DISCLOSURES FOR THE YEAR EN
Page 123 and 124: CASH FLOW STATEMENT FOR THE YEAR EN
Page 125 and 126: AUDITORS’ REPORT ON THE CONSOLIDA
Page 127 and 128: CONSOLIDATED PROFIT & LOSS ACCOUNT
Page 129 and 130: SCHEDULES FORMING PART OF CONSOLIDA
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SCHEDULES FORMING PART OF CONSOLIDA
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SCHEDULES FORMING PART OF CONSOLIDA
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SEGMENT DISCLOSURES FOR THE YEAR EN
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CONSOLIDATED CASH FLOW STATEMENT AS
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ANNEXURE ‘1’ OF STATEMENT PURSU
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STATEMENT PURSUANT TO SECTION 212(8
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ANNEXURE ‘A’ OF STATEMENT U/S 2
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ANNEXURE ‘A’ OF STATEMENT U/S 2
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ADITYA BIRLA NUVO LIMITEDRegistered
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2007-08 - Aditya Birla Nuvo, Ltd

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