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Tractors NepalSchedules forming part of theProfit and Loss Account for the year ended 31st March, 2009SCHEDULE ‘P’SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS1. Accounting PoliciesA. Accounting Convention:The financial statements are prepared under the historical cost convention in accordance with the relevant Indian/InternationalAccounting Standards as applicable.B. Fixed Assets:Fixed assets are stated at cost and are inclusive of all expenses to the date of commissioning / putting the assets to use. Borrowingcost till the date it comes into use is capitalized as part of expenses.C. Depreciation:Depreciation is provided for as prescribed in Schedule XIV of the Indian Companies Act 1956 as amended on straight – line methodat the rates mentioned below. Depreciation on addition is provided from the succeeding month of the purchases of fixed assets.Plant & Machineries 4.75%Computer & Accessories 16.21%Furniture 6.33%Building on leased land 20%Vehicle 20%D. Sales and other incomeRevenue from sales and services is recognized on accrual basis on issuing the tax invoice and stated net of VAT. Commission incomeis recognized on the settlement basis.C. Expenses during Trial Run:Expenses (including depreciation of assets used during the period) incurred during the trial run period are written off over the periodof five years from the year of operation.D. Deferred Revenue Expenses:Expense for company formation and other deferred revenue expenses are written off over the period of five years from the year ofoperation/expensed.E. Inventories:(i) Stock of spares and consumable store is valued at cost on weighted average cost basis and stated net of write-off.(ii) Work in Progress is valued on the percentage of completion basis.F. Tax ProvisionIncome tax provision is made as per Nepal Income Tax Act 2002 as amended @ 26.5% for initial 3.5 months and 25% for rest 8.5month on the book Profit.G. Foreign Currency TransactionsTransactions in foreign currency are reflected at the rates applicable at the year end date and any difference at the time of realizationis shown as Exchange Gain/Loss.NOTES TO THE ACCOUNTSA. Contingent liabilitiesOne of our past customer, Hetauda Cements Factory Limited had filed a case against our company relating to wrong parts supply madeby TIL for a value of Nrs, 920,415.71, for which the appellate court has decided in favor of the customer. The Company has filed the caseat Supreme Court against the above decision for which no provision in the accounts has been made as the case is still pending.B. Commission incomeCommission income amounting to Nrs. 4,262,167.00 as accrued based on the difference between customer invoice and dealer invoice hasbeen booked after deducting estimated 20% relevant expenses which is subject to confirmation and settlement with CAT Singapore.
Cash Flow Statementfor the year ended 31st March, 2009Year ended31st March 2009(NRs) (Rs) (NRs) (Rs)Year ended31st March 2009Year ended31st March 2008114Year ended31st March 2008A. CASH FLOW FROMOPERATING ACTIVITIESNet Profit Before Tax andExtra-ordinary Items19,289,751 12,056,094 10,387,401 6,492,126Adjustments for :Depreciation 171,614 107,259 126,815 79,259Provision for dimunition in valueof Investment written back- -Loss on Sale of Fixed Assets - - - -Loss on Sale of Investment - -Provision for Employee Benefits - -Interest Expenses - -Interest / Dividend Income (26,665) (16,666) -Miscellaneous ExpenditureWritten off- - - -144,949 90,593 126,815 79,259Operating Profit before19,434,700 12,146,688 10,514,216 6,571,385Working Capital ChangesAdjustments for :Trade and Other Receivables (1,476,907) (923,067) (4,505,902) (2,816,189)Inventories (3,089,428) (1,930,893) (196,223) (122,639)Loans and Advances (3,311,673) (2,069,796) 241,342 150,839Trade Payable 507,226 317,016 (123,519) (77,199)(7,370,782) (4,606,739) (4,584,302) (2,865,189)Cash Generated fromOperations12,063,918 7,539,949 5,929,914 3,706,196Direct Taxes Paid (3,783,167) (2,364,479) (1,282,712) (801,695)Cash Flow beforeExtraordinary Items8,280,751 5,175,469 4,647,202 2,904,501Extraordinary Items - -Net Cash from OperatingActivities8,280,751 5,175,469 4,647,202 2,904,501B. CASH FLOW FROMINVESTING ACTIVITIESPurchase of Fixed Assets (409,202) (255751) (18,198) (11,374)Proceeds from Sale of FixedAssets- - - 0Proceeds from Sale ofInvestments- -Interest Received 26,665 16,666 -Dividend Received - -Miscellaneous Expenditure(write back) (Technical Knowhow Fees / DeferredRevenue Expenditure )Net Cash Used in InvestingActivities(382,537) (239,086) (18,198) (11,374)115Financial Statements (TNPL)
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Corporate InformationBoard of Direc
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0607PAT Margin (Per Cent)3.934.17EB
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0809Chairman’s Messageproviding c
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014015Gearing up for the next level
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016017Gearing up for the next level
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024025Roads & HighwaysOpportunities
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026027Estimates for Construction Eq
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030031Annexure to Directors’ Repo
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Report onCorporate Governance036037
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038039Report on Corporate Governanc
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Standard and Aajkal. Pursuant to am
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g) Registrar and Share Transfer Age
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j) Distribution of shareholding as
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Certificate of Complianceof the Cod
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Ten YearsFinancial Highlights(Rs. i
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Annexure to Auditors’ ReportAnnex
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(Rs. in ‘000)ScheduleAs atAs at31
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Schedulesforming part of the Balanc
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Schedulesforming part of the Profit
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Page 80 and 81: Report of the Auditorsto the Board
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Page 98 and 99: Directors’ Report096097DIRECTORS
Page 100 and 101: Balance Sheetas at 31st March, 2009
Page 102 and 103: Notesto the accounts 31st March, 20
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Page 108 and 109: Tractors NepalBalance Sheetas at 31
Page 110 and 111: Tractors NepalScheduleforming part
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Page 124 and 125: Statementof changes in shareholder
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Page 140: TIL Limited1, Taratolla Road, Garde
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