Annual Report 2010-11

Annual Report 2010-11
SCHEDULE - 24
NOTES FORMING PART OF THE STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED MARCH 31, 2011
1. CAPITAL COMMITMENTS
Estimated Value of contracts remaining to be executed on Capital Account (Net of Advances and
Letters of Credit for capital items) and not provided for is `38,604.02 lakh (Previous Year `27,860.56
lakh).
2. CONTINGENT LIABILITIES
(i)
As on
31.03.2011
Claims against the Society not acknowledged as debts
(a) Claims against Society/Disputed Liabilities 172.95 16.00
(b) Disputed liability relating to Tax matters 2,785.63 2,680.50
(c) Disputed liability relating to labour matters 16,286.22 14,541.68
(d) Court cases/ Arbitration with Contractors/ Suppliers 1,279.27 3,887.91
(ii) Guarantees/Counter Guarantees and Letters of Credit given by 8117.19 32,518.06
Banks on behalf of the Society
(iii)
As on
31.03.2010
Total 20,524.07 21,126.09
Guarantees/Counter Guarantees to lenders and others given by
the Society in respect of Joint Ventures/ Subsidiaries (including
Surety Bonds and Letter of Comfort). 1,34,233.01 1,20,624.56
3. DEFERRED TAX ASSET / LIABILITY
Deferred tax has been worked out in consonance with Accounting Standard 22 - "Accounting for
Taxes on Income", issued by the Institute of Chartered Accountants of India. Major elements of
Liability:
deferred tax liabilities/assets created for tax effects of timing difference are as under:
As on
31.03.2011
• Depreciation 6,169.12 5,855.81
Sub-total 6,169.12 5,855.81
Assets:
• Provision for Employees benefits allowable on payment basis 3,615.77 3,637.38
• Provision for Doubtful Debts/Advances 113.67 149.20
• Provision for Wage Revision - 298.20
• Provision & Other Expenses allowable on payment basis 189.68 107.72
Sub-total 3,919.12 4,192.50
Net Deferred Tax Liability / (Asset) 2,250.00 1,663.31
Net Deferred Tax Liability charged to Profit and Loss Account 586.69 1,160.42
( ` inlakh)
( ` inlakh)
As on
31.03.2010
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