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Schedules
forming part of the accounts
SCHEDULE 16 NOTES FORMING PART OF THE ACCOUNTS
(contd)
As per our attached report of even date
For and on behalf of the Board of Directors
For Dalal & Shah
Firm Registration No. 102020W
Sunil S Lalbhai
Chartered Accountants
Chairman & Managing Director
G S Patel
S S Baijal
B S Mehta
H S Shah
S Venkatesh
S M Datta
Partner
R A Shah
Samveg A Lalbhai
Membership No. F-037942
T R Gopi Kannan
V S Rangan
Managing Director
Mumbai
President, Finance &
B N Mohanan
Mumbai
May 13, 2011
Company Secretary
Directors
May 13, 2011
19 Included under Loans and Advances is an amount of
`
11.29 crores (Previous year
`
21.29 crores) given to
an associate company. The said company is registered under BIFR and is implementing its revival plan. First
charge over all their assets has been assigned exclusively in favour of the Company. The Company has also
given an unsecured loan of
`
3.59 crores (Previous year
`
Nil) as Promoters contribution (repayable in two
equal instalments in financial year 2015-16 and 2016-17). Considering the progress of the revival plan, the
present market value of assets, etc these amounts included under loans and advances are considered as good
and recoverable.
20 The Company has revalued (i) Leasehold land and (ii) Commercial land & building at Ahmedabad, Mumbai
and Delhi as at March 31, 2008 at fair market value as determined by an independent valuer appointed
for the purpose. Resultant increase in book value amounting to
`
107.47 crores has been transferred to
Revaluation Reserve.
21 In the opinion of the management, the diminution in the value of the investment as shown in Schedule 6,
held by the Company is temporary in nature and accordingly, no provision is considered necessary by the
management.
22 Significant accounting policies followed by the Company are as stated in the statement annexed to this schedule.
23 Figures of the previous year have been regrouped | recast | reclassifed wherever necessary.
24 Figures less than
`
50000 has been shown at actual in bracket as the figures have been rounded off to
nearest crores.
18 Employee benefits (contd)
Experience adjustments
(
`
crores)
Particulars
As at March
31, 2011
As at March
31, 2010
As at March
31, 2009
Experience adjustments on:
1 (Gain)| loss on plan liabilities
3.82
2.96
0.29
2 (Gain)| loss on plan assets
0.53
2.63
(2.18)
(b) Defined contribution plan:
Amount of
`
6.21 crores (Previous year
`
5.99 crores) is recognised as expense and included in the
Schedule 13 “Contribution to Provident and Other Funds” to the Profit and Loss Account.
(c) The estimates of future salary increases, considered in actuarial valuation, take account of inflation,
seniority, promotion and other relevant factors, such as supply and demand in the employment market.
Mortality rates are obtained from the relevant data.
(d) Amount recognised as an expense in respect of compensated leave absences is
`
2.42 crores (Previous
year
`
2.21 crores).
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