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Notes to Accounts of Tata Investment Corporation Ltd.

Mar 31, 2016

1. The CSR obligation as computed by the Company is relied upon by the auditors.

2. The Company has received a show cause notice from the Service Tax Authorities with respect to levy of service tax of Rs. 123.00 lacs (plus interest and penalty) on income earned from stock lending activities. Considering the facts involved in the matter, the legal position and the memorandum obtained from the consultants, the Company believes that appropriate defence and remedies are available to the company in this matter. However, out of abundant caution and to mitigate interest burden, the Company has deposited a sum of Rs. 68.00 lacs (plus interest) under protest with the concerned authorities and has also made a provision of equal amount in the books.

Notes :

a) Gratuity is administered through a trust fund recognised by the Income Tax Act, 1961.

b) Future salary increases considered in actuarial valuation take into account inflation, seniority, promotion and other retirement factors.

c) The expected rate of return on plan assets is based on expectation of the average long term rate of return on investments of the Fund during the estimated terms of the obligations.

d) The best estimate of the expected contribution for the next year amounts to Rs. 10.00 lacs (Previous Year Rs. 10.00 lacs).

e) The above information is certified by the actuary and relied upon by statutory auditors.

f) The discount rate is based on prevailing market yield of Indian government securities as at the valuation date for the estimated terms of the obligations.

g) The Company has recognised the following amounts in the Statement of profit and Loss (Details in note 3.3)

3. The Company has been assigned a rating of '' CRISIL AAA/Stable''on Rs. 10 crores Non-Convertible Debentures programme.

4. Previous year''s figures have been regrouped/reclassified, wherever necessary, to correspond with current year''s classification / disclosure.


Mar 31, 2015

(Rs. in lacs) Year ended Year ended 31.3.2015 31.3.2014

1. (i) Contingent Liabilities :

Income Tax matters decided in the Company''s favour by appellate authorities, where the department is in further appeal. 1131 1131

(ii) Commitments :

Uncalled liability on investments in Venture Capital Funds. 246.00 530.30

Notes :

a) Gratuity is administered through a trust fund recognised by the Income Tax Act, 1961.

b) Future salary increases considered in actuarial valuation take into account inflation, seniority, promotion and other retirement factors.

c) The expected rate of return on plan assets is based on expectation of the average long term rate of return on investments of the Fund during the estimated terms of the obligations.

d) The best estimate of the expected contribution for the next year amounts to Rs.10.00 lacs (Previous Year Rs.6.00 lacs).

e) The above information is certified by the actuary and relied upon by statutory auditors.

f) The discount rate is based on prevailing market yield of Indian government securities as at the valuation date for the estimated terms of the obligations.

2. The Company has been assigned a rating of '' CRISIL AAA / Stable'' on Rs.10 crores Non-Convertible Debentures programme.

3. Previous year''s figures have been regrouped / reclassified, wherever necessary, to correspond with current year''s classification / disclosure.


Mar 31, 2013

1.1 Long Term Provisions

Provision for pension and employee benefits

1.2 Trade Payables

None of the parties grouped under Trade Payables have declared themselves under the Micro, Small and Medium Enterprises Development Act, 2006.

The above information has been determined to the extent such parties have been identitied on the basis of information available with the Company. This has been relied upon by the auditors.

1.2.1 Trade Payables include amount payable to the holding company, Tata Sons Ltd., Rs.196.66 lacs (Previous Year Rs.195.56 lacs).

1.3.1 Balance with banks on current accounts include

i) amount kept in unpaid dividend accounts - Rs.95.25 lacs (Previous Year Rs.98.45 lacs).

ii) amount kept in an escrow account towards matured deposits and interest thereon Rs.0.72 lacs (Previous Year Rs.1.47 lacs).

iii) amount which is subject to exchange control restrictions in Sri Lanka Rs.0.91 lacs (Previous Year Rs.1.25 lacs).

1.3.2 Balances with banks on deposit account includes

i) amount which is subject to exchange control restrictions in Sri Lanka Rs.27.52 lacs (Previous Year Rs.25.51 lacs).

ii) interest accrued but not due on deposit - Rs.0.41 lacs (Previous Year Rs.0.30 lacs).

1.3.3 Other bank balances on deposit accounts include interest accrued but not due on deposits - Rs.40.72 lacs (Previous Year Rs.865.63 lacs). (Rs. in lacs)

Year ended Year ended 31.3.2013 31.3.2012

3. i) Contingent Liabilities -

Income Tax matters decided in the Company''s favour by appellate authorities, where the department is in further appeal 55.75 11.31

ii) Commitments -

a) uncalled liability on investments in Venture Capital Funds 758.25 861.50

b) Pro-rata share of expenses for the proposed offer of equity shares of an investee company through public issue - 50.00

4. Dividend of Rs. 16 per share (previous year Rs. 21 per share) amounting to Rs. 10,313.40 lacs (previous year Rs.13,446.96 lacs) including tax thereon Rs. 1,498.15 lacs (previous year Rs.1,876.95 lacs) is proposed and provided on ordinary shares.

5. Foreign exchange currency exposures not covered with regard to the (non-repatriable) deposit placed with Hatton National Bank, Colombo, of Sri Lankan Rs.64.25 lacs (Previous Year Sri Lankan Rs.64.25 lacs) (Equivalent Indian Rs.27.52 lacs; Previous Year Equivalent Indian Rs.25.51 lacs).

6. As the Company has no activities other than those of an investment company, the segment reporting under Accounting Standard 17 - "Segment Reporting" is not applicable. The Company does not have any reportable geographical segment.

7. Related Parties Disclosures

a) List of Related Parties and Relationship

Promoter and Holding Company

Tata Sons Ltd.

Subsidiary

Simto Investment Company Ltd. (w.e.f. 31.8.2012)

Associates

Tata Asset Management Ltd.

Tata Trustee Company Ltd.

Amalgamated Plantations Pvt. Ltd.

Key Management Personnel (KMP)

Mr. M. J. Kotwal (upto 27.5.2012)

Mr. A. N. Dalal

8. During the year the Company had acquired 95.57% of the equity share holding of Simto Investment Company Ltd. (Simto) thereby making Simto a subsidiary of the Company w.e.f. 31st August, 2012.

9. Previous year''s figures have been regrouped/reclassified, wherever necessary, to correspond with current year''s classification / disclosure.


Mar 31, 2012

1. In accordance with the High Court Orders dated 27th September, 2002, 30th January, 2009 and 25th September, 2009 and the accounting practice adopted earlier, provision for diminution in the value of investments (Long Term and Current) amounting to Rs.1993.07 lacs (Previous Year Rs.Nil) has been adjusted to the securities premium account instead of the statement of profit and loss as prescribed under Accounting Standard (AS) 13 on 'Accounting for Investments'.

Further, an amount of Rs.Nil (Previous Year Rs.131.94 lacs) has been credited to the securities premium account being write back of provision for diminution in value of certain investments no longer required, which had been debited to such account in earlier years.

2. (i) Contingent Liabilities -

a) Income Tax matters decided in the Company's favour by appellate authorities, where the department is in further appeal 11.31 37.62

b) Claims against the Company not acknowledged as debts in respect of income tax matters - 558.20

(ii) Commitments -

a) Uncalled liability on investments in Venture Capital Funds 861.50 950.00

b) Pro-rata share of expenses for the proposed offer of equity shares of an investee company through public issue 50.00 -

3. Dividend of Rs. 21.00 per share amounting to Rs.13446.96 lacs (including tax thereon Rs.1876.95 lacs) is proposed and provided on ordinary shares

4. Foreign exchange currency exposures not covered with regard to the (non-reparable) deposit placed with Hatton National Bank, Colombo, of Sri Lankan Rs.64.25 lacs; Previous Year Sri Lankan Rs.64.25 lacs (Equivalent Indian Rs.25.51 lacs; Previous Year Equivalent Indian Rs.26.03 lacs).

5. As the Company has no activities other than those of an investment company, the segment reporting under Accounting Standard 17 - "Segment Reporting" is not applicable. The Company does not have any reportable geographical segment.

Notes :

a) Gratuity is administered through a trust fund recognised by the Income Tax Act, 1961.

b) Future salary increases considered in actuarial valuation take into account inflation, seniority, promotion and other retirement factors.

c) The expected rate of return on plan assets is based on expectation of the average long term rate of return on investments of the Fund during the estimated term of the obligations.

d) The best estimate of the expected contribution for the next year amounts to Rs.9.00 lacs (Previous Year Rs. 10.00 lacs).

e) Experience adjustments for the year ended 31st March, 2010, on plan liabilities is Rs. (-) 6.26 lacs and on the plan assets is Rs. Nil.

f) The above information is certified by the actuary and relied upon by statutory auditors.

6. The Revised Schedule VI has become effective for financial years commencing on or after 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. However, it does not impact recognition and measurement principles followed for preparation of the financial statements. Previous year's figures have been regrouped/reclassified, wherever necessary, to correspond with current year's classification / disclosure.


Mar 31, 2010

1. In accordance with the High Court Orders dated 27th September, 2002, 30th January, 2009 and 25th September, 2009 and the Accounting Practice adopted earlier, provision for diminution in the value of investments amounting to Rs.Nil (Previous Year Rs.2185.68 lacs) has been debited to the securities premium account instead of Profit and Loss Account as prescribed under Accounting Standard (AS) 13 on Accounting for Investments.

Further, an amount of Rs.1541.57 lacs (Previous Year Rs.Nil) has been credited to the securities premium account being write back of provision for diminution in value of certain investments no longer required, which had been debited to such account in earlier years.

Previous Year Rupees Rupees (in lacs) (in lacs)

2. (i) Contingent Liabilities -

a) Uncalled liability on partly paid shares........................... 0.13 0.13

b) Income Tax matters decided in the Companys favour by appellate authorities, where the department is in further appeal................................ 37.62 9.49

c) Claims against the Company not acknowledged as debts in respect of income-tax matters... 558.20 --

(ii) Commitments -

Uncalled liability on investments in Venture Capital Funds................... 350.00 500.00

3. Foreign exchange currency exposures not covered with regard to the (non-repatriable) deposit placed with Hatton National Bank, Colombo, of Sri Lankan Rs.64.25 lacs; Previous Year Sri Lankan Rs.64.25 lacs (Equivalent Indian Rs.25.20-lacs; Previous Year Equivalent Indian Rs.28.08 lacs).

4. As the Company has no activities other than those of an investment company, the segment reporting under Accounting Standard 17 - "Segment Reporting" is not appiicable.The Company does not have any reportable geographical segment.

5. Related Parties Disclosures

a) List of Related Parties and Relationship Promoter and holding company

Tata Sons Ltd.

Associates

Tata Asset Management Ltd.

Tata Trustee Company Pvt. Ltd.

Amalgamated Plantations Pvt. Ltd. (w.e.f. 29.4.2009}

Landmark Ltd. (from 2.5.2008 till 263.2009)

Key Management Person (KMP)

Mr. M. J. Kotwal

Mr. A.N. Dalai (w.e.f. 1.1.2010)

Other subsidiaries of Promoter:- (with whom the Company has transactions)

1. Ewart Investments Limited 2. Infiniti Retail Limited

3. Tate Consultancy Services Limited 4. Tata Realty and Infrastructure Limited

5. Tata Securities Limited 6. Tata Sky Limited

7. Tata Teleservices (Maharashtra) Limited 8. Tata Housing Development Co. Limited

9. Tata Consulting Engineers Limited

6. Deferred Tax Assets have not been recognised, as there is no reasonable certainty for setting off the same, considering the present tax status of the Company.

7. All Investments disclosed under Schedule E are Trade Investments.

8. Previous years figures have been regrouped wherever necessary.

 
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