Pricol - Foreign Exchange Earnings and Outgo

 During the year the Company’s foreign exchange earnings were Rs 1002.222 million (Rs 1049.436 million in2009-10). The revenue expenditure in foreign currency was Rs 1648.439 million Rs* 1805.301 million in 2009-10) and the capital expenditure was Rs 63.544 million (Rs 25.114 million in 2009-10).

STATUTORY STATEMENTS

 As required by Section 212 of the Companies Act, 1956, a statement showing the Company’s interest in the subsidiaries is enclosed to the Balance Sheet of the Company.

 The Company has obtained the approval of the Ministry of Corporate Affairs, New Delhi vide letter No: 47/38/2011 - CL - III dated 28th January 2011 in terms of Section 212(8) of the Companies Act, 1956 exempting the company from attaching the balance sheet and profit and  loss account of the subsidiaries namely (1) English Tools and Castings Limited (2) Integral Investments Limited and (3) PT Pricol Surya, Indonesia, along with the report of Board of Directors and that of the auditors'' thereon, with the Company’s accounts for the year ended 31st March 2011.

 Accordingly, the audited accounts of the subsidiary companies,

(1) English Tools and Castings Limited

(2) Integral Investments Limited and

 (3) PT Pricol Surya, Indonesia are not attached to the Balance Sheet of Pricol Limited.

 As directed by the Central Government, the accounts of the subsidiaries are consolidated with the accounts of the company in accordance with Accounting Standard 21 (AS 21) prescribed by The Institute of Chartered Accountants of India and Listing Agreement prescribed by Securities Exchange Board of India. The consolidated accounts duly audited by the statutory auditors and the consolidated balance sheet information form part of the annual report.

The annual accounts, reports and other documents of the subsidiary companies will be made available to the members and investors upon receipt of a request from them. The annual accounts of the subsidiary companies will be available at the registered office of the Company and at the respective subsidiary companies. Any member or investor can inspect the same during the business hours of any working day.

The statement showing the particulars of technology absorption pursuant to Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, is given in the annexure forming part of this report.

 The Company does not have employees drawing remuneration attracting the provisions of Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 and Companies (Particulars of Employees) Amendment Rules, 2011.