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Notes to Accounts of Antarctica Ltd.

Mar 31, 2014

Note 1 Employee benefits expense

The Salaries and wages include Salaries, wages, bonus, compensated absences and all other amounts payable to employees in respect of services rendered as per their employment terms under a contract of service / employment.

Employee deem to include directors, in full time or part time employment of the Company, but exclude directors who are not under a contract of employment with the Company.

Contribution to provident fund and other funds include contributions to other funds like gratuity fund, superannuation fund, etc. pertaining to employees. Contributions to ESIC, Labour Welfare Fund and other such funds where the benefit an employee derives is not directly linked to the contributions made on his behalf are grouped as part of Staff welfare expenses.

Staff welfare expenses include contribution / accrual for post-employment medical benefits, Labour Welfare, etc.

2. Contingent liabilities and commitments (to the extent not provided for)

(I) Contingent liabilities As at As at 31 March, 2014 31 March, 2013 (a) Claims against the Company not acknowledged as debt (give details) - -

(b) Bank Guarantees against 100% guarantee 441,741.00

(c) Other money for which the Company is contingently liable - - (give details)


Mar 31, 2013

Note 1 Employee benefits expense

Salaries and wages include: Salaries, wages, bonus, compensated absences and all other amounts payable to employees in respect of services rendered as per their employment terms under a contract of service / employment. Employee deem to include directors, in full time or part time employment of the Company, but exclude directors who are not under a contract of employment with the Company.

Contribution to provident fund and other funds includes contributions to other funds like gratuity fund, superannuation fund, etc. pertaining to employees. Contributions to ESIC, Labour Welfare Fund and other such funds where the benefit an employee derives is not directly linked to the contributions made on his behalf are grouped as part of Staff welfare expenses.

** Staff welfare expenses include contribution / accrual for post-employment medical benefits, ESIC, Labour Welfare Fund, etc.

As at 31 As at 31 March, 2013 March, 2012

2. Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt (give details) - -

(b) Bank Guarantees against 100% guarantee 441,741.00 441,741.00

(c) Other money for which the Company is contingently liable (give details)


Mar 31, 2012

Note 1 Employee benefits expense

Salaries and wages include: Salaries, wages, bonus, compensated absences and all other amounts payable t< employees in respect of services rendered as per their employment terms under a contract of service/employment.

Employee deem to include directors, in full time or part time employment of the Company, but exclude directors who are not under a contract of employment with the Company.

Contribution to provident fund and other funds includes contributions to other funds like gratuity fund, superannuation fund, etc. pertaining to employees. Contributions to ESIC, Labour Welfare Fund and other such funds where the benefit tin employee derives is not directly linked to the contributions made on his behalf are grouped as part of Staff welfare expenses.

** Staff welfare expenses include contribution / accrual for post-employment medical benefits, KSIC, Labour Welfare Fund, etc.

Note 2 Other expenses

Payments for

- taxation matters include tax audit fees, certifications under the Income Tax Act, tax advisory services, etc.

- company law matters include certifications, company law advisory services.

Note 3 Additional information to the financial statements

Note Particulars As at 31st As at 31st March, 2012 March, 2011

Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt - -

(b) Bank Guarantees against 100% guarantee 441,741.00 441,741.00

(c) Other money for which the Company is contingently liable - -

(ii) Value of imports calculated on CIF basis @ :

Raw materials 48,479.00 155,043.00

Components - -

Spare parts - -

Total Components and spare parts - -

Capital good 113,796.00 -

The Revised Schedule VI does not require presentation of a reconciliation explaining the impact of the reclassification of the previous year figures in the financial statements. However, the company may consider giving an appropriate reconciliation in the Notes as an additional information as it would help in clarifying the impact of the reclassification of the previous year figures.


Mar 31, 2010

1. Cash Flow Statement (AS-3)

The Cash flow statement for the year under audit hasbeen set out in this report separately.

2. Revenue Recognition (AS-9)

(i) All Income and Expenditure are accounted for on accrual basis except otherwise stated in consonance with the generally accepted accounting principles.

(ii) The Company has no system for acturial valuation of gratuity and not provided for accrued liabilities as on 31st March, 2010 in respect of future payment of gratuity to employees.

3. Foreign Currency Transactions (AS-11)

Foreign Currency transactions are recorded at the exchange rates prevailing on the respective date of transactions. All other foreign currency transactions are restated at the rates ruling at the period end and all exchange losses/gains arising therefrom are accounted for in the Profit and Loss Account.

4. Contingent Liabilities

Contingent Liabilities are not provided for and are disclosed by way of notes below :

i) Bank Guarantee outstanding Rs. 6.38 lacs (Rs. 5.00 lacs as on 31.03.2009)

ii) Figure for the previous years were regrouped/rearranged wherever necessary.

 
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