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Notes to Accounts of Kingfa Science & Technology (India) Ltd.

Mar 31, 2015

Note: 1.Effective from 01.04.2014, depreciation on tangible assets has been provided as per "useful life" specified in part C in Schedule II of the Companies Act, 2013. The carrying amount as on 01.04.2014 is accordingly depreciated over "useful life". Due to these changes, the impact on depreciation for the year ended 31.03.2015 is higher by Rs. 6.48 lakhs. The Carrying value of Rs. 18.57 lakhs relating to assets whose "useful life" is Nil as on 01.04.2014 has been adjusted in the opening balance of retained earnings in terms of Schedule II of the Act.

Note: 2.There being no indication of impairment of fixed assets determined by the Company, no loss has been recognized on impairment of assets.

Note: 3.Previous year's figures (including those given within bracket) have been regrouped/ reclassified wherever necessary to correspond to the current period's classification/ disclosure. Figures in the financial statements have been shown Rs.in lacs except per share data.


Mar 31, 2013

Note: 1. Contingent Liabilities not provided for

a) Letters of credit 457.07 452.19

b) Letters of guarantee 6.62 6.62

c) Commitment on capital accounts 1.54 4.61

d) Customs duty on materials-in-bond 15.72 2.11

e) Custom duty disputed in appeals 26.78 26.78

f) Income Tax disputed in appeals 61.54 16.94

g) Sales Tax disputed in appeals 12.75

h) Excise duty & Service Tax disputed in appeals 14.96 12.58

Note: 2. Previous year''s figures (including those given within brackets) have been regrouped / reclassified wherever necessary to correspond to the current year''s classification / disclosure. Figures in the financial statements have been shown Rs. in lacs except per share data.


Mar 31, 2012

Details of Security

The above Rupee Term loans from Banks are secured by a mortgage of the Company's immovable properties and hypothecation of applicable movable assets, present and future, at Pudukkottai, Puducherry, Jejuri and Tirunelveli on a pari passu basis and collaterally secured by way of second charge on the current assets of the company.

A. Hire purchase finance is used to fund vehicles purchased for the company. The vehicles are secured by hypothecation to the financiers

Note: 1. Contingent liabilities not provided for

a) Letters of credit 452.19 533.87

b) Letters of guarantee 6.62 2.00

c) Commitment on capital accounts 4.61 18.40

d) Customs duty on materials-in-bond 2.11 3.38

e) Custom duty disputed in appeals 26.78 26.78

f) Income tax disputed in appeals 16.94 16.94

g) Excise duty & Service tax disputed in appeals 12.58 5.56

f) General description of Employee Benefits :

(i) Short term Employee Benefits

The employee benefits payable wholly within 12 months of rendering the service are classified as short term benefits. Benefits such as salaries, wages, short term compensated absences and the expected cost of bonus and ex-gratia are recognized at the undiscounted amount in the year in which the employee renders the related service.

(ii) Post Employment Benefits

(a) Provident fund is a defined contribution plan and contributions made to the fund in accordance with the applicable rules/statutes are expensed.

(b) The employees group Gratuity scheme is a defined benefit plan which is funded with the Life Insurance Corporation of India and the annual contribution to the fund actuarially assessed by them is expensed.

(c) Superannuation is a defined contribution plan. The contributions in accordance with the company's scheme made to the fund administered by the Life Insurance Corporation of India are expensed.

(d) Leave encashment is provided as per the Company's policies and is expensed as under :

1. The leave accumulation up to 60 days is funded through a policy with LIC of India.

2. The encashment of leave accumulated beyond 60 days is borne by the company.

3. Any difference arising out of actuarial valuation is expensed.

Note: 2. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures (including those given within brackets) have been regrouped / reclassified wherever necessary to correspond to the current year's classification / disclosure. Figures in the financial statements have been shown Rs. in lacs except per share data.

 
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