|
Amount (Rs.) Amount (Rs.)
As at As at
Contingent liabilities and commitments 31.03.2014 31.03.2013
(to the extent not provided for)
(i) Contingent Liabilities 40,000,000 40,000,000
(a) Guarantees 40,000,000 40,000,000
TOTAL 40,000,000 40,000,000
1 Guarantee has been given for M/s Sethi Flour Mills, Malua
(Karimganj) for loan from United Bank of India, Silchar Branch
2 EMPLOYEE BENEFITS
2.1 The Company maintains provident fund with Regional Provident Fund
Commissioner, contributions are made by the company to the Fund, based
on the current salaries. In the provident fund scheme, contribution are
also made by the employee. An amount of Rs. 5, 60,046(Previous Yr. Rs.
4, 70,972) has been charged to the Statement of Profit & Loss on
account of the above defined contribution schemes.
The Company operates defined benefit schemes like gratuity. The Company
has taken out a policy with Life Insurance Corporation of India (LICI)
for future payment of gratuity liability to its employees. Annual
actuarial valuations are carried out by LICI in compliance with AS-15
(Revised 2005) on Employees Benefits. Annual Contributions are also
made by the Company. Employees are not required to make any
contribution. An amount of 245,241 (Previous Yr'2,083) has been charged
to the statement of Profit & Loss on account of Defined Benefit
Schemes.
The Company does not provide for leave encashment benefits to the
employees. Leave encashment are accounted for on cash basis.
3 IMPAIRMENT OF ASSETS (AS-28)
The Company is in the process of conducting an exercise of for
Identification of impaired assets, if any, as require by As-28
impairment of Assets issued by the 'CAI. Accordingly no effect has been
considered in the financial statement for such impairment, if any.
4 DISCLOSURES UNDER MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT
ACT, 2006 (MSMED]
There are no Micro and Small Scale Business Enterprises, to whom the
company owes dues, which are outstanding for more than 45 days as at
March 31, 2014. This information as required to be disclosed under the
MSMED Act 2006 has been determined to the extent such parties have been
identified on the basis of information available with the Company
|