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SENSEX NIFTY India | Notes to Account > Compressors > Notes to Account from Atlas Copco (India) - BSE: 526991, NSE: ATLASCOPCO

Atlas Copco (India)

BSE: 526991|NSE: ATLASCOPCO|ISIN: INE445A01019|SECTOR: Compressors
Atlas Copco (India) is not traded in the last 30 days
Atlas Copco (India) is not traded in the last 30 days
Dec 09
Notes to Accounts Year End : Dec '10
1.  The net exchange differences arising during the year:
 (i) recognised appropriately in the profit and loss account- net loss -
 Rs.41,245 (000) (31 st December, 2009 - net gain - Rs 9,714 (000))
 (ii) adjusted in carrying amount of fixed assets - Rs. Nil (31st
 December, 2009 Rs. Nil)
 2.  Details of Employee Benefits as required by the Accounting
 Standard 15 (Revised) Employee benefits are as under:
 (A) Defined Contribution Plan
 Amount recognized as an expense in the Profit and Loss Account in
 respect of Defined Contribution Plans is Rs, 80,830,005 (previous
 year-Rs. 66,538,447).
 (B) Defined Benefit Plan
 i) Actuarial gains and losses in respect of defined benefit plans are
 recognised in the Profit & Loss Account.  ii) The Defined Benefit Plans
 comprise of Gratuity Gratuity is a benefit to an employee based on
 15/20/22/30 days (depending on the grade/ category of employee and the
 completed years of service) last drawn salary for each completed year
 of service.
 The Plan is funded.
 Holding Company Atlas Copco AB
 Common Control
 ABAC Aria Compressa S.p.A.
 Atlas Copco (Nanjing) Construction & Mining Equipment Ltd.
 Atlas Copco (Wuxi) Exploration Equipment Ltd.
 Oy Atlas Copco RotexAb
 Atlas Copco (Shenyang) Construction & Mining Equipment Ltd.
 Atlas Copco (South East Asia) Pte Ltd.
 Atlas Copco (Thailand) Ltd.
 Atlas Copco (Zhangjiakou) Construction & Mining Equipment Ltd.
 SPA Atlas Copco Algerie
 Atlas Copco ASAP n.v.
 Atlas Copco China/Hongkong Ltd.
 Atlas Copco Equipment Egypt S.A.E.
 Atlas Copco Bangladesh Ltd.
 Atlas Copco (Wuxi) Compressor Co. Ltd.
 Wuxi Pneumatic Air/Gas Purity Equipment Co. Ltd.
 Atlas Copco Application Center Europe GmbH
 Atlas Copco Blm S.r.l
 Atlas Copco Belgium n.v.
 Atlas Copco Construction Tools AB, Kalmar, Sweden
 Atlas Copco Construction Tools GmbH
 Atlas Copco Craelius AB
 Atlas Copco Crepelle S.A.S., France
 Atlas Copco Drilling Solutions Garland / Allen , USA
 Atlas Copco Eastern Africa Ltd.
 Atlas Copco Energas GmbH
 Atlas Copco Canada Inc.
 Atlas Copco Hurricane LLC
 Atlas Copco Italia S.p.A
 Atlas Copco KK
 Atlas Copco MAI GmbH
 Atlas Copco Mexicana, SA DE CV
 Atlas Copco Mfg. Korea Co. Ltd.
 Atlas Copco Rental LLC (formerly known as Atlas Copco Prime Energy)
 Atlas Copco Rock Drills AB
 Atlas Copco Romania S.r.l.
 Atlas Copco S.A.E
 Atlas Copco S.r.o.
 Atlas Copco Secoroc AB
 Atlas Copco Secoroc LLC
 Atlas Copco Taiwan Ltd.
 Atlas Copco Tools & Assembly System LLC
 Atlas Copco Tools AB
 Atlas Copco Tools Limited
 Atlas Copco (Shanghai) Trading Co. Ltd.
 Beacon Medical Products LLC
 Ceccato Aria Compressa S.p.A.
 Compresseurs Worthington - Creyssensac S.A.S.
 Dynapac Brasil Industria e comercio Ltda
 Dynapac Compaction Equipment AB
 Dynapac AB
 Dynapac GmbH
 Dynapac (China) Compaction &Paving Equipment Co. Ltd.
 Fuji Air Tools Co., Ltd
 ETS Georges Renault S.A.S.
 Greenfield AG
 Intermech Ltd.
 Liuzhou Tech Machinery Co.Ltd.
 Power Tools Distribution n.v.
 Rodcraft Pneumatic Tools GmbH
 Shanghai Tooltec Industrial Tool Co. Ltd.
 Vibra Techniques
 Atlas Copco (Malaysia) Sdn. Bhd.
 Atlas Copco (Philippines) Inc.
 Atlas Copco CMT & CT Nigeria Ltd.
 Atlas Copco Colombia Ltda
 Atlas Copco MCT GmbH
 Atlas Copco Peruana SA
 Atlas Copco Tanzania Ltd.
 Atlas Copco Zambia Ltd.
 Shenyang Ruifeng Machinery Ltd.
 PT Atlas Copco Indonesia
 Atlas Copco Nederlands BV (NLA)
 IRMER + ELZE Kompressoren GmbH
 Atlas Copco Middle East FZE
 Atlas Copco Services Middle East SPC
 Atlas Copco Compressors LLC
 Quincy Compressor, Inc.
 Quincy Compressor, LLC.
 Atlas Copco Airpower n.v.
 Atlas Copco Brasil Ltda
 Atlas Copco Comptec LLC.
 ZAO Atlas Copco
 Atlas Copco South Africa (Pty) Ltd
 Atlas Copco BH .d.o.o
 Atlas Copco Argentina S.A.C.I
 Atlas Copco A.D.
 Atlas Copco (Cyprus) Ltd.
 Atlas Copco (Schweiz) AG
 ABAC DMS Air Compressors Pte Ltd.
 Atlas Copco Australia Pty Ltd.
 Atlas Copco Bulgaria Eood
 Atlas Copco Central Asia LLP
 Atlas Copco Chilena S.A.C.
 Atlas Copco Ltd.
 Atlas Copco Construction & Mining Technique USA LLC
 Atlas Copco Drilling Solutions LLC
 Atlas Copco Hellas A.E.
 Atlas Copco Polska Sp. Z.o.o.
 Atlas Copco Forage Et Construction
 Atlas Copco Iran AB
 Sociedade Atlas Copco de Portugal Lda
 Atlas Copco Mafi-Trench Company LLC
 Atlas Copco Custom Design (formerly Tide - Air)
 Atlas Copco Customer Finance AB
 Atlas Copco Makinalari Imalat AS
 LLC Atlas Copco Ukraine
 Key management personnel
 F. Vandenberghe (from 1st August, 2009)
 M. M. Mustapha (upto 31st January, 2009)
 3.  Particulars ofassets taken on finance lease:
 (i) Total minimum lease payments as at the balance sheet date is
 Rs.85,247 (000) (31st December, 2009 -Rs. 14,425 (000) and the
 present value of total minimum lease payments as at the balance sheet
 date is Rs.75,982 (000) (31st December, 2009 - Rs. 11,856 (000)). The
 difference represents the finance charge payable in the future.
 (a) The amount used as the numerator in calculating basic and diluted
 earnings per share is the net profit aftertax for the year disclosed in
 the Profit and Loss Account.
 (b) The weighted average number of equity shares used as the
 denominator in calculating both basic and diluted earnings per share is
 Brief description of the nature of the obligation and the expected
 timing of any resulting outflows of economic benefits:
 1) Warranty Provision:
 Warranty cost are accured at the time products are sold, based on past
 experience. The provision is discharged over the warranty period of
 12-18 months from the date of sale.
 2) Earn Out:
 Earn Out is the amount provided for the payments to be made to the
 shareholders of Focus Rockbit Pvt. Ltd. and Prisma Rocktools Pvt.  Ltd.
 as per the terms of the agreement between the Company and the
 shareholders at the time of takeover of the companies during the
 previous year.
 3) Late Delivery:
 These are accrued based on managements assessment of the expected late
 delivery damages payable by the Company to its customers. The provision
 is settled over a period of 12-24 months.
 4) Otherexpenses:
 Represent provision towards cost to come which will be settled on
 realisation of dues.
 5) Provision for Claims from Customers:
 Provision for amounts expected to be paid against settlement of claim
 from customers.
 6) Provision for Performance Contracts:
 Performance contracts is the provision made towards the performance of
 supplied machinery to customers as per agreements. These are generally
 settled on completion of the agreement.
 7) Other Provisions (for Statutory Levies):
 Other Provisions (for Statutory Levies) are provisions made for
 potential statutory liabilities expected to be settled on completion of
 5.  Estimated amount of contracts remaining to be executed on capital
 account and not provided for Rs. 44,561 (000) (Previous Year -Rs
 38,749 (000)) towards tangible fixed assets.
 6.  a) Principal amount payable to Micro And Small Enterprises (to the
 extent identified by the company from available information) as at
 31 st December, 2010 is Rs. 133,869 (000) (31 st December, 2009 Rs.
 53,475 (000)) including unpaid amount of Rs. 3,278 (000)(31st
 December, 2009 Rs. Nil) outstanding for more than 45 days. Interest due
 thereon is Rs. 31 (000) (31st December, 2009 Rs. Nil)
 (b) Amount of payments made to suppliers beyond 45 days during the year
 is Rs. 651,433 (000) (31 st December, 2009 Rs. Nil). Interest paid
 thereon is Rs. Nil (31st December, 2009 Rs. Nil) and the estimated
 interest due and payable thereon is Rs. 6,579 (000) (31st December,
 2009 Rs. Nil)
 (c) Interest paid in terms of section 16 of the Micro, Small and Medium
 Enterprises Development Act, 2006 is Rs. Nil (31 st December, 2009-Rs.
 Amount of interest accrued and remaining unpaid as at the end of the
 year is Rs. 6,610 (000) (31st December, 2009 Rs. Nil).
 (d) The amount of estimated interest due and payable for the period
 from 1 st January, 2011 to actual date of payment or 15th February,
 2011 (whichever is earlier) is Rs. 127 (000).
 7.  Disclosures under Accounting Standard - 7 (Revised) Construction
 (a) i) Contract Revenue recognised for the year ended 31 st December,
 2010 Rs. 325,528 (000) (31 st December, 2009 Rs. Nil)
 ii) Method used to determine the contract revenue recognized and the
 stage of completion of contracts in progress [Refer Note 1 (f) of
 Schedule 20]
 (b) Disclosures in respect of contracts in progress at the year end:
 i) Aggregate amount of costs incurred and recognised profits (less
 recognised losses) Rs. 325,528 (000) (31 st December, 2009 Rs. Nil)
 ii) Advances received are Rs. Nil (31st December, 2009 Rs. Nil)
 iii) Retention money is Rs. Nil (31st December, 2009 Rs. Nil)
 8.  The previous year figures include the effect of amalgamation of
 two 100 % wholly owned subsidiaries namely, Focus Rocbit Pvt. Ltd. and
 Prisma Rocktools Pvt. Ltd. with itself w.e.f 1st April, 2009.
 Accordingly the previous year figures may not be strictly comparable.
 9.  The previous years figures have been regrouped/restated wherever
 necessary to conform with current years classification.
Source : Dion Global Solutions Limited
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