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Goodricke Group
BSE: 500166|NSE: GOODRICKE|ISIN: INE300A01016|SECTOR: Plantations - Tea & Coffee
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Goodricke Group is not traded in the last 30 days
Dec 12
Notes to Accounts Year End : Dec '13
Transactions in foreign currencies are recorded in rupees by applying
 the exchange rate prevailing on the date of transaction. Transactions
 remaining unsettled are translated at the rate of exchange ruling at
 the end of the year.  Exchange gain or loss arising on
 settlement/translation is recognised in the Statement of Profit and
 Loss.
 
 Premium or discount on forward contracts are amortised as expense or
 income over the life of the contract. Foreign exchange forward
 contracts are revalued at the balance sheet date and the exchange
 difference is recognised as gain/loss in the Statement of Profit and
 Loss. Profit or Loss on cancellations/renewals of forward contracts is
 recognised in the Statement of Profit and Loss.
 
 1 TAXES ON INCOME
 
 Current tax represents the amount computed as per prevailing taxation
 laws under the Income Tax Act, 1961.
 
 Deferred Tax is recognized, subject to the consideration of prudence,
 on timing differences, being the difference between taxable income and
 accounting income that originate in one period and are capable of
 reversal in one or more subsequent periods. Deferred Tax assets have
 been recognized where there is reasonable certainty that sufficient
 future taxable income will be available against which such deferred tax
 assets can be realized.
 
 2 BORROWING COSTS
 
 Borrowing cost attributable to acquisition and/or construction of
 qualifying assets are capitalised as a part of the cost of such assets
 up to the date when such assets are ready for intended use. Other
 borrowing costs are charged to Statement of Profit and Loss.
 
 3 LEASES
 
 Lease Payments under the Operating Lease are recognised as an expense
 in the Statement of Profit and Loss, on a straight line basis over the
 lease term.
 
 4 PROVISIONS AND CONTINGENT LIABILITIES
 
 Provisions are recognised when there is a present obligation as a
 result of a past event, it is probable that an outflow of resources
 embodying economic benefits will be required to settle the obligation
 and there is a reliable estimate of the amount of the obligation.
 Provisions are measured at the best estimate of the expenditure
 required to settle the present obligation at the Balance sheet date and
 are not discounted to its present value.
 
 Contingent liabilities are disclosed when there is a possible
 obligation arising from past events, the existence of which will be
 confirmed only by the occurrence or non occurrence of one or more
 uncertain future events not wholly within the control of the company or
 a present obligation that arises from past events where it is either
 not probable that an outflow of resources will be required to settle or
 a reliable estimate of the amount cannot be made, is termed as a
 contingent liability.
 
 5 USE OF ESTIMATES
 
 The preparation of financial statements is in conformity with Indian
 GAAP requires the management to make judgements, estimates and
 assumptions that effect the reported amounts of revenues, expenses,
 assets and liabilities and the disclosure of contingent liabilities, at
 the end of the reporting period. Although these estimates are based on
 the management''s best knowledge of current events and actions,
 uncertainty about these assumptions and estimates could result in the
 outcomes requiring a material adjustment to the carrying amounts of
 assets or liabilities in the future periods. Any revision to accounting
 estimates is recognised prospectively in the current and future
 periods.
 
 6 EARNING PER SHARE
 
 Basic earnings per share is calculated by dividing the net profit or
 loss for the period attributable to equity shareholders by the weighted
 average number of equity shares outstanding during the period. The
 weighted average number of equity shares outstanding during the period
 and for all periods presented is adjusted for events, such as bonus
 shares, other than the conversion of potential equity shares, that have
 changed the number of equity shares outstanding, without a
 corresponding change in resources. For the purpose of calculating
 diluted earnings per share, the net profit or loss for the period
 attributable to equity shareholders and the weighted average number of
 shares outstanding during the period is adjusted for the effects of all
 dilutive potential equity shares.
 
 7 The Company has taken various premises under operating lease having
 tenure of 11 months/3 years. There is no specific obligation for
 renewal of these agreements. Lease rent for the year amounts to Rs.
 16,571,918 (2012 - Rs.9,771,764). This includes lease arrangements with
 escalation clauses of 5% to 10% at the end of each year.
 
 8.  Consequent upon the vesting of the Indian undertakings on 1st
 January 1978 of the eight Sterling Company''s under
 
 the scheme of amalgamation, the title in respect of certain tea estates
 acquired under such scheme, are to be transferred in the name of the
 Company. The Company has been legally advised that the notification
 issued by the Government of West Bengal in 1994 for payment of salami
 does not apply to the Company.
 
 9.  Provision for taxation has been made as per the Income Tax Act,
 1961 and the rules framed there under with reference to the profit for
 the year ended 31st December, 2013 which extends over two assessment
 years, Assessment Year 2013-2014 and Assessment Year 2014-2015. The
 ultimate tax liability for the Assessment Year 2014- 2015 will be
 determined on the total income for the period from 1st April, 2013 to
 31st March, 2014.
 
 10 Post Retirement Employee Benefits
 
 The Company operates defined contribution schemes like proviclent fund
 and defined contribution pension schemes. For these schemes,
 contributions are made by the Company, based on current salaries, to
 recognized funds maintained by the Company and for certain employees
 contributions are made to State Plans. In case of Provident fund
 schemes, contributions are also made by the employees. An amount of
 Rs.124,024,445 (2012 - Rs.119,867,587) has been charged to the Profit &
 Loss Account on account of defined contribution schemes.
 
 The Company also operates defined benefit gratuity scheme, leave
 encashment, defined benefit pension scheme, defined benefit provident
 fund scheme and post retirement medical scheme. The pension benefits,
 medical benefits and leave encashment benefits are restricted to
 certain categories of employees. These schemes offer specified benefits
 to the employees on retirement. Annual actuarial valuations are carried
 out by an independent actuary in compliance with Accounting Standard 15
 (revised 2005) on Employee Benefits. Wherever recognized funds have
 been set up, annual contributions are made by the Company, as required.
 Employees are not required to make any contribution.
Source : Dion Global Solutions Limited
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