| 1. Terms/Rights attached to equity shares
The Company has only one class of equity shares having a face value of
Rs. 10/- per share. Each shareholder is entitled to one vote per share.
Contingent assets are neither recognised nor disclosed in the financial
statements.
2.EMPLOYEE BENEFITS :
a) Short Term Employee Benefits
The undiscounted amount of short term employee benefits expected to be
paid in exchange for the services rendered by employees are recognised
as an expense during the period when the employees render the services.
b) Post-employment and other long term employee benefits
Post-employment and other long term employee benefits are recognized as
an expense in the statement of Profit & Loss account for the year in
which the employee has rendered services. The expense is recognized at
the present value of the amounts payable determined using actuarial
valuation techniques. Actuarial gains & losses in respect of
post-employment and other long term benefits are charged to the
statement of Profit & Loss Account.
3.PROVISION FOR CURRENT &DEFERRED TAX :
Tax expense comprises of current tax and deferred tax. Current tax is
measured at the amount expected to be paid to the tax authorities,
using the applicable tax rates. Deferred income tax reflect the current
period timing differences between taxable income and accounting income
for the period and reversal of timing differences of earlier
years/period. Deferred tax assets are recognised only to the extent
that there is a reasonable certainty that sufficient future income will
be available except that deferred tax assets, in case there are
unabsorbed depreciation or losses, are recognised if there is virtual
certainty that sufficient future taxable income will be available to
realize the same.
Deferred tax assets and liabilities are measured using the tax rates
and tax law that have been enacted or substantively enacted by the
Balance Sheet date.
4. RELATED PARTY DISCLOSURES:
In terms of Accounting Standard - 18 issued by the Institute of
Chartered Accountants of India, details of the related parties in which
the company has entered into transactions are mentioned as:
Names of related parties and description of relationship:
1. Holding Company: NIL
2. Subsidiaries: NIL
3. Fellow Subsidiaries: NIL
4. Associates and Joint Ventures: NIL
5. Enterprise over which Key Frost International Limited
Management
Personnel, Substantial Frost Infrastructure and Energy
Shareholders or Limited
their relatives exercise Bhartia Commercial Co.
significant influence:
Globiz Exim Private Limited
6. Key Management Personnel: Mr. Sharad Bhartia, Whole time
Director
Mr. Nipun Verma, Whole time
Director
Mr. Mahesh Kuwalekar, Company
Secretary
Mr. Ronak Jain, Chief Financial
Officer
7. Relatives of Key Management Mr. Sunil Verma (Father of
Personnel: Nipun Verma)
Mrs. Rita Verma (Mother of
Nipun Verma)
Mr. Saral Verma (Brother of
Nipun Verma)
Mr. Deen Dayal Bhartia (Father
of Sharad Bhartia)
5. In the opinion of the Board, the Current Assets, Loans & Advances
are approximately of the value stated, if realized in the ordinary
course of business.
6. Balance of debtors, creditors and deposits are subject to
confirmation
7. SEGMENT INFORMATION:
The Company is primarily engaged in Trading of commodities and is
managed organisationally as a single unit. As the company has only one
business segment, disclosure under Accounting Standard 17 on "Segment
Reporting" issued by the Institute of Chartered Accountants of India is
not applicable.
8. Previous years figures have been regrouped where ever necessary.
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