JM FINANCIAL PRODUCTS LIMITED - Bombay Stock Exchange

JM FINANCIAL PRODUCTS LTD
Notes to the financial statements
Rupees
Previous Year
Rupees
25 Commitments:
Estimated amount of contracts remaining to be executed on capital
account and not provided for 455,000 455,000
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Previous Year
Payment to
Auditors': * Rupees Rupees
Audit Fees 700,000 700,000
In any other manner (Certifications, limited reviews, etc.) 370,000 495,000
Out of pocket expenses 15,073 8,648
Service Tax 124,630 123,085
TOTAL 1,209,703 1,326,733
* Includes payments of Rs. Nil (Previous Year Rs.275,750/-) made to an affiliate firm in view of the networking
arrangement which is registered with the Institute of Chartered Accountants of India.
27 Employee Benefits:
Defined Contribution Plan:
Both the employees and the Company make predetermined contributions to the Provident Fund. Amount recognised
as expense amounts to Rs. 4,615,233/- (Previous Year Rs. 4,091,503/-).
Defined Benefit Plan: [Gratuity (Unfunded)]
I. Reconciliation of liability recognised in the Balance Sheet
Rupees
Previous year
Rupees
Fair value of plan assets as at the end of the year - -
Present value of obligation as at the end of the year 5,011,877 4,047,996
Net liability in the Balance Sheet 5,011,877 4,047,996
II. Movement in net liability recognised in the Balance Sheet
Net liability as at the beginning of the year 4,047,996 2,704,620
Net expense recognised in the statement of profit and loss 737,662 1,970,879
Payments during the year 226,219 (627,503)
Net liability as at the end of the year 5,011,877 4,047,996
III. Expense recognised in the statement of profit and loss (Under the head
employee benefit expenses)
Current Service Cost 838,065 867,626
Interest Cost 384,528 262,667
Past Service Cost - 1,156,247
Actuarial Losses/ (Gains) (484,931) (315,661)
Expense charged to statement of profit and loss 737,662 1,970,879
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