1. CORPORATE INFORMATION
Antarctica Limited (“the Company”) is a company limited by shares, incorporated and domiciled in India. The Company’s equity shares are listed at recognised stock exchanges in India (NSE). The registered office of the Company is located at 1A, Vidyasagar Street, Kolkata-700001, West Bengal. The Company is engaged in mainly carton box manufacturing, labels printing, tea bags and other packaging items.
2. Basis of preparation
2.1 Statement of compliance
These financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended time'to time.
2.3 Basis of preparation
The financial Statements have been prepared on historical cost basis, except for certain financial instruments which are measured at fair value at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
2.4 Material accounting policies
(a) Use of estimates and judgments
The preparation of these financial statements in conformity with the recognition and measurement principles of Ind AS requires the management of the Company to make estimates and judgments that affect the reported balances of assets and liabilities, disclosures relating to contingent liabilities as at the date of the financial statements and the reported amounts of income and expense for the periods presented.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and future periods are affected.
(i) Impairment of investment
The company reviews its carrying value of the Investments carried at amortised cost annually, or more frequently when there is indication for impairment. Where the recoverable amount is less than its carrying amount, the impairment loss is accounted for.
(ii) Useful lives of property, plant and equipment
The Company reviews the useful life of property, plant and> equipment at the end of each reporting period. This reassessment may result in change in depreciation expense in future periods '
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