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Notes to Accounts of Asian Tea Exports Ltd.

Mar 31, 2015

1. (a) As per the policy of management each year actual bad debts are ascertained after the consideration and they are written off.

(b) Balance of Loans, Debtors, Creditors and Deposits & Advances are subject to confirmation from the respective parties

2. Note :

(a) The company is engaged in the business of Sale of Made Tea, Logs, Fibre Board, Coal, Iron & Steel items, Wax, Garments, Trading in securities & Misc. consumer products, etc. The Products and their applications are homogeneous in nature. The business segments are organized as domestic and international on the basis of geographical segment.

(b) Segment assets & liabilities, as well as revenue and expenses are directly attributable to the segment.

(c) All unallocated assets and liabilities and revenue and expenses are treated separately.

(d) There are no separate reportable secondary segments.

(e) Accounting policies of the segment are the same as those described in Summary of significant accounting policies as set out in Note No. 1 of Schedule.

3. The Company has not provided for the loss of inventory of coal amounting to Rs. 2,25,00,000/- as the appropriate claims have been filed with the insurance company. Shortfall, if any in respect of the claim shall be accounted for as and when the claim is settled.

4. Based on the intimation received by the Company and information & explanations given to us none of the suppliers have confirmed to be registered under "The Micro, Small and Medium Enterprises Development Act 2006". Accordingly the disclosures relating to amounts unpaid as at the year ended together with interest paid or payable is not required to be furnished.

5. The previous year figures have also been regrouped, rearranged, and reclassified wherever necessary.

6. The information as required to be furnished pursuant to the General Instructions to Part I & Part II of the Schedule III to the Companies Act, 2013 have been given to the extent applicable.


Mar 31, 2014

1. a) As per the policy of management each year actual bad debts are ascertained after the consideration and they are written off. (b) Balance of Loans, Debtors, Creditors and Deposits & Advances are subject to confirmation from the respective parties

2. Related Party Disclosures:

As per Accounting Standard-18, the disclosures of transactions with the related parties are given below:

(i) List of Related Parties where control exists with whom transactions have taken place and relationships:

Name of the Party

1. Greenol Laboratories Pvt. Ltd.

2. Sarita Nupur Vyapaar Pvt Ltd.

3. Asian Tea Co. Pvt Ltd

4. Asian Capital Market Ltd.

5. Asian Housing & Constructions Pvt Ltd

6. Hurdeodass Co. Pvt Ltd

7. H.R.Garg

8. Sunil Garg

9. Rajesh Garg

Nature of Relation

Subsidiary

Subsidiary

Associate

Associate

Associate

Associate

Key Management Personnel (KMP)

Key Management Personnel (KMP)

Relative of Key Management Personnel (KMP)

Note:

(a) The company is engaged in the business of sale of made tea (including blending), Logs, Coal, Iron & Steel items, Wax, Garments & Misc. consumer products etc, The Products and their applications are homogeneous in nature. The business segments are organized as domestic and international on the basis of geographical segment.

(b) Segment assets & liabilities, as well as revenue and expenses are directly attributable to the segment.

(c) All unallocated assets and liabilities and revenue and expenses are treated separately.

(d) There are no separate reportable secondary segments.

(e) Accounting policies of the segment are the same as those described in Summary of significant accounting policies as set out in Note No. 1 of Schedule.

3. Based on the intimation received by the company and information & explanations given to us none of the suppliers have confirmed to be registered under "The Micro, Small and Medium Enterprises Development Act 2006". Accordingly the disclosures relating to amounts unpaid as at the year ended together with interest paid or payable is not required to be furnished.

4. The previous year figures have also been regrouped, rearranged, and reclassified wherever necessary.

5. The information as required to be furnished pursuant to the General Instructions to Part I & Part II of the Schedule VI to the Companies Act, 1956 have been given to the extent applicable.


Mar 31, 2013

1. a) As per the policy of management each year actual bad debts are ascertained after the consideration and they are written off. (b) Balance of Deposits and Advances are subject to confirmation from the respective parties

2. Based on the intimation received by the company and information & explanations given to us none of the suppliers have confirmed to be registered under "The Micro, Small and Medium Enterprises Development Act 2006. Accordingly the disclosures relating to amounts unpaid as at the year ended together with interest paid or payable is not required to be furnished.

3. The previous year figures have also been regrouped, rearranged, and reclassified wherever necessary.

4. The information as required to be furnished pursuant to the General Instructions to Part I & Part II of the Schedule VI to the Companies Act, 1956 have been given to the extent applicable.


Mar 31, 2012

1. a) As per the policy of management each year actual bad debts are ascertained after the consideration and they are written off.

(b) Balance of Deposits and Advances are subject to confirmation from the respective parties

(a) The company is engaged in the business of sale of made tea (including blending), Logs & Iron & Steel items, etc. The Products and their applications are homogeneous in nature. The business segments are organized as domestic and international on the basis of geographical segment.

(b) Segment assets & liabilities, as well as revenue and expenses are directly attributable to the segment.

(c) All unallocated assets and liabilities and revenue and expenses are treated separately.

(d) There are no separate reportable secondary segments.

(e) Accounting policies of the segment are the same as those described in Summary of significant accounting policies as set out in Note No. 1 of Schedule.

2. The Company accounts for the profit/loss on forex derivative contracts as & when they are settled as against AS-30, issued by the Institute of Chartered Accountants of India on "Financial Instruments: Recognition and Measurement" which requires the company to provide for loss on outstanding forex derivative contracts as at Balance Sheet date.

3. Based on the intimation received by the company none of the suppliers have confirmed to be registered under "The Micro Small and Medium Enterprises Development Act, 2006". Accordingly the disclosures relating to amounts unpaid as at the year ended together with interest paid or payable is not required to be furnished.

4. The financial statements for the year ended 31 st March, 2011 had been prepared as per the then applicable, pre-revised Scheduled VI to the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31 st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year''s classification.

5. The information as required to be furnished pursuant to the General Instructions to Part I & Part II of the Schedule VI to the Companies Act, 1956 have been given to the extent applicable.


Mar 31, 2010

1. a) As per the policy of management each year actual bad debts are ascertained after the consideration and they are written off.

(b) Balance of Deposits and Advances are subject to confirmation from the respective parties

2. Rs.6,61,800/- paid to Tollygunge Club Ltd. and Rs.5,61,800/- paid to Calcutta Club Ltd. for corporate Membership for 5 & 7 years respectively is proportionately amortized over the life span of the membership.

3. Segment Reporting as per AS-17 issued by ICAI:

Note:

(a) The company is engaged in the business of sale of made tea (including blending) industrial items etc. The Products and their applications are homogeneous in nature. The business segments are organized as domestic and international on the basis of geographical segment.

(b) Segment assets & liabilities, as well as revenue and expenses are directly attributable to the segment.

(c) All unallocated assets and liabilities and revenue and expenses are treated separately.

(d) There are no separate reportable secondary segments.

(e) Accounting policies of the segment are the same as those described in Summary of significant accounting policies as set out in Note No. 1 of Schedule.

4. The Company accounts for the profit/loss on forex derivative contracts as & when they are settled as against AS-30, issued by the Institute of Chartered Accountants of India on "Financial Instruments: Recognition and Measurement" which requires the company to provide for loss on outstanding forex derivative contracts as at Balance Sheet date. The profit amounting to Rs.10.88 Lacs on unexpired forex derivative contracts has not been provided in the accounts.

5. There are no outstanding dues against entities falling under the provisions of Micro Small and Medium Enterprises Development Act, 2006.

6. In terms of the approval of the shareholders of the company and as per the applicable statutory provisions including Securities and Exchange Board of India (Issue of Capital & Disclosure Regulations) 2009, the company on 4* March 2010, had issued and allotted 15,00,000 equity shares of Rs.10 each at a price of Rs.36/- per share by conversion of warrants on preferential basis to entities in the promoter & Non-promoter Group.

7. Earning in Foreign Exchange during the year amounted to Rs. 120,93,70,171/-

8. previous years figures have been re-grouped/re-arranged wherever found necessary to the nearest rupees.

 
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