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Notes to Accounts of Beeyu Overseas Ltd.

Mar 31, 2014

1. Entities where Key Management Personnel (KMP) or their relatives exercise control Quantum Wealth Solutions Private Limited

2. Claims against the Company not acknowledged as debts:

Income Tax claims for the financial years: 2001-02 - Rs. 83,59,411,2002-03 - Rs. 33,79,059, 2003-04 - Rs. 12,35,977, 2004-05 - Rs. 26,77,782 and 2005-06 - Rs. 2,77,248 towards appeals pending before the Commissioner of Income Tax (Appeals).

3. There were no employees who were in receipt of remuneration not less than Rs. 24,00,000 per annum when employed throughout the year or Rs. 2,00,000 per month when employed for a part of the year.

4. There was no manufacturing or trading activity of the Company during the current year or in the previous year and hence disclosure under Segment Reporting does not arise.

5. The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the company has not received any intimation from its suppliers as on date regarding their status under the above Act, no disclosure has been made.

6. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

1.1 Key Management Personnel (KMP)

Mr. B. P. Singh, Chairman & Managing Director (up to 02.04.2012)

Mr. Shouvik Kundu, Director (from 20.04.2012)

Mr. Hemant Premji Thacker, Executive Director

Mr. Ramesh Kumar Jhawar, Director (from 03.04.2012)

1.2 Entities where Key Management Personnel (KMP) or their relatives exercise control

Quantum Wealth Solutions Private Limited

2 Claims against the Company not acknowledged as debts:

Income Tax claims for the financial years: 2001-02 - Rs. 83,59,411, 2002-03 - Rs. 33,79,059,2003-04 - Rs. 12,35,977, 2004-05 - Rs. 26,77,782 and 2005-06 - Rs. 2,77,248 towards appeals pending before the Commissioner of Income Tax (Appeals).

3 There were no employees who were in receipt of remuneration not less than Rs. 24,00,000 per annum when employed throughout the year or Rs. 2,00,000 per month when employed for a part of the year.

4 There was no manufacturing or trading activity of the Company during the current year or in the previous year and hence disclosure under Segment Reporting does not arise.

5 The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the company has not received any intimation from its suppliers as on date regarding their status under the above Act, no disclosure has been made.

6 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

Note 1 CONTINGENT LIABILITIES AND COMMITMENTS

Contingent Liabilities not provided for Income Tax Matters (under appeal) Rs. 1,59,29,470 (Previous Year: Rs.1,59,29,470)

Note 2 In absence of any manufacturing or trading activity of the company during the current year or in the previous year, disclosure of certain information which are required to be disclosed by a manufacturing or trading company does not arise.

Note 3 RELATED PARTY DISCLOSURE

(1) Person having substantial interest in the Company

Mr. B. P. Singh - Chairman & Managing Director (upto 02.04.2012)

(2) Key Managerial Personnel

Mr. B. P. Singh - Chairman & Managing Director (upto 02.04.2012)

(3) Relatives of Key Managerial Personnel Ms Rajinie Singh

(4) Transactions during the year with the related parties:

Key Management Personnel - Rent paid Nil (Previous year: Rs.1,10,000)

(5) Balances at the year end:

Key Management Personnel - Advances given Rs.23,56,033 (Previous year: Rs.24,01,752)

There are no transactions during the year and in the previous year with the relatives of Key Management Personnel. There are no subsidiaries of the Company. There are no joint ventures of the Company.

Note 4 SEGMENT REPORTING

There was no manufacturing or trading activity of the Company during the current year or in the previous year and hence disclosure under this head does not arise.

Note 5 There are no micro, small and medium enterprises to which the Company owes dues, which are outstanding for more than 45 days and interest paid/payable as at 31st March 2012. The information as required to be disclosed under "The Micro, Small and Medium Enterprises Development Act, 2006" has been identified by the Company on the basis of information available with the Company.

Note 6 The revised Schedule VI has become effective from April 1,2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2010

For the year For the year ended ended

31st March 2010 31st March 2009

1. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) - -

2. Contingent Liabilities not provided for

i) Income Tax Matters 7,570,059 7,570,059

ii) Corporate Guarantee - -

iii) Bank Guarantee - -

3. During the year Income Tax Appellate Tribunal (ITAT) has passed an order while disposing off and partly allowing the appeal filed by Revenue (DCIT) against the earlier order of CIT (Appeal) relating to assessment year 2001 -02, which was passed in favor of company against a demand of Rs. 21,26,722 under section 143(3) of Income Tax Act, 1961 and reversed the order of CIT(Appeal) partly on certain issue of computation of indirect cost for the purpose of deduction u/s 80 HHC. Pursuant to such ITAT order although the liability of income tax is certain as at year end ¦ to the extent of disallowance, no provision has been made in books, considering the fact that impact of such partly allowed appeal is unascertainable from the ITAT order. No demand has been raised till date on the ground of such ITAT order.

4. The Company is not carrying out any tea manufacturing activity at its unit located in Ooty, Tamilnadu, since August, 2008, due to the fact that the Tea Board of India has revoked the factorys registration under the provisions of Tea (Marketing) Control Order, 2003 issued under the provisions of the Tea Act, 1953. Due to loss of Turnover and under-recovery of expenses, including depreciation and interest, there was high operating losses.

The Board on its meeting held on 30th October 2008 decided to change the business model from manufacturing to trading in tea. Moreover, in order to generate Working Capital as well as reduce Borrowings, it has decided to sell, lease or otherwise dispose off - a) the residual land of 6.95 acres including the tea factory at Ooty along with all fixed assets such as plant, machinery, estate and development, etc. which are directly or indirectly required to run the factory, and b) the Corporate Office Building of the Company at Kolkata. The proposal had been duly approved by Shareholders under Section 293(1 )(a) by means of Postal Ballot in December, 2008. The disposal is consistent with the Companys long-term strategy to focus its activities in the area of trading, and to divest from unrelated areas. The sale is yet to be finalized.

5. Post Employment Benefit

Defined Contribution Plans

The Company makes Provident Fund and Superannuation Fund contributions to defined contribution retirement benefit plans for qualifying employees. Under the schemes, the Company is required to contribute a specified percentage of the Payroll costs to fund the benefits.

The Company recognised Rs. 82,280 for Provident Fund contributions in the Profit & Loss Account. The contributions payable to these plans by the company are at rates specified in the rules of the schemes.

Defined benefit plans

The Company makes annual contributions to the Employees Group Gratuity Scheme of the Life Insurance Corporation of India, a funded defined benefit plan for qualifying employees. The present value of obligation is determined at the year end based on actuarial valuation using the Projected Unit Credit Method. The obligation for leave encashment is recognised in the same manner as gratuity, for which annual actuarial valuation is carried out by an independent actuary in compliance with Accounting Standard 15 (revised 2005) on Employee Benefits.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

6. Financial and Derivative Instruments

a) The Company uses foreign currency hedges to manage its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The Company does not use hedges for speculative purposes.

b) All financial and derivative contracts entered into by the Company are for hedging purposes only.

c) There are no Foreign currency exposure that are not hedged by forward contracts as on 31st March 2010.

7. Related Party Disclosure

1) Person having substantial interest in the Company

Mr. 8 P Singh - Chairman & Managing Director

2) Key Managerial Personnel

Mr. B P Singh - Chairman & Managing Director

Ms Rajinie Singh - Dy. Managing Director

3) Relatives of Key Managerial Personnel Late

Mrs. Usha Singh

Mr. Ravi Singh

Mrs. Aprajita Singh

Singhsons HUF

8. Segment Reporting

Business Segment

The company has only one reportable primary segment i.e. tea. It has identified Geographical segment as the secondary segment.

9. There are no Micro, Small and Medium enterprises to which the company owes dues, which are outstanding for more than 45 days and interest paid/payable as at 31st March 2010. The information as required, to be disclosed under "The Micro, Small and Medium Enterprises Development Act, 2006" has been identified by the company on the basis of information available with the company.

 
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