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Notes to Accounts of Bengal Tea and Fabrics Ltd.

Mar 31, 2015

Current Year Previous Year

(A) Contingent Liabilities not provided for :

(a) Claims against the Company not acknowledged as debts 71 71

(b) Bills Discounted 42 127

(c) Guarantees given by Company'sBanker 147 174

(d) Disputed Sales Tax Demands including interest and penalty under appeal 1 30

(e) Disputed Service Tax / Excise Matters * - -

* Below rounding off norms adopted by the Company.

It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolutions of the respective proceedings.

viii.The estimates of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors.

b) Amount recognised as an expense in respect of Compensated Leave Absences is Rs.41 Lacs (Previous Year Rs.33 Lacs).

c) Short term payment of Leave Encashment amounting to Rs.5 Lacs (Previous year Rs. 4 Lacs ) is charged to Employee Benefits Expense.

(d) The Textile division of the Company has converted the land at Dholka under Real Estate Development planned for sale, from fixed assets into Stock-in-Trade at fair value of Rs. 1670 Lacs as on the date of conversion.

(e) During the year, the Company has revised depreciation rate on certain fixed assets as per useful life specified in Schedule II of the Companies Act, 2013. Accordingly, depreciation of Rs.44 Lacs on account of assets whose useful life has already exhausted as on 01.04.2014 (after adjusting deferred tax) has been adjusted with the retained earnings.

As a consequence of such change in the accounting policy, excess depreciation up to 31st March, 2014 amounting to Rs. 120 Lacs and a further sum of Rs. 10 Lacs on account of Capital Subsidy received has been adjusted with the currentyear depreciation. Had there not been any change in the policy of depreciation, depreciation for the year ended 31st March, 2015 would have been lower by Rs. 16 Lacs.

(f) Previous year's figures have been regrouped/rearranged wherever necessary.


Mar 31, 2014

Figures for the Figures for the Current Year Previous Year

(A) Contingent Liabilities not provided for :

(a] Claims against the Company not acknowledged as debts 71 55

(b] BillsDiscounted 127 168

(c] Guarantees given by Company''s Banker 174 200

(d] Disputed Sales Tax Demands including interest andpenaltyunderappeal 30 73

(e] Disputed Service Tax / Excise Matters * - 2

* Below rounding off norms adopted by the Company.

It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolutions of the respective proceedings.

viii.The estimates of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors.

c] Amount recognised as an expense in respect of Compensated Leave Absences is Rs. 33 Lacs (Previous Year Rs. 27Lacs].

d] Short Term payment of Leave Encashment amounting to Rs. 4 Lacs (Previous year Rs. 10 Lacs] is charged to Employee Benefits Expense.

(O) At textile division of the Company, certain assets and Inventory were destroyed / damaged due to fire at the godown on 13th March 2014. The claim has been filed with the Insurance Company for which survey has been completed A sum of Rs. 116 lacs has been shown as Insurance Claim Receivable in Note No 21 of the financial statements.

(P) Previous year''s figures have been regrouped/rearranged wherever necessary.


Mar 31, 2013

A) Rights, Preferences and Restrictions attached to Shares Equity Shares :

The Company has one class of shares referred to as equity shares having a par value ofRs. 10 each. Each shareholder is entitled to one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

* Based on information so far available with the Company in respect ofMSME (as defined in ''The Micro, Small and Medium Enterprise Development Act, 2006'') there are no delays in payment of dues to such enterprises during the year and there are no such dues payable at the year end. Further no interest has been paid/payable to such enterprises.

a) The amount of Leasehold Land amortized during the year as disposals is below rounding off norms adopted by the Company.

b) Adjustment in gross block includes amount of Rs. 84 lacs (Previous year Rs. 21 lacs) as borrowing cost capitalised during the year and reduction of Rs. Nil (Previous year Rs. 4 lacs) as subsidy received from Tea Board.

Figures for the Figures for the Current Year Previous Year

(A) Contingent Liabilities not provided for :

(a) Claims against the Company not acknowledged as debts 55 16

(b) Bills Discounted 168 270

(c) Guarantees given by Company''s Banker 200 212

(d) Disputed Sales Tax Demands including interest and penalty under appeal 73 15

(e) Disputed Service Tax / Excise Matters 2 2

It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolutions of the respective proceedings.

(B) Disclosure pursuant to Accounting Standard -15 ( Revised ) "Employee Benefits" :

a. Defined Contribution Plans :

Amount of 1214 lacs (Previous Year 1196 lacs) is recognised as expense and included in "Employee Benefits Expense in Note-27".

b. Defined Benefit Plans :

Defined Benefit Obligation

i. Reconciliation of opening and closing balances of Present Value of the Defined Benefit Obligation :

viii.The estimates of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors.

c) Amount recognised as an expense in respect of Compensated Leave Absences isRs. 27 Lacs (Previous YearRs. 13 Lacs)

d) Short Term payment of Leave Encashment amounting to Rs. 10 Lacs (Previous year Rs. 9 Lacs) is charged to Employee Benefits Expense.

Notes:

i) The reportable primary segment is based on two business namely; Tea & Textile and the reportable secondary segment is based on geographical location of customers.

ii) The segment revenue, results, assets & liabilities include respective amounts identifiable to each of the segment and amounts allocated on reasonable basis.

(C)In the opinion of the Board, any of the assets other than fixed assets have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

(D) Previous year''s figures have been regrouped/rearranged wherever necessary.


Mar 31, 2012

Figures for the Figures for the

Current Year Previous Year

(B) Contingent Liabilities not provided for :

(a) Claims against the Company not acknowledged as debts 16 23

(b) Bills Discounted 270 53

(c) Guarantees given by Company's Banker 212 177

(d) Disputed Sales Tax Demands including interest and penalty under appeal 15 15

(e) Disputed Service Tax / Excise Matters 2 It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolutions of the respective proceedings.

i. The estimates of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors.

a) Amount recognized as an expense in respect of Compensated Leave Absences is Rs.13 Lacs (Previous Year Rs.18 Lacs)

b) Short Term payment of Leave Encashment amounting to Rs.9 Lacs (Previous year Rs.10 Lacs) is charged to Employee Benefits Expense.

(A)The financial statements for the year ended March 31,2012 have been prepared as per the Notification on Revised Schedule

ii. under the Companies Act, 1956 and accordingly, the previous year figures have also been reclassified/regrouped to conform to this year's classification.


Mar 31, 2011

(Amount in Rs. Lacs)

As at As at

1) Contingent Liabilities not provided for: 31.03.2011 31.03.2010

(a) Claims against the Company not acknowledged as debts 23.9 1648

b) Bills Discounted 52.69 159.10

Since Realised - 128.85

(c) Disputed Sales Tax Demands including interest and penalty under appeal 15.44 15.44

d) Disputed Service Tax Excise Matters 2.10 2.31

2) Estimated amount of contracts remaining to be executed on Capital Account but not provided for Rs 937.41 (Previous year Rs. 27.85)

3) Secured Loans:

A. Terms Loans from Banks of Rs. 5078.77 lacs under their Project Finance Scheme are secured against joint equitable mortgage of all immovable properties both present and future pertaining to Textile Division ranking pari pasu inter- se and hypothecation of all movable properties both present and future pertaining to Textile Division (save and except book debts) including movable machinerymachinery spares, tools and accessories, subject to prior charge created and/or to be created in favour of Bankers of the Company's Textile Division for Working Capital Facilities and guarnteed by the Managing Director.

B. Working capital facility from Punjab National Bank of Rs. 196.17 Lacs is secured against hypothecation of green tea leavfs, before and after plucking, tea in process, finished tea in stock/transit and/or lying with brokers/agents relating to Season 2011, book deb! (present and future) and equitable mortgage of immovable properties and machineries of Tea Estates as additional security and further guaranteed by the Managing Director

C. Out of other facilities taken from State Bank of India,Bank of India and IDBI Bank Limited (i) amount of Rs. 2440.49 are secured against hypothecation of all tangible assets including movable machinery, stock-in-trade, stores, book debts etc. andlecond charge on entire fixed assets, present and future, pertaining to Textile Division and guaranteed by the Managing Director: (ii) Rs. 250.00 are secured by exclusive charge on stock of raw material, semi finished and finished goods, consumable stores and spares including book debts pertaining to Textile Division: and (iii) Rs. 800.00 are secured against endoresment of warehouse receipts relating to Textile Division in favour of Bank.

4) Total Salaries, Wages, Bonus and Gratuity amounted to Rs. 1688.93 (Previous year Rs. 1607.84 )

6) Micro & Small Enterprises Dues:

(a) Amount Due and outstanding to suppliers as at the end of the accounting year is Rs.2.25 (Prev. year Rs. 0.53) (b) Interest paid during the year-Nil (c) Interest payable at tiie end of the accounting year - Nil (d) Interest accrued and unpaid at the end of the accounting year - Nil

7) Guarantees given by State Bank of India are secured by extension of hypothecation charge over stocks and book debts and second charge on entire fixed assets, present & future pertaining to Textile Division. Amount outstanding Rs 177.10 (Previous Year Rs. 147.10).

8) Additions to Fixed Assets includes capitalisation of borrowing cost of Rs. 18.01 (Previous Year Rs. Nil).

9) Disclosure pursuant to Accounting Standard -15 ( Revised ) "Employee Benefits" :

a) Defined Contribution Plans : Amount of Rs.189.45 (Previous Year Rs.161.10) is recognised as expense and included in "Payments to and Provision For Employees" in Schedule - N of the Profit & Loss Account

b) Defined Benefit Plans:

viii.The estimates of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors.

c) Amount recognised as an expense in respect of Compensated Leave Absences is Rs. 18.37 (Previous Year Rs 23.68]

d) Short Term payment of Leave Encashment amounting to Rs. 10.20 (Previous year Rs. 10.93) is charged to Profit & Loss Account.

10) Segment Reporting as per AS-17 notified by Companies (Accounting Standards) Rules, 2006, for the year ended 31st March, 2011.

Notes :

i) The reportable primary segment is based on two business namely; Tea & Textile and the reportable secondary segment is based on geographical location of customers.

ii) The segment revenue, results, assets & liabilities include respective amounts identifiable to each of the segment and amounts allocated on reasonable basis.

11) Related Party Disclosures as per AS-18 notified by Companies (Accounting Standards) Rules, 2006 for the year ended 31st March, 2011.

(A) Relationships:

(i) Key Management Personnel & Relatives

Shri BasudeoKanoria Shri Adarsh Kanoria Master Varenya Kanoria

Smt Pushpa Devi Smt Shubha Kanoria Shri Radhe Shyam Kanoria Saraogi

(ii) Associates

Kanoria Exports Rydak Enterprises Samrat Industrail Private Ltd. & Investment Ltd Resources Ltd

(III) Enterprises over which key management personnel and/or their relatives have significant influence Eskay Udyog Ltd

12)During the year a fire has broken out in the Spinning Section (Synthetic) of the textile unit. The Company has lodged the claim with the Insurance Company. The net loss due to fire of Rs 19.91 is shown under other expenditure in Schedule V.

13) In accordance with the Accounting Standard (AS-28) on impairment of Assets, there is no indication of impairment based on internal/external factors and hence no impairment is considered necessary during the year under review.

14)The figures of the previous year have been re-grouped/re-arranged, wherever necessary.

 
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