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Notes to Accounts of Longview Tea Company Ltd.

Mar 31, 2014

1. The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard (AS) 3 on Cash Flow Statements.

2. Previous year''s figures have been re-grouped /re-arranged wherever necessary.

Notes referred to above forms an integral part of this Cash Flow Statement. This is the Cash Flow Staeemnt referred to in our Repoprt of even date.

3.1 There are no Micro, Small and Medium Enterprises, to whom the Company owes dues as at March 31, 2014. The above information regarding micro, small & medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

3.2 Contingent liability not provided for in respect of Sales tax for assessment year 1995-96, 1998-99, 2000-01, 1977-78, 1978-79, 1979-80 and 1980-81 Rs. 25,54,457/- (25,54,457/-).

3.3 Presently, the Company is engaged in trading of tea and ferrous metal. Accordingly, trading is only business segment as per Accounting Standard 17 on "segment reporting" issued by the Institute of Chartered Accountants of India.

3.4 Employment Benefits :

The disclosures required under Accounting Standard 15 "Employee Benefit" notified in the Companies (Accounting Standards) Rules 2006, are given below :

Defined Benefit Scheme :

The employee''s gratuity scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Notes :

Assumptions relating to future salary increases, attrition, interest rate for discount & overall expected rate of return on Assets have been considered based on relevant economic factors such as inflation, market growth & other factors applicable to the period over which the obligation is expected to be settled.

3.5 The figures in respect of the previous year have been regrouped/ rearranged, wherever necessary to make them comparable with those of current year.


Mar 31, 2013

1.1 The Company has only one class of equity shares having a par value of Rs 10/- each. Each share has one voting right.

1.2 The Company has only one class of preference shares having a par value of Rs 100/- each. Dividend on such preference shares are non-cumulative.

These preference shares are redeemable on or before 31.3.2020. Such Preference share has no voting right.

1.3 The reconciliation of number of shares outstanding and amount of share capital as at 31st March 2013 and 31st March 2012 is set out below :

1.4 In the year 2011-12, 8300 shares (each Rs. 5 paid) were forfeited after duly called for payment.

2.1 Include Rs. 228,250 being the amount originally paid forfeited during the year 2011 -12. (Refer Note - 2.4 also)

3.1 Represents Loan taken against Keyman Insurance Policy at 10% interest and is repayable on maturity date of the said policy in the year 2020.

4.1 There are no Micro, Small and Medium Enterprises, to whom the Company owes dues as at March 31,2013. The above information regarding micro, small & medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

5.1 The Company has unabsorbed business loss and depreciation. Deferred tax assets have not been recognised unless virtual certainty of realisation of such assets.

6.1 Contingent liability not provided for in respect of excise duty Rs. 792,688/- (Rs.792,688/-).

6.2 Contingent liability not provided for in respect of Sales tax for assessment year 1995-96, 1998- 99, 2000-01, 1977-78, 1978-79, 1979-80 and 1980-81 Rs. 2,554,457/- (Rs. 2,554,457/-).

6.3 Presently, the Company is engaged in trading of tea and ferrous metal. Accordingly, trading is only business segment as per Accounting Standard 17 on "segment reporting" issued by the Institute of Chartered Accountants of India.

6.4 Employment Benefits :

The disclosures required under Accounting Standard 15 "Employee Benefit" notified in the Companies (Accounting Standards) Rules 2006, are given below :

6.5 The figures in respect of the previous year have been regrouped/ rearranged, wherever necessary to make them comparable with those of current year.

The figure in brackets represents the figures for previous year.


Mar 31, 2012

1. The above Cash Flow Statement has been prepared under the indirect Method as set out in the Accounting Standard (AS) 3 on Cash Flow Statements.

2. Previous year's figures have been re-grouped / re-arranged wherever necessary.

2.1 The Company has only one class of equity shares having a par value of Rs 10.each. Each share has one voting right.

2.2 The Company has only one class of preference shares having a par value of Rs 100 each. Dividend on such preference shares are non-cumulative.

These preference shares are redeemable on or before 31.3.2020. Such Preference share has no voting right.

2.3 The reconciliation of number of shares outstanding and amount of share capital as at 31st March 2012 and 31st March 2011 is set out below :

2.4 During the year, 8,300 shares (each Rs. 5 paid) were forfeited after duly called for payment.

2.5 Calls Unpaid amounting to Rs. 269,750 (Including Share Premium of Rs. 228,250) on 8,300 Shares pending since 1994-95.

2.6 Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held:

3.1 Include Rs. 228,250 being the amount originally paid forfeited during the year (Refer Note - 2.4 also)

4.1 Represents Loan taken against Keyman Insurance Policy at 9% interest and is repayable on maturity date of the said policy in the year 2020.

4.1 The Company has unabsorbed business loss and depreciation. Deferred tax assets have not been recognised unless virtual certainty of realisation of such assets.

6.1 These balances are outstanding for a considerable period. In the opinion of the management these balances are good of recovery and accordingly no provision has been considered necessary.

7.1 interest aggregating to Rs. 1,65,89,203/- (Rs 1,42,69,502/-) is overdue for realisation from a company. In view of the management there is no uncertainty in realisation of the interest and money advance Rs. 41,40,829 to the said Company. Consequently the above interest has been recognised on accrual basis and no provision has been considered necessarily against the said loan.

(Rupees)

8. OTHER NOTES

8.1 Contingent liability not provided for in respect of excise duty Rs. 792,688/- (Rs.792,688/-).

8.2 Contingent liability not provided for in respect of Sales tax for assessment year 1995-96, 1998- 99, 2000-01, 1977-78, 1978-79, 1979-80 and 1980-81 Rs. 2,554,457/- (2,242,709/-).

8.3 Related Party Disclosures as identified by the management is given as below : Mr. O. P. Dokania, Chief Executive

The details of payment made to Key Management Personnel:

Particulars For the Year ended For the Year ended 31.03.2012 31.03.2011

Remuneration 1,173,000 202,800

8.4 Presently, the Company is engaged in trading of tea. Accordingly, this is only business segment as per Accounting Standard 17 on "segment reporting" issued by the Institute of Chartered Accountants of India.

8.5 Employment Benefits:

The disclosures required under Accounting Standard 15 "Employee Benefit" notified in the Companies (Accounting Standards) Rules 2006, are given below:

Defined Contribution Scheme:

Contributions to Defined Contribution Plan, recognized for the year are as under:

Defined Benefit Scheme:

The employee's gratuity scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Notes :

Assumptions relating to future salary increases, attrition, interest rate for discount & overall expected rate of return on Assets have been considered based on relevant economic factors such as inflation, market growth & other factors applicable to the period over which the obligation is expected to be settled.

8.6 As notified by Ministry of Corporate Affairs of the Government of India, revised Schedule VI under the Companies Act, 1956 is applicable to all financial year commencing on or after 1st April, 2011. Accordingly, the financial statement for the year ended 31st March, 2012 are prepared in accordance therewith. Figures pertaining to the previous year have been rearranged/regrouped, reclassified and restated, wherever necessary to make them comparable with those of current year.


Mar 31, 2010

1. Contingent liability not provided for in respect of Sales tax for assessment year 1995- 96 & 1998-99 Rs. 22,42,709/- (Rs. 22,42,709/-) and excise Rs. 7,92,688/- (Rs. 7,92,688) as these are disputed by the Company and are under appeal. In the opinion of the management these are not tenable Future cash outflows in theses cases are dependent upon outcome of judgements/decisions.

2. Sundry Debtors balances of Rs.35,75,371/- (Rs. 35,75,371/-) are outstanding for a considerable period. In the opinion of the management these balance are good & recoverable.

3. Balance of debtors, creditors, unsecured loan and others are subject to confirmation/ reconciliation and consequential adjustment, if any, with respect to individual details etc.

4. Related Party Disclosures as identified by the management is given as below:

Mr. O. P. Dokania, Chief Executive

5. Interest aggregating to Rs. 1,22,09,377/- (Rs. 1,02,01,457/-) is overdue for realisation from a company. In view of the management there is no uncertainty in realisation of the interest and money advance to them. Consequently the above interest has been recognised on accrual basis and no provision has been considered necessary against the said loan.

6. As the company has already disposed its entire tea estates, the funds pending commencement of other activities are deployed for financial activities in the corporate deposits which is the only Reportable Segment as per Accounting Standard 17 on "segment reporting" issued by the Institute of Chartered Accountants of India.

7. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues as at March 31,2010. The information regarding micro, small & medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company.

8. Employment Benefits:

The disclosures required under Accounting Standard 15 "Employee Benefit" notified in the Companies (Accounting Standards) Rules 2006, are given below:

Defined Benefit Scheme :

The employee's gratuity scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

9. In view of the carry forward losses, provision for taxation has not been considered necessary by the management.

10. The figures in respect of the previous year have been regrouped/rearranged, wherever necessary.

11. The figure in brackets represents the figures of last year.

 
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