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Notes to Accounts of Peria Karamalai Tea & Produce Company Ltd.

Mar 31, 2015

1. No amount is due and payable to any micro, small and medium enterprises as defined under MSME Development Act, 2006. No interest is due and / or has been paid or is payable to such parties.

2. The Company has carried out an exercise to ascertain the impairment, if any in the carrying value of fixed assets. The exercise has not revealed any impairment of assets during the year under review.

3. Employee Benefits

a) Defined Contribution Plan :

The Company makes contribution towards employees' provident fund and superannuation fund. Under the rules of these schemes, the company is required to contribute a specified percentage of payroll costs. The company during the year recognized Rs. 1,51,86,350/-(Previous year Rs.1,62,47,747/-) as expense towards contribution to the Provident Fund.

Out of the total contribution made for employees' provident fund, Rs.13,16,431/-(previous year Rs.10,63,149/-) is made to the PL Planting Provident Fund while the reminder contribution is made to Provident Fund Plan operated by the Regional Provident Fund Commissioner.

The liability towards superannuation fund for the year ended 31st March 2015 amounting to Rs 18,29,545/- (Previous year Rs.17,43,813/-) has been charged to Statement of Profit and Loss.

There was no liability towards leave encashment for the year ended 31st March 2015 as it was adequately funded and no amount (previous year Rs. Nil has been charged to Statement of Profit and Loss.

4. Related Party Disclosures

Name of Related Parties and nature of relationship where control exists are as under :

Shri L.N. Bangur

Key Managerial Personnel Smt. Alka Bangur

Shri Shreeyash Bangur

M.B.Commercial Company Ltd.

Amalgamated Development Ltd.

Maharaja Shree Umaid Mills Ltd.

Placid Limited

The Marwar Textiles (Agency) Pvt.Ltd.

Mugneeram Ramcoovar Bangur Charitable & Religious Co.

Group Companies

Sree Rama Vaikunth Trust

Commodity Management Services Ltd.

Samay Industries Limited The General Investment Co.Ltd Kiran Vyapar Limited Soul Beauty & Wellness Centre PKT Plantations Limited

Wholly owned Subsidiary Companies

Shivphal Vinimay Private Limited Shri L.N.Bangur

Relatives of Key Managerial Personnel Ms.Sheetal Bangur

Shri.Yogesh Bangur

5. Previous year's figures have been reclassified wherever necessary to conform to this year's classification.


Mar 31, 2014

A) The Company has obtained a stay of proceedings from the Honorable High Court of Madras on 24th March 2006 against a proposition notice from the Commercial Tax Department for levy of sales tax on export sales effected through auction centers. The matter is pending and in common with the other tea planting companies, no account has been taken of the contingent liability.

b) No amount is due and payable to any micro, small and medium enterprises as defined under MSME Development Act, 2006. No interest is due and / or has been paid or is payable to such parties.

c) The Company has carried out an exercise to ascertain the impairment, if any in the carrying value of fixed assets. The exercise has not revealed any impairment of assets during the year under review.

d) Deferred Tax:

Deferred tax liability as at 31st March 2014 comprises of:

f) Employee Benefits

a) Defined Contribution Plan :

The Company makes contribution towards employees'' provident fund and superannuation fund. Under the rules of these schemes, the company is required to contribute a specified percentage of payroll costs. The company during the year recognized Rs.1,62,47,747/-. (Previous year Rs.1,41,99,705/-) as expense towards contribution to the Provident Fund.

Out of the total contribution made for employees'' provident fund, Rs. 10,63,149/- (previous year Rs.10,49,894/-) is made to the P L Planting Provident Fund while the reminder contribution is made to Provident Fund Plan operated by the Regional Provident Fund Commissioner.

The liability towards superannuation fund for the year ended 31st March 2014 amounting to Rs. 17,43,813/- (Previous year Rs. 19,79,823/-) has been charged to Statement of Profit and Loss.

There was no liability towards leave encashment for the year ended 31st March 2014 as it was adequately funded and no amount (previous year '' Nil has been charged to Statement of Profit and Loss.


Mar 31, 2013

A) No provision is considered necessary for excise duty demands relating to earlier years under appeal/stay: Rs. 1,50,940/- (Previous year Rs. 1,50,940/-) paid under protest is grouped under loans and advances.

b) The Company has obtained a stay of proceedings from the Honorable High Court of Madras on 24th March 2006 against a proposition notice from the Commercial Tax Department for levy of sales tax on export sales effected through auction centers. The matter is pending and in common with the other tea planting companies, no account has been taken of the contingent liability.

c) Contingent Liabilities and commitments i) Contingent Liabilities : Nil

ii) Commitments

With respect to the divestment of the shares in The Andhra Pradesh Paper Mills Limited during the year under the Share Purchase Agreement (SP Agreement) and Indemnity Agreement between all the sellers including the Company, IP Holding Asia Singapore Pte. Ltd and International Paper Company, the sellers including the company have agreed to indemnify and hold free harmless to IP Holding Asia Singapore Pte. Ltd. and International Paper Company from losses incurred or suffered in terms of indemnification clause(s) of the said SP Agreement and Indemnity Escrow Agreement. Further, as per the aforesaid agreements, term deposits under escrow account with Citibank is Rs. 2,43,27,000/- as on 31st March 2013.

d) No amount is due and payable to any micro, small and medium enterprises as defined under MSME Development Act, 2006. No interest is due and / or has been paid or is payable to such parties.

e) The Company has carried out an exercise to ascertain the impairment, if any in the carrying value of fixed assets. The exercise has not revealed any impairment of assets during the year under review.

f) Deferred Tax:

Deferred tax liability as at 31st March 2013 comprises of:

g) Employee Benefits

a) Defined Contribution Plan :

The Company makes contribution towards employees'' provident fund and superannuation fund. Under the rules of these schemes, the company is required to contribute a specified percentage of payroll costs. The company during the year recognized ^ 1,41,99,705/-. (Previous year Rs. 1,58,41,260/-) as expense towards contribution to the Provident Fund.

Out of the total contribution made for employees'' provident fund, Rs. 10,49,894/- (previous year Rs. 9,38,918/-) is made to the PL Planting Provident Fund while the reminder contribution is made to Provident Fund Plan operated by the Regional Provident Fund Commissioner.

The liability towards superannuation fund for the year ended 31st March 2013 amounting to Rs. 19,79,823/- (Previous year Rs. 16,38,355/-) has been charged to Statement of Profit and Loss.

There was no liability towards leave encashment for the year ended 31st March 2013 as it was adequately funded and no amount (previous year Rs. 5,47,961/-) has been charged to Statement of Profit and Loss.

h) Previous year''s figures have been reclassified wherever necessary to conform to this year''s classification.


Mar 31, 2012

A) No provision is considered necessary for excise duty demands relating to earlier years under appeal/stay: Rs 1,50,940/- (Previous year Rs 1,50,940/-) paid under protest is grouped under loans and advances.

b) The Company has obtained a stay of proceedings from the Honorable High Court of Madras on 24th March 2006 against a proposition notice from the Commercial Tax Department for levy of sales tax on export sales effected through auction centers. The matter is pending and in common with the other tea planting companies, no account has been taken of the contingent liability.

a) For the year under audit, the company has two reportable segment viz. Tea and Wind Energy Generation..

b) Employee Benefits

a) Defined Contribution Plan :

The Company makes contribution towards employees' provident fund and superannuation fund. Under the rules of these schemes, the company is required to contribute a specified percentage of payroll costs. The company during the year recognized Rs 1,58,41,260/- (Previous year Rs 1,03,64,701/-) as expense towards contribution to the Provident Fund.

Out of the total contribution made for employees' provident fund, Rs 9,38,918/- (previous year Rs 7,79,105/-) is made to the PL Planting Provident Fund while the reminder contribution is made to Provident Fund Plan operated by the Regional Provident Fund Commissioner.

The liability towards superannuation fund for the year ended 31st March 2012 amounting to Rs 16,38,355/- (Previous year Rs 13,81,395/-) has been charged to the Statement of Profit & Loss.

The liability towards leave encashment for the year ended 31st March 2012 amounting to Rs 5,47,961/- (previous year Rs 6,33,750/-) has been charged to Statement of Profit and Loss.

Note : Figures in bracket represents previous year's amount.

c) Previous year's figures have been reclassified wherever necessary to conform to this year's classification.


Mar 31, 2010

A) No provision is considered necessary for excise duty demands relating to earlier years under appeal/stay: Rs. 1,50,940 (Previous year Rs. 1,50,940) paid under protest is grouped under loans and advances.

b) The Company has obtained a stay of proceedings from the Honble High Court of Madras on 24th March 2006 against a proposition notice from the Commercial Tax Department for levy of sales tax on export sales effected through auction centres. The matter is pending and in common with the other tea planting companies, no account has been taken of the contingent liability.

c) No amount is due and payable to any micro, small and medium enterprises as defined under MSME Development Act, 2006. No interest is due and / or has been paid or is payable to such parties.

d) The company has carried out an exercise to ascertain the impairment, if any in the carrying value of Fixed assets. The exercise has not revealed any impairment of assets during the year under review.

e) Deferred Tax:

Deferred Tax liability as at 31st March 2010 comprise the following :

B) Employee Benefits

a) Defined Contribution Plan :

The Company makes contribution towards employees provident fund and superannuation fund. Under the rules of these schemes, the company is required to contribute a specified percentage of payroll costs. The company during the year recognized Rs. 1,00,94,809 (previous year Rs. 94,03,577) as expense towards contribution to the Provident Fund.

Out of the total contribution made for employees provident fund, Rs. 6,29,600 (previous year Rs.5,86,028) is made to the PL Planting Provident Fund while the reminder contribution is made to Provident Fund Plan operated by the Regional Provident Fund Commissioner.

The liability towards superannuation fund for the year ended 31st March 2010 amounting to Rs. 10,79,410 (previous year Rs. 10,06,369) has been charged to the Profit & Loss Account. The liability towards leave encashment for the year ended 31st March 2010 amounting to Rs.4,51,590 (previous year Rs.39,79,956) has been charged to Profit & Loss Account.

C) The Company has taken office building on lease and the lease rent amounts to Rs.3,36,086 (previous year Rs.2,62,800) has been charged to Profit & Loss Account. Assets are taken on lease over a period of three years. Future minimum lease payments are as under:

D) Related Party Disclosures

Name of Related Parties and nature of relationship where control exists are as under:

Key Management Personnel

Shri L.N. Bangur - Chairman

Smt. Alka Bangur - Managing Director

Shri Prakash Parasher - Executive Director

Associate Companies

Digvijay Investments Ltd.

M.B. Commercial Company Ltd.

Amalgamated Development Ltd.

Maharaja Shree Umaid Mills Ltd.

The Andhra Pradesh Paper Mills Ltd.

The Marwar Textiles (Agency) Pvt. Ltd.

Placid Ltd.

Sree Rama Vaikunth Trust

Subsidiary Company Peria Karamalai Tea (India) Limited

Relatives of Key Managerial Personnel

Ms. Sheetal Bangur

Shri Shreeyash Bangur

Shri Yogesh Bangur

 
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