Home  »  Company  »  Rossell India  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Rossell India Ltd.

Mar 31, 2015

A. All the above Equity Shares rank pari passu in all respect for voting rights and distribution of dividend as well as to receive the remaining assets of the Company in the event of liquidation after distribution of all preferential amounts.

Notes :

1. Current Maturities of these loans - Rs. 990 Lakhs ( Note H)

2. These loans are secured on pari passu basis by hypothecation of Moveable Assets and Deposit of Title Deeds in respect of Namsang and Kharikatia Tea Estates of the Company with an intention to create Equitable Mortgage, which would be formalized upon receipt of statutory approvals/ completion of required legal formatlities. (Note T-2.1). The loan from one of the Banks is additionally secured by hypothecation of tea crops and book debts in respect of Kharikatia T.E.

2. These loans are repayable in equated quarterly installments up to a 6 year period from the date of respective disbursement and will be fully liquidated by the Financial Year 2018-2019.

3. The Company has entered into Cross Currency Swap Transactions and opted to swap these loans from Indian Rupees in to US Dollars. The Contracts for such transactions outstanding as on 31st March, 2015 are as under:

In view of upward revision of Indian Rupees and U.S.Dollar Exchange Rates since entering in to the above transactions, the Company has provided for the likely loss on the above outstanding U.S. Dollar based on the year end exchange rates. Total provision on this account as on 31st March 2015 amounts to Rs. 420 56 lakhs (Schedule E and I)

B DEFERRED TAX LIABILITY/ ASSET (NET)

As per the Accounting Standard AS-22 - Accounting for taxes on Income, an amount of Rs. 223.00 lakhs was recognised as Deferred Tax Liability as on 31st March, 2014. During the year, a review with respect to the carrying amount of Deferred Tax Liabilty was done and the same was revised to Rs. 175.84 lakhs as on 31st March, 2015, net of adjustment with General Reserve amounting to Rs. 51.64 lakhs. Thus, an amount of Rs. 4.48 lakhs has been shown as Deferred Tax Adjustment in the Profit and Loss Statement for the year ended 31st March, 2015. The components of Deferred Tax Liability are as under :

The above loans are secured on pari passu basis by hypothecation of tea crops and moveable assets of all the Tea Estates of the Company. These are also collaterally secured by Equitable Mortgage by way of second charge on Namsang and Kharikatia Tea Estates and Equitable Mortgage by way of first charge on pari passu basis on Dikom, Nokhroy, Bokakhat and Romai Tea Estates.

C contingent liabilities and commitments

(i) Estimated amount of Contingent Liabilities not provided for :

a. Claims against the Company not acknowledged as Debt

Income Tax 182.37 76.46

Clean Energy Cess 7.19 7.19

Intererest on PF arrears for pre-acqusition period 75.43 —

b. Guarantees Bank Guarantees outstanding 62.27 10.49

(ii) Commitments

Estimated amount of Contracts remaining to be executed on Capital 118.17 42.58

Account and not provided for (net of advance)

5. SEGMENT INFORMATION FOR THE YEAR ENDED 31ST MARCH, 2015 :

1. Business Segments : In terms of AS-17, Segment Reporting, the Company has following Business Segments as Primary

Segment for disclosure.

A. Cultivation, Manufacture and Sale of Tea

B. Aviation, Products and Services

C. Hospitality

4 Significant Accounting Policies and Other Notes to the Financial Statement for the Year ended 31st March, 2015

5. RELATED PARTY TRANSACTIONS FOR THE YEAR ENDED 31ST MARCH, 2015:

The following are the Related Party transaction undertaken by the Company during the period ended 31st March 2015, in terms of AS-18, Related Party Disclosures issued by the Institute of Chartered Accountants of India:

Name of the Related Party and nature of relationship:

Enterprises where Control Exists :

CAE Rossell India Ltd.

Subsidary Company (Fully Owned)

Key Management Personnel :

Mr. H.M.Gupta,Executive Chairman

Mr. C.S.Bedi, Managing Director

Mr. N K Khurana, Chief Financial Officer-cum-Company Secretary

Relatives of Key Managerial Personnel :

Mrs. Vinita Gupta

Mr. R M Gupta

Ms. Samara Gupta

Mrs. Sonia Bedi

Mrs. Sharda Khurana

Holding Company :

BMG Enterprises Ltd

Enterprises over which the Key Management :

BMG Investments Private Ltd

Personnel or their relatives have signficant influence :

Harvin Estates Private Ltd

BMG Foundation

6.1 The Company has only one subsidiary company as on 31st March, 2015, namely, CAE Rossell India Limited (Extent of interest - 100%).

6.2 The Company also has a Joint Venture (Extent of interest -26%) at Singapore, namely R.V. Enterprizes Pte. Ltd., Singapore. In terms of Sec. 183 (3) of the Companies Act, 2013 read with AS-27, Financial Reporting of Interests in Joint Ventures, Financial Statement of the Joint Venture has also been included in the Consolidated Financial Statement of the Group.

6.3 The required information in Form AOC I - Statement containing salient features of the Financial Statement of Subsidiaries/ Associate Companies/ Joint Ventures as on 31st March, 2015.

1. Name of subsidiaries which are yet to commence operation - The above subsidiary is yet to commence any operations.

2. Names of subsidiaries which have been liquidated or sold during the year - None.

a) Names of associates or joint ventures, which are yet to commence operations — Not Applicable

b) Names of associates or joint ventures, which have been liquidated or sold during the year — Not Applicable


Mar 31, 2014

1 Current Maturities of these loans - Rs 990 Lakhs

2 These loans are secured on pari passu basis by hypothecation of Moveable Assets and Deposit of Title Deeds in respect of Namsang and Kharikatia Tea Estates of the Company pending creation of Equitable Mortgage, which would be formalized upon receipt of statutory approvals. The loan from one of the Banks is additionally secured by hypothecation of tea crops and book debts in respect of Kharikatia T.E.

3 These loans are repayable in equated quarterly installments up to a 6 year period from the date of respective disbursement and will be fully liquidated by the Financial Year 2018-2019.

4 The Company has entered into Cross Currency Swap Transactions and opted to swap these loans from Indian Rupees in to US Dollars. The Contracts for such transactions outstanding as on 31st March, 2014.

DEFERRED TAX LIABILITY (NET)

As per the Accounting Standard AS-22 - Accounting for taxes on Income, an amount of Rs 40.00 lakhs was recognised as Deferred Tax Liability as on 31st March, 2013. During the year, a review with respect to the carrying amount of Deferred Tax Liability was done and the same was revised upward to Rs 223.00 lakhs as on 31st March, 2014. Thus, an amount of Rs 183.00 lakhs has been shown as Deferred Tax Adjustment in the Profit and Loss Statement for the year ended 31st March, 2014. The components of Deferred Tax Liability.

Remark :

The above loans are secured on pari passu basis by hypothecation of tea crops and moveable assets of all the Tea Estates of the Company, save and except that of Namsang Tea Estate. These are also collaterally secured by Equitable Mortgage by way of second charge on Kharikatia Tea Estate for one of the Banks and Equitable Mortgage by way of first charge on pari passu basis on Dikom, Nokhroy, Bokakhat and Romai Tea Estates for other Banks.

5 CONTINGENT LIABILITIES AND COMMITMENTS (i) Estimated amount of Contingent Liabilities not provided for:

(a) Claims against the Company not acknowledged as Debt

Income Tax 76.46 210.63 Clean Energy Cess 7.19 - (b) Guarantees Bank Guarantees outstanding 10.49 3.25

(ii) Commitments

Estimated amount of Contracts remaining to be executed on Capital Account and not provided for (net of advance) 42.58 170.31 6 The Conveyance Deeds in respect of Namsang T.E., District Dibrugarh, Assam and Kharikatia T.E., District Jorhat, Assam are in the process of execution in the name of the Company.

7 segment Information for the year ended 31st march, 2014

1. Business segments: In terms of AS-17- Segment Reporting , the Company has following Business Segments as Primary Segment for disclosure.

A. Cultivation, Manufacture and Sale of Tea

B. Aviation, Products and Services

8 The Company has only one subsidiary company as on 31st March, 2014, namely, CAE Rossell India Limited (Extent of interest - 100%). Accordingly, the Consolidated Financial Statement for the year ended 31st March, 2014 has been prepared separately in accordance with Accounting Standard AS-21 containing the required information for the aforesaid subsidiary in terms of General Circular No. 2 / 2011 issued by the Government of India, Ministry of Corporate Affairs under ref no. 5/12/2007-CL-III. As required in the said General Circular, the Board of Directors of the Company has by a resolution adopted on 16th May, 2014 (a) given their consent for not attaching the annual accounts of the aforesaid subsidiary in respect of their Financial Year 2013-2014 with these financial statements and (b) have undertaken on behalf of the Company that the annual accounts of the subsidiary company and the related detailed information shall be made available to the shareholders of the Company and that of subsidiary company seeking such information at any point of time. The annual accounts of this subsidiary company shall be kept for inspection by any shareholders at the registered office of the Company at Kolkata.

I. Basis used to determine the Expected Rate of Return on Plan Assets

The expected rate of return on plan assets is based on the actuarial expectation of the average long term rate of return expected on investment of the fund with the Trustees, assuming that these are generally held to maturity, along with the estimated incremental investments to be made during the year.


Mar 31, 2012

1. Related Party Transactions for the year ended 31st March, 2012

The following are the Related Party transaction undertaken by the Company during the year ended 31st March, 2012, in terms of AS-18 - Related Party Disclosures issued by the Institute of Chartered Accountants of India :

2. The Company has only one subsidiary company as on 31st March, 2012, namely, Rossell Aviation Private Limited (Extent of interest - 100%). During the year, on and from 29th June, 2011, Sigma Microsystems Private Limited (Extent of interest - 56.25%) ceased to be a subsidiary of the Company consequent upon divestment of entire shareholdings held therein.

Accordingly, the Consolidated Financial Statement for the year ended 31st March, 2012 has been prepared separately in accordance with Accounting Standard AS-21 containing the required information for the aforesaid subsidiary in terms of General Circular No. 2/2011 issued by the Government of India, Ministry of Corporate Affairs under ref no. 5/12/2007-CL-III . As required in the said General Circular, the Board of Directors of the Company has by a resolution adopted on 17th May, 2012 (a) given their consent for not attaching the annual accounts of the aforesaid subsidiary in respect of their Financial Year 2011-2012 with these financial statements and (b) have undertaken on behalf of the Company that the annual accounts of the subsidiary company and the related detailed information shall be made available to the shareholders of the Company and that of subsidiary company seeking such information at any point of time. The annual accounts of this subsidiary company shall be kept for inspection by any shareholders at the registered office of the Company at Kolkata.

3. Defined Benefits Plans

In compliance with AS-15 (Revised) - Employee Benefits issued by the Institute of Chartered Accountants of India, an Actuarial Valuations were carried out in respect of Defined Benefit Schemes namely Pension, Gratuity and Leave Encashment as on 31st March, 2012. Thus, the amount recognised in the financial statements in respect of these Schemes as per Actuarial Valuation as on March 31, 2012 are as under:

I Basis used to determine the Expected Rate of Return on Plan Assets

The expected rate of return on plan assets is based on the actuarial expectation of the average long term rate of return expected on investment of the fund with the Trustees, assuming that these are generally held to maturity, along with the estimated incremental investments to be made during the year.

4. Micro and Medium Scale business entities :

On the basis of information available with the Company, there are no Micro, Small and Medium Enterprises, within the meaning of Micro, Small and Medium Enterprises Development Act, 2006, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2012.

5. Previous year's figures have been rearranged wherever necessary.


Mar 31, 2010

1.1. Estimated amount of contracts remaining to be executed on Capital Account and not provided (net of advance) for Rs.2,42,52,000 (2009 - Rs.2,34,34,000).

1.2 Estimated amount of Contingent Liabilities not provided for in respect of (a) West Bengal Sales Tax and Central Sales Tax (West Bengal) - Rs.15,75,867 (2009-15,75,867) (b) Central Sales Tax (Assam) - Rs. 4,74,78,644 (2009- Nil) (c) Income Tax Rs.18,25,850 (2009-Nil).

1.3 The Company provided, during the year, a Corporate Guarantee to HDFC Bank Limited, Kolkata for securing the Non Fund Based Working Capital facilities to Sigma Microsystems Private Limited, Subsidiary Company to the extent of Rs.90,00,000.

2.1 Inter Corporate Deposits include paid to Sigma Microsystems Private Limited, Subsidiary Company Rs. 2,58,00,000 (2009 - Rs.90,10,000) and interest receivable thereon Rs. 6,46,834 (2009- Rs. 4,06,878).

2.2 Advances recoverable in cash or in kind include dues from Rossell Aviation Private Limited, Subsidiary Company - Nil (2009 - Rs. 56,535)

2.3 Deposits include the balances with (a) NABARD deposited under the Tea Development Account Scheme, 1990 Rs. 3,86,15,445 (2009- Rs. 1,31,47,945) (b) Assam Financial Corporation under Plantation Development Fund Scheme, 1994 Rs.1,000 ( 2009- Nil)

3. Miscellaneous Expenses include Audit Fees payable to Cost Auditors Rs. 71,695 (2008-2009 Rs. 56,180)

3.1 Miscellaneous Expenses also include contribution to Indian National Congress, a Political Party within the meaning of 293A of the Companies Act, 1956- Nil (2008-2009 - Rs.25,00,000)

3.2 Rent includes arrear Land Revenue and Surcharge paid/payable in respect of Tea Estates in Assam Rs.25,47,151 ( 2009- Nil) pursuant to demand raised in this year.

4. Vankesh Avionics Technologies Division - Manufacturing, Design and Development of Avionics, Aviation and Electronic Equipments.

5. The following are the Related Party transactions undertaken by the Company during this accounting period in terms of AS-18 - Related Party Disclosures issued by the Institute of Chartered Accountants of India:

a) Name of related party and nature of relationship:

Enterprises where Control Exists - Sigma Microsystems Private Limited, Subsidiary Company

Rossell Aviation Private Limited,

Subsidiary Company (Fully Owned)

Key Management Personnel - Mr. H.M. Gupta, Executive Chairman

Mr. C.S.Bedi, Managing Director Holding Company - BMG Enterprises Ltd.

Enterprises over which the Key Management Personnel or their relatives have significant influence - BMG Investments Private Limited

Harvin Estates Private Limited

6. A new Division namely Vankesh Avionics Technologies Division was created on and from 1st October, 2008 for taking up the business of manufacturing, design and development of avionics, aviations and electronic equipments. Thus, these accounts include the working results of this new Division for the full year and therefore, the current years figures are not comparable with those of the previous year:

7. Micro and Medium Scale business entities

On the basis of information available with the Company, there are no Micro, Small and Medium Enterprises, within the meaning of Micro, Small and Medium Enterprises Development Act, 2006, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2010.

8.Previous years figures have been rearranged wherever necessary.

 
Subscribe now to get personal finance updates in your inbox!