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Accounting Policies of T & I Global Ltd. Company

Mar 31, 2015

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENT :

The financial statements have been prepared on accrual basis in accordance with accepted accounting principles generally accepted in India under the historical cost convention except for payment of Bonus.These complywith the Accounting Standards prescribed under section 133 of the Companies Act,2013 read with Rule 7 of Companies (Accounts) Rule,2014.The accounting policies applied by the Company are consistent with those used in last year.

1.2 USE OF ESTIMATES

The preparation of financial statement required judgements, estimates and assumptions to be made that affect the reported amount of assets and liabilities including contingent liabilities on the dates of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between actual reserves and estimates are recognised in the period in which the results are known/ materialised.

1.3 REVENUE RECOGNITION :

Sale incomes accrued on passing of title of goods and other income and expenses are accounted for on accrual basis except mentioned above.Sales are net of excise duty and sales tax.

1.4 FIXED ASSETS AND DEPRECIATION :

i) Fixed Assets including incidental expenses thereto are stated at cost. All expenditures on extension of planting areas are capitalised.

ii) Depreciation is systematically allocated over the useful life of an asset as specified in part C of schedule of Companies Act,2013

iii) Consequent to the enactment of Part A of schedule ii of the Companies Act 2013, the company has reassessed the remaining useful life of Fixed Assets in accordance with the provisions prescribed under schedule II.In case of assets which have completed their useful life ,carrying value ( net of residual value) as on 01/04 2014,amounting to Rs.2415769/- has been recognised in retained earnings and in case of other assets the carrying value (net of residual value) is being depreciated over the revised remaining useful life.

iv) Profit or loss on disposal of fixed assets are recognised in Profit & loss account

v) The carrying amount of assets are reviewed at each Balance Sheet date to ascertain impairment based on internal / external factors.An impairment loss is recognised wherever applicable when the carrying value of Fixed Assets exceeds its market value or value in use,whichever is higher

1.5 INVESTMENT :

i) Investments are valued at cost including cost of share transfer stamp.

ii) Investments those are short term in nature taken under the head Current Assets as Current Investment. are valued at lower of cost or market value

iii) Long term investment are valued at cost. The dimunition (if any) in the value of investment is not recognised unless such dimunition is considered permanent in nature.

1.6 INVENTORIES:

i) Tea Machinery is valued at lower of cost or net realisable value .

ii) Stock of Te a is valued at lower of cost or net realisable value.

iii) Stores, Chemicals, Spares for Machinery, Green leaf are valued at cost.

iv) Stock of nursery in respect of own plants taken from the garden as well as the plants purchased have been valued at cost.

1.7 ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS:

The Foreign Currency transactions are recorded on the basis of exchange rate prevailing at the time of the transactions. Differences in transactions due to exchange fluctuations are recognised in the Profit and Loss Account as and when it arises. Current Assets & Liabilities have been restated at the prevailing closing Bank exchange rates of the financial year. and it's effect has been given in the Foreign Curreny Fluctuation Account

1.8 EMPLOYEE BENEFITS

i) Employee benefits of short term natures are recognized as expenses as and when it accrues

ii) Employee benefits of long term natures are recognized as expenses based on actuarial valuation.

iii) Post employment benefits,

a. in the nature of defined contribution plans are recognized as expenses as and when it accrues.

b. in the nature of Defined benefits plans in respect of the employees on roll are reconized as expenses based on actuarial valuation

iv) Actuarial gains and losses are recognized immediately in the profit and loss Account as income and expense

1.9 TAXES ON INCOME

Current tax is determined as the amount of tax payable in respect of taxable income for the year in accordance with the provisions of the Income Tax Act. 1961. Defferred tax liabilities and assets are recognized at substantively enacted tax rates, subject to the consioderation of prudent, on timing difference, being the difference between taxable income and accounting income that originate in the year and are capable of reversal in one or more subsequent years

1.10 GOVERNMENT GRANTS

Grants from the Government are recognized on compliance of conditions and on reasonable assurance of the same being received, grants received from the Government agencies against specific fixed assets are adjusted to the cost of the assets and revenue grants are recognized as other income on cash basis.

1.11 PROVISIONS,CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions are recognized where reliable estimate can be made for probable outflow of resources to settle the present obligation as a result of past event and the same is reviewed at each Balancesheet date. Contingent Liabilities are generally not provided for in the accounts and are shown separately in Notes on Accounts. Contingent assets are not provided for or disclose.


Mar 31, 2014

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENT :

The financial statements have been prepared on accrual basis in accordance with accepted accounting standards, accepted accounting policies and applicable provisions of The Companies Act 1956, based on historical cost convention except payment of bonus. Financial statement has been prepared and presented as per the requirement of revised Schedule VI as notified under the Companies Act 1956. The adaption of revised Schedule VI does not have any impact on recognition and measurement principal as followed by the company.

1.2 USE OF ESTIMATES

The preparation of financial statement required judgements, estimates and assumptions to be made that affect the reported amount of assets and liabilities including contingent liabilities on the dates of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between actual reserves and estimates are recognised in the period in which the results are known/ materialised.

1.3 REVENUE RECOGNITION :

Sale incomes accrued on passing of title of goods and other income and expenses are accounted for on accrual basis except mentioned above. Sales are net of excise duty and sales tax.

1.4 FIXED ASSETS AND DEPRECIATION :

i) Fixed Assets including incidental expenses thereto are stated at cost. All expenditures on extension of planting areas are capitalised.

ii) Depreciation has been accounted for on Written Down Value Method at the rates prescribed under Schedule XIV to the Companies Act, 1956.and on prorata basis in case of Addition / Deletion of Fixed Assets.

iii) Profit or loss on disposal of fixed assets are recognised in Profit & loss account

iv) The carrying amount of assets are reviewed at each Balance Sheet date to ascertain impairment based on internal / external factors. An impairment loss is recognised where applicable when the carrying value of Fixed Assets exceeds its market value or value in use whichever is higher.

1.5 INVESTMENT :

i) Investments are valued at cost including cost of share transfer stamp.

ii) Investments those are short term in nature taken under the head Current Assets as Current Investment. are valued at lower of cost or market value

iii) Non Provision for diminution of market value of Investment, if permanent in nature is to be accounted for in the accounts .

1.6 INVENTORIES:

i) Tea Machinary is valued at lower of cost or net realisable value .

ii) Stock of Tea is valued at lower of cost or net realisable value.

iii) Stores, Chemicals, Spares for Machinery, Green leaf are valued at cost.

iv) Stock of nursery in respect of own plants taken from the garden as well as the plants purchased have been valued at cost.

1.7 ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS:

The Foreign Currency transactions are recorded on the basis of exchange rate prevailing at the time of the transactions. Differences in transactions due to exchange fluctuations are recognised in the Profit and Loss Account as and when it arises. Current Assets & Liabilities have been restated at the prevailing closing Bank exchange rates of the financial year, and it''s effect has been given in the Foreign Currency Fluctuation Account

1.8 EMPLOYEE BENEFITS

i Employee benefits of short term natures are recognized as expenses as and when it occurs

ii) Employee benefits of long term natures are recognized as expenses based on actuarial valuation.

iii) Post employment benefits.

a in the nature of defined contribution plans are recognized as expenses as and when it accrues. b in the nature of defined benefits plans in respect of the employees on roll are recognized as expenses based on actuarial valuation

iv Actuarial gains and losses are recognized immediately in the profit and loss Account as income and expense

1.9 TAXES ON INCOME

Current tax is determined as the amount of tax payable in respect of taxable income for the year in accordance with the provisions of the Income Tax Act. 1961. Deferred tax liabilities and assets are recognized at substantively enacted tax rates, subject to the consideration of prudent, on timing difference, being the difference between taxable income and accounting income that originate in the year and are capable of reversal in one or more subsequent years

1.10 GOVERNMENT GRANTS

Grants from the Government are recognized on compliance of conditions and on reasonable assurance of the same being received, grants received from the Government agencies against specific fixed assets are adjusted to the cost of the assets and revenue grants are recognized as other income on cash basis.

1.11 PROVISIONS,CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions are recognized where reliable estimate can be made for probable outflow of resources to settle the present obligation as a result of past event and the same is reviewed at each Balance sheet date. Contingent Liabilities are generally not provided for in the accounts and are shown separately in Notes on Accounts. Contingent assets are not provided for or disclose.


Mar 31, 2013

1.1 BASIS OF PREPARATION OF FINANCIALSTATEMENT:

The financial statements have been prepared on accrual basis in accordance with accepted accounting standards, accepted accounting policies and applicable provisions of The Companies Act, 1956 based on historical cost convention except payment of bonus, financial statement has been prepared and presented as per the requirement of revised Schedule VI as notified under the Companies Act 1956.. The adaption of revised Schedule VI does not have any impact on recognition and measurement principal as followed by the company.

1.2 USE OF ESTIMATES

The preparation of financial statement required judgements, estimates and assumptions to be made that affect the reported amount of assets and liabilities including contingent liabilities on the dates of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between actual reserves annd estimates are recognised in the period in which the results are known/ materialised.

1.3 REVENUE RECOGNITION:

Sale incomes accrued on passing of title of goods and other income and expenses are accounted for on accrual basis except mentioned above.Sales are net of excise dutyand sales tax.

1.4 FIXED ASSETS AND DEPRECIATION:

i) Fixed Assets including incidental expenses thereto are stated at cost. All expenditures on extension of planting areas are capitalised.

ii) Depreciation has been accounted for on Written Down Value Method at the rates prescribed under Schedule XIV to the Companies Act, 1956.and on prorata basis in case of Addition / Deletion of Fixed Assets.

iii) Profit or loss on disposal of fixed assets are recognised in Profits loss account

iv) An impairment loss is recognised where applicable when the carrying value of Fixed Assets exceeds its market value or value in use, whichever is higher

1.5 INVESTMENT:

i) Investments are valued at cost including cost of share transfer stamp.

ii) Non Provision for diminution of market value of Investment, if parmanent in nature is to be accounted for in the accounts.

1.6 INVENTORIES:

i) TeaMachinary is valued at lower of cost or net realisable value.

ii) Stock of Tea is valued at lower of cost or net realisable value.

iii) Stores, Chemicals, Spares for Machinery, Green leaf are valued at cost.

iv) Stock of nursery in respect of own plants taken from the garden as well as the plants purchased have been valued at cost.

1.7 ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS:

The Foreign Currency transactions are recorded on the basis of exchange rate prevailing at the time of the transactions. Differences in transactions due to exchange fluctuations are recognised in the Profit and Loss Account as and when it arises. Current Assets & Liabilities have been restated at the prevailing closing Bank exchange rates of the financial year, and it''s effect has been given in the Foreign Curreny Fluctuation Account

1.8 EMPLOYEE BENEFITS

i) Employee benefits of short term natures are recognized as expenses as and when it accures ii) Employee benefits of long term natures are recognized as expenses based on actuarial valuation. iii) Post employment benefits,

a. in the nature of defined contribution plans are reconized as expenses as and when it accrues.

b. in the nature of Defined benefits plans in respect of the employees on roll are reconized as expenses based on actuarial valuation

iv) Actuarial gains and losses are recognized immediately in the profit and loss Account as income and expense

1.9 TAXES ON INCOME

Current tax is determined as the amount of tax payable in respect of taxable income for the year in accordance with the provisions of the Income Tax Act. 1961. Defferred tax liabilities and assets are recognized at substantively enacted tax rates, subject to the consioderation of prudent, on timing difference, being the difference between taxable income and accounting income that originate in the year and are capable of reversal in one or more subsequent years

1.1 GOVERNMENT GRANTS

Grants from the Government are recognized on compliance of conditions and on reasonable assurance of the same being received, grants received from the Government agencies against specific fixed assets are adjusted - to the cost of the assets and revenue grants are recognized as other income on cash basis.

1.11 PROVISIONS,CONT|NGENT LIABILITIES AND CONTINGENT ASSETS

Provisions are recognized where reliable estimate can be made for probable outflow of resources to settle the present obligatiopn as a result of past event and the same is reviewed at each Balancesheet date. Contingent Liabilities are generally not provided for in the accounts and are shown separately in Notes on Accounts. Contingent assets are not provided for or disclose.


Mar 31, 2012

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENT :

The financial statements have been prepared on accrual basis in accordance with accepted accounting standards, accepted accounting policies and applicable provisions of The Companies Act, 1956 based on historical cost convention except payment of bonus financial statement has been prepared and presented as per the requirement of revised Schedule VI as notified under the Companies Act 1956 with effect from current year. The adaption of revised Schedule VI does not have any impact on recognition and measurement principal as followed by the company.

1.2 USE OF ESTIMATES

The preparation of financial statement required judgements, estimates and assumptions to be made that affect the reported amount of assets and liabilities including contingent liabilities on the dates of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between actual reserves annd estimates are recognised in the period in which the results are known/ materialised.

1.3 REVENUE RECOGNITION :

Sale incomes accrued on passing of title of goods and other income and expenses are accounted for on accrual basis except mentioned above.Sales are net of excise duty and sales tax.

1.4 FIXED ASSETS AND DEPRECIATION :

i) Fixed Assets including incidental expenses thereto are stated at cost. All expenditures on extension of planting areas are capitalised.

ii) Depreciation has been accounted for on Written Down Value Method at the rates prescribed under Schedule XIV to the Companies Act, 1956.and on prorata basis in case of Addition / Deletion of Fixed Assets.

iii) Profit or loss on disposal of fixed assets are recognised in Profit & loss account

iv) An impairment loss is recognised where applicable when the carrying value of Fixed Assets exceeds its market value or value in use, whichever is higher

1.5 INVESTMENT :

i) Investments are valued at cost including cost of share transfer stamp.

ii) Investments those are short in nature taken under the head Current Assets as Current Investment. are valued at cost.

iii) Non Provision for diminution of market value of Investment if parmanent in nature, is to be accounted for in the accounts .

1.6 INVENTORIES:

i) Finished goods are valued at lower of cost or net realisable value .

ii) Stock of Tea is valued at lower of cost or net realisable value.

iii) Stores, Chemicals, Spares for Machinery, Green leaf are valued at cost.

iv) Stock of nursery in respect of own plants taken from the garden as well as the plants purchased have been valued at cost.

1.7 ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS:

The Foreign Currency transactions are recorded on the basis of exchange rate prevailing at the time of the transactions. Differences in transactions due to exchange fluctuations are recognised in the Profit and Loss Account as and when it arises. Current Assets & Liabilities have been restated at the prevailing closing Bank rate of the financial year. and it's effect has been given in the account.

1.8 EMPLOYEE BENEFITS

i Employee benefits of short term natures are recognized as expenses as when it accures

ii) Employee benefits of long term natures are recognized as expenses based on actuarial valuation.

iii) Post employment benefits,

a in the nature of defined contribution plans are reconized as expenses as and when it accrues.

b in the nature of Defined benefits plans in respect of the employees on roll are reconized as expenses based on actuarial valuation

iv Actuarial gains and losses are recognized immediately in the profit and loss Account as income and expense

1.9 TAXES ON INCOME

Current tax is determined as the amount of tax payable in respect of taxable income for the year in accordance with the provisions of the Income Tax Act. 1961. Defferred tax liabilities and assets are recognized at substantively enacted tax rates, subject to the consioderation of prudent, on timing difference, being the difference between taxable income and accounting income that originate in the year and are capable of reversal in one or more subsequent years

1.10 GOVERNMENT GRANTS

Grants from the Government are recognized on compliance of conditions and on reasonable assurance of the same being received, grants received from the Government agencies against specific fixed assets are adjusted to the cost of the assets and revenue grants are recognized as other income.

1.11 PROVISIONS AND CONTINGENT LIABILITIES

Provisions are recognized where reliable estimate can be made for probable outflow of resources to settle the present obligation as a result of past event and the same is reviewed at each Balance Sheet date. Contingent Liabilities are generally not provided for in the accounts and are shown separately in Notes on Accounts.


Mar 31, 2010

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENT:

The financial statements have been prepared on accrual basis in accordance with accepted accounting standards, accepted accounting policies and applicable provisions of The Companies Act, 1956 based on historical cost convention except payment of bonus.

1.2 REVENUE RECOGNmON:

Sale incomes accrued on passing of title of goods and other income and expenses are accounted for on accrual basis except mentioned above.Sales are net of excise duty and sales tax.

1.3 FIXED ASSETS AND DEPRECIATION:

a) Fixed Assets including incidental expenses thereto are stated at cost. All expenditures on extension of planting areas are capitalised.

b) Depreciation has been accounted for on Written Down Value Method at the rates prescribed under Schedule XIV to the Companies Act, 1956.and on prorata basis in case of Addition / Deletion of Fixed Assets.

c) Profit or loss on disposal of fixed assets are recognised in Profit & loss account.

d) An impairment loss is recognised where applicable when the carrying value of Fixed Assets exceeds its market value or value in use, whichever is higher.

1.4 INVESTMENT:

Investments are valued at cost including cost of share transfer stamp. Provision for diminution of market value of Investment if parmanent in nature, is to be accounted for in the accounts .

1.5 INVENTORIES:

a) . Finished goods are valued at lower of cost or net realisable value .

b) Stock of Tea is valued at lower of cost or net realisable value.

c) Stores, Chemicals, Spares for Machinery, Green leaf are valued at cost.

d) Stock of nursery in respect of own plants taken from the garden as well as the plants purchased have been valued at cost.

1.6 ACCOUNTING FOR FOREIGN CURRENCYTRANSACTK3NS:

The Foreign Currency transactions are recorded on the basis of exchange rate prevailing at the time of the transactions. Differences in transactions due to exchange fluctuations are recognised in the Profit and Loss Account as and when it arises. Current Assets & Liabilities have been restated at the prevailing closing Bank rate of the financial year, and its effect has been given in the account.

1.7 RETIREMENT BENEFfTS:

i Defined Contribution Plan

The Company makes defined contribution to Government recognised Provident & other funds which are recognised in the Profit & Loss account. The Companys contribution to the aforesaid Provident Fund was Rs 1975791/- (Previous Year Rs.1771237/-)

ii Defined Benefit Plan (funded)

The employees gratuity fund scheme managed by Life Insurance Corporation of India / Tata AIG life insurance company limited is a defined benefit plan. The Insurance Companies make payment to vested employees or their nominees upon retirement, death, incapacitation or cessation of employment subject to maximum of Rs.3.50 Lacs. Vesting occurs upon completion of five years of service.

iii Medical Insurance Premium Re-imbursement (unfunded)

The Company has a scheme of re-imbursement of medical expenses including medical insurance premium subject to a maximum of 5% of the Basic Salary to employees. The scheme is in the nature of Defined Benefit Plan.

iv Leave Encashment

As per the Company rules employees are entitled to get accumulated leave upto 30 days.which are encashed in the following year.An amount of Rs.272256/- accrued in this account as on 31/03/2010 has duly been provided.

1.8 Employees State Insurance

The company has paid Rs.70780/- to ESI upto 31/03/2010.which comprises of Rs.13450/- for the year 2007- 08.RS.35079/- for the year 2008-09 and balance of Rs.22251/- for the year 2009-10 of which Rs.7738/- is towards Employees Contribution and Rs.14513/-towards Employers contribution.

 
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