Mar 31, 2015
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost
convention in accordance with the provisions of the Companies Act, 2013
and accounting standards as prescribed under section 133 of the
Companies Act , 2013, read with rule 7 of the Companies (Accounts)
Rules,2014 and other recognized accounting practices. Accounting
policies unless specifically stated to be otherwise, are consistent and
are in consonance with generally accepted accounting principles.
B. USE OF ESTIMATES
The Preparation of financial Statements require Management to make
estimates and assumption that affect the reported amount of Assets and
Liabilities and disclosure relating to contingent liabilities as at the
Balance Sheet date and the reported amounts of Income and Expenses
during the year. Difference between the actual results and the
estimates are recognized in the year in which the results become
known/materialize.
Contingencies are recorded when it is probable that a liability will be
incurred and the amounts can reasonably be estimated. Differences
between the actual results and the estimates are recognized in the year
in which the results are known / materialized.
C. REVENUE RECOGNITION
(i) Sales is recognised in the accounts on passing of title of goods
i.e. delivery as per terms of sale or on completion of auction in case
of auction sale.
(ii) Sales represent the invoice value of goods supplied less tax, if
any.
D. FIXED ASSETS TANGIBLE ASSETS
Fixed Assets are stated at cost of acquisition. The cost of extension
planting on cultivable land including cost of development is
capitalised whereas expenses in respect of replanting of tea bushes are
charged to revenue. Subsidy related to fixed assets is adjusted against
the cost of the same.
E. DEPRECIATION
Depreciation on Fixed Assets is provided in the manner and at the
applicable rates as specified in Schedule II of the Companies Act, 2013
under Straight Line Method.
F. IMPAIRMENT
Fixed Assets are reviewed at each Balance Sheet date for impairment. In
case event and circumstances indicate any impairment, recoverable amount
of fixed assets is determined. An impairment loss is recognized,
wherever the carrying amounts of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is the greater of asset's net selling price or its
value in use. In assessing the value in use, the estimated future Cash
Flow from the use of assets is discounted to their present value at
appropriate rate. An impairment loss is reversed if there has been
change in the recoverable amount and such loss no longer exists or has
decreased. Impairment Loss / reversal thereof is adjusted to the
carrying value of the respective asset which in case of CGU, are
allocated to the assets on a pro-rata basis. Subsequent to recognition
of impairment loss / reversal thereof, depreciation is provided on the
revised carrying amount of the assets, on a systematic basis, over its
remaining useful life.
G INVESTMENTS
Investments are classified under Long Term and Current Investments
depending on the intention for holding the same. Long Term Investments
are stated at cost. Provision for diminution is made to recognise a
decline, other than the temporary, in the value of investments. Current
Investments are stated at lower of cost or fair value. Gains/Losses on
disposal of investments are recognised in the Profit and Loss account.
H. INVENTORIES
Inventories are valued at cost or net realisable value whichever is
lower. Cost in respect of finished product is determined on average
basis and represents works cost and appropriate portion of overheads.
Cost in respect of Stores and Spares and Foodstuff is computed on FIFO
basis.
Excise duty /Tea Cess/ Education Cess if any leviable/ payable on
closing stock of Tea is provided and included in valuation of closing
stock.
I. EMPLOYEE BENEFITS
Employee benefits are accrued in the year services are rendered by the
employees. Short term employee benefits are recognized as an expense in
the statement of profit and loss for the year in which the related
service is rendered.
Contribution to defined contribution schemes such as Provident Fund
etc. are recognized as and when incurred.
Long-term employee benefits under defined benefit scheme such as
contribution to gratuity are determined at close of the year at present
value of the amount payable using actuarial valuation techniques. Leave
Encashment is provided on the basis of actual valuation as computed by
the company.
Actuarial gain and losses are recognized in the year when they arise
J. FOREIGN EXCHANGE TRANSACTION :
Transaction in foreign currencies are accounted for at the exchange
rate prevailing on the date of the transaction. Foreign currency,
monetary assets and liabilities at the year end are translated using
exchange rate prevailing on the last day of the financial year. The
loss or gain thereon and also the exchange differences on settlement of
the foreign currency transactions during the year are recognized as
income or expenses and adjusted to the profit and loss account.
K. SUBSIDY
Tea Replantation subsidy and other subsidies is accounted for on
acceptance/receipt by/from the concerned authorities.
L. BORROWING COST
Borrowing cost incurred in relation to acquisition, construction or
production of a qualifying asset is capitalized as a part of the cost
of such assets up to the date when such assets are ready for intended
use or sale. Other borrowing cost are charged as an expense in the year
in which they are incurred.
M. TAXES ON INCOME
Provision for Tax is made for current and deferred taxes. Current tax
is provided on the taxable income using the applicable tax rates and
tax laws. Deferred tax assets and liabilities arising on account of
timing difference, which are capable of reversal in subsequent period
are recognized using tax rates and tax laws, which have been enacted or
substantively enacted. Deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
will be realized. In case of carry forward of unabsorbed depreciation
and tax losses, deferred tax assets are recognized only if there is a
"virtual certainty" that such deferred tax assets can be realized
against future taxable profits.
N. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS.
Provision involving substantial degree of estimates in measurement is
recognized when there is a present obligation as a result of past
events, and it is probable that there will be an outflow of resources
and a reliable estimate can be made of the amount of obligation.
Contingent assets are neither recognized nor disclosed in the financial
statements. Contingent liabilities are not provided in the books but
disclosed by way of a note in the Notes to Account.
Mar 31, 2014
A. GENERAL
i. These accounts have been prepared on the historical cost convention
in accordance with provisions of the Companies Act, 1956 and mandatory
Accounting Standards Rules 2006 read with general circular 15/2013
dated 13th September 2013 of the Ministry of Corporate Affairs in
respect of section 133 of the Companies Act, 2013.
ii All income and expenses to the extent considered receivable and
payable respectively, unless specifically stated to be otherwise are
accounted for on mercantile basis.
iii. Accounting policies unless specifically stated to be otherwise are
consistent and are in consonance with generally accepted accounting
principles.
B. USE OF ESTIMATES
The Preparation of financial Statements require Management to make
estimates and assumption that affect the reported amount of Assets and
Liabilities and disclosure relating to contingent liabilities as at the
Balance Sheet date and the reported amounts of Income and Expenses
during the year.
Contingencies are recorded when it is probable that a liability will be
incurred and the amounts can reasonably be estimated. Differences
between the actual results and the estimates are recognized in the year
in which the results are known / materialized.
C. REVENUE RECOGNITION
i. Sales is recognised in the accounts on passing of title of goods
i.e. delivery as per terms of sale or on completion of auction in case
of auction sale.
ii. Sales represent the invoice value of goods supplied less tax, if
any.
D. FIXED ASSETS
Fixed Assets are stated at cost of acquisition. The cost of extension
planting on cultivable land including cost of development is
capitalised whereas expenses in respect of replanting of tea bushes are
charged to revenue. Subsidy related to fixed assets is adjusted against
the cost of the same.
E DEPRECIATION
Depreciation on Fixed Assets is provided in the manner and at the
applicable rates as specified in Schedule XIV of the Companies Act,
1956 under Straight Line Method.
F. IMPAIRMENT
Fixed Assets are reviewed at each Balance Sheet date for impairment. In
case event and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is
recognized, wherever the carrying amounts of assets either belonging to
Cash Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is the greater of asset''s net selling price or its
value in use. In assessing the value in use, the estimated future Cash
Flow from the use of assets is discounted to their present value at
appropriate rate. An impairment loss is reversed if there has been
change in the recoverable amount and such loss no longer exists or has
decreased. Impairment Loss / reversal thereof is adjusted to the
carrying value of the respective asset which in case of CGU, are
allocated to the assets on a pro-rata basis. Subsequent to recognition
of impairment loss / reversal thereof, depreciation is provided on the
revised carrying amount of the assets, on a systematic basis, over its
remaining useful life.
G INVESTMENTS
Investments are classified under Long Term and Current Investments
depending on the intention for holding the same. Long Term Investments
are stated at cost. Provision for diminution is made to recognise a
decline, other than the temporary, in the value of investments. Current
Investments are stated at lower of cost or fair value. Gains/Losses on
disposal of investments are recognised in the Profit and Loss Account.
H. INVENTORIES
Inventories are valued at cost or net realisable value whichever is
lower. Cost in respect of finished product is determined on average
basis and represents works cost and appropriate portion of overheads.
Cost in respect of Stores and Spares and Foodstuff is computed on FIFO
basis.
Excise duty /Tea Cess/ Education Cess if any leviable/ payable on
closing stock of Tea is provided and included in valuation of closing
stock.
I. EMPLOYEE BENEFITS
Employee benefits are accrued in the year services are rendered by the
employees.
Contribution to defined contribution schemes such as Provident Fund
etc. are recognized as and when incurred.
Long-term employee benefits under defined benefit scheme such as
contribution to gratuity are determined at close of the year at present
value of the amount payable using actuarial valuation techniques. Leave
Encashment is provided on the basis of actual valuation as computed by
the company.
Actuarial gain and losses are recognized in the year when they arise
J. FOREIGN EXCHANGE TRANSACTION
Transaction in foreign currencies are accounted for at the exchange
rate prevailing on the date of the transaction. Foreign currency,
monetary assets and liabilities at the year end are translated using
exchange rate prevailing on the last day of the financial year. The
loss or gain thereon and also the exchange differences on settlement of
the foreign currency transactions during the year are recognized as
income or expenses and adjusted to the Profit and Loss Account.
K. SUBSIDY
Tea Replantation subsidy and other subsidies is accounted for on
acceptance/receipt by/from the concerned authorities.
L. BORROWING COST
Borrowing cost incurred in relation to acquisition, construction or
production of a qualifying asset is capitalized as a part of the cost
of such assets up to the date when such assets are ready for intended
use or sale. Other borrowing costs are charged as an expense in the
year in which they are incurred.
M. TAXES ON INCOME
Provision for Tax is made for current and deferred taxes. Current tax
is provided on the taxable income using the applicable tax rates and
tax laws. Deferred tax assets and liabilities arising on account of
timing difference, which are capable of reversal in subsequent period
are recognized using tax rates and tax laws, which have been enacted or
substantively enacted. Deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
will be realized. In case of carry forward of unabsorbed depreciation
and tax losses, deferred tax assets are recognized only if there is a
"virtual certainty" that such deferred tax assets can be realized
against future taxable profits.
N. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provision involving substantial degree of estimates in measurement is
recognized when there is a present obligation as a result of past
events, and it is probable that there will be an outflow of resources
and a reliable estimate can be made of the amount of obligation.
Contingent assets are neither recognized nor disclosed in the financial
statements. Contingent liabilities are not provided in the books but
disclosed by way of a note in the Notes to Account.
Mar 31, 2012
A. GENERAL
i. These accounts have been prepared on the historical cost convention
in accordance with provisions of the Companies Act, 1956 and mandatory
Accounting Standards Rules 2006.
ii All income and expenses to the extent considered receivable and
payable respectively, unless specifically stated to be otherwise are
accounted for on mercantile basis.
iii. Accounting policies unless specifically stated to be otherwise are
consistent and are in consonance with generally accepted accounting
principles.
B. USE OF ESTIMATES
The Preparation of financial Statements require Management to make
estimates and assumption that affect the reported amount of Assets and
Liabilities and disclosure relating to contingent liabilities as at the
Balance Sheet date and the reported amounts of Income and Expenses
during the year.
Contingencies are recorded when it is probable that a liability will be
incurred and the amounts can reasonably be estimated. Differences
between the actual results and the estimates are recognized in the year
in which the results are known / materialized.
C. REVENUE RECOGNITION
i. Sales is recognised in the accounts on passing of title of goods
i.e. delivery as per terms of sale or on completion of auction in case
of auction sale.
ii. Sales represents the invoice value of goods supplied less tax, if
any.
D. FIXED ASSETS
Fixed Assets are stated at cost of acquisition. The cost of extension
planting on cultivable land including cost of development is
capitalised whereas expenses in respect of replanting of tea bushes are
charged to revenue. Subsidy related to fixed assets is adjusted against
the cost of the same.
E. DEPRECIATION
Depreciation on Fixed Assets is provided in the manner and at the
applicable rates as specified in Schedule XIV of the Companies Act,
1956 under Straight Line Method.
F. IMPAIRMENT
Fixed Assets are reviewed at each Balance Sheet date for impairment. In
case event and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is recognized,
wherever the carrying amounts of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is the greater of asset's net selling price or its
value in use. In assessing the value in use, the estimated future Cash
Flow from the use of assets is discounted to their present value at
appropriate rate. An impairment loss is reversed if there has been
change in the recoverable amount and such loss no longer exists or has
decreased. Impairment Loss / reversal thereof is adjusted to the
carrying value of the respective asset which in case of CGU, are
allocated to the assets on a pro-rata basis. Subsequent to recognition
of impairment loss / reversal thereof, depreciation is provided on the
revised carrying amount of the assets, on a systematic basis, over its
remaining useful life.
G. INVESTMENTS
Investments are classified under Long Term and Current Investments
depending on the intention for holding the same. Long Term Investments
are stated at cost. Provision for diminution is made to recognise a
decline, other than the temporary, in the value of investments. Current
Investments are stated at lower of cost or fair value. Gains/Losses on
disposal of investments are recognised in the Statement of Profit and
Loss.
H. INVENTORIES
Inventories are valued at cost or net realisable value whichever is
lower. Cost in respect of finished product is determined on average
basis and represents works cost and appropriate portion of overheads.
Cost in respect of Stores and Spares and Foodstuff is computed on FIFO
basis.
Excise duty /Tea Cess/ Education Cess if any leviable/ payable on
closing stock of Tea is provided and included in valuation of closing
stock.
I. EMPLOYEE BENEFITS
Employee benefits are accrued in the year services are rendered by the
employees.
Contribution to defined contribution schemes such as Provident Fund
etc. are recognized as and when incurred.
Long-term employee benefits under defined benefit scheme such as
contribution to gratuity are determined at close of the year at present
value of the amount payable using actuarial valuation techniques. Leave
Encashment is provided on the basis of actual valuation as computed by
the company.
Actuarial gain and losses are recognized in the year when they arise
J. FOREIGN EXCHANGE TRANSACTION
Transaction in foreign currencies are accounted for at the exchange
rate prevailing on the date of the transaction. Foreign currency,
monetary assets and liabilities at the year end are translated using
exchange rate prevailing on the last day of the financial year. The
loss or gain thereon and also the exchange differences on settlement of
the foreign currency transactions during the year are recognized as
income or expenses and adjusted to the Statement of Profit and Loss.
K. SUBSIDY
Tea Replantation subsidy and other subsidies is accounted for on
acceptance/receipt by/from the concerned authorities.
L. BORROWING COST
Borrowing cost incurred in relation to acquisition, construction or
production of a qualifying asset is capitalized as a part of the cost
of such assets up to the date when such assets are ready for intended
use or sale. Other borrowing cost are charged as an expense in the year
in which they are incurred.
M. TAXES ON INCOME
Provision for Tax is made for current and deferred taxes. Current tax
is provided on the taxable income using the applicable tax rates and
tax laws. Deferred tax assets and liabilities arising on account of
timing difference, which are capable of reversal in subsequent period
are recognized using tax rates and tax laws, which have been enacted or
substantively enacted. Deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
will be realized. In case of carry forward of unabsorbed depreciation
and tax losses, deferred tax assets are recognized only if there is a
virtual certainty that such deferred tax assets can be realized against
future taxable profits.
N. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provision involving substantial degree of estimates in measurement is
recognized when there is a present obligation as a result of past
events, and it is probable that there will be an outflow of resources
and a reliable estimate can be made of the amount of obligation.
Contingent assets are neither recognized nor disclosed in the financial
statements. Contingent liabilities are not provided in the books but
disclosed by way of a note in the Notes to Account.
Mar 31, 2010
A. GENERAL
i) These accounts have been prepared on the historical cost convention
in accordance with provisions of the Companies Act, 1956 and mandatory
accounting standards Rules 2006.
ii) All income and expenses to the extent considered receivable and
payable respectively, unless specifically stated to be otherwise are
accounted for on mercantile basis.
iii) Accounting policies unless specifically stated to be otherwise are
consistent and are in consonance with generally accepted accounting
principles.
B. USE OF ESTIMATES
The Preparation of financial Statements require Management to make
estimates and assumption that affect the reported amount of Assets and
Liabilities and disclosure relating to contingent liabilities as at the
Balance Sheet date and the reported amounts of Income and Expenses
during the year.
Contingencies are recorded when it is probable that a liability will be
incurred and the amounts can reasonably be estimated. Differences
between the actual results and the estimates are recognized in the year
in which the results are known / materialized.
C. REVENUE RECOGNITION
(i) Sales is recognised in the accounts on passing of title of goods
i.e. delivery as per terms of sale or on completion of auction in case
of auction sale. (ii) Sales represents the invoice value of goods
supplied less tax, if any.
D. FIXED ASSETS
Fixed Assets are stated at cost of acquisition. The cost of extension
planting on cultivable land including cost of development is
capitalised whereas expenses in respect of replanting of tea bushes are
charged to revenue. Subsidy related to fixed assets is adjusted against
the cost of the same.
E. DEPRECIATION
Depreciation on Fixed Assets is provided in the manner and at the
applicable rates as specified in Schedule XIV of the Companies Act,
1956 under Straight Line Method.
F. IMPAIRMENT
Fixed Assets are reviewed at each Balance Sheet date for impairment. In
case event and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is recognized,
wherever the carrying amounts of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is the greater of assets net selling price or its
value in use. In assessing the value in use, the estimated future Cash
Flow from the use of assets is discounted to their present value at
appropriate rate. An impairment loss is reversed if there has been
change in the recoverable amount and such loss no longer exists or has
decreased. Impairment Loss / reversal thereof is adjusted to the
carrying value of the respective asset which in case of CGU, are
allocated to the assets on a pro-rata basis. Subsequent to recognition
of impairment loss / reversal thereof, depreciation is provided on the
revised carrying amount of the assets, on a systematic basis, over its
remaining useful life.
G. INVESTMENTS
Investments are classified under Long Term and Current Investments
depending on the intention for holding the same. Long Term Investments
are stated at cost. Provision for diminution is made to recognise a
decline, other than the temporary, in the value of investments. Current
Investments are staled at lower of cost or fair value. Gains/Losses on
disposal of investments are recognised in the Profit and Loss account.
H. INVENTORIES
Inventories are valued at cost or net realisable value whichever is
lower. Cost in respect of finished product is determined on average
basis and represents works cost and appropriate portion of overheads.
Cost in respect of Stores and Spares and Foodstuff is computed on FIFO
basis.
Excise duty /Tea Cess/ Education Cess if any leviable/ payable on
closing stock of Tea is provided and included in valuation of closing
stock.
1. EMPLOYEE BENEFITS
Employee benefits are accrued in the year services are rendered by the
employees. Contribution to defined contribution schemes such as
Provident Fund etc. are recognized as and when incurred.
Long-term employee benefits under defined benefit scheme such as
contribution to gratuity are determined at close of the year at present
value of the amount payable using actuarial valuation techniques. Leave
Encashment is provided on the basis of actual valuation as computed by
the company.
Actuarial gain and losses are recognized in the year when they arise.
J. FOREIGN EXCHANGE TRANSACTION
Transaction in Foreign Currencies are accounted for at the exchange
rale prevailing on the date of the transaction. Foreign currency,
monetary assets and liabilities at the year end are translated using
exchange rate prevailing on the last day of the financial year. The
loss or gain thereon and also the exchange differences on settlement of
the foreign currency transactions during the year are recognized as
income or expenses and adjusted to the profit and loss account.
K. SUBSIDY
Tea Replantation subsidy and other subsidies is accounted for on
acceptance/receipt by/from the concerned authorities.
L. BORROWING COST
Borrowing costs incurred in relation to acquisition construction or
production of a qualifying asset is capitalized as a part of the cost
of such assets up to the date when such assets are ready for intended
use or sale. Other borrowing costs are charged as an expense in the
year in which they are incurred.
M. TAXES ON INCOME
Provision for Tax is made tor current and deferred taxes. Current tax
is provided on the taxable income using the applicable tax rates and
tax laws. Deferred tax assets and liabilities arising on account of
timing difference, which are capable of reversal in subsequent period
are recognized using tax rates and tax laws, which have been enacted or
substantively enacted. Deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
will be realized. In case of carry forward of unabsorbed depreciation
and tax losses, deferred tax assets are recognized only if there is a
"virtual certainty" that such deferred tax assets can be realized
against future taxable profits.
N. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS.
Provision involving substantial degree of estimates in measurement is
recognized when there is a present obligation as a result of past
events, and it is probable that there will be an outflow of resources
and a reliable estimate can be made of the amount of obligation.
Contingent Assets are neither recognized nor disclosed in the financial
statements. Contingent liabilities are not provided in the books but
disclosed by way of a note in the Notes to Account.