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Notes to Accounts of United Nilgiri Tea Estates Company Ltd.

Mar 31, 2015

1. Corporate Information.

The United Nilgiri Tea Estates Company Limited is a public company incorporated under the provisions of the Companies Act; its shares are listed on National Stock Exchange Ltd in India. The Company is primarily engaged in growing and manufacture of Tea besides Letting-out of property. The Company''s teas are sold both in domestic and international markets.

2. In view of notification dated 14th October 2014 from Ministry of Corporate Affairs the preparation of consolidated financial statement to include the proportionate loss of an associate company which however is not material, is not required.

3. The Company has obtained stay of Proceeding from the Honorable High Court Madras on 16th March 2006 against a proposition notice from the Commercial Tax Department for levy of Sales Tax for Export Sales effected through Auction Centres and the matter is pending. Legal counsel is of the view that the Company has a strong case and accordingly no provision is considered in the Accounts.

4. The Company was permitted in an earlier year to retain excess holding of 333.67 acres of vacant land contiguous the planted area in the Tea garden, but due to rocky terrain and land could not be cultivated as stipulated by Government and eviction proceeding relating to the aforesaid piece of land had been stayed by the Supreme Court of India. In its final order dated 7th August, 2013, the Supreme Court has directed the Land Board to review the case afresh.

5. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as Micro, Small and Medium Enterprises and consequently the amount paid/payable to these parties has been considered as NIL.

6. Related Party Disclosures:

(a) Names of related parties and nature of related party relationship exists are as under:

(related parties have been identified by the Management)

(i) Related party where : Ms. Mallika Srinivasan - Chairman control exists

(ii) Associates : Amalgamations Private Limited Simpson and Company Limited IP Rings Limited T.Stanes and Company Limited Tractors and Farm Equipment Limited Stanes Amalgamated Estates Limited Stanes MJF Teas Limited Kuduma Fasteners Private Limited The United Plantations Plc., Ethiopia (Liquidated during the year)

(iii) Key managerial : Mr.D.Hegde, Whole-time Director personnel Mr.T.G.B.Pinto, Whole-time Director Mr.S.Raghuraman, Chief Financial Officer Mr.K.Guruswamy - Company Secretary

7. The Previous year figures have been reclassified to make them comparable with those of current year.


Mar 31, 2013

1. Corporate Information.

The United Nilgiri Tea Estates Company Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act,1956, its shares are listed on Madras Stock Exchange Ltd in India. The Company is engaged in the manufacturing of Tea. The Company caters to both domestic and international markets.

2. The Company has obtained stay of Proceeding from the Honourable High Court Madras on 16th March 2006 against a proposition notice from the Commercial Tax Department for levy of Sales Tax for Export Sales effected through Auction Centres and the matter is pending. Legal counsel is of the view that the Company has a strong case and accordingly no provision is considered in the Accounts.

3. The Company was permitted in an earlier year to retain excess holding of 333.67 acres of vacant land contiguous the planted area in the Tea garden, but due to rocky terrain and land could not be cultivated as stipulated by Government and eviction proceeding relating to the aforesaid piece of land has been stayed by the Supreme Court of India

4. Disclosures required under Accounting Standard 15R notified in the Companies (Accounting Standards) Rules 2006, are given below:

5. Related Party Disclosures:

(i) Names of related parties and nature of related party relationship exists are as under:

(related parties have been identified by the Management)

(a) Ms. Mallika Srinivasan Chairman

(b) Key managerial personnel Mr.D.Hegde, Whole-time-Director

Mr.T.G.B.Pinto, Whole-time-Director

(ii) Associated Companies : Amalgamations Private Limited

Simpson & Company Limited IP Rings Limited T.Stanes & Company Limited Stanes Motor Parts Limited Stanes Motors (South India) Limited Stanes Amalgamated Estates Limited Stanes MJF Teas Limited Kuduma Fasteners Private Limited The United Plantations Pic, Ethiopia


Mar 31, 2012

1. Corporate Information

The United Nilgiri Tea Estates Company Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956, its shares are listed on Madras Stock Exchange Ltd. in India. The Company is engaged in manufacturing of Tea. The Company caters to both domestic and international markets.

Notes :

(i) Term Loan from Bank was secured by equitable mortgage over Company's property situated at Coimbatore. The entire loan amount was repaid during the year.

(ii) Maturity period of deposits is three years carrying interest @ 10% per annum

Note

(i) Overdraft is repayable on demand carrying interest @ 1% above deposit rate

(ii) Tenor of Packing credit 180 days carrying interest @ 1.4425% per annum.

(iii) The Company has not defaulted in repayment of loans and interest

2. Presentation and disclosure of financial statements:

For the year ended 31s1 March 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The previous year figures have been reclassified to make them comparable with those of current year.

3. Estimated amount of Contracts remaining to be executed on Capital Account not provided for (net of advances)

4. The Company has obtained stay of Proceeding from the Honorable High Court of Madras on 16th March 2006 against a proposition notice from the Commercial Tax Department for levy of Sales Tax for Export Sales effected through Auction Centres and the matter is pending. Legal counsel is of the view that the Company has a strong case and accordingly no provision is considered in the Accounts.

5. The Company was permitted in an earlier year to retain excess holding of 333.67 acres of vacant land contiguous the planted area in the Tea garden, but due to rocky terrain and land could not be cultivated as stipulated by Government and eviction proceeding relating to the aforesaid piece of land has been stayed by the Supreme Court of India

6. Disclosure as per Clause 32 of the Listing Agreements

There are no loans and advances in the nature of loans given to associates and others and investment in shares of the Company by such parties.


Mar 31, 2011

1. (i) The Company has obtained stay of Proceedings from the Honorable

High Court Madras on 16th March 2006 against a proposition notice from the Commercial Tax Department for levy of Sales Tax for Export Sales effected through Auction centres and the matter is pending. Legal counsel is of the view that the Company has a strong case and accordingly no provision is considered in the Accounts.

(ii) The Central Sales Tax department is seeking to reopen a past completed assessment to levy differential Sales Tax amounting to Rs.9.67 lakhs which based on a clarification by the Department in 2008 is not payable. The Company is moving the High Court contesting the re-opening proceedings.

2. The Company was permitted in an earlier year to retain excess holding of 336.67 acres of vacant land contiguous the planted area in the Tea garden; but due to the rocky terrain the land could not be cultivated as stipulated by Government and eviction proceeding relating to the aforesaid piece of land has been stayed by the Supreme Court of India.

3 Previous years figures are re-classified wherever necessary to conform to the current years presentation.


Mar 31, 2010

1. Contingent Liabilities:

Export Bills discounted with Bank outstanding at the year end. Nil 52,07,078

2. The Company has obtained stay of Proceedings from the Honourable High Court, Madras on 16th March 2006 against a proposition notice from the Commercial Tax Department for levy of Sales Tax for Export Sales effected through Auction centres and the matter is pending. In common with other planting companies, no account has been taken of the Contingent liability, if any. In view of G.O. Ms No.12 dated 4.2.2008 there may not be any Financial liability to the Company on this account

3. The Company was permitted in an earlier year to retain excess holding of 336.67 acres of vacant land contiguous the planted area in the Tea garden; but due to the rocky terrain the land could not be cultivated as stipulated by Government and eviction proceeding relating to the aforesaid piece of land was initiated which is being agitated before the Supreme Court of India .

4. Disclosures required under Accounting Standard 15R notified in the Companies (Accounting Standards) Rules 2006, are given below:

I. Defined Benefit Plan - Gratuity

A. Change in Present value of the obligation during the year ended March 31, 2010

5. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under Micro, Small and Medium Enterprises Development Act,2006) claiming their status as Micro, Small and Medium Enterprises and consequently the amount paid/payable to these parties has been considered as Nil.

6. Tea Board of India in its communication dated 22nd April, 2010 has confirmed that the subsidy on Orthodox Tea Production up to 31st December, 2009 would be paid by the Board when funds are released by the Central Government and accordingly subsidy of Rs.50.27 lakhs for the period 1st April to 31st December, 2009 has been recognized in the Profit and Loss Account.

7. The Company is engaged primarily in growing and manufacture of Tea. Accordingly there are no separate reportable Business segments as per Accounting Standard 17. However, geographical segments have been considered as secondary segment.

Secondary Segment Information - By Geographical Segments

8 Previous years figures are re-classified wherever necessary to conform to the current years presentation.

9. Related Party Disclosures:

(i) Names of related Parties and nature of related party relationship exists are as under:

Name Nature of Control

Sri.A.Sivasailam - Chairman

(II) Associate Companies:

Amalgamations Private Limited

Simpson & Company Limited

IP Rings Limited

Amco Batteries Limited

Amco Power Systems Limited

T.Stanes & Company Limited

Stanes Motor Parts Limited

Stanes Agencies Limited

Stanes Motors (South India) Limited

Stanes Amalgamated Estates Limited

Stanes MJF Teas Limited

Kuduma Fasteners Private Limited



I. REGISTRATION DETAILS

Registration No: 181 -000234

Balance Sheet as at 31 - 03 - 2010 State Code : 18

II. Capital raised during the Year ( Amount in 000)

Public Issue Rights Issue

Nil Nil

Bonus Issue Private Placement

Nil Nil

III. Position of Mobilisation and Deployment of Funds (Amount in Rs.000)

Total Liabilities Total Assets

4,09,568 4,09,568

Source of Funds

Paid Up Capital Reserves & Surplus

49,966 3,18,604

Secured Loans Unsecured Loans

- 3,709

Deferred Tax Liability

4,173

Application of Funds

Net Fixed Assets Investments

1,14,659 34,844

Net Current Assets Mis. Expenditure

2,26,949 Nil

Accumulated losses Nil

IV. Performance of Company (Amount in 000)

Turnover including other income Total Expenditure

3,15,836 2,54,919

Profit before tax Profit after tax

60,917 47,461

Earnings per Share Dividend Rate

Rs. 9.50 27.50%

V. Generic Name of Principal Product of the Company (as per monetary term)

Item Code No : (ITC CODE) 09.0230

Product Description Tea


Mar 31, 2000

1. The decline in the market value of certain long term quoted investment amounting to Rs. 8,79,813/- is in the opinion of management temporary and hence not considered in the accounts in accordance with Accounting Policy No. 3 above.

2. Foreign Currency Loan obtained during earlier year from Standard Chartered Bank, Singapore is to be secured on specified assets to be procured.

3. Fixed Deposits with Banks include Rs. 11.03 lakhs under lien in favour of bankers for guarantee of Rs. 3.57 lakhs issued to Customs Authorities on behalf of the Company for duty free imports and outstanding at the end of the financial year.

5. There are no amounts outstanding to any small scale industry as identified by the Company.

5 Fixed Deposits from Public :

(i) Rs. 64.79 lakhs due for repayment within one year (Previous Year Rs. 57.10 lakhs)

(ii) Deposits held by Directors Rs. 18.05 lakhs (Previous Year Rs. 12.95 lakhs)

6. Previous years figures are reclassified wherever necessary to conform to this years classification.

 
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