Notes to Accounts of B&A Ltd.

Mar 31, 2018

C. Out of the above Shares

1. With regards to 8,61,918 equity shares (As at 31st March, 2017 : 8,61,918 shares; As at 1st April, 2016 : 8,61,918 shares) held by Late H. P. Barooah, proceedings are pending before the Courts.

2. Out of 3,16,200 equity shares (As at 31st March, 2017 : 3,16,200 shares; As at 1st April, 2016 : 3,16,200 shares) shown in the name of Mrs. S. Shetty, proceedings are pending before Courts in respect of 2,21,230 equity shares (As at 31st March, 2017 : 2,21,230 shares; As at 1st April, 2016 : 2,21,230 shares).

3. With regards to 2,42,430 equity shares (As at 31st March, 2017 : 2,42,430 shares; As at 1st April, 2016 : 2,42,430 shares) held by Mr. Somnath Chatterjee, proceedings are pending before the Courts.

D. There has been no changes in Authorized and Issued & Subscribed Capital during the years covered by these financial statements.

Refer Statement of Changes in Equity for detailed movement in Equity balances.

Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. This sensitivity analysis above has been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period while holding all other assumptions constant. The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. There is no change in the method of valuation for the prior period. For change in assumptions refer to Table 6 above.

3. Related Party Disclosures - Amit Chowdhuri

(a) Subsidiaries - Bhramar Kumar Mahanta B & A Packaging India Ltd. 4 Oth_ers**

^{(b) Associates} - Debdip Chowdhury (Company Secretary)

Heritage North East Pvt. Ltd.* _ ,, .. . . .

³ - Tapas Kumar Chatterjee (Chief Financial

Kaziranga Golf Club Pvt. Ltd.* Offi_cer)

*^{These Com}p^an^ies ^are n^ot “^ass^oc^iat^e comp^any” wⁱthⁱn th^e T_hese directors are not “Key Managerial Personnel” within mining ^of S^ec ²(⁶) ^of th^{e Com}pani^es Act, ²013. _the _meaning of Sec 2(51) of the Companies Act, 2013.

^(c) K^ey M^{anagement Personnel} **These are “Key Managerial Personnel” within the meaning

1. Executive Directors** of Sec 2(51) of the Companies Act, 2013.

- Somnath Chatterjee (Managing Director) (d) Other Related Parties

2. Non-Executive Independent Directors¹" Barooahs & Associates Pvt. Ltd.

^{- Basant Kumar Goswami} Buragohain Tea Company Ltd.

^{- Latifur Rahman} Assam Tea Brokers Pvt. Ltd.

- Prabir Kumar Datta „ „ ,

Super Packaging Ltd.

- Anjan Ghosh

_ . „ , Rockland Realty Pvt. Ltd.

- Raj Kamal Bhuyan

Morris Construction Pvt. Ltd.

3. Non-Executive Non-Independent Director¹"

- Anuradha Farley (Chairman) ^{Hacienda Pro}p^ert^{ies Pv}t. ^Ltd.

4. Capitalization of Borrowing Costs

The Company had commenced construction of a new tea manufacturing factory at Sangsua Tea Estate during the financial year 2013-14, which has been completed during the financial year 2017-18 and its cost has accordingly been capitalized. The construction of the factory has been financed by a Term Loan from United Bank of India. The amount of borrowing cost capitalized during the year ended 31st March, 2018 is Rs. 58.41 lakhs (during year ended 31st March, 2017 Rs. 58.76 lakhs).

5. Capital Commitments

Estimated value of contracts on capital account remaining to be executed and not provided for as on 31st March, 2018 - nil (as on 31st March, 2017 - nil; as on 1st April, 2016 - Rs. 152.92 lakhs).

Fair Value Hierarchy for Financial Instruments

The fair value of financial instruments as mentioned above has been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The categories used are as follows :-

- Level 1 : Quoted prices for identical instruments in an active market;

- Level 2 : Directly or indirectly observable market inputs, other than Level 1 inputs; and

- Level 3 : Inputs which are not based on observable market data.

The fair values of financial assets (other than those measured at fair value through Other Comprehensive Income) and financial liabilities are considered to be equal to the carrying amounts of these items due to their being short term in nature and therefore devoid of any material financing component. There has been no change in the valuation methodology for Level 3 inputs during the year. The Company has not classified any material financial instruments under Level 3 of the fair value hierarchy.

For investments in unquoted equity instruments book value per share, as calculated from the latest available financial statements of such unlisted companies, is considered as fair value of such investments. Discounted Cash Flow technique has not been used since a reliable forecast of cash flow of such companies could not be arrived at.

Fair Value Hierarchy for Biological Assets (Other than Bearer Plants)

The following table presents the fair value hierarchy of Biological Assets (Other than Bearer Plants) for which fair value less cost to sell have been disclosed in the financial statements:-

6. Financial Risk Management

The Company''s principal financial liabilities comprise of borrowings, trade payables and other financial liabilities. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans, trade receivables and cash & bank balances. The Company also holds FVTOCI Investments.

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company focuses on a system-based approach to business risk management. Its financial risk management process seeks to enable the timely identification, evaluation and effective management of key risk areas facing the business.

a. Market Risk

i. Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency exchange rates.

The Company has operated only in the domestic market and did not undertake any transactions in foreign currency during the periods covered by this financial statement. As such, the Company did not have any foreign currency risk for the reported periods.

ii. Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows from a financial instrument will fluctuate because of changes in market interest rates.

Increase / decrease of 50 basis points in interest rates (keeping all other variables constant) as at the balance sheet date would result in an impact (decrease / increase in case of net income) of Rs. 16.41 lakhs and Rs. 15.12 lakhs on profit before tax for the year ended 31st March, 2018 and 31st March, 2017 respectively.

b. Credit Risk

Credit risk is the risk of financial loss arising from default / failure by the counterparty to meet financial obligations as per the terms of contract. The Company is exposed to credit risk for trade receivables and loans. None of the financial instruments of the Company result in material concentration of credit risks.

Credit risk on receivables is minimum since sales through different modes (e.g. auction sales, private sales) are made after judging the credit worthiness of the customers or receiving advance payment. The history of defaults has been minimal and outstanding trade receivables are monitored on a regular basis. For credit risk on the loans to various parties, including its subsidiary, the Company does not expect any material risk on account of non-performance by any of the parties.

c. Liquidity Risk

Liquidity risk refers to the risk that the Company may fail to honour its financial obligations in accordance with terms of contract. To mitigate such liquidity risk the Company maintains sufficient balance of cash and cash equivalents together with availability of funds through an adequate amount of committed credit facilities to meet its obligations when due. The table below provides the details regarding the remaining contractual maturities of significant financial liabilities as on the reporting date:-

d. Agricultural Risk

The Company is mainly engaged in the business of cultivation and manufacturing of tea. Cultivation of tea being an agricultural activity, there are certain specific financial risks. These financial risks arise mainly due to adverse weather conditions and logistic problems inherent to remote areas. The Company manages the above financial risks in the following manner:-

- Sufficient inventory levels of agro chemicals, fertilizers and other inputs are maintained so that timely corrective action can be taken in case of adverse weather conditions.

- Slightly higher level of consumable stores viz. packing materials and HSD are maintained in order to mitigate financial risk arising from logistic problems.

- Sufficient working capital facility is obtained from banks in such a way that cultivation, manufacture and sale of made tea is not adversely affected even in times of adverse conditions.

7. Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves. The primary objective of the Company is to maximize shareholders'' value.

The Company manages its capital structure and makes adjustments in the light of the changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.

In order to achieve the overall objective as elicited above, the Company''s capital management among other things, aims to ensure that it meets the financial covenants attached to interest bearing loans and borrowings that define the capital structure requirements. There have been no breaches in the financial covenants of any interest bearing loans and borrowings in the reported periods.

8. Operating Segments

The Company has only one business segment; that of manufacturing and selling of black tea. Segment information has been provided in the consolidated financial statements which are presented in the same financial report in accordance with Ind AS 108, Operating Segments.

9. Comparability of Other Current Assets and Other Current Liabilities

Consequent to introduction of Goods and Service Tax during the financial year 2017-18, inter-state stock transfer of goods has become taxable with availability of input tax credit. As a result, movement in the figures of Other Current Assets and Other Current Liabilities is not comparable with that of earlier periods.

10. Details of Replanting & Replacement

During the year ended 31st March, 2018 Rs. 173.50 lakhs has been incurred on account of Replanting & Replacement of tea bushes (during the year ended 31st March, 2017 Rs.185.88 lakhs) out of which Rs. 9.78 lakhs has been charged off to the Statement of Profit and Loss as expense (during the year ended 31st March, 2017 Rs. 10.19 lakhs).

11. Value of Green Leaf Produced in the Company''s Own Tea Estates

Value of green leaf produced in the Company''s own tea estates is not ascertainable. However, cost of materials consumed represents only cost of green leaf purchased from other tea growers.

12. Donation to Political Parties

During the year ended 31st March, 2018 donation to political parties is Rs. Nil (during the year ended 31st March, 2017 Rs. 10.00 lakhs each to Indian National Congress Party and Bharatiya Janata Party).

13. Loans, Advances, Trade & Other Receivables

No loans, advances, trade or other receivables were due from directors or other officers of the company either severally or jointly with any other person, except as has been disclosed. Nor were any loans, advances, trade or other receivables due from firms or private companies respectively in which any director is a partner, a director or a member, except as has been disclosed.

‘Previous year figures are inclusive of Service Tax.

14. Market Value of Equity Shares held in Subsidiary

The shares of B & A Packaging India Ltd. have been thinly traded in the Stock Exchange from the financial year 2002 onwards till date and therefore valuation as certified by the company''s auditor has been taken as market value of these shares.

15. Previous year’s figures have been regrouped and rearranged wherever considered necessary.

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Mar 31, 2016

(1) Terms / rights attached to Equity Shares:

The company has one class of equity shares having a par value of Rs 10 per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the company, the holders of equity will be entitled to receive remaining assets of the Company''s, after distribution of all preferential amounts, in proportion to their shareholdings.

(2) Of the above Shares-

(3) Shares in the Company held by each Shareholder holding more than 5 percent Shares: 8,61,918 Shares by Mr H.P Barooah (deceased) (Previous Year 8,61,918 shares) - refer also Note 27-12(A)(a) 3,16,200 Shares by Mrs S.Shetty (Previous Year 3,16,200 shares) - refer also Note 27-12(A)(b) 2,42,430 Shares by Mr Somnath Chatterjee (Previous Year 2,42,430 shares) - refer also Note 27-12(A)(c)

(4) 1,43,210 Equity Shares-(Previous year 1,43,210) of Rs. 10/- each have been allotted as Bonus shares by Capitalization of Reserves during a period prior to five years immediately preceding the dates as at which the Balance Sheet is prepared.

(5) Final Call on 30,000 (Previous Year 30,000) Equity Shares amounting to Rs.1,48,425/- were fully paid up by way of Capitalization of Reserves during a period prior to five years immediately preceding the date at which the balance sheet is prepared.

(6) 6,47,763 (previous year 6,47,763) equity shares of Rs. 10/-each fully paid up have been allotted for consideration other than cash pursuant to Schemes of Arrangements during a period prior to five years immediately preceding the date as at which the Balance Sheet is prepared.

(7) There is no change in Share Capital during the year

8. Additions during the year to Lease Hold Land & Plantations include Rs. 2,33,94,871/- (Previous year Rs. 2,24,98,290/-) on account of Replanting & Replacement.

9. A Revaluation (at net of replacement cost) of Land and Plantations, certain Buildings, Plant & Machinery, Electrical Installations and Vehicles S'' situated at Company''s Tea Estates carried out by an approved valuer as at 31st December 1993 has resulted in an increase in value by 3 Rs.21,34,64,002 (Land & Plantations Rs.13,25,55,536/-, Buildings Rs.5,32,34,797/-, Plant & Machinery Rs.1,66,74,540/-, Electrical Installations = Rs.75,70,432/- and Vehicles Rs.34,28,697/-) over and above Rs.335.28 lacs increase which had arisen as a result of a revaluation of the Company''s Land & Plantations, Buildings and Plant & Machinery at Tea Estate on 1.4.85 at net of replacement basis.

10. Land & Plantation, Buildings, Plant & Machinery, Vehicles, Electrical Installation, Furniture & Fittings and Office Equipments include Rs.3,51,49,219, § Rs.60,29,517 Rs.1,46,94,569, Rs. 5,19,594, Rs.8,24,540, Rs. 52,220 and Rs.15,45,219 respectively on account of development of land and other 0 assets being used for golf course. §-

11. Subsidy received from Tea Board amounting to Rs 27,05,787

12. Due from a Private Limited Company in which one of the Director is interested amounting to Rs.7,50,000 (Previous year Rs.7,50,000)

13. (A) Notes on share capital(Note2oftheNotestotheaccounts):-

14. With regards to 8,61,918 (P.Y 8,61,918) equity shares in the company held by H.P.Baroooah (deceased), proceedings are pending before the Courts.

15. Out of 3,16,200 (P.Y 3,16,200) equity shares shown in the name of Mrs.SShetty, proceedings are pending in respect of 2,21,230 (P. Year 2,21,230) equity shares before the Courts.

16. With regards to 2,42,430 (P.Y 2,42,430)equity shares in the company held by Mr. S.Chatterjee proceedings are pending before the courts.

17. Investments (Note 12 of the notes to the accounts):-

The shares of B&A Packaging India Ltd. have been thinly traded in the Stock Exchange from the financial year 2002 onwards till date and therefore valuation as certified by the company''s auditor has been taken as market value of shares.

18. Value of Green Leaf produced in the Company''s own tea estates is not ascertainable. However, cost of material consumed represents only cost of green leaf purchased from other tea growers.

19. Events occurring after the Balance Sheet Date:-

20. Previous year''s figures have been regrouped and rearranged wherever considered necessary.

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Mar 31, 2015

(A) Terms / rights attached to Equity Shares:

The company has one class of equity shares having a par value of Rs 10 per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the company, the holders of equity will be entitled to receive remaining assets of the Company,after distribution of all preferential amounts, in proportion to their shareholdings.

(B) Of the above Shares-

(1) Shares in the Company held by each Shareholder holding more than 5 percent Shares:

8,61,918 Shares by Mr H.P Barooah (since deceased) (Previous Year 8,61,918 shares)

3,16,200 Shares by Mrs S.Shetty (Previous Year 3,16,200 shares)

2,42,430 Shares by Mr Somnath Chatterjee (Previous Year 2,42,430 shares)

(2) 1,43,210 Equity Shares of Rs. 10/- each fully paid up have been allotted as Bonus shares by Capitalisation of Reserves. ( Previous Year 1,43,210 Shares)

(3) Final Call on 30,000 Equity Shares amounting to Rs.1,48,425/- were fully paid up by way of Capitalisation of Reserves. ( Previous Year 30,000 Shares)

(4) 6,47,763 Equity Shares of Rs. 10/-each fully paid up have been allotted for consideration other than cash pursuant to Schemes of Amalgamation (Previous Year 6,47,763 Shares)

(5) There is no change in Share Capital during the year

2. Related Party Disclosures - pursuant to AS 18 of Companies (Accounting Standards) Rules 2006: Key Management Personel

Mr Somnath Chatterjee Key Management Personnel

Mr Debdip Chowdhury Key Management Personnel

Others

Heritage North East Pvt.Ltd. Associate Company

Kaziranga Golf Club Pvt.Ltd. Associate Company

Barooahs & Associates Pvt.Ltd Other Related party

Buragohin Tea Company Ltd. Other Related party

Assam Tea Brokers Pvt. Ltd. Other Related party

Super Packaging Ltd. Other Related party

Rockland Realty Pvt. Ltd Other Related party

Morris Construction Pvt.Ltd. Other Related party

Hacienda Properties Pvt.Ltd. Other Related party

(B) Investments (Note 12 of the notes to the accounts):-

The shares of B & A Packaging India Ltd. has been thinly traded in the Stock Exchange from the financial year 2002 onwards till date and therefore valuation as certified by the company^ auditor has been taken as market value of shares.

3. Company Long Term employee benefit Scheme presently consists of Gratuity only. Following are the details of amount recognised in the financial Statements in respect of gratuity as per acturial valuation:

4. Value of Green Leaf produced in the Company' own tea estates is not ascertainable. However, cost of material consumed represents only cost of green leaf purchased from other tea growers..

5. The Company has charged depreciation as per Schedule II to the Companies Act, 2013. Consequently, depreciation charge for the year ended 31st March,2015 is higher by Rs 237 Lac compared to the previous financial year, out of which Rs. 71 Lac has been charged against profit from ordinary activities for the year and the balance Rs 166 lac has been adjusted against retained profit as on 01.04.2014. In respect of Buildings, and Plant and Machinery the Company has adopted useful lives longer than those specified in Schedule II to the Companies Act, 2013. Such useful lives are based on the technical assesments made by an independent valuer.

6. Rates and Taxes includes provision for wealth tax Rs.1,80,000/-for the current year and Rs 1,67,242 for previous year.

7. The Board of Director' in its meeting held on 26th March,2015 has approved Rs.22.50 lac, being the qualifying amount for the year ended 31st March, 2015, on CSR initiatives in line with the suggestions made by CSR Committee of Directors in this regard. However, since this is the first year of operation after CSR norms have been made effective to the Company, it could not defray expediture with in 31st March,2015 on approved projects, as identification process of CSR initiatives in line with the CSR policy took time . However the Company has started defraying fnunds on approved projects in the current financial year. The Company has not provided in its books for CSR expenses for the financial year 2014- 15 as per Guidance Note issued by the Institute of Chartered Accountants of India on "Accounting for Expenditure on Corporate Social Responsibility Activity".

8. Previous year's figures have been regrouped and rearranged, wherever considered necessary.

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Mar 31, 2014

1.(A)Notes on share capital

(a) With regards to 8,61,918 equity shares in the company held by Late H.P.Baroooah, a pro- ceeding is pending before Learned Civil Judge at Jorhat being Title suit no.41 of 2012.

(b) Of 3,16,200 equity shares in the company held by Mrs.S.Shetty, a proceeding is pending before Learned Civil Judge at Jorhat with respect to 2,21,230 shares being Title suit no 47 of 2012.

(c) With regards to 2,42,430 equity shares in the company held by Mr.S.Chatterjee a proceed- ing is pending before Learned Judge at City Civil Court, Kolkata being Title Suit no. 306 of 2014.

(B) Investments (Note 13 of the notes to the accounts):-

The shares of B & A Packaging India Ltd. has been thinly traded in the Stock Exchange from the financial year 2002 onwards till date and therefore valuation as certified by the company''s auditor has been taken as market value of shares.

2. Company''s Long Term benefit Scheme presently consist of Gratuity only. Following are the details of amount recognised in the Financial Statements in respect of gratuity as per acturial valuation:

3. Value of Green Leaf produced in the Company''s own tea estates is not ascertainable. However, cost of material consumed represents only cost of green leaf purchased from other tea growers.

4. Green leaf purchased and consumed during the year 1,05,43,774 kgs. (P.Y. - 1,00,74,693 Kgs.)

5. Previous year''s figures have been regrouped and rearranged, wherever considered necessary.

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Mar 31, 2013

1. Contingent Liabilities

– Liability for Excise Duty 11,27,944 11,27,944

– Liability for Privident Fund (for ration to employees) NIL 29,68,948

– Liability for Arrear Land Revenue 14,20,304 14,20,304

– Liability for Interest on Green Leaf Cess NIL 71,36,198

– Liability for Interest on Employees Proviident Fund NIL 1,00,61,000

2. Company''s Long Term benefit Scheme presently consist of Gratuity only. Following are the details of amount recognised in the Financial Statements in respect of gratuity as per acturial valuation:

3. Related Party Disclosures - pursuant to AS 18 of Companies (Accounting Standards) Rules 2006:

(a) Where control exists:

Related Parties

Name: Relationship :

B & A Packaging India Ltd. Subsidiary Company

(b) Others

Dr. H. P. Barooah Key Management Personnel

Mr. Somnath Chatterjee Key Management Personnel

Mrs. Gargi Barooah Relative of Key Management Personnel

Heritage North East Pvt.Ltd. Associate Company

4. Value of Green Leaf produced in the Company''s own tea estates is not ascertainable. However, cost of material consumed represents only cost of green leaf purchased from other tea growers.

5. Green leaf purchased and consumed during the year 1,00,74,693 kgs. (P.Year - 86,04,224 Kgs.)

6. Previous year''s figures have been regrouped and rearranged, wherever considered necessary.

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Mar 31, 2012

1. Other liabilities in Note No. 9 include Rs.2,90,845 (Previous year Rs.2,77,872) in respect of unclaimed dividends.

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous year Rs.Nil)

3. The Company has only one business segment of manufacture and sale of black tea, hence AS 17 of Companies accounting Rules,2006 do not apply.

4. Contingent Liabilities

- Liability for Excise Duty 11,27,944 11,27,944

- Liability for Privident Fund (for ration to employees) 29,68,948 11,83,069

- Liability for arrear Land revenue 14,20,304 14,20,304

- Liability for Interest on Green Leaf Cess 71,36,198 -

- Liability for Interest on Employees Proviident Fund 1,00,61,000 -

5. Company's Long Term benefit Scheme presently consist of Gratuity only. Following are the details of amount recognised in the Financial Statements in respect of gratuity as per acturial valuation:

TABLE-3 GRATUITY FUND

Acturial calculation for AS 15 (Rev,2005) for the purpose change in obligation/assets in the year ending 31.03.2012. (Rs in Lac)

6. Value of Green Leaf produced in the Company's own tea estates is not ascertainable. However, cost of material consumed represents only cost of green leaf purchased from other tea growers.

7. Green leaf purchased and consumed during the year 86,04,224 kgs. (P.Year - 87,94,981 Kgs.)

8. Previous year's figures have been regrouped and rearranged, wherever considered necessary.

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Mar 31, 2011

1. Manufacturing Income of Rs. NIL (Previous year Rs. 42,80,595/-) is on account of Tea manufactured for other concern.

2. Other liabilities in Schedule 11 include Rs. 2,77,872/- (Previous year Rs. 77,946/-) in respect of unclaimed dividends.

4. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous Year Rs. Nil)

5. Interest paid includes Rs. 1,35,76,056/- on Fixed Period Loans.(Previous Year Rs. 72,64,052/-)

6. No provision pursuant to the Accounting Standard for Investment (AS-13) of Companies (Accounting Standard) Rule, 2006 has made for diminuation if any in the value of long term investments as the management feels that there is no permanent diminuation in value.

Current Year Previous Year

8. Contingent Liabilities

- Guarantee provided to State Bank of India in respect of working capital of Subsidiary Company – 10,45,00,000

- Liability for Excise Duty 11,27,944 12,61,660

- Liability for Provident Fund (for ration to employees) 11,83,069 –

9. As per Accounting Standard-15 "Employees' Benefits" have been provided in the Accounts.

16. The Company has only one business segment of manufacture and sale of black tea, hence AS 17 of Companies accounting Rules 2006 do not apply.

18. Related party disclosure - pursant to AS 18 of Companies (Accounting Standards) Rules 2006 :

a) Where control exists :

Related Parties Relationship

Name : B&A Packaging India Ltd.

(Formerly B&A Multiwall Packaging Ltd.) Subsidiary Company

b) Others

Mr. H. P. Barooah Key Management Personnel

Mr. Somnath Chatterjee Key Management Personnel

Mrs. Sarmila Shetty Key Management Personnel

Mrs. Gargi Barooah Relative of Key Management Personnel

20. Green leaf purchased & consumed during the year : 87,94,981 Kg. (Previous Year 77,37,327 kg.)

21. Previous Year's figures have been regrouped and rearranged, whereever considered necessary.

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Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous Year Rs. Nil)

2. Interest paid includes Rs. 1,35,76,056/- on Fixed Period Loans.(Previous Year Rs. 72,64,052/-)

3. No provision pursuant to the Accounting Standard for Investment (AS-13) of Companies (Account- ing Standard) Rule, 2006 has made for diminuation if any in the value of long term investments as the management feels that there is no permanent diminuation in value.

4. Amount paid and /or payable to Auditors: Current Year Previous Year

Rs. Rs. 5. Contingent Liabilities

- Guarantee provided to State Bank of India in respect of working capital of Subsidiary Company 10,45,00,000 10,45,00,000

- Liability for Sales Tax – 26,01,601

- Liability for Excise Duty 12,61,660 12,61,660

6. As per Accounting Standard-15 "Employees Benefits" have been provided in the Accounts.

7. The Company has only one business segment of manufacture and sale of black tea, hence AS 17 of Companies accounting Rules 2006 do not apply.

8. Related party disclosure - pursant to AS 18 of Companies (Accounting Standards) Rules 2006 :

a) Where control exists :

Related Parties Relationship

Name : B&A Multiwall Packaging Ltd.` Subsidiary Company

b) Others

Mr. H. P. Barooah Key Management Personnel

Mr. Somnath Chatterjee Key Management Personnel

Mrs. Gargi Barooah Relative of Key Management Personnel

9. Previous Years figures have been regrouped and rearranged, whereever considered necessary.