Mar 31, 2014
1. Entities where Key Management Personnel (KMP) or their relatives
exercise control Quantum Wealth Solutions Private Limited
2. Claims against the Company not acknowledged as debts:
Income Tax claims for the financial years: 2001-02 - Rs.
83,59,411,2002-03 - Rs. 33,79,059, 2003-04 - Rs. 12,35,977, 2004-05 -
Rs. 26,77,782 and 2005-06 - Rs. 2,77,248 towards appeals pending before
the Commissioner of Income Tax (Appeals).
3. There were no employees who were in receipt of remuneration not
less than Rs. 24,00,000 per annum when employed throughout the year or
Rs. 2,00,000 per month when employed for a part of the year.
4. There was no manufacturing or trading activity of the Company
during the current year or in the previous year and hence disclosure
under Segment Reporting does not arise.
5. The Company is in the process of compiling relevant information
from its suppliers about their coverage under the Micro, Small and
Medium Enterprises Development Act, 2006. As the company has not
received any intimation from its suppliers as on date regarding their
status under the above Act, no disclosure has been made.
6. Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Mar 31, 2013
1.1 Key Management Personnel (KMP)
Mr. B. P. Singh, Chairman & Managing Director (up to 02.04.2012)
Mr. Shouvik Kundu, Director (from 20.04.2012)
Mr. Hemant Premji Thacker, Executive Director
Mr. Ramesh Kumar Jhawar, Director (from 03.04.2012)
1.2 Entities where Key Management Personnel (KMP) or their relatives
exercise control
Quantum Wealth Solutions Private Limited
2 Claims against the Company not acknowledged as debts:
Income Tax claims for the financial years: 2001-02 - Rs. 83,59,411,
2002-03 - Rs. 33,79,059,2003-04 - Rs. 12,35,977, 2004-05 - Rs. 26,77,782 and
2005-06 - Rs. 2,77,248 towards appeals pending before the Commissioner of
Income Tax (Appeals).
3 There were no employees who were in receipt of remuneration not less
than Rs. 24,00,000 per annum when employed throughout the year or Rs.
2,00,000 per month when employed for a part of the year.
4 There was no manufacturing or trading activity of the Company during
the current year or in the previous year and hence disclosure under
Segment Reporting does not arise.
5 The Company is in the process of compiling relevant information from
its suppliers about their coverage under the Micro, Small and Medium
Enterprises Development Act, 2006. As the company has not received any
intimation from its suppliers as on date regarding their status under
the above Act, no disclosure has been made.
6 Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Mar 31, 2012
Note 1 CONTINGENT LIABILITIES AND COMMITMENTS
Contingent Liabilities not provided for Income Tax Matters (under
appeal) Rs. 1,59,29,470 (Previous Year: Rs.1,59,29,470)
Note 2 In absence of any manufacturing or trading activity of the
company during the current year or in the previous year, disclosure of
certain information which are required to be disclosed by a
manufacturing or trading company does not arise.
Note 3 RELATED PARTY DISCLOSURE
(1) Person having substantial interest in the Company
Mr. B. P. Singh - Chairman & Managing Director (upto 02.04.2012)
(2) Key Managerial Personnel
Mr. B. P. Singh - Chairman & Managing Director (upto 02.04.2012)
(3) Relatives of Key Managerial Personnel Ms Rajinie Singh
(4) Transactions during the year with the related parties:
Key Management Personnel - Rent paid Nil (Previous year: Rs.1,10,000)
(5) Balances at the year end:
Key Management Personnel - Advances given Rs.23,56,033 (Previous year:
Rs.24,01,752)
There are no transactions during the year and in the previous year with
the relatives of Key Management Personnel. There are no subsidiaries of
the Company. There are no joint ventures of the Company.
Note 4 SEGMENT REPORTING
There was no manufacturing or trading activity of the Company during
the current year or in the previous year and hence disclosure under
this head does not arise.
Note 5 There are no micro, small and medium enterprises to which the
Company owes dues, which are outstanding for more than 45 days and
interest paid/payable as at 31st March 2012. The information as
required to be disclosed under "The Micro, Small and Medium Enterprises
Development Act, 2006" has been identified by the Company on the basis
of information available with the Company.
Note 6 The revised Schedule VI has become effective from April 1,2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
Mar 31, 2010
For the year For the year
ended ended
31st March 2010 31st March 2009
1. Estimated amount of contracts
remaining to be executed
on capital account and not
provided for (net of advances) - -
2. Contingent Liabilities not
provided for
i) Income Tax Matters 7,570,059 7,570,059
ii) Corporate Guarantee - -
iii) Bank Guarantee - -
3. During the year Income Tax Appellate Tribunal (ITAT) has passed an
order while disposing off and partly allowing the appeal filed by
Revenue (DCIT) against the earlier order of CIT (Appeal) relating to
assessment year 2001 -02, which was passed in favor of company against
a demand of Rs. 21,26,722 under section 143(3) of Income Tax Act, 1961
and reversed the order of CIT(Appeal) partly on certain issue of
computation of indirect cost for the purpose of deduction u/s 80 HHC.
Pursuant to such ITAT order although the liability of income tax is
certain as at year end æ to the extent of disallowance, no provision
has been made in books, considering the fact that impact of such partly
allowed appeal is unascertainable from the ITAT order. No demand has
been raised till date on the ground of such ITAT order.
4. The Company is not carrying out any tea manufacturing activity at
its unit located in Ooty, Tamilnadu, since August, 2008, due to the
fact that the Tea Board of India has revoked the factorys registration
under the provisions of Tea (Marketing) Control Order, 2003 issued
under the provisions of the Tea Act, 1953. Due to loss of Turnover and
under-recovery of expenses, including depreciation and interest, there
was high operating losses.
The Board on its meeting held on 30th October 2008 decided to change
the business model from manufacturing to trading in tea. Moreover, in
order to generate Working Capital as well as reduce Borrowings, it has
decided to sell, lease or otherwise dispose off - a) the residual land
of 6.95 acres including the tea factory at Ooty along with all fixed
assets such as plant, machinery, estate and development, etc. which are
directly or indirectly required to run the factory, and b) the
Corporate Office Building of the Company at Kolkata. The proposal had
been duly approved by Shareholders under Section 293(1 )(a) by means of
Postal Ballot in December, 2008. The disposal is consistent with the
Companys long-term strategy to focus its activities in the area of
trading, and to divest from unrelated areas. The sale is yet to be
finalized.
5. Post Employment Benefit
Defined Contribution Plans
The Company makes Provident Fund and Superannuation Fund contributions
to defined contribution retirement benefit plans for qualifying
employees. Under the schemes, the Company is required to contribute a
specified percentage of the Payroll costs to fund the benefits.
The Company recognised Rs. 82,280 for Provident Fund contributions in the
Profit & Loss Account. The contributions payable to these plans by the
company are at rates specified in the rules of the schemes.
Defined benefit plans
The Company makes annual contributions to the Employees Group Gratuity
Scheme of the Life Insurance Corporation of India, a funded defined
benefit plan for qualifying employees. The present value of obligation
is determined at the year end based on actuarial valuation using the
Projected Unit Credit Method. The obligation for leave encashment is
recognised in the same manner as gratuity, for which annual actuarial
valuation is carried out by an independent actuary in compliance with
Accounting Standard 15 (revised 2005) on Employee Benefits.
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
6. Financial and Derivative Instruments
a) The Company uses foreign currency hedges to manage its risks
associated with foreign currency fluctuations relating to certain firm
commitments and forecasted transactions. The Company does not use
hedges for speculative purposes.
b) All financial and derivative contracts entered into by the Company
are for hedging purposes only.
c) There are no Foreign currency exposure that are not hedged by
forward contracts as on 31st March 2010.
7. Related Party Disclosure
1) Person having substantial interest in the Company
Mr. 8 P Singh - Chairman & Managing Director
2) Key Managerial Personnel
Mr. B P Singh - Chairman & Managing Director
Ms Rajinie Singh - Dy. Managing Director
3) Relatives of Key Managerial Personnel Late
Mrs. Usha Singh
Mr. Ravi Singh
Mrs. Aprajita Singh
Singhsons HUF
8. Segment Reporting
Business Segment
The company has only one reportable primary segment i.e. tea. It has
identified Geographical segment as the secondary segment.
9. There are no Micro, Small and Medium enterprises to which the
company owes dues, which are outstanding for more than 45 days and
interest paid/payable as at 31st March 2010. The information as
required, to be disclosed under "The Micro, Small and Medium
Enterprises Development Act, 2006" has been identified by the company
on the basis of information available with the company.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article