Mar 31, 2017
1. 89,94,600 Equity Shares of Rs. 5/- each have been allotted as fully paid-up Bonus Shares by way of Capitalization of Share Premium Account.
2. 9,24,300 Shares of Rs. 5/- each were allotted as fully paid-up Bonus Shares by way of Capitalization of General Reserve.
3. 74,520 Shares of Rs. 5/- each, fully paid were issued as pursuant to contract without payment being received in cash.
4. 81,79,340 Shares of Rs. 5/- each, fully paid-up are held by Holding Company Diana Capital Limited.
5. There is no movement in share capital as compared to previous year.
6. Terms/rights attached to equity shares :
7. The Company has only one class of equity shares having par value of Rs. 5 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend if any proposed by Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
8. The amount of per share dividend recognized as distributions to equity shareholders is Rs. 0.25 per share (31st March, 2016 : Rs. 0.25 per share).
9. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.
10. Capital Commitments
As at 31st March 2017, the Company has commitments of Rs. 201.57 Lakhs net of advances relating to estimated amount of contracts to be executed on capital account and not provided for.
11. Depreciation as calculated includes additional charges of Rs. 0.50 Lakhs on revalued assets and an amount equivalent to the additional charges has been transferred to Statement of Profit and Loss from Capital Reserve (Revaluation of Fixed Asset) such transfer according to an authoritative professional view being acceptable for the purpose of the Companies annual accounts.
12. In accordance with the AS-28 on Impairment of Assets, the Company has assessed as on the Balance Sheet date, whether there are any indication (listed in paragraphs 8 to 10 of the standard) with regard to impairment of any assets. Based on such assessment, it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly, no impairment loss has been provided in the books of accounts.
13. The Company has not received any information from its suppliers regarding registration under "The Micro, Small and Medium Enterprises Development Act, 2006". Hence, the information required to be given in accordance with Section 22 of the said Act, is not ascertainable. Hence, not disclosed;
14. However Sundry Creditors includes Rs. NIL (Previous year Rs. 1.99 Lakhs) due to Small Scale Industrial undertakings to the extent such parties have been identified from the available documents/information.
15. No interest was paid by the Company in terms of section 16 of MSMED Act during the Period.
16. There was no interest for delay in making payment beyond appointed date.
17. There is no interest accrued and remaining unpaid beyond the appointed date.
18. No interest is remaining due and payable even in succeeding years, until such that when the interest dues as above are actually paid to Micro, Small and Medium Enterprises for the purpose of disallowance as a deductible expenditure under section 23 of the aforesaid Act.
19. Defined Benefit Plan - Gratuity
No provision has been made in respect of present liabilities for future payment of gratuity to the staff and workers, which will be charged to accounts as and when paid. According to actuarial valuation under Revised AS-15, the liability for gratuity obligation to staff and Workers as on 31st March, 2017 is Rs. 1363.95 Lakhs (Previous Year Rs. 1065.32 Lakhs) and the net liability is Rs. 899.62 Lakhs (Previous Year Rs. 636.81 Lakhs).
The Company extends defined benefit plan in the form of gratuity to employees. Contribution to gratuity is made to Life Insurance Corporation of India, HDFC Standard Life Insurance Company Ltd., SBI Life Insurance Company Ltd, and Birla Sunlife Insurance Company Ltd. and Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited in accordance with the scheme framed by the Corporation. The details are as under:
20. In accordance with Accounting Standard - 13 issued by the Council of the Institute of Chartered Accountants of India, the Long Term Investments in respect of quoted investments held by the Company are valued at cost and Rs. 27.38 Lakhs (Previous year Rs. 107.58 Lakhs) being diminution in values thereof has been considered by the management to be temporary and accordingly has not been recognized in this account. These would, however be covered adequately by the Company''s period-end Reserves & Surplus.
21. The Company has provided for deferred tax assets for Rs. 25.30 Lakhs (Previous Year Rs. 1.82 Lakhs Deferred Tax Liability) based on future profitability projection. The management is of the view that future taxable income will be available to realize/adjust such deferred tax assets.
22. In the opinion of the Board of Directors of the Company the Current Assets, Loans, Advances and Deposits are approximately of the value stated in the accounts, if realized, in ordinary course of business unless otherwise stated. The provisions for all known liabilities are adequate and not in excess of the amount reasonably required.
23. The Company is engaged in the business of integrated activities of manufacture and sale of tea, predominantly in the domestic market. Hence, there is no reportable segment as per the Accounting Standard - 17 on "Segment Reporting" as issued by the ICAI.
24. The current financial year is for a period of 12 months ended on 31st March 2017 ("current period") and accordingly, the figures for the current period are not comparable with figures for the period ended 31st March 2016 ("previous year") being 15 months presented in the Statement of Profit and Loss, Cash Flow Statement and related notes.
25. Trade receivables and Trade payables with respect to few parties are subject to confirmation and re-conciliation, if any.
26. Figures for the previous year have been regrouped, rearranged and recast wherever necessary.
Mar 31, 2016
Out of the above Shares :
1. 89,94,600 Equity Shares of Rs. 5/- each have been allotted as fully paid-up Bonus Shares by way of Capitalisation of Share Premium Account.
2. 9,24,300 Shares of Rs. 5/- each were allotted as fully paid-up Bonus Shares by way of Capitalisation of General Reserve.
3. 74,520 Shares of Rs. 5/- each, fully paid were issued as pursuant to contract without payment being received in cash.
4. 81,79,340 Shares of Rs. 5/- each, fully paid-up are held by Holding Company Diana Capital Limited.
5. There is no movement in share capital as compared to previous year.
6. Terms/rights attached to equity shares :
7. The company has only one class of equity shares having par value of Rs. 5 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend if any proposed by Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
8. The Company , due to absence of profits in the current period, has recognized the amount of per share dividend as distributions to equity share holders, Rs. 0.25 per share out of accumulated Free Reserve, as per provision of companies Act, 2013 (31st December 2014 : Rs. 0.25 per share).
9. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.
10. Term loan from banks includes loan from United Bank of India repayable up to 2026-27 amounting Rs. 324.10 Lakhs (Rs. 190.10 Lakhs),bearing interest (a) @ base rate plus 0.75% p.a on term loan amounting Rs. 50.10 Lakhs (b) @ MCLR-Y plus 0.80% on term loan amounting Rs. 274.00 Lakhs. The said term loan is secured by first charge on the current assets of the Company and also secured by Pari Pasu first charge on all immovable asstes of the Company both present and future excluding specific items of assets charged/to be charged in favour of lenders or suppliers providing finance for the acquisitions thereof and also personal guarantee of one director of the Company.
11 . Rupee Loan from Others includes Rs. 80.43 Lakhs(Previous year Rs. 94.16 Lakhs ) loan from Tea Board bearing interest @ 10.46% p.a. The said loan is secured by second charge by equitable mortgage of lease hold Tea Estate ranking subsequent to the charge of the bank.
12. Vehicle loan includes loan from HDFC Bank Ltd. and ICICI Bank Ltd. against vehicles, repayable in equiated periodic installments as per the scheme of loan. The loan are secured by hypothecation of respective vehicles.
13. Cash Credit facilities are Secured by first charge on current assets of the Company mainly, stock of raw materials, semi finished and finished goods, stores and spares, book debts, receivables and also secured by pari passu first charge on all immovable assets of the Company both present and future, excluding specific items of assets charged/to be charged in favour of lenders or suppliers providing finance for the acquisition thereof and also personal guarantee of one director of the Company.
14. Unsecured Loan from Bank includes Loan from HDFC Bank Ltd. in Financial year ending December, 2014.
15. Includes loan from Holding Company Diana Capital Limited which is payable on demand.
Dec 31, 2014
A) 89,94,600 Equity Shares of Rs.5/- each have been allotted as fully
paid-up Bonus Shares by way of Capitalisation of Share
Premium Account.
b) 9,24,300 Shares of Rs.5/- each were allotted as fully paid-up Bonus
Shares by way of Capitalisation of General Reserve.
c) 74,520 Shares of Rs.5/- each, fully paid were issued as pursuant to
contract without payment being received in cash.
d) 81,79,340 Shares of Rs.5/- each, fully paid-up are held by Holding
Company Diana Capital Limited.
e) There is no movement in share capital as compared to previous year.
f) Terms/rights attached to equity shares :
(i) The company has only one class of equity shares having par value of
'' 5 per share. Each holder of equity shares is entitled to one vote per
share. The company declares and pays dividend in Indian Rupees. The
dividend if any proposed by Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
(ii) The amount of per share dividend recognized as distributions to
equity shareholders is '' 0.25/- per share (31 December 2013 : '' 0.25/-
per share).
(iii) In the event of liquidation of the Company, the holders of the
equity shares will be entitled to receive remaining assets of the
Company. The distribution will be in proportion to the number of equity
shares held by the shareholders.
# Term loan from banks includes loan from United Bank of India
repayable upto 2017-18 amounting '' 190.10 Lacs ('' 312.60 Lacs), bearing
interest @ base rate plus 1.50% p.a. The said term loan is secured by
first charge on the current assets of the Company and also secured by
Pari Pasu first charge on all immovable asstes of the Company both
present and future ex- cluding specific items of assets charged/to be
charged in favour of lenders or suppliers providing finance for the
aquisitions thereoff and also personal guarantee of two directors of
the Company.
## Indian Rupee Loan from Others includes '' 94.16 Lacs (Previous year ''
98.56 Lacs) loan from Tea Board bearing interest @ 10.24% p.a. to
10.46% p.a. The said loan is secured by second charge by equitable
mortgage of lease hold Tea Estate ranking subsequent to the charge of
the bank.
### Vehicle loan includes loan from HDFC Bank Ltd. and ICICI Bank
Ltd.against vehicles repayable in equiated periodic instal- ments as
per the scheme of loan. The loan are secured by hypothecation of
respective vehicles.
The Scheduled Maturity of the long term borrowings is summarised as
under :
# Cash Credit facilities are Secured by first charge on current assets
of the Company mainly, stock of raw materials, semi-finished and
finished goods, stores and spares, book debts, receivables and also
secured by pari passu first charge on all immovable assets of the
Company both present and future, excluding specific items of assets
charged/to be charged in favour of lenders or suppliers providing
finance for the acquisition thereof and also personal guarantee of two
directors of the Company.
## Unsecured Loan from Banks include Loan from HDFC Bank LTD.
### Includes loan from Holding Company Diana Capital Limited which is
payable on demand.
# a. No provision has been made for loan receivable amounting to Rs.
146.00 Lacs (Previous Year Rs.158.45 Lacs) as considered doubtful of
recovery during the year. Hence no interest has been provided on the
said loan. b. Further it also includes advances given to Shruti Trade
& Enterprises Pvt. Ltd. amounting to Rs.15.00 Lacs (Previous Year ''
15.00 Lacs) which is doubtful of recovery. However no provision has
been made for the same as the Company has filed suit in Hon''ble High
Court for Winding up of said Company.
(a) Interest Acrrued on loans includes interest receiveable from Shruti
Trade & Enterprises Pvt. Ltd. amounting to Rs.1.45 Lacs (Previous year Rs.
1.45 Lacs) which is doubtful of recovery. However no provision has been
made for the same as the company has filed suit in Hon''ble High Court
for Winding up of said Company. Further interest receiveable includes
interest from DDS Steel Rolling Mills amounting to Rs.4.99 Lacs
(Previous year Rs.4.99 Lacs) which is doubtful of recovery but no
provision has been done for the same.
(b) No provision has been made for Replantation Subsidy Receivable
amounting to Rs.3.67 Lacs (Previous year Rs.3.67 Lacs) for the year
1997-98 in respect of Ambari Tea Estate and Rs.4.14 lacs (Previous Year
Rs.4.14 Lacs) in respect of Goodhope Tea Estate for the year 1994 - 95,
which is considered as doubtful of recovery.
1)1 Contingent Liability not provided for in respect of
(Rs.in Lacs)
Particular As at As at
31st December2014 31st December2013
Claims & Govt. Demand against
the company not acknowledged
as debt:
- Sales Tax Matter under
dispute / appeal 42.90 47.90
- Income Tax matter under
dispute / appeal 9.75 30.97
- Other matter not acknowledged
as debt 254.40 254.40
Bank Guarantee 99.79 93.99
2) Depreciation as calculated includes additional charges of Rs.0.50
Lacs on revalued assets and an amount equivalent to the additional
charges has been transferred to Statement of Profit and Loss from
Capital Reserve (Revaluation of Fixed Asset) such transfer according to
an authoritative Professional view being acceptable for the purpose of
the Companies annual accounts.
3) The company had recognized Rs.123.17 Lacs as exceptional item in the
financial year 2013 which was written off on account of settlement in
case of its sale of Ambari Tea Estate.
4) During the previous year 2013, Company has reversed Dividend
Distribution tax amounting to Rs.21.89 Lacs in excess of 40% of the
proposed Dividend as made in earlier years in view of the favourable
order from the Hon''ble Supreme Court in the case of Jayshree Tea &
Industries Ltd. vs Union of India, and the Company continue to provide
Dividend Distribution Tax on 40% of Total Profit Distributed as
Dividend.
5) In accordance with the AS-28 on Impairment of Assets, the company
has assessed as on the balance sheet date, whether there are any
indication (listed in paragraphs 8 to 10 of the standard) with regard
to impairment of any assets. Based on such assessment, it has been
ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly, no
impairment loss has been provided in the books of accounts.
6) The Company has not received any information from its suppliers
regarding registration under "The Micro, Small and Medium Enterprises
Development Act, 2006". Hence, the information required to be given in
accordance with Section 22 of the said Act, is not ascertainable.
Hence, not disclosed;
i) However Sundry Creditors includes Rs.Nil (Previous year - Rs.Nil) due
to Small Scale Industrial undertakings to the extent such parties have
been identified from the available documents/information.
ii) No interest was paid by the company in terms of section 16 of MSMED
Act during the year.
iii) There was no interest for delay in making payment beyond appointed
date.
iv) There is no interest accrued and remaining unpaid beyond the
appointed date.
v) No interest is remaining due and payable even in succeeding years,
until such that when the interest dues as above are actually paid to
Micro, Small and Medium Enterprises for the purpose of disallowance as
a deductible expenditure under section 23 of the aforesaid Act.
7) The disclosures required under Accounting Standard 15 ( Revised 2005
) "Employee Benefits" notified in the Companies (Accounting Standards)
Rules, 2006, are given below :
b) Defined Benefit Plan - Gratuity
No provision has been made in respect of present liabilities for future
payment of gratuity to the staff and workers, which will be charged to
accounts as and when paid. According to actuarial valuation under
Revised AS-15, the liability for gratuity obligation to staff and
workers as on 31st December, 2014 is Rs.940.06 Lacs (Previous Year Rs.
859.17 Lacs) and the net liability is Rs.573.52 Lacs (Previous Year Rs.
506.03 Lacs).
The Company extends defined benefit plan in the form of gratuity to
employees. Contribution to gratuity is made to Life Insurance
Corporation of India, HDFC Standard Life Insurance Company Ltd., SBI
Life Insurance Company Ltd., Birla Sunlife Insurance Company Ltd.and
Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. in
accordance with the scheme framed by the Corporation. The details are
as under :
The discount rate is based upon the market yield available on
government bonds at the accounting date within a term that matches that
of the liabilities and the salary increase should take account
Inflation, Seniority, Promotion and other relevant factors.
8) In accordance with Accounting Standard 13 issued by the Council of
the Institute of Chartered Accountants of India, the Long Term
Investments in respect of quoted investment held by the Company are
valued at cost and Rs.91.68 Lacs (Previous year Rs.96.20 Lacs) being
diminution in values thereof has been considered by the management to
be temporary and accordingly has not been recognized in this account.
These would, however be covered adequately by the Company''s year-end
Reserves & Surplus. However, in respect of Unquoted investments,
provision for diminution has been made amounting to Rs.0.17 Lacs
(Previous year Rs.Nil) on account of diminution which are of permanent
in nature.
9) The Company''s profits for the period 1st April, 2014 to 31st
December, 2014 together with those for the subsequent period to 31st
March, 2015 will be assessable (including under section 115JB of the
Income Tax Act, 1961) as one composite income for the Assessment Year
2015-2016 and in the view of this, no provision for the taxation and
Deferred Tax Liability has been made as the tax liability in respect of
the said period of Nine months cannot be quantified at present. However
provision for Income Tax for the Three month from 1st Jan, 2014 to 31st
March, 2014 along with previous Nine month from 1st April, 2013 to 31st
December, 2013 has been ascertained and duly provided.
10) In accordance with the Accounting Standard 22 "Accounting for Taxes
on Income" issued by the Institute of Chartered Accountants of India,
the Company has reviewed the net deferred tax liability/assets as at
31st March, 2014 and the net deferred tax Liability have been computed
Rs.139.64 Lacs. Accordingly the deferred tax amounting to Rs.44.60 Lacs
for the year has been recognized in the Statement of Profit and Loss
and the Deferred Tax Liability for the period from 1st April 2014 to
31st December, 2014 has not been provided in view of the above note
number (9).
11) In the opinion of the Board of Directors of the Company the Current
Assets, Loans, Advances and Deposits are approximately of the value
stated in the accounts, if realised, in ordinary course of business
unless otherwise stated. The provisions for all known liabilities are
adequate and not in excess of the amount reasonably required.
12) The Company is engaged in the business of integrated activities of
manufacture and sale of tea, predominantly in the domestic market.
Hence, there is no reportable segment as per the Accounting Standard -
17 on "Segment Reporting" as issued by the ICAI.
Dec 31, 2013
NOTE 1 : ADDITIONAL INFORMATIONS
1) The revised Schedule VI has become eff ective from 1st April, 2011
for the preparation of fi nancial statements. This has signifi cantly
impacted the disclosure and presentation made in the fi nancial
statements. Previous year''s fi gures have been regrouped /reclassifi ed
wherever necessary to correspond with the current year''s classifi
cation / disclosure.
Conilngent Liability not provided for in respect of Amount In (Rs.)
particulars As at As at
31st December, 2013 31st December, 2012
Claims & Govt. Demand against
the company not acknowledged
as debt :
- Sales Tax Matter under
dispute /appeal 47,90,168 26,09,379
- Income Tax matter under
dispute / appeal 30,96,626 22,99,520
- Other matter not acknowledged
as debt 2,54,40,300 2,54,40,300
Bank Guarantee 93,98,748 1,01,57,394
3) Depreciation as calculated includes additional charges ofRs. 49,895/-
on revalued assets and an amount equivalent to the additional charges
has been transferred to Statement of Profit and Loss from Capital
Reserve (Revaluation of Fixed Asset) such transfer according to an
authoritative Professional view being acceptable for the purpose of the
Companies annual accounts.
4) The Company had entered into a Sale Agreement with M/s. Stanmore
Estates Pvt. Ltd., the nominee of M/s. Maxwell Golden Tea Pvt. Ltd. for
sale of its Ambari Tea Estate in the year 2011. An advance of Rs. 300
lacs was received against the said Sale Agreement and balance
consideration was receivable on conveyance of the said deed subject to
various Government permissions. Because of inordinate delay in getting
various government permissions there was a litigation between the
parties which was resolved through out of court settlement. In terms of
the said settlement the fi nal amount received/ adjusted Rs. 1,416.53
lacs in the year 2013. As such an amount ofRs. 123.17 lacs receivable
from Stanmore Estates Pvt. Ltd. has been written off (as no longer
receivable) and considered as exceptional item in the books in 2013.
5) During the year, Company has reversed Dividend Distribution tax
amounting toRs. 21,88,724/- in excess of 40% of the proposed Dividend as
made in earlier years in view of the favourable order from the Hon''ble
Supreme Court in the case of Jayshree Tea & Industries Ltd. vs Union of
India, and the Company continue to provide Dividend Distribution Tax on
40% of Total Profit Distributed as Dividend.
6) In accordance with the AS - 28 on Impairment of Assets, the company
has assessed as on the balance sheet date, whether there are any
indication (listed in paragraphs 8 to 10 of the standard) with regard
to impairment of any assets. Based on such assessment, it has been
ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly, no
impairment loss has been provided in the books of accounts.
7) The Company has not received any information from its suppliers
regarding registration under "The Micro, Small and Medium Enterprises
Development Act, 2006". Hence, the information required to be given in
accordance with Section 22 of the said Act, is not ascertainable.
Hence, not disclosed;
i) However Sundry Creditors includes Rs .Nil (Previous year -Rs.
87,464/-) due to Small Scale Industrial undertakings to the extent such
parties have been identifi ed from the available documents/information.
ii) No interest was paid by the company in terms of section 16 of MSMED
Act during the year.
iii) There was no interest for delay in making payment beyond appointed
date.
iv) There is no interest accrued and remaining unpaid beyond the
appointed date.
v) No interest is remaining due and payable even in succeeding years,
until such that when the interest dues as above are actually paid to
Micro, Small and Medium Enterprises for the purpose of disallowance as
a deductible expenditure under section 23 of the aforesaid Act.
The discount rate is based upon the market yield available on
government bonds at the accounting date within a term that matches that
of the liabilities and the salary increase should take account Infl
ation, Seniority, Promotion and other relevant factors.
9) In accordance with Accounting Standard 13 issued by the Council of
the Institute of Chartered Accountants of India, the Long Term
Investments in respect of quoted investment held by the Company are
valued at cost and Rs. 9,619,540/- (Previous year Rs. 8,561,673/- ) being
diminution in values thereof has been considered by the management to
be temporary and accordingly has not been recognized in this account.
These would, however be covered adequately by the Company''s year-end
Reserves & Surplus. However in respect of Unquoted investments,
provision for diminution has been made amounting to Rs. Nil (Previous
year Rs. 292,962) on account of diminution which are of permanent in
nature.
10) The Company''s profits for the period 1st April, 2013 to 31st
December, 2013 together with those for the subsequent period to 31st
March, 2014 will be assessable (including under section 115JB of the
Income Tax Act, 1961) as one composite income for the Assessment Year
2014-2015 and in the view of this, no provision for the taxation and
Deferred Tax Liability has been made as the tax liability in respect of
the said period of Nine months cannot be quantifi ed at present.
However provision for Income Tax for the Three month from 1st Jan, 2013
to 31st March, 2013 along with previous Nine month from 1st April, 2012
to 31st December, 2012 has been ascertained and duly provided.
11) In accordance with the Accounting Standard 22 "Accounting for Taxes
on Income" issued by the Institute of Chartered Accountants of India,
the Company has reviewed the net deferred tax liability/assets as at
31st March, 2013 and the net deferred tax Liability have been computed
Rs. 9,504,412/-. Accordingly the deferred tax amounting to Rs. 7,800,278/-
for the year has been recognized in the Statement of Profit and Loss
and the Deferred Tax Liability/Assets for the period from 1st April
2013 to 31st December, 2013 has not been provided in view of the above
note number 10.
12) In the opinion of the Board of Directors of the Company the Current
Assets, Loans, Advances and Deposits are approximately of the value
stated in the accounts, if realised, in ordinary course of business
unless otherwise stated. The provisions for all known liabilities are
adequate and not in excess of the amount reasonably required.
13) The Company is engaged in the business of integrated activities of
manufacture and sale of tea, predominantly in the domestic market.
Hence, there is no reportable segment as per the Accounting Standard 17
on "Segment Reporting" as issued by the ICAI.
14) Figures for the Previous year have been regrouped, rearranged and
recast wherever necessary.
Dec 31, 2012
1) The revised Schedule VI has become effective from 1st April, 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
2) Contingent Liability not provided for in respect of:
1.1) Bank Guarantees issued to various Government Bodies to the extent
of Rs. 1,01,57,394/- (Previous year Rs. 82,51,173/-).
1.2) Claim against the Company not acknowledged as debts amounting to t
2,54,40,300/- (Previous year Rs. 2,54,40,300/-).
1.3) West Bengal Sales Tax demand for the Assessment Year 2000-01 of
Rs. 80, 543/- (Previous year- Rs. 80,543/-).
1.4) Income tax demand of t 7,92,584/-, Rs. 14,08,126*/- and Rs.
98,810/- being contested by the company for the Assessment year
2007-08, 2008-09 and 2009-10 respectively (Previous year- Rs. 7,92,584,
Rs. 14,08,126 and Rs. 98,810/- for the Assessment Year 2007-08, 2008-09
and 2009-10 respectively).
1.5) Central Sales Tax demand for the Assessment Year 2003-04 of Rs.
25,28,836/- (Previous year Rs. 25,28,836/- for the Assessment Year
2003-04)
3) Depreciation as calculated includes additional charges of Rs.
49,895/- on revalued assets and an amount equivalent to the additional
charges has been transferred to Statement of Profit and Loss from
Capital Reserve (Revaluation of Fixed Asset) such transfer according to
an authoritative Professional view being acceptable for the purpose of
the Companies annual accounts.
4) During the year 2011 Company has entered into a sale agreement with
Stanmore Estates Pvt. Ltd. nominee of Maxwell Golden Tea Pvt.Ltd. for
the sale of the Ambari Tea Estate and necessary adjustment has been
made in the accounts. The necessary formalities and necessary
permission from Govt, of West Bengal for transfer is under progress.
5) In view of the favourable order from the Hon''ble Supreme Court filed
by other tea companies in respect of dividend tax, the company is
depositing the dividend tax to the extent of 40% of the applicable
rates. However the company is continuing to provide dividend tax at
applicable rates.
6) In accordance with the AS - 28 on Impairment of Assets, the company
has assessed as on the balance sheet date, whether there are any
indication (listed in paragraphs 8 to 10 of the standard) with regard
to impairment of any assets. Based on such assessment, it has been
ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly, no
impairment loss has been provided in the books of accounts.
7) The Company has not received any information from its suppliers
regarding registration under "The Micro, Small and Medium Enterprises
Development Act, 2006". Hence, the information required to be given in
accordance with Section 22 of the said Act, is not ascertainable.
Hence, not disclosed;
i) However Sundry Creditors includes Rs. 87,464/- (Previous year - Rs.
1,23,501/-) due to Small Scale Industrial undertakings to the extent
such parties have been identified from the available
documents/information.
ii) No interest was paid by the company in terms of section 16 of MSMED
Act during the year.
iii) There was no interest for delay in making payment beyond appointed
date.
iv) There is no interest accrued and remaining unpaid beyond the
appointed date.
v) No interest is remaining due and payable even in succeeding years,
until such that when the interest dues as above are actually paid to
Micro, Small and Medium Enterprises for the purpose of disallowance as
a deductible expenditure under section 23 of the aforesaid Act.
8) The disclosures required under Accounting Standard 15 (Revised 2005)
"Employee Benefits" notified in the Companies (Accounting Standards)
Rules,2006, are given below :
a) Defined Contribution Plan - Provident Fund
Employer''s contribution to Provident Fund Rs. 14,783,726/- Employees''
contribution to Provident Fund Rs. 14,783,72
b) Defined Benefit Plan - Gratuity
No provision has been made in respect of present liabilities for future
payment of gratuity to the staff and workers, which will be charged to
accounts as and when paid. According to actuarial valuation under
Revised AS-15, the liability for gratuity obligation to staff and
workers as on 31st December, 2012 is Rs. 71,853,404/- (Previous year
Rs. 59,982,875/-) and the net liability is Rs. 44,140,756)/- (Previous
year Rs. 39,938,403/-).
The Company extends defined benefit plan in the form of gratuity to
employees contribution to gratuity is made to Life Insurance
Corporation of India, HDFC Standard Life Insurance Company Ltd., SBI
Life Insurance Company Ltd. and Birla Sunlife Insurance Company Ltd. in
accordance with the scheme framed by the Corporation. The details are
as under:
9) In accordance with Accounting Standard (AS) 13 issued by the Council
of the Institute of Chartered Accountants of India, the Long Term
Investments in respect of quoted investment held by the Company are
valued at cost and Rs. 8,561,673/- (Previous year Rs. 10,206,076/-)
being diminution in values thereof has been considered by the
management to be temporary and accordingly has not been recognized in
this account. These would, however be covered adequately by the
Company''s year-end Reserves & Surplus. However in respect of Unquoted
investments, provision for diminution has been made amounting to Rs.
292,962/- (Previous year Nil) on account of diminution which are of
permanent in nature.
10) The company has not accounted for interest receivable from M/s
Pretoria Enclave Limited, as per One Time Settlement (OTS) held in the
year 2008. During the year company has received compensation on account
of OTS from M/s Pretoria Enclave Limited in full. Further the balance
principal amount receivable from M/s Pretoria Enclave Limited will be
repaid upto 2014 -15.
11) No Provision has been made in respect of West Bengal Professional
Tax liability of Rs. 327,417/- in respect of interest for which the
company had applied for waiver (Previous year Rs. 327,417/-).
12) The Company''s profits for the period 1st April, 2012 to 31st
December, 2012 together with those for the subsequent period to 31st
March, 2013 will be assessable (including under Section 115JB of the
Income Tax Act, 1961) as one composite income for the Assessment Year
2013-2014 and in the view of this, no provision for the taxation and
Deferred Tax Liability has been made as the tax liability in respect of
the said period of Nine months cannot be quantified at present. However
provision for Income Tax for the Three month from 1st January, 2012 to
31st March, 2012 along with previous Nine month from 1st April, 2011 to
31st December, 2011 has been ascertained and duly provided.
13) In accordance with the Accounting Standard 22 "Accounting for Taxes
on Income" issued by the Institute of Chartered Accountants of India,
the Company has reviewed the net deferred tax liability/assets as at
31st March, 2012 and the net deferred tax Liability have been computed
Rs. 1,704,634/-. Accordingly the deferred tax amounting to Rs.
9,646,366/- for the year has been recognized in the Statement of Profit
and Loss and the Deferred Tax Liability/Assets for the period from 1st
April, 2012 to 31st December, 2012 has not been provided in view of the
above note number 12.
14) In the opinion of the Board of Directors of the Company the Current
Assets, Loans, Advances and Deposits are approximately of the value
stated in the accounts, if realised, in ordinary course of business
unless otherwise stated. The provisions for all known liabilities are
adequate and not in excess of the amount reasonably required.
15) The Company is engaged in the business of integrated activities of
manufacture and sale of tea, predominantly in the domestic market.
Hence, there is no reportable segment as per the AS -17 on "Segment
Reporting" as issued by the ICAI.
16) Figures for the Previous year have been regrouped, rearranged and
recast wherever necessary.
Dec 31, 2010
1) Contingent Liability not provided for in respect of
1.1) Bank Guarantees issued to various Government Bodies to the extent
of Rs 8,000,730/- (Previous year Rs 6,786,084/-).
1.2) Claim against the Company not acknowledged as debts amounting to
Rs 25,440,300/- (Previous year Rs 25,440,300/-).
1.3) West Bengal Sales Tax demand for the Assessment Year 2000-01 of Rs
80,543/- (Previous year Rs 80,543/-).
1.4) Income tax demand of Rs 779,200/- and Rs 1,328,258/- being
contested by the company for the Assessment year 2007-08 and 2008-09
respectively (Previous year Rs 4,771,575, Rs 94,181 and Rs 3,100,689
for the assessment year 2005-06, 2006-07 and 2007-08 respectively).
1.5) Central Sales Tax demand for the Assessment Year 2003-04 and
2004-05 of Rs 2,528,836/- and Rs 2,718/- respectively (Previous year Rs
2,528,836/- and Rs 194,968/- respectively).
2) Stock of Tea includes 8,14,417 Kgs. valuing Rs 80,642,607/- lying
with other Parties (Previous year 1,191,736 Kgs. valuing
Rs110,585,116/-)
3) Depreciation as calculated includes additional charges of Rs 49,895
on revalued assets and an amount equivalent to the additional charges
has been transferred to Profit and Loss Account from Capital Reserve
(Revaluation of Fixed Asset) such transfer according to an
authoritative Professional view being acceptable for the purpose of the
Companies annual accounts.
4) In accordance with the AS - 28 on Impairment of Assets, the company
has assessed as on the balance sheet date, whether there are any
indication (listed in paragraphs 8 to 10 of the standard) with regard
to impairment of any assets. Based on such assessment, it has been
ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly, no
impairment loss has been provided in the books of accounts.
5) No provision has been made for Sundry Debtors amounting to Rs
414,544/- considered as Doubtful of Recovery (Under Litigation Rs
108,930/-) (Previous year Rs 414,544/-)
6) Sundry Creditors include outstanding in respect of Machinery and
vehicle amounting to rs 9,691,870/- (Previous year Rs 11,080,830/-)
purchased in terms of Hire Purchase Agreements.
7) The Company has not received any information from its suppliers
regarding registration under "The Micro, Small and Medium Enterprises
Development Act, 2006". Hence, the information required to be given in
accordance with Section 22 of the said Act, is not ascertainable.
Hence, not disclosed.
8) The disclosures required under Accounting Standard 15 ( Revised 2005
) "Employee Benefits" notified in the Companies (Accounting Standards)
Rules,2006, are given below:
a) Defined Contribution Plan - Provident Fund
Employers contribution to Provident Fund 14,608,829/-
Employees contribution to Provident Fund 14,608,829/-
b) Defined Benefit Plan - Gratuity
No provision has been made in respect of present liabilities for future
payment of gratuity to the staff and workers, which will be charged to
accounts as and when paid. According to actuarial valuation under
Revised AS-15, the liability for gratuity obligation to staff and
workers as on 31st December, 2010 is Rs 64,225,223/- (Previous Year Rs
80,590,980/-).
The Company extends defined benefit plan in the form of gratuity to
employees contribution to gratuity is made to Life Insurance
Corporation of India & HDFC Standard Life Insurance Company Ltd. in
accordance with the scheme framed by the Corporation. The details are
as under:
The discount rate is based upon the market yield available on
government bonds at the accounting date within a term that matches that
of the liabilities and the salary increase should take account
Inflation, Seniority, Promotion and other relevant factors.
9) In accordance with Accounting Standard (AS) 13 issued by the Council
of the Institute of Chartered Accountants of India, the Long Term
Investments held by the Company are valued at cost and Rs 7,245,068./-
(Previous year Rs 8,023,805./-) being diminution in values thereof has
been considered by the management to be temporary and accordingly has
not been recognized in this account. These would, however be covered
adequately by the Companys year-end Reserves & Surplus.
10) Miscellaneous Expenses includes Directors Board Meeting Fee &
Committee Meeting Fee Rs 36,000/- (Previous year Rs 28,000/-).
11) The company has not accounted for interest receivable from M/s
Pretoria Enclave Limited, as per One Time Settlement (OTS) held in the
year 2008. According to OTS M/s Pretoria Enclave Limited will pay Rs80.0
lacs as compensation in three yearly installments and after the
completion of installments of Rs 80 lacs, the aforementioned Company
will pay its principal amount from the year 2011-12 in three years
time. Interest will be Charged from April, 2011 onwards.
12) No Provision has been made in respect of West Bengal Professional
Tax liability of Rs 327,41 II- in respect of interest for which the
company had applied for waiver. (Previous year Rs 327,417/-).
13) No provision has been made for loan receivable amounting to Rs
1,744,778/- as considered doubtful of recovery during the year. Hence
no interest has been provided on the said loan. (Previous year Rs
2,763,111/-).
14) Sundry Creditors includes Rs284,352/- (Previous Year Rs 560,436/-)
due to Small Scale Industrial undertakings to the extent such parties
have been identified from the available documents/information. An
amount of Rs 9,062/- is due to party namely Vijay Trading Company which
is outstanding for more than 30 days.
15) Land & Plantation includes Rs 790 lacs in respect of Ambari Tea
Estate, conveyance for which is not executed.
16) The Companys profits for the period 1st April, 2010 to 31st
December, 2010 together with those for the subsequent period to 31st
March, 2011 will be assessable (including under section 115JB of the
Income Tax Act, 1961) as one composite income for the Assessment Year
2011 -2012 and in the view of this, no provision for the taxation and
Deferred Tax Liability has been made as the tax liability in respect of
the said period of Nine months cannot be quantified at present.
However provision for Income Tax for the Three month from 1st Jan, 2010
to 31st March, 2010 along with previous Nine month from 1st April, 2009
to 31st December, 2009 has been ascertained and duly provided.
17) In accordance with the Accounting Standard 22 "Accounting for Taxes
on Income" issued by the Institute of Chartered Accountants of India,
the Company has reviewed the net deferred tax liability/assets as at
31st March, 2010 and the net deferred tax liability have been computed
Rs 6,396,794/-. Accordingly the deferred tax amounting to Rs
9,367,769/- for the year has been recognized in the Profit and Loss
Account and the Deferred tax liability/Assets for the period from 1st
April, 2010 to 31st December, 2010 has not been provided in view of the
above note number 16.
18) In the opinion of the Board of Directors of the Company the Current
Assets, Loans, Advances and Deposits are approximately of the value
stated in the accounts, if realised, in ordinary course of business
unless otherwise stated. The provisions for all known liabilities are
adequate and not in excess of the amount reasonably required.
19) The Company is engaged in the business of integrated activities of
manufacture and sale of tea, predominantly in the domestic market.
Hence, there is no reportable segment as per the AS - 17 on "Segment
Reporting" as issued by the ICAI.
26) Figures for the Previous year have been regrouped, rearranged and
recast wherever necessary.
Dec 31, 2009
1) Contingent Liability not provided for in respect of :-
1.1) Bank Guarantees issued to various Government Bodies to the extent
of Rs. 67,86,084/- (Previous year - Rs. 65,94,142/-).
1.2) Claim against the Company not acknowledged as debts amounting to
Rs. 2,54,40,300/- (Previous year - Rs. 2,54,40,300/-).
1.3) West Bengal Sales Tax demand for the Assessment Year 2000-01 of
Rs. 80,543/-.
1.4) Income Tax demand of Rs. 47,71,575/-, Rs. 94,181/- and Rs.
31,00,689/- being contested by the Company for the Assessment year
2005-06, 2006-07 and 2007-08 respectively.
1.5) Central Sales Tax demand for the Assessment Year 2003-04 and
2004-05 of Rs. 25,28,836/- and Rs. 1,94,968/- respectively.
2) Stock of Tea includes 11,91,736 Kgs. valuing Rs. 11,05,85,116/-
lying with other Parties (Previous year 7,36,478 Kgs. valuing
Rs.5,72,53,800/-).
3) Depreciation as calculated includes additional charges of Rs.
49,895/- on revalued assets and an amount equivalent to the additional
charges has been transferred to Profit & Loss Account from Capital
Reserve (Revaluation of Fixed Asset) such transfer according to an
authoritative professional view being acceptable for the purpose of the
Companies annual accounts.
4) In accordance with the AS-28 on Impairment of Assets, the Company
has assessed as on the balance sheet date, whether there are any
indication (listed in paragraphs 8 to 10 of the standard) with regard
to impairment of any assets. Based on such assessment, it has been
ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly, no
impairment loss has been provided in the books of accounts.
5) No provision has been made for Sundry Debtors amounting to Rs.
4,14,544/- considered as Doubtful of Recovery (Under Litigation - Rs.
1,08,930/-) (Previous year - Rs. 1,08,930/-).
6) Sundry Creditors include outstanding in respect of Machinery and
Vehicle amounting to Rs. 1,10,80,830/- (Previous year - Rs.
1,35,71,000/-) purchased in terms of Hire Purchase Agreements.
7) The Company has not received any information from its suppliers
regarding registration under "The Micro, Small and Medium Enterprises
Development Act, 2006". Hence, the information required to be given in
accordance with Section 22 of the said Act, is not ascertainable.
Hence, not disclosed.
8) The disclosures required under Accounting Standard -15 (Revised
2005) "Employee Benefits" notified in the Companies (Accounting
Standards) Rules, 2006, are given below :
a) DEFINED CONTRIBUTION PLAN - PROVIDENT FUND
Employers contribution to Provident Fund Rs. 13,961,969/-
Employees contribution to Provident Fund Rs. 13,961,971/-
b) DEFINED BENEFIT PLAN-GRATUITY
- No provision has been made in respect of present liabilities for
future payment of gratuity to the Staff and Workers, which will be
charged to accounts as and when paid. According to actuarial valuation
under Revised AS-15, the liability for gratuity payable to Staff and
Workers as on 31st December, 2009 is Rs. 8,05,90,980/- (Previous year
Rs. 6,39,35,949/-). Company is not contributed to any approved Gratuity
Fund during the year. Hence, Fair value of Plan Assets, Current Service
Cost, Interest Cost, Actuarial (gain)/Loss as on 31st December, 2009
are not ascertainable. However during the year Company has paid
Rs.37,58,940/- to employees who have retired/died.
The discount rate is based upon the market yield available on
government bonds at the accounting date within a term that matches that
of the liabilities and the salary increase should take account
Inflation, Seniority, Promotion and other relevant factors.
- The company has created a Gratuity Trust named "Diana Tea Company
Limited Employees Gratuity Fund" under the Payment of Gratuity Act,
1972, with effect from 12th February, 2010. Further the Company has
contributed under Group Gratuity scheme with "HDFC Standard Life
Insurance Company Ltd." and "Life Insurance Corporation of India".
9) In accordance with Accounting Standard (AS) 13 issued by the Council
of the Institute of Chartered Accountants of India, the Long Term
Investments held by the Company are valued at cost and Rs. 80,23,805/-
(Previous year - Rs. 1,00,10,042/-) being diminution in values thereof
has been considered by the management to be temporary and accordingly
has not been recognized in this account. These would, however be
covered adequately by the Companys year-end Reserves & Surplus.
10) Miscellaneous Expenses includes Directors Board Meeting Fee &
Committee Meeting Fee Rs. 28,000/- (Previous year - Rs. 32,000/-).
11) The Company has not accounted for interest receivable from M/s.
Pretoria Enclave Limited, as per One Time Settlement (OTS) held in last
year. According to OTS M/s. Pretoria Enclave Limited will pay Rs. 80
Lacs as compensation in three yearly instalments and after the
completion of instalments of Rs. 80 Lacs, the aforementioned Company
will pay its principal amount from the year 2010-11 in three years
time. Interest will be charged from April, 2011 onwards.
12) No Provision has been made in respect of West Bengal Professional
Tax Liability of Rs. 3,27,417/- in respect of interest for which the
Company had applied for waiver.
13) No provision has been made for loan receivable (including interest
Rs. 18,333/-) amounting to Rs. 27,63,111/- as considered doubtful of
recovery during the year. Hence, no interest has been provided on the
said loan.
14) Bank Charges includes Rs. 16.13 Lacs (Previous year - Rs.14.25
Lacs) being the Proportionate amount of foreign exchange fluctuation
for repayment of foreign currency loan from bank, covered by forward
contract.
15) Sundry Creditors includes Rs. 5,60,436/- (Previous year - Rs.
1,71,983/-) due to Small Scale Industrial undertakings to the extent
such parties have been identified from the available
documents/information. An amount of Rs. 2,87,682/- is due to party
namely M/s. Avani Poly Pvt. Ltd., and Rs. 12,589/- to Vijay Trading
Company respectively which is outstanding for more than 30 days.
16) During the year Company has received Subsidy of Rs. 15,33,674/-
against Quality Upgradation and Product Diversification Scheme.
Accordingly, the Company has calculated depreciation on net amount with
prospective effect according to Accounting Standard -12.
17) Land & Plantation includes Rs. 790 Lacs in respect of Ambari Tea
Estate, conveyance for which is not executed.
18) The Companys profits for the period 1st April, 2009 to 31st
December, 2009 together with those for the subsequent period to 31st
March, 2010 will be assessable (including under Section 115JB of the
Income Tax Act, 1961) as one composite income for the Assessment Year
2010-2011 and in the view of this, no provision for the taxation has
been made as the tax liability in respect of the said period of nine
months cannot be quantified at present. However, provision for Income
Tax for the three months from 1st January, 2009 to 31st March, 2009
along with previous nine months from 1st April, 2008 to 31st December,
2008 has been ascertained and duly provided.
19) In accordance with the Accounting Standard 22 "Accounting for Taxes
on Income" issued by the Institute of Chartered Accountants of India,
the Company has reviewed the net deferred tax liability/assets as at
31st December, 2009 and the net deferred tax assets have been computed
Rs. 29,70,975/-. Accordingly, the deferred tax amounting to Rs.
13,76,371/- for the year has been recognized in the Profit & Loss
Account.
20) In the opinion of the Board of Directors of the Company the Current
Assets, Loans, Advances and Deposits are approximately of the value
stated in the accounts, if realised, in ordinary course of business
unless otherwise stated. The provisions for all known liabilities are
adequate and not in excess of the amount reasonably required.
22) The Company is engaged in the business of integrated activities of
manufacture and sale of tea, predominantly in the domestic market.
Hence, there is no reportable segment as per the AS-17 on "Segment
Reporting" as issued by the ICAI.
In addition to above Companys financial assistance of Rs. 725 Lacs
from United Bank of India are additionally secured by pledgement of
Companys 9,57,500 equity shares held by Holding Company, Diana Capital
Limited, 2,74,850 equity shares held by Managing Director Mr. Sandeep
Singhania and 3,74,924 equity shares held by Wholetime Director Mrs.
Sarita Singhania. Singhania Builders Ltd., has also given corporate
guarantee of Rs. 35 Lacs for the above term loan of Rs. 725 Lacs as
additional security to United Bank of India.
21) Information pursuant to the Provision of Paragraphs 3, 4C & 4D of
Part II of Schedule VI to the Companies Act, 1956.
22) Figures for the previous year have been re-grouped, re-arranged and
re-casted wherever necessary.
Dec 31, 2000
1) Estimated amount of contracts remaining to be executed on capital
account and not provided for (Net of Advances) Rs. 56,50,000/-
(previous period Rs. 1,46,39,000 /-).
2) Contingent Liability not provided for in respect of :-
2.1) Bank Guarantees issued to various Government Bodies to the extent
of Rs.27,66,954/- (Previous year Rs. 27,66,954/-).
2.2) Claim against the Company not acknowledged as debts amounting to
Rs.1,16,22,761/- (Previous year Rs. 21,46,361/-).
3) The Land & Plantation of Diana, Baintgoorie and Goodhope Tea Estates
except respective additions during the period have been revalued on 1st
April 2000 as per valuation made by an approved valuer. This resulted
in an increase in the book value of assets by Rs. 28,51,21,124/-, which
is credited to Capital Reserve Account during the period ended 31st
December 2000.
4) Depreciation as calculated includes additional charges of Rs.
50,209/- on revalued assets and an amount equivalent to the additional
charges has been transferred to Profit & Loss Account from Capital
Reserve (Revaluation of Fixed Assets) such transfer according to an
authoritative professional views being acceptable for the purpose of
the Companys Annual Accounts.
5) Stock of Tea includes 5,98,512 Kgs. valuing Rs. 2,88,48,278/- lying
with other Parties ( Previous year 91,208 Kgs. valuing Rs.
53,25,543/-).
6) No provision has been made for Sundry Debtors amounting to Rs.
108,930/- considered as Doubtful of Recovery (Under Litigation)
(Previous year Rs. 108,930/-).
7) Sundry Creditors including outstanding in respect of Machinery and
Vehicle amounting to Rs.20,34,217/- (Previous year Rs. 14,66,971/-)
purchased in terms of Hire Purchase Agreements.
8) No provision has been made in respect of present liabilities for
future payment of gratuity to the Staff and Workers which . will be
charged to accounts as and when paid/payable. According to actuarial
valuation the liability for gratuity to Staff and Workers as on 31st
December 2000 is Rs. 2,68,29,797/- (Previous year Rs. 2,45,09,803/-).
9) In accordance with Accounting Standard (AS) 13 issued by the Council
of the Institute of Chartered Accountants of India, the Long Term
Investments held by the Company are valued at cost and Rs. 2,95,31,612
/- (Previous year Rs. 1,42,83,918 /-) being diminution in values
thereof has been considered by the management to be temporary and
accordingly has not been recognised in this account. These would,
however be covered adequately by the Companys year-end Reserves &
Surplus.
10) To comply with the Accounting Standards-16 made mandatory by the
Institute of Chartered Accountants of India with effect from 1st April
2000, the Company has changed its accounting policy in respect of
treatment of borrowing cost as referred in Note A-13. pursuant to such
change in accounting policy profit for the year is higher by
Rs.7,64,776/-.
11) Miscellaneous Expenses includes Directors Board Meeting Fee
Rs.11,500/- (Previous year Rs.8,000/-).
12) An amount of Rs. 10,17,820/- and Rs. 1,33,397/- are due to Small
Scale Industrial undertakings namely M/s. Jalan Laminators Pvt. Ltd.
and M/s. Hanu Polymers Private Limited which exceeds Rs. 1,00,000/- and
are outstanding for more than 30 days. Total amount due to small scale
Industrial undertakings was Rs. 12,58,552/-
13) Land & Plantation includes Rs. 790 Lakhs in respect of Ambari Tea
Estate, Conveyance for which is not executed.
14) The company has changed its accounting year from ending March to
ending December for the purpose of the Companies Act, 1956 as against
31st March being the previous year for the purpose of the provisions of
the Income Tax Act, 1961. The Companys profits for the period 1st
April 2000 to 31st December 2000 together with subsequent period upto
31st March 2001 will be assessable (including under Section 115JA of
the Income Tax Act, 1961) as one composite income for the assessment
Year 2001-2002 and in view of this, no provision for taxation has been
made as the tax liability in respect of the whole year including said
period of three months can not be quantified at present.
15) In the opinion of the Board of Directors of the Company the Current
Assets, Loans, Advances and Deposits are approximately of the value
stated in the accounts, if realised, in ordinary course of business
unless otherwise stated. The provision for all known liabilities are
adequate and not in excess of the amount reasonably required.
16) Loans and Advances includes the following due from companies under
the same Management or in which Directors are interested either as
Director of the Company and from Executive Directors of the Company.
17) Abstract of the Balance Sheet as at 31.12.2000 and Companys
General Business Profiles as per Part IV of Schedule VI (amended) to
the Companies Act, 1956.
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