Sep 30, 2014
1.1 Basis of Accounting:
The Accounts have been prepared on the historical cost basis adjusted
by the revaluation of certain Fixed Assets, in accordance with the
provision of the Companies Act, 1956 and accounting standards notified
vide Companies (Accounting Standards) Rules, 2006.
All expenses and income, unless specifically stated to be otherwise,
have been accounted for on mercantile basis and are consistent with
generally accepted accounting principles.
1.2 Use of Estimates:
The preparation of financial statements require the management to make
estimates and assumptions that effect the reported amount of assets and
liabilities and disclosures relating to contingent liabilities as at
the balance sheet date and the reported amounts of income and expenses
during the period. Differences between the actual results and the
estimates are recognised for the relevant period as and when the
results are materialised.
1.3 Fixed Assets and Depreciation:
Fixed Assets as revalued from time to time are stated at revalued
amounts less depreciation.
Fixed Assets other than the above are stated at cost less depreciation.
Expenditure on new tea planting is capitalised. In the case of new tea
areas taken up as projects, all expenditure till the plantation reaches
the full bearing stage is capitalised.
Cost of up-keep and maintenance of young tea is charged to revenue.
Depreciation on Fixed Assets, including on revaluation, has been
provided for as under:
For additions upto December, 1975, on Reducing Balance Method in the
manner and at the rates specified in Schedule XIV to the Companies Act,
1956 and subsequently on Straight Line Method in keeping with the
aforesaid Schedule XIV or at the rates applicable at the time of
installation/acquisition thereof.
In case of revalued assets, depreciation has been provided on Straight
Line Method based on useful life either assessed technically or derived
with respect to the rates specified in Schedule XIV to the Companies
Act, 1956.
An amount equivalent to the additional charge of depreciation due to
revaluation is transferred to Statement of Profit and Loss from
Revaluation Reserve.
1.4 Impairment :
Fixed Assets are reviewed at each Balance Sheet date for impairment. In
case events and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is recognised
whenever the carrying amount of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is greater of assets net selling price or its value
in use. An impairment loss is reversed if there has been change in the
recoverable amount and such loss either no longer exists or has
decreased.
1.5 Investments:
Investments being long term in nature are stated at cost. Diminution in
values thereof, other than temporary in nature, are adjusted there from
and recognised in the Statement of Profit and Loss.
1.6 Inventories:
Inventories are valued at lower of cost or net realisable value.
Manufacturing costs for tea comprise of material, labour and other
appropriate overheads.
Cost of Raw Material, Stores and Spare Parts are valued on weighted
average basis.
1.7 Employee Benefits:
Employee benefits are accrued in the year services are rendered by the
employees.
Contribution to defined contribution schemes such as Provident and
Family Pension Fund etc. are recognized as and when incurred.
Long term employee benefits under defined benefit scheme such as
contribution to gratuity, leave, superannuation, provident fund etc.
are determined at close of the year at present value of the amount
payable using actuarial valuation techniques.
Actuarial gain and losses are recognized in the year when they arise
1.8 Foreign Currency Transactions:
Transactions in foreign currency are accounted for, at the exchange
rate prevailing on the date of the transaction. Foreign currency
monetary assets and liabilities at the year-end are translated using
the closing exchange rates. The loss or gain thereon and also on the
exchange differences on settlement of foreign currency transaction
during the year are recognised as income or expenses and are adjusted
to the Statement of Profit and Loss under respective heads of accounts.
1.9 Research and Development:
Expenditure on research and development (other than those relating to
Fixed Assets) including contribution to research associations is
charged against the profit for the year in which it is incurred.
1.10 Sales:
Sales are recognised on passing of property in the goods. Consignment
sales are accounted for on receipt of the relevant account sales.
1.11 Grants and Subsidies from Government:
Grants from Government relating to Fixed Assets are shown as a
deduction from the gross value of Fixed Assets and those in the nature
of Project Capital Subsidy, are credited to Capital Reserve. Other
Government grants including subsidies, incentives, duty drawback, etc.
are credited to Statement of Profit and Loss or deducted from the
related expenses.
1.12. Borrowing Cost:
Borrowing cost in relation to the acquisition or construction of a
qualifying asset is capitalized as part of the cost of such assets.
Other borrowing costs are charged as expenses in the year in which they
are incurred.
1.13 Income Tax :
Provision for tax is made for both current and deferred taxes. Current
tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax assets and liabilities arising on account of
timing differences, which are capable of reversal in subsequent
periods, are recognised using tax rates and tax laws which have been
enacted or substantively enacted. Deferred tax assets are not
recognised unless there is sufficient assurance for reversal of the
same in future years.
1.14 Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not provided for but disclosed by way of
Notes to the financial statements. Contingent assets are neither
recognized nor disclosed in the financial statements.
Sep 30, 2013
1.1 Basis of Accounting:
The Accounts have been prepared on the historical cost basis adjusted
by the revaluation of certain Fixed Assets, in accordance with the
provision of the Companies Act, 1956 and accounting standards notified
vide Companies (Accounting Standards) Rules, 2006.
All expenses and income, unless specifically stated to be otherwise,
have been accounted for on mercantile basis and are consistent with
generally accepted accounting principles.
1.2 Use of Estimates:
The preparation of financial statements require the management to make
estimates and assumptions that effect the reported amount of assets and
liabilities and disclosures relating to contingent liabilities and
assets as at the balance sheet date and the reported amounts of income
and expenses during the period. Differences between the actual results
and the estimates are recognised for the relevant period as and when
the results are materialised.
1.3 Fixed Assets and Depreciation:
Fixed Assets as revalued from time to time are stated at revalued
amounts less depreciation.
Fixed Assets other than the above are stated at cost less depreciation.
Expenditure on new tea planting is capitalised. In the case of new tea
areas taken up as projects, all expenditure till the plantation reaches
the full bearing stage is capitalised.
Cost of up-keep and maintenance of young tea is charged to revenue.
Depreciation on Fixed Assets, including on revaluation, has been
provided for as under:
For additions upto December, 1975, on Reducing Balance Method in the
manner and at the rates specified in Schedule XIV to the Companies Act,
1956 and subsequently on Straight Line Method in keeping with the
aforesaid Schedule XIV or at the rates applicable at the time of
installation/acquisition thereof.
In case of revalued assets, depreciation has been provided on Straight
Line Method based on useful life either assessed technically or derived
with respect to the rates specified in Schedule XIV to the Companies
Act, 1956.
An amount equivalent to the additional charge of depreciation due to
revaluation is transferred to Statement of Profit and Loss from
Revaluation Reserve.
1.4 Impairment :
Fixed Assets are reviewed at each Balance Sheet date for impairment. In
case events and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is recognised
whenever the carrying amount of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is greater of assets net selling price or its value
in use. An impairment loss is reversed if there has been change in the
recoverable amount and such loss either no longer exists or has
decreased.
1.5 Investments:
Investments being long term in nature are stated at cost. Diminution in
values thereof, other than temporary in nature, are adjusted there from
and recognised in the Statement of Profit and Loss.
1.6 Inventories:
Inventories are valued at lower of cost or net realisable value.
Manufacturing costs for tea comprise of material, labour and other
appropriate overheads.
Cost of Raw Material, Stores and Spare Parts are valued on weighted
average basis.
1.7 Employee Benefits:
Employee benefits are accrued in the year services are rendered by the
employees.
Contribution to defined contribution schemes such as Provident and
Family Pension Fund etc. are recognized as and when incurred.
Long term employee benefits under defined benefit scheme such as
contribution to gratuity, leave, superannuation, provident fund etc.
are determined at close of the year at present value of the amount
payable using actuarial valuation techniques.
Actuarial gain and losses are recognized in the year when they arise.
1.8 Foreign Currency Transactions:
Transactions in foreign currency are accounted for, at the exchange
rate prevailing on the date of the transaction. Foreign currency
monetary assets and liabilities at the year-end are translated using
the closing exchange rates. The loss or gain thereon and also on the
exchange differences on settlement of foreign currency transaction
during the year are recognised as income or expenses and are adjusted
to the Statement of Profit and Loss under respective heads of accounts.
1.9 Research and Development:
Expenditure on research and development (other than those relating to
Fixed Assets) including contribution to research associations is
charged against the profit for the year in which it is incurred.
1.10 Sales:
Sales are recognised on passing of property in the goods. Consignment
sales are accounted for on receipt of the relevant account sales.
1.11 Grants and Subsidies from Government:
Grants from Government relating to Fixed Assets are shown as a
deduction from the gross value of Fixed Assets and those in the nature
of Project Capital Subsidy, are credited to Capital Reserve. Other
Government grants including subsidies, incentives, duty drawback, etc.
are credited to Statement of Profit and Loss or deducted from the
related expenses.
1.12 Borrowing Cost:
Borrowing cost in relation to the acquisition or construction of a
qualifying asset is capitalized as part of the cost of such assets.
Other borrowing costs are charged as expenses in the year in which they
are incurred.
1.13 Income Tax:
Provision for tax is made for both current and deferred taxes. Current
tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax assets and liabilities arising on account of
timing differences, which are capable of reversal in subsequent
periods, are recognised using tax rates and tax laws which have been
enacted or substantively enacted. Deferred tax assets are not
recognised unless there is sufficient assurance for reversal of the
same in future years.
1.14 Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not provided for but disclosed by way of
Notes to the financial statements. Contingent assets are neither
recognized nor disclosed in the financial statements.
Mar 31, 2012
1.1 Basis of Accounting:
The Accounts have been prepared on the historical cost basis adjusted
by the revaluation of certain Fixed Assets, in accordance with the
provision of the Companies Act, 1956 and accounting standards notified
vide Companies (Accounting Standards) Rules, 2006.
All expenses and income, unless specifically stated to be otherwise,
have been accounted for on mercantile basis and are consistent with
generally accepted accounting principles.
1.2 Use of Estimates:
The preparation of financial statements require the management to make
estimates and assumptions that effect the reported amount of assets and
liabilities and disclosures relating to contingent liabilities and
assets as at the balance sheet date and the reported amounts of income
and expenses during the year. Differences between the actual results
and the estimates are recognised in the year in which the results
become known/materialise.
1.3 Fixed Assets and Depreciation:
Fixed Assets as revalued from time to time are stated at revalued
amounts less depreciation.
Fixed Assets other than the above are stated at cost less depreciation.
Expenditure on new tea planting is capitalised. In the case of new tea
areas taken up as projects, all expenditure till the plantation reaches
the full bearing stage is capitalised.
Cost of up-keep and maintenance of young tea is charged to revenue.
Depreciation on Fixed Assets, including on revaluation, has been
provided for as under:
For additions upto December, 1975, on Reducing Balance Method in the
manner and at the rates specified in Schedule XIV to the Companies Act,
1956 and subsequently on Straight Line Method in keeping with the
aforesaid Schedule XIV or at the rates applicable at the time of
installation/acquisition thereof.
In case of revalued assets, depreciation has been provided on Straight
Line Method based on useful life either assessed technically or derived
with respect to the rates specified in Schedule XIV to the Companies
Act, 1956.
An amount equivalent to the additional charge of depreciation due to
revaluation is transferred to Statement of Profit and Loss from
Revaluation Reserve.
1.4 Impairment:
Fixed Assets are reviewed at each Balance Sheet date for impairment. In
case events and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is recognised
whenever the carrying amount of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is greater of assets net selling price or its value
in use. An impairment loss is reversed if there has been change in the
recoverable amount and such loss either no longer exists or has
decreased.
1.5 Investments:
Investments being long term in nature are stated at cost. Diminution in
values thereof, other than temporary in nature, are adjusted there from
and recognised in the Statement of Profit and Loss.
1.6 Inventories:
Inventories are valued at lower of cost or net realisable value.
Manufacturing costs for tea comprise of material, labour and other
appropriate overheads.
Cost for Raw Material, Stores and Spare Parts are valued on weighted
average basis and for the tea stock on First in first out basis.
1.7 Employee Benefits:
Employee benefits are accrued in the year services are rendered by the
employees.
Contribution to defined contribution schemes such as Provident and
Family Pension Fund etc. are recog- nized as and when incurred.
Long term employee benefits under defined benefit scheme such as
contribution to gratuity, leave, super- annuation, provident fund etc.
are determined at close of the year at present value of the amount
payable using actuarial valuation techniques.
Actuarial gain and losses are recognized in the year when they arise.
1.8 Foreign Currency Transactions:
Transactions in foreign currency are accounted for, at the exchange
rate prevailing on the date of the transaction. Foreign currency
monetary assets and liabilities at the year-end are translated using
the closing exchange rates. The loss or gain thereon and also on the
exchange differences on settlement of foreign currency transaction
during the year are recognised as income or expenses and are adjusted
to the Statement of Profit and Loss under respective heads of accounts.
1.9 Research and Development:
Expenditure on research and development (other than those relating to
Fixed Assets) including contribution to research associations is
charged against the profit for the year in which it is incurred.
1.10 Sales:
Sales are recognised on passing of property in the goods. Consignment
sales are accounted for on receipt of the relevant account sales.
1.11 Grants and Subsidies from Government:
Grants from Government relating to Fixed Assets are shown as a
deduction from the gross value of Fixed Assets and those in the nature
of Project Capital Subsidy, are credited to Capital Reserve. Other
Govern- ment grants including subsidies, incentives, duty drawback,
etc. are credited to Statement of Profit and Loss or deducted from the
related expenses.
1.12 Borrowing Cost:
Borrowing cost in relation to the acquisition or construction of a
qualifying asset is capitalized as part of the cost of such assets.
Other borrowing costs are charged as expenses in the year in which they
are incurred.
1.13 Income Tax:
Provision for tax is made for both current and deferred taxes. Current
tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax assets and liabilities arising on account of
timing differences, which are capable of reversal in subsequent
periods, are recognised using tax rates and tax laws which have been
enacted or substantively enacted. Deferred tax assets are not
recognised unless there is sufficient assurance for reversal of the
same in future years.
1.14 Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not provided for but disclosed by way of
Notes to the Accounts. Contingent assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2010
1.1 Basis of Accounting:
The Accounts have been prepared on the historical cost basis adjusted
by the revaluation of certain Fixed Assets and in accordance with the
provision of the Companies Act, 1956 and accounting standards notified
vide Companies (Accounting Standards) Ruled, 2006.
All expenses and income, unless specifically stated to be otherwise,
have been accounted for on mercantile basis and are consistent with
generally accepted accounting principles.
1.2 Use of Estimates:
The preparation of financial statements require the management to make
estimates and assumptions that effect the reported amount of assets and
liabilities and disclosures relating to contingent liabilities and
assets as at the balance sheet date and the reported amounts of income
and expenses during the year. Differences between the actual results
and the estimates are recognised in the year in which the results
become known / materialise.
1.3 Fixed Assets and Depreciation:
Fixed Assets as revalued from time to time are stated at revalued
amounts less depreciation.
Fixed Assets other than the above are stated at cost less depreciation.
Expenditure on new tea planting is capitalised. In the case of new tea
areas taken up as projects, all expenditure till the plantation reaches
the full bearing stage is capitalised.
Cost of up-keep and maintenance of young tea is charged to revenue.
Certain Plant and Machinery have been considered as continuous process
plant on technical assessment.
Depreciation on Fixed Assets, including on revaluation, has been
provided for as under:
For additions upto December, 1975, on Reducing Balance Method in the
manner and at the rates specified in Schedule XIV to the Companies Act,
1956 and subsequently on Straight Line Method in keeping with the
aforesaid Schedule XIV or at the rates applicable at the time of
installation/acquisition thereof.
In case of revalued assets, depreciation has been provided on Straight
Line Method based on useful life either assessed technically or derived
with respect to the rates specified in Schedule XIV to the Companies
Act, 1956.
An amount equivalent to the additional charge of depreciation due to
revaluation is transferred to Profit and Loss Account from Revaluation
Reserve.
1.4 Impairment :
Fixed Assets are reviewed at each Balance Sheet date for impairment. In
case events and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is recognised
whenever the carrying amount of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is greater of assets net selling price or its value
in use. An impairment loss is reversed if there has been change in the
recoverable amount and such loss either no longer exists or has
decreased.
1.5 Investments:
Investments being long term in nature are stated at cost. Diminution in
values thereof, other than temporary in nature, are adjusted there from
and recognised in the Profit and Loss Account.
1.6 Inventories:
Inventories are valued at lower of cost or net realisable value.
In determining cost for own manufactured materials, manufacturing costs
comprise of material, labour and other appropriate overheads.
Cost for Raw Material, Stores and Spare Parts are valued on weighted
average basis and for the tea stock on First in first out basis.
1.7 Employee Benefits
Employee benefits are accrued in the year services are rendered by the
employees.
Contribution to defined contribution schemes such as Provident and
Family Pension Fund etc. are recognized as and when incurred.
Long term employee benefits under defined benefit scheme such as
contribution to gratuity, leave, superannuation, provident fund etc.
are determined at close of the year at present value of the amount
payable using actuarial valuation techniques.
Actuarial gain and losses are recognized in the year when they arise
1.8 Foreign Currency Transactions:
Transactions in foreign currency are accounted for, at the exchange
rate prevailing on the date of the transaction. Foreign currency
monetary assets and liabilities at the year-end are translated using
the closing exchange rates. The loss or gain thereon and also on the
exchange differences on settlement of foreign currency transaction
during the year are recognised as income or expenses and are adjusted
to the Profit and Loss Account under respective heads of accounts.
1.9 Research and Development:
Expenditure on research and development (other than those relating to
Fixed Assets) including contribution to research associations is
charged against the profit for the year in which it is incurred.
1.10 Sales:
Sales are recognised on passing of property in the goods. Consignment
sales are accounted for on receipt of the relevant account sales.
1.11 Grants and Subsidies from Government:
Grants from Government relating to Fixed Assets are shown as a
deduction from the gross value of Fixed Assets and those in the nature
of Project Capital Subsidy, are credited to Capital Reserve. Other
Government grants including subsidies, incentives, duty drawback, etc.
are credited to Profit and Loss Account or deducted from the related
expenses.
1.12 Revenue Recognition:
Fertiliser subsidy in the form of Retention Price Support (RPS) is
considered on the basis of quantity sold after taking into
consideration notification issued by Government of India from time to
time. Catalyst cost (excepting premature replacements, which are
written off) is charged on the basis of useful life as per ManagementÃs
technical evaluation. Replacement of certain high value spare parts in
the Fertiliser Division, being non-recurring and enduring in nature, is
capitalised.
1.13 Borrowing Cost:
Borrowing cost in relation to the acquisition or construction of a
qualifying asset is capitalized as part of the cost of such assets.
Other borrowing costs are charged as expenses in the year in which they
are incurred.
1.14 Income Tax :
Provision for tax is made for both current and deferred taxes. Current
tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax assets and liabilities arising on account of
timing differences, which are capable of reversal in subsequent
periods, are recognised using tax rates and tax laws which have been
enacted or substantively enacted. Deferred tax assets are not
recognised unless there is sufficient assurance for reversal of the
same in future years.
1.15 Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not provided for but disclosed by way of
Notes to the Accounts. Contingent assets are neither recognized nor
disclosed in the financial statements.
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