Mar 31, 2014
1. The above Cash Flow Statement has been prepared under the Indirect
Method as set out in the Accounting Standard (AS) 3 on Cash Flow
Statements.
2. Previous year''s figures have been re-grouped /re-arranged wherever
necessary.
Notes referred to above forms an integral part of this Cash Flow
Statement. This is the Cash Flow Staeemnt referred to in our Repoprt
of even date.
3.1 There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues as at March 31, 2014. The above information
regarding micro, small & medium Enterprises have been determined to the
extent such parties have been identified on the basis of information
available with the Company. This has been relied upon by the auditors.
3.2 Contingent liability not provided for in respect of Sales tax for
assessment year 1995-96, 1998-99, 2000-01, 1977-78, 1978-79, 1979-80
and 1980-81 Rs. 25,54,457/- (25,54,457/-).
3.3 Presently, the Company is engaged in trading of tea and ferrous
metal. Accordingly, trading is only business segment as per Accounting
Standard 17 on "segment reporting" issued by the Institute of Chartered
Accountants of India.
3.4 Employment Benefits :
The disclosures required under Accounting Standard 15 "Employee
Benefit" notified in the Companies (Accounting Standards) Rules 2006,
are given below :
Defined Benefit Scheme :
The employee''s gratuity scheme is a defined benefit plan. The present
value of obligation is determined based on actuarial valuation using
the Projected Unit Credit Method, which recognizes each period of
service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
Notes :
Assumptions relating to future salary increases, attrition, interest
rate for discount & overall expected rate of return on Assets have been
considered based on relevant economic factors such as inflation, market
growth & other factors applicable to the period over which the
obligation is expected to be settled.
3.5 The figures in respect of the previous year have been regrouped/
rearranged, wherever necessary to make them comparable with those of
current year.
Mar 31, 2013
1.1 The Company has only one class of equity shares having a par value
of Rs 10/- each. Each share has one voting right.
1.2 The Company has only one class of preference shares having a par
value of Rs 100/- each. Dividend on such preference shares are
non-cumulative.
These preference shares are redeemable on or before 31.3.2020. Such
Preference share has no voting right.
1.3 The reconciliation of number of shares outstanding and amount of
share capital as at 31st March 2013 and 31st March 2012 is set out
below :
1.4 In the year 2011-12, 8300 shares (each Rs. 5 paid) were forfeited
after duly called for payment.
2.1 Include Rs. 228,250 being the amount originally paid forfeited
during the year 2011 -12. (Refer Note - 2.4 also)
3.1 Represents Loan taken against Keyman Insurance Policy at 10%
interest and is repayable on maturity date of the said policy in the
year 2020.
4.1 There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues as at March 31,2013. The above information regarding
micro, small & medium Enterprises have been determined to the extent
such parties have been identified on the basis of information available
with the Company. This has been relied upon by the auditors.
5.1 The Company has unabsorbed business loss and depreciation.
Deferred tax assets have not been recognised unless virtual certainty
of realisation of such assets.
6.1 Contingent liability not provided for in respect of excise duty
Rs. 792,688/- (Rs.792,688/-).
6.2 Contingent liability not provided for in respect of Sales tax for
assessment year 1995-96, 1998- 99, 2000-01, 1977-78, 1978-79, 1979-80
and 1980-81 Rs. 2,554,457/- (Rs. 2,554,457/-).
6.3 Presently, the Company is engaged in trading of tea and ferrous
metal. Accordingly, trading is only business segment as per Accounting
Standard 17 on "segment reporting" issued by the Institute of Chartered
Accountants of India.
6.4 Employment Benefits :
The disclosures required under Accounting Standard 15 "Employee
Benefit" notified in the Companies (Accounting Standards) Rules 2006,
are given below :
6.5 The figures in respect of the previous year have been regrouped/
rearranged, wherever necessary to make them comparable with those of
current year.
The figure in brackets represents the figures for previous year.
Mar 31, 2012
1. The above Cash Flow Statement has been prepared under the indirect
Method as set out in the Accounting Standard (AS) 3 on Cash Flow
Statements.
2. Previous year's figures have been re-grouped / re-arranged wherever
necessary.
2.1 The Company has only one class of equity shares having a par value
of Rs 10.each. Each share has one voting right.
2.2 The Company has only one class of preference shares having a par
value of Rs 100 each. Dividend on such preference shares are
non-cumulative.
These preference shares are redeemable on or before 31.3.2020. Such
Preference share has no voting right.
2.3 The reconciliation of number of shares outstanding and amount of
share capital as at 31st March 2012 and 31st March 2011 is set out
below :
2.4 During the year, 8,300 shares (each Rs. 5 paid) were forfeited
after duly called for payment.
2.5 Calls Unpaid amounting to Rs. 269,750 (Including Share Premium of
Rs. 228,250) on 8,300 Shares pending since 1994-95.
2.6 Shares in the company held by each shareholder holding more than 5
percent shares specifying the number of shares held:
3.1 Include Rs. 228,250 being the amount originally paid forfeited
during the year (Refer Note - 2.4 also)
4.1 Represents Loan taken against Keyman Insurance Policy at 9%
interest and is repayable on maturity date of the said policy in the
year 2020.
4.1 The Company has unabsorbed business loss and depreciation.
Deferred tax assets have not been recognised unless virtual certainty
of realisation of such assets.
6.1 These balances are outstanding for a considerable period. In the
opinion of the management these balances are good of recovery and
accordingly no provision has been considered necessary.
7.1 interest aggregating to Rs. 1,65,89,203/- (Rs 1,42,69,502/-) is
overdue for realisation from a company. In view of the management there
is no uncertainty in realisation of the interest and money advance Rs.
41,40,829 to the said Company. Consequently the above interest has been
recognised on accrual basis and no provision has been considered
necessarily against the said loan.
(Rupees)
8. OTHER NOTES
8.1 Contingent liability not provided for in respect of excise duty
Rs. 792,688/- (Rs.792,688/-).
8.2 Contingent liability not provided for in respect of Sales tax for
assessment year 1995-96, 1998- 99, 2000-01, 1977-78, 1978-79, 1979-80
and 1980-81 Rs. 2,554,457/- (2,242,709/-).
8.3 Related Party Disclosures as identified by the management is given
as below : Mr. O. P. Dokania, Chief Executive
The details of payment made to Key Management Personnel:
Particulars For the Year ended For the Year ended
31.03.2012 31.03.2011
Remuneration 1,173,000 202,800
8.4 Presently, the Company is engaged in trading of tea. Accordingly,
this is only business segment as per Accounting Standard 17 on "segment
reporting" issued by the Institute of Chartered Accountants of India.
8.5 Employment Benefits:
The disclosures required under Accounting Standard 15 "Employee
Benefit" notified in the Companies (Accounting Standards) Rules 2006,
are given below:
Defined Contribution Scheme:
Contributions to Defined Contribution Plan, recognized for the year are
as under:
Defined Benefit Scheme:
The employee's gratuity scheme is a defined benefit plan. The present
value of obligation is determined based on actuarial valuation using
the Projected Unit Credit Method, which recognizes each period of
service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
Notes :
Assumptions relating to future salary increases, attrition, interest
rate for discount & overall expected rate of return on Assets have been
considered based on relevant economic factors such as inflation, market
growth & other factors applicable to the period over which the
obligation is expected to be settled.
8.6 As notified by Ministry of Corporate Affairs of the Government of
India, revised Schedule VI under the Companies Act, 1956 is applicable
to all financial year commencing on or after 1st April, 2011.
Accordingly, the financial statement for the year ended 31st March,
2012 are prepared in accordance therewith. Figures pertaining to the
previous year have been rearranged/regrouped, reclassified and
restated, wherever necessary to make them comparable with those of
current year.
Mar 31, 2010
1. Contingent liability not provided for in respect of Sales tax for
assessment year 1995- 96 & 1998-99 Rs. 22,42,709/- (Rs. 22,42,709/-)
and excise Rs. 7,92,688/- (Rs. 7,92,688) as these are disputed by the
Company and are under appeal. In the opinion of the management these
are not tenable Future cash outflows in theses cases are dependent upon
outcome of judgements/decisions.
2. Sundry Debtors balances of Rs.35,75,371/- (Rs. 35,75,371/-) are
outstanding for a considerable period. In the opinion of the management
these balance are good & recoverable.
3. Balance of debtors, creditors, unsecured loan and others are
subject to confirmation/ reconciliation and consequential adjustment,
if any, with respect to individual details etc.
4. Related Party Disclosures as identified by the management is given
as below:
Mr. O. P. Dokania, Chief Executive
5. Interest aggregating to Rs. 1,22,09,377/- (Rs. 1,02,01,457/-) is
overdue for realisation from a company. In view of the management there
is no uncertainty in realisation of the interest and money advance to
them. Consequently the above interest has been recognised on accrual
basis and no provision has been considered necessary against the said
loan.
6. As the company has already disposed its entire tea estates, the
funds pending commencement of other activities are deployed for
financial activities in the corporate deposits which is the only
Reportable Segment as per Accounting Standard 17 on "segment reporting"
issued by the Institute of Chartered Accountants of India.
7. There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues as at March 31,2010. The information regarding micro,
small & medium Enterprises have been determined to the extent such
parties have been identified on the basis of information available with
the Company.
8. Employment Benefits:
The disclosures required under Accounting Standard 15 "Employee
Benefit" notified in the Companies (Accounting Standards) Rules 2006,
are given below:
Defined Benefit Scheme :
The employee's gratuity scheme is a defined benefit plan. The present
value of obligation is determined based on actuarial valuation using
the Projected Unit Credit Method, which recognizes each period of
service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
9. In view of the carry forward losses, provision for taxation has
not been considered necessary by the management.
10. The figures in respect of the previous year have been
regrouped/rearranged, wherever necessary.
11. The figure in brackets represents the figures of last year.
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