Mar 31, 2019
Note No. 1
SIGNIFICANT JUDGEMENTS & ESTIMATES Estimates
As per para 14 of Ind AS 101, an entity''s estimates in accordance with Ind AS at the date of transition to Ind AS at the end of the comparative period presented in the entity''s first Ind AS financial statements, as the case may be, should be consistent with estimates made for the same date in accordance with the previous GAAP unless there is objective evidence that those estimates were in error. However, th e estimates should be adjusted to reflect any differences in accounting policies.
As per para 16 of the standard, where application of Ind AS requires an entity to make certain estimates that were not required under previous GAAP those estimates should be made to reflect conditions that existed at the date of transition or at the end of the comparative period.
The Company''s estimates under Ind AS are consistent with the above requirement. Key estimates considered in preparation of the financial statement that were not required under the previous GAAP are listed below:
- Fair Valuation of financial instruments carried at FVTPL and/ or FVOCI.
- Fair Valuation of Biological Assets measured at fair value less cost to sell.
- Impairment of financial assets based on the expected credit loss model.
- Determination of the discounted value for financial instruments carried at amortized cost.
- Discounted vaue of liability for decommissioning costs.
Notes:
1 For Propery, Plant and Equipment existing as on 1st April 2016, i.e. the date of transition to Ind AS for the company, the company has taken the fair value of certain parcels of land and Ind AS cost for all the other assets as deemed cost as per the option available under para D7AA of Ind AS 101 âFirst Time Adoptionâ.
2 Other Adjustments also include finance costs capitalized on the qualifying assets as required by Ind AS 23 âBorrowing Costsâ amounting to Rs. 2,12,121 /- (previous year Rs. 2,62,414/-)
3 In view of transitional provision of amended Accounting Standard AS-10 âProperty Plant & Equipmentâ effective from 1st April 2016, Cost of Land amounting to Rs.3,00,00,000/- has been transferred from Bearer Plants on 01.04.2016.
There has been no change/ movements in number of shares outstanding at the beginning and at the end of the year.
4 Terms/ Rights attached to Equity Shares :
The Company has only one class of Ordinary shares having a face value of Rs.10 per share and each holder of Ordinary shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors (except interim dividend) is subject to the approval of the shareholders in the Annual General Meetings. The claim of Ordinary Shareholders on earnings and on assets in the event of liquidation, follows all others, in proportion to their shareholding.
5 Shareholding Pattern with respect of Holding or Ultimate Holding Company
The Company does not have any Holding Company or Ultimate Holding Company.
18.8 No ordinary shares have been reserved for issue under options and contracts/commitments for the sale of shares/ disinvestment as at the Balance Sheet date.
6 Terms and conditions of Short Term Borrowings
The Short Term Borrowings from State Bank of India are secured primarily by way of hypothecation of stocks of tea crops, green leaves, stores & spares, book debts, other current assets, plant & machinery and other fixed assets, equitable mortgage of all piece and parcel of land measuring approx 126 acres land and building there on under Berubari G.PSituated at Dist Jalpaiguri, lien on SBI Fixed Deposits Rs.7,15,611 /- (Face value) in the name of company and further secured by personal guarantee of Promoter Director.
7 The aggregate amount of loan guaranteed by Director is Rs. 2,33,43,511/- (Previous Year Rs. 2,39,01,140/-)
8 The present applicable rate of interest per annum for Cash Credit loan is 0.95% over base rate as effective.
b) Estimated amount of expenditure remaining to be executed on capital account (net of amount already expended) Rs. NIL (previous year Rs. 10,14,006/-).
9. Claim against the company not acknowledged as debt:
The W.B.R.E. & PE. Cess of Rs.278000/- was not acknowledged by the company as debt and had been written back to the accounts in the year 2013-14. The management is confident that no liability woul d arise on W.B.R.E. & PE. Cess.
10. Balance confirmation from some Sundry Creditors and Sundry Debtors are still awaited.
11. Prior period charges consist of following expenses / (income) :
12. In terms of the Accounting Standard (AS)-17, issued by the ICAI, neither a business segment nor a geographical segment has been identified as reportable segment during the year.
13. Total value of stores & spare parts and packing material consumed: Indigenous - 100% - Rs. 5,68,688.19 (Previous year - Indigenous - 100% - Rs. 1,49,754.24).
14. Income and Expenditure in Foreign Currency - Rs. Nil (Previous year Rs. Nil).
15. Related Party Transactions -Names of related parties and description of relationship:-
The figures in bracket represent corresponding amount of the previous year.
16. Previous GAAP figures have been reclassified/regrouped to confirm the presentation requirements under IND AS and the requirements laid down in Division-II of the Schedule-III of the Companies Act, 2013.
Mar 31, 2015
1 Remission of Sales Tax was granted to the Company upto 30th
October, 2004 in view of eligible certificate issued under West Bengal
State Incentives Schemes. Remission of sales tax amounting to Rs.1,109
thousands (previous year Rs.1,109 thousands) on tea sold in Auction by
the Auctioneer Agents has not yet been received and has not been
accounted for as it is under appeal.
2 Term Loan from State Bank of India is secured by way of Equitable
Mortgage of Company's Tea Estate at Nagar Berubari, Jalpaiguri, West
Bengal, Building created out of Bank's Finance, extension of charge on
Hypothecation of Plant & Machineries and other Fixed Assets and Lien on
SBI Life/SBI MF of Rs. 500 thousands and further secured by personal
guarantee of Promoter Director.
3 The aggregate amount of loan guaranteed by Director is Rs.1,211
thousands (Previous Year Rs.2,018 thousands)
4 Deferred payment credits from Bank and Financial Institutions are
secured against hypothecation of respective vehicles.
5 Term Loan from State Bank of India is repayable within 5 years
starting from 30th Sept, 2011 and the applicable rate of interest is
10.95% p.a.
6 The Short Term Borrowings from State Bank of India are secured by
way of hypothecation of stocks of tea crops, green leaves, stores &
spares, book debts and other current assets, EQM on Company's Tea
Estate at Nagar Berubari Jalpaiguri, West Bengal extension of charge on
hypothecation of Plant and Machinery, other Fixed Assets & Lien on SBI
Life / SBI MF for Rs.500 thousand and further secured by personal
guarantee of Promoter Director.
7 The aggregate amount of loan guaranteed by Director is Rs. 20,700
thousands (Previous Year Rs. 18,000 thousands)
8 The present applicable rate of interest for Cash Credit loan is
10.95% p.a.
9 The present applicable rate of interest for SLC is 13.75% p.a.
10 Sundry Creditors do not include any dues to micro, small and medium
enterprises on account of principal amount together with interest and
accordingly no additional disclosures have been made. The above
information regarding micro, small and medium enterprises has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
Notes :
a) Land includes Rs.5,559 thousands (previous year Rs.5,559 thousands)
in respect of which Conveyance Deed has not been executed in the name
of the Company.
b) During the year expenses relating to maintenance & plantation of
young tea amounting to Rs.1,125 thousands (previous year Rs.1,339
thousands)which are of revenue in nature, has been capitalised. The
cost of deployment of labour for young tea plantation in nursery
division and maintenance thereof till to the commencement of commercial
production have been capitalised on prudent consideration of accepted
accounting principles, simultaneously availing the permissible tax
incentives and reliefs.
c) Deduction from gross block of assets include subsidy of Rs.289
thousands received from Tea Board of India under quality upgradation
and product diversification scheme 2009-10.
d) Consequent to the applicability of the Companies Act, 2013 with
effect from April 01, 2014, during the year ended March 31, 2015, the
management reassessed the remaining useful life of the assets based on
internal and external technical evaluation. The useful life of the
assets adopted is linger than that referred to in Schedule II to the
Companies Act, 2013 in respect of all depreciable assets except office
equipments and computers. Persuant to the charge of depreciation
keeping in force with the Schedule II to the Companies Act, 2013 and
adopting longer useful lives in respect of assets as stated, the
depreciation charged for the year is lower by Rs.9385 thousands with
the corresponding favourable impact on the profit from ordinary
activities before tax and higher networth and balance of tangible
assets to the same extent as at the end of the year.
e) During the year, some assets have been regrouped / rearranged in the
appropriate block of assets, however it has no impact on gross block of
assets, accumulated depreciation and WDV of the assets as at April 1,
2014.
11 Other advances include Rs. 345 thousands (previous year Rs. 418
thousands) due since long. Keeping the nature of advance and
relationship with the parties in view the management is of the opinion
that these are good and recoverable.
12 The company has defined gratuity plan. Every employee who has
completed five years of more of service in entitled to Gratuity on
terms not less favorable than the provisions of The Payment of Gratuity
Act, 1972.
13 a) Contingent Liabilities not provided for :
Disputed Income Tax liabilities for the Assessment Years 1995-96
Rs.2,465 thousands (Previous year Rs.2,465 thousands). The Company
filed rectification petition u/s.154 for the demand and the same is
pending with DCIT.
b) Claim against the company not acknowledged as debt:
The W.B.R.E. & PE. Cess of Rs.278 thousand was not acknowledged by the
company as debt and had been written back to the accounts in the year
2013-14. The management is confident that no liability would arise on
W.B.R.E. & PE. Cess.
14 In view of brought forward losses, no provision for Tax has been
made both under normal provision of I.T. Act and Minimum Alternate Tax
(MAT) under section 115JB.
15 Balance confirmation from some Sundry Creditors and Sundry Debtors
are still awaited.
16 In terms of the Accounting Standard (AS)-17, issued by the ICAI,
neither a business segment nor a geographical segment has been
identified as reportable segment during the year.
17 Total value of stores & spare parts and packing material consumed.
Indigenous - 100% - Rs. 1,235 thousands (Previous year - Indigenous -
100% - Rs.843 thousands).
18 Previous year's figures have been regrouped, rearranged and recast
wherever necessary.
Mar 31, 2013
1.1 The Company has only one class of equity share having a par value
of Rs.10 per share. Each holder of equity share will be entitled to one
vote per share. In the event of liquidation of the Company, the holder
of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amount. The
distribution will be in proportion to the no. of equity shares held by
the shareholders.
2.1 Remission of Sales Tax was granted to the Company upto 30th
October, 2004 in view of eligible certificate issued under West Bengal
State Incentives Schemes. Remission of sales tax amounting to Rs.1109
thousands (previous year Rs.1109 thousands) on tea sold in Auction by
the Auctioneer Agents has not yet been received and has not been
accounted for as it is under appeal.
3.1 Term Loan from State Bank of India is secured by way of Equitable
Mortgage on Plant & Machinery, Building created out of Bank''s Finance
and it''s extension on Company''s Tea Estate and Land at Nagar
Berubari.Jalpaiguri. West Bengal, extension of charge on SBI Life/SBI
MF of Rs.500 thousands and personal guarantee of Promoter Director.
3.2 The aggregate amount of loan guaranteed by Director is Rs.2,824
thousands (Previous Year Rs.3,654 thousands)
3.3 Hire Purchase loan from HDFC Bank is secured against hypothecation
of vehicles.
3.4 Term Loan from State Bank of India is repayable within 5 years
starting from 30th Sept,2011 and the present applicable rate of
interest is 10.25% p.a.
4.1 The loan is secured by way of hypothecation of stocks of tea crops,
green leaves, stores & spares, book debts and other current assets, EQM
on Company''s Tea Estate at Nagar Berubari Jalpaiguri, West Bengal
extension of charge on hypothecation of Rant and Machinery.other Fixed
Assets & SBI Life/SBI MFfor Rs.500 thousands and personal guarantee of
Promoter Director.
4.2 The aggregate amount of loan guaranteed by Director is Rs.14,952
thousands (Previous Year Rs.12,478 thousands)
4.3 The present applicable rate of interest for cash credit loan is
10.25% p.a.
5.1 Sundry Creditors both under long term and short term trade payables
do not include any dues to micro, small and medium enterprise on
account of principal amount together with interest and accordingly no
additional disclosures have been made.The above information regarding
micro,small and medium enterprises has been determined to the extent
such parties have been identified on the basis of information available
with the Company.
6.1 The aggregate amount of term loan guaranteed by Director is
Rs.2,824 thousands(Previous Year Rs.3.654 thousands)
7. Contingent Liabilities not provided for (a) Disputed Income Tax
liabilities for the Assessment Years 1995-96 Rs.2,465 thousands
(Previous year Rs.4,625 thousands). The Company filed rectification
petition u/s.154 for the demand and the same is pending with ACIT, (b)
Bank Guarantee Rs.920 thousands (Previous year Rs.920 thousands) (Fixed
Deposit of Rs. 641 thousands pledged as margin).
8. In view of brought forward losses, no provision for Tax has been
made both under normal provision of IT. Act and Minimum Alternate Tax
(MAT) under section 115JB.
9. Balance confirmation from some Sundry Creditors and Sundry Debtors
are still awaited.
10. In respect of W.B.R.E. & RE. Cess payable the tea industry has
disputed the cess liability;pending the outcome of the dispute the
management is of the opinion that it is not payable.
11. Prior period item consist of following expenses/fmcome) :
12. Total value of stores & spare parts and packing material consumed.
Indigenous - 100% - Rs.1,478 thousands (Previous year - Indigenous -
100% - Rs.950 thousands).
13. Income and Expenditure in Foreign Currency :
14. Previous year''s figures have been regrouped, rearranged and recast
wherever necessary.
Mar 31, 2012
1.1 The Company has only one class of equity share having a par value
of Rs. 10 per share. Each holder of equity share will be entitled to
one vote per share. In the event of liquidation of the company , the
holder of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amount. The
distribution will be in proportion to the no. of equity shares held by
the shareholders.
2.1 Remission of Sales Tax was granted to the Company upto 30th
October, 2004 under West Bengal State Incentives Schemes and the
Eligibility Certificate was issued for remission of sales tax.
Remission of sales tax amounting to Rs.1109 Thousand (previous year
Rs.1109 Thousand) on tea sold in Auction by the Auctioneer. Agents has
not yet been received and has not been accounted for as it is under
appeal .
3.1 Term Loan from State Bank of India is secured by way of Equitable
Mortgage on plant & machinery, building created out of Bank's finance
and it's extension on Company's Tea Estate and Land at Nagar Berubari,
Jalpaiguri, West Bengal, extension of charge on SBI Life/SBI MF of Rs.
500 thousand and personal guarantee of Promoter Director.
3.2 The aggregate amount of loan guaranteed by Director is Rs.3654
thousands (Previous Year Rs. 4090 Thousand)
3.3 Hire Purchase loan from HDFC Bank is secured against hypothecation
of vehicles.
4.1 The loan is secured by way of hypothecation of stocks of tea crops,
green leaves, stores & spares, book debts and other current assets, EQM
on Company's Tea Estate at Nagar Berubari Jalpaiguri, West Bengal
extension of charge on hypothecation of Plant and Machinery, other
Fixed Assets & Fresh SBI Life/SBI MF for Rs. 500 thousand and personal
guarantee of Promoter Director.
4.2 The aggregate amount of loan guaranteed by Director is Rs.12478
thousands (Previous Year Rs.12409 Thousand)
5.1 Sundry Creditors do not include any dues to micro, small and medium
enterpries on account of principal amount together with interest and
accordingly no additional disclosures have been made. The above
information regarding micro, small and medium enterprises has been
determined to the extent such parties have been indentified on the
basis of information available with the Company.
a) Land includes Rs.5559 thousands (previous year 5559 thousands) in
respect of which conveyance Deed has not been executed in the name of
the Company.
b) During the year expenses relating to maintenance & plantation of
young tea amounting to Rs.4060 Thousand (Previous year Rs.3011 Thousand
which are of revenue in nature, has been capitalized. As a result the
profit for the year .fixed asssets and reserve and surplus at the year
end have been overstated by Rs.4060 Thousands.Tea Plantations and their
maintenance costs till comencement of commercial production have been
capitalised on prudent consideration of accepted accounting principles,
simultaneously availing the permissible tax incentives and reliefs .
6.1 Sundry Debtors includes Rs.228 Thousand(Previous year Rs.244
Thousand)due since long . Pending the persuasive and other steps taken
by the Company, these are considered good and recoverable.
7.1 Value of consumption of raw materials represents only green leaf
purchaesd from third parties.
8.1 No provision has been made in the accounts for the present
liability for future payment of gratuity to the employees of the
Company in terms of the payment of Gratuity Act 1972 - amount
unascertained, as the Company follows the practice of accounting for
gratuity as and when paid
9.1 Prior Period Expense is the payment of Service Tax for month of
March 2011.
9.2 The Department of Biotecnology, Government of West Bengal has
sanctioned project for Biotechnological Studies in tea for
Demonstration of New Tea Plants Genotypes in Company's site at
Jalpaiguri District. During the year company has spend Rs.NIL (Previous
year Rs.11 Thousand) on that project.
10.0 Contingent Liabilities not provided for (a) Disputed Income Tax
liabilities for the Assessment Years 1995- 96 Rs.2465 thousands
(Previous year Rs.4625 thousands). The Company filed rectification
petition u/s.154 for the demand of Assessment Year 1995-96 and the same
is pending with ACIT., (b) Bank Guarantee Rs.920 thousands (Previous
year 920 thousands) (Fixed Deposit of Rs.604 thousands pledged as
margin).(c) Interest claim of Rs.2197 thousand by Employees' Provident
Fund Authority not acknowledged by the company as debt.However, the
company has disposed of Rs. 1010 thousand (Rs.600 thousand as per the
order of the H'onble High Court , Kolkata and Rs.410 thousand of its
own.)
11.0 In view of brought forward losses, no provision for Tax has been
made both under normal provision of I.T.Act and Minimum Alternate Tax
(MAT) under section 115JB.
12.0 Balance confirmation from some Sundry Creditors and Sundry debtors
are still awaited.
13.0 In respect of W.B.R.E. & P.E. Cess payable the Government of West
Bengal has given opportunity to clear up the dues within 31.03.2013
14.0 Prior period item consist of following expenses/(income) :
Particulars of transactions and closing balances during the year:
(Rs.in '000)
* Green leaf are harvested in the company's own garden as agricultural
produce involving integrated activities of nursery, cultivation, growth
etc. and utilized in the manufacture of tea and the value at the
intermediate stages could not be ascertained.
Note : The remuneration paid/payable to Managing Director is the
minimum remuneration in terms of Schedule XIII to the Companies Act,
1956.
15.0 Previous year's figures have been regrouped, rearranged and recast
wherever necessary. As per our report of even date attached.
Note : 1. Cash & Cash Equivalents represents Cash and Bank Balances.
2. Figures shown in bracket shows cash outflow.
3. Adjustment for depreciation is net of excess depreciation of
earlier years.
4. Previous year's Figures have been regrouped/rearranged wherever
necessary.
Mar 31, 2010
1. Land includes Rs. 55.59 lacs (Previous year Rs. 55.25 lacs) in
respect of which conveyance Doed has not been executed in the name of
the Company.
2. No provision has been made in the accounts for the presant liability
for future payment of grataity to the employees of the Company in terms
of the payment of Gratuity Act, 1972 - amount unsscertained, as the
Company follows the practice of accounting for gratulty as and when
paid.
3. Total expenditure on salaries, wages & bonus (other than those
mentioned in the Profit & Loss Account) Included under varuious heads
in the Profit and Loss Account is Rs. 74.42 lacs (Previous year Rs.
50.35 lacs).
4. Contingent Liabilities not provided for (a) Disputed income Tax
liabilities for the Assessment Year 1995-96 & 1998-99 Rs.4625 Lacs
(previous year Rs. 46.25 lacs). The Company filed reclification
petition u/s. 154 for the demand of Assessment year 1995-96 and the
same is pending with ACIT. Further an appeal is being preferred against
the demand for the Assessmant Year 1996-99 and the same is pending with
CIT (Appeal), (b) Bank Guarantee Rs. 9.20 lacs (Previous year 9.20
lacs) (Fixed Deposit of Rs. 4.02 lacs Pledged as margin).
5.Sundry Creditors do not include any dues to micro, small and medium
enterprises on account of principal amount together with interrest and
accordingly no additional discolsures have been made. The above
information regarding micre, small and medium enterprises has detemined
to the extent such partles have been identified on the basis of
information available with the company.
6.(a) Remission of Sales Tax was granted to the Company upto 30th
October, 2004 under West Bengat State incontives Schemes and the
Eligbility Cerrificate was issued for remission of Sales Rax. Remission
of Sales Tax amounting to Rs. 11.09 lacs (Previous Year Rs.11.09 lacs)
on tes sold in Auction by the Auctioneer Agents has not yet been
received and has not been accounted for as it is under appeal.
(b) The Department of Biatechnology, Government of West Bengal has
sanctioned Project for Blotechnological Studies in tea for
Demonstration of New Tea Plants Genotypes in our site at Jaipaiguri
District. Duting the year Company has spent Rs.3.81 lacs (previous year
Rs. 4.37 lacs) on that project.
7. In view of brought toward losses, no prevision for Tax has been made
noth under normal provision of T. Act and Minimum Altemate Tax (MAT)
under section 115JB.
8. In respect of Provident & Alsled comprises of two Business segment
namely cultivation. manufacture and sale of lea and and saling Agency
market, Since two primary segments are identified, the segment report
is finishing in terms of Accounting Standard 17 issued by CAI.
9. The Agency income of Rs. 170.02 lacs is shown net of expenses of
Rs. 10.80 lacs directly attributable to the Agency Operation.
10. The calcuation of eamings per share is based on the profit/(loss)
alter taxation of Rs. 105.24 lacs (previous year Rs. 42.66 lacs) and on
1,17,50,000 (previous year 1,17,50,000) nos. of fully paid Equity
Shares.
11. Balance confirmation from some of the Sunday Creditors and Sundry
Debtors are still awaited.
12. During the year expenses relating to maintenapce & plantation of
young tea amounting to Rs. 16.16 lacs (Previous year Rs. 42.85 lacs),
which are of revenue in narure, have been capotalized. As a result the
profit for the year fixed assets and resorve and surpius at the year
end have been overslated by Rs. 16.16 lacs. Tea Plantations and their
maintenance colls still commencement of Commercial production have been
capitalised on prudent consideration of accepted accounting principles,
slmultaneously avalling the parmissible tax incentives and reliefs.
13. No provision has been made for diminution in value of long term
investments, since such a decine is temporaty in nature in the opinion
of the management.
14. Sundry Debtors and Advances include Rs. 2.32 lacs (Previous year
Rs. 2.45 lacs) due since long are sonsidered good & receivable, against
which necessary stpes for recovery are ponding.
15. Due to degerment of AMGR claim, Rs. 1.34 lacs (Previous year Rs
1.34 lacs) has been amortised to the Profit & Loss a/c for the year and
consequently the profit for the year has been underateted to that
exient.
16. In respect of W,B,R,E. & P,E Cess the Government of West Bengal
vide gazetto. granted instatments to be paid within 31st March, 2011 in
respect of dues of Rs. 2.25 lacs upto 31.03.2004 alongwith interest
thorson which is not yet ascartained. Lavy of cass was withdrawn w.e.t
9th April, 2004 subject to the complance of the provisions.
17. Ralated Party Transactions
Relationship Name
Enterprises over which Key Management
Personnel have significant influence Tongant Tea Company Ltd.
Key Management Peraconet Mr. M.K. Daga
18. Total valued of stores & spare parts and pacing own garden as
aricultural produce involving integrated activities of nursery.
Cultivation, growth etc. and used in the manufacture of rea and the
value at the intermadiate image could not be nacartained.
19. Previous years figures have been regrouped, rearranged and rocast
wherever necessary.
As per our report of even date attached.
Mar 31, 2009
1. Land includes Rs.55.25 lacs (Previous year Rs.56.08 lacs) in
respect of which conveyance Deed has not been executed in the name of
the Company.
2. No provision has been made in the accounts for the present
liability for future payment of gratuity to the employees o1 the
Company in terms of the payment of Gratuity Act, 1972 - amount
unascertained, as the Company follows the practice of accounting for
gratuity as and when paid.
As regards Gratuity Liability, the Company is newly established in tea
industry. Its Gratuity Liability, if any, during the year is being
ascertained. However the Gratuity is contemplated to be accounted for
on cash basis.
3. Total expenditure on salaries, wages & bonus (other than those
mentioned in the Profit & Loss Account) included under various heads in
the Profit and Loss Account is Rs.50.35 lacs (Previous year Rs.40.69
lacs).
4. Contingent Liabilities not provided for (a) Disputed Income Tax
liabilities for the Assessment Years 1995-96 & 1998-99 Rs.46.25 Lacs
(previous year Rs.26.32 lacs). The Company filed rectification petition
u/s. 154 for the demand of Assessment Year 1995-96 and the same is
pending with ACIT. Further an appeal is being preferred against the
demand for the Assessment Year 1998-99 and the same is pending with CIT
(Appeal), (b) Bank Guarantee Rs.9.20 lacs (Previous year 6.90
lacs)(Fixed Deposit of Rs.4.02 lacs pledged as margin).
5. Sundry Creditors do not include any dues to micro, small and medium
enterprises on account of principal amount together with interest and
accordingly no additional disclosures have been made. The above
information regarding micro, small and medium enterprises has been
determined to the extent such parties have been identified on the basis
of information available with the company.
6. (a) Remission of Sales Tax was granted to the Company upto 30th
October, 2004 under West Bengal State Incentives Schemes and the
Eligibility Certificate was issued for remission of Sales Tax.
Remission of Sales Tax amounting to Rs.11.09 lacs (Previous Year
Rs.11.09 lacs) on tea sold in Auction by the Auctioneer Agents has not
yet been received and has not been accounted for as it is under appeal.
(b) The Department of Biotechnology, Government of West Bengal has
sanctioned Project for Biotechnological Studies in tea for
Demonstration of New Tea Plants Genotypes in our site at Jalpaiguri
District. During the year Company has spent Rs.4.37 lacs on that
project.
7. In view of brought forward losses, no provision for Tax has been
made both under normal provision of I.T. Act and Minimum Alternate Tax
(MAT) under section 115JB.
8. In respect of Provident & Allied Fund dues upto February, 2008, the
instalment was granted by the Honble High Court, Kolkata.
9. The Companys operation comprises of only one Business segment
namely cultivation, manufacture and sale of tea and one geographical
segment namely sale of tea in the domestic market. Therefore, no
separate segment is identifiable as required by Accounting Standard 17
issued by ICAI.
10. The calculation of earnings per share is based on the
profit/(loss) after taxation of Rs.42.66 lacs {previous year Rs. 19.38
lacs} and on 1,17,50,000 (previous year 1,17,50,000) nos. of fully paid
Equity Shares.
11. Balance confirmation from some of the Sundry Creditors and Sundry
Debtors are still awaited.
12. During the year expenses relating to maintenance & plantation of
young tea amounting to Rs.42.85 lacs (Previous year Rs.36.35 lacs) and
interest of Rs.Nil (Previous year Rs.10.19 lacs), which are of revenue
in nature, have been capitalized. As a result the profit for the year
has been overstated by Rs.42.85 lacs. Tea Plantations and their
maintenance costs till commencement of Commercial production have been
capitalised on prudent consideration of accepted accounting principles,
simultaneously availing the permissible tax incentives and reliefs.
13. No provision has been made for diminution in value of long term
investments, since such a decline is temporary in nature in the opinion
of the management.
14: Sundry Debtors and Advances include Rs.2.45 lacs (Previous year
Rs.2.62 lacs) due since long are considered good, aganist which
necessary steps for recovery are pending.
15. Due to deferment of AMGR claim Rs.1.34 lacs (Previous year
Rs.1.34lacs) has been amortised to the Profit & Loss A/c for the year
and consequently the profit for the year has been understated to that
extent.
16. In respect of W.B.R.E. & RE. Cess the Government of West Bengal
vide gazette, granted instalments to be paid within 31st March, 2009 in
respect of dues of Rs.2.25 lacs upto 31.03.2004 alongwith interest
thereon which is not yet ascertained. Levy of cess was withdrawn w.e.f.
9th April, 2004 subject to the compliance of the provisions.
17. Related Party Transactions -
Names of related parties and description of relationship
Relationship Name
Enterprises over which Key Management
Personnel have
significant influence Tongani Tea Company Ltd.
Key Management Personnel Mr. M. K. Daga
18. Total value of stores & spare parts and packing material consumed.
Indigenous -100% - Rs.3.97 lacs (Previous year - Indigenous - 100% -
Rs.4.20 lacs).
19. Previous years figures have been regrouped, rearranged and recast
wherever necessary. As per our report of even date attached.
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