Notes to Accounts of The United Nilgiri Tea Estates Company Ltd.

Mar 31, 2025

4.3 Estimation of Fair Value

The best evidence of fair value is current prices in an active market for similar properties. Since investment properties leased out by the Company are cancellable leases, the market rates for sale / purchase of such premises are representative of fair values. Company''s investment properties are at a location where active market is available for similar kind of properties. The market approach is being followed for ascertaining the fair value of the investment properties and hence fair value is ascertained on the basis of market rates prevailing for similar properties in those locations determined by an independent registered valuer. Consequently this is classified as a Level 2 valuation.

Nature and Purpose of Other Reserves :

The Company has elected to recognise changes in the fair value of investments in equity instruments in Other Comprehensive Income. These changes are accumulated within FVOCI equity instruments in Other Equity. The Company transfers amounts from FVOCI equity instruments to retained earnings on de-recognition of the relevant equity instruments.

Note 23. Employee benefit obligations Post employment benefits

(a) Defined contribution plan - Provident fund and Superannuation fund

Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to recognised provident fund administered by the government. The Company also makes contribution to superannuation fund at a specified percentage of the basic pay of the eligible employees in accordance with the Company''s scheme administered by the Trustees and managed by Life Insurance Corporation of India (LIC). The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation.

(b) Defined benefit plan - Gratuity

The Company provides for Gratuity for employees as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for 5 years are eligible for Gratuity. The amount of Gratuity payable on retirement/termination is the employees'' last drawn basic salary per month computed proportionately for 15 days'' salary multiplied by the number of years of service. The Gratuity plan is a funded plan and the Company makes contribution to LIC.

The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

(iv) Risk exposure

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:

Asset volatility

The present value of the defined benefit plan obligation is calculated using a discount rate determined by reference to Government of India bond rate. If the return on plan asset is lower than this rate, then it will create a plan deficit.

Note 23. Employee benefit obligations (Contd.)

Changes in bond yields

A decrease in bond yields will increase plan liabilities, although this will be partly offset by increase in the value of the plan holdings.

(v) The weighted average duration of the defined benefit obligation is 8 years (2024 - 8 years).

Note 24. The Company was permitted in an earlier year to retain excess holding of 333.67 acres of vacant land contiguous to the planted area in the tea garden but due to rocky terrain, the land could not be cultivated as stipulated by Government and eviction proceedings relating to the aforesaid piece of land had been stayed by the Supreme Court of India. In its final order dated 7th August 2013, the Supreme Court had directed the Land Board to review the case afresh.

Note 33. Segment Information

33.1 The Whole-time Director and the Vice President of the Company have been identified as the Chief Operating Decision Makers (CODM) as defined by Ind AS 108,Operating Segments. The CODM evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators for business as a whole. The Company''s main business is growing and manufacturing of tea and letting of Commercial Property. Income from investments and interest income are not allocated to segments as the related activities are carried out by the central treasury function which manages the cash position of the Company.

33.2(a) The business operations are restricted in India. The Company operates in domestic and foreign markets. The Company has opted to disclose segment information using quantitative threshold as per Ind AS 108.

Hierarchy

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is determined using the closing price as at the reporting period.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

(b) Valuation processes

The finance department of the Company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. This team reports directly to the board of directors. Discussions of valuation processes and results are held between the board of directors and the finance department biannually which is in accordance with the Companyâs policy.

The carrying amounts of trade receivables, trade payables, cash and cash equivalents, other financial assets and other financial liabilities(current) are considered to be the same as their fair values, due to their short-term nature and categorized as Level 3 hierarchy..

(d) Valuation techniques

(i) Quoted equity instruments are valued using quoted prices.

(ii) Open ended Mutual funds are valued at NAVs declared.

(iii) The fair value of non current financial liabilities is determined using discounted cash flow analysis.

Credit risk arises from cash and cash equivalents, bank balances other than cash and cash equivalents, financial assets measured at amortised cost and credit exposures to customers including outstanding receivables, advances given to vendors.

(i) Credit risk management

Credit risk on cash and cash equivalents is limited as the Company invests in deposits with Nationalised / Scheduled Commercial banks and Corporate deposits with AAA credit rating. Investments in equity are made only in AAA rated instruments. The Board of Directors periodically reviews the investment portfolio of the Company. .

Credit risk with respect to domestic and export trade receivables is managed by the Company through setting up credit limits for customers and also periodically reviewing their credit worthiness.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forward-looking information.

Based on the assessment made by the Company, credit risk increases significantly since the initial recognition if the financial assets are realised after three months from the due date.

A default on a financial asset occurs when the counterparty fails to make contractual payments within six months from the due date. This definition of default is determined by considering the business environment in which the entity operates and other macro-economic factors.

(ii) Provision for expected credit losses

The Company provides for loss allowance based on 12 month expected credit loss except for trade receivables. Trade receivables consist of large number of customers spread across diverse geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivables. The Company has adopted a policy of only dealing with credit worthy counterparties, where appropriate, as a means of mitigating the risk of financial loss from default.

I n determining the allowances or credit losses of trade receivables, the Company has used a practical expedient by computing the expected credit loss allowance of trade receivables taking into account historical credit loss experience and is adjusted for forward looking information.

(b) Expected credit loss for other financial assets

The other financial assets amounting to Rs.1,23,637/- are classified as standard assets and hence no provision for expected credit loss has been made.

(c) Reconciliation of loss allowance provision- Other financial assets and investments at amortized cost There is no loss allowance provision created for other financial assets and investments at amortized cost.

(d) Reconciliation of loss allowance provision - Trade Receivables

During the year ended March 31, 2025 the Company has made a write off of trade receivables to the extent of Rs.96/-. It does not expect to receive future cash flow or recovery of dues previously written off.

(b) Expected credit loss for other financial assets

The other financial assets amounting to Rs.73,454/- are classified as standard assets and hence no provision for expected credit loss has been made.

(iii) Reconciliation of loss allowance provision - Trade receivables, loans and other financial assets

There is no loss allowance provision created for trade receivables, loans and other financial assets.

During the year ended March 31,2024 the Company has not made any write offs of trade receivables.

B. Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash equivalents, liquid mutual funds and the availability of funding through an adequate amount of internal financing by way of daily cash flow projection to meet obligations. Due to the dynamic nature of the underlying businesses, company treasury maintains flexibility in funding by maintaining availability of funds. Management monitors daily forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows.

(i) Financing arrangements

The Company does not have any borrowing facility at the end of the reporting period.

(ii) Maturities of financial liabilities

The tables below analyse the financial liabilities into relevant maturity groupings based on their contractual maturities. The Company has only non-derivative financial liabilities.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. Balances due beyond 12 months are carried at amortised cost.

(C) Market risk

(i) Foreign currency exposure

âThe Company is exposed to foreign exchange risk arising from foreign currency transactions with respect to USD,EURO and GBP on account of sale of tea. Foreign exchange risk arises from recognised assets denominated in a currency that is not the Company''s functional currency (Rs). The risk is measured through a forecast of foreign currency cash flows that would arise due to the underlying assets held. The objective of the hedges is to minimise the volatility of the INR cash flows arising on account of the underlying assets.

The Company has not taken options, futures or any other derivative instruments other than foreign exchange forward contracts to manage the foreign currency risk. The strategy followed by the Company is tracking the foreign currency exchange rates.

(a) Exposure: The Company has invested in equity instruments and the exposure is equity securities price risk from investments held by the Company and classified in the balance sheet as FVOCI.

(b) Sensitivity: An increase in the price risk by 100 basis points would increase the impact in the other comprehensive income by Rs.594/- as on March 31,2025 and Rs.691/- as on March 31,2024. A corresponding reduction in the other comprehensive income would be noted upon decreasing the market index levels.

Note 36. Capital Management

(a) Risk management

The Company has equity share capital and other reserves attributable to the equity shareholders, as the only source of capital and the Company does not have any interest bearing borrowings/debts.

The Company is cash surplus and has no capital other than Equity. The Company is not exposed to any regulatory imposed capital requirements. The cash surpluses are currently invested in income generating equity instruments and through mutual funds, in bank deposits and corporate deposits depending on economic conditions in line with the guidelines set out by the Management. Safety of capital is of prime importance to ensure availability of capital for operations. Investment objective is to provide safety and adequate return on the surplus funds.

(a) Final dividend

Refer note 36 above for the final dividend recommended by the Directors, which is subject to approval of the shareholders in the ensuing Annual General meeting.

(b) Transfer of profits to general reserve

The transfer of profits to general reserve recommended by the Directors after the end of reporting period, which have not been recognised at the end of the reporting period

(c) The financial statements for the year ended March 31,2025 were approved by the Board of Directors and authorised for issuance on 23rd May, 2025.

Mar 31, 2024

4.3 Estimation of Fair Value

Nature and Purpose of Other Reserves :

The Company has elected to recognise changes in the fair value of investments in equity instruments in Other Comprehensive Income. These changes are accumulated within FVOCI equity instruments in Other Equity. The Company has an option of transferring amounts from FVOCI equity instruments to retained earnings on de-recognition of the relevant equity instruments.

Note 23. Employee benefit obligations Post employment benefits

(a) Defined contribution plan - Provident fund and Superannuation fund

(b) Defined benefit plan - Gratuity

(iv) Risk exposure

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:

Asset volatility

Changes in bond yields

A decrease in bond yields will increase plan liabilities, although this will be partly offset by increase in the value of the plan holdings.

(v) The weighted average duration of the defined benefit obligation is 8 years (2023 - 7 years).

Note 24. The Company was permitted in an earlier year to retain excess holding of 333.67 acres of vacant land contiguous to the planted area in the tea garden but due to rocky terrain, the land could not be cultivated as stipulated by Government and eviction proceedings relating to the aforesaid piece of land had been stayed by the Supreme Court of India. In its final order dated 7th August 2013, the Supreme Court has directed the Land Board to review the case afresh.

Note 33. Segment Information

(i) Credit risk management

Credit risk with respect to domestic and export trade receivables is managed by the Company through setting up credit limits for customers and also periodically reviewing their credit worthiness.

Based on the assessment made by the Company, credit risk increases significantly since the initial recognition if the financial assets are realised after three months from the due date.

(ii) Provision for expected credit losses

(b) Expected credit loss for other financial assets

The other financial assets amounting to Rs.73,454/- are classified as standard assets and hence no provision for expected credit loss has been made.

Year ended March 31, 2023:

(a) Expected credit loss for trade receivables under simplified approach (b) Expected credit loss for other financial assets

The other financial assets amounting to Rs.13,132/- are classified as standard assets and hence no provision for expected credit loss has been made.

(iii) Reconciliation of loss allowance provision - Trade receivables, loans and other financial assets

There is no loss allowance provision created for trade receivables, loans and other financial assets.

During the years ended March 31, 2024 and March 31, 2023 the Company has not made any write offs of trade receivables.

B. Liquidity risk

(i) Financing arrangements

The Company does not have any borrowing facility at the end of the reporting period.

(ii) Maturities of financial liabilities

The tables below analyse the financial liabilities into relevant maturity groupings based on their contractual maturities. The Company has only non-derivative financial liabilities.

(i) Foreign currency exposure

The Company is exposed to foreign exchange risk arising from foreign currency transactions with respect to USD,EURO and GBP on account of sale of tea. Foreign exchange risk arises from recognised assets denominated in a currency that is not the Company''s functional currency (Rs). The risk is measured through a forecast of foreign currency cash flows that would arise due to the underlying assets held. The objective of the hedges is to minimise the volatility of the INR cash flows arising on account of the underlying assets.

âThe sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial instruments:

(a) Exposure: The Company has invested in equity instruments and the exposure is equity securities price risk from investments held by the Company and classified in the balance sheet as FVOCI.

(b) Sensitivity: An increase in the price risk by 100 basis points would increase the impact in the other comprehensive income by Rs.691/- as on March 31,2024 and Rs.561/- as on March 31,2023. A corresponding reduction in the other comprehensive income would be noted upon decreasing the market index levels.

Note 36. Capital Management

(a) Risk management

The Company has equity share capital and other reserves attributable to the equity shareholders, as the only source of capital and the Company does not have any interest bearing borrowings/debts.

Note 37. Events occurring after the reporting period

(a) Final dividend

Refer note 36 above for the final dividend recommended by the Directors, which is subject to approval of the shareholders in the ensuing Annual General meeting.

(b) Transfer of profits to general reserve

The transfer of profits to general reserve recommended by the Directors after the end of reporting period, which have not been recognised at the end of the reporting period

(c) The financial statements for the year ended March 31,2024 were approved by the Board of Directors and authorised for issuance on 27th May, 2024.

Mar 31, 2019

Notes to the Financial Statements as at and for the year ended 31st March 2019

(All amounts in Rs. thousands unless otherwise stated)

Note 30. Segment Information 30.1 The Whole-time Directors of the Company have been identified as the Chief Operating Decision Makers (CODM) as defined by Ind AS 108, Operating Segments. The CODM evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators for business as a whole. The Company''s main business is growing and manufacturing of tea and letting of Commercial Property. Income from investments and interest income are not allocated to segments as the related activities are carried out by the central treasury function which manages the cash position of the Company. 30.2 (a) The business operations are restricted in India. The Company operates in domestic and foregin markets. The Company has opted to disclose segment information using quantitative threshold as per Ind AS 108.
Description	31st March 2019			31st March 2018
	Segment I	Segment II	Total	Segment I	Segment II	Total
	Plantation	Commercial Property	Total	Plantation	Commercial Property	Total
Segment revenue
External sales	6,15,278	41,725	6,57,003	5,75,844	42,480	6,18,324
Inter-segment sales	-	-	-	-	-	-
Total Revenue	6,15,278	41,725	6,57,003	5,75,844	42,480	6,18,324
Segment results - Profit	1,25,077	28,035	1,53,112	1,12,254	27,372	1,39,626
Unallocated corporate expenses (HO expense)			13,314			9,635
Profit from operations			1,39,798			1,29,991
Investment income			30,926			23,700
Finance cost			714			683
I no me Taxes			26,287			31,504
Net Profit			1,43,723			1,21,504
Segment assets	3,47,679	2,08,075	5,55,754	3,58,980	1,76,639	5,35,619
Unallocated corporate assets			9,19,824			7,14,108
Total Assets			14,75,578			12,49,727
Segment liabilities	44,850	15,858	60,708	52,962	16,075	69,037
Unallocated corporate liabilities Total liabilities			21,208			15,257
Unallocated corporate liabilities Total liabilities			81,916			84,294
30.2 (b) Segment Information - Geographical					Year ended March 31, 2019	Year ended March 31, 2018
(i) Revenue
India					2,76,919	3,08,469
Outside India					3,80,084	3,09,855
Total					6,57,003	6,18,324
(ii) Assets*
India					14,42,418	12,09,849
Outside India					33,160	39,878
Total					14,75,578	12,49,727
Trade receivable are disclosed on geographical locations of customers. Other assets are not identifiable separately to any reportable segments as these are used interchangeably between segments and are disclosed under "India".

Notes to the Financial Statements as at and for the year ended 31st March 2019 Note 31. Fair Value Measurements (All amounts in Rs thousands unless otherwise stated)

(a) Financial Instrument by category and hierarchy

Particulars	Hierarchy	Notes	31st March 2019			31st March 2018
Particulars	Hierarchy	Notes	FVTPL	FVOCI	Amortized cost	FVTPL	FVOCI	Amortized cost
Financial assets (i) Financial assets at fair value
Investments
Equity instruments - quoted	1	5a	-	34,171	-	-	40,310	-
Equity instruments - unquoted	3	5a	-	1,88,010	-	-	1,91,787	-
Mutual funds	2	5a	5,04,591	-	-	3,80,670	-	-
(ii) Financial assets at amortized cost
Trade receivables	3	5b	-	-	44,435	-	-	53,349
Cash and cash equivalents	3	5c	-	-	1,78,727	-	-	75,069
Other financial assets	3	5d	-	-	29,566	-	-	33,820
Financial liabilities
(i) Financial liabilities held at amortized cost
Trade payables	3	10b	-	-	14,791	-	-	12,114
Other financial liabilities	3	10a	-	-	23,062	-	-	31,301

Investment in the Associate was valued at cost and hence not considered for categorisation.

Hierarchy

in the stock exchanges is determined using the closing price as at the reporting period. Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the counter derivatives) is determined using valuation techniques which maximise the use

of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

(b) Valuation processes

the Companys policy.

(d) Valuation techniques

(i) Quoted equity instruments are valued using quoted prices.

(ii) Open ended Mutual funds are valued at NAVs declared.

(iii) The fair value of non current financial liabilties is determined using discounted cash flow analysis.

Notes to the Financial Statements as at and for the year ended 31st March 2019

(All amounts in Rs. thousands unless otherwise stated)

Note 32. Financial Risk Management

The Company''s activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.

Risk	Exposure arising from	Measurement	Management
Credit risk	Cash and cash equivalents, bank balances other than cash and cash equivalents, investments in equity instruments, trade receivables.	Ageing analysis, Credit ratings	Diversification of bank deposits, review of credit ratings, credit limits and letters of credit
Liquidity risk	Trade payables and other liabilities	Rolling cash flow forecasts	Availability of committed credit lines
Market risk -foreign exchange	Export trade receivables	Sensitivity analysis of exchange rates	Forward contracts and monitoring exchange rate movements
Market risk -security prices	Investment in equity instruments	Sensitivity analysis of the share prices	Portfolio Diversification

The Company''s risk management is carried out by the treasury team under policies approved by the Board of Directors. The treasury identifies, evaluates and hedges financial risks in close co-operation with the company''s operating units. The Board provides written policies for overall risk management, as well as policies covering specific areas, such as foreign exchange risk and credit risk.

Notes to the Financial Statements as at and for the year ended 31st March 2019

(All amounts in Rs. thousands unless otherwise stated)

32. Financial risk management - (Contd.) (A) Credit risk

(i) Credit risk management

Credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with Nationalised / Scheduled Commercial banks. Investments in equity are made only in AA rated instruments. The board of directors periodically reviews the investment portfolio of the Company.Credit risk with respect to domestic and export trade receivables is managed by the Company through setting up credit limits for customers and also periodically reviewing their credit worthiness. The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available, reasonable and supportive forward-looking information. Based on the assessment made by the Company, credit risk increases significantly since the initial recognition if the financial assets are realised after three months from the due date. A default on a financial asset is when the counterparty fails to make contractual payments within six months from the due date. This definition of default is determined by considering the business environment in which entity operates and other macro-economic factors.

(ii) Provision for expected credit losses

The Company provides for loss allowance based on 12 month expected credit loss except in the case of trade receivables which are provided based on life-time expected credit loss. For the assessment of 12 month or life-time expected credit loss, assets are classified into three categories as Standard, substandard and doubtful based on the counter-party''s capacity to meet the obligations and provision is determined accordingly. Standard assets are those where the risk of default is negligible, sub-standard assets are those where the credit risk is significantly increased since inception and doubtful assets are those where the assets are impaired.

Year ended March 31, 2019:

(a)	Expected credit loss for trade receivables under simplified approach:
	Ageing	Less than six months	More than six months	Total
	Gross carrying amount	44,435	-	44,435
	Loss allowance rate	0%	0%	0%
	Expected credit losses (Loss allowance provision)	-	-	-
	Carrying amount of trade receivables (net of impairment)	44,435	-	44,435

(b) Expected credit loss for other financial assets

The other financial assets amounting to Rs. 29,566/- are classified as standard assets and hence no provision for expected credit loss has been made.

Year ended March 31, 2018:

(a)	Expected credit loss for trade receivables under simplified approach
	Ageing	Less than six months	More than six months	Total
	Gross carrying amount	53,349	-	53,349
	Loss allowance rate	0%	0%	0%
	Expected credit losses (Loss allowance provision)	-	-	-
	Carrying amount of trade receivables (net of impairment)	53,349	-	53,349

(A) Credit risk - (Contd.)

(b) Expected credit loss for other financial assets

The other financial assets amounting to Rs.33,820/- are classified as standard assets and hence no provision for expected credit loss has been made.

(iii) Reconciliation of loss allowance provision- Trade receivables, loans and other financial assets

There is no loss allowance provision created for trade receivables and other financial assets.

During the years ended March 31, 2019 and March 31, 2018 the Company has not made any write offs of trade receivables.

(B) Liquidity risk

(i) Financing arrangements

The Company does not have any borrowing facility at the end of the reporting period (ii) Maturities of financial liabilities

The tables below analyse the financial liabilities into relevant maturity groupings based on their contractual maturities. The Company has only non-derivative financial liabilities.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. Balance due beyond 12 months are carried at amortised cost.

Contractual maturities of financial liabilities:

	Less than 6 months	6 months to 1 year	More than 1 year
March 31, 2019
Non-derivatives
Trade payables	14,791	-	-
Other financial liabilities	8,398	-	15,910
Total non-derivative liabilities	23,189	-	15,910
	Less than 6 months	6 months to 1 year	More than 1 year
March 31, 2018
Non-derivatives
Trade payables	12,114	-	-
Other financial liabilities	17,350	-	15,910
Total non-derivative liabilities	29,464	-	15,910

(i) Foreign currency risk

The Company is exposed to foreign exchange risk arising from foreign currency transactions with respect to USD,EURO and GBP on account of sale of tea. Foreign exchange risk arises from recognised assets denominated in a currency that is not the Company''s functional currency (Rs). The risk is measured through a forecast of foreign currency cash flows that would arise due to the underlying assets and liabilities held. The objective of the hedges is to minimise the volatility of the INR cash flows arising on account of the underlying assets.

Foreign currency exposure

The Company''s exposure to foreign currency risk at the end of the reporting period expressed is as follows:

Trade Receivables	March 31, 2019	March 31, 2018
Particulars
USD [3,68,308 (March 31, 2018: 1,91,895)]	22,816	12,482
EURO [1,20,360 (March 31,2018 : 2,94,043)]	9,326	23,706
GBP [Nil (March 31 ,2018 : 73,688)]	-	6,800
AUD [20,635 (March 31 , 2018 : Nil)]	1,017	-
Total	33,159	42,988

The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial instruments:

The following table details Company''s sensitivity to a 10% increase and decrease in the exchange rate. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their transition at the period end for 10% change in foreign currency rates. A positive number below indicates an increase in profit or equity where the INR strengthens 10% against the relevant currency. For a 10% weakening of the INR against the relevant currency, there would be a comparable impact on the profit or equity, and the balance would be negative.

	Impact on Profit after tax
	March 31, 2019	March 31, 2018
USD	2,282	1,248
EURO	933	2,371
GBP	-	680
AUD	102	-

(ii) Price risk

(a) Exposure: The Company has invested in equity instruments and the exposure is equity securities price risk from investments held by the Company and classified in the Balance Sheet as FVOCI.

(b) Sensitivity: An increase in the price risk by 100 basis points would increase the impact in the other comprehensive income by Rs.342/- as on March 31, 2019 and Rs. 403 as on March 31, 2018. Acorresponding reduction in the other comprehensive income would be noted upon decreasing the market index levels.

33. Capital management

(a) Risk management

The Company has equity share capital and other reserves attributable to the equity shareholders, as the only source of capital and the Company does not have any interest bearing borrowings/debts.

The Company is cash surplus and has no capital other than Equity. The Company is not exposed to any regulatory imposed capital requirements. The cash surpluses are currently invested in income generating equity instruments and debt instruments (through mutual funds) and in bank deposits depending on economic conditions in line with the guidelines set out by the Management. Safety of capital is of prime importance to ensure availability of capital for operations. Investment objective is to provide safety and adequate return on the surplus funds.

The Company does not have any borrowings and does not borrow funds unless circumstances require.

	Particulars	March 31, 2019	March 31, 2018
	Equity	13,93,662	11,65,433
	Less : Tangible and other assets (net)	3,85,799	3,74,336
	Working capital	1,18,876	1,04,658
	Investment in the associate	-	20,889
	Investment in equity instruments, debt instruments and bank deposits	8,88,987	6,65,550
(b) Dividends
	Particulars	March 31, 2019	March 31, 2018
	(i) Dividends recognised on equity shares
	Final dividends for the year ended 31st March 2018 of Rs. 1.70 (31st March 2017 - Rs.1.70) per fully paid-up share	10,240	10,223
	Interim dividend for the year ended 31st March 2019 of Re 1.00 (31st March 2018 - Re. 1.00) per fully paid share	6,024	6,014
	(ii) Dividends not recognised at the end of the reporting period
	In addition to the above dividends, since year end the Directors have recommended a final dividend of Rs. 1.70 per fully paid equity share (31 March 2018 - Rs.1.70). This proposed final dividend is subject to the approval of shareholders in the ensuing Annual General Meeting. The proposed dividend including distribution tax thereon when approved by the shareholders will be met out of suplus in the retained earings in the Balance Sheet.	10,240	10,223

34. Events occuring after the reporting period

(a) Final dividend

Refer note 33 above for the final dividend recommended by the Directors, which is subject to the approval of shareholders in the ensuing Annual General Meeting.

(b) Transfer of profits to General Reserve

The transfer of profits to General Reserve recommended by Directors after the end of reporting period which have not been recognised at the end of the reporting period is as follows :

Particulars	31st March 2019	31st March 2018
Transfer of profits to general reserve not recognised as at the end of the reporting period	3,30,000	75,000

(c) The financial statements for the year ended March 31, 2019 were approved by the Board of Directors and authorised for issuance on May 29, 2019.

35. Previous year figures have been re-grouped wherever necessary to conform to current year''s presentation.

As per our Report of even date attached		For and on behalf of the Board of Directors
For K. S. Aiyar & Co.
Chartered Accountants	MALLIKA SRINIVASAN	SANKAR DATTA	D.HEGDE
Firm Registration No.100186W	(DIN:00037022)	(DIN : 00025380)	(DIN: 00025468)
S. KALYANARAMAN	Chairman	Director	Director
Partner
Membership No.200565
Place : Chennai	S. RAGHURAMAN	R. V. SRIDHARAN	Place : Chennai
Date : 29th May 2019	Chief Financial Officer	Company Secretary	Date : 29th May 2019

Mar 31, 2018

Notes to Financial Account.

31 First-time adoption of Ind AS Transition to Ind AS

These are the Company''s first financial statements prepared in accordance with Ind AS (Refer note 2.1 (a) on the basis of preparation of financial statements). The accounting policies set out in note 2 have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS Balance Sheet as at April 1, 2016 (the Company''s date of transition). In preparing its first Ind AS financial statements in accordance with Ind AS 101-First-time Adoption of Indian Accounting Standards (Ind AS 101), the Company has applied the relevant mandatory exceptions and certain optional exemptions from full retrospective application of Ind AS. Material optional exemptions applied by the Company and applicable mandatory exceptions for the Company are as follows: A. Optional exemptions and mandatory exceptions A.1 Ind AS optional exemptions

1. Deemed cost of property, plant and equipment including intangibles and investment property, Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments as required to be made as per para 10 of Ind AS 101. This exemption can also be used for investment property covered by Ind AS 40-Investment Property and for intangible assets covered by Ind AS 38 - Intangible Assets. The Company has elected to measure all of its property, plant and equipment including intangible assets and investment property at their respective previous GAAP carrying values after making the necessary adjustments as required to be made under Ind AS.

2. Designation of previously recognised financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstances at the date of transition to Ind AS. The Company has elected to apply this exemption for its investment in equity instruments.

3. Investment in Associate

Ind AS 101 permits first-time adopter to elect to continue with the carrying value of its investment in associates as recognised in the financial statements as at the date of transition to Ind AS measured as per the previous GAAP and use that as its deemed cost as at the date of transition.

The Company has elected to measure its investment in the associate at its previous GAAP carrying value as the deemed cost as at the date of transition.

4. Revenue from contracts with customers

A first-time adopter is not required to restate contracts that were completed before the earliest period presented. A completed contract is a contract for which the entity has transferred all of the goods or services identified in accordance with previous GAAP.

Accordingly the Company has not restated the contracts completed in accordance with the previous GAAP as at the transition date.

A.2 Ind AS mandatory exceptions

1. Estimates

An entity''s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made as on the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP except for the following items which were not required under previous GAAP:

- Investment in equity instruments designated at FVOCI,

- Investment in debt instruments carried at FVTPL and Impairment of financial assets based on expected credit loss model.

2. Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

31 First-time adoption of Ind AS
B. Reconciliation between previous GAAP and Ind AS
Ind AS requires an entity to reconcile equity, total comprehensive income and cash flows for the periods . The following tables provide the reconciliations from previous GAAP to Ind AS.
(a) Reconciliation of total equity as at 31st March, 2017 and 1st April, 2016
Particulars	Notes to first time adoption	As at 31st March 2017	As at 1st April 2016
Total equity (shareholders'' funds) under previous GAAP		7,57,322	6,76,644
Adjustments:
Effect of fair valuation of investments	31 C1	2,55,104	2,33,959
Non current financial liability - effect of measuring Security Deposit at Net Present Value	31 C 2	2,639	3,285
Other non current liabilities-Deferred License income	31 C 2	(2,439)	(3,061)
Gain on mark to market valuation of forward contract	31 C 3	165
Proposed final dividend (including tax)	31 C 4		10,223
Fair Value of Live stock	31 C 5	2,328	2,328
Total equity under Ind AS		10,15,119	9,23,378
(b) Reconciliation of total Comprehensive Income for the year ended 31st March 2017
Particulars		Notes to first time adoption	Year ended 31st March 2017
Profit after tax as per previous GAAP			86,692
Adjustments :
Fair Value gain on investments in Mutual funds		31C1	4,732
Deferred License Income		31 C2	623
Remeasurement of defined benefit obligation recognised in other comprehensive income		31 C7	66
Interest expense on financial liability		31 C2	(646)
Gain on mark to market valuation of forward contract Profit after tax as per Ind AS		31 C3	165
		31 C3	91,632
Remeasurement of defined benefit obligation recognised in other comprehensive income		31 C7	(66)
Fair value gain on investments in equity instruments		31C1	16,412
Total Comprehensive Income under Ind AS			1,07,978
(c) There were no significant reconciling items between cash flows prepared under previous GAAP and those prepared under Ind AS for the year ended 31st March 2017.

(C) Notes to first-time adoption: Note 1: Fair valuation of investments

Under the previous GAAP, investments in equity instruments and mutual funds were classified as long term investments or current investments based on the intended holding period and readability. Long term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of investments in mutual funds have been recognised in retained earnings as at the date of transition and subsequently in the profit and loss for the year ended 31st March 2017. This increased the retained earnings by Rs.4,730/- as at 31st March 2017 (1st April 2016 Rs.2,637/-). Fair value changes with respect to equity instruments designated as FVOCI - have been recognised in FVOCI Equity instruments (Other Reserves) as at the date of transition and subsequently in the other comprehensive income for the year ended March 31, 2017. This increased Other Reserves by Rs.16,412/- as at 31st March 2017 (1st April 2016 Rs.2,31,322/-). Consequent to the above, the total equity as at March 31, 2017 increased by Rs.21,142/-(April 1, 2016 Rs.2,33,959/-) and profit and other comprehensive income for the year ended March 31, 2017 increased by Rs.4,730/- and Rs.16,412/- respectively.

Note 2 : Other non current financial liability - Security Deposit Other non current liabilities - Deferred License Income

Under the previous GAAP, the security deposit was measured at its book value . Under Ind AS the security deposit has been measured at net present value using discounted cash flow analysis. The deduction in the carrying amount has been recorded as deferred license income (other non current liabilities) to be recognised as license income over the period of the license agreement. Correspondingly, notional interest expense on the financial liability will be recognised over the remaining period of the Licensing agreement by crediting Security Deposit. Consequent to this change, security deposit balance decreased by Rs. 2,638 as at 31.3.2017 (1st April 2016 Rs.3,284) with corresponding increase in other non current liabilities (deferred license income ) by Rs.2,438 (1st April 2016 Rs.3,061). License income and interest on financial liability for the year ended 31st March 2017 increased by Rs.623 and Rs.646 respectively. Further total equity increased by Rs.200 as at 31st March 2017(1st April 2016 Rs.224) and profit for the year ended 31st March 2017 decreased by Rs.23.

Note 3 : Forward Contracts

With regard to forward contracts taken by the Company on firm commitments/highly probable forecast transactions the Company had followed under the previous GAAP the accounting method prescribed under the announcement of the Institute of Chartered Accountants of India on accounting for derivatives issued in March 2008. Under this method losses were recognised in the statement of profit and loss and gains were ignored. Under Ind AS, all the outstanding forward contracts are required to be measured at fair value with gains /losses recognised in the statment of profit and loss. Consequently, the total equity as at 31st March 2017 increased by Rs.165 (1st April 2016 Rs. Nil) and profit for the year ended 31st March 2017 increased by the same amount.

Note 4: Proposed dividend and tax thereon

Under the previous GAAP till 31st March 2016, dividends proposed by the Board of Directors after the Balance Sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under the revised previous GAAP applicable to the financial year ended 31st March 2017 as well as under Ind AS, such dividends are recognised when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend including dividend distribution tax as at April 1, 2016 amounting to Rs. 10,223 included under provisions has been reversed with corresponding adjustment to retained earnings. Consequently, the total equity increased by Rs.10,223 as at April 1, 2016.

Until last year the Live Stocks were not recognised as assets in the books of the Company. During the current year, Live Stocks have been recognised as part of Biological assets and have been measured at fair market value as required by Ind AS. As a result, the property, plant and equipment and the total equity increased by Rs.2,328 as at 31st March 2017 and 1st April 2016.

Note 6 : Investment Property

Under the previous GAAP, investment properties were presented as part of property, plant and equipment. Under Ind AS, investment properties are required to be separately presented on the face of the Balance Sheet. Accordingly, Land, Buildings and Machinery including electrical installations amounting to Rs.400/-, Rs.1,47,458/- and Rs.44,876/-respectively i.e. net block as on 1st April 2016 are identified and presented as investment properties. There is no impact on the total equity or profit as a result of this re-classification.

Note 7: Remeasurements of post-employment benefit obligations

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of profit and loss. Under the previous GAAP, these remeasurements were forming part of the profit and loss for the year. As a result of this change, the profit for the year ended March 31, 2017 increased by Rs.66. There is no impact on the total equity as at March 31, 2017.

Note 8: Other comprehensive income

Under previous GAAP, there was no concept of other comprehensive income. Under Ind AS specified items of income, expense and gains/losses are required to be presented in other comprehensive income. Consequently remeasurement of gains / losses on defined benefit obligation and change in fair value of FVOCI equity instruments for the year ended 31st March 2017 have been presented under other comprehensive income.

Note 9 : Excise Duty and Service Tax

Under the previous GAAP sale of products and services was presented net of excise duty and service tax. Under Ind AS revenue from sale of products and services is presented inclusive of excise duty and service tax. Excise duty /Service tax paid is separately presented as an expense on the face of statement of profit and loss. As a result, the toal income and total expenses for the year ended 31st March 2017 increased by Rs.5,298. However this change in presentation has no impact on the total equity or profit.

Note 32 Financial Risk Management

The Company''s activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.

Risk	Exposure arising from	Measurement	Management
Credit risk	Cash and cash equivalents, bank balances other than cash and cash equivalents, investments in equity instruments, trade receivables.	Ageing analysis, Credit ratings	Diversification of bank deposits, review of credit ratings, credit limits and letters of credit
Liquidity risk	Trade payables and other liabilities	Rolling cash flow forecasts	Availability of committed credit lines
Market risk -foreign exchange	Export trade receivables	Sensitivity analysis of exchange rates	Forward contracts and monitoring exchange rate movements
Market risk -security prices	Investment in equity instruments	Sensitivity analysis of the share prices	Portfolio Diversification

(i) Credit risk management

Credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with Nationalised / Scheduled Commercial banks. Investments in equity are made only in AA rated instruments. The Board of Directors periodically reviews the investment portfolio of the Company. Credit risk with respect to domestic and export trade receivable is managed by the Company through setting up credit limits for customers and also periodically reviewing their credit worthiness. The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Based on the assessment made by the Company, credit risk increases significantly since the initial recognition if the financial assets are realised after three months from the due date. A default on a financial asset is when the counterparty fails to make contractual payments within six months from the due date. This definition of default is determined by considering the business environment in which the entity operates and other macro-economic factors.

(ii) Provision for expected credit losses

Year ended March 31, 2018:

(a)	Expected credit loss for trade receivables under simplified approach:
	Ageing	Less than six months	More than six months	Total
	Gross carrying amount	53,349	-	53,349
	Loss allowance rate	0%	0%	0%
	Expected credit losses (Loss allowance provision)	-	-	-
	Net carrying amount of trade receivables	53,349	-	53,349

(b) Expected credit loss for other financial assets

The other financial assets amounting to Rs.33,820/- are classified as standard assets and hence no provision for expected credit loss has been made.

Year ended March 31, 2017:

(a) Expected credit loss for trade receivables under simplified approach

Ageing	Less than six months	More than six months	Total
Gross carrying amount	20,626	-	20,626
Loss allowance rate	0%	0%	0%
Expected credit losses (Loss allowance provision)	-	-	-
Net carrying amount of trade receivables	20,626	-	20,626

(A) Credit risk

(b) Expected credit loss for other financial assets

The other financial assets amounting to Rs.20,910/- are classified as standard assets and hence no provision for expected credit loss has been made.

Year ended March 31, 2016

(a) Expected credit loss for trade receivables under simplified approach

Ageing	Less than six months	More than six months	Total
Gross carrying amount	55,103	-	55,103
Loss allowance rate	0%	0%	0%
Expected credit losses (Loss allowance provision)	-	-	-
Net carrying amount of trade receivables	55,103	-	55,103

(b) Expected credit loss for other financial assets

The carrying value of other financial assets amounting to Rs.11,140/- are classified as standard assets and hence no provision for expected credit loss has been made.

(iii) Reconciliation of loss allowance provision- Trade receivables, loans and other financial assets

There is no loss allowance provision created for trade receivables and other financial assets.

During the years ended March 31, 2018, March 31, 2017 and March 31, 2016 the Company has not made any write offs of trade receivables.

(B) Liquidity risk

(i) Financing arrangements

The Company does not have any borrowing facility at the end of the reporting period (ii) Maturities of financial liabilities

The tables below analyse the financial liabilities into relevant maturity groupings based on their contractual maturities. The Company has only non-derivative financial liabilities.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

Contractual maturities of financial liabilities:

	Less than	6 months	More than
	6 months	to 1 year	1 year
March 31, 2018
Non-derivatives
Trade payables	11,973	-	141
Other financial liabilities	17,350	-	13,951
Total non-derivative liabilities	29,323	-	14,092

(B) Liquidity risk
	Less than 6 months	6 months More than to 1 year 1 year
March 31, 2017 Non-derivatives
Trade payables	5,136	141
Other financial liabilities	7,989	13,272
Total non-derivative liabilities	13,125	13,413
March 31, 2016
Non-derivatives Trade payables	5,131	141
Other financial liabilities	9,028	12,626
Total non-derivative liabilities	14,159	12,767

(i) Foreign currency risk

The Company is exposed to foreign exchange risk arising from foreign currency transactions with respect to USD,EURO and GBP on account of sale of tea. Foreign exchange risk arises from recognised assets denominated in a currency that is not the Company''s functional currency (Rs). The risk is measured through a forecast of foreign currency cash flows that would arise due to the underlying assets and liabilities held. The objective of the hedges is to minimise the volatility of the INR cash flows arising on account of the underlying assets.

Foreign currency exposure

The Company''s exposure to foreign currency risk at the end of the reporting period expressed is as follows:

Trade Receivables	March 31, 2018	March 31, 2017
Particulars
USD [1,91,895 (March 31,2017:66,518)]	12,482	4,313
EURO [2,94,043 (March 31,2017 : 1,18,355)]	23,706	8,196
GBP [73,688 (March 31,2017 : Nil)]	6,800	-
Total	42,988	12,509

The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial instruments:

The following table details Company''s sensitivity to a 10% increase and decrease in the INR against the relevant foreign currencies. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their transition at the period end for 10% change in foreign currency rates. A positive number below indicates an increase in profit or equity where the INR strengthens 10% against the relevant currency. For a 10% weakening of the INR against the relevant currency, there would be a comparable impact on the profit or equity, and the balance would be negative.

	Impact on Profit after tax
	March 31, 2018	March 31, 2017	April 1,2016
USD	1,248	431	3,309
EURO	2,371	820	636
GBP	680	-	427

(ii) Price risk

(a) Exposure: The Company has invested in equity instruments and the exposure is equity securities price risk from investments held by the Company and classified in the Balance Sheet as FVOCI.

(b) Sensitivity: An increase in the price risk by 100 basis points would increase the impact in the other comprehensive income by Rs.403 as on March 31, 2018 and Rs. 856 as on March 31, 2017. A corresponding reduction in the other comprehensive income would be noted upon decreasing the market index levels.

33. Capital management (a) Risk management

The Company has equity share capital and other reserves attributable to the equity shareholders, as the only source of capital and the Company does not have any interest bearing borrowings/debts.

The Company is cash surplus and has no capital other than Equity. The Company is not exposed to any regulatory imposed capital requirements. The cash surpluses are currently invested in income generating equity instruments and debt instruments (through mutual funds) depending on economic conditions in line with the guidelines set out by the Management. Safety of capital is of prime importance to ensure availability of capital for operations. Investment objective is to provide safety and adequate return on the surplus funds.

The Company does not have any borrowings and does not borrow funds unless circumstances require.

Particulars	31st March 2018	31st March 2017	1st April 2016
Equity	11,65,433	10,15,119	9,23,378
Less : Tangible and other assets (net)	3,74,336	3,68,400	3,69,697
Working capital	1,57,440	2,41,195	2,81,376
Investment in the associate	20,889	20,889	20,889
Less : Impairment loss	-	(20,889)	(20,889)
	20,889	-	-
Investment in equity instruments and debt instruments	6,12,768	4,05,524	2,72,305

(b) Dividends

Particulars	March 31, 2018	March 31, 2017
(i) Dividends recognised on equity shares
Final dividends for the year ended 31st March 2017 of Rs. 1.70 (31st March 2016 - Rs.1.70) per fully paid-up share	10,223	10,223
Interim dividend for the year ended 31st March 2018 of Re 1.00 (31st March 2017 - Re. 1.00) per fully paid share	6,014	6,014
(ii) Dividends not recognised at the end of the reporting period
In addition to the above dividends, since year end the Directors have recommended a final dividend of Rs. 1.70 per fully paid equity share (31 March 2017 - Rs. 1.70). This proposed final dividend is subject to the approval of shareholders in the ensuing annual general meeting. The proposed dividend including distribution tax thereon when approved by the shareholders will be met out of surplus in the retained earnings in the Balance Sheet.	10,223	10,223

34 Events occuring after the reporting period

(a) Final dividend

Refer note 33 above for the final dividend recommended by the Directors, which is subject to the approval of shareholders in the ensuing Annual General Meeting.

(b) Transfer of profits to General Reserve

The transfer of profits to General Reserve recommended by Directors after the end of reporting period which have not been recognised at the end of the reporting period are as follows :

Particulars	31st March 2018	31st March 2017	1st April 2016
Transfer of profits to general reserve not recognised as at the end of the reporting period	75,000	70,000	85,000

(c) The financial statements for the year ended March 31, 2018 were approved by the Board of Directors and authorised for issuance on May 17, 2018.

As per our Report of even date attached		For and on behalf of the Board of Directors
For K.S.Aiyar & Co.
Chartered Accountants	MALLIKA SRINIVASAN	N. SRINIVASAN	D.HEGDE
Firm Registration No.100186W	(DIN:00037022)	(DIN: 00004195)	(DIN: 00025468)
S.KALYANARAMAN	Chairman	Director	Director
Partner
Membership No.200565
Place : Coimbatore	S. RAGHURAMAN	R.V.SRIDHARAN	Place : Chennai
Date : 17th May 2018	Chief Financial Officer	Company Secretary	Date : 17th May 2018

Mar 31, 2015

1. Corporate Information.

The United Nilgiri Tea Estates Company Limited is a public company incorporated under the provisions of the Companies Act; its shares are listed on National Stock Exchange Ltd in India. The Company is primarily engaged in growing and manufacture of Tea besides Letting-out of property. The Company''s teas are sold both in domestic and international markets.

2. In view of notification dated 14th October 2014 from Ministry of Corporate Affairs the preparation of consolidated financial statement to include the proportionate loss of an associate company which however is not material, is not required.

3. The Company has obtained stay of Proceeding from the Honorable High Court Madras on 16th March 2006 against a proposition notice from the Commercial Tax Department for levy of Sales Tax for Export Sales effected through Auction Centres and the matter is pending. Legal counsel is of the view that the Company has a strong case and accordingly no provision is considered in the Accounts.

4. The Company was permitted in an earlier year to retain excess holding of 333.67 acres of vacant land contiguous the planted area in the Tea garden, but due to rocky terrain and land could not be cultivated as stipulated by Government and eviction proceeding relating to the aforesaid piece of land had been stayed by the Supreme Court of India. In its final order dated 7th August, 2013, the Supreme Court has directed the Land Board to review the case afresh.

5. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as Micro, Small and Medium Enterprises and consequently the amount paid/payable to these parties has been considered as NIL.

6. Related Party Disclosures:

(a) Names of related parties and nature of related party relationship exists are as under:

(related parties have been identified by the Management)

(i) Related party where : Ms. Mallika Srinivasan - Chairman control exists

(ii) Associates : Amalgamations Private Limited Simpson and Company Limited IP Rings Limited T.Stanes and Company Limited Tractors and Farm Equipment Limited Stanes Amalgamated Estates Limited Stanes MJF Teas Limited Kuduma Fasteners Private Limited The United Plantations Plc., Ethiopia (Liquidated during the year)

(iii) Key managerial : Mr.D.Hegde, Whole-time Director personnel Mr.T.G.B.Pinto, Whole-time Director Mr.S.Raghuraman, Chief Financial Officer Mr.K.Guruswamy - Company Secretary

7. The Previous year figures have been reclassified to make them comparable with those of current year.

Mar 31, 2013

1. Corporate Information.

The United Nilgiri Tea Estates Company Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act,1956, its shares are listed on Madras Stock Exchange Ltd in India. The Company is engaged in the manufacturing of Tea. The Company caters to both domestic and international markets.

2. The Company has obtained stay of Proceeding from the Honourable High Court Madras on 16th March 2006 against a proposition notice from the Commercial Tax Department for levy of Sales Tax for Export Sales effected through Auction Centres and the matter is pending. Legal counsel is of the view that the Company has a strong case and accordingly no provision is considered in the Accounts.

3. The Company was permitted in an earlier year to retain excess holding of 333.67 acres of vacant land contiguous the planted area in the Tea garden, but due to rocky terrain and land could not be cultivated as stipulated by Government and eviction proceeding relating to the aforesaid piece of land has been stayed by the Supreme Court of India

4. Disclosures required under Accounting Standard 15R notified in the Companies (Accounting Standards) Rules 2006, are given below:

5. Related Party Disclosures:

(i) Names of related parties and nature of related party relationship exists are as under:

(related parties have been identified by the Management)

(a) Ms. Mallika Srinivasan Chairman

(b) Key managerial personnel Mr.D.Hegde, Whole-time-Director

Mr.T.G.B.Pinto, Whole-time-Director

(ii) Associated Companies : Amalgamations Private Limited

Simpson & Company Limited IP Rings Limited T.Stanes & Company Limited Stanes Motor Parts Limited Stanes Motors (South India) Limited Stanes Amalgamated Estates Limited Stanes MJF Teas Limited Kuduma Fasteners Private Limited The United Plantations Pic, Ethiopia

Mar 31, 2012

1. Corporate Information

The United Nilgiri Tea Estates Company Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956, its shares are listed on Madras Stock Exchange Ltd. in India. The Company is engaged in manufacturing of Tea. The Company caters to both domestic and international markets.

Notes :

(i) Term Loan from Bank was secured by equitable mortgage over Company's property situated at Coimbatore. The entire loan amount was repaid during the year.

(ii) Maturity period of deposits is three years carrying interest @ 10% per annum

Note

(i) Overdraft is repayable on demand carrying interest @ 1% above deposit rate

(ii) Tenor of Packing credit 180 days carrying interest @ 1.4425% per annum.

(iii) The Company has not defaulted in repayment of loans and interest

2. Presentation and disclosure of financial statements:

For the year ended 31s1 March 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The previous year figures have been reclassified to make them comparable with those of current year.

3. Estimated amount of Contracts remaining to be executed on Capital Account not provided for (net of advances)

4. The Company has obtained stay of Proceeding from the Honorable High Court of Madras on 16th March 2006 against a proposition notice from the Commercial Tax Department for levy of Sales Tax for Export Sales effected through Auction Centres and the matter is pending. Legal counsel is of the view that the Company has a strong case and accordingly no provision is considered in the Accounts.

5. The Company was permitted in an earlier year to retain excess holding of 333.67 acres of vacant land contiguous the planted area in the Tea garden, but due to rocky terrain and land could not be cultivated as stipulated by Government and eviction proceeding relating to the aforesaid piece of land has been stayed by the Supreme Court of India

6. Disclosure as per Clause 32 of the Listing Agreements

There are no loans and advances in the nature of loans given to associates and others and investment in shares of the Company by such parties.

Mar 31, 2011

1. (i) The Company has obtained stay of Proceedings from the Honorable

High Court Madras on 16th March 2006 against a proposition notice from the Commercial Tax Department for levy of Sales Tax for Export Sales effected through Auction centres and the matter is pending. Legal counsel is of the view that the Company has a strong case and accordingly no provision is considered in the Accounts.

(ii) The Central Sales Tax department is seeking to reopen a past completed assessment to levy differential Sales Tax amounting to Rs.9.67 lakhs which based on a clarification by the Department in 2008 is not payable. The Company is moving the High Court contesting the re-opening proceedings.

2. The Company was permitted in an earlier year to retain excess holding of 336.67 acres of vacant land contiguous the planted area in the Tea garden; but due to the rocky terrain the land could not be cultivated as stipulated by Government and eviction proceeding relating to the aforesaid piece of land has been stayed by the Supreme Court of India.

3 Previous years figures are re-classified wherever necessary to conform to the current years presentation.

Mar 31, 2010

1. Contingent Liabilities:

Export Bills discounted with Bank outstanding at the year end. Nil 52,07,078

2. The Company has obtained stay of Proceedings from the Honourable High Court, Madras on 16th March 2006 against a proposition notice from the Commercial Tax Department for levy of Sales Tax for Export Sales effected through Auction centres and the matter is pending. In common with other planting companies, no account has been taken of the Contingent liability, if any. In view of G.O. Ms No.12 dated 4.2.2008 there may not be any Financial liability to the Company on this account

3. The Company was permitted in an earlier year to retain excess holding of 336.67 acres of vacant land contiguous the planted area in the Tea garden; but due to the rocky terrain the land could not be cultivated as stipulated by Government and eviction proceeding relating to the aforesaid piece of land was initiated which is being agitated before the Supreme Court of India .

4. Disclosures required under Accounting Standard 15R notified in the Companies (Accounting Standards) Rules 2006, are given below:

I. Defined Benefit Plan - Gratuity

A. Change in Present value of the obligation during the year ended March 31, 2010

5. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under Micro, Small and Medium Enterprises Development Act,2006) claiming their status as Micro, Small and Medium Enterprises and consequently the amount paid/payable to these parties has been considered as Nil.

6. Tea Board of India in its communication dated 22nd April, 2010 has confirmed that the subsidy on Orthodox Tea Production up to 31st December, 2009 would be paid by the Board when funds are released by the Central Government and accordingly subsidy of Rs.50.27 lakhs for the period 1st April to 31st December, 2009 has been recognized in the Profit and Loss Account.

7. The Company is engaged primarily in growing and manufacture of Tea. Accordingly there are no separate reportable Business segments as per Accounting Standard 17. However, geographical segments have been considered as secondary segment.

Secondary Segment Information - By Geographical Segments

8 Previous years figures are re-classified wherever necessary to conform to the current years presentation.

9. Related Party Disclosures:

(i) Names of related Parties and nature of related party relationship exists are as under:

Name Nature of Control

Sri.A.Sivasailam - Chairman

(II) Associate Companies:

Amalgamations Private Limited

Simpson & Company Limited

IP Rings Limited

Amco Batteries Limited

Amco Power Systems Limited

T.Stanes & Company Limited

Stanes Motor Parts Limited

Stanes Agencies Limited

Stanes Motors (South India) Limited

Stanes Amalgamated Estates Limited

Stanes MJF Teas Limited

Kuduma Fasteners Private Limited

I. REGISTRATION DETAILS

Registration No: 181 -000234

Balance Sheet as at 31 - 03 - 2010 State Code : 18

II. Capital raised during the Year ( Amount in 000)

Public Issue Rights Issue

Nil Nil

Bonus Issue Private Placement

Nil Nil

III. Position of Mobilisation and Deployment of Funds (Amount in Rs.000)

Total Liabilities Total Assets

4,09,568 4,09,568

Source of Funds

Paid Up Capital Reserves & Surplus

49,966 3,18,604

Secured Loans Unsecured Loans

- 3,709

Deferred Tax Liability

4,173

Application of Funds

Net Fixed Assets Investments

1,14,659 34,844

Net Current Assets Mis. Expenditure

2,26,949 Nil

Accumulated losses Nil

IV. Performance of Company (Amount in 000)

Turnover including other income Total Expenditure

3,15,836 2,54,919

Profit before tax Profit after tax

60,917 47,461

Earnings per Share Dividend Rate

Rs. 9.50 27.50%

V. Generic Name of Principal Product of the Company (as per monetary term)

Item Code No : (ITC CODE) 09.0230

Product Description Tea

Mar 31, 2000

1. The decline in the market value of certain long term quoted investment amounting to Rs. 8,79,813/- is in the opinion of management temporary and hence not considered in the accounts in accordance with Accounting Policy No. 3 above.

2. Foreign Currency Loan obtained during earlier year from Standard Chartered Bank, Singapore is to be secured on specified assets to be procured.

3. Fixed Deposits with Banks include Rs. 11.03 lakhs under lien in favour of bankers for guarantee of Rs. 3.57 lakhs issued to Customs Authorities on behalf of the Company for duty free imports and outstanding at the end of the financial year.

5. There are no amounts outstanding to any small scale industry as identified by the Company.

5 Fixed Deposits from Public :

(i) Rs. 64.79 lakhs due for repayment within one year (Previous Year Rs. 57.10 lakhs)

(ii) Deposits held by Directors Rs. 18.05 lakhs (Previous Year Rs. 12.95 lakhs)

6. Previous years figures are reclassified wherever necessary to conform to this years classification.

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