Mar 31, 2018
1. Company Overview
Warren Tea Limited is engaged in the growing, harvesting, manufacture and sale of tea. The Company operates with seven tea estates situated in Assam and sells tea in bulk both in domestic and international markets. The Company is listed on the Bombay and Calcutta Stock Exchanges.
2. Statement of Compliance with Ind AS
These financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) as contained in Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 and other elevant provisions of the Companies Act, 2013 (the Act). The financial statements up to the year ended 31st March 2017were preparedin accordancewith the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act. The financial statements for the year ended 31st March, 2018 are the first financial statements of the Company under Ind AS. Comparative figures relating to previous year and on the date of transition have also been prepared in accordance with Ind AS. The date of transition to Ind AS is 1st April, 2016.
Rights, preferences and restrictions attached to shares
The Company has only one class of shares being Equity Shares having a par value of Rs.10/- each. All equity shares rank paripassu in all respects including voting rights, entitlement to dividend and repayment of capital.
3. Under the Assam Fixation of Ceiling of Land Holding Act, 1956, undeveloped lands,approximately 2145 hectares (Previous Year - 2145 hectares) have been vested in the State Government. Necessary adjustments in respect of land compensation will be made in the accounts on settlement of the same.
4. Post Employment Defined Benefit Plans
The Company operates defined Benefit Schemes like Gratuity, Superannuation, Pension and Additional Retiral Benefit Plans based on current salaries in accordance with the Rules of the Funds/Plans.
In terms of Accounting Policies enumerated in Note 30 the following Table sets forth the particulars in respect of Defined Benefit Plans of the Company forthe year ended 31st March, 2018 arising out of actuarial valuations:
5. Segment Information
(i) The Companyis engaged in the integrated process of growing, harvesting, manufacturing and sale of Black Tea during the year and has identified one operating segment i.e, Tea.
* Non-Current Assets excludes Financial Assets, Deferred Tax Assets and Post Employment Benefit Assets. Figures of Previous Year are indicated in Italics within brackets â( )â
(iii)The Company has entered into transactions with a single external customer exceeding 10% of the Turnover of the Company.
6. Figures of Previous Year and as on Transition Date have been regrouped or rearranged, wherever necessary
1. The above Cash Flow Statement has been prepared in accordance with Ind AS 7. 2 The Notes referred to above form an integral part of the Cash Flow Statement.
2. Previous yearâs figures have been regrouped or rearranged, wherever necessary.
Mar 31, 2016
Rights, preferences and restrictions attached to shares
The Company has only one class of shares being Equity Shares having a par value of Rs.10/each. All equity shares rank pari passu in all respects including voting rights, entitlement to dividend and repayment of capital.
1236531 Equity Shares of Rs. 10/- each allotted during the financial year 2012-13 by way of fully paid-up Bonus Shares only to the public shareholders to the exclusion of promoters in the ratio of 7 Equity Shares for every 10 Equity Shares of the Company.
1 The Remuneration payable to Mr. Vinay K Goenka, Chairman and Mr. S. K. Ghosh, Managing Director have been provided for in the accounts in accordance with of their service contracts as approved by the Shareholders. However, in view of inadequacy of profits during the year, their respective bonus being part of contractual remuneration though provided for in full in the accounts exceed by Rs.29.51 and Rs.12.80 respectively of the limits prescribed by Section 197 read with Schedule V of the Companies Act, 2013. Necessary applications have been filed with the Central Government under Sections 197 & 198 of the Companies Act, 2013 for their approvals which are awaited.
2 Post Employment Defined Benefit Plans
The Company operates defined Benefit Schemes like Gratuity, Superannuation, Pension and Additional Retrial Benefit Plans based on current salaries in accordance with the Rules of the Funds/Plans.
In terms of Accounting Policies enumerated in Note 27 the following Table sets forth the particulars in respect of Defined Benefit Plans of the Company for the year ended 31st March, 2016 arising out of actuarial valuations:
3 Segment Reporting
(i) The Company is engaged in the integrated process of growing, harvesting, manufacturing and sale of Black Tea during the year and hence no primary segment reporting is considered under Business Segment.
(ii) Geographical Segments have been considered for disclosure as the Secondary Reporting Segment based on sales in domestic markets and exports.
Figures of Previous Year are indicated in Italics within brackets â( )â
4 Previous year''s figures have been regrouped or rearranged, wherever necessary.
Signatures to Note Nos. 1 to 27
5. The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard - 3 on Cash Flow Statement.
6. The Notes referred to above form an integral part of the Cash Flow Statement.
7. Previous year''s figures have been regrouped or rearranged, wherever necessary.
Mar 31, 2015
(1) Segment Reporting
(i) The Company is engaged in the integrated process of growing,
harvesting, manufacturing and sale of Black Tea and in carrying on the
business of real estate. No primary segment reporting is considered
for real estate business under business segment since it does not
qualify for reporting as per Accounting Standard 17. Hence no primary
segment reporting is considered under Business Segment.
2 Previous year's figures have been regrouped or rearranged, wherever
necessary.
Mar 31, 2014
1 Post Employment Defined Benefit Plans
The Company operates defined Benefit Schemes like Gratuity,
Superannuation, Pension and Additional Retiral Benefit Plans based on
current salaries in accordance with the Rules of the Funds/Plans.
In terms of Accounting Policies enumerated in Note 24 the following
Table sets forth the particulars in respect of Defined Benefit Plans of
the Company for the year ended 31st March, 2014 arising out of
actuarial valuations:
Post Employment Contribution Plan
During the year an aggregate amount of Rs. 553.38 (Previous Year - Rs.
511.10) has been recognised as expenditure towards Provident Fund,
defined contribution plan of the Company.
2 Related Party Disclosures
(i) Names and Relationship
Relationship Name
Associate Maple Hotels and Resorts Private Limited
Significant Influence by Key Warren Industrial Limited
Management Personnel DPIL Limited
Sectra Plaza Private Limited
Suvira Properties Private Limited
Warren Steels Private Limited
Key Management Personnel Mr. Vinay K. Goenka (Executive Chairman)
Mr. S. K. Ghosh (Managing Director)
Relative of a Key Management Mr. Vivek Goenka
Personnel
3 Segment Reporting
(i) The Company is engaged in the integrated process of growing,
harvesting and sale of Black Tea only and hence no Primary Segment
Reporting is considered under Business Segment.
(ii) Geographical Segments have been considered for disclosure as the
Secondary Reporting Segment based on sales in domestic markets and
exports.
1. The above Cash Flow Statement has been prepared under the Indirect
Method as set out in the Accounting Standard -3 on Cash Flow Statement
prescribed under the Companies Act, 1956.
2. The Notes referred to above form an integral part of the Cash Flow
Statement.
3. Previous year''s figures have been regrouped or rearranged, wherever
necessary.
Mar 31, 2012
Rights, preferences and restrictions attached to shares The Company has
only one class of shares being Equity Shares having a par value of Rs.
10/- each. All equity shares rank pari passu in all respects including
voting rights, entitlement to dividend and repayment of capital.
1014153 Equity Shares of Rs. 10/- each allotted as fully paid-up for
consideration otherwise than in cash at par in terms of the Schemes of
Arrangements for Amalgamation in Financial Year 2007-08.
1 The Company''s Board of Directors has approved a Scheme of Arrangement
for demerger of seven of its tea estates in Assam with effect from 1st
April, 2011. Necessary applications have since been filed with the
stock exchanges. Further procedural steps are underway and appropriate
effect thereof will be incorporated in the Accounts upon approval of
regulatory authorities and complition of requisite formalities pending
which, the effect of operations of such seven tea estates have been
included in these financial statements.
2 (a) The Board of Directors decided on 16th February, 2012 to close
with effect from the close of business hours of 31st March, 2012 its
Travel Division reported as a separate segment as per Accounting
Standard 17
3 Revaluation of all Plantation Assets excluding depreciable Assets was
conducted in 2001-02 by approved Valuers appointed by the Company. In
evaluating such Assets, the Valuers carried out physical inspection,
verification and analysis of plantation areas and valued the same on a
conservative basis. The resultant incremental amount of Rs. 3627.43 was
incorporated in the Accounts as on 31st March, 2002 and credited to the
Revaluation Reserve Account.
4 Pursuant to an Agreement dated 8th October, 2002, Tippuk Tea Estate
located in Doom Dooma sub-district in Assam was acquired by the Company
as a going concern with effect from 1st October, 2002 and possession
and operations have been taken over by the Company effective from the
same date. Conclusion of the Deed of Conveyance is in process.
5 Under the Assam Fixation of Ceiling of Land Holding Act, 1956,
undeveloped lands, approximately 3745 hectares (Previous Year - 3745
hectares) have been vested in the State Government. Necessary
adjustments in respect of land compensation will be made in the
accounts on settlement of the same.
6 Contingent Liabilities
(a) Claims not acknowledged as debts 20.50 20.50
(b) Sales Tax Demands in dispute (under Appeals) 335.22 249.06
(c) Agricultural Income Tax Demands in dispute 2838.72 2838.72
(under Appeals/pending before Gauhati High Court)
7 Provident fund contribution of Rs. 41.07 Lakhs on enhanced value of
food grain concession provided to plantation workers in tea estates in
Assam pursuant to circular of the Assam Tea Plantation Provident Fund
and Pension Fund Scheme & D.L.I. Scheme had not been deducted and paid
in view of a stay granted by the Hon''ble Gauhati High Court on same
grounds which has since been deducted and paid fully.
8 Post Employment Defined Benefit Plans
The Company operates defined Benefit Schemes like Gratuity,
Superannuation, Pension and Additional Retiral Benefit Plans based on
current salaries in accordance with the Rules of the Funds/Plans.
In terms of Accounting Policies enumerated in Note 25 the following
Table sets forth the particulars in respect of Defined Benefit Plans of
the Company for the year ended 31st March, 2012 arising out of
actuarial valuations:
9. Segment Reporting
(i) Business Segments have been considered as Primary Segment for
disclosure. The integrated process of growing, harvesting,
manufacturing and sale of Black Tea and Travel related activities are
denoted as "Tea" and "Travels" respectively which comprise
Reportable Business Segments in accordance with the Accounting Standard
 17.
(ii) Geographical Segments have been considered for disclosure as the
Secondary Reporting Segment based on Sales in domestic markets and
Exports.
* after adjusting provision for diminution in the value of investments
- Nil (Previous Year - Rs.100.50)
Figures of Previous Year are indicated in Italics within brackets "[
]"
10. Previous year''s figures have been regrouped or rearranged,
wherever necessary.
Mar 31, 2011
(Rs. in 000's)
1 Revaluation of all Plantation Assets excluding depreciable Assets was
conducted in 2001-02 by approved Valuers appointed by the Company. In
evaluating such Assets, the Valuers carried out physical inspection,
verification and analysis of plantation areas and valued the same on a
conservative basis. The resultant incremental amount of Rs. 362743 was
incorporated in the Accounts as on 31st March, 2002 and credited to the
Revaluation Reserve Account.
2 Pursuant to an Agreement dated 8th October, 2002, Tippuk Tea Estate
located in Doom Dooma sub-district in Assam was acquired by the Company
as a going concern with effect from 1st October, 2002 and possession
and operations have been taken over by the Company effective from the
same date. Conclusion of the Deed of Conveyance is in process.
(b) Balance of Excise Duty Relief Right has been amortised during the
year.
3 Issued, Subscribed and Paid-up Capital both for current and previous
year includes :
(a) 5419153 Equity Shares of Rs.10/- each allotted as fully paid-up for
consideration otherwise than in cash at par in terms of the Schemes of
Arrangements for Amalgamation.
(b) 4550070 Equity Shares of Rs.10/- each allotted as fully paid-up Bonus
Shares by capitalisation of General Reserve.
(c) Number of Equity Shares held by Warren Tea Holdings Limited, UK
(Holding Company upto February, 2011) - Nil ; (Previous Year - 5730386)
4 Under the Assam Fixation of Ceiling of Land Holding Act, 1956,
undeveloped lands, approximately 3745 (Previous Year - 3745) hectares
have been vested in the State Government. Necessary adjustments in
respect of land compensation will be made in the accounts on settlement
of the same.
5 Contingent Liabilities
(a) Claims not acknowledgedasdebts 2050 2224
(b) Sales Tax Demandsindispute (under Appeals) 24906 21949
(c) Agricultural Income Tax Demandsindispute 283872 -
(under Appeals /pending before Gauhati High
Court)
6 Post Employment Defined Benefit Plans
The Company operates defined Benefit Schemes like Gratuity,
Superannuation, Pension and Additional Retiral Benefit Plans based on
current salaries in accordance with the Rules of the Funds/Plans.
In terms of Accounting Policies enumerated in Note 24 the following
Table sets forth the particulars in respect of Defined Benefit Plans of
the Company for the year ended 31st March, 2011 arising out of
actuarial valuations:
7 Segment Reporting
(i) Business Segments have been considered as Primary Segment for
disclosure. The integrated process of growing, harvesting,
manufacturing and sale of Black Tea and Travel related activities are
denoted as "Tea" and "Travels" respectively which comprise Reportable
Business Segments in accordance with the Accounting Standard - 17.
(ii) Geographical Segments have been considered for disclosure as the
Secondary Reporting Segment based on Sales in domestic markets and
Exports.
8 Previous year's figures have been regrouped or rearranged, wherever
necessary.
Mar 31, 2010
1. Revaluation of all Plantation Assets excluding depreciable Assets
was conducted in 2001-02 by approved Valuers appointed by the Company.
In evaluating such Assets, the Valuers carried out physical inspection,
verification and analysis of plantation areas and valued the same on a
conservative basis. The resultant incremental amount of Rs. 362743 was
incorporated in the Accounts as on 31st March, 2002 and credited to the
Revaluation Reserve Account.
2. Pursuant to an Agreement dated 8th October, 2002, Tippuk Tea Estate
located in Doom Dooma sub-district in Assam was acquired by the Company
as a going concern with effect from 1st October, 2002 and possession
and operations have been taken over by the Company effective from the
same date. Conclusion of the Deed of Conveyance is in process.
4. Issued, Subscribed and Paid-up Capital both for current and
previous year includes :
(a) 5419153 Equity Shares of Rs.10/- each allotted as fully paid-up for
consideration otherwise than in cash at par in terms of the Schemes of
Arrangements for Amalgamation.
(b) 4550070 Equity Shares of Rs.10/- each allotted as fully paid-up
Bonus Shares by capitalisation of General Reserve.
(c) 5730386 Equity Shares held by the Holding Company - Warren Tea
Holdings Limited, U.K.
5. Under the Assam Fixation of Ceiling of Land Holding Act, 1956,
undeveloped lands, approximately 3745 (Previous Year - 3745) hectares
have been vested in the State Government, Necessary adjustments in
respect of land compensation will be made in the accounts on settlement
of the same.
(Rs. in 000s)
Current Year Previous Year
Rs. Rs.
6. Contingent Liabilities
(a) Claims not acknowledged
as debts 2224 2224
(b) Sales Tax Demands in
dispute ( under Appeals) 21949 17252
7. Post Employment Defined
Benefit Plans
The Company operates defined Benefit Schemes like Gratuity,
Superannuation, Pension and Additional Retiral Benefit Plans based on
current salaries in accordance with the Rules of the Funds/Plans.
In terms of Accounting Policies enumerated in Note 24 the following
Table sets forth the particulars in respect of Defined Benefit Plans of
the Company for the year ended 31st March, 2010 arising out of
actuarial valuations:
8. Related Party Disclosures
(i) Names and Relationship Relationship Holding Company
Name Warren Ten Holdings Limited
Significant Influence by Key Management Personnel
Warren Industrial Limited DPIL Limited
Sectra Plaza Private Limited Suvira Properties Private Limited Warren
Steels Private Limited
Key Management Personnel
Mr. Vinay K. Goenka (Executive Chairman) Mr. S. K. Ghosh (Managing
Director)
Relative of a Key Management Personnel
Mr. Vivek Goenka
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