| 1. 70,000 (Previous year 70,000) shares out of issued, subscribed and
paid up share capital were issued and allotted as fully paid up Bonus
shares by capitalisation of Reserves.
2. Secured Loan taken from Tea Board are repaid / adjusted during the
year.
3. Interest accured on Secured Loan from Tea Board are repaid /
adjusted during the year.
4. Secured loans taken from a bank are against purchase of vehicles
and the loan amount are repayable over 3 years.
5. Secured loans taken from a financial company are against purchase
of machineries and the same are repayable over 3 years.
6. Secured loans from a financial company include loan Rs.221966/-(
Previous year Rs. 285138/-) against purchase of tractor and the same
are repayable over 3 and 1/2 years.
7. Unsecured Loan taken from a Body Corporate is interest free and is
repayble within remaining 4 years.
8. As there is uncertainty that sufficient future taxable income will
be available, deferred tax assets have not been recognised and reviewed
during the year. However, the components of deferred assets and
liabilities as on 31st March, 2013 are as above.
9. Unsecured- Other Loans includes Rs. 1,71,55,003/-(Previous year
Rs.97,49,529/-) as interest bearing loans and the balance amount Rs.
1,44,37,043 ( Previous year Rs. 95,31,243/-) are without bearing
interest. Loan amounts are repayable on demand.
10. Details of amounts outstanding to Micro, Small and Medium
Enterprise are not readiable available with the company
11. Other payables include statutory dues, Cess , P.F. dues, and
unclaimed dividend.
12. The Company has defaulted in payment of P.F. dues with appropriate
Authorities in earlier years. The aggregate amount of default amount as
on 31.03.2014 as per the records of the Company is Rs.47,33,166/-
(previous year Rs.50,77,943/-) which includes Rs. 1,56,954/- (previous
year Rs.79,525/-) for the year 2013-14 which has since been paid . The
P.F dues amounts are the aggregate of both Employers and Employees
contributions and net of P.F. collection and P.F. Advance. The Company
has paid during the year the old defaulted amounts as under :-
i) Rs.3,81,807/- (previous year Rs.3,25,000/-) in aggregate have been
paid for P.F. dues against P.F. Bakijai case no.02/07-08/PF
ii) Rs.3,38,193/- (previous year Rs.3,25,000/-) in aggregate have been
paid for P.F. dues against P.F. Bakijai case no.09/10-11/PF
iii) Rs. 6,83,216/- ( previous year Rs. 8,00,245/-) net of earlier
payment of Rs.25000/-in 2012-13 , has been accounted for as interest on
delayed deposits of P.F. dues for the period from 28.05.2002 to
27.01.2003 vide letter no PF/L/2011/C-5/7260-61 dated 21.05.2011 of
Additonal P.F. Commissioner, Guwahati.
13. Necessary steps have been taken to regularise payment of certain
statutory non-compliance in regard to Profident Fund dues , Excise
Duty,Cess on land revenue etc. Interest and Levies due on due to such
delay shall be accounted for as and when ascertained.
The Company has however regularly depositing Tax Deducted at Source and
Profident Fund contributions for the year with the concerned
authorities.
14. In absence of taxable income , no provision for current Income tax
and for Assam Agricultural Tax has been considered necessary in the
accounts as per the relevant tax laws.
15. Income Tax assessment for various years are pending at different
stages before Appellate Authorities/ Trubunal . Pending Final decision
in this regard , the amount payble or receivable is presently not
ascertained . In the opinion of management, provision made in the books
is sufficient to cover the Income tax liabilities. Adjustments if any,
will be carried out after final disposal of the relevant proceedings.
16. Investment in Unquoted shares held as Stock-in -trade on conversion
in the earlier years were taken at book cost and investment of 40,000
equity shares of Rajhans Vincom Pvt Ltd has converted into
stock-in-trade are yet to be transferrered in the name of the Company.
17. The company has finished stock of tea ,shares as stck in trade and
stores as at year end . There in no stock of green leaf as on that date
The company has consistently followed valuation of finished goods at
net realisable value. Pursuant to the Accounting Standard (AS 2) - on
inventory valuation, issued by the Institute of Chartered Accountants
of India and made mandatory w.e.f. 01.04.1999, inventories are to be
valued at cost or net realisable value whichever is lower. Considering
the nature of business the management has continued the practice of
valuation at net realisable value and in the preceding year except the
shares and stores are valued and taken at book cost.
18. No provision for diminution in value of share held as Stock-in
trade, if any, has been accounted for in the accounts and the same is
considered to be of temporary in nature.
19. Shares held as Stock-in-trade could not be made available to
Auditors for their verification.
20. The company has not identified slow/non moving and obsolute stores
during the year.
21. Trade receivables include Debtors amouting Rs 2,00,069/-(previous
year Rs.1,21,393-) are overdue for recovery. In view of the pursuasiv
steps being taken for recovery, these balances have been considered
goods and fully recoverable.
22. Subsidy on plantations amounting Rs.1589891/- received during the
year has been adjusted from expenditures incurred on Old Cultivation
account
23. NOTE:
I. All assets except motor vehicles have been revalued on 30.09.94 by
an approved valuer and increase in value of these assets aggregating to
Rs.6,57,50,953/- (net) on account of the same has been transferred to
Revaluation Reserve Account.
II. Machinery includes Rs.28,85,622/- (Previous Year Rs.28,85,622/-)
acquired on Hire Purchase Scheme under Tea Board Finance Scheme against
which Rs.Nil/- (Previous Year Rs.12,82,211/-) is outstanding.
III. No Provision has been made for Amortisation of Leasehold Land. The
Lease deed has expired and necessary application for renewal of the
same is still pending before the respective authorities.
IV. Provision for Depreciation Rs.18,09,840/- ( previous year Rs.
1809840/)-in aggregate on machineries for the year 2010-11 & 2011-12
have been provided in the accounts and correspondingly Rs422604/(
previous year Rs. 422604/-)-on account of revalued machinery amount for
the said years has been adjusted in Revaluation Reserve account.
V.**
i) Machineries include Rs. 651500/- (Previous year Rs.496500/-) which
are secured by hypothecation to a finance company against which the
outstandings as on 31.03.2014 are Rs.254007/- (Previous year Rs.
363198/-)
ii) Motor vehicles include Rs.16,98,984/- (Previous year Rs.1698984/-)
which are secured by hypothecation to a bank against which the
outsatandings as on 31.03.2014 are Rs.967269
iii) Tractor Rs.5,44,292/- (Previous year Rs.544292/-) represents
secured by hypothecation to a finance company against which outstanding
as on 31.03.2014 is Rs.358088/-
VI. Title deeds of the lease hold land of the Company 's Tea Estate "
Arcuttipore Tea Estate " are yet to be received by the said Central
Bank of India , Kolkata through the intermeditary Messers ASREC ( India
) Limited, Kolkata.
24. Information given in accordance with the requirements of Accounting
Standard - 17 on Segment reporting issued by the Institute of Chartered
Accountants of India: - The Company has one primary business Segment
having two divisions: -
i. Tea Division
ii. Trading Division including insurance service
The Tea Division of the Company is engaged in the business of
cultivation manufacturing,Sale of Tea & Green leaf. The Company's
Trading Division is engaged in purchase & sale of shares and service
charges on insurance business.
25. Confirmations for Credit and Debit balances including Secured Loan
and Unsecured Loans, Sundry Debtors, Sundry Creditors, Advances
received from customers loans and advances are to be obtained.
Necessary consequential adjustments will be made as and when
ascertained.
26. Unprovided estimated gratuity liability Rs. 4,12,128.13/- (previous
year Rs.6,28,517/-) for the year and the total unprovided gratuity as
on 31.03.2014 as extimated by the Management amounts to Rs.11679381.63
(previous year Rs.10650382/-) including in respect of employees retired
till 31.03.2014. However, the company has paid gratuity of Rs.362332/-
(previous year Rs.461800/-) to its employees during the year and
charged to this statement of Profit and Loss. Moreover, the company has
paid amount Rs.534600/- (previous year Rs 318500/-) to the retired
employees on account against their gratuity dues and the same are shown
as advances at the year -end.
27. Contingent Liabilies not provided in respect of :-
2013-2014 2012-2013
(Figures in Rs.) (Figures in Rs.)
i) Enhanced tax payable under
Assam Land revenue Re-Assessment
(Amendment) act, 1990 Pending in 4,28,379/- 4,28,379/-
appeal
ii) Excise duty demanded against
which petition has been field 3,92,841/- 3,92,841/-
before cout and decision is pending
iii) Income Tax demands pending - 3,11,90,000/-
in Tribunal appeals for Rs. 240.97
Lacs
28. In Tea Industry, value of Green Leaf Produced in Company's Own
estate is not ascertainable Since Production involves an integrated
process of growing and cultivation. **** Excluding Complementary Kgs
of tea 2307/- - to staff (Previous year 1668kgs ) and Tea waste Nil kgs
( previous year 3822 kgs )
29. Previous year's figures have been re-grouped/re-arranged wherever
considered necessary.
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