1. The Company is a Small and Medium Sized Company (SMC) as defined in
the General Instructions in respect of Accounting Standards notified
under the Companies Act, 1956. Accordingly, the Company has complied
with the Accounting Standards as applicable to a Small and Medium Sized
2. The Company operates defined Benefit Schemes of Gratuity (unfunded)
and Superannuation (funded) based on current salaries in accordance
with the rule of the fund/Plan. In terms of Accounting Policies
enumerated in Note 18 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 :
VII. Principal Actuarial Assumptions of funded and unfunded plans as
Actuarial valuation considered estimates of future salary increases
taking into account inflation and other relevant factors.
The expenses for the above mentioned benefits have been disclosed under
Salaries, Wages, Bonus and Gratuity and Contribution to Superannuation
Fund in Schedule 14.
Post Employment Contribution Plan
During the year an aggregate amount of Rs. 110 (Previous Year - Rs.
108) has been recognized as expenditure towards defined contribution
plan of the Company.
3. The Company is awaiting approval from the appropriate authority in
respect of a separate Gratuity Fund established on 26th March, 1999
with an initial token contribution of Rs. 10.
4. Contingent liabilities
a) Income Tax matters under Appeal Rs. 24,960 (Previous Year Rs.
b) Sales Tax matters under Appeal Rs. 1,280 (Previous Year Rs. 1,280).
c) Legal matters amounting to Rs. 299 ( Previous Year Rs. 299).
5. Cancellation of Bank Guarantees covered by Fixed Deposits amounting
to Rs. 750 (Previous Year Rs. 750) on account of Tippuk Tea Estate
already sold are in process.
6. Related Party Disclosures
a) Disclosure of relationships :
Significant Influence by Warren Tea Limited
Key Management Personnel
Key Management Personnel Mr S K Ghosh (Managing Director)
7. Buyers'' accounts for sale/transfer of tea estates of the Company
in earlier years are pending settlements.
8. There has been no loss on account of Impairment of Assets since
the carrying amount of Fixed Assets does not exceed the recoverable
9. Previous year''s figures have been regrouped or rearranged,
10. Major Accounting Policies :
The financial statements have been prepared consistently in accordance
with the standards of accounting prescribed under the Companies Act,
1956. A summary of significant Accounting Policies is set out below :