1) Contingent Liability not provided for in respect of
 
 1.1) Bank Guarantees issued to various Government Bodies to the extent
 of Rs 8,000,730/- (Previous year Rs 6,786,084/-).
 
 1.2) Claim against the Company not acknowledged as debts amounting to
 Rs 25,440,300/- (Previous year Rs 25,440,300/-).
 
 1.3) West Bengal Sales Tax demand for the Assessment Year 2000-01 of Rs
 80,543/- (Previous year Rs 80,543/-).
 
 1.4) Income tax demand of Rs 779,200/- and Rs 1,328,258/- being
 contested by the company for the Assessment year 2007-08 and 2008-09
 respectively (Previous year Rs 4,771,575, Rs 94,181 and Rs 3,100,689
 for the assessment year 2005-06, 2006-07 and 2007-08 respectively).
 
 1.5) Central Sales Tax demand for the Assessment Year 2003-04 and
 2004-05 of Rs 2,528,836/- and Rs 2,718/- respectively (Previous year Rs
 2,528,836/- and Rs 194,968/- respectively).
 
 2) Stock of Tea includes 8,14,417 Kgs. valuing Rs 80,642,607/- lying
 with other Parties (Previous year 1,191,736 Kgs. valuing
 Rs110,585,116/-)
 
 3) Depreciation as calculated includes additional charges of Rs 49,895
 on revalued assets and an amount equivalent to the additional charges
 has been transferred to Profit and Loss Account from Capital Reserve
 (Revaluation of Fixed Asset) such transfer according to an
 authoritative Professional view being acceptable for the purpose of the
 Companies annual accounts.
 
 4) In accordance with the AS - 28 on Impairment of Assets, the company
 has assessed as on the balance sheet date, whether there are any
 indication (listed in paragraphs 8 to 10 of the standard) with regard
 to impairment of any assets. Based on such assessment, it has been
 ascertained that no potential loss is present and therefore, formal
 estimate of recoverable amount has not been made. Accordingly, no
 impairment loss has been provided in the books of accounts.
 
 5) No provision has been made for Sundry Debtors amounting to Rs
 414,544/- considered as Doubtful of Recovery (Under Litigation Rs
 108,930/-) (Previous year Rs 414,544/-)
 
 6) Sundry Creditors include outstanding in respect of Machinery and
 vehicle amounting to rs 9,691,870/- (Previous year Rs 11,080,830/-)
 purchased in terms of Hire Purchase Agreements.
 
 7) The Company has not received any information from its suppliers
 regarding registration under The Micro, Small and Medium Enterprises
 Development Act, 2006. Hence, the information required to be given in
 accordance with Section 22 of the said Act, is not ascertainable.
 Hence, not disclosed.
 
 8) The disclosures required under Accounting Standard 15 ( Revised 2005
 ) Employee Benefits notified in the Companies (Accounting Standards)
 Rules,2006, are given below:
 
 a) Defined Contribution Plan - Provident Fund
 
 Employers contribution to Provident Fund            14,608,829/-
 
 Employees contribution to Provident Fund            14,608,829/-
 
 b) Defined Benefit Plan - Gratuity
 
 No provision has been made in respect of present liabilities for future
 payment of gratuity to the staff and workers, which will be charged to
 accounts as and when paid. According to actuarial valuation under
 Revised AS-15, the liability for gratuity obligation to staff and
 workers as on 31st December, 2010 is Rs 64,225,223/- (Previous Year Rs
 80,590,980/-).
 
 The Company extends defined benefit plan in the form of gratuity to
 employees contribution to gratuity is made to Life Insurance
 Corporation of India & HDFC Standard Life Insurance Company Ltd. in
 accordance with the scheme framed by the Corporation. The details are
 as under:
 
 The discount rate is based upon the market yield available on
 government bonds at the accounting date within a term that matches that
 of the liabilities and the salary increase should take account
 Inflation, Seniority, Promotion and other relevant factors.
 
 9) In accordance with Accounting Standard (AS) 13 issued by the Council
 of the Institute of Chartered Accountants of India, the Long Term
 Investments held by the Company are valued at cost and Rs 7,245,068./-
 (Previous year Rs 8,023,805./-) being diminution in values thereof has
 been considered by the management to be temporary and accordingly has
 not been recognized in this account. These would, however be covered
 adequately by the Companys year-end Reserves & Surplus.
 
 10) Miscellaneous Expenses includes Directors Board Meeting Fee &
 Committee Meeting Fee Rs 36,000/- (Previous year Rs 28,000/-).
 
 11) The company has not accounted for interest receivable from M/s
 Pretoria Enclave Limited, as per One Time Settlement (OTS) held in the
 year 2008. According to OTS M/s Pretoria Enclave Limited will pay Rs80.0
 lacs as compensation in three yearly installments and after the
 completion of installments of Rs 80 lacs, the aforementioned Company
 will pay its principal amount from the year 2011-12 in three years
 time. Interest will be Charged from April, 2011 onwards.
 
 12) No Provision has been made in respect of West Bengal Professional
 Tax liability of Rs 327,41 II- in respect of interest for which the
 company had applied for waiver. (Previous year Rs 327,417/-).
 
 13) No provision has been made for loan receivable amounting to Rs
 1,744,778/- as considered doubtful of recovery during the year. Hence
 no interest has been provided on the said loan. (Previous year Rs
 2,763,111/-).
 
 14) Sundry Creditors includes Rs284,352/- (Previous Year Rs 560,436/-)
 due to Small Scale Industrial undertakings to the extent such parties
 have been identified from the available documents/information. An
 amount of Rs 9,062/- is due to party namely Vijay Trading Company which
 is outstanding for more than 30 days.
 
 15) Land & Plantation includes Rs 790 lacs in respect of Ambari Tea
 Estate, conveyance for which is not executed.
 
 16) The Companys profits for the period 1st April, 2010 to 31st
 December, 2010 together with those for the subsequent period to 31st
 March, 2011 will be assessable (including under section 115JB of the
 Income Tax Act, 1961) as one composite income for the Assessment Year
 2011 -2012 and in the view of this, no provision for the taxation and
 Deferred Tax Liability has been made as the tax liability in respect of
 the said period of Nine months cannot be quantified at present.
 However provision for Income Tax for the Three month from 1st Jan, 2010
 to 31st March, 2010 along with previous Nine month from 1st April, 2009
 to 31st December, 2009 has been ascertained and duly provided.
 
 17) In accordance with the Accounting Standard 22 Accounting for Taxes
 on Income issued by the Institute of Chartered Accountants of India,
 the Company has reviewed the net deferred tax liability/assets as at
 31st March, 2010 and the net deferred tax liability have been computed
 Rs 6,396,794/-. Accordingly the deferred tax amounting to Rs
 9,367,769/- for the year has been recognized in the Profit and Loss
 Account and the Deferred tax liability/Assets for the period from 1st
 April, 2010 to 31st December, 2010 has not been provided in view of the
 above note number 16.
 
 18) In the opinion of the Board of Directors of the Company the Current
 Assets, Loans, Advances and Deposits are approximately of the value
 stated in the accounts, if realised, in ordinary course of business
 unless otherwise stated. The provisions for all known liabilities are
 adequate and not in excess of the amount reasonably required.
 
 19) The Company is engaged in the business of integrated activities of
 manufacture and sale of tea, predominantly in the domestic market.
 Hence, there is no reportable segment as per the AS - 17 on Segment
 Reporting as issued by the ICAI.
 
 26) Figures for the Previous year have been regrouped, rearranged and
 recast wherever necessary.