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Goodricke Group
BSE: 500166|NSE: GOODRICKE|ISIN: INE300A01016|SECTOR: Plantations - Tea & Coffee
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« Dec 13
Notes to Accounts Year End : Dec '14
1.1 Rights, Preferences and Restrictions attached to Shares
 
 The Company has only one class of shares referred to as Equity shares
 having a par value of Rs. 10 per share. Each Shareholder is eligible
 for one vote per share held. The dividend proposed by the Board of
 Directors is subject to the approval of the Shareholders in the ensuing
 Annual General Meeting. In the event of liquidation, the Equity
 Sharehoders are eligible to receive the remaining assets of the Company
 after distribution of all preferential amounts, in proportion to their
 shareholding.
 
 2.1 There is no movement of Share Capital during the year.
 
 3.1 Capital Reserve includes Rs. 3,883,676/- pre-acquisition profit
 
 3.2 Development Rebate Reserve, Development Allowance Reserve and
 Investment Allowance (Utilised) Reserve are transferred from Pre-Merger
 Reserves.
 
 3.3 Dividend Distribution Tax on Proposed Dividend for the year ended
 31st December, 2013 includes Rs. 667,440 pertaining to 2012
 
 4.1 Working Capital Loans and Packing Credit Facilities are secured by
 equitable mortgage by deposit of title deeds of the Company''s Tea
 Estates and hypothecation of entire tea crop and other produces of Tea
 Estates as well as stocks of tea manufactured or in process and book
 debts, and entire movable plant and machinery, tools and accessories
 and other movable fixed assets both present and future.
 
 5.1 Trade Payables include Rs. 381,552 (2013 - Rs. 410,081) due to
 Micro & Small Enterprises as defined in the Micro, Small and Medium
 Enterprises Development Act, 2006, based on information available with
 the Company.
 
 Rs. 1,23,134 represents interest accrued on amount outstanding as at
 the year end and remaining unpaid.
 
 6.1 There is no amount due and outstanding to be credited to Investor
 Education and Protection Fund as at 31st December 2014
 
                                                As at             As at
                                     December 31,2014  December 31,2013
                                                  Rs.               Rs.
 
 7 CONTINGENT LIABILITIES 
 (To the extent not provided for)
 Claims against the Company 
 not acknowledged as Debts:
 
 Income Tax Matters (without 
 considering concomitant liability
 in respect of Agricultural Income Tax)    56,282,212       90,569,279
 
 Central Excise Matters                    12,934,600                -
 
 Sales Tax Matters                          1,502,235        3,484,438
 
 Disputed Claims                            2,516,000        2,516,000
 
 Future cash flows if any, in respect of above cannot be determined at
 this stage
 
 8 COMMITMENTS (To the extent not provided for)
 
 Estimated amount of contracts remaining to be executed on capital
 account and not provided for Rs. 15,909,800 (2013 - Rs. 22,458,655)
 
 8.1 Research and Development Expenditure charged to Revenue Rs.
 13,403,450 (2013 - Rs. 14,895,338)
 
 9 The Company has taken various premises under operating lease having
 tenure of 11 months to 72 months. There is no specific obligation for
 renewal of these agreements. Lease rent for the year amounts to Rs.
 18,914,272 (2013 - Rs. 16,571,918) This includes lease arrangements
 with escalation clauses of 5% to 10% at the end of each year.
 
 10 Consequent upon the vesting of the Indian undertakings on 1st
 January 1978 of the eight Sterling Company''s under the scheme of
 amalgamation, the title in respect of certain tea estates acquired
 under such scheme, are to be transferred in the name of the Company.
 The Company has been legally advised that the notification issued by
 the Government of West Bengal in 1994 for payment of salami does not
 apply to the Company.
 
 11 Provision for taxation has been made as per the Income Tax Act, 1961
 and the rules framed there under with reference to the profit for the
 year ended 31st December, 2014 which extends over two assessment years,
 Assessment Year 2014-2015 and Assessment Year 2015-2016. The ultimate
 tax liability for the Assessment Year 2015- 2016 will be determined on
 the total income for the period from 1st April, 2014 to 31st March,
 2015.
 
 12. Post Retirement Employee Benefits
 
 The Company operates defined contribution schemes like provident fund
 and defined contribution pension schemes. For these schemes,
 contributions are made by the Company, based on current salaries, to
 recognized funds maintained by the Company and for certain employees
 contributions are made to State Plans. In case of Provident fund
 schemes, contributions are also made by the employees. An amount of Rs.
 124,042,025 (2013 - Rs.  124,024,445) has been charged to the Profit &
 Loss Account on account of defined contribution schemes.
 
 The Company also operates defined benefit gratuity scheme, leave
 encashment, defined benefit pension scheme, defined benefit provident
 fund scheme and post retirement medical scheme. The pension benefits,
 medical benefits and leave encashment benefits are restricted to
 certain categories of employees. These schemes offer specified benefits
 to the employees on retirement. Annual actuarial valuations are carried
 out by an independent actuary in compliance with Accounting Standard 15
 (revised 2005) on Employee Benefits. Wherever recognized funds have
 been set up, annual contributions are made by the Company, as required.
 Employees are not required to make any contribution.
 
 Experience Gain/(Loss) adjustments on plan assets related to Gratuity
 Scheme for 2014 and the preceeding three years are Rs. 29,44,000; Rs.
 1,212,000; Rs. 4017000 and Rs. (144,000) respectively
 
 Experience Gain/(Loss) adjustments on plan liabilities related to
 Gratuity Scheme for 2014 and the preceeding three years are
 Rs. (49,562,000) Rs. 6,618,000; Rs. (6,577,000) and Rs. (78,761,000)
 respectively
 
 Effect of increase/ decrease of one percentage point in the assumed
 medical cost trend rates:
 
 As per Actuary, the cost trend in rates in case of medical benefits
 have no effect on the amount recognised since the benefit is in the
 form of a fixed amount.
 
 The estimates of future salary increase considered in the actuarial
 valuation takes into account factors like inflation, seniority,
 promotion and other relevant factors such as supply and demand in the
 employment market. The expected return on plan assets is based on
 actuarial expectation of the average long term rate of return expected
 on investments of the Funds during the estimated term of the
 obligations.
 
 The contribution expected to be made by the Company for the year ended
 31st December 2015 has not been ascertained.
 
 13 Related Party Disclosures
 
 a) Shareholders of the Company:
 
 Western Dooars Investment Ltd. and Assam Dooars Investment Ltd.
 together hold 74% of the Equity Share Capital of the Company. Camellia
 Plc is the ultimate holding company which is indirectly holding Western
 Dooars Investment Ltd. and Assam Dooars Investment Ltd.
 
 b) Other related parties with whom transactions have taken place during
 the year:
 
 Fellow Subsidiary Companies:
 
 Stewart Holl (India) Limited Amgoorie India Limited
 
 Koomber Properties & Leasing Company Private Limited Goodricke
 Technical & Management Services Limited Borbam Investments Limited
 Koomber Tea Company Private Limited Lebong Investments Private Limited
 
 c) Key Management Personnel:
 
 A.N.Singh-Managing Director & CEO
 
 14 Earning Per Equity Share (Basic and Diluted)
 
 The calculation of earning per share is based on the Profit after
 taxation of Rs. 222,386,927 (2013 - Rs. 333,568,696) and Equity Shares
 outstanding (Nominal value Rs. 10/- each) during the year aggregating
 to 21,600,000 (2013 - 21,600,000).
 
 15 The Company has reclassified previous years figure to conform to
 this years classification alongwith other regrouping/ rearrangement
 wherever considered necessary.
Source : Dion Global Solutions Limited
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