1. Security Particulars
(a) Term loans are secured by a charge created on certain movable and
immovable properties of the Company.
(b) Cash credit from banks is secured on a pari pasu basis by
hypothecation of stock of tea, stores, standing crop and book debts and
is also secured by first charge by way of equitable mortgage of certain
other immovable properties of the Company.
2. Fixed Assets
Land and Land development includes leasehold lands the cost of which is
not separately ascertainable.
3. Contingent Liabilities 2011 2010
Rs. in Lacs Rs. in Lacs
3.1 Claims against the Company not
acknowledged as debts - disputes pending
before various authorities
3.2 Dispute in Electricity Tax 67.16 67.16
a) Provision for tax comprises of provision for Central Income Tax and
provision for Assam Agricultural Income Tax.
b) The Provision for tax for the year has been computed as per the
provisions other than 115JB of the Income Tax Act, 1961 and is net of
adjustment of MAT paid / charged off in earlier years amounting to Rs.
c) During the year the Company reviewed the MAT credit available in
respect of tax paid in the preceding years under the provisions of
115JB to the extent of Rs. 163.23 Lacs and considering that the
Companys liability for the year falls under the provisions other than
115JB and also the projected profitability for future years, it is of
the view that it will pay tax against which the MAT tax paid can be
fully adjusted within the period specified under section 115JAA.
Accordingly, the Company has recognised MAT credit entitlement
aggregating to Rs. 163.23 Lacs relating to preceding years in these
In the preceding years, the Company had net deferred tax asset arising
on unabsorbed business loss / depreciation which was not recognised as
a matter of prudent policy.
5. Micro and Small Enterprises
The Company has not received any memorandum (as required to be filed by
the suppliers with the notified authority under Micro, Small and Medium
Enterprises Development Act, 2006) claiming their status as micro or
small enterprises and consequently the amount paid/payable to these
parties has been considered as nil.
6. Segment reporting
The Company is engaged in a single business segment i.e. Plantations
and operates primarily in one geographical segment. Accordingly, there
are no separate reportable segments as per the Accounting Standard 17
on Segmental reporting.
7. Related Party disclosures
7.1 List of Related Parties where control exists:
Holding Company New Ambadi Estates Private Limited (NAE)
Subsidiary Company Parry Estates Limited (PEL)
Partnership Firm Yelnoorkhan Group of Estates (YKN)
- Yelnoorkhan Estates
- Bangaragiri Estates
- Jensury Estates
- Sipani Plantations
- Kanakannadoddi Coffee Estates
Fellow Subsidiary Companies New Ambadi Investments and Enterprises
Private Limited (NAIEPL)
Parry Enterprises India Limited (PEIL) Thangamalai Tea Factory Private
7.2 The above information regarding related parties have been
determined to the extent such parties have been identified on the basis
of information available with the Company.
8. The Board of directors of the Company have approved a scheme of
arrangement (Demerger) under Section 391 to 394 of the Companies Act,
1956 between the Company and Parry Estates Limited (Wholly owned
Subsidiary Company), respective shareholders and creditors, to separate
the Plantation operation which is subject to various approvals
including the approval of Honourable Madras High Court.
9. Previous years figures have been regrouped / amended wherever
necessary to conform to the current years presentation.