1. Fixed Assets Notes:
1. The Assam Government has acquired in total 644.05 hectares of land
(415.43 hectares in 1976 and 228.62 hectares in 1981) under the Assam
Fixation of Ceiling on Land Holdings Act, 1956. Pending the
receipt/finalisation of compensation money from the authorities in
respect of the above acquisition, no adjustment in this regard has been
made in these accounts.
2. The Fixed Assets of the Company had been revalued by approved
valuers as at 31 st December, 1981, 31 st March, 1990 and 31st March,
1993. The revaluation of the assets had been made on the basis of Net
3. Depreciation for the year amounting to Rs. 18,81 (2006 : Rs. 20,40)
attributable to amounts added on revaluation has been transferred from
Revaluation Reserve to the credit of Profit & Loss Account.
4. Machinery (Gross Block) includes items acquired under Hire Purchase
Scheme of Rs. 9,04 (2006 : Rs. 9,04).
5. Quality upgradation subsidy amounting to Rs. 1,93 (2006 : Rs.7,03)
receivable from Tea Board under Tea Board Quality Upgradation & Product
Diversification Subsidy Scheme has been adjusted against the cost of
respective plant and machinery.
2. a) Contingent Liability represents Sales Tax under dispute amounting
to Rs. Nil (2006 : Rs. 4,129).
b) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. 5,14,949 (2006 :Rs. 3,18,143).
3. Total salaries, wages and bonus charged under various heads of
accounts amounted to Rs. 10,22,23,019 (2006 : Rs. 9,92,37,747).
4. Total stores consumed (all indigenous) charged under various heads
of accounts amounted to Rs. 4,31,63,880 (2006 :Rs. 3,55,10,003).
5. Provision for income tax in respect of earlier years of Rs. Nil
(2006 : Rs. 6,06,219) is represented by
a) provision for Agricultural Income Tax - Rs. Nil (2006 : Rs.
b) provision / (Write back) of Central Income Tax - Rs. Nil (2006 : Rs.
Life Insurance Corporation of India (LICI) in their annual demand for
premium towards gratuity payable to employees on their retirement had
shown a shortfall amounting to Rs.38,80,826 (2006: Rs.33,90,729) being
the difference between actual fund size and the fund size required to
support accrued gratuity liability. The Company contending such basis
of valuation adopted by LICI have got fund size separately evaluated by
an independent actuary based on whose report there are no such
shortfall as at 31st March, 2007. LICI is in the process of
re-evaluating the premium demanded.
7. Necessary disclosures required under the Micro, Small and Medium
Enterprises Development Act, 2006 can only be considered once relevant
information to identify the suppliers who are covered under this Act
are received from such parties.