Assambrook Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2014

1. SHARE CAPITAL

1.1 The Company has 2 class of shares viz: Equity shares having a par value of Rs. 10/- per share and Preference share having a par value of Rs. 100/- per share.

1.2 The Equity share holder is eligible for one vote per share. In the event of liquidation, the Equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amount including payment to preference shareholders, proportion to their share holdings.

2. NON CURRENT INVESTMENTS

* Received pursuant to scheme of arrangements between Rossel Industries Ltd. and these companies and considered at nil value in the accounts.

3. (a) Under the Assam Fixation of Ceiling of Holding Act, 1956, 6123 Bighas of the underdeveloped land of the Company''s Tea Estates had been declared surplus. A portion of the said land measuring 1948 Bighas has since been given back to the Company. Compensation for the balance land acquired by the Government will be accounted for as and when claims of the Company in this respect are settled.

(b) Land revenue in respect of this surplus land had been paid/provided as per the demands raised and would be adjusted on settlement of the amount of the compensation as mentioned above.

4. The Company was eligible for Working Capital Interest Subsidy in terms of notification of Government of India for Industrial units in the North-Eastern Region. Accordingly, Working Capital Interest Subsidy estimated to Rs. 72.54 lacs (previous year Rs.72.54 lacs) shown as recoverable on the basis of claim lodged with the appropriate authorities. During the financial year the Company has received a sum of Rs. 31.91 lacs towards Working Capital interest subsidy and the balance amount of subsidy receivable amounting to Rs. 40.63 lacs has been written off during the relevant financial year.

5. a) Payments against supplies from small scale and ancillary units are generally made in accordance with the agreed credit terms and to the extent ascertained from available information, there was no amount due as on 31st March, 2013 in this regard.

(b) To the extent identified from the information available from the suppliers of goods and services, there is no Macro and small enterprises being a supplier as defined under Micro, Small and Medium Enterprises Development Act, 2006.

6. The repayment of installments of Provident Fund dues as granted by the Provident Fund Commissioner, Assam vide their letter dt. 1 Sept 2009 are being paid generally as per stipulation. However no provision in respect of interest and damages on delayed payment of Provident Fund has been made, as the same is not ascertainable at this stage.

7. The Company''s main business is growing, manufacturing and sale of tea. As such, there are no separate reportable segments as per the Accounting Standards on "Segment Reporting" AS 17, issued by the Institute of Chartered Accountants of India.

8. Related party disclosures as identified by the management in accordance with the Accounting standard 18 issued by the Institute of Chartered Accountants of India:

Name of Related Parties: None

Key Management Personnel: Mr. Siddharth Rampuria, Managing Director

Transaction with Key Management Personnel : Remuneration paid during the year Rs.3,00,000/-.

Except the above, Company has not entered into transactions of material nature, with its promoters, the directors or the management, their subsidiaries or relatives etc. that may have potential conflict with the interest of the company.

9. The Company adopted the Accounting Standard 22 Accounting for the taxes on Income, in earlier years and recognised Deferred Tax Assets and deferred Tax Liabilities. The company has carry forward business losses and unabsorbed depreciation as per Income Tax Act 1961. In absence of virtual certainty of earning profit in future years the Company has not accounted for this Deferred Tax assets in the books. However, the breakup of the deferred tax assets is as under:

10. Other receivables include Rs. 1592.80 lacs (P.Y. 1592.80 lacs) receivable from public sector undertaking/enterprises pursuant to an agreement with ABL International Limited for assignment of debts to the Company, which are under litigation. However ABL International Ltd shall indemnify the Company in case of any short fall in the recovery of aforesaid dues and the same shall be made good by them. The Hon''ble High Court at Calcutta has passed a decree for Rs.3856.38 lacs which was challenged by the party and Hon''ble division bench has now appointed a referee to determine the mesne profit. The Company filed a SLP before the Hon''ble Supreme Court of India challenging the appointment of referee to determine the menses profit. However the Hon''ble Court directed the special Referee to submit his report before the Court. The party objected to the report of the Special Referee on which the Hon''ble Court has directed them to deposit Rs. 10 Crores by 30 June, 2014 with the Registry to enable the Court to consider their objection.

11. Employees Benefits:

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. The employees gratuity fund scheme managed by a trust(Life Insurance Corporation of India and Reliance Life Insurance Co Ltd.).The present value of obligation is determined based on actuarial valuation. The obligation for leave encashment is recognized in the same manner as Gratuity.

(a) The estimate of future salary increases takes in to account inflation, seniority, promotion and other relevant factors, such as demand and supply in employment market.

(b) The expected return on plan asset is determined after taking in to consideration composition of plan asset held , assessed risk of asset management, historical results of the return on plan asset, and the company''s policy for plan asset management.

12. The Company has entered into an agreement in the year 2007-08 for sale of its Tea Estates viz: Tinkharia and Dhullie T E in Assam. Pending receipt of various clearances and completion of sale, the amount received from the buyer has been shown as receipts against Consideration Money in books of accounts. Adjustment for the same shall be made in the year of completion of sale.

13. Due to operating losses in earlier years and financial constraint statutory dues including, Provident Fund dues could not be paid on due dates in respect of earlier years and these are still outstanding as on March 31, 2014. Necessary steps are already initiated by the Company to settle the dues.

14. Some of the confirmations of the Sundry Creditors are yet to be received and/or reconciled.

15. In view of inadequacy of profit no provision for Capital Redemption Reserve has been created in respect of Preference Shares issued by the Company.

16. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.

17. Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure 1.

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Mar 31, 2013

1. (a) Under the Assam Fixation of Ceiling of Holding Act, 1956, 6123 Bighas of the underdeveloped land of the Company''s Tea Estates had been declared surplus. A portion of the said land measuring 1948 Bighas has since been given back to the Company. Compensation for the balance land acquired by the Government will be accounted for as and when claims of the Company in this respect are settled.

(b)Land revenue in respect of this surplus land had been paid /provided as per the demands raised and would be adjusted on settlement of the amount of the compensation as mentioned above.

2. The Company is eligible for Working Capital Interest Subsidy in terms of notification of Government of India for Industrial units in the North-East Region. Accordingly, Working Capital Interest Subsidy estimated to Rs. 72.54 lacs (previous year Rs.72.54 lacs) shown as recoverable on the basis of claim lodged and sanctioned by appropriate authorities.

3.a) Payments against supplies from small scale and ancillary units are generally made in accordance with the agreed credit terms and to the extent ascertained from available information, there was no amount due as on 31st March, 2013 in this regard.

(b) To the extent identified from the information available from the suppliers of goods and services, there is no Macro and small enterprises being a supplier as defined under Micro, Small and Medium Enterprises Development Act, 2006.

4. The repayment of installments of Provident Fund dues as granted by the Provident Fund Commissioner, Assam vide their letter dt. 1 Sept 2009 are being paid as per stipulation. However no provision in respect of interest and damages on delayed payment of Provident Fund has been made, as the same is not ascertainable at this stage.

5. The Company''s main business is growing, manufacturing and sale of tea. As such, there are no separate reportable segments as per the Accounting Standards on "Segment Reporting" AS 17, issued by the Institute of Chartered Accountants of India.

6. Related party disclosures as identified by the management in accordance with the Accounting standard 18 issued by the Institute of Chartered Accountants of India:

Name of Related Parties: None

Key Management Personnel: Mr. Siddharth Rampuria, Managing Director

The Company has not entered into transactions of material nature, with its promoters, the directors or the management, their subsidiaries or relatives etc. that may have potential conflict with the interest of the company.

7. The Company adopted the Accounting Standard 22 Accounting for the taxes on Income, in earlier years and recognised Deferred Tax Assets and deferred Tax Liabilities. The company has carry forward business losses and unabsorbed depreciation as per Income Tax Act 1961. In absence of virtual certainty of earning profit in future years the Company has not accounted for this Deferred Tax assets in the books. However, the break up of the deferred tax assets is as under:

8. Other receivables include Rs.1592.80 lacs (P.Y. 1592.80 lacs) receivable from public sector undertaking/enterprises pursuant to an agreement with ABL International Limited for assignment of debts to the Company, which are under litigation. However ABL International Ltd shall indemnify the Company in case of any short fall in the recovery of aforesaid dues and the same shall be made good by them. The Hon''ble High Court at Calcutta has passed a decree for Rs.3856.38 lacs which was challenged by the party and Hon''ble division bench has now appointed a referee to determine the mesne profit.

9. Employeee Benefits:

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. The employees gratuity fund scheme managed by a trust(Life Insurance Corporation of India and Reliance Life Insurance Co Ltd.).The present value of obligation is determined based on actuarial valuation. The obligation for leave encashment is recognized in the same manner as Gratuity.

(a) The estimate of future salary increases takes in to account inflation , seniority, promotion and other relevant factors, such as demand and supply in employment market.

(b) The expected return on plan asset is determined after taking in to consideration composition of plan asset held , assessed risk of asset management, historical results of the return on plan asset, and the company''s policy for plan asset management.

10. The Company has entered into an agreement in the year 2007-08 for sale of its Tea Estates viz: Tinkharia and Dhullie T E in Assam. Pending receipt of various clearances and completion of sale, the amount received from the buyer has been shown as receipts against Consideration Money in books of accounts. Adjustment for die same shall be made in the year of completion of sale.

11. Due to operating losses in earlier years and financial constraint statutory dues including, Provident Fund dues could not be paid on due dates in respect of earlier years and these are still outstanding as on March 31, 2013. Necessary steps are already initiated by the Company to settle the dues.

12. Some of the confirmations of the Sundry Creditors are yet to be received and/or reconciled.

13. In view of inadequacy of profit no provision for Capital Redemption Reserve has been created in respect of Preference Shares issued by the Company.

14. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

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Mar 31, 2012

1.1 The Company has 2 class of shares viz: Equity shares having a par value of Rs. 10/- per share and Preference share having a par

value of Rs. 100/- per share.

1.2 The Equity share holder is eligible for 1 vote per share. In the event of liquidation, the Equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amount including payment to preference shareholders, proportion to their share holdings.

2. (a) Under the Assam Fixation of Ceiling of Holding Act, 1956, 6123 Bighas of the underdeveloped land of the Company's Tea Estates had been declared surplus. A portion of the said land measuring 1948 Bighas has since been given back to the Company. Compensation for the balance land acquired by the Government will be accounted for as and when claims of the Company in this respect are settled.

(b)Land revenue in respect of this surplus land had been paid /provided as per the demands raised and would be adjusted on settlement of the amount of the compensation as mentioned above.

3. Contingent Liabilities not provided for in respect of:

(a) Sales Tax demand pending in appeals Rs. 54.00 lacs including Rs.11.24 lac as appearing in the books of accounts. (Previous year Rs.37.51 lacs)

(b) Damage for delay in payment of the provident fund dues pertaining to the Kerala Tea Estates, sold in the year 2004, the amount of the same is not ascertainable at this stage.

(c) Disputed demand of Income Tax for ? 9.58 lacs for the Assessment Year 2009-10. Appeal pending before CIT Appeal IV Kolkata.

4. The Company is eligible for Working Capital Interest Subsidy in terms of notification of Government of India for Industrial units in the North-East Region. Accordingly, Working Capital Interest Subsidy estimated to Rs. 72.54 lacs (net of Rs.2.60 lacs written off during the year, previous year Rs.75.14 lacs) shown as recoverable on the basis of claim lodged and sanctioned by appropriate authorities.

5.a) Payments against supplies from small scale and ancillary units are generally made in accordance with the agreed credit terms and to the extent ascertained from available information, there was no amount due as on 31st March, 2012in this regard.

(b) To the extent identified from the information available from the suppliers of goods and services, there is no Macro and small enterprises being a supplier as defined under Micro, Small and Medium Enterprises Development Act, 2006.

6. The repayment of installments of Provident Fund dues as granted by the Provident Fund Commissioner, Assam vide their letter dt. 1 Sept 2009 are being paid as per stipulation. However no provision in respect of interest and damages on delayed payment of Provident Fund has been made, as the same is not ascertainable at this stage.

7. The Company's main business is growing, manufacturing and sale of tea. As such, there are no separate reportable segments as per the Accounting Standards on ' 'Segment Reporting" AS 17, issued by the Institute of Chartered Accountants of India.

8.Related party disclosures as identified by the management in accordance with the Accounting standard 18 issued by the Institute of Chartered Accountants of India:

Name of Related Parties: None

Key Management Personnel: Mr. Siddharth Rampuria, Managing Director

The Company has not entered into transactions of material nature, with its promoters, the directors or the management, their subsidiaries or relatives etc. that may have potential conflict with the interest of the company.

9. Earning per Equity Share

Basic and diluted as computed as per Accounting Standard AS-20

Current Year Previous Year

Profit/(Loss) after taxation ( Rs. in 000's) (58) 1847 Statement of Profit & Loss (Rs. in 000's)

Weighted average number of Equity Shares outstanding 64,61,242 64,61,242

Earning per Equity Share of ? 10 each (?) (0.01) 0.29

10. The Company adopted the Accounting Standard 22 Accounting for the taxes on Income, in earlier years and recognised Deferred Tax Assets and deferred Tax Liabilities. The company has carry forward business losses and unabsorbed depreciation as per Income Tax Act 1961. In absence of virtual certainty of earning profit in future years the Company has not accounted for this Deferred Tax assets in the books. However, the break up of the deferred tax assets is as under:

11. Other receivables include Rs. 1592.80 lacs (P.Y. 1592.80 lacs) receivable from public sector undertaking/enterprises pursuant to an agreement with ABL International Limited for assignment of debts to the Company, which are under litigation. However ABL International Ltd has indemnified the Company in case of any short fall in the recovery of aforesaid dues the same shall be made good by them.

12. Gratuity liability to employees has been provided in the accounts on the basis of actuarial valuation as on the Balance Sheet date. However the full compliance and information as required under A.S.-15 (Revised) as applicable with effect from 2005 has not been made for the year for want of a detailed certificate and the same shall be made in the subsequent year.

13. The Company has entered into an agreement in the year 2007-08 for sale of its tea Estates viz: Tinkharia and Dhullie T E in Assam. Pending receipt of various clearances and completion of sales the amount received from the buyer has been shown as receipts against Consideration Money in books of accounts. Adjustment for the same shall be made in the year of completion of sale.

14. In terms of compromise proposal agreed to with Union Bank of India, an amount of Rs.905 lacs was paid as full and final settlement and accordingly Rs.140.85 lacs being the excess amount provided in the books, has been written back and included under other income.

15. Due to operating losses in earlier years and financial constraint, certain statutory dues could not be paid on due dates in respect of earlier years and these are still outstanding as on March 31, 2012. Necessary steps are already initiated by the Company to settle the dues.

16. Sundry Debtors outstanding for a period exceeding six months have become overdue. Persuasive steps are being taken for recovery. Pending outcome of such recovery steps, these have been considered good for recovery and accordingly no provision has been considered necessary in this regard.

17. Some of the confirmations of the Sundry Creditors are yet to be received and/or reconciled.

18. The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year classification / disclosure.

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Mar 31, 2011

1. Contingent Liabilities not provided for in respect of:

(a) Sales Tax demand pending in appeals Rs. 37.51 lacs including Rs.11.24 lac as appearing in the books of accounts. (Previous year Rs.37.51 lacs)

(b) Damage for delay in payment of the provident fund dues pertaining to the Kerala Tea Estates, sold in the year 2004, the amount of the same is not ascertainable at this stage.

2.Land & Planted Tea existing as on 1st January, 1984 and Land and Planted Tea, Buildings, Plant & Machinery and Vehicles existing as on 1st April,1990 were revalued by approved valuers as on that date at net current replacement cost and the resultant increase in the book value to the extent of Rs.381.08 lacs and Rs.535.41 lacs respectively were credited to Revaluation Reserve Account.

3.The Company is eligible for Working Capital Interest Subsidy in terms of notification of Government of India for Industrial units in the North-East Region. Accordingly, Working Capital Interest Subsidy estimated to Rs. 75.14 lacs (net of Rs. 221.15 lacs written off during the year, previous year Rs.293.69 lacs) shown as recoverable on the basis of claim lodged and sanctioned by appropriate authorities.

4.a) Payments against supplies from small scale and ancillary units are generally made in accordance with the agreed credit terms and to the extent ascertained from available information, there was no amount due as on 31st March, 2011in this regard.

(b) To the extent identified from the information available from the suppliers of goods and services, there are no Macro and small enterprises being a supplier as defined under Micro, Small and Medium Enterprises Development Act, 2006.

5. The Company has assessed the valuation of fixed assets in the light of professional advice as obtained by the management in this regard. Based on such advice, there has been no impairment in the value of Fixed Assets except the fencing which has been written off during the year and therefore no provision for impairment of such Assets is considered necessary by the Management as per Accounting Standard AS-28, impairment of Assets, issued by the institute of Chartered Accountants of India.

6. The repayment of installments of Provident Fund dues as granted by the Provident Fund Commissioner, Assam vide their letter date. 1 Sept 2009 are being paid as per stipulation. However no provision in respect of interest and damages on delayed payment of Provident Fund has been made, as the same is not ascertainable at this stage.

7. The Company's main business is growing, manufacturing and sale of tea. As such, there are no separate reportable segments as per the Accounting Standards on 'Segment Reporting' AS 17, issued by the Institute of Chartered Accountants of India.

8.Related party disclosures as identified by the management in accordance with the Accounting standard 18 issued by the Institute of Chartered Accountants of India: Name of Related Parties:

Key Management Personnel:

Mr. Siddharth Rampuria, Managing Director

The Company has not entered into transactions of material nature, with its promoters, the directors or the management, their subsidiaries or relatives etc. that may have potential conflict with the interest of the company.

9. The company adopted the Accounting Standard 22-Accounting for the taxes on Income, in earlier years and recognised Deferred Tax Assets and Deferred Tax Liabilities. The company has carry forward business losses and unabsorbed depreciation as per Income Tax Act 1961.In absence of virtual certainty of earning profit in future years the Company has not accounted for this Deferred Tax Assets in the books. However, the break up of the deferred tax assets is as under:

10. Other receivables include Rs.1592.80 lacs (P.Y. 1592.80 lacs) receivable from public sector undertaking/enterprises pursuant to an agreement with ABL International Limited for assignment of debts to the Company, which are under litigation. However ABL International Ltd has indemnified the Company in case of any short fall in the recovery of aforesaid dues the same shall be made good by them.

11.Gratuity liability to employees has been provided in the accounts on the basis of actuarial valuation as on the Balance Sheet date. However the full compliance and information as required under A.S.-15 (Revised) as applicable with effect from 2005 has not been made for the year for want of a detailed certificate and the same shall be made in the subsequent year.

12. The Company has concluded settlements with all secured creditors except the account with the Union Bank of India and the matter is subjudice. In view of the above, no interest on such secured loans from Bank amounting to Rs.132.36 lacs (to date Rs.661.78 lacs) have been provided during the year. Necessary adjustments will be carried out on ascertainment/settlement with the bank.

13. The Company has entered into an agreement in the year 2007-08 for sale of its tea Estates viz: Tinkharia and Dhullie T E in Assam. Pending receipt of various clearances and completion of sales the amount received from the buyer has been shown as receipts against Consideration Money in books of accounts. Adjustment for the same shall be made in the year of completion of sale.

14.Prior period expenses amounting to Rs.3.32 lacs have been charged in respective heads during the year.

15. Due to operating losses in earlier years and financial constraint, certain statutory dues could not be paid on due dates in respect of earlier years and these are still outstanding as on March 31, 2011. Necessary steps are already initiated by the Company to settle the dues.

16.a. Sundry Debtors outstanding for a period exceeding six months have become overdue. Persuasive steps are being taken for recovery. Pending outcome of such recovery steps, these have been considered good for recovery and accordingly no provision has been considered necessary in this regard.

b. After reviewing by the Board of Directors a sum of Rs.127.90 lacs has been written off as 'Irrecoverable Debts' since the same are not recoverable.

17. As sufficient time has passed since the disposal of the Kerala Tea Estates (2004/05) and as no claim of any nature has been received by the Company since that date, the accounts for the period 1 Mar 04 to 6 Feb 05 as incorporated are presumed to be correct. Further as per legal opinion received no claim can be entertained as the claims, if any, are now time barred.

18. Some of the confirmations of the Sundry Creditors are yet to be received and/or reconciled.

19. Previous year figures have been regrouped and rearranged wherever necessary. Figures in bracket indicate the corresponding figures of the previous year.

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Mar 31, 2010

1(a) Under the Assam Fixation of Ceiling of Holding Act, 1956, 6123 Bighasofthe underdeveloped land of the Companys Tea Estates had been declared surplus. A portion of the said land measuring 1948 Bighas has since been given back to the Company. Compensation for the balance land acauired by the Government will be accounted for as and when claims of the Company in this respect are settled.

(b) Land revenue in respect of this surplus land had been paid /provided as per the demands raised and would be adjusted on settlement of the amount of the compensation as mentioned above.

2. Contingent Liabilities not provided for in respect of:

(a) Sales Tax demand pending in appeals Rs. 37.51 lacs ( Previous year Rs.37.51 lacs)

(b) Interest/Damage for delay in payment of the provident fund dues pertaining to the Kerala Tea Estates, the amount of the same is not ascertainable at this stage.

3. Land & Planted Tea existing as on 1st January, 1984 and Land and Planted Tea, Buildings, Plant & Machinery and Vehicles existing as on 1st April, 1990 were revalued by approved valuers as on that date at net current replacement cost and the resultant increase in the book value to the extent of Rs.381.08 lacs and Rs.535.41 lacs respectively were credited to Revaluation Reserve Account.

4. The Company is eligible for Working Capital Interest Subsidy in terms of notification of Government of India for Industrial units in the North-East Region. Accordingly, Working Capital Interest Subsidy estimated to Rs. 293.69 lacs (net of Rs. 51.67 lacs received during the year, previous year Rs.345.36 lacs) shown as recoverable on the basis of claim lodged/to be lodged with appropriate authorities. The amounts receivable against the Interest subsidy have been accounted for in the accounts, as the benefit of the scheme will be available for 10 years.

5.a) Payments against supplies from small scale and ancillary units are generally made in accordance with the agreed credit terms and to the extent ascertained from available information, there was no amount due as on 31st March, 2010 in this regard.

(b) To the extent identified from the information available from the suppliers of goods and services, there are no Macro and small enterprises being a supplier as defined under Micro, Small and Medium Enterprises Development Act, 2006.

6. The Company has assessed the valuation of fixed assets in the light of professional advice as obtained by the management in this regard. Based on such advice, there has been no impairment in the value of Fixed Assets and therefore no provision for impairment of such Assets is considered necessary by the Management as per Accounting Standard AS-28, impairment of Assets, Issued by the institute of Chartered Accountants of India.

7. The payment of post maturity interest on fixed deposits which were paid in earlier years, have been made as per the Order of the Company Law Board, Eastern Region Bench, Kolkata during the year.

8. The repayment of installments of Provident Fund dues as granted by the Provident Fund Commissioner, Assam vide their letter dt. 1 Sept 2009 are being paid as per stipulation. However no provision in respect of interest and damages on delayed payment of Provident Fund has been made, as the same is not ascertainable at this stage.

9. Company has not yet received necessary demand note In respect of Land Revenue of Dhullie Tea Estate, and the amount Is not ascertainable, as such no provision has been made on this account.

10. The Companys main business is growing, manufacturing and sale of tea. As such, there are no separate reportable segments as per the Accounting Standards on "Segment Reporting" AS 17, issued by the Institute of Chartered Accountants of India.

11. Related party disclosures as identified by the management in accordance with the Accounting standard 18 issued by the Institute of Chartered Accountants of India:

Name of Related Parties :

Key Management Personnel :

Mr. Slddharth Rampuria, Managing Director

The Company has not entered into transactions of material nature, with its promoters, the directors or the management, their subsidiaries or relatives etc. that may have potential conflict with the interest of the company.

12. Other receivables includes Rs. 1592.80 lacs (RY. 1592.80 lacs) receivable from public sector undertaking/ enterprises pursuant to an agreement with ABL International Limited for assignment of debts to the Company, which are under litigation. However ABL International Ltd has Indemnified the Company in case of any short fall In the recovery of aforesaid dues the same shall be made good by them.

13. Gratuity liability to employees has been provided in the accounts on the basis of actuarial valuation as on the Balance Sheet date. However the full compliance and information as required under A.S.-15 (Revised) as applicable with effect from 2005 has not been made for the year for want of a detailed certificate and the same shall be made in the subsequent year.

14. The Company has concluded settlements with all secured creditors except the account with the Union Bank of India and the matter is subjudice. In view of the above, no interest on such secured loans from Bank amounting to Rs. 132.36 lacs (to date Rs.529.43 lacs) have been provided during the year. Necessary adjustments will be carried out on ascertainment/settlement with the bank.

15. In terms of compromise proposal agreed to with The Catholic Syrian Bank Ltd., an amount of Rs.220 lacs was paid as full and final settlement and accordingly Rs. 193.62.lacs being the excess amount provided in the books, has been written back and included under other income.

16. Due to operating losses in earlier years and financial constraint, certain statutory dues could not be paid on due dates and these are still outstanding as on March 31, 2010. Necessary steps are already initiated by the Company to settle the dues.

17. Sundry Debtors outstanding for a period exceeding six months have become overdue. Persuasive steps are being taken for recovery. Pending outcome of such recovery steps, these have been considered good for recovery and accordingly no provision has been considered necessary in this regard.

18. As sufficient time has passed since the disposal of the Kerala Tea Estates (2004/05) and as no claim of any nature has been received by the Company since that date, the accounts for the period 1 Mar 04 to 6 Feb 05 as incorporated are presumed to be correct. Further as per legal opinion received no claim can be entertained as the claims if any are now time barred.

19. Some of 1he confirmations of the Sundry Creditors are yet 1o be received and/or reconciled.

20. Information pursuant to the paragraphs 3(i) a, 4,4A, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956:

21. Previous year figures have been regrouped and rearranged wherever necessary. Figures in bracket indicate the corresponding figures of the previous year.