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Company Information

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ASSAMBROOK LTD.

07 March 2008 | 12:00

Industry >> Plantations - Tea & Coffee

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ISIN No INE353C01011 52Week High 34 Book Value (Rs.) -2.52 Face Value 10.00
Bookclosure 20/09/2017 52Week Low 14 EPS 0.00 P/E 0.00
Market Cap. 18.64 Cr. P/BV -6.22 Div Yield (%) 0.00 Market Lot 1.00

NOTES TO ACCOUNTS

You can view the entire text of Notes to accounts of the company for the latest year
Year End :2014-03 
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.