Notes to Financial Statements for the year ended 31st March, 2018
|
Particulars
|
31st March 2018
|
31st March 2017
|
1st April 2016
|
|
Rs.
|
Rs.
|
Rs.
|
|
Share Capital
|
|
|
|
|
Authorised Capital
|
|
|
|
|
1,00,00,000 (31.03.2017- 1,00,00,000, 01.04.2016 - 1,00,00,000)
|
100000000
|
100000000
|
100000000
|
|
Equity Shares of Rs. 10/- each.
|
|
|
|
|
Issued, Subscribed & Paid up Capital
|
|
|
|
|
50,67,700 (31.03.2017- 50,67,700 , 01.04.2016 - 50,67,700)
|
50677000
|
50677000
|
50677000
|
|
Equity Shares of Rs.10/- each fully paid up.
|
|
|
|
Details of shares in the company held by each sharehloder holding more than 5 per cent shares:
|
SI. No.
|
Name of the shareholder
|
31st March 2018
|
31st March 2017
|
1st April 2016
|
|
No. of shares
|
% of shareholding
|
No. of shares
|
% of shareholding
|
No. of shares
|
% of shareholding
|
|
1
|
T & l Projects Ltd.
|
699099
|
13.8
|
699099
|
13.8
|
699099
|
13.8
|
|
2
|
Chaman Exports Ltd.
|
490467
|
9.67
|
490467
|
9.67
|
490467
|
9.67
|
|
3
|
Sangeet Bagaria
|
361510
|
7.7
|
361510
|
7.7
|
361510
|
7.7
|
|
4
|
Indu Bagaria
|
351507
|
6.94
|
351507
|
6.94
|
351507
|
6.94
|
|
5
|
Sajjan Bagaria
|
303310
|
5.98
|
303310
|
5.98
|
303310
|
5.98
|
Note 9 - EQUITY SHARE CAPITAL
The Company has only one class of Equity Share having a par value of Rs.10/- per share.Each shareholder of Equity Share is entitled to one vote. ln the event of the liquidation of the Company equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferencial amount in proportion to their share holding.
Note 10 - RESERVES AND SURPLUS
| |
Reserves and Surplus
|
FVOCI equity Investments
|
Total
|
|
Capital Reserve
|
Securities Premium Reserve
|
General Reserve
|
Retained Earnings
|
|
Balance at the beginning of the reporting period i.e. 1st April 2016
|
-
|
3,40,00,000
|
4,16,20,256
|
8,62,64,289
|
(5,41,412)
|
16,13,43,133
|
|
Profit for the year
|
-
|
-
|
-
|
2,12,01,743
|
-
|
2,12,01,743
|
|
Other comprehensive income
|
-
|
-
|
-
|
(6,85,209)
|
12,111
|
(6,73,098)
|
|
Total Comprehensive Income for the year
|
-
|
3,40,00,000
|
4,16,20,256
|
10,67,80,824
|
(5,29,301)
|
18,18,71,779
|
|
Transactions with owners in their capacity as owners:
|
|
|
|
|
|
|
|
Dividend paid
|
-
|
-
|
-
|
25,33,850
|
-
|
25,33,850
|
|
Dividened Tax Paid
|
-
|
-
|
-
|
5,15,892
|
-
|
5,15,892
|
|
Balance at the end of the reporting period i.e. 31st March 2017
|
-
|
3,40,00,000
|
4,16,20,256
|
10,37,31,082
|
(5,29,301)
|
17,88,22,037
|
|
Profit for the year
|
|
|
|
4,07,28,372
|
|
4,07,28,372
|
|
Other comprehensive income
|
|
|
|
1,78,056
|
2,15,105)
|
(37,049)
|
|
Total Comprehensive Income for the year
|
|
3,40,00,000
|
4,16,20,256
|
14,46,37,510
|
(7,44,406)
|
21,95,13,360
|
|
Transactions with owners in their capacity as owners:
|
|
|
|
|
|
|
|
Dividend paid
|
|
-
|
|
25,33,850
|
|
25,33,850
|
|
Dividened Tax Paid
|
|
-
|
|
5,15,892
|
|
5,15,892
|
|
Transfer to retained earnings
|
|
|
|
|
|
-
|
|
Balance at the end of the reporting period i.e. 31st March 2018
|
|
3,40,00,000
|
4,16,20,256
|
14,15,87,768
|
(7,44,406)
|
21,64,63,618
|
Nature and Purpose of Other Reserves
a) Securities Premium Reserve
Securities Premium Reserve is used to record the premium on issue of shares. The reserve is available for utilisation in accordance with the provisions of the Act.
b) General Reserve
General Reserve is created and utilised in compliance with the provisions of the Act.
c) Retained Earnings
Retained earnings represent accumulated profits earned by the Company and remaining undistributed as on date.
d) FVOCI Equity Investments
The Company has elected to recognise changes in the fair value of certain investments in equity instruments through other comprehensive income. These changes are accumulated within the FVOCI equity investments reserve. The company transfers from this reserve to retained earnings when the relevant equity securities are derecognised.
Note 11-SHORT TERM BORROWINGS
| |
31st March 2018
|
31st March 2017
|
1st April 2016
|
|
Rs.
|
Rs.
|
Rs.
|
|
Secured Loan repayable on demand from bank
|
|
|
|
|
Packing Credit from bank
|
-
|
158151117
|
44841280
|
|
(Working Capital Loans from Standard Chartered Bank and HSBC Bank, secured by stocks/ Book)
|
|
|
|
|
Cash Credit from bank
|
-
|
-
|
11957186
|
|
(Working Capital Loans from Standard Chartered bank are secured by hypothecation of stocks, Book debts and personal guarantee of the directors of the company.)
|
|
|
|
|
From Corporates
|
142063147
|
95876454
|
65139428
|
| |
142063147
|
254027571
|
121937894
|
Note 12- TRADE PAYABLES
| |
31st March 2018
|
31st March 2017
|
1st April 2016
|
|
Rs.
|
Rs.
|
Rs.
|
|
For Goods and Services
|
208883899
|
339894979
|
215896677
|
| |
208883899
|
339894979
|
215896677
|
Note 13 - OTHER FINANCIAL LIABILITIES
| |
31st March 2018
|
31st March 2017
|
1st April 2016
|
|
Rs.
|
Rs.
|
Rs.
|
|
Unclaimed Dividend
|
3042763
|
2291361
|
2298836
|
|
Current maturity of Long term debt
|
769441
|
434179
|
1133544
|
| |
3812204
|
2725540
|
3432380
|
Note 14 - PROVISIONS
| |
31st March 2018
|
31st March 2017
|
1st April 2016
|
|
Rs.
|
Rs.
|
Rs.
|
|
Provision for Employee Benefit
|
|
|
|
|
Provision for Leave encashment
|
572765
|
639938
|
525054
|
|
Provision for Gratuity Liability
|
2203513
|
2249051
|
1982997
|
|
Provision for Income Tax
|
|
|
|
|
Provision for Income Tax (Net of Advance Tax)
|
10369296
|
2707846
|
9033133
|
| |
13145574
|
5596835
|
11541184
|
Note 15- OTHER CURRENT LIABILITIES
| |
31st March 2018
|
31st March 2017
|
1st April 2016
|
|
Rs.
|
Rs.
|
Rs.
|
|
Advances from Customers
|
175531553
|
103776499
|
71622132
|
|
Commission Payable
|
47571250
|
33419484
|
29182022
|
|
Royalty Payable
|
3820302
|
3820302
|
11285802
|
|
Government Statutory Dues
|
2225616
|
4057415
|
4043108
|
|
Employee Benefits Payable
|
63093
|
26095
|
54385
|
|
Sales Tax Deposit
|
373563
|
776690
|
272979
|
|
Claim Payable
|
18327294
|
18327294
|
-
|
|
Liabilities for Expenses
|
9627585
|
8999132
|
11706543
|
| |
257540256
|
173202911
|
128166971
|
Note 16 - REVENUE FROM OPERATIONS
| |
31st March 2018
|
31st March 2017
|
|
Rs.
|
Rs.
|
|
SALE OF PRODUCTS
|
|
|
|
Export (Machinary)
|
844841218
|
1109188655
|
|
Indigenious (Machinary)
|
118877772
|
102658655
|
|
Indigenious (Tea)
|
138373202
|
145875775
|
|
TOTAL A
|
1102092192
|
1357723085
|
|
OTHER OPERATING REVENUE
|
|
|
|
Sale of Import Licence
|
13872011
|
5379412
|
|
Duty Draw Back
|
14093985
|
21116937
|
|
Installation & Service Charges
|
6720128
|
3379468
|
|
TOTAL B
|
34686124
|
29875817
|
|
TOTAL REVENUE FROM OPERATING BUSINESS
|
1136778316
|
1387598902
|
Note 17- OTHER INCOME
| |
31st March 2018
|
31st March 2017
|
|
Rs.
|
Rs.
|
|
Interest Income
|
1772431
|
885718
|
|
Commission Earned
|
886460
|
-
|
|
Dollar Exchange Difference
|
23294048
|
(513529)
|
|
Dividend Received
|
18600
|
32312
|
|
Delivery Charges
|
-
|
380099
|
|
Misdcelleneous Receipts
|
-
|
30000
|
|
Subsidy Received
|
838014
|
1001364
|
|
Discount Received
|
2500
|
428580
|
|
Profit on Sale of Asset
|
252635
|
-
|
|
Profit on sale of Shares
|
210444
|
57449
|
|
TOTAL OTHER INCOME
|
27275132
|
2301993
|
Note 18 - COST OF MATERIALS CONSUMED
| |
31st March 2018
|
31st March 2017
|
|
Rs.
|
Rs.
|
|
Opening Stock
|
16148860
|
15931460
|
|
Add : Purchases - Machinery Divn.
|
174670786
|
116573847
|
|
Add : Purchase - Green Leaf
|
39346575
|
37408412
|
|
Less : Closing Stock
|
(21127582)
|
(16148860)
|
|
TOTAL
|
209038639
|
153764859
|
Note 19 - COST OF MATERIALS CONSUMED
| |
31st March 2018
|
31st March 2017
|
|
Rs.
|
Rs.
|
|
Cultivation Expenses
|
59770102
|
59890836
|
|
Wages & Allowances
|
1475033
|
1247003
|
|
Consumable Stores &Tools
|
1374732
|
678166
|
|
Carriage Inward
|
3934564
|
3362918
|
|
Power & Fuel
|
18504961
|
19197382
|
|
Processing Charges
|
8467422
|
10190777
|
|
Entry Tax
|
390991
|
606881
|
|
TOTAL
|
93917805
|
95173963
|
Note 20 - CHANGES IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS AND STOCK IN TRADE
| |
31st March 2018
|
31st March 2017
|
|
Rs.
|
Rs.
|
|
Opening Stock of Work in Progress
|
5235996
|
6772100
|
|
Opening Stock of Manufacturing Finished Goods
|
29653255
|
52243219
|
|
Opening Stock of Trading Finished Goods
|
10268415
|
7331005
|
|
TOTAL
|
45157666
|
66346324
|
|
Closing Stock of Work in Progress
|
11878586
|
5235996
|
|
Closing Stock of Manufacturing Finished Goods
|
17426752
|
29653255
|
|
Closing Stock of Trading Finished Goods
|
10053175
|
10268415
|
|
TOTAL
|
(39358513)
|
(45157666)
|
|
Net (Increase) / Decrease in Stock
|
5799153
|
21188658
|
Note 21 - EMPLOYEE BENEFIT EXPENSES
| |
31st March 2018
|
31st March 2017
|
|
Rs.
|
Rs.
|
|
Salaries, Allowances & Bonus
|
35349208
|
31163518
|
|
Contribution to Provident Fund
|
5697735
|
5510300
|
|
Contribution to ESI
|
174414
|
101470
|
|
Staff Welfare
|
296659
|
831123
|
|
TOTAL
|
41518016
|
37606411
|
Note 22 - FINANCE COST
| |
31st March 2018
|
31st March 2017
|
|
Rs.
|
Rs.
|
|
Interest on Hire Purchase
|
61681
|
81834
|
|
Interest to bank & other fmancial institution (On working capital borrowings valued at amotized cost)
|
15013118
|
11009925
|
|
TOTAL
|
15074799
|
11091759
|
Note 23 - SELLING EXPENSES
| |
31st March 2018
|
31st March 2017
|
|
Rs.
|
Rs.
|
|
Tea Sale Expenses
|
1098338
|
3568548
|
|
Sales Promotion
|
1578508
|
1204976
|
|
Advertisement
|
68615
|
82311
|
|
Commission
|
30756504
|
25478960
|
|
Discount Allowed
|
1091499
|
8672177
|
|
Packing Charges
|
2073961
|
3058812
|
|
Export Expenses
|
10225557
|
20075229
|
|
Delivery & Forwarding
|
922752
|
744677
|
|
Warehouse Charges
|
655694
|
849132
|
|
Freight & Insurance
|
16991040
|
17851136
|
|
Travelling
|
18237264
|
12874979
|
|
TOTAL
|
83699732
|
94460937
|
Note 24 - ESTABLISHMENT EXPENSES
| |
31st March 2018
|
31st March 2017
|
|
Rs.
|
Rs.
|
|
Rent
|
1260200
|
1329250
|
|
Insurance
|
361129
|
151880
|
|
General Expenses
|
14806970
|
12967512
|
|
Rates & Taxes
|
823155
|
690445
|
|
Auditors' Remuneration
|
135000
|
159500
|
|
Postage & Telephone
|
1070370
|
1295831
|
|
Bank Charges
|
3370489
|
4394777
|
|
Legal & Professional Charges
|
10790974
|
4377493
|
|
Stock Exchange Listing Fees
|
287500
|
245000
|
|
Conveyance
|
1680302
|
1783573
|
|
Transportation Charges
|
8193094
|
14955140
|
|
Loss on Sale of Asset
|
-
|
154492
|
|
Claim as per Arbitration Award
|
-
|
18327294
|
|
Vehicle Up-keep Expenses
|
2553256
|
2462861
|
|
Sundry Balance Written Off
|
9169645
|
19048115
|
|
Repairs & Maintenance
|
|
|
|
-Machinery
|
982663
|
812322
|
|
- Building
|
332330
|
69055
|
|
- Others
|
1638954
|
1942003
|
|
Provision for Bad Debts
|
15000000
|
15000000
|
|
Donation
|
651000
|
1000000
|
|
TOTAL
|
73107031
|
101166543
|
Note 25 - NOTES ON ACCOUNTS
25.1 Contingent liability not provided for in the accounts for : Sales Tax Rs 6557164/- (Previous Year Rs.601808/-) not acknowledge as debt by the company for which company preferred appeal. Matter is pending with appellate authority.
25.2 Bank Guarantee outstanding Rs.197897624/- (Previous Year Rs.105999311 /-)
25.3 Balance confirmations from some of the debtors,creditors and material lying with third party are still awaited
25.4 The names of small scale industrial undertaking to whom company owes sums outstanding for more than 30 days as at Balance Sheet date are Hi-Tech Engineering Company, Tara Industries, Sanjay Engineering Works, N. M. Concern, S. C. Welding and S.B.M. Engineering Works
25.5 Information about operating segment as required under IND AS - 108 issued by Institute of Chartered Accountants of India.
| |
Tea Machinery Rs.
|
Tea Rs.
|
Total Rs.
|
|
1 . Segment Revenue (Net sales/income)
|
998405114
|
138373202
|
1136778316
|
| |
(1241723127)
|
(145875775)
|
(1387598902)
|
|
2. Segment Results
|
98911491
|
(17169011)
|
81742480
|
|
(Profit/loss before tax and interest)
|
(85011441)
|
(30007114)
|
(55004327)
|
|
Less : i) Interest
|
15013118
|
61681
|
15074799
|
| |
(11021973)
|
(69786)
|
(11091759)
|
|
ii) Other unallocable expenditure net of unallocable income
|
|
|
|
|
Total Profit before tax
|
83898376
|
(17230692)
|
66667684
|
| |
(73989468)
|
(30076900)
|
(43912568)
|
|
Other Information
|
|
|
|
|
Segment Assets
|
714156407
|
178429291
|
892585698
|
| |
(810647519)
|
(194688476)
|
(1005335995)
|
|
Segment Liabilities
|
613531178
|
11913902
|
625445080
|
| |
(763712671)
|
(12124287)
|
(775836958)
|
|
Share Capital & Reserve
|
|
|
267140618
|
| |
|
|
(229499037)
|
|
Total of Segment liabilities (b c)
|
|
|
892585698
|
| |
|
|
(1005335995)
|
b) Information about secondary business segment Revenue by geographical market
India
Outside India
|
Tea Machinery Rs.
|
Tea Rs.
|
Total Rs.
|
|
118877772
|
138373202
|
257250974
|
|
(102658655)
|
(109826794)
|
(404250534)
|
|
844841218
|
__
|
844841218
|
|
(585076913)
|
-
|
(585076913)
|
25.6 Related Party Disclosure
Related party disclosure under IND AS - 24 issued by the Institute of Chartered Accountants of India, The reauired informations are as under:
ii) Related Parties transactions during the year under review
Rs. in Lacs
|
Name
|
Relation
|
Nature of Transactions
|
Transection during the year
|
Outstanding Amount
|
Previous Year
|
Previous Year Outstanding
|
|
Rs.
|
Rs.
|
Rs.
|
Rs.
|
|
Mr. Sajjan Bagaria
|
Executive Chairman
|
Remuneration
|
1620000
|
Nil
|
1620000
|
Nil
|
|
Mr. Vineet Bagaria
|
Managing Director
|
Remuneration
|
2376000
|
Nil
|
2376000
|
Nil
|
|
Mr. Viraj Bagaria
|
Director
|
Remuneration/ Higher Education
|
300000
|
Nil
|
2835801
|
Nil
|
|
Mr. Vishnu Baheti
|
CFO
|
Remuneration
|
598080
|
Nil
|
544947
|
Nil
|
|
Mrs. Sunita Baheti
|
Relative of CFO
|
Remuneration
|
156000
|
Nil
|
156000
|
Nil
|
|
Vineet Bagaria (HUF)
|
Relative of Directors
|
Rent
|
108000
|
Nil
|
108000
|
Nil
|
|
Mrs. Seema Bagaria
|
Relative of Directors
|
Rent
|
162000
|
Nil
|
162000
|
Nil
|
|
Sri Vineet Bagaria
|
Managing Director
|
Rent
|
300000
|
NIL
|
300000
|
Nil
|
|
Mrs. Indu Bagaria
|
Relative of Directors
|
Rent
|
114000
|
Nil
|
114000
|
Nil
|
|
T & l Projects Ltd.
|
Associate Company
|
Purchase/Sale
|
557907933
|
57944866
|
760240594
|
21649270
|
|
Chanman Exports Ltd.
|
Associate Company
|
Rent /Interest
|
13413653
|
2094288
|
6780395
|
NIL
|
|
Vertex Agro
|
Associated Firm
|
Purchase
|
5602340
|
5042157
|
5821140
|
6639817
|
|
Sky Touch Construction Pvt. Ltd.
|
Associate Company
|
Purchase
|
Nil
|
Nil
|
12126270
|
5459320
|
|
25.7 Basic and diluted earnings per share
|
For the year ended 31st March 2018
|
For the year ended 31st March 2017
|
| |
Rs.
|
Rs.
|
|
Profit after Tax
|
40728372
|
12064694
|
|
Number of Equity Shares of Rs.10/- each
|
5067700
|
5067700
|
|
Basic and Diluted earnings per share
|
8.04
|
4.18
|
25.8 Pursuant to IND AS - 12 Income tax, the Deferred tax of Rs.1060688/- for the year ended 31/03/2018 has been credited to Profit & Loss Account.
i) Key Management Personnel:
|
Name
|
Designation
|
|
Sajjan Bagaria
|
Executive Chairman
|
|
Vineet Bagaria
|
Managing Director
|
|
25.9 Foreign Currency Earnings and Outgoes
|
For 2017-18
|
For 2016-17
|
|
Expenditure in Foreign Currency
|
Rs.
|
Rs.
|
|
Foreign Travel
|
11041409
|
8034658
|
|
Commission
|
15527422
|
19785847
|
|
Royalty
|
-
|
7465500
|
|
Imported material
|
33468350
|
27756103
|
|
Earning in Foreign Currency
|
|
|
|
Export Goods calculated on FOB basis
|
967842317
|
692455850
|
|
25.10 Managerial Remuneration
|
|
|
|
Salary
|
4219200
|
3869667
|
|
Contribution to Provident Fund
|
274080
|
251280
|
|
Other Perquisites
|
420000
|
420000
|
| |
4913280
|
4540947
|
The above Managerial remuneration paid to whole time directors is in excess of limn prescribed under schedule v of the Companies Act 2013. Hence company have taken prior approval from central Government for excess payment of remuneration to managerial personnel from 1st August, 2013 for a period of five years.
25.11 Auditors' Remuneration
|
Statutory Audit Fee
|
135000
|
149500
|
| |
135000
|
149500
|
25.12 Figures for the Previous year (put within brackets) have been regrouped / rearragned wnerever round necessary for comparable with those of the current year.
In terms of our report of even date attached
|
For D. K. Mitra & Co.
|
|
|
|
Chartered Accountants
|
|
|
|
Firm Reg. No. 328904E
|
For and on behalf of the Board
|
|
D. K. Mitra
|
|
Partner
|
|
|
|
Membership No. 017334
|
Sajjan Bagaria
|
Executive Chairman (DIN 00074501)
|
|
Kolkata
|
Vineet Bagaria
|
Managing Director (DIN 00100416)
|
|
Dated: 30th May 2018
|
Vishnu Baheti
|
Chief Financial Officer
|
|