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Accounting Policies of The Peria Karamalai Tea & Produce Company Ltd. Company
Mar 31, 2025
B. Material Accounting Policies
1. Basis of preparation and presentation:
a) Statement of Compliance:
These financial statements have been prepared in accordance with the generally accepted accounting
principles in India and have complied in all material respects with the Indian Accounting Standards (âInd
ASâ) notified under Section 133 of the Companies Act, 2013 (the Act), the Companies (Indian Accounting
Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 as
applicable and also complied with other relevant provisions of the Act and Interpretations issued by the
Ind AS Transition Facilitation Group (ITFG) applicable to Companies reporting under Ind As and additional
disclosures required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
b) Basis of measurement:
The financial statements have been prepared on going concern basis using historical cost convention on
accrual basis except for certain assets and liabilities as stated in the respective policies at fair value at the
end of each reporting period.
c) Current and Non-Current Classification:
All assets and liabilities have been classified as current and non-current as per the company''s normal
operating cycle and other criteria set out in Ind AS 1 - Presentation of financial statements and schedule III
to the Companies act, 2013. Based on the nature of the products and the time between acquisition of assets
for processing and their realization of cash and cash equivalents, the company has ascertained its operating
cycle as 12 months for the purpose of classification of assets and liabilities as current and non-current.
The Statement of Cash flows have been prepared under Indirect Method.
2. Estimates and Judgements:
a) Use of estimates and judgments
The preparation of financial statements is in conformity with the generally accepted accounting principles that
require the management to make judgements, estimates and assumptions that affect the reported amounts
of assets and liabilities as at the balance sheet date, reported amounts of revenue and expenses for the
year and disclosure of contingent liabilities as of the date of balance sheet. The judgements, estimates and
assumptions used in the accompanying financial statements are based upon the management''s evaluation
of the relevant facts and circumstances as of the date of financial statements. Actual amounts could differ
from these estimates.
b) Significant estimates and judgements
The areas involving significant estimates and judgements are:
(i) Defined benefit obligation - Refer note No.18
(ii) Current tax expense - Refer note no. 24
3. Property, Plant and Equipment:
a) Freehold land is carried at cost. All other items of property, plant and equipment including intangibles are
carried at cost less accumulated depreciation/amortisation and impairment losses, if any.
Subsequent expenditure relating to an asset is included in its book value only when it is probable that
future economic benefits associated with the item will flow to the Company and the cost of the item can be
measured reliably. The carrying amount of a component accounted for as a separate asset is derecognised
when replaced. All other repairs and maintenance are charged to the statement of profit and loss during the
reporting period in which they are incurred.
The company has used the following useful lives to provide depreciation on the Property, Plant and
Equipment:
b) Biological Assets
Bearer Plants
Bearer plant is a living plant that
a) is used in the production or supply of agricultural produce
b) is expected to bear produce for more than one period and
c) has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales
Biological Assets which are held to bear agricultural produce are classified as bearer plants. The
company recognises tea bushes in the estates as bearer plants which are carried at cost of acquisition
less accumulated depreciation and any recognised impairment losses. Costs comprise of expenditure on
development, extension, planting, infilling and replanting including cost of uprooting and maintenance of the
newly planted bushes. The above costs are carried under Capital Work in Progress until maturity of such
bushes.
The productivity of tea has been diminishing due to increase in age of Tea bushes in all estates which were
planted several years ago. The group has been continually striving to improve the operating efficiency by
engaging in planting alternate crops such as coffee, avocado, pepper and cardamom in the estate to increase
the revenue in this segment.
The company has used the following useful lives to provide depreciation on the Bearer Plants:
4. Intangible Assets
Intangible assets with finite useful life that are acquired separately are carried out at cost less accumulated
amortisation and accumulated impairment losses.
Amortisation is recognised on straight-line basis over their estimated useful life.
5. Depreciation and amortization
Depreciation on tangible assets is in line with the rates specified in Schedule II to the Companies Act, 2013 except
for Bearer Plants which are depreciated over their estimated useful life. Tools are amortized over a period of two
years. Cost of Intangible assets is amortized over a period of three years on straight line basis.
6. Borrowing Cost
General and specific borrowing costs that are directly attributable to the acquisition, construction or production
of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset
for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get
ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
7. Impairment
The carrying values of assets/cash generating units at each Balance Sheet date are annually reviewed for
impairment. If any indication of impairment exists (i.e., if the carrying amount of these assets exceeds their
recoverable amount), the recoverable amount of such assets is estimated and impairment is recognized. The
recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by
discounting the future cash flows to their present value based on an appropriate discount factor. When there is
indication that an impairment loss recognized for an asset in earlier accounting periods no longer exists or may
have decreased such reversal of impairment loss is recognised in the Statement of Profit and Loss.
8. Foreign Currency translation
a) Functional and presentation currency
The financial statements are presented in Indian Rupee, the national currency of India, which is the functional
currency of the Company.
b) Transactions and balances
i) Initial Recognition
Foreign currency transactions are recorded in functional currency using the exchange rates prevailing
on the date of transaction.
ii) Subsequent recognition
As at the reporting date, monetary assets and liabilities denominated in foreign currency are restated
at the closing exchange rates. Exchange differences arising out of actual payment/ realisation and from
the year end restatement are recognized in the statement of profit and Loss.
9. Raw Materials and stores, work in progress and finished goods
Inventories are stated at lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of
completion and the estimated costs necessary to make the sale.
Cost of Finished goods (Tea) is determined based on absorption costing method.
Agricultural produce included in the inventory are measured at fair value less estimated point of sale costs
Cost of Nursery stocks represents cost incurred in raising and maintaining such stocks till transplanted.
Inventory at stores is carried at cost. Provision is made for obsolete, slow-moving and defective stocks, where
necessary.
10. Cash and cash equivalents
Cash and cash equivalents include cash in hand, demand deposit held at call with financial institutions/Banks,
other short-term, highly liquid investments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
11. Trade Receivable
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course
of business.
12. Investments and Other Financial Assets
(i) Classification
The Company classifies its financial assets in the following measurement categories:
(a) Those to be measured subsequently at fair value (either through other comprehensive income, or through
profit or loss), and
(b) Those measured at amortized cost.
The classification depends on the entity''s business model for managing the financial assets and the
contractual terms of the cash flow.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other
comprehensive income. For Investments in debt instruments, this will depend on the business model in which
the investment is held. For investments in equity instruments, this will depend on whether the Company has
made an irrevocable election at the time of initial recognition to account for the equity investment at fair value
through other comprehensive income (FVTOCI). The company transfers amount from other comprehensive
income to Retained earnings on the de-recognition of the relevant equity instruments for which such
irrevocable election has been made by the company.
The Company reclassifies debt instruments when and only when its business model for managing those
asset changes.
(ii) Measurement
Initial Recognition
The Company measures a financial asset (in the case of a financial asset not carried at a fair value through
profit or loss) at its fair value plus transaction costs that are directly attributable to the acquisition of the
financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed
in the statement of profit and loss.
Subsequent Measurement:
(a) Equity Instruments
The Company subsequently measures all investments in equity (except that in the subsidiary) at fair value
and has elected to present fair value gains and losses on equity investments in other comprehensive
income with no subsequent reclassification of fair value gains and losses to the statement of profit and
loss.
Investments in subsidiaries and associates are measured at cost less provision for impairment.
Dividends from such investments are recognised in profit and loss as other income when the Company''s
right to received payments is established.
(b) Debt Instruments
Company''s investments in Mutual Funds (debt funds) are measured at Fair Value through Profit or Loss
(FVTPL). A gain or loss on a debt investment that is subsequently measured at FVTPL and is not part of
a hedging relationship is recognized in profit or loss and presented in the statement of profit and loss in
the period in which it arises.
Interest income from these financial assets is included in other income
(iii) Impairment of financial assets:
The Company assesses expected credit losses associated with its assets carried at amortised cost based
on Company''s past history of recovery, credit-worthiness of the counter party and existing market conditions.
The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Company applies the simplified approach for recognition of impairment allowance
as provided in Ind AS 109, which requires expected credit losses to be recognised from initial recognition of
the receivables.
(iv) De-recognition of financial assets:
A financial asset is de-recognised only when:
(a) The Company''s contractual right to the cash flow expires or
(b) The Company has transferred the rights to receive cash flows from the financial asset.
13. Financial liabilities
Initial recognition and measurement:
All financial liabilities are recognised initially at fair value and in case of loans and borrowings net of directly
attributable costs. Financial liabilities are subsequently measured at amortised cost using effective interest
method. For trade and other payables maturing within one year from the balance sheet date, the carrying value
approximates fair value due to short maturity of these instruments.
14. Revenue Recognition:
Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers
a) Identify the Contracts with customers
b) Identify the separate performance obligation
c) Determine the transaction price of the Contract
d) Allocate the transaction price to each of the separate performance obligations, and
e) Recognise the revenue as each performance obligation is satisfied.
1 ) Sale of products
It requires revenue to be recognised when (or as) the entity satisfies a performance obligation by transferring
a promised good/service to a customer. An asset is transferred when (or as) the customer obtains control of
that asset.
The entity recognizes significant financing component in a contract as finance cost (or income) as per Ind
AS 115. No effect has been provided for contracts for which period of obligation is one year or less (as per
para 63 of Ind AS 115).
Revenue from contract with customers is recognised when the company satisfies performance obligation by
transferring promised goods and services to the customer. Performance obligations may be satisfied at a
point of time or over a period of time. Performance obligations satisfied over a period of time are recognised
as per the terms of relevant contractual agreements/ arrangements. Performance obligations are said to be
satisfied at a point of time when the customer obtains controls of the asset. Revenue is measured based on
transaction price, which is the fair value of the consideration received or receivable, stated net of discounts,
returns and goods and service tax. Transaction price is recognised based on the price specified in the
contract, net of the estimated sales incentives/ discounts.
Revenue from sale of tea at auction is recognised on receipt of sale notes from brokers.
2) Rendering of Services
Income from services rendered is recognised at a point in time based on agreements/arrangements with the
customers when the services are performed and there are not unfulfilled obligations
3) Interest Income/other Income
Interest income from financial asset is recognised when it is probable that the economic benefit flow to
the Company and amount of income can be measured reliably interest income can be measured reliably.
Interest income is accrued on time basis, by reference to the principal outstanding at the effective interest
rate applicable.
Other income/Dividends are recognised in the statement of profit and loss only when the right to receive
payment is established.
4) Windmill Income/solar Income
Windmill/solar income recognised based on the units generated by the respective units as per the agreed
rate with the respective customers.
15. Leases:
The Company as a lessee
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration. To assess whether a contract conveys the right to control the use of an identified
asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company
has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the
Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (âROUâ) and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of
twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the
Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the
lease.
Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term.
ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct
costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and
impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the
lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever
events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose
of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in¬
use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely
independent of those from other assets. In such cases, the recoverable amount is determined for the Cash
Generating Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The
lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using
the incremental borrowing rates. Lease liabilities are re-measured with a corresponding adjustment to the related
right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination
option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have
been classified as financing cash flows.
The Company as a lessor
A Lease for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of
the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a
finance lease. All other leases are classified as operating leases. When the Company is an intermediate lessor,
it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance
or operating lease by reference to the right-of-use asset arising from the head lease. For operating leases, rental
income is recognized on a straight-line basis over the term of the relevant lease.
16. Government Grant and Government assistance:
Government grants are recognised at fair value where there is a reasonable assurance that the grant will be
received and all attached conditions will be complied with.
Subsidies received against manufacture of specified varieties of tea are recorded as income in the period of
manufacture of such goods. The recoverability of the government grant has been consistently followed-up by the
company.
Non-monetary grant is recognised at a nominal amount.
Post recognition of government grant and Government Assistance for which necessary follow up with the
authorities and reviewed the outstanding balances at the year end and necessary provision being made by the
company on year-on-year basis.
17. Employee benefits:
a) Short term obligations
Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the
period in which the employees render their related services are recognised in respect of employees'' services
up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented as current employee benefit obligations in the Balance Sheet.
The Company recognises a liability and an expense for bonuses where there is a contractual obligation or
where there is a past practice that has created a constructive obligation.
b) Other Employee Benefit Obligation
The liabilities for earned leave are not expected to be settled wholly within 12 months after the end of the
period in which the employees render the related service. They are therefore measured as the present
value of the expected future payments to be made in respect of services provided by employee up to the
end of reporting period using the projected unit credit method. The benefits are discounted using the market
yields at the end of the reporting period that have terms approximating to the terms of the related obligation.
Measurements as a result of experience adjustments and changes in actuarial assumptions are recognized
in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not
have an unconditional right to defer settlement for at least twelve months after the reporting period, regard
less of when the actual settlement is expected to occur.
Accumulated leave, which is expected to be utilized within the next 12 months, is treated as short term
employee benefit
c) Post-employment obligations
The Company has the following post-employment obligations/plans:
(a) Defined benefit plans such as gratuity for its eligible employees; and
(b) Defined contribution plans such as provident fund and superannuation.
(i) Gratuity:
Liabilities with regard to the gratuity are determined by actuarial valuation at each balance sheet date
using projected unit credit method by an independent actuary. The Company makes annual contributions
to The Gratuity Fund of The Peria Karamalai Tea & Produce Company (The Trust). Trustees administer
contributions made to the trust and contributions are invested in schemes managed by Life Insurance
Corporation of India.
The liability or asset recognised in the Balance Sheet in respect of defined benefit gratuity plan is the
present value of the defined benefit obligation at the end of the reporting period less the fair value of plan
assets.
Actuarial gains or losses are recognized in other comprehensive income. Further, the profit or loss
does not include an expected return on plan assets. Instead, net interest recognized in profit or loss
is calculated by applying the discount rate used to measure the defined benefit obligation to the net
defined benefit liability or asset. Re-measurement gains or losses arising from experience adjustments
and changes in actuarial assumptions are recognised in the period in which they occur, directly in other
comprehensive income.
(ii) Superannuation Fund:
This is a defined contribution plan. The Company contributes towards superannuation fund administered
and managed by Life Insurance Corporation of India (LIC). The Company has no further obligations for
future superannuation benefits other than its monthly contributions and recognises such contributions
as expense in the year incurred.
(iii) Provident Fund:
This is a defined contribution plan and contributions made to the Fund as per the rules of the Company
are charged to profit and loss as and when due. The Company has no further obligations for future
provident fund benefits other than its monthly contributions.
18. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
(a) Current tax
The current tax expense for the period is the tax payable on the current period''s taxable income computed at
the applicable income tax rate and is recognised in the statement of profit and loss. Management periodically
evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject
to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to
the tax authorities.
Taxable profit differs from ''profit before tax'' as reported in the statement of profit and loss because of items
of income or expense that are taxable or deductible in other years and items that are never taxable or
deductible. The Company''s current tax is calculated using tax rates that have been enacted.
The provision of tax is made by following lower tax regime as prescribed u/s 115BAA provisions of the Income-
tax Act, 1961 (Act). Accordingly tax credit not available has been reversed.
(b) Deferred tax
Deferred tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is
determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the
reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax
liability is settled.
Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised
for all deductible temporary differences and incurred tax losses to the extent that it is probable that taxable
profits will be available against which those deductible temporary differences can be utilised. Such deferred
tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other
than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to
the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from
the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.
(c) Current and Deferred Tax for the year
Current and deferred tax are recognised in the statement of profit and loss, except when they relate to items
that are recognised in other comprehensive income or directly in equity, in which case, the income taxes are
also recognised in other comprehensive income or directly in equity respectively.
19 New and amended Standards
(a) New Standards
Ministry of Corporate Affairs (âMCAâ) notifies new standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2025, MCA
amended the Companies (Indian Accounting Standards) Amendment Rules, 2023, applicable from April 1,
2023, as below:
(i) Definition of Accounting Estimates - Amendments to Ind AS 8
The amendments clarify the distinction between changes in accounting estimates, changes in accounting
policies and the correction of errors. It has also been clarified how entities use measurement techniques
and inputs to develop accounting estimates. The amendments had no impact on the Company''s
standalone financial statements.
(ii) Disclosure of Accounting Policies - Amendments to Ind AS 1
The amendments aim to help entities provide accounting policy disclosures that are more useful by
replacing the requirement for entities to disclose their ''significant'' accounting policies with a requirement
to disclose their ''material'' accounting policies and adding guidance on how entities apply the concept of
materiality in making decisions about accounting policy disclosures.
The amendments have had an impact on the Company''s disclosures of accounting policies, but not on
the measurement, recognition or presentation of any items in the Company''s financial statements.
(iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to
Ind AS 12
The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no
longer applies to transactions that give rise to equal taxable and deductible temporary differences such
as leases.
The Company previously recognised for deferred tax on leases on a net basis. As a result of these
amendments, the Company has recognised a separate deferred tax asset in relation to its lease liabilities
and a deferred tax liability in relation to its right-of-use assets.
(b) Amendments not yet effective
Ministry of Corporate Affairs (âMCAâ) notified new standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended 31st
March, 2025, MCA has not notified any new standards or amendments to the existing standards applicable
to the Company.
20 Key Accounting Estimates and Judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions in
the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates. Continuous evaluation is done on the estimation and judgments
based on historical experience and other factors, including expectations of future events that are believed to be
reasonable. Revisions to accounting estimates are recognised prospectively. Information about critical judgments
in applying accounting policies, as well as estimates and assumptions that have the most significant effect to the
carrying amounts of assets and liabilities within the next financial year, are included in the following notes:
(a) Measurement of defined benefit obligations - Note 18 and 29
(b) Measurement and likelihood of occurrence of provisions and contingencies - Note 32 (21)
(c) Recognition of deferred tax liability - Note 17
(e) Impairment of other intangible assets/bearer plants - Note 1
(f) Indefinite useful life of certain intangible assets/bearer plants - Note 1
(g) Measurement of Right-of-Use Assets and Lease liabilities - Note 1
Mar 31, 2024
A Corporate Information:
The Peria Karamalai Tea and Produce Company Limited is a Public Limited Company domiciled in India and incorporated under The Companies Act, 1956. The registered office of the company is at Kolkata, West Bengal, India. It is mainly engaged in the production and distribution of Tea, generation and distribution of power and investment in financial instruments.
The financial statements for the year ended March 31, 2024 are approved for issue by Company''s Board of Directors on 14th May, 2024.
B. Significant Accounting Policies
1. Basis of preparation and presentation:
a) Statement of Compliance:
These financial statements have been prepared in accordance with the generally accepted accounting principles in India and have complied in all material respects with the Indian Accounting Standards (âInd ASâ) notified under Section 133 of the Companies Act, 2013 (the Act), the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 as applicable and also complied with other relevant provisions of the Act and Interpretations issued by the Ind AS Transition Facilitation Group (ITFG) applicable to Companies reporting under Ind As and additional disclosures required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
b) Basis of measurement:
The financial statements have been prepared on the historical cost convention on accrual basis except for certain assets and liabilities as stated in the respective policies at fair value at the end of each reporting period.
c) Current and Non-Current Classification:
All assets and liabilities have been classified as current and non-current as per the company''s normal operating cycle and other criteria set out in Ind AS 1 - Presentation of financial statements and schedule III to the Companies act, 2013. Based on the nature of the products and the time between acquisition of assets for processing and their realization of cash and cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of classification of assets and liabilities as current and non-current.
The Statement of Cash flows have been prepared under Indirect Method.
2. Estimates and Judgements:
a) Use of estimates and judgments
The preparation of financial statements is in conformity with the generally accepted accounting principles that require the management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the balance sheet date, reported amounts of revenue and expenses for the year and disclosure of contingent liabilities as of the date of balance sheet. The judgements, estimates and assumptions used in the accompanying financial statements are based upon the management''s evaluation of the relevant facts and circumstances as of the date of financial statements. Actual amounts could differ from these estimates.
b) Significant estimates and judgements
The areas involving significant estimates and judgements are:
(i) Defined benefit obligation - Refer note No.17(c)(a)
(ii) Current tax expense - Refer note no. 18
3. Property, Plant and Equipment:
a) Freehold land is carried at cost. All other items of property, plant and equipment including intangibles are carried at cost less accumulated depreciation/amortisation and impairment losses, if any.
Subsequent expenditure relating to an asset is included in its book value only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the statement of profit and loss during the reporting period in which they are incurred.
The company has used the following useful lives to provide depreciation on the Property, Plant and Equipment:
Class of Asset Useful Lives
Estate Building 60 Years
Factory Building 30 Years
Plant and Machinery 15 Years
Furniture and Fixture 10 Years
Computers/Software 3 Years
Vehicle 10 Years
Windmill Plant and Machinery 22 Years
Solar Plant and Machinery 20 Years
Solar Plant - Building 12 Years
b) Biological Assets
Bearer Plants
Biological Assets which are held to bear agricultural produce are classified as bearer plants. The company recognises tea bushes in the estates as bearer plants which are carried at cost of acquisition less accumulated depreciation and any recognised impairment losses. Costs comprise of expenditure on development, extension, planting, infilling and replanting including cost of uprooting and maintenance of the newly planted bushes. The above costs are carried under Capital Work in Progress until maturity of such bushes.
The company has used the following useful lives to provide depreciation on the Bearer Plants:
|
Class of Asset |
Useful Lives |
|
|
Tea and Pepper Plants |
50 Years |
|
|
Coffee Plants |
15 Years |
|
|
Cardamom |
10 Years |
|
4. Intangible Assets
Intangible assets with finite useful life that are acquired separately are carried out at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised on straight-line basis over their estimated useful life.
5. Depreciation and amortization
Depreciation on tangible assets is in line with the rates specified in Schedule II to the Companies Act, 2013 except for Bearer Plants which are depreciated over their estimated useful life. Tools are amortized over a period of two years. Cost of Intangible assets is amortized over a period of three years on straight line basis.
6. Borrowing Cost
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
7. Impairment
The carrying values of assets/cash generating units at each Balance Sheet date are annually reviewed for impairment. If any indication of impairment exists (i.e., if the carrying amount of these assets exceeds their recoverable amount), the recoverable amount of such assets is estimated and impairment is recognized. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognized for an asset in earlier accounting periods no longer exists or may have decreased such reversal of impairment loss is recognised in the Statement of Profit and Loss.
8. Foreign Currency translation
a) Functional and presentation currency
The financial statements are presented in Indian Rupee, the national currency of India, which is the functional currency of the Company.
b) Transactions and balances
i) Initial Recognition
Foreign currency transactions are recorded in functional currency using the exchange rates prevailing on the date of transaction.
ii) Subsequent recognition
As at the reporting date, monetary assets and liabilities denominated in foreign currency are restated at the closing exchange rates. Exchange differences arising out of actual payment/ realisation and from the year end restatement are recognized in the statement of profit and Loss.
9. Inventories
Inventories are stated at lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Cost of Finished goods (Tea) is determined based on absorption costing method.
Agricultural produce included in the inventory are measured at fair value less estimated point of sale costs
Cost of Nursery stocks represents cost incurred in raising and maintaining such stocks till transplanted.
Inventory at stores are carried at cost. Provision is made for obsolete, slow-moving and defective stocks, where necessary.
10. Cash and cash equivalents
Cash and cash equivalents consist of all cash balances including demand deposits with banks with original maturities of three months or less.
11. Trade Receivable
Trade receivables are recognised less provision for impairment, if any.
12. Investments and Other Financial Assets
(i) Classification
The Company classifies its financial assets in the following measurement categories:
(a) Those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and
(b) Those measured at amortized cost.
The classification depends on the entity''s business model for managing the financial assets and the contractual terms of the cash flow.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For Investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVTOCI). The company transfers amount from other comprehensive income to Retained earnings on the de-recognition of the relevant equity instruments for which such irrevocable election has been made by the company.
The Company reclassifies debt instruments when and only when its business model for managing those asset changes.
(ii) Measurement Initial Recognition
The Company measures a financial asset (in the case of a financial asset not carried at a fair value through profit or loss) at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the statement of profit and loss.
Subsequent Measurement:
(a) Equity Instruments
The Company subsequently measures all investments in equity (except that in the subsidiary) at fair value and has elected to present fair value gains and losses on equity investments in other comprehensive income with no subsequent reclassification of fair value gains and losses to the statement of profit and loss.
Investments in subsidiaries and associates are measured at cost less provision for impairment.
(b) Debt Instruments
Company''s investments in Mutual Funds (debt funds) are measured at Fair Value through Profit or Loss (FVTPL). A gain or loss on a debt investment that is subsequently measured at FVTPL and is not part of a hedging relationship is recognized in profit or loss and presented in the statement of profit and loss in the period in which it arises.
(iii) Impairment of financial assets:
The Company assesses expected credit losses associated with its assets carried at amortised cost based on Company''s past history of recovery, credit-worthiness of the counter party and existing market conditions. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Company applies the simplified approach for recognition of impairment allowance as provided in Ind AS 109, which requires expected credit losses to be recognised from initial recognition of the receivables.
(iv) De-recognition of financial assets:
A financial asset is de-recognised only when:
(a) The Company''s contractual right to the cash flow expires or
(b) The Company has transferred the rights to receive cash flows from the financial asset.
13. Financial liabilities
Initial recognition and measurement:
All financial liabilities are recognised initially at fair value and in case of loans and borrowings net of directly attributable costs. Financial liabilities are subsequently measured at amortised cost using effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying value approximates fair value due to short maturity of these instruments.
14. Revenue Recognition:
Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers. It requires revenue to be recognised when (or as) the entity satisfies a performance obligation by transferring a promised good/service to a customer. An asset is transferred when (or as) the customer obtains control of that asset.
The entity recognizes significant financing component in a contract as finance cost (or income) as per Ind AS 115. No effect has been provided for contracts for which period of obligation is one year or less (as per para 63 of Ind AS 115).
Revenue from contract with customers is recognised when the company satisfies performance obligation by transferring promised goods and services to the customer. Performance obligations maybe satisfied at a point of time or over a period of time. Performance obligations satisfied over a period of time are recognised as per the terms of relevant contractual agreements/ arrangements. Performance obligations are said to be satisfied at a point of time when the customer obtains controls of the asset. Revenue is measured based on transaction price, which is the fair value of the consideration received or receivable, stated net of discounts, returns and goods and service tax. Transaction price is recognised based on the price specified in the contract, net of the estimated sales incentives/ discounts.
Revenue from sale of tea at auction is recognised on receipt of sale notes from brokers.
Dividends are recognised in the statement of profit and loss only when the right to receive payment is established.
15. Leases:
The Company as a lessee
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (âROUâ) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.
Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-inuse) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates. Lease liabilities are re-measured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.
The Company as a lessor
A Lease for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. For operating leases, rental income is recognized on a straight-line basis over the term of the relevant lease.
16. Government Grant and Government assistance:
Government grants are recognised at fair value where there is a reasonable assurance that the grant will be received and all attached conditions will be complied with.
Subsidies received against manufacture of specified varieties of tea are recorded as income in the period of manufacture of such goods.
Non-monetary grant is recognised at a nominal amount.
17. Employee benefits:
a) Short term obligations
Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the period in which the employees render their related services are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the Balance Sheet.
The Company recognises a liability and an expense for bonuses where there is a contractual obligation or where there is a past practice that has created a constructive obligation.
b) Other Employee Benefit Obligation
The liabilities for earned leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of the expected future payments to be made in respect of services provided by employee up to the end of reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Measurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. 84 The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regard less of when the actual settlement is expected to occur.
Accumulated leave, which is expected to be utilized within the next 12 months, is treated as Short term employee benefit
c) Post-employment obligations
The Company has the following post-employment obligations/plans:
(a) Defined benefit plans such as gratuity for its eligible employees; and
(b) Defined contribution plans such as provident fund and superannuation.
(i) Gratuity:
Liabilities with regard to the gratuity are determined by actuarial valuation at each balance sheet date using projected unit credit method by an Independent actuary. The Company makes annual contributions to The Gratuity Fund of The Peria Karamalai Tea & Produce Company (The Trust). Trustees administer contributions made to the trust and contributions are invested in schemes managed by Life Insurance Corporation of India.
The liability or asset recognised in the Balance Sheet in respect of defined benefit gratuity plan is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
Actuarial gains or losses are recognized in other comprehensive income. Further, the profit or loss does not include an expected return on plan assets. Instead net interest recognized in profit or loss is calculated by applying the discount rate used to measure the defined benefit obligation to the net defined benefit liability or asset. Re-measurement gains or losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income.
(ii) Superannuation Fund:
This is a defined contribution plan. The Company contributes towards superannuation fund administered and managed by Life Insurance Corporation of India (LIC). The Company has no further obligations for future superannuation benefits other than its monthly contributions and recognises such contributions as expense in the year incurred.
(iii) Provident Fund:
This is a defined contribution plan and contributions made to the Fund as per the rules of the Company are charged to profit and loss as and when due. The Company has no further obligations for future provident fund benefits other than its monthly contributions.
18. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
(a) Current tax
The current tax expense for the period is the tax payable on the current period''s taxable income computed at the applicable income tax rate and is recognised in the statement of profit and loss. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Taxable profit differs from ''profit before tax'' as reported in the statement of profit and loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company''s current tax is calculated using tax rates that have been enacted.
The provision of tax is made by following lower tax regime as prescribed u/s 115BAA provisions of the Income-tax Act, 1961 (Act). Accordingly tax credit not available has been reversed.
(b) Deferred tax
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences and incurred tax losses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
(c) Current and Deferred Tax for the year
Current and deferred tax are recognised in the statement of profit and loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the income taxes are also recognised in other comprehensive income or directly in equity respectively.
19. Provisions and Contingencies
Provisions: Provisions are recognised when there is a present obligation or constructive obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the liability
Contingent Liabilities: Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.
20. Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of equity shares outstanding during the year are adjusted for the effects of all potential equity shares.
21. Segment Reporting
Segments are identified based on the manner in which the Company''s Chief Operating Decision Maker (''CODM'') decides about resource allocation and reviews performance. Segment results that are reported to the CODM include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment and intangible assets other than goodwill.
22. Dividend to Shareholders
Final dividend distributed to equity shareholders is recognised in the period in which it is approved by the members of the Company in the Annual General Meeting. Interim dividend is recognised when approved by the Board of Directors at the Board meeting.
Dividend distributed (including interim dividend) is recognised in the Statement of changes in Equity.
C. Other Notes to Financial Statements
1. Transition to IND AS 116
Effective April 1, 2019, the Company adopted Ind AS 116 âLeasesâ and applied the standard to it''s lease contracts existing on April 1,2019 using the modified retrospective approach under which the ROU Asset is measured at an amount equal to lease liability, which in turn is measured based on the remaining lease payments. . Consequently, the Company recorded the lease liability at the present value of the lease payments discounted at the incremental borrowing rate. The incremental borrowing rate applied is 9%.
Mar 31, 2023
B. Significant Accounting Policies
1. Basis of preparation and presentation:
a) Statement of Compliance:
These financial statements have been prepared in accordance with the generally accepted accounting principles in India and have complied in all material respects with the Indian Accounting Standards (âInd ASâ) notified under Section 133 of the Companies Act, 2013 (the Act), the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 as applicable and also complied with other relevant provisions of the Act and Interpretations issued by the Ind AS Transition Facilitation Group (ITFG) applicable to Companies reporting under Ind As and additional disclosures required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
b) Basis of measurement:
The financial statements have been prepared on the historical cost convention on accrual basis except for certain assets and liabilities as stated in the respective policies at fair value at the end of each reporting period.
c) Current and Non-Current Classification:
All assets and liabilities have been classified as current and non-current as per the company''s normal operating cycle and other criteria set out in Ind AS 1 - Presentation of financial statements and schedule III to the Companies act, 2013. Based on the nature of the products and the time between acquisition of assets for processing and their realization of cash and cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of classification of assets and liabilities as current and non-current.
The Statement of Cash flows have been prepared under Indirect Method.
2. Estimates and Judgements:
a) Use of estimates and judgments
The preparation of financial statements is in conformity with the generally accepted accounting principles that require the management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the balance sheet date, reported amounts of revenue and expenses for the year and disclosure of contingent liabilities as of the date of balance sheet. The judgements, estimates and assumptions used in the accompanying financial statements are based upon the management''s evaluation of the relevant facts and circumstances as of the date of financial statements. Actual amounts could differ from these estimates.
The areas involving significant estimates and judgements are:
(i) Defined benefit obligation - Refer note no.17(c)(a)
(ii) Current tax expense - Refer note no. 18
3. Property, Plant and Equipment:
a) Freehold land is carried at cost. All other items of property, plant and equipment including intangibles are carried at cost less accumulated depreciation/amortisation and impairment losses, if any.
Subsequent expenditure relating to an asset is included in its book value only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the statement of profit and loss during the reporting period in which they are incurred.
b) Biological Assets Bearer Plants
Biological Assets which are held to bear agricultural produce are classified as bearer plants. The company recognises tea bushes in the estates as bearer plants which are carried at cost of acquisition less accumulated depreciation and any recognised impairment losses. Costs comprise of expenditure on development, extension, planting, infilling and replanting including cost of uprooting and maintenance of the newly planted bushes. The above costs are carried under Capital Work in Progress until maturity of such bushes.
4. Intangible Assets
Intangible assets with finite useful life that are acquired separately are carried out at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised on straight-line basis over their estimated useful life.
5. Depreciation and amortization
Depreciation on tangible assets is in line with the rates specified in Schedule II to the Companies Act, 2013 except for Bearer Plants which are depreciated over their estimated useful life. Tools are amortized over a period of two years. Cost of Intangible assets is amortized over a period of three years on straight line basis.
6. Borrowing Cost
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
7. Impairment
The carrying values of assets/cash generating units at each Balance Sheet date are annually reviewed for impairment. If any indication of impairment exists (i.e., if the carrying amount of these assets exceeds their recoverable amount), the recoverable amount of such assets is estimated and impairment is recognized. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by
discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognized for an asset in earlier accounting periods no longer exists or may have decreased such reversal of impairment loss is recognised in the Statement of Profit and Loss.
8. Foreign Currency translation
a) Functional and presentation currency
The financial statements are presented in Indian Rupee, the national currency of India, which is the functional currency of the Company.
b) Transactions and balances
i) Initial Recognition
Foreign currency transactions are recorded in functional currency using the exchange rates prevailing on the date of transaction.
ii) Subsequent recognition
As at the reporting date, monetary assets and liabilities denominated in foreign currency are restated at the closing exchange rates. Exchange differences arising out of actual payment/ realisation and from the year end restatement are recognized in the statement of profit and Loss.
9. Inventories
Inventories are stated at lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Cost of Finished goods (Tea) is determined based on absorption costing method.
Agricultural produce included in the inventory are measured at fair value less estimated point of sale costs
Cost of Nursery stocks represents cost incurred in raising and maintaining such stocks till transplanted.
Inventory at stores are carried at cost. Provision is made for obsolete, slow-moving and defective stocks, where necessary.
10. Cash and cash equivalents
Cash and cash equivalents consist of all cash balances including demand deposits with banks with original maturities of three months or less.
11. Trade Receivable
Trade receivables are recognised less provision for impairment, if any.
12. Investments and Other Financial Assets
(i) Classification
The Company classifies its financial assets in the following measurement categories:
(a) Those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and
(b) Those measured at amortized cost.
The classification depends on the entity''s business model for managing the financial assets and the contractual terms of the cash flow.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For Investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVTOCI). The company transfers amount from other comprehensive income to Retained earnings on the de-recognition of the relevant equity instruments for which such irrevocable election has been made by the company.
The Company reclassifies debt instruments when and only when its business model for managing those asset changes.
(ii) Measurement Initial Recognition
The Company measures a financial asset (in the case of a financial asset not carried at a fair value through profit or loss) at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the statement of profit and loss.
Subsequent Measurement:
(a) Equity Instruments
The Company subsequently measures all investments in equity (except that in the subsidiary) at fair value and has elected to present fair value gains and losses on equity investments in other comprehensive income with no subsequent reclassification of fair value gains and losses to the statement of profit and loss.
Investments in subsidiaries and associates are measured at cost less provision for impairment.
(b) Debt Instruments
Company''s investments in Mutual Funds (debt funds) are measured at Fair Value through Profit or Loss (FVTPL). A gain or loss on a debt investment that is subsequently measured at FVTPL and is not part of a hedging relationship is recognized in profit or loss and presented in the statement of profit and loss in the period in which it arises.
(iii) Impairment of financial assets:
The Company assesses expected credit losses associated with its assets carried at amortised cost based on Company''s past history of recovery, credit-worthiness of the counter party and existing market conditions. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Company applies the simplified approach for recognition of impairment allowance as provided in Ind AS 109, which requires expected credit losses to be recognised from initial recognition of the receivables.
(iv) De-recognition of financial assets:
A financial asset is de-recognised only when:
(a) The Company''s contractual right to the cash flow expires or
(b) The Company has transferred the rights to receive cash flows from the financial asset.
13. Financial liabilities
Initial recognition and measurement:
All financial liabilities are recognised initially at fair value and in case of loans and borrowings net of directly attributable costs. Financial liabilities are subsequently measured at amortised cost using effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying value approximates fair value due to short maturity of these instruments.
14. Revenue Recognition:
Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers. It requires revenue to be recognised when (or as) the entity satisfies a performance obligation by transferring a promised good/service to a customer. An asset is transferred when (or as) the customer obtains control of that asset.
The entity recognizes significant financing component in a contract as finance cost (or income) as per Ind AS 115. No effect has been provided for contracts for which period of obligation is one year or less (as per para 63 of Ind AS 115).
Revenue from contract with customers is recognised when the company satisfies performance obligation by transferring promised goods and services to the customer. Performance obligations maybe satisfied at a point of time or over a period of time. Performance obligations satisfied over a period of time are recognised as per the terms of relevant contractual agreements/ arrangements. Performance obligations are said to be satisfied at a point of time when the customer obtains controls of the asset. Revenue is measured based on transaction price, which is the fair value of the consideration received or receivable, stated net of discounts, returns and goods and service tax. Transaction price is recognised based on the price specified in the contract, net of the estimated sales incentives/ discounts.
Revenue from sale of tea at auction is recognised on receipt of sale notes from brokers.
Dividends are recognised in the statement of profit and loss only when the right to receive payment is established.
15. Leases:
The Company as a lessee
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (âROUâ) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.
Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-inuse) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates. Lease liabilities are re-measured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.
The Company as a lessor
A Lease for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. For operating leases, rental income is recognized on a straight-line basis over the term of the relevant lease.
16. Government Grant and Government assistance:
Government grants are recognised at fair value where there is a reasonable assurance that the grant will be received and all attached conditions will be complied with.
Subsidies received against manufacture of specified varieties of tea are recorded as income in the period of manufacture of such goods.
Non-monetary grant is recognised at a nominal amount.
17. Employee benefits:
a) Short term obligations
Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the period in which the employees render their related services are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the Balance Sheet.
The Company recognises a liability and an expense for bonuses where there is a contractual obligation or where there is a past practice that has created a constructive obligation.
b) Other Employee Benefit Obligation
The liabilities for earned leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of the expected future payments to be made in respect of services provided by employee up to the end of reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Measurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. 84 The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regard less of when the actual settlement is expected to occur.
Accumulated leave, which is expected to be utilized within the next 12 months, is treated as Short term employee benefit
c) Post-employment obligations
The Company has the following post-employment obligations/plans:
(a) Defined benefit plans such as gratuity for its eligible employees; and
(b) Defined contribution plans such as provident fund and superannuation.
(i) Gratuity:
Liabilities with regard to the gratuity are determined by actuarial valuation at each balance sheet date using projected unit credit method by an Independent actuary. The Company makes annual contributions to The Gratuity Fund of The Peria Karamalai Tea & Produce Company (The Trust). Trustees administer contributions made to the trust and contributions are invested in schemes managed by Life Insurance Corporation of India.
The liability or asset recognised in the Balance Sheet in respect of defined benefit gratuity plan is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
Actuarial gains or losses are recognized in other comprehensive income. Further, the profit or loss does not include an expected return on plan assets. Instead net interest recognized in profit or loss is calculated by applying the discount rate used to measure the defined benefit obligation to the net defined benefit liability or asset. Re-measurement gains or losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income.
(ii) Superannuation Fund:
This is a defined contribution plan. The Company contributes towards superannuation fund administered and managed by Life Insurance Corporation of India (LIC). The Company has no further obligations for future superannuation benefits other than its monthly contributions and recognises such contributions as expense in the year incurred.
(iii) Provident Fund:
This is a defined contribution plan and contributions made to the Fund as per the rules of the Company are charged to profit and loss as and when due. The Company has no further obligations for future provident fund benefits other than its monthly contributions.
18. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
(a) Current tax
The current tax expense for the period is the tax payable on the current period''s taxable income computed at the applicable income tax rate and is recognised in the statement of profit and loss. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Taxable profit differs from ''profit before tax'' as reported in the statement of profit and loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company''s current tax is calculated using tax rates that have been enacted.
The provision of tax is made by following lower tax regime as prescribed u/s 115BAA provisions of the Income-tax Act, 1961 (Act). Accordingly tax credit not available has been reversed.
(b) Deferred tax
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences and incurred tax losses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
(c) Current and Deferred Tax for the year
Current and deferred tax are recognised in the statement of profit and loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the income taxes are also recognised in other comprehensive income or directly in equity respectively.
Mar 31, 2015
1. Basis of Accounting
The financial statements are prepared under historical cost convention
and on accrual basis and going concern basis.
2. Revenue Recognition
Revenue from sale transaction is recognized as and when significant
risks and rewards attached to the ownership in the goods is transferred
to the buyer. Revenue from other sources and expenses are recognized on
accrual basis.
3. Fixed Assets
Fixed assets are stated at cost of acquisition or construction less
accumulated depreciation. All costs relating to acquisition /
installation are capitalized. Expenditure on development and new
planting are capitalized.
4. Depreciation
Depreciation is provided on Straight Line Method adopting the period of
useful life and residual value as prescribed under Schedule II to the
Companies Act, 2013 in respect of Plant and Machinery, Wind Energy
Generators and other assets.
In respect of fixed assets where the remainder of useful life is nil,
no depreciation is considered since in all such cases the carrying
value is less than 5% of its respective cost as on 31.03.2014.
5. Investments
Investments are recorded at cost inclusive of brokerage and stamp duty.
Long Term investments are not adjusted for diminution in their market
value if, in the opinion of the management, such diminution is
temporary in nature.
6. Inventories
Stock of plantation produces of tea and pepper are valued at lower of
cost and net realizable value. Other inventories are valued at average
cost.
7. Sale of Trees
Sale of trees given on contract is accounted on realization.
8. Employee benefits:
I. Short Term
Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
II. Post Retirement
Post Retirement benefits comprise of Provident Fund, Superannuation
Fund and Gratuity which are accounted as follows:
A. Provident Fund
This is defined contribution plan, and contributions are made to the
Fund are charged to revenue. The Company has no further obligations
for future provident fund benefits other than annual contributions.
B. Superannuation Fund
This is a defined contribution plan. The company contributes a sum
equivalent to defined contribution plan for eligible employees' salary
towards superannuation fund administered by the Trustees and managed by
Life Insurance Corporation of India. The Company has no further
obligations for future superannuation benefits other than its annual
contributions and recognizes such contributions as expense in the year
incurred.
C. Gratuity Fund
This is a defined contribution plan. The Company makes annual
contributions to a Gratuity Fund administrated by Life Insurance
Corporation of India through the trust.
III. Long Term
Leave Encashment
This is a defined contribution plan. The Company makes annual
contribution to the Fund administered by Life Insurance Corporation of
India. The Company has no further obligations for future leave
encashment other than its annual contribution and recognizes such
contributions as expense in the year incurred.
9. Current Tax
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of Income Tax Act
1961.
10. Deferred Tax
Deferred tax is recognized on timing differences being difference
between the taxable income and the accounting income that originates in
one period and capable of reversal in one or more subsequent periods.
11. Impairment of Assets
Impairment is recognized to the extent that the recoverable amount of
assets is less than the carrying value and is charged to Profit & Loss
Account.
12. Wind Power
The value of power generated by Wind Energy Generators and exported to
the Grid is treated as reduction in the power charges to the extent it
is adjusted in the bills by TNEB and the surplus, if any, as sale of
electricity.
B. OTHER NOTES TO FINANCIAL STATEMENTS
a) The Company has obtained a stay of proceedings from the Honorable
High Court of Madras on 24th March 2006 against a proposition notice
from the Commercial Tax Department for levy of sales tax on export
sales effected through auction centers. The matter is pending and in
common with the other tea planting companies, no account has been taken
of the contingent liability.
Mar 31, 2014
1. Basis of Accounting
The financial statements are prepared under historical cost convention
and on accrual basis and going concern basis.
2. Revenue Recognition
Revenue from sale transaction is recognized as and when significant
risks and rewards attached to the ownership in the goods is transferred
to the buyer. Revenue from other sources and expenses are recognized on
accrual basis.
3. Own Fixed Assets
Fixed assets are stated at cost of acquisition or construction less
accumulated depreciation. All costs relating to acquisition /
installation are capitalized. Expenditure on development and new
planting are capitalized.
4. Depreciation
Depreciation is provided on Straight Line basis in accordance with
Schedule XIV of Companies Act, 1956 except field machineries which are
depreciated over two year period.
5. Investments
Investments are recorded at cost inclusive of brokerage and stamp duty.
Long Term investments are not adjusted for diminution in their market
value if, in the opinion of the management, such diminution is
temporary in nature.
6. Inventories
Stock of plantation produces of tea and pepper are valued at lower of
cost and net realizable value. Other inventories are valued at average
cost.
7. Sale of Trees
Sale of trees given on contract is accounted on realization.
8. Employee benefits:
I. Short Term
Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
II. Post Retirement
Post Retirement benefits comprise of Provident Fund, Superannuation
Fund and Gratuity which are accounted as follows:
A. Provident Fund
This is defined contribution plan, and contributions are made to the
Fund are charged to revenue. The Company has no further obligations for
future provident fund benefits other than annual contributions.
B. Superannuation Fund
This is a defined contribution plan. The company contributes a sum
equivalent to defined contribution plan for eligible employees'' salary
towards superannuation fund administered by the Trustees and managed by
Life Insurance Corporation of India. The Company has no further
obligations for future superannuation benefits other than its annual
contributions and recognizes such contributions as expense in the year
incurred.
C. Gratuity Fund
This is a defined contribution plan. The Company makes annual
contributions to a Gratuity Fund administrated by Life Insurance
Corporation of India through the trust.
III. Long Term
Leave Encashment
This is a defined contribution plan. The Company makes annual
contribution to the Fund administered by Life Insurance Corporation of
India. The Company has no further obligations for future leave
encashment other than its annual contribution and recognizes such
contributions as expense in the year incurred.
9. Current Tax
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of Income Tax Act
1961.
10. Deferred Tax
Deferred tax is recognized on timing differences being difference
between the taxable income and the accounting income that originates in
one period and capable of reversal in one or more subsequent periods.
11. Impairment of Assets
Impairment is recognized to the extent that the recoverable amount of
assets is less than the carrying value and is charged to Profit & Loss
Account.
12. Wind Power
The value of power generated by Wind Energy Generators and exported to
the Grid is treated as reduction in the power charges to the extent it
is adjusted in the bills by TNEB and the surplus, if any, as sale of
electricity.
Mar 31, 2013
1. Basis of Accounting
The financial statements are prepared under historical cost convention
and on accrual basis and going concern basis.
2. Revenue Recognition
Revenue from sale transaction is recognized as and when significant
risks and rewards attached to the ownership in the goods is transferred
to the buyer. Revenue from other sources and expenses are recognized on
accrual basis.
3. Own Fixed Assets
Fixed assets are stated at cost of acquisition or construction less
accumulated depreciation. All costs relating to acquisition /
installation are capitalized. Expenditure on development and new
planting are capitalized.
4. Depreciation
Depreciation is provided on Straight Line basis in accordance with
Schedule XIV of Companies Act, 1956 except field machineries which are
depreciated over two year period.
5. Investments
Investments are recorded at cost inclusive of brokerage and stamp duty.
Long Term investments are not adjusted for diminution in their market
value if, in the opinion of the management, such diminution is
temporary in nature.
6. Inventories
Stock of plantation produces of tea and pepper are valued at lower of
cost and net realizable value. Other inventories are valued at average
cost.
7. Sale of Trees
Sale of trees given on contract is accounted on realization.
8. Employee benefits:
I. Short Term
Short term employee benefits are recognized as an expense at the
undiscounted amount in the Statement of profit and loss of the year in
which the related service is rendered.
II. Post Retirement
Post Retirement benefits comprise of Provident Fund, Superannuation
Fund and Gratuity which are accounted as follows:
A. Provident Fund
This is a defined contribution plan, and contributions made to the Fund
are charged to revenue. The Company has no further obligations for
future provident fund benefits other than annual contributions.
B. Superannuation Fund
This is a defined contribution plan. The company contributes a sum
equivalent to defined contribution plan for eligible employees'' salary
towards superannuation fund administered by the Trustees and managed by
Life Insurance Corporation of India. The Company has no further
obligations for future superannuation benefits other than its annual
contributions and recognizes such contributions as expense in the year
incurred.
C. Gratuity Fund
This is a defined contribution plan. The Company makes annual
contributions to a Gratuity Fund administrated by Life Insurance
Corporation of India through the trust.
III. Long Term
Leave Encashment
This is a defined contribution plan. The Company makes annual
contribution to the Fund administered by Life Insurance Corporation of
India. The Company has no further obligations for future leave
encashment other than its annual contribution and recognizes such
contributions as expense in the year incurred.
9. Current Tax
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of Income Tax Act
1961.
10. Deferred Tax
Deferred tax is recognized on timing differences being difference
between the taxable income and the accounting income that originates in
one period and capable of reversal in one or more subsequent periods.
11. Impairment of Assets
Impairment is recognized to the extent that the recoverable amount of
assets is less than the carrying value and is charged to Statement of
Profit & Loss.
12. Wind Power
The value of power generated by Wind Energy Generators and exported to
the Grid is treated as reduction in the power charges to the extent it
is adjusted in the bills by TNEB and the surplus, if any, as sale of
electricity.
Mar 31, 2012
1. Basis of Accounting
The financial statements are prepared under historical cost convention
and on accrual basis and going concern basis.
2. Revenue Recognition
Revenue from sale transaction is recognized as and when significant
risks and rewards attached to the ownership in the goods is transferred
to the buyer. Revenue from other sources and expenses are recognized on
accrual basis.
3. Own Fixed Assets
Fixed assets are stated at cost of acquisition or construction less
accumulated depreciation. Ail costs relating to acquisition /
installation are capitalized. Expenditure on development and new
planting are capitalized.
4. Depreciation
Depreciation is provided on Straight Line basis in accordance with
Schedule XIV of Companies Act, 1956 except field machineries which are
depreciated over three year period.
5. Investments
Investments are recorded at cost inclusive of brokerage and stamp duty.
Long Term investments are not adjusted for diminution in their market
value if, in the opinion of the management, such diminution is
temporary in nature.
6. Inventories
Stock of plantation produces of tea and pepper are valued at lower of
cost and net realizable value. Other inventories are valued at average
cost.
7. Sale of Trees
Sale of trees given on contract is accounted on realization.
8. Employee benefits:
I. Short Term
Short term employee benefits are recognized as an expense at the
undiscounted amount in the Statement of profit and loss of the year in
which the related service is rendered.
II. Post Retirement
Post Retirement benefits comprise of Provident Fund, Superannuation
Fund and Gratuity which are accounted as follows:
A. Provident Fund
This is defined contribution plan, and contributions are made to the
Fund are charged to revenue. The Company has no further obligations
for future provident fund benefits other than annual contributions.
B. Superannuation Fund
This is a defined contribution plan. The company contributes a sum
equivalent to defined contribution plan for eligible employees'
salary towards superannuation fund administered by the Trustees and
managed by Life Insurance Corporation of India. The Company has no
further obligations for future superannuation benefits other than its
annual contributions and recognizes such contributions as expense in
the year incurred.
C. Gratuity Fund '
This is a defined contribution plan. The Company makes annual
contributions to a Gratuity Fund administrated by Life Insurance
Corporation of India through the trust.
III. Long Term
Leave Encashment
This is defined contribution plan. The Company makes annual
contribution to the Fund administered by Life Insurance Corporation of
India. The Company has no further obligations for future leave
encashment other than its annual contribution and recognizes such
contributions as expense in the year incurred.
9. Current Tax
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of Income Tax Act
1961.
10. Deferred Tax
Deferred tax is recognized on timing differences being difference
between the taxable income and the accounting income that originates in
one period and capable of reversal in one or more subsequent periods.
11. Impairment of Assets
Impairment is recognized to the extent that the recoverable amount of
assets is less than the carrying value and is charged to Statement of
Profit & Loss.
12. Wind Power
The value of power generated by Wind Energy Generators and exported to
the Grid is treated as reduction in the power charges to the extent it
is adjusted in the bills by TNEB and the surplus, if any, as sale of
electricity.
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