Notes to Accounts of Warren Tea Ltd.

Mar 31, 2025

3.15 Provision and Contingent Liabilities

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the
Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
reporting period, taking in to account the risks and uncertainties surrounding the obligation.

Contingent Liabilities are disclosed when there is a possible obligation which may arise from past events and 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 the
obligation or reliable estimate of the amount cannot be made.

3.16 Borrowing Cost

Borrowing costs directly attributable to the acquisition, construction or production that necessarily takes a substantial period of time to get ready for its
intended use are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they incur. Borrowing costs
consists of interest and other costs that an entity incurs in connection with the borrowing of funds. Other borrowing costs are recognized as an expense
in the period in which they are incurred.

Cash and Cash Equivalents

Cash and cash equivalent comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject
to an insignificant risk of changes in value.

Trade Receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method,
less provision for impairment, if any

3.17 Taxes on Income

Taxes on income comprises of current taxes and deferred taxes. Current Tax in the statement of profit and loss is determined as the amount of
income-tax payable/recoverable in respect of the taxable income for the current period using tax rates and tax laws enacted during the period,
together with any adjustment to tax payable in respect of previous years.

Deferred Tax is recognised on temporary differences between the carrying amount of assets and liabilities and the corresponding tax bases used
in the computation of taxable profit.

Deferred Tax Assets are recognised subject to the consideration of prudence only to the extent that there is reasonable certainty that
sufficient future taxable income will be available against which such deferred tax assets can be realised. Such deferred tax assets and liabilities
are not recognized if the temporary differences arises from the initial recognition of assets and liabilities in a transaction that affects neither
the taxable profit nor the accounting profit.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the
asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or
directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity net of tax
respectively.

3.18 Earnings per Share

Basic Earnings per Share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number
of equity shares outstanding during the period.

The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus element in a rights issue,
share split, and reverse share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change
in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

4. Financial Instruments and Related Disclosures
Capital Management

The Company''s objective is to have a strong capital base in order to maximise the shareholders'' wealth and to ensure the continuity of the business
from its internal resources and if found necessary, from a judicious use of borrowing facilities to fund requirements for meeting operational requirement
as well as for comprehensive growth of the Company.

5. Financial risk management objectives

The Company''s faces a variety of financial risks, including market risk, credit risk and liquidity risk. The Company continues to focus on business
risk management. The Company management seeks to enable the early identification, evaluation and effective management of key risks facing the
business. The Company has strong internal control systems resting on policies and procedures issued by appropriate authorities, process of regular
audits and monitoring of risks.

a) Market risk

The Company''s business, primarily agricultural in nature, future cash flows will fluctuate because of adverse weather conditions and lack of future
markets. The Company closely monitors the changes in market conditions and select the sales strategies to mitigate its exposure to risk.

b) Foreign currency risk

The Company undertakes transactions denominated in foreign currency which results in exchange rate fluctuations. Such exchange rate risk primarily
arises from transactions made in foreign exchange. A significant portion of these transactions are in US Dollar and Euro.

c) Foreign currency sensitivity

The impact of sensitivity analysis arising on account of outstanding foreign currency denominated assets and liabilities is insignificant.

d) Interest rate risk

Interest rate risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The objective of the Company is to lessen the impact of adverse interest rate movements on its earnings and cash flows and to
minimise counter party risks.

The Company is exposed to interest rate volatilities primarily with respect to its borrowings from banks.

e) Interest rate sensitivity

Since the borrowings are all short / medium term in nature, the volatility in the interest rate is minimal.

f) Liquidity risk

Liquidity risk is the risk that the Company may encounter difficulty including seasonality in meeting its obligations. The Company mitigates its
liquidity risks by ensuring timely collections of its trade receivables, close monitoring of its credit cycle and ensuring optimal movements of its
inventories.

g) Credit risk

Credit risk is the risk that counter party will not meet its obligations leading to a financial loss. The Company has its policies to limit its exposure
to credit risk arising from outstanding receivables. Management regularly assess the credit quality of its customers. The credit risk of the
Company is relatively low as the Company also sells largely its teas through the auction system which is on cash and carry basis and through exports
which are mostly backed by letter or credit or on advance basis.

6. Fair value measurements

Fair value hierarchy

Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels:

Level 1 : Quoted prices in active market for identical assets or liabilities

Level 2: Inputs other than quoted price including within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of
observable market data and rely as little as possible on entity-specific estimates. If significant inputs required to fair value an instrument are
observable, the instrument is included in Level 2.

Level 3: Inputs for the assets or liabilities that are not based on observable market data . If one or more of the significant inputs is not based on
observable market data, the fair value is determined using generally accepted pricing models based on a discounted cash flow analysis, with the most
significant input being the discount rate that reflects the credit risk of counterparty. This is the case with listed instruments where market is not
liquid and for unlisted instruments.

The management consider that the carrying amounts of financial assets (other than those measured at fair values) and liabilities recognized in the
financial statements approximate their fair value as on March 31, 2025 and March 31,2024.

There has been no change in the valuation methodology for Level 3 inputs during the year. There were no transfers between Level 1 and Level 2
during the year.

7 The Company further, having exited tea plantation business, looked forward to preparing itself to venture into merchant
exporting of teas to Gulf / West Asia / CIS countries. But due to border skirmish aggravating to war in between Ukraine
and Russia and consequent fallout in and around the region, the company’s merchant exporting plans are put on hold.

Besides, the company has also been trying to venture into retail selling of teas and therefore looking into logistics, guidelines
that entailed most of the year under review. The Company meanwhile could barely earn revenue from interest on its inter
corporate deposits, term deposits with banks and from investments in mutual funds.

8 i) At the Meeting held on 28th July, 2023, the Board recommended shifting of Registered Office of the Company from Tinsukia

in Assam to Kolkata in West Bengal. The Company has got approval from its shareholders at the Annual General Meeting
held on 12th September, 2023. Order dated 19th February, 2024 has been issued by the Office of the Regional Director
(NER) in the matter u/s 13(4) of the Companies Act, 2013 for proceeding on this matter. The Registered Office of the company
is now at Kolkata under Order dated 18th June, 2024 of the Registrar Of Companies, Kolkata.

ii) The Company has filed an application with The Calcutta Stock Exchange for voluntary delisting of its equity shares.

The process of delisting is currently ongoing and subject to necessary approval and compliance with applicable laws and
regulations including SEBI (Delising of Equity Shares) Regulations, 2021.

9 It has been decided by the Company that Retirement Scheme in operation as signed between the Management of
Warren Tea Limited and the erstwhile General Secretary, ACKS, Central Office at Dibrugarh needs to be discontinued
due to the several impediments faced by the Company in its business operation and the ensuing wreckage caused to the
financial health of the Company in the past few years due to various uncontrollable and enforceable events transpired

in the tea market and tea industry.

Notice by the Company in this regard was given vide Section 9-A of the I.D. Act to all concerned in the month of
February, 2022. The matter is subjudice. The Company to act as per the Laws of the Land.

10 The management observed in its board meeting held on 28^th March 2024 that since the last four financial years post COVID,
owing to difficulty from increasing cost of production / incessant rains from climate change / pest attacks / fall outs from
pandemic and significant changes in the market scenario all of which had remained largely uncontrollable and thus had
significant impact on company’s profitability, the Company to combat such adverse situations had to dispose of all its
remaining tea estates to consolidate and strengthen its financial performance and as a concrete step towards improvement

of its overall performance. Various cost reduction steps have already been taken considering the current situation. The executive
staff including the substaff are encouraged / allowed to avail of the leave as permissible and the practice of leave encashment
shall be withdrawn in line with the resolution of the board of directors at its meeting held on 13th August 2020. The matter
has been discussed threadbare by the board of directors at its meeting held on 28th March 2024 and hence it has been
resolved that the Board at its sole discretion shall forfeit leave encashment for all employees of the Company at any level,
whose name appear on the payroll of the Company as at 1st January 2019, including the Executive Chairman, all management
staff either at Kolkata corporate office and or at the tea estates, be it staff, substaff, daily rated workers, peons. Leave
encashment is hence withdrawn and hence employees are encouraged to avail leave as is permissible from accumulated
leave balance and fresh accruals.

32 The following additional information (other than what is already disclosed elsewhere) is disclosed

in terms of amendments dated 24th March, 2021 in Schedule III to the Companies Act 2013

with effect from 1st April, 2021

1) No proceedings have been initiated or pending against the company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988. Hence relevant disclosures
are not applicable.

2) The company does not have any transactions with companies struck off under section 248 of
the Companies Act, 2013. Hence no disclosure required.

3) The company had borrowings from banks on the basis of security of current assets. The periodical
returns or statements of current assets filed by the company with banks or financial institutions are
in agreement with the books of accounts. Borrowings had been repaid in full and there is no
dues to banks and financial institutions.

4) There are no instances of any transactions not recorded in the books of accounts that has
been surrendered or disclosed as income during the year in the tax assessments under the

Income Tax 1961 ( such as search or survey or any other relevant provisions of the Income Tax Act 1961)

5) The Company is not declared as a willful defaulter by any bank or financial institution or other
lender.

6) There are no charges or satisfaction of charges pending to be registered with Registrar of
Companies beyond the statutory period, besides five charges aggregating to an amount of '' 2.47

in all in the name of The Assam State Housing Board for which efforts are on to register satisfaction on
Registrar of Companies site through the Housing Board. Charges were duly satisfied prior to the
implementation of the MCA21 system when the submission was made physically to the Registrar of Companies.
The non-updation on the portal is due to migration issues and is not within the domain of the Company.

7) The Company has not traded or invested in crypto currency or virtual currency during the financial year

8) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other person or entity, including foreign
entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the
intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

The Company has not received any fund from any party (Funding Party) with the understanding that the
Company shall whether directly or indirectly lend or invest in other persons or entities identified by or on
behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

9) There is no scheme of arrangement approved by competent authority in terms of sections 230 to 237 of
the Companies Act, 2013 during the year, hence relevant disclosures are not applicable.

33 Figures of Previous Year have been regrouped or rearranged, wherever necessary.

Signatures to Note Nos. 1 to 25

GARV & ASSOCIATES

Firm Registration Number - 301094E

Chartered Accountants

Soma Chakraborty

Ramanand Rustagi Indraneel Banik Executive Director &

Partner Executive Director & Company Secretary

Membership Number - 010467 Chief Financial Officer DIN : 08825627

Kolkata, 20th May, 2025 DIN : 09687872 Membership Number : A11108

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Mar 31, 2024

34 The following additional information (other than what is already disclosed elsewhere) is

disclosed in terms of amendments dated 24th March, 2021 in Schedule III to the Companies

Act 2013 with effect from 1st April, 2021

1) No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988. Hence relevant disclosures are not applicable.

2) The company does not have any transactions with companies struck off under section 248 0f the Companies Act, 2013. Hence no disclosure required.

3) The company had borrowings from banks on the basis of security of current assets. The periodical returns or statements of current assets filed by the company with banks or financial institutions are in agreement with the books of accounts. Borrowings had been repaid in full and there is no dues to banks and financial institutions.

4) There are no instances of any transactions not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the

Income Tax 1961 ( such as search or survey or any other relevant provisions of the Income Tax Act 1961)

5) The Company is not declared as a willful defaulter by any bank or financial institution or other lender.

6) There are no charges or satisfaction of charges pending to be registered with Registrar of Companies beyond the statutory period.

7) The Company has not traded or invested in crypto currency or virtual currency during the financial year

8) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

The Company has not received any fund from any party (Funding Party) with the understanding that the Company shall whether directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

9) There is no scheme of arrangement approved by competent authority in terms of sections 230 to 237 of the Companies Act, 2013 during the year, hence relevant disclosures are not applicable.

35 Figures of Previous Year have been regrouped or rearranged, wherever necessary.

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Mar 31, 2018

1. Company Overview

Warren Tea Limited is engaged in the growing, harvesting, manufacture and sale of tea. The Company operates with seven tea estates situated in Assam and sells tea in bulk both in domestic and international markets. The Company is listed on the Bombay and Calcutta Stock Exchanges.

2. Statement of Compliance with Ind AS

These financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) as contained in Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 and other elevant provisions of the Companies Act, 2013 (the Act). The financial statements up to the year ended 31^st March 2017were preparedin accordancewith the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act. The financial statements for the year ended 31st March, 2018 are the first financial statements of the Company under Ind AS. Comparative figures relating to previous year and on the date of transition have also been prepared in accordance with Ind AS. The date of transition to Ind AS is 1st April, 2016.

Rights, preferences and restrictions attached to shares

The Company has only one class of shares being Equity Shares having a par value of Rs.10/- each. All equity shares rank paripassu in all respects including voting rights, entitlement to dividend and repayment of capital.

3. Under the Assam Fixation of Ceiling of Land Holding Act, 1956, undeveloped lands,approximately 2145 hectares (Previous Year - 2145 hectares) have been vested in the State Government. Necessary adjustments in respect of land compensation will be made in the accounts on settlement of the same.

4. Post Employment Defined Benefit Plans

The Company operates defined Benefit Schemes like Gratuity, Superannuation, Pension and Additional Retiral Benefit Plans based on current salaries in accordance with the Rules of the Funds/Plans.

In terms of Accounting Policies enumerated in Note 30 the following Table sets forth the particulars in respect of Defined Benefit Plans of the Company forthe year ended 31st March, 2018 arising out of actuarial valuations:

5. Segment Information

(i) The Companyis engaged in the integrated process of growing, harvesting, manufacturing and sale of Black Tea during the year and has identified one operating segment i.e, Tea.

* Non-Current Assets excludes Financial Assets, Deferred Tax Assets and Post Employment Benefit Assets. Figures of Previous Year are indicated in Italics within brackets “( )”

(iii)The Company has entered into transactions with a single external customer exceeding 10% of the Turnover of the Company.

6. Figures of Previous Year and as on Transition Date have been regrouped or rearranged, wherever necessary

1. The above Cash Flow Statement has been prepared in accordance with Ind AS 7. 2 The Notes referred to above form an integral part of the Cash Flow Statement.

2. Previous year’s figures have been regrouped or rearranged, wherever necessary.

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Mar 31, 2016

Rights, preferences and restrictions attached to shares

The Company has only one class of shares being Equity Shares having a par value of Rs.10/each. All equity shares rank pari passu in all respects including voting rights, entitlement to dividend and repayment of capital.

1236531 Equity Shares of Rs. 10/- each allotted during the financial year 2012-13 by way of fully paid-up Bonus Shares only to the public shareholders to the exclusion of promoters in the ratio of 7 Equity Shares for every 10 Equity Shares of the Company.

1 The Remuneration payable to Mr. Vinay K Goenka, Chairman and Mr. S. K. Ghosh, Managing Director have been provided for in the accounts in accordance with of their service contracts as approved by the Shareholders. However, in view of inadequacy of profits during the year, their respective bonus being part of contractual remuneration though provided for in full in the accounts exceed by Rs.29.51 and Rs.12.80 respectively of the limits prescribed by Section 197 read with Schedule V of the Companies Act, 2013. Necessary applications have been filed with the Central Government under Sections 197 & 198 of the Companies Act, 2013 for their approvals which are awaited.

2 Post Employment Defined Benefit Plans

The Company operates defined Benefit Schemes like Gratuity, Superannuation, Pension and Additional Retrial Benefit Plans based on current salaries in accordance with the Rules of the Funds/Plans.

In terms of Accounting Policies enumerated in Note 27 the following Table sets forth the particulars in respect of Defined Benefit Plans of the Company for the year ended 31st March, 2016 arising out of actuarial valuations:

3 Segment Reporting

(i) The Company is engaged in the integrated process of growing, harvesting, manufacturing and sale of Black Tea during the year and hence no primary segment reporting is considered under Business Segment.

(ii) Geographical Segments have been considered for disclosure as the Secondary Reporting Segment based on sales in domestic markets and exports.

Figures of Previous Year are indicated in Italics within brackets “( )”

4 Previous year''s figures have been regrouped or rearranged, wherever necessary.

Signatures to Note Nos. 1 to 27

5. The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard - 3 on Cash Flow Statement.

6. The Notes referred to above form an integral part of the Cash Flow Statement.

7. Previous year''s figures have been regrouped or rearranged, wherever necessary.

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Mar 31, 2015

(1) Segment Reporting

(i) The Company is engaged in the integrated process of growing, harvesting, manufacturing and sale of Black Tea and in carrying on the business of real estate. No primary segment reporting is considered for real estate business under business segment since it does not qualify for reporting as per Accounting Standard 17. Hence no primary segment reporting is considered under Business Segment.

2 Previous year's figures have been regrouped or rearranged, wherever necessary.

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Mar 31, 2014

1 Post Employment Defined Benefit Plans

The Company operates defined Benefit Schemes like Gratuity, Superannuation, Pension and Additional Retiral Benefit Plans based on current salaries in accordance with the Rules of the Funds/Plans.

In terms of Accounting Policies enumerated in Note 24 the following Table sets forth the particulars in respect of Defined Benefit Plans of the Company for the year ended 31st March, 2014 arising out of actuarial valuations:

Post Employment Contribution Plan

During the year an aggregate amount of Rs. 553.38 (Previous Year - Rs. 511.10) has been recognised as expenditure towards Provident Fund, defined contribution plan of the Company.

2 Related Party Disclosures (i) Names and Relationship

Relationship Name Associate Maple Hotels and Resorts Private Limited

Significant Influence by Key Warren Industrial Limited Management Personnel DPIL Limited Sectra Plaza Private Limited Suvira Properties Private Limited Warren Steels Private Limited

Key Management Personnel Mr. Vinay K. Goenka (Executive Chairman) Mr. S. K. Ghosh (Managing Director)

Relative of a Key Management Mr. Vivek Goenka Personnel

3 Segment Reporting

(i) The Company is engaged in the integrated process of growing, harvesting and sale of Black Tea only and hence no Primary Segment Reporting is considered under Business Segment.

(ii) Geographical Segments have been considered for disclosure as the Secondary Reporting Segment based on sales in domestic markets and exports.

1. The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard -3 on Cash Flow Statement prescribed under the Companies Act, 1956.

2. The Notes referred to above form an integral part of the Cash Flow Statement.

3. Previous year''s figures have been regrouped or rearranged, wherever necessary.

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Mar 31, 2012

Rights, preferences and restrictions attached to shares The Company has only one class of shares being Equity Shares having a par value of Rs. 10/- each. All equity shares rank pari passu in all respects including voting rights, entitlement to dividend and repayment of capital.

1014153 Equity Shares of Rs. 10/- each allotted as fully paid-up for consideration otherwise than in cash at par in terms of the Schemes of Arrangements for Amalgamation in Financial Year 2007-08.

1 The Company''s Board of Directors has approved a Scheme of Arrangement for demerger of seven of its tea estates in Assam with effect from 1st April, 2011. Necessary applications have since been filed with the stock exchanges. Further procedural steps are underway and appropriate effect thereof will be incorporated in the Accounts upon approval of regulatory authorities and complition of requisite formalities pending which, the effect of operations of such seven tea estates have been included in these financial statements.

2 (a) The Board of Directors decided on 16th February, 2012 to close with effect from the close of business hours of 31st March, 2012 its Travel Division reported as a separate segment as per Accounting Standard 17

3 Revaluation of all Plantation Assets excluding depreciable Assets was conducted in 2001-02 by approved Valuers appointed by the Company. In evaluating such Assets, the Valuers carried out physical inspection, verification and analysis of plantation areas and valued the same on a conservative basis. The resultant incremental amount of Rs. 3627.43 was incorporated in the Accounts as on 31st March, 2002 and credited to the Revaluation Reserve Account.

4 Pursuant to an Agreement dated 8th October, 2002, Tippuk Tea Estate located in Doom Dooma sub-district in Assam was acquired by the Company as a going concern with effect from 1st October, 2002 and possession and operations have been taken over by the Company effective from the same date. Conclusion of the Deed of Conveyance is in process.

5 Under the Assam Fixation of Ceiling of Land Holding Act, 1956, undeveloped lands, approximately 3745 hectares (Previous Year - 3745 hectares) have been vested in the State Government. Necessary adjustments in respect of land compensation will be made in the accounts on settlement of the same.

6 Contingent Liabilities

(a) Claims not acknowledged as debts 20.50 20.50

(b) Sales Tax Demands in dispute (under Appeals) 335.22 249.06

(c) Agricultural Income Tax Demands in dispute 2838.72 2838.72 (under Appeals/pending before Gauhati High Court)

7 Provident fund contribution of Rs. 41.07 Lakhs on enhanced value of food grain concession provided to plantation workers in tea estates in Assam pursuant to circular of the Assam Tea Plantation Provident Fund and Pension Fund Scheme & D.L.I. Scheme had not been deducted and paid in view of a stay granted by the Hon''ble Gauhati High Court on same grounds which has since been deducted and paid fully.

8 Post Employment Defined Benefit Plans

The Company operates defined Benefit Schemes like Gratuity, Superannuation, Pension and Additional Retiral Benefit Plans based on current salaries in accordance with the Rules of the Funds/Plans.

In terms of Accounting Policies enumerated in Note 25 the following Table sets forth the particulars in respect of Defined Benefit Plans of the Company for the year ended 31st March, 2012 arising out of actuarial valuations:

9. Segment Reporting

(i) Business Segments have been considered as Primary Segment for disclosure. The integrated process of growing, harvesting, manufacturing and sale of Black Tea and Travel related activities are denoted as "Tea" and "Travels" respectively which comprise Reportable Business Segments in accordance with the Accounting Standard — 17.

(ii) Geographical Segments have been considered for disclosure as the Secondary Reporting Segment based on Sales in domestic markets and Exports.

* after adjusting provision for diminution in the value of investments - Nil (Previous Year - Rs.100.50)

Figures of Previous Year are indicated in Italics within brackets "[ ]"

10. Previous year''s figures have been regrouped or rearranged, wherever necessary.

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Mar 31, 2011

(Rs. in 000's)

1 Revaluation of all Plantation Assets excluding depreciable Assets was conducted in 2001-02 by approved Valuers appointed by the Company. In evaluating such Assets, the Valuers carried out physical inspection, verification and analysis of plantation areas and valued the same on a conservative basis. The resultant incremental amount of Rs. 362743 was incorporated in the Accounts as on 31st March, 2002 and credited to the Revaluation Reserve Account.

2 Pursuant to an Agreement dated 8th October, 2002, Tippuk Tea Estate located in Doom Dooma sub-district in Assam was acquired by the Company as a going concern with effect from 1st October, 2002 and possession and operations have been taken over by the Company effective from the same date. Conclusion of the Deed of Conveyance is in process.

(b) Balance of Excise Duty Relief Right has been amortised during the year.

3 Issued, Subscribed and Paid-up Capital both for current and previous year includes :

(a) 5419153 Equity Shares of Rs.10/- each allotted as fully paid-up for consideration otherwise than in cash at par in terms of the Schemes of Arrangements for Amalgamation.

(b) 4550070 Equity Shares of Rs.10/- each allotted as fully paid-up Bonus Shares by capitalisation of General Reserve.

(c) Number of Equity Shares held by Warren Tea Holdings Limited, UK (Holding Company upto February, 2011) - Nil ; (Previous Year - 5730386)

4 Under the Assam Fixation of Ceiling of Land Holding Act, 1956, undeveloped lands, approximately 3745 (Previous Year - 3745) hectares have been vested in the State Government. Necessary adjustments in respect of land compensation will be made in the accounts on settlement of the same.

5 Contingent Liabilities

(a) Claims not acknowledgedasdebts 2050 2224

(b) Sales Tax Demandsindispute (under Appeals) 24906 21949

(c) Agricultural Income Tax Demandsindispute 283872 - (under Appeals /pending before Gauhati High Court)

6 Post Employment Defined Benefit Plans

The Company operates defined Benefit Schemes like Gratuity, Superannuation, Pension and Additional Retiral Benefit Plans based on current salaries in accordance with the Rules of the Funds/Plans.

In terms of Accounting Policies enumerated in Note 24 the following Table sets forth the particulars in respect of Defined Benefit Plans of the Company for the year ended 31st March, 2011 arising out of actuarial valuations:

7 Segment Reporting

(i) Business Segments have been considered as Primary Segment for disclosure. The integrated process of growing, harvesting, manufacturing and sale of Black Tea and Travel related activities are denoted as "Tea" and "Travels" respectively which comprise Reportable Business Segments in accordance with the Accounting Standard - 17.

(ii) Geographical Segments have been considered for disclosure as the Secondary Reporting Segment based on Sales in domestic markets and Exports.

8 Previous year's figures have been regrouped or rearranged, wherever necessary.

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Mar 31, 2010

1. Revaluation of all Plantation Assets excluding depreciable Assets was conducted in 2001-02 by approved Valuers appointed by the Company. In evaluating such Assets, the Valuers carried out physical inspection, verification and analysis of plantation areas and valued the same on a conservative basis. The resultant incremental amount of Rs. 362743 was incorporated in the Accounts as on 31st March, 2002 and credited to the Revaluation Reserve Account.

2. Pursuant to an Agreement dated 8th October, 2002, Tippuk Tea Estate located in Doom Dooma sub-district in Assam was acquired by the Company as a going concern with effect from 1st October, 2002 and possession and operations have been taken over by the Company effective from the same date. Conclusion of the Deed of Conveyance is in process.

4. Issued, Subscribed and Paid-up Capital both for current and previous year includes :

(a) 5419153 Equity Shares of Rs.10/- each allotted as fully paid-up for consideration otherwise than in cash at par in terms of the Schemes of Arrangements for Amalgamation.

(b) 4550070 Equity Shares of Rs.10/- each allotted as fully paid-up Bonus Shares by capitalisation of General Reserve.

(c) 5730386 Equity Shares held by the Holding Company - Warren Tea Holdings Limited, U.K.

5. Under the Assam Fixation of Ceiling of Land Holding Act, 1956, undeveloped lands, approximately 3745 (Previous Year - 3745) hectares have been vested in the State Government, Necessary adjustments in respect of land compensation will be made in the accounts on settlement of the same.

(Rs. in 000s)

Current Year Previous Year Rs. Rs.

6. Contingent Liabilities

(a) Claims not acknowledged as debts 2224 2224

(b) Sales Tax Demands in dispute ( under Appeals) 21949 17252

7. Post Employment Defined Benefit Plans

The Company operates defined Benefit Schemes like Gratuity, Superannuation, Pension and Additional Retiral Benefit Plans based on current salaries in accordance with the Rules of the Funds/Plans.

In terms of Accounting Policies enumerated in Note 24 the following Table sets forth the particulars in respect of Defined Benefit Plans of the Company for the year ended 31st March, 2010 arising out of actuarial valuations:

8. Related Party Disclosures

(i) Names and Relationship Relationship Holding Company

Name Warren Ten Holdings Limited

Significant Influence by Key Management Personnel

Warren Industrial Limited DPIL Limited

Sectra Plaza Private Limited Suvira Properties Private Limited Warren Steels Private Limited

Key Management Personnel

Mr. Vinay K. Goenka (Executive Chairman) Mr. S. K. Ghosh (Managing Director)

Relative of a Key Management Personnel

Mr. Vivek Goenka