Tea Time Ltd. के अकाउंट के लिये नोट

Mar 31, 2014

1 CORPORATE INFORMATION

The Company mainly deals in Export of manufactured/blended Tea to the middle-east countries. Due to Political uncertainty and economic crisis in those countries, in the recent past, the Company was unable to procure any business. The Company has been trying to develop business in other markets.

2 Contingent Liabilities in respect of Income Tax matter under appeal Rs 1,236,646/- (Previous Year Rs 1,236,646/-)

3 Segment Reporting :

Segment Reporting as defined in Accounting Standard - 17 on ''Segment Reporting'' issued by ICAI is not applicable since the operations of the company relates to only one segment.

4 Related Party Disclosure :

The management is of the opinion that considering the shareholding and composition of Board of Directors, the company cannot be considered to be an associate or to have control over any other enterprise. The relationship and transactions with Key Management Personnel are disclosed,

Meeting Attendance Fees aggregating to Rs. 12,000/- to the Directors. Service Charges Rs. 960,000/- to Sri V N Agarwal.

5 Deferred Tax Assets/Liabilities :

The difference between taxable income and accounting income generally give rise to deferred tax assets and liabilities, but in view of the uncertainty and insufficiency of future profits, it has not been considered prudent by the management to account for such assets and liabilities.

6 The Company has no amounts due to suppliers under the Micro, Small & Medium Enterprises as defined under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED) as at 31.03.2014. Hence no additional disclosure have been made. The information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information.

7 Previous years figures have been regrouped and rearranged, wherever necessary.

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Mar 31, 2013

I CORPORATE INFORMATION

The Company mainly deals in Export of manufactured/blended Tea to the middle-east countries. Due to Political uncertainty and economic crisis in those countries, in the recent past, the Company was unable to procure any business. The Company has been trying to develop business in other markets.

1 Contingent Liabilities in respect of Income Tax matter under appeal Rs. 1,236,646/- (Previous Year ' 1,236,646/-)

2 Segment Reporting :

Segment Reporting as defined in Accounting Standard - 17 on 'Segment Reporting' issued by ICAI is not applicable since the operations of the company relates to only one segment.

3 Related Party Disclosure :

The management is of the opinion that considering the shareholding and composition of Board of Directors, the company cannot be considered to be an associate or to have control over any other enterprise. The relationship and transactions with Key Management Personnel are disclosed,

4 Deferred Tax Assets/Liabilities :

The difference between taxable income and accounting income generally give rise to differred tax assets and liabilities, but in view of the uncertainty and insufficiency of future profits, it has not been considered prudent by the management to account for such assets and liabilities.

5 The Company has no amounts due to suppliers under the Micro, Small & Medium Enterprises as defined under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED) as at 31.03.2008. Hence no additional disclosure have been made. The information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the bases of information.

6 Previous years figures have been regrouped and rearranged, wherever necessary.

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Mar 31, 2012

1 CORPORATE INFORMATION

The Company mainly deals in Export of manufactured/blended Tea to the middle-east countries. Due to political uncertainity and economic crisis in those countries, in the recent past, the Company was unable to procure any business. The Company has been trying to develop business in other markets.

1.2 Rights Attached to Equity Shares

- The company has only one class of shares i.e. Equity Shares having par value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share.

- Each Shareholder is eligible to receive dividend, if distributed and in the event of liquidation of the Company, a shareholder is entitled to receive remaining assets of the Company, after distribution of all preferential dues in proportion to the number of equity shares held by the shareholders.

1 Contingent Liabilities in respect of Income Tax matter under appeal Rs. 1,236,646/- (Previous Year Rs. 1,236,646/-)

2 Segment Reporting :

Segment Reporting as defined in Accounting Standard - 17 on ''Segment Reporting'' issued by ICAI is not applicable since the operations of the company relates to only one segment.

3 Related Party Disclosure :

The management is of the opinion that considering the shareholding and composition of Board of Directors, the company can not be considered to be an associate or to have control over any other enterprise. The relationship and transactions with Key Management Personnel are disclosed,

a) Key Management Personnel Directors and their Relatives :

V N Agarwal (Director)

A K Ghosh (Director)

K K Ganeriwala (Director)

b) Transactions with Related Parties :

Meeting Attendance Fees Rs. 5,250/-

4 Deferred Tax Assets/Liabilities :

The difference between taxable income and accounting income generally give rise to deferred tax assets and liabilities, but in view of the uncertanity and insufficiency of future profits, it has not been considered prudent by the management to account of such assets and liabilities.

5 The Company has no amounts due to suppliers under the Micro, Small & Medium Enterprises as defined under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED) as at 31.03.2012. Hence no additional disclosure have been made. The information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of available information.

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

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Mar 31, 2010

1. Contingent Liabilities in respect of Income Tax matter under appeal Rs. 12,36,646/- (R Y Rs. 65,19,782/-).

2. Inventories, Debtors and all other current assets are hypothecated to bank against working capital facilities enjoyed by the company.

3. Details of Auditors Remuneration: 31.03.2010 31.03.2009

Rs. Rs.

Audit Fees 15,000.00 15,000.00

Certification 13,500.00 13,500.00

28,500.00 28,500.00

Additional information pursuant to the provisions of paragraph 3 and 4 part II of Schedule VI to the Compa- nies Act,

4. Segment Reporting:

Segment Reporting as defined in Accounting Standard-17 on Segment Reporting issued by ICAI, is not applicable since the operations of the company relates to only one segment i.e. Tea.

5. Related Party Disclosure:

The management is of the opinion that considering the shareholding and composition of Board of Directors, the company can not be considered to be an associate or to have control over any other enterprise. The relationship and transactions with key Management personnel are disclosed.

6. Deferred Tax Assets/Liabilities :

The differences between taxable income and accounting income generally give rise to deferred tax assets and liabilities but in view of the uncertainly and insufficiency of future profits, it has not been considered prudent by the management to account for such assets and liabilities.

7. Figures of the previous year have been rearranged and/or regrouped wherever necessary.