Notes to Accounts of Longview Tea Company Ltd.

Mar 31, 2025

1.7 Provisions, Contingent Liabilities and Contingent Assets, legal or constructive

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past
event; 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. If the effect of
the time value of money is material, provisions are measured at the present value of management''s
best estimate of the expenditure required to settle the present obligation at the end of the reporting
period. The discount rate used to determine the present value is a pre-tax rate that reflects current
market assessments of the time value of money and the risk specific to the liability. The increase in the
provision due to the passage of time is recognised as interest expense.

A disclosure for contingent liabilities is made 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.

When there is a possible obligation or a present obligation and the likelihood of outflow of resources is
remote, no provision or disclosure for contingent liability is made.

Contingent Assets are not recognised but are disclosed in the notes to the Financial Statements when
an inflow of economic benefits is probable.

Provisions, contingent liabilities and contingent assets are reviewed at each balance date.

1.8 Borrowing Costs

Borrowing Costs directly attributable to the acquisition, construction or production of qualifying assets
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the asset. Borrowing costs consist of interest and transaction costs
that an entity incurs in connection with the borrowing of funds. Transaction costs in respect of long¬
term borrowings are amortised over the tenor of respective loans using effective interest method.

All other borrowing costs are charged to Statement of Profit and Loss, i.e., expensed in the period in
which they are incurred. Borrowing costs also includes exchange differences arising from foreign
currency borrowings to the extent they are regarded as an adjustment to the borrowing costs.

1.9 Revenue Recognition

Revenue from contract with customer is recognised upon transfer of control of promised products to
customers on complete satisfaction of performance obligations for an amount that reflects the
consideration which the Company expects to receive in exchange for those products. Revenue is
measured based on the transaction price, which is the consideration.

The specific recognition criteria from various stream of revenue are described below:

Sale of Goods - Revenue from contract with customer is recognized when control of goods is
transferred to the customer at an amount that reflects the consideration to which the company
expects to be entitled in exchange for those goods. Revenue is measured based on the consideration
specified in a contract with a customer, adjusted for discounts and other incentives, if any, as per
contracts with the customers. Revenue also excludes taxes or amounts collected from customers in its
capacity as agent.

Revenue from the sale of products is recognized at a point in time, generally upon delivery of products.
At present the Company has no existing contracts for which revenue over time is required to be
recognized by the Company.

Interest Income - Interest Income from debt instruments is recognised using the effective interest rate
method. Interest income is accrued on a time basis, by reference to the principal outstanding and at
the effective interest rate applicable.

Dividend Income - Dividend Income is recognised in the Statement of Profit and Loss when the right to
receive dividend is established.

1.10 Exceptional items

The Company recognises exceptional item when items of income and expenses within Statement of
Profit and Loss from ordinary activities are of such size, nature or incidence that their disclosure is
relevant to explain the performance of the Company for the period.

1.11 Accounting for Taxes
Income Tax Expense

The income tax expense or credit for the period is the tax payable on the current period''s taxable
income based on the applicable income tax rate adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences and to unused tax losses. Current and deferred taxes
are recognised in 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 current and deferred tax are also
recognised in other comprehensive income or directly in equity, respectively.

Current Tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from
or paid to the taxation authorities. Current income tax (including Minimum Alternate Tax (MAT)) is
measured at the amount expected to be paid to the tax authorities in accordance with the Income-Tax
Act, 1961 enacted in India. The tax rates and tax laws used to compute the amount are those that are
enacted or substantially enacted, at the end of reporting date. Current income tax relating to items
recognised outside the statement of profit and loss is recognised outside the statement of profit and
loss (either in other comprehensive income (OCI) or in equity). Management periodically evaluates
positions taken in the tax returns with respect to situations in which applicable tax regulations are
subject to interpretation and establishes provisions where appropriate.

Deferred Tax

Deferred Income 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
at the reporting date. Deferred income tax is determined using tax rates (and laws) that have been
enacted or substantially enacted by the end of the reporting period and are expected to apply when
the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred Tax Liabilities are recognised for all temporary taxable differences. Deferred Tax Assets are
recognised for all deductible temporary differences and unused tax losses and unused tax credits only
if it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.

Deferred Tax Assets and Liabilities are offset when there is a legally enforceable right to offset current
tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset
and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised
in other comprehensive income or directly in equity, respectively.

1.12 Employee Benefits

Employee benefits include gratuity, compensated absences, contribution to provident fund,
employees'' state insurance and superannuation fund.

1.12.1 Short-term Employee Benefits

Employee benefits payable wholly within twelve months of rendering the services are classified as
short-term employee benefits and recognised in the period in which the employee renders the related
service. These are recognised at the undiscounted amount of the benefits expected to be paid in
exchange for that service.

1.12.2 Post-employment Benefits
Defined Contribution Plans

Retirement benefits in the form of provident fund and superannuation fund are defined contribution
schemes. The Company has no obligation, other than the contribution payable to the provident fund.
The Company recognises contribution payable to these funds as an expense, when an employee
renders the related service. If the contribution payable to the scheme for service received before the
balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is
recognised as a liability after deducting the contribution already paid.

Defined Benefits Plans

In case of Defined Benefit Plans, the cost of providing the benefit is determined using the Projected
Unit Credit Method with actuarial valuation being carried out at each Balance Sheet date. Actuarial
gains and losses are recognised in full in the Other Comprehensive Income for the period in which they
occur. Past service cost is recognised immediately to the extent that the benefits are already vested,
and otherwise is amortised on a straight-line basis over the average period until the benefits become
vested. The retirement benefit obligation recognised in the Balance Sheet represents the present value
of the defined benefit obligation as adjusted for unrecognised past service cost, if any, and as reduced
by the fair value of plan assets, where funded. Any asset resulting from this calculation is limited to the
present value of any economic benefit available in the form of refunds from the plan or reductions in
future contributions to the plan.

For the purpose of presentation of defined benefit plans and other long-term benefits, the allocation
between current and non-current provisions has been made as determined by an actuary.

1.12.3 Other Employee Benefits

Other employee benefits comprise of compensated absences/leaves. The actuarial valuation is done as
per projected unit credit method. Remeasurements as a result of experience adjustments and changes
in actuarial assumptions are recognised in the Statement of Profit and Loss.

1.12.4 Bonus plans

The Company recognizes a liability and an expense for bonuses. The Company recognizes a provision
where contractually obliged or where there is a past practice that has created a constructive
obligation.

1.13 Earnings per Share

1.13.1 Basic Earnings per Share

Basic earnings per share is calculated by dividing the profit/loss attributable to owners of the Company
by the weighted average number of equity shares outstanding during the financial year.

1.13.2 Diluted earnings per share

Diluted earnings per share adjust the figures used in the determination of basic earnings per share to
take into account:

• The after-income tax effect of interest and other financing costs associated with dilutive
potential Equity Shares, and

• The weighted average number of additional Equity Shares that would have been outstanding
assuming the conversion of all dilutive potential Equity Shares.

1.14 Recent pronouncements

The Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing
standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the
year ended March 31, 2025, MCA has notified Ind AS 117 - Insurance Contracts and amendments to
Ind AS 116 - Leases, relating to sale and leaseback transactions, applicable to the Company w.e.f. April
1, 2024. The Company has reviewed the new pronouncements and based on its evaluation has
determined that it does not have any significant impact in its Financial Statements.

Capital Reserve

The capital reserve represents the excess of the identifiable assets and liabilities over the consideration paid/ received or vice versa in a sale/transfer of business/investment.
Securities Premium Reserve

Securities Premium is credited when shares are issued at premium. It can be used to issue bonus shares, to provide for premium on redemption of shares or debentures, write off
equity related expenses like underwriting cost etc.

Capital Redemption Reserve

As per requirements of the Companies Act, 2013, the Company creates Capital Redemption Reserve on the event of buyback of Equity Shares.

Retained Earnings

Retained Earnings represents the represents accumulated profits earned by the Company and remaining undistributed as on date. This can be utilised in accordance with the
provisions of the Companies Act, 2013.

Fair Value through Other Comprehensive Income Reserve

It represents the cumulative gains/ (losses) arising on the revaluation of Equity Shares measured at fair value through Other Comprehensive Income, net of amounts reclassified to
Retained Earnings on disposal of such instruments, and amounts arising on remeasurement of defined benefits plan.

Note: The Company''s pending litigations comprise of claims against the Company and proceedings
pending with statutory/Government Authorities. The Company has reviewed all its pending litigation
proceedings, made adequate provisions, and disclosed the contingent liabilities wherever
applicable, in its financial statements. The Company does not expect the outcome of these
proceedings to have a material impact on its financial position. Future cash outflows in respect of
above are determinable only on receipt of judgment/decision pending with various
forums/authorities.

25. No amount is due to Micro, Small and Medium enterprises (identified on the basis of information
made available during the year by such enterprises to the Company). No interest in terms of Micro,
Small and Medium Enterprises Development Act, 2006 has been either paid or accrued during the
year.

26. The Company does not have any Trade Receivables and Trade Payables as at 31^st March, 2025 and
31^st March, 2024. Hence, ageing schedule is not required.

27. Employment Benefits

The disclosures required under Ind AS 19 "Employee Benefits" are given below:

Assumptions relating to future salary increases, attrition, interest rate for discount & overall
expected rate of return on Assets have been considered based on relevant economic factors such as
inflation, market growth & other factors applicable to the period over which the obligation is
expected to be settled.

J. Sensitivity Analysis

Discount Rate, Salary Escalation Rate and Withdrawal Rate are significant actuarial assumptions. The
change in the Present Value of Defined Benefit Obligation for a change of 100 Basis Points from the
assumed assumption is given below. There is no sensitivity depicted since closing provisions consists
only of crystalized liability of resigned employees.

31. Financial Risk Management

In the course of its business, the Company is exposed to a number of risks, key ones being:

• Operational risk

• Liquidity risk

• Market risk

• Compliance Risk

This note presents the Company''s objectives, policies and processes for managing its risks.

• Operational Risk

The company is exposed to operational risks arising from inadequate or failed internal
processes, systems, people, or external events. The company has established internal
controls to ensure effective management of these risks and reduce the operational failures.

• Liquidity Risk

Liquidity risk is the risk that the Company may encounter difficulty in meeting its obligations.
The Company determines its liquidity requirements in the short, medium and long term. This
is done by drawing up cash forecast for short and medium-term requirements and strategic
financing plans for long term needs.

The Company manages its liquidity risk in a manner so as to meet its normal financial
obligations without any significant delay or stress. Such risk is managed through ensuring
operational cash flow while at the same time maintaining adequate cash and cash
equivalents position. This is generally carried out in accordance with practice and limits set
by the Company.

• Market Risk

Market risk is the risk that changes in market prices, such as equity prices which will affect
the Company''s income or the value of its holdings of financial instruments. The objective of
market risk management is to manage and control market risk exposures within acceptable
parameters, while optimizing the return.

i. Price Risk

The Company''s exposure to equity securities price risk arises from investments held by
the Company and classified in the Balance Sheet at fair value through Profit or Loss and
fair value through other comprehensive income. The majority of the Company''s equity
investments are publicly traded.

ii. Sensitivity analysis - Equity price risk

The table below summaries the impact of increase/decrease of the market price of the
listed instruments on the Company''s equity and profit for the period. The analysis is
based on the assumption that market price had increased by 2% or decreased by 2 %

• Compliance Risk

The Company operates in strongly regulated business segments. The risk arises out of
change in laws and regulations governing the business. The internal control system of the
Company is designed to suit the complexity of its business operations. The system ensures
strict adherence to all applicable statutes and regulations governing the business operations.
The internal financial controls with reference to financial statements as designed and
implemented by the Company are adequate.

Risk management framework

The Company is having a system of risk management commensurate with its size and nature of
activities to address the consequent vulnerability. Quarterly reports are placed before the Audit
Committee and the Board of Directors of the Company. The Company has a comprehensive Risk
policy relating to the risks that the Company faces under various categories like strategic,
operational, reputational and other risks and these have been identified and suitable mitigation
measures have also been formulated. Major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a continuing basis. A risk management
process is in place to identify and mitigate risks that arise from time to time.

Notes:

1) The management has assessed the fair value of Trade Receivables, Cash and Cash Equivalents, Bank
Balances and Deposits and Advances which approximate their carrying amounts.

2) The fair value of the financial assets is included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The financial instruments are categorized into three levels based on the inputs used to arrive at fair
value measurements as decided below:

Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 - Other techniques for which all inputs which have a significant effect on the recorded fair
value are observable, either directly or indirectly.

Level 3 - Techniques which use inputs that have a significant effect on the recorded fair value that
are not based on observable market data.

Methods and assumptions

The following methods and assumptions were used to estimate the fair values at the reporting date:

i. Quoted Equity Shares: Closing quoted price (unadjusted) in National Stock Exchange of
India Limited

ii. Mutual Funds: Closing quoted price (unadjusted) in Central Depository Services (India)
Limited

iii. Non-Convertible Redeemable Preference Shares: Fair value of preference shares is
estimated by discounting cash flows. The valuation requires management to use
unobservable inputs in the model, of which the significant unobservable inputs are
disclosed in the table below. Management regularly assesses a range of reasonably
possible alternatives for those significant unobservable inputs and determines their
impact on the total fair value.

Following ratios are not provided:

• Debt - Equity Ratio - The Company did not have any Debt during the year.

• Inventory Turnover Ratio - The Company did not have any Inventories as on 31^st March.

• Trade Receivables Turnover Ratio - The Company did not have any Trade Receivables.

• Trade Payables Turnover Ratio - The Company did not have any Trade Payables.

35. The Company is mainly engaged in the business of trading of Commodities (tea, ferrous and non¬
ferrous metals). However, the Company is also dealing and investing in shares and securities and has
interest income from loans and advances. The relevant information about the Segment is given in
the following table:

36. (a) Proceedings before the National Company Law Tribunal (NCLT) in respect of complaints under
Section 241 read with Section 242 of the Companies Act, 2013 filed on 28.03.2025, are continuing,
which may influence the operations of the company in accordance with the order that may finally be
passed by the NCLT in course of time. The outcome of hearing/interim order passed by Hon''ble NCLT
are awaited.

Further, the Company has received show-cause notice under Section 206 of the Companies Act, 2013
from the Office of the Registrar of Companies (West Bengal) ("ROC"). The Company has replied to
the said notice and the matter is yet to be decided by the ROC.

(b) The management was unable to provide information, documents, Registers of Company,
Records, Books and Papers and Books of Account and other relevant documents and statutory
records necessary for preparation of the Financial Statements, as these were not handed over by
the previous management despite repeated requests by virtue of non-cooperation by the erstwhile
management. As a result, the correctness of certain balances and transactions could not be
independently verified and have been presented based on the best available information. Such non¬
availability of information and continued non-cooperation by the erstwhile management posed
serious constraints in the preparation of the Financial Statements and periodic compliances and
reporting with several agencies including BSE Limited.

(c) The management has not been able to obtain all the supporting documents and loan
confirmations from related parties. These balances have been presented based on the best
information presently accessible and the management''s hope to recover the missing supporting
documents and confirmations.

Certain balances in respect of deposits, advances, loans and advances are subject to confirmation
and reconciliation. However, in the opinion of the management, they have value at least equal to
the amount as stated, if realized in the ordinary course of business unless otherwise stated.

37. During the year, a penalty of Rs.27.00 (Amount in ''000) has been levied by BSE Limited for the non¬
compliance of Regulation 6(1) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

39. Additional disclosures pursuant to notification by Ministry of Corporate Affairs dated 24th March,
2021:

i. The Company has made given loans or advances in the nature of loans to Promoters,
Directors, KMP''s and the related parties which are outstanding as at the end of the current
year amounting to Rs. 1,04,172.59 (Amount in ''000).

ii. No proceedings have been initiated or are pending against the company for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
rules made thereunder.

iii. The Company has not borrowed funds from banks, financial institutions or other lenders and
therefore the declaration of whether the Company has been declared wilful defaulter at any
time during the current year or in previous year is not applicable.

iv. The Company has not undertaken any transactions with companies struck off under Section
248 of the Companies Act, 2013 during the current year or in previous year.

v. The Company has not created any charge on its assets and hence disclosure of registration
or satisfaction of charges with Registrar of Companies (ROC) is not applicable.

vi. The Company has complied with the number of layers of investments in Companies as
prescribed under clause (87) of Section 2 of the Act read with the Companies (Restriction on
number of Layers) Rules, 2017.

vii. Utilisation of Borrowed Funds and Share Premium:

i) The Company has not advanced or loaned or invested funds to or in any other persons
or entities, including foreign entities (lntermediaries) with the understanding.
whether recorded in writing or otherwise, that the intermediary shall directly or
indirectly lend to or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company (Ultimate Beneficiaries) or provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

ii) The Company has not received any fund from any persons or entities, including foreign
entities (Funding Party) with the understanding whether recorded in writing or
otherwise, that the company shall directly or indirectly lend to or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.

viii. The Company has not taken any working capital facilities from banks on the basis of security
of current assets.

ix. There were no transactions which have not been recorded in the books of account, but have
been surrendered or disclosed as income in the tax assessments under the Income Tax Act,
1961 (43 of 1961) during the year.

x. The Company has not traded or invested in Crypto Currency or Virtual Currency during the
year ended 31st March, 2025 and 31st March, 2024.

Signature to Notes 1 to 39 For and on behalf of the Board of Directors

As per our report of even date annexed

For V. SINGHI & ASSOCIATES

Chartered Accountants Pradip Kumar Daga Ashu Bajaj

Firm Registration No.: 311017E Director Director

(DIN 00040692) (DIN 10885920)

(Naveen Taparia)

Partner Navpreet Kaur Jyoti

Membership No.: 058433 Director Company Secretary

(DIN 07144566) (Mem. A53669)

Place: Kolkata Shantanu Daga Rohini Mukherjee

Date: 30^th June, 2025 Chief Executive Officer Chief Financial Officer

---

Mar 31, 2024

1.10 Provision, Contingent Liabilities and Contingent Assets, legal or constructive

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past
event, 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. If the effect of time value
of money is material, provisions are measured at the present value of management''s best estimate of the
expenditure required to settle the present obligation at the end of the reporting period. The discount rate
used to determine the present value is a pre-tax rate that reflects current market assessments of the time
value of money and the risk specific to the liability. The increase in the provision due to the passage of time
is recognised as interest expense.

A disclosure for contingent liabilities is made 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.

When there is a possible obligation or a present obligation and the likelihood of outflow of resources is
remote, no provision or disclosure for contingent liability is made.

Contingent Assets are not recognised but are disclosed when an inflow of economic benefits is probable.
Provisions, contingent liabilities and contingent assets are reviewed at each balance date.

1.11 Employee Benefits

1.11.1 Short-term Employee Benefits

These are recognised at the undiscounted amount as expense for the year in which the related service is
rendered.

1.11. 2 Post-employment Benefit and Other Long-term Employee Benefits (Unfunded)

The cost of providing long-term employee benefits is determined using Projected Unit Credit Method with
actuarial valuation being carried out at each Balance Sheet date. Long term employee benefit obligation
recognised in the Balance Sheet represents the present value of related obligation.

1.11. 3Post-employment Benefit Plans

Contributions under Defined Contribution Plans payable in keeping with the related schemes are
recognised as expenditure for the year.

In case of Defined Benefit Plans, the cost of providing the benefit is determined using the Projected Unit
Credit Method with actuarial valuation being carried out at each Balance Sheet date. Actuarial gains and
losses are recognised in full in the Other Comprehensive Income for the period in which they occur. Past
service cost is recognised immediately to the extent that the benefits are already vested, and otherwise
is amortised on a straight-line basis over the average period until the benefits become vested. The
retirement benefit obligation recognised in the Balance Sheet represents the present value of the defined
benefit obligation as adjusted for unrecognised past service cost, if any, and as reduced by the fair value of
plan assets, where funded. Any asset resulting from this calculation is limited to the present value of any
economic benefit available in the form of refunds from the plan or reductions in future contributions to
the plan.

1.11.4 Bonus plans

The Company recognizes a liability and an expense for bonuses. The Company recognizes a provision
where contractually obliged or where there is a past practice that has created a constructive obligation.

1.12 Equity

Equity Shares are classified as equity. Incremental costs directly attributable to the issue of new shares are
shown in equity as a deduction, net of tax, from the proceeds.

1.13 Earnings per Share

1.13.1 Basic Earnings per Share

Basic earnings per share are calculated by dividing the profit/loss attributable to owners of the Company
by the weighted average number of equity shares outstanding during the financial year.

1.13.2 Diluted earnings per share

Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take
into account:

• The after-income tax effect of interest and other financing costs associated with dilutive potential
Equity Shares, and

• The weighted average number of additional Equity Shares that would have been outstanding
assuming the conversion of all dilutive potential Equity Shares.

1.14 Impairment of non-financial assets

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset''s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset''s fair
value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable cash flows which are largely independent
of the cash flows from other assets or group of assets (cash-generating units). Non-financial assets that
suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting
period.

1.15 Borrowing Cost

Interest and other borrowing costs attributable to qualifying assets are capitalized. All other borrowing
costs are charged to Statement of Profit and Loss.

1.16 Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there
is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be
contingent on future events and must be enforceable in the normal course of business.

1.17 Use of Estimates

The Preparation of financial statements in conformity with the generally accepted accounting principles
in India requires the management to make estimates and assumptions that affects the reported amount
of assets and liabilities as at the Balance Sheet date, the reported amount of revenue and expenses
for the periods and disclosure of contingent liabilities at the Balance Sheet date. The estimates and
assumptions used in the financial statements are based upon management''s evaluation of relevant facts
and circumstances as of the date of financial statements. Actual results could differ from estimates.

1.18 Recent pronouncements

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment
Rules, 2023 dated 31^st March 2023 to amend the following Ind AS which are effective for annual periods
beginning on or after 1^st April 2023. The company has given effect to these amendments during the year.

(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 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. Since, these balances qualify
for offset as per the requirements of paragraph 74 of Ind AS 12, there is no impact in the balance
sheet. There was also no impact on the opening retained earnings as at 1 April 2022.Apart from
these, consequential amendments and editorials have been made to other Ind AS like Ind AS 101, Ind
AS 102, Ind AS 103, Ind AS 107, Ind AS 109, Ind AS 115 and Ind AS 34.

Note: The Company''s pending litigations comprise of claims against the Company and proceedings
pending with statutory/Government Authorities. The Company has reviewed all its pending litigation
proceedings, made adequate provisions, and disclosed the contingent liabilities wherever applicable,
in its financial statements. The Company does not expect the outcome of these proceedings to have a
material impact on its financial position. Future cash outflows in respect of above are determinable only
on receipt of judgment/decision pending with various forums/authorities.

27. No amount is due to Micro, Small and Medium enterprises (identified on the basis of information made
available during the year by such enterprises to the Company). No interest in terms of Micro, Small and
Medium Enterprises Development Act, 2006 has been either paid or accrued during the year.

28. The Company does not have any Trade Receivable and Trade Payable as at 31^st March, 2024 and 31^st
March,2023. Hence previous year''s ageing schedule is not required.

31. Financial Risk Management

Business risks exist for any enterprise having national and international exposure. The Company also faces
some such risks, the key ones being:

• Operational Risk

• Market Risk

• Financial Risk

• Liquidity Risk

• Compliance Risk

The Company is having a system of risk management commensurate with its size and nature of activities
to address the consequent vulnerability. Quarterly reports are placed before the Audit Committee
and the Board of Directors of the Company. Major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a continuing basis. A risk management process is
in place to identify and mitigate risks that arise from time to time.

Notes:

1. The management assessed that fair value of Trade Receivables, Cash and Cash Equivalents, Bank
Balances/Deposits and Advances approximate their carrying amounts.

2. The fair value of the financial assets is included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation
sale.

The financial instruments are categorized into three levels based on the inputs used to arrive at fair

value measurements as decided below:

Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 - Other techniques for which all inputs which have a significant effect on the recorded fair
value are observable, either directly or indirectly.

Level 3 - Techniques which use inputs that have a significant effect on the recorded fair value
that are not based on observable market data.

Methods and assumptions

The following methods and assumptions were used to estimate the fair values at the reporting date:

i. Quoted Equity Shares: Closing quoted price (unadjusted) in National Stock Exchange of India Limited

ii. Mutual Funds: Closing quoted price (unadjusted) in Central Depository Services (India) Limited

iii. Non-Convertible Preference Shares: Fair value of preference shares is estimated by discounting cash
flows. The valuation requires management to use unobservable inputs in the model, of which the
significant unobservable inputs are disclosed in the table below. Management regularly assesses a
range of reasonably possible alternatives for those significant unobservable inputs and determines
their impact on the total fair value.

38. The company has recorded fair value notional gain on its investments required to be disclosed under
Indian Accounting Standard (Ind AS 109) resulting in the same temporarily becoming a major source of
its income during the year. As a result, Income from financial assets exceeded its income from trading
activities in ferrous and non-ferrous metals. Even though there is low revenue from trading activities
during the year the management is hopeful of making large gains from trading in commodities in future
and therefore there is presently no requirement of the company to get registration under section 45-IA of
the Reserve Bank of India Act 1934.

39. Previous year figures have been regrouped / rearranged wherever necessary

FOR AND ON BEHALF OF THE BOARD
As per our report annexed
For V.SINGHI & ASSOCIATES

Chartered Accountants Yashwant Kumar Daga Bajrang Agarwal

Firm Registration No.: 311017E Director Director

(DIN 00040632) (DIN 01017092)

(NAVEEN TAPARIA) Hemlata Jhajharia Vikash Joshi

Partner Director Chief Financial Officer

Membership No.: 058433 (DIN 09438664)

UDIN: 24058433BKFCEV6014

Place: Kolkata Joydeep Pattanayak Sujata Pandey

Date: 3rd May, 2024 Chief Executive Officer Company Secretary

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Mar 31, 2014

1. The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard (AS) 3 on Cash Flow Statements.

2. Previous year''s figures have been re-grouped /re-arranged wherever necessary.

Notes referred to above forms an integral part of this Cash Flow Statement. This is the Cash Flow Staeemnt referred to in our Repoprt of even date.

3.1 There are no Micro, Small and Medium Enterprises, to whom the Company owes dues as at March 31, 2014. The above information regarding micro, small & medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

3.2 Contingent liability not provided for in respect of Sales tax for assessment year 1995-96, 1998-99, 2000-01, 1977-78, 1978-79, 1979-80 and 1980-81 Rs. 25,54,457/- (25,54,457/-).

3.3 Presently, the Company is engaged in trading of tea and ferrous metal. Accordingly, trading is only business segment as per Accounting Standard 17 on "segment reporting" issued by the Institute of Chartered Accountants of India.

3.4 Employment Benefits :

The disclosures required under Accounting Standard 15 "Employee Benefit" notified in the Companies (Accounting Standards) Rules 2006, are given below :

Defined Benefit Scheme :

The employee''s gratuity scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Notes :

Assumptions relating to future salary increases, attrition, interest rate for discount & overall expected rate of return on Assets have been considered based on relevant economic factors such as inflation, market growth & other factors applicable to the period over which the obligation is expected to be settled.

3.5 The figures in respect of the previous year have been regrouped/ rearranged, wherever necessary to make them comparable with those of current year.

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Mar 31, 2013

1.1 The Company has only one class of equity shares having a par value of Rs 10/- each. Each share has one voting right.

1.2 The Company has only one class of preference shares having a par value of Rs 100/- each. Dividend on such preference shares are non-cumulative.

These preference shares are redeemable on or before 31.3.2020. Such Preference share has no voting right.

1.3 The reconciliation of number of shares outstanding and amount of share capital as at 31st March 2013 and 31st March 2012 is set out below :

1.4 In the year 2011-12, 8300 shares (each Rs. 5 paid) were forfeited after duly called for payment.

2.1 Include Rs. 228,250 being the amount originally paid forfeited during the year 2011 -12. (Refer Note - 2.4 also)

3.1 Represents Loan taken against Keyman Insurance Policy at 10% interest and is repayable on maturity date of the said policy in the year 2020.

4.1 There are no Micro, Small and Medium Enterprises, to whom the Company owes dues as at March 31,2013. The above information regarding micro, small & medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

5.1 The Company has unabsorbed business loss and depreciation. Deferred tax assets have not been recognised unless virtual certainty of realisation of such assets.

6.1 Contingent liability not provided for in respect of excise duty Rs. 792,688/- (Rs.792,688/-).

6.2 Contingent liability not provided for in respect of Sales tax for assessment year 1995-96, 1998- 99, 2000-01, 1977-78, 1978-79, 1979-80 and 1980-81 Rs. 2,554,457/- (Rs. 2,554,457/-).

6.3 Presently, the Company is engaged in trading of tea and ferrous metal. Accordingly, trading is only business segment as per Accounting Standard 17 on "segment reporting" issued by the Institute of Chartered Accountants of India.

6.4 Employment Benefits :

The disclosures required under Accounting Standard 15 "Employee Benefit" notified in the Companies (Accounting Standards) Rules 2006, are given below :

6.5 The figures in respect of the previous year have been regrouped/ rearranged, wherever necessary to make them comparable with those of current year.

The figure in brackets represents the figures for previous year.

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Mar 31, 2012

1. The above Cash Flow Statement has been prepared under the indirect Method as set out in the Accounting Standard (AS) 3 on Cash Flow Statements.

2. Previous year's figures have been re-grouped / re-arranged wherever necessary.

2.1 The Company has only one class of equity shares having a par value of Rs 10.each. Each share has one voting right.

2.2 The Company has only one class of preference shares having a par value of Rs 100 each. Dividend on such preference shares are non-cumulative.

These preference shares are redeemable on or before 31.3.2020. Such Preference share has no voting right.

2.3 The reconciliation of number of shares outstanding and amount of share capital as at 31st March 2012 and 31st March 2011 is set out below :

2.4 During the year, 8,300 shares (each Rs. 5 paid) were forfeited after duly called for payment.

2.5 Calls Unpaid amounting to Rs. 269,750 (Including Share Premium of Rs. 228,250) on 8,300 Shares pending since 1994-95.

2.6 Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held:

3.1 Include Rs. 228,250 being the amount originally paid forfeited during the year (Refer Note - 2.4 also)

4.1 Represents Loan taken against Keyman Insurance Policy at 9% interest and is repayable on maturity date of the said policy in the year 2020.

4.1 The Company has unabsorbed business loss and depreciation. Deferred tax assets have not been recognised unless virtual certainty of realisation of such assets.

6.1 These balances are outstanding for a considerable period. In the opinion of the management these balances are good of recovery and accordingly no provision has been considered necessary.

7.1 interest aggregating to Rs. 1,65,89,203/- (Rs 1,42,69,502/-) is overdue for realisation from a company. In view of the management there is no uncertainty in realisation of the interest and money advance Rs. 41,40,829 to the said Company. Consequently the above interest has been recognised on accrual basis and no provision has been considered necessarily against the said loan.

(Rupees)

8. OTHER NOTES

8.1 Contingent liability not provided for in respect of excise duty Rs. 792,688/- (Rs.792,688/-).

8.2 Contingent liability not provided for in respect of Sales tax for assessment year 1995-96, 1998- 99, 2000-01, 1977-78, 1978-79, 1979-80 and 1980-81 Rs. 2,554,457/- (2,242,709/-).

8.3 Related Party Disclosures as identified by the management is given as below : Mr. O. P. Dokania, Chief Executive

The details of payment made to Key Management Personnel:

Particulars For the Year ended For the Year ended 31.03.2012 31.03.2011

Remuneration 1,173,000 202,800

8.4 Presently, the Company is engaged in trading of tea. Accordingly, this is only business segment as per Accounting Standard 17 on "segment reporting" issued by the Institute of Chartered Accountants of India.

8.5 Employment Benefits:

The disclosures required under Accounting Standard 15 "Employee Benefit" notified in the Companies (Accounting Standards) Rules 2006, are given below:

Defined Contribution Scheme:

Contributions to Defined Contribution Plan, recognized for the year are as under:

Defined Benefit Scheme:

The employee's gratuity scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Notes :

Assumptions relating to future salary increases, attrition, interest rate for discount & overall expected rate of return on Assets have been considered based on relevant economic factors such as inflation, market growth & other factors applicable to the period over which the obligation is expected to be settled.

8.6 As notified by Ministry of Corporate Affairs of the Government of India, revised Schedule VI under the Companies Act, 1956 is applicable to all financial year commencing on or after 1st April, 2011. Accordingly, the financial statement for the year ended 31st March, 2012 are prepared in accordance therewith. Figures pertaining to the previous year have been rearranged/regrouped, reclassified and restated, wherever necessary to make them comparable with those of current year.

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Mar 31, 2010

1. Contingent liability not provided for in respect of Sales tax for assessment year 1995- 96 & 1998-99 Rs. 22,42,709/- (Rs. 22,42,709/-) and excise Rs. 7,92,688/- (Rs. 7,92,688) as these are disputed by the Company and are under appeal. In the opinion of the management these are not tenable Future cash outflows in theses cases are dependent upon outcome of judgements/decisions.

2. Sundry Debtors balances of Rs.35,75,371/- (Rs. 35,75,371/-) are outstanding for a considerable period. In the opinion of the management these balance are good & recoverable.

3. Balance of debtors, creditors, unsecured loan and others are subject to confirmation/ reconciliation and consequential adjustment, if any, with respect to individual details etc.

4. Related Party Disclosures as identified by the management is given as below:

Mr. O. P. Dokania, Chief Executive

5. Interest aggregating to Rs. 1,22,09,377/- (Rs. 1,02,01,457/-) is overdue for realisation from a company. In view of the management there is no uncertainty in realisation of the interest and money advance to them. Consequently the above interest has been recognised on accrual basis and no provision has been considered necessary against the said loan.

6. As the company has already disposed its entire tea estates, the funds pending commencement of other activities are deployed for financial activities in the corporate deposits which is the only Reportable Segment as per Accounting Standard 17 on "segment reporting" issued by the Institute of Chartered Accountants of India.

7. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues as at March 31,2010. The information regarding micro, small & medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company.

8. Employment Benefits:

The disclosures required under Accounting Standard 15 "Employee Benefit" notified in the Companies (Accounting Standards) Rules 2006, are given below:

Defined Benefit Scheme :

The employee's gratuity scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

9. In view of the carry forward losses, provision for taxation has not been considered necessary by the management.

10. The figures in respect of the previous year have been regrouped/rearranged, wherever necessary.

11. The figure in brackets represents the figures of last year.