Note 39 Employee Benefits

[39.1]

[a] Leave Obligation:-The Company provides for encashment of leave or leave with pay subject to certain rules. The employees are entitled to accumulate leaves subject to certain limits for future encashment. The liability is provided on the basis of number of days of accumulated leave at each Balance sheet date on actuarial valuation. The scheme is unfunded. The amount of provision for leave encashment as on 31^st March, 2024 is Rs.1038.44 Lakhs (Rs 1025.88 Lakhs) is presented as current and non-current as per actuarial valuation basis.

[b] Medical Benefits:The Medical benefits for the employees for domiciliary treatment is for a block of three years and shall lapse yearly thereafter if the concerned employee does not avail it. The liability towards such unveiled quantum of Medical benefits has been determined on actual basis instead of actuarial valuation method since the eligible amount will remain fixed during the next block. The total amount of liability as on 31^st March, 2024 is Rs 177.68 Lakhs (Rs 173.03 Lakhs) has been taken into accounts.

[39.2] Post employment obligation- Defined benefits plans:

[a] Gratuity:- The Company has an obligation towards Gratuity payable to eligible employees as per the Payment of Gratuity Act,1972. The plan is being managed by a separate trust created for the purpose and obligation of the Company is to make contribution to the trust based on actuarial valuation. The scheme is funded.

[b] Pension fund:- The Company has a defined benefit pension fund for certain eligible employees. The scheme is managed by a separate trust created for the purpose. However since as on 31.03.23 there is no eligible members of this fund , the present value of obligation at the end of the year is Rs Nil.

The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities related to income taxes levied by the same tax authority.

Note 47.2

During the year ended 31st March 2024, there is no liability in respect of Assam and West Bengal Agricultural Income Tax as the same has been waived by the respective State Governments. Further in view of the loss incurred by the company there is no liability in respect of Income Tax Act, 1961.

Pending transfer of Assets and Liabilities of Engineering and Electrical Division to two 100% subsidiaries incorporate in the name of Yule Engineering Ltd and Yule Electrical Ltd as per Sanctioned Rehabilitation Scheme (SRS) all transactions for the year ended 31^st March 2024 related to aforesaid divisions entered into by the Company in the Name of Andrew Yule & Company Ltd. (AYCL) have been accounted for in the Books of Accounts. There is a proposal for closure of Yule Engineering and Yule Electrical Ltd. Note 52

Other Receivables includes Rs 85.96 Lakhs paid as Electricity duty which is considered receivable vide Circular Number 233-IR/O/ IM-4/2003 dated 25^th February, 2014 issued by Govt of West Bengal under “West Bengal Industrial Renewal Scheme, 2001” stated that the amount paid as electricity duty under the Provisions of Bengal Electricity Rules, 1935 shall be waived for period of five years with effect from 31^st March, 2006.However as a matter of abundance caution the same has been provided in the Accounts. Note 53

The moratorium period in respect Zero rated unsecured Redeemable Bond of Rs 295.00 Lakhs ( PY Rs 295.00 Lakhs) (Original Value Rs 305 Lakhs and 6 % cumulative Redeemable Preference Shares of Rs Nil (PY Rs 153.30 Lakhs) (original Value Rs 204.40 lakhs), of M/s Webfil Ltd has expired on 21/12/2021 and 01/04/2021 respectively. Dividend on Cumulative Preference Shares of Rs 161.68 Lakhs will be accounted for as and when they will be realized However M/s Webfil Ltd has submitted a repayment schedule, which was duly approved by the competent authority of Andrew Yule & Co. Ltd, as under.

Effects of the same is being given as and when they are realised.

Note 54

The Assets and liabilities of M/s Hooghly Printing Co. Ltd , a 100% subsidiary , has ben merged with Andrew Yule & Co Ltd subsequent to an order of National Company Law Tribunal w.e.f 04/06/2021.

Expenditures in the nature Rent,Electricity, Security Services required for maintenance of the assetsof erstwhile Hooghly Printing Co are booked under corporate division w.e.f 04/06/2022.

Note 55

The Company follows the practice of inspection of individual current or non-current asset by a scrap committee before declaring the same as scrap and ultimately putting the same for sale.

Note 56

The liability for payment of Gratuity as per the Provisions of the Act is considered for the Company as a wholeand not Unit/Division wise.

Note 57

The company accounts for investment loss & overall loss if any in respect of Provident fund contribution to Exempted Trust Fund on actual receipt of claim from the trustees of the said fund

Note 58

Capital WIP includes nurturing & related expenses of young tea plants amounting to Rs 8741.85 Lakhs (Rs 9288.08 Lakhs in 202223) in compliance with IND-AS.

NOTES TO STANDALONE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31ST MARCH, 2024 [AS PER IND AS] Note 59

For renewal of land lease of three tea gardens in Dooars, Govt. of W.B. have asked for salami of Rs 177.66 Lakhs, which has been taken up by AYCL for waiver with local State Govt. authorities as well as with higher Govt. Authorities at Kolkata. AYCL is hopeful for settlement of the issue in favour of the Company which is also indicative from renewal of lease for another Garden of AYCL without payment of salami.

As the matter is related to Govt. & Quasi Govt-Authorities/ Autonomous body (as applicable) and though the applications of the Company for waiver of the demands have been turned down, AYCL has obtained a legal opinion from a renowned legal solicitor firm, based on which have included total amount of Rs 177.66 Lakhs in “Claims against the company not acknowledged as debt” as stated in note no. 40.

Note 60

The Company has system of seeking year ending balance confirmation certificates from Debtors and Creditors.However,the company has maintained the figures available in accounts for cases wherein, no response from Debtors /creditors is received.

Note 61

“Balance With statutory Authorities” under “Note Other Current assets” (Note 15) includes a sum of Rs 42.97 Lakhs towards refund receivable from Provident Fund Authorities in pursuant with an order issued by erstwhile Board of Industrial & Financial Reconstruction ( BIFR) in F.Yr 2015-16. A claim in this regards has already been lodged with Central provident Fund (PF) authorities who in turn have taken up the same with concerned regional Provident Fund Authorities. This being a due from Government Department, however, as a matter of abundant precaution the aforesaid amount has been provided in Accounts.

Note 62

As approved by the Board of Directors in their meetings date 12/11/2022 & 05/01/2023, the Land , Building , Plant & machinery including Electrical Installations of the Three Units of Electrical Kolkata Operations were decided to be disposed off . Accordingly during the finalization of the Annual Accounts for the Financial Year 2023-24, in respect of land & building, the company is yet to receive approval from GOI and also is contemplating for alternate use and hence the said asset has been classified under Property, Plant & equipment . In respect of Plant & Machinery since the company is in the process of conducting auction for disposal therefore following the principles laid down in INDAS 105 , the said assets were treated as “ Assets held for Sale” based on valuation done by registered valuer.

The gains and losses has been considered as arising from continuing operation and presented as gains or losses recognised in relation to re measurement of fair Value of assets in Note 35 “ Other Expenses “ of Rs 2.94 lakhs

Further as per INDAS 105 after reclassification of the Assets of Electrical Kolkata , the cost of operations/ maintenance of those Assets have been presented in discontinued operations in accordance with paragraphs 33-35 of INDAS.

NOTE 63

Expenditure incurred for Tea Nursery & Shade Nursery amounting to Rs. 187.92 lakhs respectively have been accounted under Garden Advance as on 31.03.2024 in view of the fact that is not possible to segregate the amount related to new cultivation and old cultivation activities to be incurred in future. It can be ascertained only expiry of 18 months.

Note 64

A sum of Rs 287.58 Lakhs has been kept under Advance account Land compensation pending physical handing over of the parcel of land acquired by the state government.

Note 65

The Company has adopted INDAS-116 effective 01/04/2019 In the following manners: ()The standards have been applied to only such cases wherever executed lease agreements and/or Notifications issued by the concerned lessor Government are in hands of the Company and for the balance period of such lease as on 01/04/2019, except for cases mentioned in (b) below. (b) In case of lease of lands from the Government of Assam for the Tea gardens in Assam, the Company, in conjunction with Indian Tea Association, has noted that, section 9 of the Assam Land and Revenue Regulation 1886 provides and lessee, right of use, occupancy and other relevant rights subject to payment of revenues, taxes, cesses and rates from time to time as may due in respect of said land and thus, there is no fixed or defined period of lease. As such, IND AS 116 should not accordingly be applicable in case of Assam. Note 66

The company has not used Bank Borrowings for any other purpose other than those for which the said borrowings are sanctioned and taken as at 31.03.2024.

Note 67

The Company has not advanced/ loaned/ invested funds nor has received any fund from any person/entity (including foreign) for directly or indirectly lending or investing in other person or entity on behalf of the ultimate company/funding company or has provided any guarantee/security on behalf of the ultimate beneficiary.

Note 68

Statements of current assets submitted to bank are in agreement with booKs of Accounts. except for Engineering Division of the company since there is no lending bank , the question of such statement does not arise.

ANDREW YULE & COMPANY LIMITED

NOTES TO STANDALONE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31ST MARCH, 2024 [AS PER IND AS] Note 69 Other Regulatory Information

(i) There is no Immovable Property which is not held in the name of the Company.

(ii) The Company has not given any loans and advances to the KMP, promoters or related parties, either severally or jointly with another person, that are (i) repayable on demand or (ii) without specifying any terms or periods of repayment.

(iii) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(iv) The Company does not have any transactions with companies struck off.

(v) The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

(vi) The Company has not advanced or given loan or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(viii) The Company does not have any such transaction which is 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 Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(ix) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(x) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.

(xi) There are no charges or satisfaction yet to be registered with ROC beyond the statutory period.

Note 70

The Company has not been declared a wilfull defaulter by any Financial Institution on the date of Balance sheet

[a] Figures in Bracket are of previous year.

[b] The figures in these accounts have been rounded off to nearest Lakhs of Rupees.

[c] Previous year figures are rearranged and realigned as required.