Warren Tea Ltd. — Interim / Quarterly Report 2020

Nov 1, 2019

Warren Tea Limited ,~

The General Manager, Department of Corporate Services, BSELimited, PhirozeJeejeebhoy Towers, Dalal Street, Mumbai400 001 Scrip Code 508494

The Secretary The Calcutta Stock Exchange Limited, 7 Lyons Range, Kolkata 700 001 - Scrip Code 33002

Enclosedplease find the Unaudited Standalone and Consolidated Financial Results for the Second Quarter and Half Year Ended 30[th] September, 2019 which have been approved by the Board of Directors at its meeting held today. The same will be posted on the Company's website, www.warrentea.com. We would request you to place the said results on the website of your Exchange.

We also enclose copies of the 'Limited Review' Reports by Messrs B M Chatrath & Co., Auditors of the Company in respect of the aforesaid Quarter which were duly placed before the Board at the aforesaid Meeting.

This may be treated as compliance with the requirements of Regulation 30 and 33 of Securities and ExchangeBoard of India (Listing Obligations and DisclosureRequirements) Regulations, 2015.

Yoursfaithfully, w:C;:t~

(SIDDHAR~ PRESIDENT-LEGAL & COMPANYSECRETARY

CIN : L01132AS1977PLC001706 • website: www.warrentea.com

Corporate Office: 'Suvira House'. 48. Hungerford Street. Kolkata 700017 Telephone: 2287 2287. Fax: 22894444, E-mail: corporate@warrentea.com Registered Office :,Deohall Tea Estate, PO. Hoogrijan, Dist. Tinsukia, Assam 786601

WARRENTEA LIMITED

Registered Office: Deohall Tea Eslate P.O. Hoogrijan. Dis!.Tinsukia.Assam 786601. Tel: +919531045098. CIN: l01132AS1977PlCoo1706

,~ Warren Tea Limited

Email: corporate@Warrenlea.com. websile: www.warrenlea.com

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Year
PARTICULARS Quarter Ended on Hall Year Ended on Ended On
31.03.2019
30.09.2019 30.06.2019 30.09.2018 30.09.2019 30.09.2018 (Audlled)
1 Revenue from Operallons 4768 3660 4623 8428 7457 11850
2 Olher Income 126 19 (8) 145 64 101
3 Tolallncome 4894 3679 4615 8573 7521 11951
4 Expenses
a) Changes in Inventories of finished Goods (971) (951) (1208) (1922) (2387) (313)
b) Employee Benefits Expense 2952 2860 3047 5812 5868 10012
c) finance Cosls 126 120 101 246 193 404
d) Depreclallon and Amortisalion Expense 77 77 87 154 172 347
e) Other Expenses 1127 1160 1219 2287 2362 3879
f) TOIOIExpenses 3311 3266 3246 6577 6208 14329
5 Profit I (loss) before lax (3-4) 1583 413 1369. 1996 1313 (2378)
6 Tax Expense
- Current Tax - - - - - -
- Deferred Tax - - - - - (786)
7 Profit I (loss) for Ihe period (5-6) 1583 413 1369 1996 1313 [] (1592)
8 Other Comprehensive Income
Ilems Ihal will not be reclassified to Profit or loss:
- Remeasurement of Defined Benefit Plan - 68 61 119 129 238 523
- Effect for Change In Value of Investments - - - - - (11
- Income Tax relafing to Items that will not be reclassified to Profit or loss - - - - - (148)
9 Total Comprehensive Income tor the Period 1651 474 1488 2125 1551 (1218)
10 Paid up Equity Share Capital 1195 1195 1195 1195 1195 1195
(face Value of ~ 10/- each)
11 Other Equity excluding Revaluation Reserve as shown in the 7157
Audited Balance Sheet
12 Eamings per Share IEPS)
- Basic and diluted Earnings per Share (Rupees) 13.25 3.46 11.46 16.70 10.99 (13.321
-
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Particulars	Half Year Year Ended on Ended on 30.09.2019 31.03.2019
A ASSETS 1 Non-Current Assets Property. Plant and Equipment Capital Work-in-Progress Other Intangible Assets . Financial Assets Investments Loans Other Financial Assets Deferred Tax Assets- Liabilities (Net) Other Non Current Assets 2 Current Assets Inventories Biological Assetsother than Bearer Plants Financial Assets Trade Receivables Cash and Cash Equivalents Other Bank Balances Loans Other Financial Assets Other Current Assets TOTAL ASSETS B EQUITY AND LIABILITIES 1 Equity Equi!y Share Capital Other Equity 2 LIabilities Non-Current Liabilities Financial Liabilities Borrowings Trade Payables Others Provisions Current Liabilities Financial Liabilities Borrowings Trade Payables Other Financial Liabilities Other Current Liabilities Provisions Current Tax Liabilities (Net) TOTAL EQUITY AND LIABILITIES	(Audited) 6980 7082 2208 1728 7 8 3315 3315 614 615 4 4 648 648 405 555
	14181 13955
	2963 1299 329 241 3899 2890 4 5 201 1 3 7 6 3 458 559
	7863 5005
	22044 18960
	1195 1195 9274 7157
	10469 8352
	1012 1275 90 90 157 150 1144 1141
	2403 2656
	3596 2150 2608 2215 1409 2066 47 31 555 531 957 959
	9172 7952
	( 22044 18960
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. -.,.__......:,,:;.< J':g,~") ,

UNAUDITED STANDALONE STATEMENT OF CASH FLOW

FOR THE HALF YEAR ENDED 30TH SEPTEMBER,2019

		(Figures in	~ lakhs)
	Half Year Ended on
	30.09.2019	30.09.2018
A. Cash Flow from operaflng acflvltles
Profit before Taxation
Adjustments tor
Depreciation and Amortisation	154
Finance Costs	246
Income from Interest and Dividends	(11)
Biological Assets other than Bearer Plants Operating Profit before working capitol changes	(88) 2297		(60) 1618
Adjustments for changes in
Trade and Other Receivables Inventories Trade Payables and Other liabilities	(880) (1665) (155)		(939) (2339) 2860
Cosh generated from operations	(403)		1200
DirectTaxes Paid Net Cash from operating activities B.Cash Flow from Investing activities	(1) (404)		(1) 1199
Purchase of Property, Plant and Equipment Payment of Capital Advances Investment in Bank Deposit (Maturity of more than three months)	(486) 127 (200)		(330) (74)
Interest and Dividend Received Net Cash from I (used) in investing activities C. Cash Flow from financing actlvllles	8 (551)		3 (401)
Proceeds from Short-term Borrowings	1446		57
Repayment of Long -term Borrowings Finance Costs Paid Net Cash from I (used) in financing activities	(263) (229) 954		(663) (177) (783)
Cash and Cash Equivalents
Opening Balance
Cash and Cash Equivalents
Closing Balance
Cash and Cash Equivalents

• Cost of consumption of Green Leaf produced at the Company's own gardens, being raw material used for manufacture of Black Tea, is not ascertainable, from financial accounting records since production involves an "integrated process" having various stages including growing, cultivation, manufacturing and marketing of Black Tea.

• 1. Harvesting and Manufacturing of Tea being seasonal in nature and more particularly because of considerable variations in the quantity and quality of produce, the periodical figures relating to such operations are not indicative of the Annual Financial Results.
• 1. As the ultimate Income-tax liability will depend on results for the year ending 31st March, 2020 and also in view of the seasonal nature of tea business, the position with regard to provisions for current tax and deferred tax will be determined at the end of the year.

• The statutory Auditors have conducted "Limited Review" for the quarter and half-year ended on 30th September, 2019 in terms of requirements of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

• Upon appropriate recommendations by the Audit Committee of the Directors, the above Financial Resultshave been approved by the Board of Directors of the Company at its meeting held on 1stNovember, 2019.

Kolkata

1st November, 2019

REGD. OFFICE: CENTRE POINT, 4th FLOOR, Suite No. 440 21, HEMANTA BASU SARANI, KOLKATA - 700 001 TEL: 2248-4575/4667/6810/6798, 2210-1385, 2248-9934 E-mail: bmccal@bmchatrath.in website: www.bmchatrath.com

~

M CHATRATH & CO LLP (FORMERLY 8 M CHATRATH & CO)

CHARTERED ACCOUNTANTS LLPIN : AAJ-0682

Independent Auditor's Review Report on the Quarterly and Yearly to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listed Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Warren Tea Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of Warren Tea Limited("the company") for the quarter ended September 30, 2019 and year to date from April 01, 2019 to September 30, 2019 (the "Statement") attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. The Statement, which is the responsibility of the company's Management and approved by the company's Board of Directors, has been prepared in accordance with the recognition and m~asurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. We draw your attention to Note No.3 of the statement regarding the non-ascertainment of income tax liability (current and deferred) as per Indian Accounting Standard 12 on "Income Taxes" for the quarter ended September 30, 2019 and year to date from April 01, 2019 to September 30, 2019 (the "Statement") which is determined by the company at the end of the year for the reasons stated in the said note. Our opinion is not modified in respect of this matter.

NOIDA . D-26. 2nd Floor, Sector - 3, NOlda - 201301 (Uttar PradeSh). Ph No ·0120-4593360.0120-4593361 . DELHI :- Flat No. - 10, 45 Friends Colony East, New Delhi 110065 MUMBAI :- A/9, Sai Prasad, 2nd Floor, Rajshree Shahu Maharaj Cross Road (Telly Gulley Cross Road) Andheri East, Mumbai400069, Ph. : 022-32231382 HYDERABAD :- H No. 8-2-61812/2, Flat No. - 1S, 1sl. Floor, R. K. Residency, Road No . 11. Pin 500033. Ph 040-26832264 JAIPUR :- 8-269, Janta Colony, Jaipur-302004, Ph. : 0141-2601727

1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For B.M.CHATRATH CO. & LLP Chartered Accountants Firm Registration No: 301011ElE300025 ~ ~ :tM J.- t:; ;:oo;

Membership No. : 052187 UDIN: 19052187AAAABF9335

Place: Kolkata Date: November 1,2019

WARREN TEA LIMITED

Registered Office: Deoholl Teo Estote P.O. Hoogrijon. Dist. nnsukio. Assam 786601. Tel: +9195310 45098. CIN: L01132AS1977PLCoo1706 Email: corporate@warrenlea.com. website: www.warrentea.com

,~ Warren Tea Limited

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Year
PARTICULARS Quarter Ended on Hall Year Ended on Ended On
31.03.2019
30.09.2019 30.06.2019 30.09.2018 30.09.2019 30.09.2018 (Audlled)
1 Revenue from Operations 4768 3660 4623 8428 7457 11650
2 Other Income 126 19 (8) 145 64 101
3 Total Income 4894 3679 4615 8573 7521 11951
4 Expenses
a) Changes in Inventories of Finished Goods (971) (951) (1208) (1922) (2387) (313)
b) Employee Benefits Expense 2952 2860 3047 5812 5868 10012
c) Finance Costs 126 120 101 246 193 404
d) Depreciation and Amortisation Expense 77 77 87 154 172 347
e) Other Expenses 1127 1160 1219 2287 2362 3379
f) Total Expenses 3311 3266 3246 6577 6208 14329
5 Profit I (loss) before lax (3-4) 1583 413 1369 1996 1313 (2378)
6 Tax Expense
- Current Tax - - - - - -
• Deferred Tax - - - - - (786)
7 Profit I (loss) offer Tax but before share of Profit I (Loss) from Associate 15-6) 1583 413 1369 1996 1313 (1592)
\
8 Add: Share of Profit/lLoss) of Investments in Associate (3) (46) (29) 149) 161) 15
9 Profit I (loss) for the Period (7+8) 1580 367 1340 1947 1252 (1577)
10 Other Comprehensive Income
lIems that will not be reclassified to Profit or Loss:
- Remeasurement of Defined Benefit Plan 68 61 119 129 238 523
- Effect for Change in Value of Investments - - - - - (1)
- Share of Other Comprehensive Income in Associate 1 - 1 1 2
- Income Tax relating to lIems that will not be reclassified to Profit or Loss - - - - . (148)
11 Total Comprehensive Income for the Period 1649 428 1459 2077 1491 (1201)
12 Paid up Equity Share Capital 1195 1195 1195 1195 1195 1195
(Face Value of ~ 101- each)
13 Other Equity excluding Revaluation Reserve as shown in the 8020
Audited Balance Sheet
14 Eamings per Share (EPS)
- Basic and diluted Earnings per Share (Rupees) 13.22 3.07 11.21 16.29 10.48 113.19)
....
Conlinued ..... pg 2
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Particulars	-tlalf Year Year Ended on Ended on 30.09.2019 31.03.2019
A ASSETS 1 Non-Current Assets Property, Plant and Equipment Capital Work-in-Progress Other Intangible Assets Financial Assets Investments Loans Other Rnancial Assets Deferred Tax Assets - Liabilities (Net) Other Non Current Assets 2 Current Assets Inventories Biological Assets other than Bearer Plants Rnancial Assets Trade Receivables Cash and Cash Equivalents Other Bank Balances Loans Other Financial Assets Other Current Assets TOTAL ASSETS B EQUITY AND LIABILITIES 1 Equity Equity Share Capital Other Equity 2 Liabilities Non-Current Liabilities Financial Liabilities Borrowings Trade Payables Others Provisions Current liabilities Financial Liabilities Borrowings Trade Payables Other Financial Liabilities Other Current Liabilities Provisions Current Tax Liabilities (Net) ~ ""''''"~ f'(':>"~' ~(.~~ ;.~ TOTAL EQUITY AND LIABILITIES	(Audited) 6980 7082 2208 1728 7 8 4127 4178 614 615 4 4 648 648 405 555
	14993 14818
	2963 1299 329 241 3899 2890 4 5 201 1 3 7 6 3 458 559
	7863 5005
	22856 19823
	1195 1195 10086 8020
	11281 9215
	1012 1275 90 90 157 150 1144 1141
	2403 2656
	3596 2150 2608 2215 1409 2066 47 31 555 531 957 959
	9172 7952 ,...
	{ 22856 19823
.;c\ I, ~0?'>~<~~'

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE HALF YEAR ENDED 30TH SEPTEMBER. 2019

			(Figures in	~ lakhs)
		Half Year Ended on
		30.09.2019	30.09.2018
A. Cash Flow from operating activities
Profit before Taxation
Adjustments for
Depreciation and Amortisation
Finance Costs		154
		246
Income from Interest and Dividends
Biological Assets other than Bearer Operating Profit before working capitol Adjustments for changes in	Plants changes	(11) (88) 2297		(60) 1618
Trade and Other Receivables
Inventories		(880)		(939)
Trade Payables and Other liabilities Cosh generated from operations Direct Taxes Paid Net Cosh from operating activities B. Cash Flow from Investing activities		(1665) (155) (403) (1) (404)		(2339) 2860 1200 (1) 1199
Purchase of Property, Plant and Equipment Payment of Capitol Advances		(486)		(330)
Investment in Bonk Deposit (Maturity of more than three months) Interest and Dividend Received		127 (200)		(74)
Net Cosh from / (used) in investing activities C. Cash Flow from financing actIvIties Proceeds from Short-term Borrowings Repayment of long -term Borrowings Finance Costs Paid Net Cosh from / (used) in financing activities		8 (551) 1446 (263) (229) 954		3 (401) 57 (663) (177) (783)
Cosh and Cash Equivalents
Opening Balance
Cosh and Cosh Equivalents
Closing Balance
Cosh and Cosh Equivalents

• Cost of consumption of Green Leaf produced at the Company's own gardens, being raw material used for manufacture of Black Tea, isnot ascertainable from financial accounting records since production involves an "integrated process" having various stages including growing, cultivation, manufacturing and marketing of Black Tea.

• Harvesting and Manufacturing of Tea being seasonal in nature and more particularly because of considerable variations in the quantity and quality of produce, the periodical figures relating to such operations are not indicative of the Annual Rnancial Results.

• Asthe ultimate Income-tax liability will depend on resultsfor the year ending 3Ist March, 2020and also in view of the seasonal nature of tea business,the position with regard to provisions for current tax and deferred tax will be determined at the end of the year.

• TheStatutory Auditors have conducted "Limited Review" for the quarter and half-year ended on 30th September, 2019in terms of requirements of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) RegUlations,2015.

• Upon appropriate recommendations by the Audit Committee of the Directors, the above Financial Resultshave been approved by the Board of Directors of the Company at its meeting held on 1stNovember, 2019.

Kolkata

Ist November, 2019

~ Managing Director

.~

REGD. OFFICE. CENTRE POINT, 4th FLOOR, Suite No. 440 21, HEMANTA BASU SARANI, KOLKATA - 700 001 TEL: 2248-4575/4667/6810/6798, 2210-1385,2248-9934 E-mail: bmccal@bmchatrath.in website' www.bmchatrath.com

B M CHATRATH & CO LLP

(FORMERLY B M CHATRATH & CO)

CHARTERED ACCOUNTANTS LLPIN • AAJ-0682

Independent Auditor's Review Report on the Quarterly and Yearly to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listed Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors

Warren Tea Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Resultsof Warren Tea limited (lithe company") and its share of net profit after tax and total comprehensive income of its associate for the quarter ended September 30,2019 and year to date from April 1,2019 to September 2019 (the statement) attached herewith being submitted by the company pursuant to the requirement of Regulations 33 of the SEBI(Listed Obligations and Disclosure Requirements) Regulations,2015 asamended (liThe Listing Regulations").

2. The Statement, which is the responsibility of the company's Management and approved by the company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issuedthereunder and other accounting principles generally accepted in India. Our responsibility is to expressa conclusion on the Statement basedon our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assuranceasto whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurancethat we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

NOIDA0-26. 2nd Floor, Sector - 3, Noida - 201301 (Uttar Pradesh), Ph. No. - 0120-4593360, 0120-4593361 DELHI :- Flat No. - 10, 45 Friends Colony East, New Delhi 110065 MUMBAI :-A/9, Sai Prasad, 2nd Floor, Rajshree Shahu Maharaj Cross Road. (Telly Gulley Cross Road), Andheri East. Mumbai400069, Ph. : 022-32231382 HYDERABAD :- H No. 8-2-6' 8/2/2, Flat No. - 1B, 1sl. Floor, R. K. Residency, Road No. - 11. Pin 500033, Ph . 040-26832264 JAIPUR:B-269, Janta Colony, Jaipur-302004, Ph .. 0141-2601727

/ /

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 Dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

1. The Statement includes the results of Maple Hotels & Resorts Limited, an associate of the company.

2. We draw your attention to Note No.3ofthe statement regarding the non-ascertainment of income tax liability (current and deferred) as per Indian Accounting Standard 12 on "Income Taxes" for the quarter ended September 30, 2019 and year to date from April01, 2019 to September 30, 2019 (the "Statement") which is determined by the compan);' at the end of the year for the reasons stated in the said note. Our opinion is not modified in respect of this matter.

3. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For B.M.CHATRATH CO. & LLP

Chartered Accountants

Firm Registration No: 301011ElE300025

........ -~-"-C>...l

Sukhpreet • idhu

Membership No.: 052187

UDIN: 19052187AAAABG4658

Place: Kolkata

Date: November 1,2019