Warren Tea Ltd. — Interim / Quarterly Report 2020

Feb 14, 2020

Warren Tea Limited ,~

The General Manager, Department of Corporate Services, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Scrip Code 508494

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

Enclosed please find the Unaudited Standalone and Consolidated Financial Results for the Third Quarter and Nine Months Ended 31[st] December, 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 a 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 Exchange Board of India (Listing Obligations and Disclosure ReqUirements) Regulations, 2015.

Yours faithfully, ::1:&

(SIDDHARlHA ROY) PRESIDENT-LEGAL & COMPANYSECRETARY

elN : L01132AS1977PLe001706 • Website: www.warrentea.com

Corporate Office: 'Suvira House', 48, Hungerford Street, Kolkata 700 017 Telephone: 22872287, Fax: 22894444, E-mail: corporate@warrentea.com

Registered Office: Deohall Tea Estate, P.O. Hoogrijan, Dist. Tinsukia, Assam 786 601

WARREN TEA LIMITED

Registered Office: Deohall Tea Estate P.O. Hoagrijan. Dist. Tinsukia. Assam 786601. Tel: +9195310 45098. CIN: L01132AS1977PLCoo1706 E~ail : corporate@warrentea.com.website:www.warrenlea.com

,~ Warren Tea Limited

STATEMENT Of UNAUDITED STANDALONE fiNANCIAL RESULTS

fOR THE THIRD QUARTERAND NINE MONTHS ENDED 31ST DECEMBER. 2019

==> picture [537 x 429] intentionally omitted <==

----- Start of picture text -----

Year
PARTICULARS Quarter Ended on NIne Months Ended on Ended On
31.03.2019
31.12.2019 30.09.2019 31.12.2018 31.12.2019 31.12.2018 (AudHed)
1 Revenue from Operations 2973 4768 2823 11401 10280 11850
2 Other Income (46) 126 (58) 99 6 101
3 Total Income 2927 4894 2765 11500 10286 11951
4 Expenses
a) Changes in Inventories of Finished Goods 1588 (971) 1136 (334) (1251) (313)
b) Employee 8enefits Expense 2872 2952 2342 8684 8210 10012
c) Finance Cosfs 142 126 96 388 289 404
d) Depreciation and Amortisation Expense 76 77 85 230 257 347
e) Other Expenses 1073 1127 948 3360 3310 3879
I) Total Expenses 5751 3311 4607 12328 10815 14329
5 Profit I (Loss) before fax (3-4) (2824) 1583 (1842) (828) (529) (2378)
6 Tax Expense
- Currenf Tax - - - - - -
- Deferred Tax - - - - - (786)
7 Profif I (Loss) for the period (5-6) (2824) 1583 (1842) (828) (529) (1592)
8 Other Comprehensive Income
Items that will nof be reciassified to Profit or Loss:
- Remeasuremenf of Defined Benefit Plan 65 68 118 194 356 523
- Effect for Change in Value of Investments - - - - . (1)
- Income Tax relating to lIems that will nof be reciassified to Profit or Loss . - - - . (148)
9 Total Comprehensive Income for fhe Period (2759) 1651 (1724) (6341 (173) (1218)
10 Paid up Equity Shore Capital 1195 1195 1195 1195 1195 1195
(Face Value of t 10/- each)
11 Other Equity excluding Revaluation Reserve as shown in the 7157
Audifed Balance Sheet
12 Earnings per Shore IEPSI
- Basic and diluted Earnings per Share (Rupees) (23.63) 13.25 (15.41) (6.93) (4.43) (13.32)
----- End of picture text -----

1. 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.

2. Harvesting and ManufQcturing 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.

3. 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.

4. The Company has entered into a Memorandum of Understanding during the quarter to sell Sealkotee Tea Estate.

5. The Statutory Auditors have conducted "Limited Review" for the quarter and nine months ended on 31st December, 2019 in terms of requirements of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

6. 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 14th February, 2020.

Kolkata

==> picture [18 x 8] intentionally omitted <==

----- Start of picture text -----

s.~
----- End of picture text -----

14th February, 2020

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

~ .~ M CHATRATH & CO LLP (FORMERL'( B M CHATRATH & CO.)

CHARTEREOACCOUNTANTS

LLPIN : AAJ-0682

1. We have reviewed the accompanying statement of unaudited standalone financial results of Warren Tea Limited ("the company"), for the quarter ended 31 December, 2019 and year to date from 1April, 2019 to 31 December, 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 measurement 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. A Review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.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 31 December, 2019 and year to date from 1 April, 2019 to 31 December, 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 : 0-26, 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 : 104, Building No. B69, Nitin Shanti Nagar CHSL, Shantl Nagar, Mira Road East,. Dls!. - Thane, Mumbal - 401107 HYDERABAD:H No. 8-2-618/2/2,-Flat No. -1B, 1st. Floor, R. K. ReSidency, Road No. -11, Pin. 500033, Ph.. 040-26832464 JAIPUR:B-269, Janta Colony, Jaipur-302004, Ph.: 0141-2601727

1. Based on our review conducted as stated in paragraph 3, nothing has come to our attention that causes us to believe that the accompanying Statement has not beenprepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards C lnd AS') and other accounting principles generally accepted in India, and has not disclosed the information required to be disclosed in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

ForBMCHATRATH&CO LLP Chartered Accountants Firm Registration No: 301011ElE300025

Place: Kolkata Date: 14 February, 2020

s.~· Membership No.: 054484 VDIN :20054484AAAAB09949

WARREN TEA LIMITED

Registered Office: Deohall Tea Estate P.O. Hoogrijan, Dist. Tinsukia. Assam 786601. Tel: +919531045098. CIN: L01132AS1977PLCoo1706 Emall: corporate@Warrentea.com. website: www.warrentea.com

,~ Warren Tea Umited

STATEMENlOF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THETHIRD QUARTERAND NINE MONTHS ENDED 31ST DECEMBER, 2019

==> picture [537 x 470] intentionally omitted <==

----- Start of picture text -----

Vear
PARTICULARS Quarter Ended on Nine Months Ended on Ended On
31.03.2019
31.12.2019 30.09.2019 31.12.2018 31.12.2019 31.12.2018 (Audlfed)
1 Revenue from Operations 2973 4768 2823 11401 10280 11850
2 Other Income (46) 126 (58) 99 6 101
3 Total Income 2927 4894 2765 11500 10286 11951
4 Expenses
0) Changes in Inventories of Finished Goods 1588 (97l) 1136 (334) (1251) (313)
b) Employee Benefits Expense 2872 2952 2342 8684 8210 10012
c) Finance Costs 142 126 96 388 289 404
d) Depreciation and Amortlsallon Expense 76 77 85 230 257 347
e) Other Expenses 1073 1127 948 3360 3310 3879
f) Total Expenses 5751 3311 4607 12328 10815 14329
5 Profit/floss) before tax (3-4) (2824) 1583 (1842) 1828) 1529) 12378)
6 Tax Expense
- Current Tax - . - - . -
- Deferred Tax - - - - - (786)
7 Profit /ILoss) after Tax buf before share of Profit /(Loss) from Associate (5-6) 12824) 1583 (1842) 1828) (529) (1592)
8 Add: Share of Profit / (Loss) of Investments in Associate 58 13) 44 9 (17) 15
9 Profit / (Loss) for the Period (7+8) 12766) 1580 (1798) 1819) (546) (1577)
10 Other Comprehensive Income
lIems that will not be reclassified to Profit or Loss:
- Remeasurement of Defined 8enefit Plan 65 68 118 194 356 523
- Effect for Change In Value of Invesfments - - . . . (1)
- Share of Other Comprehensive Income In Associafe - 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 12701) 1649 (1680) 1624) (189) (12011
12 Paid up Equity Share Capital 1195 1195 1195 1195 1195 1195
IFace Value of t 10/- each)
13 Other Equity exclUding Revaluation Reserve as shown in the 8020
Audited Balance Sheet
14 Earnings per Share IEPS)
- Basic and diluted Earnings per Share IRupees) 123.15) 13.22 (15.051 16.85) (4.57) (13.191
----- End of picture text -----

1. 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.

2. 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.

3. 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.

4. The Company has entered into a Memorandum of Understanding during the quarter to sell Sealkotee Tea Estate.

5. The Statutory Auditors have conducted "Limited Review" for the quarter and nine months ended on 31st December, 2019 in terms of requirements of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

6. 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 14th February, 2020.

Kolka~a

14th February, 2020

~ B M CHATRATH & CO LLP (FORMER~Y 8 M CHATRATH & CO.) CHARTERED ACCOUNTANTS LLPIN : AAJ-0682

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

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

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 31 December, 2019 and year to date from 1 April, 2019 to 31 December, 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 as amended (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. A Review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially lessin scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

==> picture [449 x 65] intentionally omitted <==

----- Start of picture text -----

4. The ,Statement includes the results. of Maple Hotels & Resorts Limited, an associate of the
Company. ~~\RATH"
<:.i "0
~ ~
0-mc.
;, KClKATA ::
-;t. If!
"'1->. ~
----- End of picture text -----

NOIDA :- 0-26, 2nd Floor, Sector - 1 (Uttar Pradesh), Ph. No. - 0120-4593360, 0120-4593361 DELHI :- Flat No, - 10, 45 Friends Co ew Delhi 110065 MUMBAI :-104, 8uilding No. 869, Nitin Shanti Nagar CHSL, Shanti Nagar, Mira Road East, Dist. - Thane, Mumbai - 401107 HYDERABAD:H No, 8-2-618/2/2, Flat No, -18, 1st. Floor, R. K. Residency, Road No, -11, Pin: 500033, Ph. : 040-26832464 JAIPUR :- 8-269, Janta Colony, Jaipur-302004, Ph. : 0141-2601727

/

1. 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 31 December, 2019 and year to date from 1 April, 2019 to 31 December, 2019 (the "Statement") which is determined by the company at the end of the year for the reasonsstated in the said note. Our opinion is not modified in respect of this matter.

2. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causesus 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: 301011E1E300025

Place: Kolkata Date: 14 February, 2020

Membership No.: 054484 UDIN :20054484AAAABP5815