DIRECTORS
To
The Members,
Your Director has pleasure in submitting 27th Annual Report together with
Audited statement of Account for the period (12 months) ended on 30th, September 2011.
OPERATIONS OF THE COMPANY :
The details of operating results for the year are furnsihed below :
(Rupees in lacs)
| Financial Results |
30.09.2011 |
30.09.2010 |
| Gross Sales |
239.84 |
182.01 |
| lncrease/(Decrease) in Stock |
48.05 |
19.83 |
| Other Income |
48.07 |
82.34 |
| Gross Income |
335.96 |
284.18 |
| Less : Total Expenditure |
225.09 |
174.67 |
| Profit (Loss) Before Depreciation and Tax |
43.15 |
69.85 |
| Less : Depreciation |
11.64 |
13.92 |
| Profit (Loss) After Depreciation Before Tax |
31.51 |
55.93 |
| Less : Interest |
12.55 |
25.13 |
| Profit (Loss) After Depreciation, Int Before Tax |
18.96 |
30.80 |
| Less : Provision For Tax & FBT |
|
|
| Profit (Loss) After Tax |
18.96 |
30.80 |
| Balance carried forward from previous year |
(59.38) |
(91.91) |
|
(40.42) |
(61.11) |
| Revaluation reserve written back |
1.39 |
1.73 |
| Amount Carried to Balance Sheet |
(39.03) |
(59.38) |
PERFORMANCE: i During the Year, the company has taken efficient measures to control
its costs and increase its sales and that has helped the Company to remain in Profits. The
management also decided to diversify and expand the business of the company through
F.M.C.G. business and include Food, Pharma and Cosmetics along with Tea in the main line
of its Business.
DIVIDEND :
In view of the losses incurred in earlier years and requirement of funds, your
Directors regret their inability to recommend any dividend.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions fo sub-section (2AA) of Section 217 of the Companies Act,
1956, your Directors confirm :
i That the preparation of the Annual Accounts, the applicable accounting Standards had
been followed along with proper explanation, relating to material departures;
ii. That the directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the company at the financial period
as on 30th, September 2011 and of the profit of the company for that period;
iii. That the directors had taken proper and sufficient care for the maintenance of
adequate account records in accordance with the provisions of the Companies Act, 1956 for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities; and iv) that the Directors had prepared the annual accounts on a going
concern basis.
STATUTORY REQUIREMENTS
A) As per provision of section 217(2A) of the companies Act, 1956 the statement of
particulars of the employees, etc forms part of this report. However, as per the
provisions of section 219 (1) (b)(iv) of companies Act 1956, the Annual Report excluding
the above said information is being sent to all the members and other entitled persons.
Any member interested in being sent to all the members and other entitled persons. Any
member interested in obtaining such particulars may write to the company Secretary at the
registered office of the company.
B) A statement showing particulars of fhe conservation of energy etc. as are required
under Sec (1) (e) of the Companies Act, 1956 read with the Companies' (disclosures of
Particulars in the Report of Board of Directors) Rules, 1988 is annexed herewith.
CORPORATE GOVERNANCEAND COMPLIANCE CERTIFICATE :
A separate report on Corporate Governance is enclosed as a part of this Annual
Report. A certificate from the Auditor regarding compliance with Corporate Governance
norms stipulated in clause 49 of the Listing Agreement is annexed to the Report on
Corporate Governance.
LISTING STATUS :
The securities of our company are listed at Bombay Stock Exchange Ltd, Mumbai. Trading
in company's securities resumed on 29th November, 2011. The ISIN of equity shares of our
company is
INE624M01014.Our Script Code in Bombay Stock Exchange is 530689. The equity shares of
the company are admitted both in National Securities Depository Limited and in Central
Depository Services (India) Limited.
PARTICULARS OF THE EMPLOYEES:
None of the employees employed during the year was in receipt of remuneration in excess
of the Prescribed limit specified in section 217 (2A) of the Companies Act, 1956 Hence,
furnishing of particulars under the Companies Act (Particulars of Employees) 1975 does not
arise.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The domestic consumption is increasing every year and exports are likely to improve
further. Further this year has started again with lower carry forward stock. The above
factors augur well for a steady tea market. Continuous extension programme is being
implemented in the large vacant area of land available n i our tea estate for three
consecutive years will add up much more to the production of made tea and total
development of the company. Based on these positive factors, we can take an optimistic
view for the industry. The management also decided to diversify and expand the business of
the company through F.M.C.G. business and include Food, Pharma and Cosmetics along with
Tea in the main line of its Business.
AUDITORS :
The Auditors Report and the Notes on Accounts being self-explanatory are not dealt with
separately. The Auditors of the company M/s. Sanjay P. Agarwal & Associates, Chartered
Accountant retires and being eligible offer themselves for re-appointment.
DIRECTORS :
To appoint a director in place of Mr. Prince Tulsian, who retires his by rotation and
being eligible offers himself for re-appointment.
ACKNOWLEDGMENT :
The Directors wish to place on record their sincere thanks to the officials of
concerned Govt. Departments Statutory Authorities, banks and other Institutions for their
co-operation and assistance. The Directors also wish to express their sincere thanks to
the shareholders and the investing public who have placed due trust on the company and the
Staff and Employees for rendering loyal and efficient services to the company.
|
For and on Order of the Board |
| Place : Kolkata |
Prince Tulsian |
| Dated : 28th January, 2012 |
Managing Director |
ANNEXURE TO THE DIRECTORS REPORT:
Particular of conservation of energy and technology absorption in terms of Section 217
(1)(e) of the Companies Act, 1956read with the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules 1988 forming part of the Directors' Report for the
period ended 30th September 2011.
A. CONSERVATION OF ENERGY :
(a) Energy conservation measures taken : Constant monitoring of power factor.
(b) Additional Investment proposals, if any being implemented for Reduction of
consumption of energy : Fuel inefficient engines will be phased out.
(c) Impact of measures at (a) & (b) above for reduction of energy consumption and
consequent impact on the Cost of Production of goods Benefits have accrued at tea factory
of the Company.
(d) Total energy consumption per unit of production.
FORM - A
FORM DISCLOSURE OF PARTICULARSWITH RESPECT OF CONSERVATIONOF ENERGY :
Power and Fuel Consumption :
|
Current Period |
Previous Period |
|
(12 months) |
(15 months) |
| 1. Electricity : (12 months) |
|
|
| (a) Purchased Unit |
147744.00 |
127912.00 |
| Total Amount(Rs.) |
1160739.00 |
1158607.00 |
| Rate/Unit |
7.85 |
9.05 |
| (b) Own Generation |
|
|
| (i) Through Diesels Generator Unit |
1120129.38 |
904166.28 |
| Unit per Ltr. of Diesel Oil |
27937 |
25504 |
| Cost/Unit, |
40.09 |
35.45 |
| (ii) Through Steam Not Applicable |
|
|
| Turbine/Generator Unit |
|
|
| (iii)Unit per Ltr.of Fuel |
|
|
| Oil/Gas |
|
|
| Cost/Unit |
|
|
| 2. Coal (Consumed at garden) |
|
|
| Qty.(MT) |
378.101 |
325.191 |
| Total Cost (Rs.) |
1685768.13 |
1278350.73 |
| Avg. Rate (Rs.) |
4458.51 |
3931.07 |
| 3. Furnace Oil |
36862.69 |
21164.27 |
| Qty. (K. Ltrs.) |
172.900 |
136.550 |
| Avg. Rate |
213.20 |
154.99 |
| 4. Other/lnternalgeneration |
|
|
B. CONSUMPTION PER UNIT PRODUCTION :
|
Standard |
Current Period |
Previous Year |
|
(If any) |
(12 months) |
(15 months) |
| Production with details Unit |
NIL |
269429 |
201677 |
| Electricity |
NIL |
4.30 |
3.15 |
| Furnace Oil |
NIL |
7.30 |
9.53 |
| Coal (Mixture) |
NIL |
6.25 |
6.33 |
| Other (Specify) |
NIL |
NIL |
NIL |
FORM - B
FORM DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORBTION ADAPTION
AND INNOVATION, RESEARCH AND DEVELOPMENT (R & D)
RESEARCH AND DEVELPMENT (R & D)
1. Specific Areas in which A & B carried out by the Company.
The main concentration of R & D activity was in the field of plantation. Trials
were carried out on purning cycle, growth regulators, optimum use of fertilizers and
manures, some agro chemical were applied.
2. Benefit derived as a result of above R & D.
The findings helped to improve tea husbandry for sustained high cropping in years to
come.
3. Future Plan of action :
Long terms trials will be continued to solve some problem and fresh field will be
introduced for short term, medium term gains.
4. Expenditure on R & D :
|
Current Year |
Previous Year |
| (A) Capital |
1,07,969.00 |
97,025.00 |
| (B) Recurring |
10,764.00 |
14,721.00 |
| (C) Percentage of R & D expenditure on turnover |
00.065 |
00.08 |
TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION :
1. Efforts in brief made towards technology absorption and (novation improvement were
brought out i in the manufacturing process by bringing in new generation machines and
better processing ' conditions. i
2. Benefits derived as a result of above efforts e.g. product improvement, cost
reduction product development etc. Standardization of product and field practices to a
large extent
| 3. Imported Technoloy |
NI L |
NIL |
| C. FOREIGN EXCHANGE EARNINGS AND OUTGO : |
Current Yr. |
Previous Yr |
| Foreign Exchange outgo |
NIL |
NIL |
| Foreign Exchange earned |
NIL |
NIL |
|
For and on Order of the Board |
| Place : Kolkata |
Prince Tulsian |
| Dated : 28th January, 2012 |
Managing Director |
|