DIRECTORSYour Directors have pleasure in presenting the Annual Reports together with the AuditedAccounts for the year ended March 31, 2011
1. FINANCIAL RESULTS: (Rs in lacs)
| For the year ended 31March,2011 | For the year ended 31March,2010 |
| Profit/(Loss) before Depreciation & Taxation | 139.80 | 220.72 |
| Depreciation | 121.33 | 108.20 |
| Profit/(Loss) before Taxation | 18.47 | 112.52 |
| Provision for taxation | - | - |
| Profit/(Loss) after taxation | 18.47 | 112.52 |
| Deduct/Add : | | |
| Balance brought forward from Profit & Loss Account | (1026.71) | (1139.23) |
| Balance carried forward | (1008.24) | (1026.71) |
2. DIVIDEND :
In view of the carry forward losses, the Board is recommending no dividend.
3. OPERATIONS :
During the financial year your Company produced 30.47 Lacs Kg. inclusive of bought leafas compared to 30.07 Lacs Kg. in the previous year. There was marginal increase in theoverall production but there was a minor decline in own produce due to unfavorable weatherand unprecedented pest attack. The turnover of your Company was Rs.4211.48 lacs for thecurrent year as against Rs.3444.27 lacs in the previous year.
The Company's average realization for its produce for the year 2010-11 was Rs.141.08per kg. as against Rs.120.34 per kg. registering an increase of 17.23%. when compared tothe previous year. The Directors view with great satisfaction your Company's performancefor the year under review.
As reported in the last year the Company continued to with the upgradation andmodernization of its manufacturing facilities. The Company's policy of uprooting andreplanting to replace ageing bushes on the field is an ongoing process and should benefitall stakeholders.
Pending receipt of various clearances, the Tea Estates could not be transferred and itis hoped that transfer formalities will be completed within the financial year 2011-12.
The Board of Directors are seriously exploring various new business opportunities andwould keep the shareholders abreast with the plans on crystallization.
4. AUDITORS' REPORT:
The Auditor's observation have been dealt with in the notes to the Accounts which areself explanatory and do not require further clarification.
5 AUDITORS :
M/s Tiwari & Co., Chartered Accountants, Auditors retire at the forthcoming AnnualGeneral Meeting and being eligible offer themselves for reappointment.
6. DIRECTORS :
Shri Mrinal Kanti Guha retires by rotation at the forth coming Annual General Meetingand being eligible, offer himself for reappointment.
7. DIRECTORS' RESPONSIBILITY STATEMENT :
Pursuant to Section 217(2A) of the Companies Act, 1956 ("the Act") yourDirectors state and confirm the following :
(i) That in preparation of the Company's Annual Accounts for the year ended 31 March,2011 the applicable accounting standards have been followed and proper explanations havebeen provided for material departures, where applicable.
(ii) That such accounting policies were selected and applied consistently and thejudgments and estimates were reasonable and prudent so as to give a true and fair view ofthe state of affairs of the Company at the end of the financial year ended 31 March, 2011and of the profit of the Company for that financial year.
(iii) That proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting fraud and other irregularity, were taken.
(iv) That the annual accounts were prepared on the basis of a going concern.
8. FIXED DEPOSITS :
The Company has decided not to accept any fresh deposit.
9. CORPORATE GOVERNANCE :
Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges a separate reporton Corporate Governance along with the Auditors' Certificate on its compliance is annexedto this report.
10. FINANCIAL MATTERS:
As reported during the previous year, negotiated settlement discussions with a Bank(the only secured creditor pending settlement) is in progress and it is hoped that samewill be finalized during the current year.
11. PARTICULARS AS PER SECTION 217 OF THE COMPANIES ACT, 1956:
Information as per Section 217(2A) of the Companies Act, 1956 read with Companies(Particulars of Employees) Rules, 1975 is not applicable.
The particulars required in terms of Section 217(1)(e) of the Companies Act, 1956, readwith the Companies (Disclosure of Particulars in the Report of the Board of Directors)Rules, 1988 are given in the annexed Statement.
12. APPRECIATION:
Your Directors record their appreciation for the co-operation extended by all theemployees. Your Directors also thank the Banks and Financial Institutions for theirsupport. Your Directors also gratefully acknowledge your continued support asShareholders.
By Order of the Board
SIDDHARTH RAMPURIA (MANAGING DIRECTOR)
| Head Office: | |
| 1, Shakespeare Sarani, | |
| Kolkata 700 071 | |
| Dated:30 August, 2011 | SURENDRA RAMPURIA |
| (DIRECTOR) |
ANNEXURE TO DIRECTORS' REPORT
Information as per Section 217(1)(e) read with the Companies (Disclosure of particularsin the report of Board of Directors' Rules, 1988) and forming part of the Directors'Report for the year ended 31March, 2011.
Particulars with respect to Conservation of Energy :
| 1. | Energy conservation : measures taken | Replacement of old and outdated equipments, wherever required with energy efficient giving higher output with less energy consumption. |
| 2. | Additional Investment: and Proposals if any, being implemented for being reduction of consumption of energy | Installation of energy saving equipment and modernisation of Factories at the Estate is being done in a phased manner. |
| 3. | Impact of measures at (1) : & (2) above for reduction of energy consumption and consequent impact on the cost of production of goods. | Improvement of energy utilisation resulting in economy in cost. |
'FORM A'
| For the year ended 31 March,2011 | For the year ended 31 March,2010 |
| A) POWER AND FUEL CONSUMPTION | | |
| 1) Electricity | | |
| a. Purchased | | |
| Unit(KWH) | 2752605 | 2478217 |
| Total Amount(Rs.in lacs) | 157.35 | 146.85 |
| Rate/Unit(Rs.) | 5.72 | 5.93 |
| b. Own Generation | | |
| Through Diesel Generator : | | |
| Units(in KWH) | 432965 | 348470 |
| Unit per Ltr.of Diesel | 2.45 | 2.11 |
| Cost/Unit (Rs.) | 15.38 | 17.80 |
| 2) Coal (KHASI/LEDO-ROM/LECO) | | | |
| Qty.(MT) | 3781.14 | 3647.79 | |
| Total Cost(Rs.in lacs) | 157.33 | 140.67 | |
| Average Rate (Rs.) | 4160.91 | 3856.30 | |
| 3) Furnance Oil | | | |
| Qty.(K.Ltrs.) | 78.83 | - | |
| Total Cost (Rs. In lacs) | 2963204 | - | Average Rate (Rs.) |
| 37589.80 | - | |
4) CONSUMPTION PER UNIT OF PRODUCTION
| Production (Tea)(Gros in lac kgs.) | 30.47 | 30.07 | Electricity(KWH/Kg.) |
| 1.05 | 0.93 | |
| HSD/F. Oil(Ltr./Kg.) | 0.04 | 0.03 | |
| Coal(Kg/Kg.) | 1.24 | 1.22 | |
FORM -'B'
| TECHNOLOGY ABSORPTION : | |
| 1. Research & Development(R&D) | |
| (a) Specific areas in which R&D is carried out by the Company | |
| No separate R&D is carried out by the Company. |
| (b) Benefits derived as a result of the above R&D | |
| (c) Future plan of action | |
| (d) Expenditure on R&D | |
| i. Capital | |
| ii. Recurring | |
| iii. Total | |
| iv. Total R&D Expenditure as a | |
| Percentage of total turnover | |
2. Technology absorption, adaptation and innovation
| a) Efforts in brief made towards | In house discussions with experts and training programme was held for innovative idea of production and to update the staff. |
| Technology absorption, adaptation and innovation. | |
| b) Benefits derived as a result of the above efforts e.g. product improvement, cost reduction, product development, import substitution etc. | There has been an overall improvement in productivity and economy in cost was achieved |
| c) In case of imported technology | |
| (imported during the last 5 years reckoned from the beginning of the Financial Year), following information may be furnished | Not Applicable |
(a) Technology imported
(b) Year of import
(c) Has technology been fully absorbedRs
(d) If not fully absorbed areas where this has not taken place, reasons therefore, andfuture plans of action.
(3) Foreign Exchange earnings and outgo :
| (a) | Activities relating to export initiatives taken to increase exports | Not Applicable | | |
| (b) | Development of new export markets for products and services and export plan. | Not Applicable | | |
| (c) | Total foreign exchange : | | | |
| Used | NIL | NIL | Earned |
| (gross) | NIL | NIL | |