north tukvar tea company ltd Directors report

REPORT OF THE DIRECTORS

For the year ended 31st March, 2014.

Dear Shareholders,

We present to you the 49th Annual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2014 :

FINANCIAL RESULTS

	2013-2014	2012-2013
	(Rs.)	(Rs.)
Operating Profit/(Loss)	(3,90,686)	51,266
Less: Depreciation	2,45,458	2,79,921
Profit/(Loss) for the year	(6,36,144)	(2,28,655)
Less : Income Tax for earlier years	57,793
Less : Loss brought forward	2,94,00,744	2,91,72,089
Loss carried forward	3,00,94,681	2,94,00,744

PERFORMANCE

The lease of North Tukvar Tea Estate to Jay Shree Tea & Industries Limited, the Holding Company, given in an earlier year continued during the year. The Company incurred operating loss of Rs.3.91 lac as against profit of Rs.0.51 lac in last year.

DIVIDEND

In view of the losses, your Directors regret their inability to recommend any dividend on equity shares.

DIRECTORS

Shri S. Patodia and Shri S. K. Jajodia were appointed as Directors w.e.f. 28.02.2014 to fill in the casual vacancy caused by the resignation of Shri D. P. Maheshwari, Shri R. K. Ganeriwala and Shri P. K. Agrawal and shall hold office up to the date up to which the Director in whose place they are appointed would have held office had it not been vacated.

The Board shall like to place on record its appreciation for the services of the said Directors during their tenure with the Company.

Shri S. Patodia and Shri S. K. Jajodia, Directors of the Company, retire by rotation and being eligible offer themselves for re-election.

DIRECTORS RESPONSIBILITY STATEMENT

Your Directors would like to inform members that the audited accounts containing the Financial Statements for the year ended 31st March, 2014 are in full conformity with the requirement of the Act and they believe that the financial statements reflect fairly the form and substance of transactions carried out during the year and reasonably present the Companys financial condition and results of operations. These financial statements are audited by the Statutory Auditors M/s Salarpuria Jajodia & Co., Chartered Accountants, Kolkata.

Your Directors further confirm that according to their information :

(i) in the preparation of the annual accounts, applicable accounting standards have been followed and there are no material departures;

(ii) the accounting policies are consistently applied and reasonable, prudent judgment and estimates are made so as to give a true and fair view of the state of affairs of the Company at the end of the financial year;

(iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company;

(iv) that the directors had prepared the annual accounts on a going concern basis.

DISCLOSURE OF PARTICULARS WITH REGARD TO CONSERVATION OF ENERGY ETC.

The required particulars of disclosure under the Companies (Disclosure of Particulars in Report of Board of Directors) Rules, 1988 are set out in Annexure forming part of this Report.

AUDITORS REPORT

Regarding the Auditors comment on net worth, the Company has taken several measures to reverse its negative net worth in coming years by improving the performance and financial restructuring. The other notes on accounts are self-explanatory and do not require any comments.

PARTICULARS OF EMPLOYEES

None of the employees falls within the purview of Section 217(2A) of the Companies Act, 1956 and hence not applicable.

AUDITORS

M/s Salarpuria Jajodia & Co., Chartered Accountants, Kolkata retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment for the year 2014-2015 which we recommend.

ACKNOWLEDGMENT

Your Directors place on record their appreciation to Members of the Company, all the employees for their sincere and hard work and others for their cooperation.

Industry House (15th Floor)	For and on behalf of the Board of Directors
10, Camac Street
Kolkata-700017	S. K. JAJODIA
Dated, the 21st day of May, 2014	S. PATODIA

ANNEXURE TO THE DIRECTORS REPORT

Information as per Section 217(1)(e) of the Companies Act, 1956

FORM - A

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO

CONSERVATION OF ENERGY

		Current Year	Previous Year
(A) Power & Fuel Consumption
1. Electricity		-
(a) Purchased
Units	(KWH)	-	-
Total Amount	(Rs.)		-
Rate/Unit	(Rs.)	-	-
(b) Own Generation
(Through Diesel Generation)
Units	(KWH)	-	-
Units per Ltr.	(KWH)	-	-
Cost/Unit	(Rs.)	-	-
(c) Internal Generation (Turbine)
Units	(KWH)	-
Total Amount	(Rs.)	-	-
Rate/Unit	(Rs.)	-	-
2. Coal
Quantity	(Kg.)	-	-
Total Amount	(Rs.)	-	-
Average Rate	(Rs.)	-	-
3. Furnace Oil
Quantity	(Ltr.)	-	-
Total Amount	(Rs.)	-	-
Average Rate	(Rs.)	-	-
(B) Consumption per unit of production
Products Tea (Gross)	(Kg.)	-	-
Electricity	(KWH)	-	-
Coal	(Kg.)	-	-

FORM-B

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION

No comment is made on technology absorption considering the nature of activities undertaken by your Company during the year under review.

The foreign exchange earning and outgo during the year is Rs. Nil.

Industry House (15th Floor)	For and on behalf of the Board of Directors
10, Camac Street
Kolkata-700017	S. K. JAJODIA
Dated, the 21st day of May, 2014	S. PATODIA