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ARCUTTIPORE TEA COMPANY LTD.

20 May 2019 | 12:00

Industry >> Plantations - Tea & Coffee

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ISIN No INE674C01010 52Week High 2 Book Value (Rs.) -7.74 Face Value 10.00
Bookclosure 27/09/2018 52Week Low 1 EPS 0.00 P/E 0.00
Market Cap. 0.91 Cr. P/BV -0.24 Div Yield (%) 0.00 Market Lot 1.00

DIRECTOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2014-03 
Dear Members,

The Directors present their 145th Annual Report and the Audited Accounts of the Company for the year ended 31st March 2014.

FINANCIAL RESULTS

Particulars                             For the year      For the Year
                                               ended             ended
                                     31st March 2014   31st March 2013
Rs.  Rs.
Profit/ (Loss) before depreciation (8,05,822) (17,14,875) Provision for depreciation (29,64,270) (13,78,695)

Profit/ (Loss) after depreciation        (37,70,092)       (30,93,570)
Provision for Taxation                        -                 -

Profit / (Loss) after tax                (37,70,092)       (30,93,570)
Add:(Loss) Brought forward from 
previous year                         (12,33,64,010)    (12,02,70,440)
Transfer to Balance Sheet (12,71,34,102) (12,33,64,010)

Profit available for appropriation               NIL               NIL
DIVIDEND

Since your Company has incurred loss this year and in view of accumulated losses, your Directors regret their inability to recommend any dividend for the year ended 31st March,2014.

Review of Operations

CROP & MADE TEA

Your directors report that during the year ,your company has produced 17,46,984 kgs of green leaf as compared to previous year green leaf production of 19,16,325 kgs , resulting in a considerable fall of 169341 kgs due to the reason that there has been erratic climate and undistributed rain in the year that had caused fall in green leaf production against budgeted production of 20,00,000 kgs. Your company has however managed and inducted huge amount of private funds as well internal accruals in the operation to reap full production of tea made during the year ,and has been continuing payments of old statutory dues. Moreover, there has been a huge capital investment amounting Rs 25,49,221/-in machineries and others this year too as you were aware that your company has been trying come out of both financial crunch and dirt of earlier years of non - operations.

This year your company has made 4,04,456 kgs of tea as compared to 2,45,076 kgs in the previous year so as to reap reasonable margins on sale of its tea product in this competitive domestic and international market. This has assisted your company to meet payment of old statutory dues and meeting increasing labour payments , amenities to employees and garden overheads .

During the current season, it is our endeavor that the company's tea production activities should be continued at full swing in order to reap reasonable margins on sale of its tea product in this competitive domestic market .

PERFORMANCE

Your Directors report that the Company has incurred net loss of Rs.37,70,092/- (Previous year Rs.30,93,570/- which includes loss Rs.25,64,320/- on sale of shares) during the year, resulting in continuous erosion in net worth of the company. The company has written back liabilities amounting Rs.42,07,132/- during the year, though there has been no sundry balances written off in the statement of account. However , your company has repaid the persisting Tea Board loan of Rs. 28,03,031/- and have received Subsidy on plantations amounting Rs.15,89,891/- during the year and have been able to register their entitlements of subsidy on plantation for future periods too . The losses in tea business as compared to last year has been recorded on account of considerable decrease in production of green leaf..

FUTURE PROSPECTS

Your Directors observe that there has been considerable ups and downs in demand of tea in the domestic market as well as in overseas markets in the present year. As you are aware ,your company has been endeavoring to come out completely from unfavourable financial situation and persisting circumstances at the garden due to continued losses on account of erratic climate and undistributed rain that has been causing lower production of green leaf against the estimations for the current year too, and this has been causing in lower production of tea made although there has been higher margin on sale of tea made during the current period in the domestic market . Under the circumstances, the Company is taking adequate steps timely for manuring the garden and also taking reasonable repairs works of machineries and factory buildings in anticipation that the company would improve production of green leaf yielding tea made production with improvement in quality of tea. It is visualized that your company would be able to reap good margins on made tea in the current season.

Despite the prevailing situation, your company is contemplating to achieve positive results in the current year provided there would have been coverage for loss of production of green leaf in the remaining period as per the estimations and the company is taking steps in cementing its position in the market with its quality of tea product and better realization.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Act 1956, the Board of Directors hereby state that:

(a) in the preparation of the annual accounts, the applicable accounting standards have been followed and there have been no material departure.

(b) it has 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 as at 31 March ,2014 and of the loss of the Company for the financial year ended on that.

(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting 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.

(d) the Directors have prepared the annual accounts on a going concern basis.

DIRECTORS

The Board of Directors comprises of 4 ( Four ) directors and confirms that it has the required number of Independent Directors as envisaged under Section 149(4) of the Act.

Mr. C.P.Poddar retires at the ensuing Annual General Meeting ,and being eligible, offers himself for re-appointment.

The Companies Act , 2013 ( "the Act" ) provides for appointment of independent Directors . Section 149 of the Act ( effective from April 1,2014 ) provide that independent Directors shall not hold office for more than two consecutive terms of upto five years each provided that the Director is re-appointed by passing a special resolution on completion of his first term . Independent Directors are no longer to retire by rotation . Further as per explanation provided under Section 149 of the Act , any term of an Independent Director on the date of commencement of this Section , i.e. April ,1,2014 shall not be counted as a term Accordingly, The Board of Directors in its meeting held on 26th May , 2014 has proposed the appointment of Mr. Naresh Shah as Independent Director of the Company to hold office for a term upto March 31, 2019 , subject to the approval of the members.

The Company has received declaration from the Independent Director of the Company confirming that he meets with the criteria of Independence as prescribed under Section 149 ( 6) of the Companies Act , 2013 and under Clause 49 of the Listing Agreement with Stock Exchange. Appropriate Resolution is being proposed at the ensuing Annual General Meeting to appoint him for a term upto five years as contemplated under Section 149(10) of the Act.

Mr. Harsh Kumar Bajoria, the Managing Director of the company, has informed that in view of continued losses and persisting financial shortage even in the year, he has forgone his basic remuneration for the year and has decided to continue rendering his services as Managing Director as he had so been rending in earlier years even without remuneration.

The company took on record the appreciation of services rendered by Mr. Harsh Kumar Bajoria during the year and his continued support. However, renewal of the letter of appointment and remuneration of Mr. Harsh Kumar Bajoria as Managing director of the company and the requisites compliances in this regard with the Registrar of Companies, West Bengal, are pending

AUDITORS REPORT

The Notes on Financial Statements referred to in the Auditors 'Report are self explanatory and need no further explanations in this regard.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS

A separate Report on 'Corporate Governance' along with Auditor's Certificate on its compliance and "Management Discussion & Analysis" are annexed hereto.

AUDITORS

The Board , on recommendations of the Audit Committee , has proposed that M/s Gora & Company, Chartered Accountants, who retires at the conclusion of the forthcoming Annual General Meeting, be re appointed as Statutory Auditors of the Company , to hold office for a period of 3 years from the conclusion of this Annual general Meeting till the conclusion of 148th Annual General Meeting 2017 ( " AGM" ) , subject to ratification by members at every AGM held after the ensuing AGM . M/S Gora & Company , Chartered Accountants have signified their consent in writing for such appointment along with a certificate stating that their appointment , if made , shall be in accordance with Section 139 read with Section 141 of the Companies Act 2013.and however, there is a confirmation from them that they are not covered with the ongoing cycle of the peer review process as required by the "Statement on Peer Review" issued by The Institute of Chartered Accountants of India.

CASH FLOW ANALYSIS

The Cash Flow Statement for the year under review in terms of the Listing Agreement with the Bombay Stock Exchange i.e. BSE is annexed.

ENERGY, TECHNOLOGY & FOREIGN EXCHANGE

The information required under Section 217(1) (e) of the Companies Act read with Companies (Disclosure of particulars in the report of Board of Directors) Rules 1988 are set out in an annexure hereto forming part of the report. There were no foreign exchange earnings but outgo during the year under review and the same are stated in Statement of Profit & Loss.

PARTICULARS OF EMPLOYEES

Particulars as required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 (as amended) are not given, as no employee of the Company falls under the prescribed category.

DEPOSITORY SYSTEM

The Company's equity shares are listed on the Regional Stock Exchanges at Bombay and, Kolkata, for transactions of shares in demat form. The shares of the company are tradable in demat form. The company has regularly been meeting the compliances with the Exchange. It is stated that such action has boosted the shareholders confidence. The listing Fees for the Financial year 2014-15 to BSE have not been paid. However, the trading of shares in the company is suspended at Calcutta Stock Exchange.

INDUSTRIAL RELATION

During the year under review, your Company has been maintaining cordial and mutually helpful relationship with its employees. The Board takes on the records its deep appreciation of the co- operation and support extended by employees at all levels and looks forward to their total involvement and in pertaining the overall improvement of the Company.

APPRECIATION

Your Directors wish to place on record their appreciation for the valuable and continued support received from the Government, lenders, bankers , Share holders , Stock Exchanges and all other business associates for the growth of the organization . Your Directors also place on record their appreciation of the wholehearted support extended by the employees & workers of the company.

                                         For and on behalf of the Board
Kolkata
Date: 26.05.2014                    HARSH KUMAR BAJORIA (DIN: 00893180)
                                              Managing Director