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ASSAMBROOK LTD.

07 March 2008 | 12:00

Industry >> Plantations - Tea & Coffee

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ISIN No INE353C01011 52Week High 34 Book Value (Rs.) -2.52 Face Value 10.00
Bookclosure 20/09/2017 52Week Low 14 EPS 0.00 P/E 0.00
Market Cap. 18.64 Cr. P/BV -6.22 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 have pleasure in presenting the Annual Reports together with the Audited Accounts for the year ended March 31, 2014.

1. FINANCIAL RESULTS:

                                                         (Rs. in lacs)

                                For the year ended  For the year ended
                                    31 March, 2014      31 March, 2013

Profit/(Loss) before
Depreciation & Taxation                     157.31              150.96

Depreciation                                138.32              146.11

Profit/(Loss) before Taxation                18.99                4.85

Provision for taxation                           -                   -

Profit/(Loss) after taxation                 18.99                4.85
Deduct/Add:

Balance brought forward from Profit
& Loss Account                           (1003.97)           (1008.82)

Balance carried forward                   (984.98)           (1003.97)

2. DIVIDEND:

In view of the carry forward losses, the Board is recommending no dividend.

3. OPERATIONS:

During the financial year under review, your company produced 28.63 lacs kgs of Black Tea as compared to 26.57 lac kgs in the previous year. After a slow start in March 2013, the tea harvest settled down quickly to good intakes generally across Assam.

Importantly, the average realization per kg. was reasonably higher due to better quality of tea produced. Significantly lower inventory and strong consumption growth should stabilize the prices during the season 2014. Tea prices of better quality are expected to improve from the last year both in domestic and global markets. The company's focus has always been to produce quality teas, which continues to command a premium in both domestic and international market.

Uprooting and replanting policy of the company was maintained. This has resulted in an improvement of the age profile of the Tea bushes. A good standard of young tea has been established.

4. SCHEME OF ARRANGEMENT:

As reported earlier year the Board of the Company had approved the proposal of the scheme of De-merger of both the Tea Estates Dhullie and Tinkharia. However, the Scheme of De-merger could not be finalized due to procedural formalities. Your Directors are actively pursuing alternative mechanism for effective completion of the sale agreement and hope to finalise the same during the current financial year.

5. AUDITORS' REPORT:

The Auditor's observation have been dealt with in the notes to the Accounts which are self explanatory and do not require further clarification.

6. AUDITORS:

M/s Tiwari & Co., Chartered Accountants, Auditors retire at the forthcoming Annual General Meeting and being eligible offer themselves for reappointment. The Audit Committee has recommended their appointment as auditors of the Company.

7. DIRECTORS:

Shri S Gangopadhyay an independent director tendered his resignation and ceased to be director of the company on and from 13 Sept 2013. Your directors put on record their gratitude for the valuable advises given by Shri S Gangopadhyay from time to time during his tenure as a director.

Shri M K Guha and U S Menon independent directors are appointed for a term of 5 consecutive years from the date of the ensuing Annual General Meeting up to the expiry of five consecutive years or the date of the 70th AGM, whichever is earlier, subject to the approval of the shareholders at the ensuing Annual General Meeting. After such appointment the said directors will no longer be liable to retire by rotation during their tenure as independent directors. Shri Surendra Rampuria, retires at the ensuing Annual General Meeting of the Company, being eligible, offers himself for reappointment.

The independent directors have fulfilled the criteria of independence as defined under section 149(6) of the Companies Act 2013 and requisite declaration in terms of section 149(7) of the Companies Act have been received.

8. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956 ("the Act") your Directors state and confirm the following:

(i) That in preparation of the Company's Annual Accounts for the year ended 31 March, 2014 the applicable accounting standards have been followed and proper explanations have been provided for material departures, where applicable.

(ii) That such accounting policies were selected and applied consistently and the judgments and estimates were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended 31 March, 2014 and of the profit of the Company for that financial year.

(iii) That proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company 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.

9. FIXED DEPOSITS:

The Company has decided not to accept any fresh deposit.

10. CORPORATE GOVERNANCE:

Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges a separate report on Corporate Governance along with the Auditors' Certificate on its compliance is annexed to this report.

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, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are given in the annexed Statement.

13. 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, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are given in the annexed Statement.

14. APPRECIATION:

Your Directors record their appreciation for the co-operation extended by all the employees. Your Directors also thank the Banks and Financial Institutions for their support. Your Directors also gratefully acknowledge your continued support as Shareholders.

                                                 By Order of the Board

                                                    Siddharth Rampuria
                                                   (MANAGING DIRECTOR)

Head Office:
1, Shakespeare Sarani,
Kolkata 700 071                                      Mrinal Kanti Guha
Dated: 30 May, 2014                                         (DIRECTOR)