Dear Members,
 
 The Directors are pleased to present the Annual Report together with
 the audited accounts of the Company for the year ended March 31, 2011.
 
 FINANCIAL RESULTS
 
                                                   ( Rs. In lacs)
 
 PARTICULARS                              Year ended       Year ended
 
                                     31st March 2011  31st March 2010
 
 Profit before Depreciation and Interest     1350.38          1190.06
 
 Less: Interest                               429.36           329.32
 
 Profit after Interest                        921.02           860.74
 
 Less: Depreciation                           148.48           126.33
 
 Profit before tax                            772.54           734.41 
 
 Less: Provision for Tax
 
 Current Tax                                  262.00            58.00
 
 Deferred Tax                                  40.22          (123.96)
 
 Fringe Benefit Tax                                –                –
 
 Wealth Tax                                     0.48             2.94
 
 Profit After Tax                             469.84           797.43
 
 APPROPRIATIONS
 
 Proposed Dividend                             46.50            46.50
 
 Corporate Dividend Tax                         7.54             7.91
 
 Amount carried to General Reserve             23.49            33.70
 
 Balance carried to Balance Sheet             392.30            52.68
 
 PERFORMANCE
 
 Your company achieved revenue of Rs. 76.41 cr.  this financial year as
 against Rs. 68 cr. for the previous year ended on 31st March 2010. The
 profits of your Company before providing for tax was Rs. 7.72 cr. as
 compared to the 7.34 cr. in the last financial year ended on 31st March
 2010.
 
 The detailed analysis of your Company''s operations and industry
 vis-à-vis company''s performance is covered under ''Management Discussion
 & Analysis Report.''
 
 DIVIDEND
 
 Your Board of Directors are pleased to recommend a dividend of 15% on
 equity share capital of the Company for the financial year 2010-11. The
 distribution of dividend will result in payout of Rs.  46.50 lacs
 excluding tax on dividend.
 
 FUTURE PROSPECTS
 
 Indian Tea Production, the sector in which your company is primarily
 engaged, after witnessing long recessionary pressure has recovered and
 expected to touch 1050 million kg which accounts for 41% of global tea
 production. Further, domestic consumption has increased from 780
 million kgs in CY 2005 to 880 million kgs in CY 2010, resulting in
 escalation in the selling price. The demand and supply gap will widen
 in the coming years since no capacity addition has taken place in the
 last five years and the consumption is growing at a steady rate of 3.5%
 per annum. The average price realization for the Company, during the
 period was Rs. 152 per kg, as against Rs. 140 per kg, in the last year.
 These indicators support good prospect of the tea industry. However,
 normal increase in wages and substantial increase in all input costs
 during peak season had taken the overall cost higher by Rs. 8 per kg.
 Your Directors feel that better yield in the production and higher
 price realization by increasing quality will be key factors for
 sustainable growth. In an another initiative, the Company is developing
 a champion golf course, golf resorts, and theme villas in Jorhat,
 Assam, to host national and international golf tournaments.  These may
 be leased out to group companies which are in hospitality business for
 operational convenience. Your Directors expect that this new initiative
 will further boost the turnover and profitability of the Company as
 well as the group.
 
 CORPORATE SOCIAL RESPONSIBILITY
 
 Your Company is conscious about its social responsibilities and the
 environment in which it operates. It has continued with its welfare
 activities by improving health, education and culture and to improve
 the standard of living in and around the tea estates. Medical care is
 provided to the work force through well equipped estate hospital. With
 the Company''s continued support Kamal Kumari National Award is being
 felicitated every year. This year awards were conferred on Begum
 Parween Sultana Khan, eminent vocalist in the field of Art and Culture,
 Shri R.M. Bhagawati for his contribution in Journalism and Prof. R.
 Narashima, Aerospace Scientist in the field of science and technology.
 Scholarships were provided to meritorious students from North East and
 was funded by Kamal Kumari Foundation.
 
 FIXED DEPOSITS
 
 There was no unclaimed deposit as on 31st March, 2011.
 
 AUDITORS REPORT
 
 The Report of the Statutory Auditors pertaining to the Financial
 Accounts in respect of the year ended 31st March, 2011 read with Notes
 on Accounts are self explanatory and therefore, do not require any
 further clarification.
 
 DIRECTORS
 
 By virtue of Section 255 of the Companies Act, 1956 and the Articles of
 Association of the Company, Mr.  Vijay Shetty and Mr. T.C. Dutt retire
 by rotation at the ensuing Annual General Meeting and being eligible
 offer themselves for reappointment.
 
 Mr. R. Roy Choudhury and Mr. R. K. Bhuyan were introduced in the
 directorate as Additional Directors on 27th September 2010 and they
 will be retiring in the ensuing Annual General Meeting. The Company has
 received proposal under section 257 of the Companies Act'' 1956 to
 appoint Mr. Roy Choudhury and Mr. Bhuyan as rotational Directors of the
 Company.
 
 A brief resume, expertise, shareholding in your Company and details of
 other directorship of these directors to be appointed / re-appointed,
 are given in the Corporate Governance Report. Suitable resolutions for
 the approval of shareholders are incorporated in the notice convening
 the Annual General Meeting.
 
 COST AUDIT
 
 The Ministry of Corporate Affairs, Government of India by an order
 directed audit of the Cost Accounts maintained by the Company under
 section 209(1) (d) of the Companies Act'' 1956 with respect to the
 Plantation Products. In terms of the said order Cost
 
 Audit is being conducted by a firm of Cost Accountants appointed by the
 Board of Directors with the approval of the Ministry of Corporate
 Affairs.
 
 MANAGEMENT DISCUSSION AND ANALYSIS AND CORPORATE GOVERNANCE
 
 In terms of the listing agreement with Bombay Stock Exchange, Report on
 Management Discussion & Analysis and the Report on Corporate Governance
 alongwith the Certificate from the Statutory Auditors certifying the
 compliance of Corporate Governance have been attached and forms part of
 Annual Report.
 
 DIRECTORS REPONSIBILITY SATATEMENT
 
 Your Directors confirm that:
 
 i) In the preparation of the annual accounts, the applicable accounting
 standards have been followed;
 
 ii) They have selected such accounting policies and applied them
 consistently, and made judgements and estimates that are reasonable and
 prudent so as to give a true and fair view of the state of affairs of
 your Company as at 31st March 2011 and of the profit of your Company
 for the financial year ended 31st March 2011.
 
 iii) They 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.
 
 iv) They have prepared the accounts on a ''going concern'' basis.
 
 AUDITORS
 
 M/s. P.K. Nandy & Associates, Chartered Accountants, Kolkata will
 retire at the conclusion of the forthcoming Annual General Meeting as
 auditors of the Company and being eligible offer themselves for
 reappointment.
 
 PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 The reports on conservation of energy, or technology absorption and
 foreign exchange earning and outgo as required under section 217 (1)(e)
 of the Companies Act, 1956 are enclosed as Annexure-A and forms part of
 the Directors Report.
 
 EMPLOYEE RELATIONS
 
 The Company has a large work force employed in the tea estates. The
 welfare and well being of the workers are monitored closely and
 harmonious relations with employees are being maintained. The employee
 relations has remained cordial throughout the year and your Board of
 Directors wishes to place on record its appreciation for the dedicated
 services rendered by the executives, staff and workers at all levels.
 
 None of the employees employed throughout the year or part of the year
 was in receipt of remuneration the aggregate of which exceeds the limit
 as prescribed under 217 (2A) of the Companies Act, 1956 for disclosure
 in the report of Board of Directors.
 
                                              For and on behalf
 
                                          of the Board of Directors
 
                                                H. P. Barooah
 
                                                   Chairman
 
 Place : Kolkata
 
 Dated : The 28th May 2011