Dear Members,
 
 The Directors have pleasure in presenting the Annual Report with
 Audited Accounts of the Company for the year ended 31st March, 2011.
 
 FINANCIAL PERFORMANCE                              (Amount in Rs.)
 
                              Unconsolidated         Consolidated
 
                      31.03.2011   31.03.2010   31.03.2011   31.03.2010
 
 Profit for the year 
 before Depreciation 3,97,27,963  9,41,83,545  8,41,09,902 11,59,73,405
 
 Deduct: 
 Depreciation        1,70,28,621  1,69,21,960  2,42,39,407  2,36,70,404
 
 Profit before Tax   2,26,99,342  7,72,61,585  5,98,70,495  9,23,03,001
 
 Deduct: Provision 
 for Corporate 
 Taxation
 Current Year          25,00,000  1,00,00,000    36,85,000  1,07,29,677
 
 Earlier Year                  -     1,43,241       43,254     1,43,241
 
 Excess Tax 
 provision in respect          -       (7,131)           -       (7,131)
 of earlier years
 written back
 
 Fringe Benefit 
 Tax (including                -        3,550            -        3,550
 earlier years) 
 
 Deferred Tax          (4,17,699)   49,22,358    (4,17,699)   49,22,358
 
 Net Profit          2,06,17,041  6,21,99,567  5,65,59,940  7,65,11,306
 
 Add: Balance of 
 Profit brought 
 forward from 
 previous year       2,50,60,484    23,53,692  3,40,34,642    71,57,462
 
 Less: Minority 
 Interest                      -            - (2,59,80,776)(1,01,41,351)
 
 Profit available 
 for Appropriations  4,56,77,525  6,45,53,259  6,46,13,806  7,35,27,417
 
 Appropriations:
 
 General Reserve     1,00,00,000  3,00,00,000  1,00,00,000  3,00,00,000
 
 Proposed Dividend     81,40,618    81,40,618    81,40,618    81,40,618
 
 Tax on Proposed 
 Dividend              13,20,612    13,52,157    13,20,612    13,52,157
 
 Balance Carried 
 to Balance Sheet    2,62,16,295  2,50,60,484  4,51,52,576  3,40,34,642
 
                     4,56,77,525  6,45,53,259  6,46,13,806  7,35,27,417
 
 DIVIDEND
 
 Your Directors have recommended for your approval, a dividend of Rs.
 2.50 per share for the year ended 31st March, 2011.
 
 TRANSFER TO RESERVES
 
 The Company proposes to transfer Rs. 100.00 lacs to the General Reserve
 out of the amount available for appropriations and an amount of Rs.
 262.16 lacs is proposed to be retained in the Profit & Loss Account.
 
 OPERATIONAL REVIEW
 
 The turnover of your Company stood at Rs. 4,915.28 lacs which is
 marginally lower as compared to the previous year''s turnover. The
 profit after tax has been reduced from Rs. 622.00 lacs to Rs. 206.17
 lacs.  Your Company produced 37,08,838 Kgs. of Tea and 1,61,356 Kgs. of
 Coffee during the year as against 44,51,704 Kgs. and 1,96,621 Kgs.
 produced during the year 2009-10 which was lower by 7,42,866 Kgs. and
 35,265 Kgs. respectively. The decline in revenue and profit has been on
 account of the crop loss in the Northeast estates of the Company,
 increased cost of production due to increase in wages and other input
 costs.
 
 The price realization of Tea in the North was Rs. 128.85 per Kg. in
 comparison to Rs. 122.80 per Kg. in the previous year, higher by Rs.
 6/- per Kg. but price realized in the South was Rs. 83.36, lower by Rs.
 15/- per Kg. as compared to the previous year.
 
 TEA DIVISION
 
 Joonktollee Tea Factory in Assam
 
 The Estate produced 23,68,201 Kgs. of Teas as against 27,58,121 Kgs.
 produced during the year 2009-10.
 
 Jamirah Tea Factory in Assam
 
 The Estate produced 6,25,504 Kgs. of Teas as against 8,54,553 Kgs.
 produced during the year 2009-10. Unfavourable weather and
 unprecedented pest attack resulted in a decrease in crop over last
 year.
 
 Goomankhan Tea Factory in Karnataka
 
 The Estate produced 7,15,133 Kgs. of Teas as against 8,39,030 Kgs.
 produced during the year 2009-10.
 
 COFFEE DIVISION
 
 Cowcoody Coffee Estate in Karnataka
 
 The Estate produced 1,61,356 Kgs. of Coffee as compared to 1,96,621
 produced during the year 2009-10. The average sales realization was Rs.
 138/-per Kg. as compared to Rs. Ill/- per Kg. during the previous year.
 
 CREDIT RATING
 
 The Company continues to have the domestic credit ratings of BBB stable
 from CRISIL
 
 AWARDS/RECOGNITIONS
 
 - joonktollee Tea Factory has been accredited with ISO 9001:2008, ISO
 22000 & HACCP Certification by the D.A.R., Germany.
 
 - Goomankhan Tea Estate in Karnataka has been accredited with ISO 9001
 : 2000 and bagged The Golden Leaf Awards for the leaf and dust
 categories for 2011.
 
 CORPORATE GOVERNANCE
 
 The Company has adopted the Corporate Governance Policies and Code of
 Conduct which set out systems, processes and policies designed at
 ensuring transparency in all dealings and in the functioning of Board
 and management. A report on the Corporate Governance forming part of
 the Directors'' Report is attached. A certificate from a Practicing
 Company Secretary regarding compliance with the conditions of the
 Corporate Governance is given in the Annexure.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 A report on the Management Discussion and Analysis forming part of the
 Directors'' Report is attached.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 The Board of Directors of the Company confirms :
 
 i) that in the preparation of the annual accounts, the applicable
 Accounting Standards have been followed and there has been no material
 departure;
 
 ii) that the selected Accounting Policies were applied consistently and
 the Directors made judgments and estimates that are reasonable and
 prudent so as to give a true & fair view of the state of affairs of the
 Company as at March 31, 2011 and of the profits of the Company for the
 year ended on that date;
 
 iii) that proper and sufficient care has been taken 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) that the annual accounts have been prepared on a going concern
 basis; and
 
 v) that the Company has adequate internal systems and controls in place
 to ensure compliance of laws applicable to the Company.
 
 SUBSIDIARY COMPANIES
 
 1. a) The Company as on 31st March, 2011 has four Subsidiary Companies
 namely, Gloster Real Estates Pvt. Ltd., Cowcoody Builders Pvt. Ltd.,
 Pranav Infradev Co. Pvt. Ltd.  and The Cochin Malabar Estates And
 Industries Ltd.
 
 b) In accordance with the general circular issued by the Ministry of
 Corporate Affairs, Government of India, the individual accounts of each
 of the subsidiary companies are not being attached with the accounts of
 the Company.  The Company will make available the Annual Accounts of
 the subsidiary companies to any member of the Company who may be
 interested in obtaining the same.  The annual accounts of the
 subsidiary companies will also be kept for inspection at the Registered
 Office of the Company and that of the respective subsidiary companies.
 
 c) As required under the Listing Agreement with the Stock Exchanges the
 Audited Consolidated Financial Statements of the Company together with
 all its Subsidiary Companies prepared in accordance with the applicable
 Accounting Standards are attached.
 
 d) A statement containing brief financial details of the Subsidiary
 Companies is attached which forms part of the Annual Report.
 
 2. The Cochin Malabar Estates And Industries Ltd. reported a Net Profit
 of Rs. 339.45 lacs for the year ended 31st March, 2011 as against Rs.
 131.60 lacs for the same period last year. The total income for the
 year ended 31st March, 2011 is Rs. 2131.00 lacs as against Rs. 2,144.11
 lacs during the same period last year.
 
 SOCIAL WELFARE
 
 Your Company continues its welfare activities by participating in
 various projects sponsored by TAI, ITA, ABITA, TOKLAI, UPASI, KPA in
 the State of Assam & Karnataka and also directly contributes to the
 area''s social causes.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 As prescribed by Accounting Standard 21 issued by the Institute of
 Chartered Accountants of India, the audited consolidated financial
 statements of the Company together with Auditors'' Report for the year
 ended 31st March, 2011 are annexed.
 
 FIXED DEPOSITS
 
 The Company has not accepted any public deposits and as such, no amount
 on account of principal or interest on public deposits was outstanding
 as on the date of the Balance Sheet.
 
 DIRECTORS
 
 Shri G. D. Bangur and Shri Amitabha Ghosh retire from the Board by
 rotation and are eligible for re-appointment at the forthcoming Annual
 General Meeting.
 
 SECRETARIAL AUDIT REPORT
 
 As a measure of good corporate governance practice, the Board of
 Directors of the Company appointed Shri S. K. Jain, Practicing Company
 Secretary, to conduct Secretarial Audit of the Company. The Secretarial
 Audit Report for the financial year ended March 31, 2011, is provided
 in the Annual Report.
 
 The Secretarial Audit Report confirms that the Company has complied
 with all the applicable provisions of the Companies Act, 1956,
 Depositories Act, 1996, Listing Agreements with the Stock Exchanges,
 Securities Contracts (Regulation) Act, 1956 and all the Regulations and
 Guidelines of SEBI as applicable to the Company, including the
 Securities and Exchange Board of India (Substantial Acquisition of
 Shares and Takeovers) Regulations, 1997 and the Securities and Exchange
 Board of India (Prohibition of Insider Trading) Regulations, 1992.
 
 AUDITORS''REPORT
 
 The Auditors'' Report to the Shareholders does not contain any
 qualification.
 
 AUDITORS
 
 The Auditors, M/s. Singhi & Co. Chartered Accountants, hold office
 until the conclusion of the ensuing Annual General Meeting and are
 recommended for re-appointment. Certificate from the Auditors has been
 received to the effect that their re-appointment, if made, would be
 within the limits prescribed under Section 224(1B) of the Companies
 Act, 1956.
 
 M/s. Singhi & Co. has submitted the Peer Review certificate dated 11th
 February, 2010 issued to them by Institute of Chartered Accountants of
 India (ICAI).
 
 PARTICULARS OF EMPLOYEES
 
 The Company had no employee of the category specified under Section
 217(2A) of the Companies Act, 1956 read with Companies (Particulars of
 Employees) Rules, 1975, as amended.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The particulars as prescribed under Section 217(l)(e) of the Companies
 Act, 1956 read with the Companies (Disclosures of Particulars in the
 Report of Board of Directors) Rules, 1988, relating to Conservation of
 Energy, Technology Absorption, Foreign Exchange Earnings and Outgo is
 provided in Annexure ''A'' forming part of this Report.
 
 ACKNOWLEDGEMENT
 
 Your Directors take this opportunity to thank the Banks, Central and
 State Government authorities, Regulatory authorities, Stock Exchanges
 and the stakeholders for their continued co-operation and support to
 the Company. You Directors also wish to record their appreciation for
 the continued co-operation and support received from the employees of
 the Company.
 
                                      On behalf of the Board
 
                           K.C.Mohta              Hemant Bangur
 
                       Executive Director     Executive Vice-Chairman
 
 Place :Kolkata
 
 Dated :4th August, 2011