The Directors have pleasure in presenting the SIXTY NINTH ANNUAL
REPORT, with the Audited Accounts for the year ended March 31, 2012.
Income from operations
& other Income 33,95,51,823
Profit before Depreciation and Taxation 15,11,39,029
Profit before Taxation 14,58,61,621
Provision for Taxation
(Net of MAT credit entitlement of
Profit after Taxation 14,26,61,621
Surplus carried from previous year 20,41,770
Amount available for appropriation 14,47,03,391
Which your Directors
recommend to appropriate :
Transfer to General Reserve 6,00,00,000
Special Interim Dividend on
Equity Shares @ Rs. 100/- per share 6,27,35,000
Tax on Special Interim Dividend 1,01,77,185
Proposed Final Dividend on
Equity Shares @ Rs. 10/- per share 62,73,500
Provision for tax on Final Dividend 10,17,719
Surplus carried to Balance Sheet 44,99,987
The company has paid a Special Interim Dividend of Rs. 100/- per share
( 1000% ) for the financial year 2011-2012. Your Directors have now
recommended a final dividend of Rs. 10/-per share (100%) on the Equity
Shares out of the profits for the year. The aggregate Dividend for the
year 2011-2012 amounts to Rs. 110/- per share (1100 %).
Tea production during the year was 13.54 lacs Kgs with an average yield
of2570 kgs. per hectare against 13.16 lacs Kgs with an average yield of
2480 kgs. per hectare during last year. Apart from this there is also a
production of 6.32 Lacs kgs of bought leaf as against 5.46 Lacs Kgs
during the previous year. The sale average during the year was at Rs.
94.73/- per Kg as against the last years sale average of Rs. 94.24
/ - per Kg.
During the year, Mr. Habib Hussain and Mr. WD.Nelson ceased to be
members of the Board consequent to their resignation on 31st October
2011. The Board accepted their resignation and places on record its
appreciation and gratitude for the valuable services rendered by them
during their tenure as Directors of the Company. Mr.M.M. Karunakaran
and Mr. Oliver L.D. were co-opted as additional directors of the
company on 3rd November, 2011. They hold office upto the date of the
ensuing Annual General Meeting under Section 260 of The Companies Act,
1956. The company has received notice under Section 257 of The
Companies Act, 1956 from a member intending to propose
Mr.M.M.Karunakaran and Mr. Oliver L.D. for their Directorships.
In accordance with the Articles of Association of the company, Mr.Ajit
Thomas and Mrs. Shanthi Thomas, Directors retire by rotation and are
eligible for re-election.
M/s Suri & Co, Chartered Accountants, auditors of the Company retire at
the conclusion of the ensuing Annual General Meeting and being eligible
offer themselves for reappointment. They have confirmed that their re-
appointment, if made will be within the limits prescribed under Section
224 (1B) of the Companies Act,1956.
The company was required to get its cost accounts maintained under
Section 209(1)(d) of The Companies Act, 1956 in respect of plantation
products audited in terms of an order issued by the Cost Audit Branch,
Ministry of Company Affairs (MCA), New Delhi. The Cost Audit of the
company was conducted by M/s. Rajendran, Mani & Varrier, Practicing
Cost Accountants, appointed with the approval of MCA in the manner
provided in the General Circular 15/2011 dated April 11, 2011 issued by
MCA. In terms of the said Circular, full particulars of the Cost
Auditors alongwith other details pertaining to the Cost Audit are
Details of Cost Auditor : M/s. Rajendran, Mani & Varier
Practicing Cost Accountants XXXIX/5360, Alappat Building Alappat Road,
Ravipuram Ernakulam - 682016 Registration No. 00006 Due & actual date
of filing of : September 27, 2011 Cost Audit Report for the year ended
March 31, 2011
No deposits remained unclaimed or unpaid during the year under report.
PARTICULARS OF EMPLOYEES
The Company has not incurred expenditure on employees to the extent
specified in Section 217 (2A) of the Companies Act 1956, and hence no
statement is attached to this report.
LISTING WITH STOCK EXCHANGES
As per the requirements of Clause 49 of the Listing Agreement with the
Stock Exchanges, the Company confirms that the listing of its shares
continued through out the year with the following stock exchanges:
1. Bombay Stock Exchange Limited.
2. Madras Stock Exchange Limited.
3. Coimbatore Stock Exchange Limited.
CONSERVATION OF ENERGY
The information required under Section 217 (1) (e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules 1988, is set out in the Annexure.
The Code on Corporate Governance pursuant to revised Clause 49 of the
Listing Agreement with the Stock Exchanges was made applicable to the
Company with effect from 3rd November, 2011. Accordingly the Management
Discussion & Analysis Report and Report on Corporate Governance with
Certificate on compliance with conditions of Corporate Governance have
been annexed to this report.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year under review, the Companys Foreign Exchange Earnings
amounted to 12,38,22,669/-. The total outgo on Foreign Exchange
amounted to Rs. 21,55,682/-. Details are set out in Note 23 of the
Notes on Accounts. The Company has continued to maintain focus and
avail of export opportunities based on economic considerations.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217 (2AA) of The Companies
Act, 1956 with respect to Directors Responsibility Statement, your
Directors report that :
i) The annual accounts have been prepared by following the applicable
ii) The accounting policies selected have been applied consistently and
judgments and estimates that were reasonable and prudent, have been
made so as to give a true and fair view of the state of affairs of the
Company as at the end of the financial year and of the profit of the
Company for the financial year.
iii) 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) The annual accounts have been prepared on a going concern basis.
Pursuant to proviso to Section 383 A (1) of the Companies Act, 1956
Certificate to the effect that the Company has complied with all the
provisions of the Companies Act, 1956 is obtained from a Secretary in
Whole-time practice for filing with the Registrar of Companies and a
copy of such Certificate is attached to this Report.
The Directors take this opportunity to place on record their
appreciation of the contribution made by the employees at all levels to
the operations of the Company. The Directors also thank the Bankers of
the Company for the co-operation and assistance extended to your
On Behalf of the Board
Place : Chennai Ajit Thomas
Date : 24.05.2012 Chairman