The Directors have pleasure in presenting their Twenty-Second Annual
 Report on the business and operations of the Company, together with the
 audited financial accounts of the Company for the year ended 31 st
 March, 2012.
 
 FINANCIAL RESULTS
 
 Particulars                         2011-12           2010-11
 
                                   (Rs.in Lacs)     (Rs. in Lacs)
 
 Sales                               5884.66           4918.35
 
 Profit before Interest and 
 Depreciation                         247.86           228. 16
 
 Interest                              12.48              6.62
 
 Profit before Depreciation           235.38            221.52
 
 Depreciation                          60.87             59.22
 
 Profit before Taxation               174.51            162.32
 
 Profit after Taxation                 96.66            102.98
 
 Balance Brought Forward              426.92            371.21
 
 Surplus available for Appropriation  523.58            474.19
 
 APPROPRIATION :
 
 Proposed Dividend                     25.33             40.54
 
 Tax on Proposed Dividend               4.11              6.72
 
 Balance Carried forward to 
 Balance Sheet                        494.14            426.92
 
 PERFORMANCE REVIEW
 
 Your Company''s turnover has increased to Rs.5884.66 Lac compared to
 Rs. 4918.35 Lac in previous year. The Profit before tax has increased
 to Rs.174.51 Lac compared to 162.32 Lac in previous year. The overall
 improvement in Tea industry has resulted in the better performance of
 the Company during the year under review.
 
 AWARDS AND CERTIFICATES
 
 Your Company has once again received Export Excellence Award from
 Export Engineering Promotion Council, Eastern Region.
 
 DIVIDEND
 
 Your Directors have pleasure in recommending a dividend of Rs.0.50 per
 Equity Share on 50,67,700 Equity shaes of Rs. 10 each for the Financial
 year ended 31 /03/2012..
 
 FUTURE PROSPECTS TEA DIVISION
 
 Your Company''s focus has always been to produce better quality of tea
 and achieve better prices. The production capacity has been expanded to
 manufacture more CTC and Green Tea. The plantation continues to make
 continuous progress. The Company expects to produce about 10 Lac Kgs.
 of tea this year.
 
 MACHINERY DIVISION
 
 The Export of Tea Machinery has significantly increased to Rs. 38.09
 crore in the 2011-12 compared to Rs.  33.28 crore in the previous year.
 Apart from Export Sales the Company has also developed the Domestic
 market for sale of its Tea Machinery.  The domestic sale of Tea
 Machinery has increased to 12.75 crore compared to 9.69 crore in the
 previous year.
 
 DEPOSITS
 
 Your Company has not accepted any deposit within the meaning of section
 58A of the Companies Act, 1956 and the Rules made there under.
 
 DIRECTORS
 
 In accordance with provisions of the Companies Act, 1956, and the
 Company''s Articles of Association, Mr.  Deepak Pahwa and Mr. Harish
 Mittal retire by rotation, and being eligible are recommended for
 re-appointment.
 
 AUDITORS
 
 The Auditors of the company M/s. Tiwari & Co. retires at the
 forthcoming Annual General Meeting and being eligible, offers
 themselves for re-appointment. They have confirmed their eligibility
 under section 224(1-B) of the Companies Act, 1956.
 
 FORM - ''B''
 
 TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO
 
 There is no information to submit in respect of absorption of
 technology.
 
 The Company has earned foreign exchange of Rs. 406.54 lacs and spent
 foreign exchange of Rs. 388.83 lacs during the year.
 
 PARTICULARS OF EMPLOYEES U/S. 217(2A)
 
 No employee has drawn salary more than the prescribed limit as such the
 particulars of employees pursuant to Section 217(2A) of the Companies
 Act, 1956 read with the Companies (Particulars of Employees) Rules,
 1975 (as amended) are not applicable to your Company.
 
 CORPORATE GOVERNANCE
 
 Your Company is committed to good Corporate Governance. A detailed
 Report appears in the Annexure to the Directors Report.
 
 DISCLOSURE REGARDING MANAGERIAL REMUNERATION FOR THE YEAR ENDED 31ST
 MARCH, 2012
 
 Mr. Sajjan Bagaria, Executive Chairman received a remuneration and
 perquisites of Rs. 16.30 lacs
 
 Mr. Vineet Bagaria, Managing Director received a remuneration and
 perquisites of Rs. 14.97 lacs
 
 Mr. Kalyan Kumar Nanda, Executive Director (Marketing) received a
 remuneration and perquisites of Rs 7.07 lacs Non-executive Directors
 are not paid any remuneration. No sitting fees are paid to any
 Director.
 
 DIRECTOR RESPONSIBILITY STATEMENT
 
 In accordance with the provisions of Section 217 (2AA) of the Companies
 Act, 1956, your Directors state:
 
 (i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed and no material departures have
 been made from the same,
 
 (ii) that your Director''s have selected such accounting policies and
 applied them consistently and made judgment and estimates that are
 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 and of the
 profit or loss of the Company for that period,
 
 (iii) that your Directors have taken proper and sufficient care to the
 best of their knowledge and ability for the maintenance of adequate
 accounting records in accordance with the provisions of this Act for
 safeguarding the assets of your Company and for preventing and
 detecting fraud and other irregularities,
 
 (iv) that your Directors have prepared the annual accounts on a going
 concern basis.
 
 Management Discussion and analysis 
 
 HUMAN RESOURCES
 
 The Human Resources are vital resources in giving the Company a
 competitive edge in the current business environment. The management
 recognizes that it is only through motivated and committed employees
 that the Company will achieve its aims. Hence, the Company endeavors to
 take care of the welfare and betterment of the employees. Total number
 of employees in the Company was 709 on 31st March, 2012 as against 702
 on 31st March, 2011.
 
 INTERNAL CONTROL SYSTEM
 
 The Company has an internal audit and risk management department,
 managed by qualified and competent personnel, and adequate internal
 control systems, which safeguard assets from possible losses and
 unauthorized use, and ensure the transactions being authorized,
 recorded and reported properly.
 
 Approval of Central Government sort for Managerial Remuneration.
 
 As the remuneration paid to the managerial person during the financial
 year ended on 31/03/2012 exceeds the ceiling limit set by the
 provisions of section 198, section 309, schedule XIII and other
 applicable provisions of the Companies Act 1956, the excess
 remuneration paid to the directors have been approved by the Central
 Government.
 
 CAUTIONARY STATEMENT
 
 This Report contains forward-looking statement that involves risks and
 uncertainties. Actual results, performances or achievements could
 differ materially from those expressed or implied in such
 forward-looking statement.  Important factors that would make a
 difference the Company''s operations include raw material prices,
 changes in government regulations, tax regimes, and economic
 developments within the country.
 
 LISTING AGREEMENTS
 
 The Company''s shares are listed on Calcutta, Mumbai, Delhi and
 Ahmedabad Stock Exchange. The Annual listing fee in respect of Bombay
 stock exchange has been paid and the listing fees of other stock
 exchanges are still pending.
 
 ACKNOWLEDGEMENTS
 
 The Directors place on record their appreciation of the excellent
 performance and hard work put in by the employees, consultants at all
 levels in the Company''s growth and development. The Directors also
 convey their grateful thanks to the Government authorities,
 Shareholders, Banks, Customers & Suppliers for their continued
 co-operation and patronage.
 
                                      By Order of the Board of Directors
 
 Place : Kolkata                                     Sajjan Bagaria
 
 Dated : 30th August, 2012                           Executive Chairman