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Moneycontrol.com India | Half yearly > Plantations - Tea & Coffee > Directors Report from Williamson Tea Assam - BSE: 508238, NSE: GEORGWILIM
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Williamson Tea Assam
Notes - Half yearly
Status of Investor Complaints for the quarter ended September 30,
2005

Complaints Pending at the beginning of the quarter Nil

Complaints Received during the quarter 38

Complaints disposed off during the quarter 38

Complaints unresolved at the end of the quarter Nil


1. The name of the Company has been changed from George Williamson
(Assam) Ltd to Williamson Tea Assam Ltd.

2. The Value of consumption of raw materials represents only green
leaf purchased from third parties. As production of Green Leaf (raw
materials consumed by the Company for manufacture of Tea) from the
Companyīs own estates involves integrated process having various
stages such as nursery, planting, cultivation etc., their values at
the intermediate stage is not ascertainable.

3. Stock of tea as on September 30, 2005 has been valued at lower of
estimated cost of production {based on estimated production and
expenditure for the financial year) and net realisable value.
Production of tea not being uniform throughout the year,
stock-valuation will be unrealistic If It is based on actual
production and expenditure up to September 30, 200S. The effect of
any variance from actual cost applicable to total valuation is not
readily ascertainable. The aforesaid method of stock-valuation is
consistent with accounting policy followed by the Company for the
purpose of quarterly results In the past.

4. As the company is engaged in business of cultivation, manufacture
and sale of tea, which is seasonal in character, figures for the
period ended September 30, 2005 should not be construed as
representatives of likely result for year ending March 31, 2006.

The ultimate income tax liability including deferred taxation will
depend on result for the year ending March 31, 2006 and accordingly
can only be determined at end of the year.

5. Other income includes Rs 13.10 million on account of profit on
sale (net) of real estates for the half year ended September 30,
2005.

6. Pursuant to an agreement dated June 16, 2005 entered into by
Mcleod Russel India Ltd (MRIL), Kolkata with Williamson Tea Moldings
plc, UK (WTH), MRIL has acquired 100% shares in Borelli Tea Holdings
Ltd, UK, which is subsidiary of WTH, owning 70% of the total paid-up
capital of Williamson Tea Assam Ltd (WTA). Consequent upon the
aforesaid acquisition, WTA has become a subsidiary company of MRIL
and at the meeting of WTA held on July 13, 2005 the Board of
Directors of WTA has been reconstituted.

7. The Scheme of Amalgamation of Nilpur Tea Co. Pvt. Ltd (wholly
owned Subsidiary) with the Company has been approved by the Honīble
High Court at Calcutta on September 14, 2005 and by the Honīble High
Court at Guwahati on September 29, 2005, Since the amalgamation will
take effect only after filing of the said Court Orders with Registrar
of Companies at Kotkata and shillong the results of Nilpur Tea Company
Pvt. Ltd for the quarterly/half yearly period ended September 30, 2005
have not been incorporated in the unaudited Financial Results.

8. Figures for the previous period have been rearranged and regrouped
wherever necessary.

9. The above results were approved and taken on record by the Board
of Directors of the Company at their meeting held on October 31,
2005, have been subjected to a limited review by auditors of the
company.

K K Baheli
Director
BSE:  508238 NSE:  GEORGWILIM Reuters:  GRGW.BO   GRGW.NS
Source : Asian CERC

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