| The Directors have pleasure in presenting the Forty Third Annual Report
and the Audited Statement of Accounts of the Company for the year ended
31st March 2005
FINANCIAL RESULTS 2004-2005
(31st March, 2005)
(Rs. in Lakhs)
Gross Profit / Loss
(before depreciation, interest
and taxation) (39.85)
Less:
a) Depreciation 123.74
b) Interest 335.98
c) Provision for Tax Nil 459.72
Profit after Tax (499.57)
Add:
Balance brought forward
from the previous year (3710.43)
Loss carried forward 4210.00
DIVIDEND
The Directors of your Company have not recommend any dividend due to
continous losses.
EXPANSION & MODERNISATION
Due to paucity of funds no expansion programme could be carried out at
the Tea Estates
OUTLOOK
The Tea Prices are under severe pressure. The long term health of the
industry is uncertain, there is also major challenges as a result of
cash flow problem and overall resource crunch.
Work at Ramjhora T. E. was suspended on 10th August 2002 due to labour
unrest.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Particulars as required under Companies (Disclosure of Particulars in
Report of Board of Directors) Rules, 1988 are given in the annexed
statement.
DIRECTORS RESPONSIBILITY STATEMENT
(Pursuant to Section 217 (2AA) of the Companies Act, 1956)
Your Directors are happy to put on record that the items of
Responsibility Statement stated below pursuant to Section 217 (2AA) of
the Companies Act, 1956 are being followed as a matter of practice.
However, as required statutory, your Board affirms that :
i) The accounting standards as applicable to our Company and
corroborated by the Companies Act. 1956, have been followed in course
of preparation of the Annual Accounts for the year ended 31st March,
2005 and there have not been any material departures to warrant further
explanation.
ii) The accounting policies as have been followed are bring continued
in course of preparation of the Annual Accounts for the year ended 31st
March 2005, so as to exhibit a true and fair view of the state of
affairs of the Company and the loss for that period as have been
corroborated by the Statutory Auditors of the Company.
iii) The Statutory Auditors Report confirm in regard to adequate
controls and internal audit system being followed by the Company in
course of running of the Companys affairs as also for maintenance of
the assets. Your Directors take every caution to remain to relate such
control measures to the benefit of the Company and to avoid any fraud
or irregularities.
iv) The Companys Accounts for the year ended 31st March, 2005 have
been prepared on a going com/em basis as earlier.
v) During the year total outstanding of Centurian Bank was Rs.
1,89,59,696/- out of this Rs. 1.32.58.274/ - was principle and Rs.
57.01,422/- was Interest. The same was settled full & final under one
time settelment (OTS) were carried out by payment of total
consideration of Rs. 25 lacs.
DIRECTORS
Shri Shyamal Santra & Shri Laxminarayan Boral retires by rotation and
being eligible, offer themselves for re- appointed.
AUDITORS REPORT
The observation made in the Auditors Report have been suitably
clarified in the notes on Accounts which are self-explanatory.
LISTING OF COMPANYS SHARES
The Equity Shares of the Company are listed at Calcutta, Mumbai, Delhi
& Guwahati Stock Exchanges and Annual Listing Fees have not been paid
after the year 2001-2002.
PERSONNEL
Relation with employees at all levels of the Company in the plantations
and in Kolkata remained cordial during the year under review except of
Ramjhora Tea Estate.
Information as per Section 217 (2A) of the Companies Act, 1956 read
with the Company (Particulars of the Employees) Rules. 1975 is not
applicable.
By Order of the Board
Kolkata Sanjay Pramenick
11th August, 2005 Director | 