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Directors Report of Teesta Agro Industries Ltd.

Mar 31, 2014

Dear members,

The Directors take pleasure in presenting the Twenty - Eighth Annual Report of the Company together with Audited Statement of Accounts for the year ended 31st March,2014 1. FINANCIAL RESULTS Current Year Previous Year Rs. Lacs Rs. Lacs

Total Turnover & other Receipts 7744 11649

Operating Profit before Interest, 319 312 Depreciation and other non cash expenses

Less : Interest on Loan 53 85

Cash Profit 266 227

Less : Depreciation and other 140 92 non cash expenses

Profit for the year 126 135

Provision for Taxation (39) (36)

Profit after Tax 87 99

Add: Profit brought forward 1185 1086 from Previous year

Profit available for appropriation 1272 1185

Profit carried forward to next year 1272 1185

2. DIVIDEND

Your Directors have not recommended dividend for the year ended 31st March''2014.

3. OPERATION

The turnover and other receipts of your company has been Rs.7744 lacs as against Rs. 11649 lacs in the previous year . Profit after taxation stood at Rs.87 lacs as against Rs. 99 lacs in the previous year.

4. FUTURE PROSPECT

The Central Government has shown concern towards balance application of fertilizer dose, which presently skewed in favour of Nitrogen Fertilizer. If this happens in near future , then the phosphate fertilizer industry will go through a boom phase. Subsidised Maximum Retail Price of SSP fertilizer is low in comparison to other high grade substitutes. Due to its low price, this fertilizer has the farmers '' acceptability within our marketing zone. So there is hope for the growth of our present business.

5. DIRECTORS

Mr. Hardev Singh & Mr. Umesh Chandra Sahoo retires by rotation in the forthcoming Annual General Meeting and, all being eligible, have offered themselves for re appointment.

6. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed that :

1. In the preparation of the annual accounts for the year ended March 31, 2014, the applicable accounting standards read with requirements set out under Schedule VI to the Companies Act, 1956, have been followed and there are no material departures of the same .

2. The Directors have selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 31st March, 2014 and of the profit of the Company for the year ended on that date.

3. The Directors had taken proper and sufficient care 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.

4. That the Directors have prepared the annual accounts of the company on a going concern basis.

7. EMPLOYEES

Information as prescribed Under Section 217(2A) of the Companies Act, 1956 (The Act) read with the Companies (Particulars of Employees) Rules, 1975, amended from time to time forms part of this report As per the provisions of Section 219 (i) (b) ( iv) of the Act, the Report and Accounts are being sent to the Shareholders of the company excluding the statement of particulars of employees under section 217 (2A ) of the Act. Any shareholder interested in obtaining a copy of the statement or inspection may write to the Registered Office of the company.

8. CONSERVATION OF ENERGY

The necessary details under the captioned heading have been given as per Annexure A.

9. AUDITORS

M/s. Mantry & Associates, Chartered Accountants, Siliguri are the retiring auditors and, being eligible, have offered themselves for reappointment.

10. AUDITORS'' REPORT

The Auditors'' Report read with relevant Notes on Accounts are self explanatory and does not call for further clarification.

11. CORPORATE GOVERNANCE REPORT

The Corporate Governance Report including certificate of the auditors thereon is annexed and marked as Annexure B which forms part of the report

12. MANAGEMENT DISCUSSION & ANALYSIS

A statement of management discussion and analysis is annexed and marked as Annexure C which forms part of the report.

13. APPRECIATION

Your Directors wish to record their appreciation of the valuable co operation and support received from the customers, Banks, Central Government and various State Government. Your Directors are also grateful to shareholders and employees for the continued support to the company.

For and on behalf of the Board of Directors

(Hardev Singh) Managing Director

Siliguri Office :

25 , Burdwan Road Siliguri - 734005

Date: The 4th September, 2014


Mar 31, 2010

The Directors take pleasure in presenting the Twenty - fourth Annual Report of the Company together with Audited Statement of Accounts for the year ended 31st March,2010

1. FINANCIAL RESULTS Current Year Previous Year Rs. Lacs Rs. Lacs

Total Turnover & other Receipts 6063.55 12578.22

Operating Profit before Interest,

Depreciation and other non cash expenses 280.67 355.59

Less: Interest on Loan 54.65 122.80

Cash Profit 226.02 232.79

Less: Depreciation and other

non cash expenses 118.31 116.57

Profit for the year 107.71 11622

Provision for Taxation (53.36) (43.303)

Profit after Tax 54.35 72.92

Add: Profit brought forward

from Previous year 90327 830.35

Profit carried forward to next year 957.62 903.27

2. DIVIDEND

Your Directors have not recommended for payment of any dividend in respect of the year ended 3 lsi March, 2010, mainly due to meagre profit during the year under review.

3. OPERATION

The turnover and other receipts of your company has been Rs. 6063.55 lacs as against Rs. 1257822 lacs in the previous year. Profit after taxation stood at Rs. 54.35 lacs as against Rs. 72.92 lacs in the previous year.

4. FUTURE PROSPECT

The Government of India has introduced Nutrient Based Subsidy (NBS) for Phosphatic Fertiliser: w.e.f. 01.052010. After introduction of NBS, Government subsidy per tonne of fertilizer sale ha; increased & side by side selling price to fanners has decreased. In case of your companys SSF fertilizer, it became somewhat cheaper than other alternate fertilizers. So, your Directors expect e higher demand for your companys SSP fertilizer in future, which will bring financial benefit to you: company.

5. DIRECTORS

Mrs. Joginder Kaur, Mr. Paramdeep Singh and Mr. R.C.Wadhwa retire by rotation in the forthcom ing Annual General Meeting and, all being eligible, have offered them selves for re appointment.

6. DIRECTORS RESPONSIBILITY STATEMENT

As per newly inserted Section 217(2AA) of the Companies Act, 1956 your Directors state :-

1. That in the preparation of Annual Accounts, the applicable Accounting Standards had been fol lowed and no material departure have made from the same.

2. That the Directors had selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company for the period.

3. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4. That the Directors had prepared the annual accounts on a going concern basis.

7. EMPLOYEES

No employee has been in receipt of salary of Rs. 24 lacs or more per annum or Rs. 2 lacs or more per month during any part of the year under review and hence the necessary details as per the provisions of Section 217(A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are not required to be furnished.

8. CONSERVATION OF ENERGY

The necessary details under the captioned heading have been given as per Annexure A.

9. AUDITORS

M/s. Mantry & Associates, Chartered Accountants, Siliguri are the retiring auditors and, being eligible, have offered themselves for reappointment.

10. AUDITORS REPORT

The Auditors Report read with relevant Notes on Accounts are self explanatory and does not call for further clarification.

11. CORPORATE GOVERNANCE REPORT

The Corporate Governance Report including certificate of the auditors thereon is annexed and marked as Annexure B which forms part of the report.

12. MANAGEMENT DISCUSSION & ANALYSIS

A statement of management discussion and analysis is annexed and marked as Annexure C which forms part of the report.

13. APPRECIATION

Your Directors wish to record their appreciation of the valuable co operation and support received from the customers, Banks, Central Government and various State Government. Your Directors are also grateful to shareholders and employees for the continued support to the company.



Siliguri Office : For and on behalf of the Board of Directors

25, Burdwan Road

Siliguri- 734005

Date: The 2nd September, 2010 ( Hardev Singh )

Chairman - cum - Managing Director

 
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