Mar 31, 2019
REPORT BY BOARD OF DIRECTORS TO THE MEMBERS
The Directors are pleased to present the Twenty Ninth Annual Report together with the Company''s Aud ited Accounts for the Financial Year ended 31st March, 2019.
1. FINANCIAL SUMMARY OR HIGHLIGHTS
The financial performance of the Company for the year ended on 31st March, 2019 is summarized below:-
FINANCIAL SUMMARY |
||
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
|
Rs. in thousand |
Rs. in thousand |
|
Total Revenue |
54860 |
54072 |
Profit before Finance Cost, Depreciation and Taxation |
7558 |
8126 |
Less : Finance Cost |
5846 |
5126 |
Profit/ (Loss) before Depreciation and Tax |
1712 |
3000 |
Less : Depreciation |
4338 |
3767 |
Profit/ (Loss) before Exceptional Items and tax |
(2626) |
(767) |
Prior Period Expenditure |
1191 |
- |
Profit/ (Loss) before Tax |
(3817) |
- |
Less/(Add) : Current Tax |
200 |
610 |
Provision of Deferred Tax (Credit) |
476 |
(848) |
Profit/(Loss) after tax |
(4493) |
(529) |
Other Comprehensive Income |
||
Item that will not be reclassified to profit or loss |
(161) |
(133) |
Income tax relating to these items |
41 |
34 |
Total Comprehensive Income for the period |
(4613) |
(628) |
2. STATE OF COMPANY''S AFFAIRS
During the year there is again some increase in value of own production of tea crop and this trend should continue as the Company''s plantations mature and yield more leaves. Price realizations for Noreen teas have increased along with the market.
The production from small tea growers category has become larger than the organized sector in this year.
A meeting of the minimum wages advisory board for tea workers was held again, which decided to fix mininum wages of tea garden workers very soon. The amount includes both cash and kind component. Such increase is abnormally high and may result in many estates closing down.
Tea prices have not kept pace with the growing input costs, resulting in economic stress across the industry.
3. CHANGE IN THE NATURE OF BUSINESS, IF ANY
There has been no change in the nature of Business of the Company during the reported financial year.
4. DIVIDEND
The Board has not recommended any dividend for the financial year 2018-19 in view of retaining cash for your Company''s growth prospects.
5. TRANSFER TO GENERAL RESERVE
Appropriation amount proposed to be transferred to General Reserve : NIL
6. MATERIAL CHANGES COMMITTMENTS
There are no material changes or commitments affecting the financial position of the company which has occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.
7. SHARE CAPITAL
During the year under review the Company has not altered its share capital.
8. INTERNAL CONTROL SYSTEM
Your Company has in place, an adequate system of internal controls commensurate with its size, requirements and the nature of operations. These systems are designed keeping in view the nature of activities location and various business operation.
9. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS
Being a listed entity, the financial statements are passing through the Audit Committee and the processes of Internal and External (Tax, Cost and Statutory) Audits, before being approved at the meeting of the Board of Directors of the Company. The financial statements are regularly updated on the Company''s website and available to all stakeholders.
10. NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR
As on 31st March, 2019, your company has no subsidiaries, joint ventures or associate Companies.
11. PUBLIC DEPOSITS
Your Company has not accepted/renewed any deposits covered under Chapter V of the Companies Act, 201 3.
12. STATUTORY AUDITOR
M/s. L. K. Bohania & Co., Chartered Accountants were appointed as Statutory Auditors of the Company at the Annual General Meeting held on 2nd September, 2016 to hold office till the conclusion of the Annual General Meeting for the financial year 2020-21.
The members may note that consequent to the changes made in the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 by the Ministry of Corporate Affairs (MCA) by notification dated May 7, 2018 the proviso to Section 139 (1) of the Companies Act, 2013 read with explanation to sub-rule 7 of Rule 3 of the Companies (Audit and Auditors) Rules, 2014, requirement of ratification of appointment of Auditors by the Members at every AGM has been do ne away with. Therefore, the Company is not seeking any ratification of appointment of M/s. L. K. Bohania & Co., Chartered Accountants as the Auditors of the Company, by the Members at the ensuing AGM.
13. AUDITORS REPORT
The report by the Auditors is self explanatory and has no qualification, reservation, adverse remark or disclaimer; hence no explanation or comments by the Board were required.
14. SECRETARIAL AUDIT REPORT
Pursuant to provisions of Section 204 of the Companies Act, 2013, and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the Board has appointed CS Ajay Kumar Agarwal, Proprietor of Agarwal A & Associates, Company Secretaries, Practicing Company Secretary as its secretarial auditor to undertake Secretarial Audit for the FY 201819. The Secretarial Audit Report in the specified form MR-3 is annexed herewith as Annexure A in the Annexure forming part of this Report. The Secretarial Audit Report has a qualification, reservation, adverse remark relating to suspension in trading of equity shares of the Company due to non compliance of the eligibility requirement for continuous listing and the Company has made an application on 28th May, 2018 to BSE for revocation of suspension of Company with Bombay Stock Exchange and awaiting for their approval.
15. CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY, FOREIGN EXCHANGE EARNINGS AND OUTGO
The information pursuant to Section 134(3)(m) of the Companies Act, 2013 and Rule 8 of Companies (Ac counts) Rules, 2014, is given as Annexure B in the Annexure forming part of this Report.
16. EXTRACT OF THE ANNUAL RETURN
In terms of provisions of Section 92, 134(3), read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the extract of the Annual Return in Form MGT 9 is annexed herewith as Annexure C in the Annexure forming part of this Report.
17. POLICY ON CORPORATE SOCIAL RESPONSIBILITY
The level of operations of the Company does not conform to the minimum threshold of Corporate Social Responsibility reporting.
18. DIRECTORS
At present your Board is duly constituted comprising of 4 (Four) Directors, Mr. Manoj Kumar Daga (DIN: 00123386), Mr. Ranjan Kumar Jhalaria (DIN: 05353976), Mrs. Swati Agarwal (DIN: 06804522) and Mrs. Sweta Patodia (DIN: 06869426). In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mrs. Sweta Patodia, retires by rotation at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment.
19. DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED OR HAVE RESIGNED DURING THE YEAR
There has been no change in the composition of the Board of Directors during the financial year. The details of Key Managerial Personnel who were appointed or have resigned during the financial year are also covered under the R eport on Corporate Governance.
20. NO. OF MEETINGS OF THE BOARD
The Board of Directors have met 5 (five) times during the financial year on 29-05-2018, 10-08-2018, 12-11-2018, 22-12-2018 and 11 -02-2019. The maximum time gap between any two meetings was less than 120 days as stipulated under SEBI''s Listing Requirements, 2015. Details of meeting are given in the "Corporate Governance Report" of the Annual Report.
21. SEPARATE MEETING OF INDEPENDENT DIRECTORS
A Separate meeting of the Independent Directors was held on 12-11-2018, Mr. Ranjan Kumar Jhalaria the lead Independent Director presided the meeting. The Independent Directors at said meeting review the performance of the non Independent Directors.
Details of the separate meeting of the independent Directors held and attendance of Independent Directors therein are provided in the report on corporate governance forming part of this report.
22. DECLARATION BY INDEPENDENT DIRECTORS
Every Independent Director has, at the first meeting of the Board and also at the first meeting of the Board after his/her appointment, in the financial year 2018-2019, given a declaration as required u/s.149 of the Companies Act, 2013 that he/she meets the criteria of Independence.
23. AUDIT COMMITTEE AS REQUIRED U/S 177(8) OF COMPANIES ACT, 2013
Further, during the year there was no recommendation of the Audit Committee which had not been accepted by the Board.
24. VIGIL MECHANISM (WHISTLE BLOWER POLICY)
In pursuance to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for Directors and employees of the Company, to report genuine concerns has been established. The Vigil Mechanism (Whistle Blower Policy) has been uploaded on the Company''s website at www.norbentea.com/pdf/vigil-blower.pdf.
25. POLICY ON DIRECTOR''S APPOINTMENT AND REMUNERATION ETC.
The Company''s policy on Directors'' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided u/s.178(3) of the Companies Act, 2 013 is given as Annexure D in the Annexure forming part of this Report.
26. RELATED PARTY TRANSACTION
All the related party transaction are entered on arm''s length basis and are in compliance with the applicable provisions of the Act and the SEBI (LODR) Regulations, 2015.There are no materially significant related party transactions made by the Company during the year.
27. DETAILS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY
During the year there was no loans, guarantees or investments made by the company u/s.186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable.
28. FORMAL ANNUAL EVALUATION OF BOARD
Formal annual evaluation by the Board of its own performance and that of its committees and individu al directors had been done during the year in the manner stated in the Criteria for Performance Evaluation of the Directors of the Company as framed by the Nomination and Remuneration Committee of the Company.
29. MANAGEMENT DISCUSSION AND ANALYSIS
a) Industry Structure & Developments
Global black tea production was 2103 million kgs.in 2018 as compared to 2039 million kgs. in 2019, an increase of 64 million kgs. marking a growth of 3.14% due to rise in Keneya''s output. Indian tea crop was approximately 1312 million kgs. lower than last year by 10.2 million kgs. The production was impacted by the unprecedented floods in Kerala and lower harvest in South India. Crop output in North India was higher by 6 million kgs. despite deficits in the later part of the calendar year due to an early closure of production in December following a directive issued by the Tea Board to curb the supply of low quality end of season teas and to lend price support.
Global consumption of tea is likely to grow on the back of changing consumer habits towards natural health and wellness beverages. More importantly, the pace of consumption expansion within India is likely to be strong. Tea will remain a durable everyday beverage choice especially in a developing economy and face limited competition from other alternatives.
b) Opportunities, Threats, Risks & Concerns
Because of the very small size of production the Company''s teas are readily accepted in niche market for "NORBEN" created over the years.
All the plantations of Norben are of high yielding clones producing bright liquoring teas.
The age of the plantations is very young and provides a great advantage in terms of cost due to less disease and low maintenance cost due to vigorous health of the bush.
The Company has in place systems of Internal Control commensurate with the size of the Company and the nature of its business, which ensures that transactions are recorded, authorized and reported correctly apart from safeguarding its assets against loss from wastage, unauthorized use and removal.
The Internal Control System is supplemented by documented policies, guidelines and procedures. An extensive programme of review is carried out by the Company''s Management cum Internal Audit team which submits detailed reports periodically to the Management.
Tea continues to enjoy the status of being the most popular beverage in the World.
The Tea Industry is largely dependent on the vagaries of nature. The Industry is highly labour intensive and is subject to stringent labour laws. Comparatively high labour costs, high social cost over most other tea producing countries, high infrastructure costs remain the major problems for the Indian Tea Industry. Shortage of labour during peak season is also a cause for concern.
These problems need to be addressed by improved productivity. The Tea Industry both in Assam and in West Bengal have discussed with the Trade Unions and implemented productivity linked wages for the tea workers with a view to regain the Industry''s competitiveness in the global market.
The small tea growers and bought leaf factories form a considerable part of the Industry in North India. There is a need to regulate these factories to maintain the quality.
c) Segment wise or product wise performance
The Company is a Single Business Segment Company
d) Outlook
Tea sale prices are likely to remain under pressure although consumption of tea has increased. India needs to take a number of initiatives to strengthen its position in the global market and address emerging markets by further improving the quality as well as packaging standards, thereby enhancing product quality.
e) Risks and concerns
The Tea Industry is largely dependent on the vagaries of nature. The Industry is highly labour intensive and is subject to stringent labour laws. Comparatively high labour costs, high social cost over most other tea producing countries, high infrastructure costs remain the majour problems for the Indian Tea Industry. Shortage of labour during peak season is also a cause for concern.
These problems need to be addressed by improved productivity. The Tea Industry both in Assam and in West Bengal have discussed with the Trade Unions and implemented productivity linked wages for the tea workers with a view to regain the Industry''s competitiveness in the global market.
The small tea growers and bought leaf factories are now a larger part of the Industry in North India. There is a need to regulate these factories to maintain the quality.
f) Internal control system and their adequacy
The Company implemented internal control systems to ensure that all assets are safeguarded and prote cted against loss and that transactions are recorded and reported correctly. The internal control system is commensurate with the size and nature of the Company''s business. The systems are regularly reviewed for effectiveness.
g) Discussion on financial performance with respect to operational performance
This has been covered in the Director''s report specifically under the section on financial results and performance. The financial review for the year has also been separately covered in this Annual Report.
h) Material developments in human resources/industrial relations front, including number of people employed
The Company emphasizes training and development for optimum results. The Company strives to maintain healthy industrial relations across its various locations and employees. The number of persons employed by the Company as on March 31, 2019 was 92.
i) Cautionary Statement
Statements in the Management Discussions and Analysis Report in regard to projections, estimates and expectations have been made in good faith. Many unforeseen factors may come into play and affect the actual results which could be different from what the Directors envisage in terms of future performance and outlook. Market data and product information contained in this Report have been based on information gathered from various published and unpublished reports, and their accuracy, reliability and completeness cannot be assured.
30. RISK MANAGEMENT POLICY
The Board of Directors of the Company has developed and implemented a risk management policy for the Company including identification therein of elements of risk, which in the opinion of the Board, may threate n the existence of the Company. The Board monitors and reviews periodically various aspects of Risk Management policy. At present no particular risk whose adverse impact may threaten the existence of the Company is visualized.
31. PREVENTION OF SEXUAL HARASSMENT AT WORKSHOP
Your Company is committed to provide a work environment which ensures that very women employee is treated with dignity, respect and equality. There is zero- tolerance towards sexual harassment invites serious disciplinary action.
The Company has established a policy against sexual harassment for its employee. The policy allows every employee to freely report any such act and promote action will be taken thereon. The policy lays down severe punishment for any such act. Further, your Directors state that during the year under review, there were no cases of sexual harassment reported to the Company pursuant to the sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
32. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/ COURTS/TRIBUNALS
During the year under review, there were no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company''s operations in future.
33. DIRECTORS'' RESPONSIBILITY STATEMENT
In accordance with the provisions of the Section 134(3)(c) & 134(5) of the Companies Act, 2013, your Directors confirm that:
1. Applicable accounting standards have been followed in the preparation of the Annual Accounts for the year ended 31st March, 2019 with proper explanation relating to material departures, if any.
2. Accounting policies have been selected and applied consistently and judgments and estimates have been made which are reasonable and prudent and have been applied so as to give a true and fair view of th e state of affairs of the Company in respect of the financial year ended 31st March, 2019 and of the losses of the Company for that period.
3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in acco rdance with the provisions of Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
4. Annual Accounts for the year ended 31st March, 2019 have been prepared on the basis of going concern concept.
5. The Directors have laid down the internal financial controls to be followed by the Company detailing the policies and procedures and these internal financial controls are adequate and are being operated effectively.
6. Proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
34. PARTICULARS OF DIRECTORS'' REMUNERATION U/S.197 (12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
S.No. |
Name |
Designation |
% increase in remuneration |
Ratio of the remuneration of each director : median remuneration of the employees |
1 |
Manoj Kumar Daga |
Mg.Director |
NIL |
5.50 : 1 |
2 |
Ranjan Kumar Jhalaria |
Director |
NIL |
0.22 : 1 |
3 |
Swati Agarwal |
Director |
NIL |
0.20 : 1 |
4 |
Sweta Patodia |
Director |
NIL |
0.02 : 1 |
5 |
Dipa Chatterjee Sarkar |
CFO |
11.38 |
- |
6 |
Mira Halder |
Company Secretary |
20.23 |
- |
The Company has 92 employees as on 31st March, 2019.
Percentage increase in the median remuneration of employees in the financial year : 14.69%
Average percentile increase in the salaries of employees compared with percentile increase in managerial remuneration is 1.03:1.
Wages of the Tea Garden employees are decided through a Tripartite Agreement between Workers Associations, State Government and Representatives of the Tea Industry. Remuneration paid to other Employees are fixed. No variable remuneration is paid. Remuneration paid is as per the Remuneration Policy of the Company.
35. PARTICULARS OF EMPLOYEES
As on March 31, 2019 the Company did not have any employee in the category specified in Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
36. AUDITORS'' CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
Certificate regarding compliance of conditions of corporate governance is given as Annexure E in the Annexure forming part of this report.
37. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS
During the year under review, the Company has duly complied with the applicable provisions of the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by The Institute of Company Secretaries of India (ICSI).
38. STOCK EXCHANGE(S)
The application for revocation of suspension in trading of Equity Shares of the Company at Bomnay Stock Exhange is awaiting their approval. The Equity Shares of the Company are traded at the National Stock Exchange of India Limited.
39. APPRECIATION
The Directors wish to place on record their appreciation for the support received from the Local Gram Panchayat, Government Departments, Banks, Stakeholders and all others.
By Order of the Board
For NORBEN TEA & EXPORTS LTD.
Regd.Office:
15B, Hemanta Basu Sarani, Manoj Kumar Daga
3rd Floor, Kolkata-700001. (Chairman & Mg.Director)
Date : 28th May, 2019. DIN : 00123386
Mar 31, 2015
Dear members,
The Directors present the Twenty Fifth Annual Report together with the
Audited Accounts for the Financial Year ended 31st March, 2015.
EXTRACT OF THE ANNUAL RETURN
The extract of the Annual Return as provided u/s 92(3) of the Companies
Act, 2013 read with Companies (Management & Administration) Rules,
2014, is given as Annexure A in the Annexure forming part of this
Report.
NO. OF MEETINGS OF THE BOARD
The Board of Directors have met 5 (five) times during the Financial
Year ended 31st March, 2015.
DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with the provisions of the Section 134(3)(c) & 134(5) of
the Companies Act, 2013, your Directors confirm that:
1. Applicable accounting standards have been followed in the
preparation of the Annual Accounts for the year ended 31st March, 2015
with proper explanation relating to material departures.
2. Accounting policies have been selected and applied consistently and
judgments and estimates have been made which are reasonable and prudent
and have been applied so as to give a true and fair view of the state
of affairs of the Company in respect of the financial year ended 31st
March, 2015 and of the profit of the Company for that period.
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
4. Annual Accounts for the year ended 31st March, 2015 have been
prepared on the basis of going concern concept.
5. The Directors have laid down the internal financial controls to be
followed by the Company detailing the policies and procedures and these
internal financial controls are adequate and are being operated
effectively.
6. Proper systems have been devised to ensure compliance with the
provisions of all applicable laws and such systems are adequate and
operating effectively.
DECLARATION BY INDEPENDENT DIRECTORS
Every Independent Director has, at the first meeting of the Board and
also at the first meeting of the Board after his/her appointment, in
the financial year 2014-2015, given a declaration as required u/s.149
of the Companies Act, 2013 that he/she meets the criteria of
Independence.
POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION ETC.
The Company's policy on Directors' appointment and remuneration
including criteria for determining qualifications, positive attributes,
independence of a director and other matters provided u/s.178(3) of the
Companies Act, 2013 is given as Annexure B in the Annexure forming part
of this Report.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Ms. Sweta Patodia retires by
rotation at the ensuing Annual General Meeting and being eligible,
offers herself for re-appointment.
AUDITORS
Messers Goenka Shaw & Co., Chartered Accountants, the Statutory
Auditors of the Company retire at the forthcoming Annual General
Meeting and are eligible for re-appointment.
AUDITORS' REPORT
The report by the Auditors is self explanatory and has no
qualification, reservation, adverse remark or disclaimer; hence no
explanation or comments by the Board were required.
SECRETARIAL AUDIT REPORT
The Secretarial Audit Report by the Company Secretary in Practice is
self explanatory and is given as Annexure C in the Annexure forming
part of this Report.
Further, this report has no qualification, reservation, adverse remark
or disclaimer; hence no explanation or comments by the Board were
required.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS u/s 186 OF THE
COMPANIES ACT, 2013
During the year from 01/04/2014 to 31/03/2015 : NIL
The position as on 31/03/2015 and : refer note nos. 12.0,
as on 31/03/2014 13.0 and 17.0
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED
TO IN SECTION 188(1) OF THE COMPANIES ACT, 2013 AND/OR IN THE FORM
AOC-2
During the year the Company had a transaction which is not a contract
or arrangement. This transaction was at arm's length and in the
ordinary course of business and is covered under 3rd proviso to sec
188(1) which reads as "nothing in this sub-section shall apply to any
transactions entered into by the company in its ordinary course of
business other than transactions which are not on an arm's length
basis", is given in Form AOC-2 as Annexure D in the Annexure forming
part of this Report.
STATE OF COMPANY'S AFFAIRS/FINANCIAL SUMMARY OR HIGHLIGHTS
FINANCIAL SUMMARY
Current Year Previous Year
Rs. in thousand Rs. in thousand
Total Revenue 43468 45053
Prior Period Item 3 1950
Profit before Finance Cost,
Depreciation and Taxation 8623 8443
Less : Finance Cost 3268 2987
Profit/(Loss) before Depreciation and Tax 5355 5456
Less : Depreciation 2306 3204
Profit/(Loss) before tax 3049 2252
Less/(Add) : Provision of Deferred
Tax Charge/(Credit) 798 977
Profit/ (Loss) after tax 2251 1275
Add : Balance brought forward from
previous year 17037 16644
Surplus available for Appropriation 19288 17919
Less : Deferred Tax Charge for
the earlier years - 882
19288 17037
Appropriations :
Transferred to General Reserve 2500 -
Ballance carried to Balance Sheet 16788 17037
AMOUNTS, IF ANY, PROPOSED TO BE CARRIED TO ANY RESERVES
Appropriation amounts proposed to be
transferred to General Reserve : Rs.25,00,000/-
AMOUNT IF ANY RECOMMENDED TO BE PAID
BY WAY OF DIVIDEND : NIL
OPERATIONS & PROSPECTS
During the year there has been increase in tea production at Norben and
slight increase in profit.
Employee cost has increased at a record rate as decided by Tripartite
Agreement between Workers Association, State Government and
Representatives of Industry, resulting in payment of arrear wages and
further increased wages in the current year.
MATERIAL CHANGES, IF ANY
Material changes and commitments, affecting the financial position of
the company, have not occurred between the end of the financial year of
the company to which the financial statements relate and the date of
the report
CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information pursuant to Section 134(3)(m) of the Companies Act,
2013 and Rule 8 of Companies (Accounts) Rules, 2014, is given as
Annexure E in the Annexure forming part of this Report.
RISK MANAGEMENT POLICY
The Board of Directors of the Company has developed and implemented a
risk management policy for the Company including identification therein
of elements of risk, which in the opinion of the Board, may threaten
the existence of the Company.
POLICY ON CORPORATE SOCIAL RESPONSIBILITY
The level of operations of the Company does not conform to the minimum
threshold of Corporate Social Responsibility reporting.
FORMAL ANNUAL EVALUATION OF BOARD
Formal annual evaluation by the Board of its own performance and that
of its committees and individual directors had been done during the
year in the manner stated in the Criteria for Performance Evaluation of
the Directors of the Company as framed by the Nomination and
Remuneration Committee of the Company an given as Annexure F in the
Annexure forming a part of this Report.
CHANGE IN THE NATURE OF BUSINESS
There has been no change in the nature of Business of the Company.
DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED OR
HAVE RESIGNED DURING THE YEAR
The details of Directors who were appointed or have resigned during the
year are covered under the Report on Corporate Governance.
The details of Key Managerial Personnel who were appointed or have
resigned during the year are as follows:
Managing Director : Re-appointment of Mr. M.K.Daga as Managing
Director vide resolution No. 7 passed at
the Annual General Meeting held on
30th July 2014.
Company Secretary : Re-appointment of Mr. Pawan Kothari as Company
Secretary at Board of Directors meeting held
on 26th May 2014.
Chief Financial : No Change
Officer
NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES,
JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR
NIL
DETAILS RELATING TO DEPOSITS COVERED UNDER OR WHICH ARE NOT IN
COMPLIANCE WITH THE REQUIREMENTS OF CHAPTER V OF THE ACT
NIL
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and company's
operations in future.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS
Being a listed entity, the financial statements are passing through the
Audit Committee and the processes of Internal and External (Tax, Cost
and Statutory) Audits, before being approved at the meeting of the
Board of Directors of the Company. The financial statements are
regularly updated on the Company's website and available to all
stakeholders.
AUDIT COMMITTEE AS REQUIRED U/S.177(8) OF COMPANIES ACT, 2013
The composition of the Audit Committee is covered under the report on
Corporate Governance and which is a part of this report.
Further, during the year there was no recommendation of the Audit
Committee which had not been accepted by the Board.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
In pursuance to the provisions of section 177(9) & (10) of the
Companies Act, 2013, a Vigil Mechanism for Directors and employees of
the Company, to report genuine concerns has been established. The Vigil
Mechanism/Whistle Blower Policy has been uploaded on the Company's
website at www.norbentea.com/pdf/vigil-blower.pdf.
The Company has 111 employees as on 31st March, 2015.
Percentage increase in the median remuneration of employees in the
financial year : 17.15%
Average percentile increase in the salaries of employees compared with
percentile increase in managerial remuneration is 1.10 : 1.
Wages of the Tea Garden employees are decided through a Tripartite
Agreement between Workers Associations, State Government and
Representatives of the Tea Industry. Remuneration paid to other
Employees are fixed. No variable remuneration is paid. Remuneration paid
is as per the Remuneration Policy of the Company.
The ratio of the remuneration of the highest
paid director to that of the employees who
are not directors but receive remuneration in
excess of the highest paid director during the year : N.A.
Market Capitalization
31-03-2014 31-03-2015 Variation
534 lacs 881 lacs 64.98%
Price Earning Ratio
31-03-2014 31-03-2015
41.36 39.47
Market quotation : -25% as per last traded price in comparison to
the last public offer made by the Company
(at Rs.10/- per share in 1994).
PARTICULARS OF EMPLOYEES
As on March 31, 2015 the Company did not have any employee in the
category specified in Rule 5(2) of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
AUDITORS' CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE
GOVERNANCE
Certificate regarding compliance of conditions of corporate governance
is given as Annexure G in the Annexure forming part of this report.
STOCK EXCHANGE(S)
The Company has completed the paper publications and other formalities
for delisting from the other Stock Exchanges but is yet to receive
their certificates of delisting.
For revocation of suspension in trading of Equity Shares of the Company
at Bombay Stock Exchange, the Exchange has demanded a huge amount as
reinstatement fees which is apparently not justified in terms of the
Listing Agreement. Therefore, the Company has taken legal opinion and
has been advised to move the matter at Securities Appellate Tribunal,
Bombay, pending correspondence with Bombay Stock Exchange to resolve
the issue.
APPRECIATION
The Directors wish to place on record their appreciation for the
support received from the Local Gram Panchayat, Government Departments,
Banks, Stakeholders and all others.
By Order of the Board
For NORBEN TEA & EXPORTS LTD.
Regd.Office:
15B, Hemanta Basu Sarani, M.K.DAGA
3rd Floor, Kolkata-700001. (Chairman & Mg.Director)
Date : 14th May, 2015.
Mar 31, 2013
TO THE MEMBERS
The Directors present the Twenty Third Annual Report together with the
Audited Accounts tor the Financial Year ended 31s! March, 2013. The
summarised financial performance of your Company is as follows:
FINANCIAL RESULTS
(Rupees in thousand)
Current Year Previous Year
Profit/ (Loss) before
Depreciation, Amortisation
and Tax 10,809 10.803
Less : Depreciation 3,152 3,164
Profit/ (Loss) before tax 7,657 7,639
Less/(Add) : Provision of
Deferred Tax Charge/(Credit) 1,071 1,388
Profit/ (Loss) after tax 6,586 6,251
Add : Balance brought
forward from previous year 11,137 11,400
Surplus available
for Appropriation 17,723 17,651
Less : Deferred Tax Charge
for the earlier years 6,514
17,723 11.137
Self Assessment Tax for
earlier years 1,079
16,644 11,137
APPROPRIATIONS
Transferred to General Reserve
Balance Carried to Balance Sheet 16,644 11.137
DIVIDEND
Your Directors do not recommend any dividend for the year, with a view
to conserve resources.
OPERATIONS & PROSPECTS
During 2012-13 Norben''s tea production and tea prices, both have
improved.
This has helped recover the huge increase in cost of manure, fuel and
the steep rise in new scale of salaries and wages as per industry wise
agreement.
New tea areas are gradually coming into production.
In the current season the market till date is sluggish and production
is lower than last year.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr S. N. Bardhan retires by
rotation at the ensuing Annual General Meeting and being eligible,
offers himself for re-appointment. DIRECTORS'' RESPONSIBILITY STATEMENT
In accordance with the provisions of the Section 217(2AA) of the
Companies Act. 1956, your Directors confirm that:
1. Applicable accounting standards have been followed in the
preparation of the Annual Accounts for the year ended 31" March, 2013
with proper explanation relating to material departures.
2. Accounting policies have been selected and applied consistently and
judgments and estimates have been made which are reasonable and prudent
and have been applied so as to give a true and fair view of the state
of affairs of the Company in respect of the year ended 31" March, 2013
and of the profit of the company for that period.
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
4. Annual Accounts for the year ended 31s1 March, 2013 have been
prepared on the basis of going concern concept. CORPORATE GOVERNANCE
Report on Corporate Governance forms part of this report and as marked
as Annexure ''A''.
AUDITORS
Messers Goenka Shaw & Co., Chartered Accountants, the Statutory
Auditors of the Company retire at the forthcoming Annual General
Meeting and are eligible for re-appointment.
AUDITORS'' REPORT
The report of the Auditors in respect of the accounts for the year
ended 31 -'' March, 2013 is self explanatory and has been also explained
in the Notes on Accounts.
PARTICULARS OF EMPLOYEES
As on March 31, 2013 the Company did not have any employee in the
category specified in Section 217(2A) of the Companies Act, 1956, read
with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Statement pursuant to Section 217(1) (e) of the Companies Act, 1956
read with companies (Disclosure of Particulars in the Report of Board
of Directors) Rules, 1988, is given in the annexure forming part of
this report,
APPRECIATION
The Directors wish to place on record their appreciation for the
support received from the Local Gram Panchayat, Government Departments,
Banks and all others.
By Order of the Board
Regd.Office: For NORBEN TEA & EXPORTS LTD.
OCTAVIUS CENTRE
15B, Hemanta Basu Sarani, M. K. DAGA
Kolkata-700001. (Chairman & Mg.Director)
Date : 30th May, 2013.
Mar 31, 2012
The Directors present the Twenty Second Annual Report together with
the Audited Accounts for the Financial Year ended 31st March, 2012.
(Rupees In '000)
FINANCIAL RESULTS Current Previous
Year Year
Rupees Rupees
Profit(Loss) before Depreciation,
Amortisation and Tax 10,803 10,044
Less: Depreciation 3,164 2,970
Profit(Loss) before tax 7,639 7,074
Add: Provision of Deferred Tax Charge/
(Credit) 1,388 1.857
Profit(Loss) after tax 6,251 5,217
Add: Balance brought forward from previous
year 11,400 13,183
Surplus available for Appropriation 17,651 18,400
Less : Deffered Tax Charge for the earlier
years 6,514 -
11,137 18,400
APPROPRIATIONS
Transferred to General Reserve - 7,000
Balance carried to balance sheet 11,137 11,400
DIVIDEND
Your Directors do not recommend any dividend for the year, with a view
to conserve resources.
OPERATIONS & PROSPECTS
Tea production of Norben and tea prices both have remained stable in
2011 -12. In the current season tea prices have opened high but crop is
lower than last year.
New tea areas have started to come into production at Norben.
Biotechnological Studies in tea for Demonstration of New Tea Plant
Genotypes in our site at Jalpaiguri is continuing and progressing well.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company Mr.D. N. Thakur, retires by
rotation at the ensuing Annual General Meeting and being eligible offer
himself for re-appointment.
Mr. Somnath Sen, Director of the Company has died on 12th May, 2012.
The Directors wish to place on record their appreciation for the
guidance and services rendered by Late Somnath Sen. The Company stands
by his family and extends condolences to them in their grief.
DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with the provisions of the Section 217(2AA) of the
Companies Act, 1956, your Directors have to state and confirm that:
1. Applicable accounting standards have been followed in the
preparation of the Annual Accounts for the year ended 31st March, 2012
with proper explanation relating to material departures.
2. Accounting policies have been selected and applied consistently and
judgements and estimates which are reasonable and prudent have been
applied so as to give a true and fair view of the state of affairs of
the Company in respect of the year ended 31st March, 2012 and of the
profit of the company for that period.
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
4. Annual Accounts for the year ended 31st March, 2012 have been
prepared on the basis of going concern concept.
CORPORATE GOVERNANCE
Report on Corporate Governance forms part of this report and as marked
as Annexure 'A'.
MANAGEMENT DISCUSSION AND ANALYSIS a) Industry Structure & Developments
India, world's largest black tea producer, produced approximately 988
million kgs. during calendar year 2011. Black tea production by other
main tea producers during 2011 was Kenya (378 million kgs.), Sri Lanka
(328 million kgs.), other African countries ( 191 million kgs), Vietnam
(178 million kgs.), Indonesia (68 million kgs.) and Bangladesh (59
million kgs.).
b) Opportunities, Threats, Risks & Concerns
Because of the very small size of production the Company's teas are
readily accepted in niche market for "NORBEN" created over the years.
All the plantations of Norben are of high yielding clones producing
bright liquoring teas.
The age of the plantations is very young and provides a great advantage
in terms of cost due to less disease and low maintenance cost due to
vigorous health of the bush.
The Company has in place systems of Internal Control commensurate with
the size of the Company and the nature of its business, which ensures
that transactions are recorded, authorized and reported correctly apart
from safeguarding its assets against loss from wastage, unauthorized
use and removal.
The Internal Control System is supplemented by documented policies,
guidelines and procedures and an extensive programme of review carried
out by the Company's Management cum Internal Audit function which
submits detailed reports periodically to the management.
Tea continues to enjoy the status of being the most popular beverage in
the World.
The Tea Industry is largely dependent on the vagaries of nature. The
Industry is highly labour intensive and is subject to stringent labour
laws. Comperatively high labour costs, high social cost over most other
tea producing countries, high infrastructure costs and the increasing
energy and other input costs remain the major problems for the Indian
Tea Industry.
Shortage of labour during peak season is also a cause for concern.
These problems need to be addressed by improved productivity and energy
conservation. The Tea Industry both in Assam and in West Bengal have
discussed with the Trade Unions and implemented productivity linked
wages for the tea workers with a view to regain the Industry's
competitiveness in the global market.
The Special Purpose Tea Fund (SPTF) has been set up by Commerce
Ministry to implement uprooting and replanting programme which would
help improvement in the productivity and yield thereby reduce cost in
the coming years.
The small tea growers and bought leaf factories form a considerable
part of the Industry. A recent compilation of figures shows a total
production of around 100 million kgs through these bought leaf
factories in North India. There is a need to regulate these factories
to maintain the quality. The Industry is also subject to taxation from
the state Government as well as Central Government and while the level
of direct taxes have come down over a period, some of the State levies
like cess on green leaf and substantial increase in Land Revenue
Charges put the industry at a very disadvantageous position.
c) Cautionary Statement
Statements in the Management Discussions and Analysis Report in regard
to projections, estimates and expectations have been made in good
faith. Many unforeseen (actors may come into play and affect the actual
results, which could be different from what the Directors envisage in
terms of future performance and outlook. Market data and product
information contained in this Report have been based on information
gathered from various published and unpublished reports, and their
accuracy, reliability and completeness cannot be assured.
AUDITORS
Messers Goenka Shaw & Co., Chartered Accountants, the Statutory
Auditors of the Company retire at the forthcoming Annual General
Meeting and are eligible for re-appointment.
AUDITORS'REPORT
The report of the Auditors in respect of the accounts for the year
ended 31st March, 2012 is self explanatory and has been also explained
in the Notes on Financial Statements.
PARTICULARS OF EMPLOYEES
As on March 31, 2012 the Company did not have any employee in the
category specified in Section 217(2A) of the Companies Act, 1956, read
with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Statement pursuant to Section 217(1)(e) of the Companies Act, 1956
read with companies (Disclosure of Particulars in the Report of Board
of Directors) Rules, 1988, is given in the annexure forming part of
this report.
APPRECIATION
The Directors wish to place on record their appreciation for the
support received from the Local Gram Panchayat, Government Departments
and other Agencies & Banks.
Regd.Office : By Order of the Board
OCTAVIUS CENTRE For NORBEN TEA & EXPORTS LTD.
15B,Hemanta Basu Sarani,
Kolkata-700001. M.K.DAGA
Date : 30th May, 2012 (Chairman & Mg.Director)
Mar 31, 2010
The Directors preseal the Tweteth Annual Report together with the
Auditored for the Financial year ended 31st March 2010.
FINANCIAL RESULTS Current Previous
Year Year
Rupees Rupees
Profit (Loss) before Deparclation
Amortisation and Tax 1,73.65,715 70.27,641
Loss:: Depraclation 30.50.305 29.72.441
Profit (Loss) before tax 1,43.15.,410 40.55.200
Less (Add) :Income Tax provided in
earlier years -- 8,72,807
Less : Provision for Prlage Benefit Tax -- 15.849
Add: Provision of Detarred Tax Charge
(Credit) 37.91.850 (8.99.253)
Profit (Loss) after tax 1.05.23.560 42,55,997
Add:Balance brought forward from
previous year 1.06.59.474 63,93,477
Surplue ecaitable for Appropriatio 2.11.83.034 1.06.59.474
APPROPRIATIONS
Transferred to General Resorve 80.00.000 --
Balance carrled to balance sheet 13.183.004 1.06.59.474
DIVIDEND
Your Directors do not recommand any divided for the year. with a view
to conserve resources.
OPERATIONS & PROSPECTS
Tea production at Norben has increased in 2009-2010 and also overal tea
prices have gone up compared to provious year. therefore, yellding
better results.
The extention of plantation is coming up well and new areas are being
added further.
Dictechnological Studies in has for Demonatation of New Tea Plant
Genolypea in our site at Jaioaugud us contuning and well progressing.
Is the current production of tea in North India is down. Tea prices
remain gallslctory and offset she using cost of Reports
DIRECTORS
In accordance with the procisions of the Companies Act. 1956 and the
Acticle of Asscclation of the Company Mr. Gautam See. retires by
rotation by rotation at the anssing Anual Meeting and being eligible
offer himself for re-appoinment.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of the Section 217 (2AA) of the
Companies Act, 1956, your Directors have to state and contion that:
1. Applicable accunting standards have been followed in the praparation
of the Annual Accounts for the year ended 31th March. 2010 with proper
explanation retaing to malasal departues.
2. Accounting policies have been selected and applied consistently and
judgements and estimete which are rassonable and product have been
applled go as to give a true and fair view of the state of affairs of
the Company in respect of the year ended 31st March, 2010 and of the
profit of the company for that period.
3. Proper and aullicaint care has been taken for the maintence of
adequale accounting records in accardance with the provlosns of
Companies Act. 1956 for salaguarding the assets of the Company and for
preventing and delecting fraud and other irregularies.
4. Annual Accounts for the year ended 31st 2010 have been prepared on
the basis of going concern concept.
CORPORATE GOVERNANCE
Report on Corporate Governace terms part of this report and as marked
as Annexure A.
AUDITORS
Messers Goenks Shaw & Co, Chartered Accounants, the Statutory of the
Company retire at the forthcoming Annual General Meeting and are
eligible for re-appointment.
AUDITORS REPORT
The report of the Auditiors in respect of the accounts for the year
ended 31st March 2010 is self explanatory and has been also explained
in the Notes on Accounts.
PARTUCULARS OF EMPLOYEES
As on March 31,2010 the Company did not have any employee in the
category specified in Section 217 (sA) of the Companies Act, 1956, read
with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, ASSORPTION OF TECHNILOGY, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Statement pursuent to Section 217(1)(e) of the Companies Act, 1956
read with companies (Disclosure of Particulars in the Report of Board
of directors) Rules 1988, is given in the annexurs forming part of this
report.
APPRECIATION
The Directors wish to place on record their apprecistion for the
support received from the Local Gram panchayat, Government Departments
and other Agencies & Banks.
By Order of the Board For NORBEN TEA & EXPORTS LTD.
Regd, Office :
OCTAVIUS CENTRE M.K. DAGA
15B, HEMANTA BASU SARANI Chairman & Mg. Director
Kolkota - 700 001
Date : 11th August, 2010.
Mar 31, 2009
The Directors present the Nineteenth Annual Report together with the
Audited Accounts for the Financial year ended 31 st March, 2009.
FINANCIAL RESULTS Current Previous
Year Year
Rupees Rupees
ProfiV(Loss) before Depreciation,
Amortisation and Tax 70,27,641 23,40,001
Less: Depreciation 29,72,441 29,70,952
Profit/lLoss) before tax 40,55,200 (6,30,951)
Less/(Add) : Income Tax provided in
earlier years 6,72,607 (19,63,000)
Less: Provision for Fringe Benefit Tax 15,849 31,779
Add :æ Provision of Deferred Tax
Charge/(Credit) (8,99,253) (6,38,048)
Profit/(Loss) after tax 42,65,997 19,38,318
Add: Balance brought forward from
previous year 63,93,477 44,55,159
Surplus available for Appropriation 1,06,59,474 63,93,477
APPROPRIATIONS
Balance carried forward to next year 1,06,59,474 63,93,477
DIVIDEND
Your Directors regret not to recommend any dividend for the year.
OPERATIONS & PROSPECTS .
After a long period, overall tea prices have moved upwards and
therefore yielded better results.
The extention of plantation is coming up well and new areas are being
added further.
Biotechnological Studies in tea for Demonstration of New Tea Plant
Genotypes in our site at Jalpaiguri is continuing and well progressing.
The current season has started with shortage in tea crop. Tea prices
should remain satisfactory while cost of inputs are escalating.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company Mr. S.N. Bardhan, retires by
rotation at the ensuing Annual General Meeting and being eligible offer
himself for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of the Section 217(2AA) of the
Companies Act, 1956, your Directors have to state and confirm that:
1. Applicable accounting standards have been followed in the
preparation of the Annual Accounts for the year ended 31st March, 2009
with proper explanation relating to material departures.
2. Accounting policies have been selected and applied consistently and
judgements and estimates which are reasonable and prudent have been
applied so as to give a true and fair view of the state of affairs of
the Company in respect of the year ended 31 st March, 2009 and of the
profit of the company for that period.
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
4. Annual Accounts for the year ended 31st March, 2009 have been
prepared on the basis of a going concern concept.
CORPORATE GOVERNANCE
Report on Corporate Governance forms part of this report and as marked
as Annexure
AUDITORS
Messers Goenka Shaw & Co., Chartered Accountants, the Statutory
Auditors of the Company retire at the forthcoming Annual General
Meeting and are eligible for re-appointment.
AUDITORS REPORT
The report of the Auditors in respect of the accounts for the year
ended 31st March, 2009 is self explanatory and has been also explained
in the Notes on Accounts.
PARTICULARS OF EMPLOYEES
As on March 31, 2009 theCompany did not have any employee in the
category specified in Section 217(2A) of the Companies Act, 1956, read
with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Statement pursuant to Section 217{1)(e) of the Companies Act, 1956
read with companies (Disclosure of Particulars in the Report of Board
of Directors) Rules, 1988, is given in the annexure forming part of
this report.
APPRECIATION
The Directors wish to place on record their appreciation for the
support received from the Local Gram Panchayat, Government Departments
and other Agencies & Banks.
By Order of the Board
Regd. Office: For NORBEN TEA & EXPORTS LTD.
OCTAVIUS CENTRE
15B, Hemanta Basu Sarani
Kolkata - 700 001. M.K. DAGA
Date : 31st July, 2009. Chairman & Mg. Director