Mar 31, 2018
Directors'' Report
Dear Shareholders,
The Board of Directors of your company has pleasure in presenting their 28th Annual Report along with the Audited Accounts for the Financial Year ended 31st March, 2018.
Particulars |
March 31, 2018 |
March 31, 2017 |
Net Sales/Income from operations |
11367.78 |
13875.98 |
Other operating Income |
272.75 |
23.01 |
Total Income from Operations |
11640.53 |
13899.00 |
Profit before depreciation & taxation |
786.74 |
545.94 |
Less: depreciation |
120.05 |
106.81 |
Profit Before Tax (PBT) |
666.67 |
439.12 |
Less: Tax |
259.39 |
227.10 |
Profit After Tax (PAT) |
407.28 |
212.01 |
Balance carried to Balance Sheet |
406.91 |
205.28 |
2. Operational Performance:
Gross revenues for the Financial Year is Rs. 1164053448/- Profit after taxation increased to Rs. 41031426/-against Rs. 20528645/- a growth of around 100 % in the previous year.
3. Dividend:
The Board has recommended a Dividend of Rs. 0.50 per Equity Share (i.e. 5%) for the year ended March 31, 2018 and such dividend, will be paid to those members recorded in the registers of the Company as on 14th Day of September 2018 subject to approval from Shareholders of the company.
4. Directors'' Responsibility Statement:
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors confirms:
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 they have selected such accounting policies and applied them consistently and made judgments 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 and loss of the Company for that period;
iii. that they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. that they have prepared the annual accounts on a ''going concern'' basis;
v. that they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively;
vi. that they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
5. Directors:
All the Directors of the company have confirmed that they are not disqualified from being appointed as directors in terms of section 164 of the Companies Act, 2013. In accordance with the provisions of the Article of Association of the Company read with section 152 of the Companies Act, 2013. The Appointment of Directors as mentioned in
1. Financial Results: (Rs.in Lacs)
the Notice are subject to the approval of the members at the ensuing Annual General Meeting of the Company. The above is subject to the approval of the members at the ensuing Annual General Meeting of the Company.
6. Key Managerial Personnel:
Mr. Vineet Bagaria (DIN: 00100416) Managing Director, Mr. Sajjan Bagaria (DIN: 00074501) Whole time Director, Mr. Viraj Bagaria (DIN: 06628761) Whole time Director, Mr. Sourav Banerjee Company Secretary and Mr. Vishnu Baheti CFO were designated as Key managerial Personnel during the Financial Year 2017-18 as per provision of section 203 of the Companies Act, 2013. No other Appointment/Resignation of KMP''s were made during the year.
Declaration by Independent Directors:
Mr. Harish Kumar Mittal (DIN 00367650); Mr. Debi Prasad Bagrodia (DIN 00608765) and Mr. Manish Kumar Newar (DIN 00469539), Mr. Navendu Mathur and Mr. Ashish Tibrawalla (DIN: 00059344) are Independent Directors on the Board of the Company. The Company has received declaration from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Companies Act, 2013 and SEBI Listing Regulations with the Stock Exchange.
7. Share Capital:
The Paid up equity share capital of the company as on 31st March, 2018 was Rs.506.77 Lacs. There was no public issue, right issue, bonus issue, preferential issue, etc. during the year. The company has not issued shares with differential voting rights, sweat equity shares, nor it has granted any stock options.
8. Subsidiaries, Joint Venture or Associate Companies:
There are no companies which have become or ceased to be its subsidiaries, joint ventures or associate companies during the year.
9. Number of meetings of the Board :
The Board met eleven times during the financial year 2017-18. The intervening gap between the meetings was within the period prescribed under the Act and Listing Regulations. The details have been provided in the Corporate Governance Report, annexed to this Report.
10. Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of various committees. The Independent Directors also carried out the evaluation of the Chairman and Non-Executive Directors, the details of which are covered in the Corporate Governance Report.
11. Company''s policy on Directors'' appointment and remuneration :
The Company''s policy on Directors'' appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the Corporate Governance Report, which forms part of the Directors'' Report.
12. Internal financial control systems and their adequacy:
The details in respect of internal financial control and their adequacy are included in the Management Discussion & Analysis, which forms part of this report.
13. Auditors:
The Auditors of the company M/s. D. Mitra & Co. have been appointed for Five Years term subject to ratification at every Annual General Meeting. Hence The Board of Directors recommends appointment of D. Mitra & Company Chartered Accountants of 107/1, Park Street, Kolkata - 700016 as Statutory Auditor of The Company and they have confirmed their eligibility pursuant to the provisions of Section 139 of the Companies act, 2013 and the rules there under, it is proposed to appointment of M/S D Mitra & Company Chartered Accountant (Firm Registration no. 328904E) as Statutory auditor of the Company from the conclusion of this 28th Annual General Meeting to conclusion of 31st Annual General Meeting of the company.
14. Auditors'' Report and Secretarial Auditors'' Report:
No observation has been made in the Auditors''s report.
Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Ms. Smita Sharma, Company Secretary in Practice to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit in Form MRS for the financial year ended March 31, 2018 is annexed as Annexure-VI to the Report. No observation has been made in the Secretarial Auditor''s report.
15. Risk Management:
The details in respect of risk management are included in the Corporate Governance, which forms an Annexure to this report.
16. Particulars of loans, guarantees and investments:
The Company has not given any loans or guarantees covered under the provisions of section 186 of the Companies Act, 2013.
17. Transactions with Related Parties:
All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm''s length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Details of related party transaction has been enclosed in Form AOC - 2 in Annexure IV to the Directors'' Report
Your Directors draw attention of the members to Note 26. ii to notes on Account of the financial statement which sets out related party disclosures.
18. Management''s Discussion and Analysis Report:
Management''s Discussion and Analysis Report for the year under review, is attached as Annexure I forming part of this Report.
19. Corporate Social Responsibility Initiatives:
During the year the Company has not come under the purview to form Corporate Social Responsibility Committee pursuant to Section 134 of the Companies Act, 2013 and Companies (Corporate Social Responsibility) Rules, 2014. Hence no mandatory initiatives need to be taken in this regard.
20. Extract of Annual Return :
As provided under Section 92(3) of the Act, an extract of annual return is given in Annexure VII in the prescribed Form MGT-9, which forms part of this report.
21. Particulars of employees:
The prescribed particulars of remuneration of employees pursuant to Section 134(3) (q) and Section 197 (12) read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are set out as Annexure III to this Report.
22. Disclosure requirements:
As per Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 company has enclosed Corporate Governance Report with Auditors'' Certificate thereon and Management Discussion and Analysis are attached, which form part of this report. Details of the familiarization programme of the independent directors are available on the Company''s website. Further Policy on dealing with related party transactions is available on the Company''s website.
23. Vigil Mechanism:
The Company has formulated and published a Whistle Blower Policy to provide Vigil Mechanism for employees
including directors of the Company to report genuine concerns. The provisions of this policy are in line with the provisions of the Section 177(9) of the Companies Act 2013 and Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, and the said policy is available on the Company''s website.
24. Deposits from public:
The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.
25. Change in the nature of business:
There was no change in the nature of the business of the Company during the year under review.
26. 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 :-
No significant and material orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Company''s operations in future.
27. Material changes and commitments, if any, affecting the financial position of the Company:
There are no such material changes and commitments which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.
28. Particulars regarding conservation of energy & technology absorption etc.:
The particulars in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo are given in Annexure II which forms part of this report.
29. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:
The Company has set up Internal Complaints Committee (ICC) under The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. There were no complaints received and /or disposed off during 2017-18.
30. Acknowledgement:
Your Directors take this opportunity to express their grateful appreciation for the excellent assistance and cooperation received from the banks and other authorities. Your Directors also thank the employees of the Company for their valuable service and support during the year. Your Directors also gratefully acknowledge with thanks the cooperation and support received from the shareholders of the Company.
By order of the Board of Directors |
|
For T&l Global Ltd. |
|
Sd/- |
|
Sajjan Bagaria |
|
Place: Kolkata |
Executive Chairman |
Dated: 13th August, 2018 |
(DIN: 00074501) |
Mar 31, 2016
Dear Shareholders,
The Board of Directors of your company have pleasure in presenting their 26th Annual Report along with the Audited Accounts for the Financial Year ended 31 st March, 2016.
1. Financial Results:
(Rs. in Lacs)
Particulars |
March 31, 2016 |
March 31, 2015 |
Net Sales/Income from operations |
9893.27 |
7189.40 |
Other operating Income |
236.19 |
118.27 |
Total Income from Operations |
10129.46 |
7307.67 |
Profit before depreciation & taxation |
374.07 |
244.55 |
Less: depreciation |
59.39 |
91.93 |
Profit Before Tax (PBT) |
314.70 |
152.62 |
Less: Tax |
194.05 |
60.51 |
Profit After Tax (PAT) |
120.65 |
92.11 |
Balance carried to Balance Sheet |
120.65 |
92.11 |
2 . Operational Performance:
Gross revenues increased to Rs. 1,034,156,019/-, a growth of around 28.5 % as against Rs. 739,323,806/- in the previous year. Profit Before taxation was Rs. 31,469,443/- as against Rs. 15,262,218/- in the previous year. The net profit of the Company for the year under review was placed at Rs. 12,064,694/- as against Rs. 9,211,107/- in the previous year.
3. Dividend:
The Board has recommended a Dividend of Rs. 0.50 per Equity Share (i.e. 5%) for the year ended March 31, 2016 and such dividend, on approval, will be paid to those members recorded in the registers of the Company as on 16th Day of September 2016.
4. Directors'' Responsibility Statement:
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors confirms:
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 they have selected such accounting policies and applied them consistently and made judgments 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 and loss of the Company for that period;
iii. that they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. that they have prepared the annual accounts on a ''going concern'' basis;
v. that they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively;
vi. that they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
5. Directors:
All the Directors of the company have confirmed that they are not disqualified from being appointed as directors in terms of section 164 of the Companies Act, 2013. In accordance with the provisions of the Article of Association of the Company read with section 152 of the Companies Act, 2013, Mr. Viraj Bagaria (DIN: DIN: 06628761) is liable to retire by rotation and being eligible offers himself for re-appointment.
The above is subject to the approval of the members at the ensuing Annual General Meeting of the Company.
6. Key Managerial Personnel:
Mr. Vineet Bagaria (DIN: 00100416) Managing Director, Mr. Sajjan Bagaria (DIN: 00074501) Whole time Director, Mr. Kalyan Kumar Nanda (DIN: 00133444) Director and Mr. Vishnu Baheti CFO were designated as Key managerial Personnel during the Financial Year 2015-16 as per provision of section 203 of the Companies Act, 2013. However Mr. Kalyan Kumar Nanda resigned from the board with effect from 1st day of June 2015. No other Appointment/ Resignation of KMP''s were made during the year, However our company has appointed Ms. Srikanta Pugalia as Company Secretary of the Company w.e.f. 20th April 2016.
7. Declaration by Independent Directors:
Mr. Harish Kumar Mittal (DIN 00367650); Mr. Debi Prasad Bagrodia (DIN 00608765) and Mr. Manish Kumar Newar (DIN 00469539) are Independent Directors on the Board of the Company. The Company has received declaration from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Companies Act, 2013 and SEBI Listing Regulations with the Stock Exchange.
8. Share Capital:
The Paid up equity share capital of the company as on 31st March, 2016 was Rs.506.77 Lacs. There was no public issue, right issue, bonus issue, preferential issue, etc. during the year. The company has not issued shares with differential voting rights, sweat equity shares, nor it has granted any stock options.
9. Subsidiaries, Joint Venture or Associate Companies:
There were no companies which have become or ceased to be its subsidiaries, joint ventures or associate companies during the year.
10. Number of meetings of the Board:
The Board met nine times during the financial year 2015-16. The intervening gap between the meetings was within the period prescribed under the Act and Listing Regulations 2015. The details have been provided in the Corporate Governance Report, annexed to this Report.
11. Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of various committees. The Independent Directors also carried out the evaluation of the Chairman and Non-Executive Directors, the details of which are covered in the Corporate Governance Report.
12. Company''s policy on Directors'' appointment and remuneration:
The Company''s policy on Directors'' appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the Corporate Governance Report, which forms part of the Directors'' Report.
13. Internal financial control systems and their adequacy:
The details in respect of internal financial control system and their adequacy are included in the Management Discussion & Analysis, which forms part of this report.
14. Auditors :
The Board has approved the appointment of M/s. D. Mitra & Company, Chartered Accountant, (Firm Registration No. 328904E) pursuant to provisions of Section 139, 142 and other applicable provisions of the Companies Act, 2013, if any, read with the Companies (Audit & Auditors) Rules, 2014, including any statutory enactment or modification thereof, as the Statutory Auditors of the Company and to hold the office from the conclusion of this 26th Annual General Meeting till the conclusion of 31st Annual General Meeting of the Company, subject to approval of the shareholders at the ensuing Annual General Meeting of the Company.
1 5 . Auditors'' report and Secretarial Auditors'' report:
The observation made in the Auditors'' report relating to payment of Bonus on cash basis, kindly read with the Note no. 1.1 of notes on account, for explanation and hence do not require further clarification.
Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Ms. Smita Sharma, Company Secretary in Practice to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit in Form MR-3 for the financial year ended March 31, 2016 is annexed as Annexure - VI to the Report.
The following qualifications were observed by the Secretarial Auditor in her Report to which the Board has shared the following explanations:
Qualification 1: Non appointment of Company Secretary as at 31st March 2016 [section 203 non compliance]
Response: In complying with the provisions of Section 203 of the Companies Act 2013 regarding appointment of Company Secretary your company was in the process of identifying a suitable person and accordingly has appointed Ms. Srikanta Pugalia as Company Secretary of the company w.e.f. 20th, April 2016.
16. Risk Management:
The details in respect of risk management are included in the Corporate Governance, which forms an Annexure to this report.
1 7 . Particulars of loans, guarantees and investments:
The Company has not given any loans or guarantees covered under the provisions of section 186 of the Companies Act, 2013.
1 8. Transactions with Related Parties:
All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm''s length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Details of related party transaction has been enclosed in Form AOC - 2 in Annexure IV to the Directors'' Report.
19. Management''s Discussion and Analysis Report:
Management''s Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the erstwhile Listing Agreement with the Stock Exchanges, is attached as Annexure I forming part of this Report.
20. Corporate Social Responsibility Initiatives:
During the year the Company has not come under the purview to form Corporate Social Responsibility Committee pursuant to Section 134 of the Companies Act, 2013 and Companies (Corporate Social Responsibility) Rules, 2014. Hence no mandatory initiatives need to be taken in this regard.
21 . Extract of Annual Return:
As provided under Section 92(3) of the Act, an extract of annual return is given in Annexure VII in the prescribed Form MGT-9, which forms part of this report.
22. Particulars of employees:
The prescribed particulars of remuneration of employees pursuant to Section 134 (3) (q) and Section 197 (12) read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are set out as Annexure III to this Report.
23. Disclosure requirements:
As per Clause 49 of the erstwhile listing agreements entered into with the stock exchanges, Corporate Governance Report with Auditors'' Certificate thereon and Management Discussion and Analysis are attached, which form part of this report. Details of the familiarization programme of the independent directors are available on the Company''s website. Further Policy on dealing with related party transactions is available on the Company''s website.
24. Vigil Mechanism:
The Company has formulated and published a Whistle Blower Policy to provide Vigil Mechanism for employees including directors of the Company to report genuine concerns. The provisions of this policy are in line with the provisions of the Section 177(9) of the Act and the revised Clause 49 of the erstwhile Listing Agreements with stock exchanges and the said policy is available on the Company''s website.
25. Deposits from public:
The Company has not accepted any deposits from public and as such no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.
26. Change in the nature of business:
There was no change in the nature of the business of the Company during the year under review.
27. 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:-
No significant and material orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Company''s operations in future.
28. Material changes and commitments, if any, affecting the financial position of the Company:
There are no such material changes and commitments which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.
29. Particulars regarding conservation of energy & technology absorption etc:
The particulars in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo are given in Annexure II which forms part of this report.
30. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:
The Company has set up Internal Complaints Committee (ICC) under The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. There were no complaints received and /or disposed off during 2015-16.
31 . Acknowledgement:
Your Directors take this opportunity to express their grateful appreciation for the excellent assistance and cooperation received from the banks and other authorities. Your Directors also thank the employees of the Company for their valuable service and support during the year. Your Directors also gratefully acknowledge with thanks the cooperation and support received from the shareholders of the Company.
By order of the Board of Directors
For T & I Global Ltd.
Sd/-
Sajjan Bagaria
Executive Chairman
(DIN : 00074501)
Place: Kolkata
Dated: 12th August, 2016
Mar 31, 2015
TO THE MEMBERS
The Directors have pleasure in presenting their 25th Annual Report
together with the Audited Accounts of the Company for the Year ended
March 31, 2015.
Financial Results:
Particulars March 31, 2015 March 31, 2014
Revenue from operation 730766699/- 670000909/-
Other Income 8557107/- 6728177/-
Total 739323806/- 676729086/-
Profit before depreciation & taxation 24454777/- 20731002/-
Less: Depreciation 9192559/- 7456334/-
Less: Provision for taxation 6051111/- 8360426/-
Profit after taxation 9211107/- 4914242/-
Balance carried to Balance sheet 9211107/- 4914242/-
OPERATIONAL REVIEW:
Gross revenues increased to Rs. 739323806/-, a growth of around 9.25 %
against Rs. 676729086/- in the previous year. Profit before taxation
was Rs. 15262218/- against Rs. 13274668/- in the previous year. , the
net profit of the Company for the year under review was placed at Rs.
9211107/- as against Rs. 4914242/- in the previous year.
DIVIDEND:
Your Directors have pleasure in recommending a dividend of Rs. 0.50 per
Equity Share on 50, 67,700 Equity shares of Rs 10 each for the
financial year ended 31/03/2015.
SHARE CAPITAL:
The paid up equity capital as on March 31, 2015 was Rs.50677000/-.
During the year under review, The Company has not issued shares or
granted stock options or any sweat equity.
FINANCE:
Cash and cash equivalents as at March 31, 2015 was Rs. 21431596/-.
DEPOSITS:
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The company has not given any loans or guarantees covered under the
provisions of section 186 of the Companies Act, 2013.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. The scope of work includes
review of process for safeguarding the assets of the Company, review of
operational efficiency effectiveness of systems and processes, and
assessing the internal control strengths in all areas.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
In pursuance of the provision of Section 135 of the Companies Act,
2013, the CSR provisions were not applicable to the Company.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The particulars of conservation of energy and technology absorption as
required under Section 134(3)(m) of the Companies Act, 2013, read with
the Companies (Accounts) Rules, 2014 has been disclosed in Annexure 1
of the Directors Report:
DIRECTORS:
CESSATION
None of the Directors of the company has resigned from the Board during
the Financial year ended 31st March 2015.
RE-APPOINTMENT
Ms Shikha Bagaria Director of the Company, who retires by rotation and,
being eligible, offers herself for re- appointment.
DECLARATION BY INDEPENDENT DIRECTORS
All independent directors have given declarations that they meet the
criteria of independence as laid down under section 149(6) of the
Companies Act, 2013 and clause 49 of the Listing Agreement.
FORMAL ANNUAL EVALUATION
Pursuant to the provisions of the Companies Act, 2013 the Board has
carried out the annual performance evaluation of its own performance,
the Directors individually including the Chairman of the Board as well
as the evaluation of the Committees of the Board. A structured
questionnaire was prepared after taking into consideration inputs
received from the Directors. The performance evaluation of the
Independent Directors was also carried out by the entire Board.
The results of the evaluation done by Independent Directors were
reported to the Chairman of the Board. It was reported that the
performance evaluation of the Board, Committee etc. was satisfactory.
The Directors expressed their satisfaction with the evaluation process.
MEETINGS
During the financial year 31st March, 2015, Seven Board Meetings were
held and five Audit Committee Meetings were convened and held. The
intervening gap between the Meetings was within the period prescribed
under the Companies Act, 2013.
INDEPENDENT DIRECTORS' MEETING
During the year under review, the Independent Directors met on February
18, 2015, inter alia, to discuss:
1. Evaluation of the performance of Non Independent Directors and the
Board of Directors as a whole ;
2. Evaluation of the performance of Chairman of the Company, taking
into account the views of the Executive and Non Executive Directors.
3. Evaluation of the quality, content and timelines of flow of
information between the Management and the Board that is necessary for
the Board to effectively and reasonably perform its duties.
All the Independent Directors were present at the Meeting.
DIRECTOR'S RESPONSIBILITY STATEMENT
In terms of Section 134 (5) of the Companies Act, 2013, the directors
would like to state that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) The directors have selected such accounting policies and applied
them consistently and made judgements and estimates that were
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 account of the Company for the year under review.
iii) The directors have 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.
iv) The directors have prepared the annual accounts on a going concern
basis.
v) The directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi) The directors had devised proper system to ensure compliance with
the provisions of all applicable laws and that such system were
adequate and operating effectively.
RELATED PARTY TRANSACTIONS
M/s T & I Projects Ltd. an associate company in which Sri Vineet
Bagaria is director and relative of Vineet Bagaria, and Sajjan Bagaria
is Managing Director (Sri Sangeet Bagaria ) of the T & I Projects Ltd,
the said associate company is supplier of the Machinery in which our
company does trading activity. The company regularly supplies goods at
reasonable market price. Your Board of directors recommends to purchase
or sale the goods with the said associate company for maximum amount of
Rs. 50 crore in Financial Year 2015-16.
Except Sri Vineet Bagaria and Sri Sajjan Bagaria none of the directors
and Key managerial personnel of the company and their relatives are
concerned or interested with the resolution set out in the Item no. 5
There are no other materially significant related party transactions
made by the company with Promoters, Key Managerial Personnel or other
designated persons which may have potential conflict with interest of
the company
SUBSIDIARY COMPANIES:
The company does not have Subsidiary company.
CODE OF CONDUCT:
The Board of Directors has approved a Code of Conduct which is
applicable to the Members of the Board and all employees in the course
of day to day business operations of the company. The code laid down by
the Board is known as "code of business conduct". The Code has been
posted on the Company's website www.tiglobal.com.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a vigil mechanism named Fraud and Risk Management
Policy to deal with instance of fraud and mismanagement, if any.
The Company has a Fraud Risk and Management Policy to deal with
instances of fraud and mismanagement, if any. The FRM Policy ensures
that strict confidentiality is maintained while dealing with concerns
and also that no discrimination will be meted out to any person for a
genuinely raised concern.
A high level Committee has been constituted which looks into the
complaints raised. The Committee reports to the Audit Committee and the
Board. The Company have a Whistle Blower Policy and posted on the
Company's website www.tiglobal.com.
PREVENTION OF INSIDER TRADING:
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors
and designated employees of the Company. The Code requires pre-
clearance for dealing in the Company's shares and prohibits the
purchase or sale of Company shares by the Directors and the designated
employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when the
Trading Window is closed. The Board is responsible for implementation
of the Code.
All Board of Directors and the designated employees have confirmed
compliance with the Code of conduct.
AUDITOR'S REPORT/ SECRETARIAL AUDIT REPORT:
The observation made in the Auditors' Report read together with
relevant notes thereon are self explanatory and hence, do not call for
any further comments under Section 134 of the Companies Act, 2013.
As required under section 204 (1) of the Companies Act, 2013 the
Company has obtained a secretarial audit report. Certain observations
made in the report with regard to late filing of some forms and non
appointment of Company secretary. Company has given news paper
publication for fulfillment of vacancy of company Secretary. Further
the board took note of the qualification given by Statutory Auditors
and secretarial Auditors in their report. However, the company would
ensure in future that all the provisions are complied to the fullest
extent.
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
pursuant to the provisions of Section 139 of the Companies act, 2013
and the rules there under, it is proposed to re- appointment of M/S
Tiwari & Co. Chartered Accountant (Firm Registration no. 309112E) as
Statutory auditor of the Company from the conclusion of this 25th
annual general meeting up to the conclusion of the next (26th) Annual
General Meeting.
SECRETARIAL AUDIT:
The Board had appointed Ms. Smita Sharma & Associates, Company
Secretary in whole time practice, to carry out secretarial audit
Pursuant to provisions of section 204 of the Companies Act, 2013 and
The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014. The Secretarial Audit report is annexed herewith as
"Annexure 2"
EXTRACT OF ANNUAL RETURN:
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as "Annexure 4".
BUSINESS RISK MANAGEMENT:
Pursuant to section 134 (3) (n) of the Companies Act, 2013 & Clause 49
of the listing agreement, the company has constituted a business risk
management committee. At present the company has not identified any
element of risk which may threaten the existence of the company.
PARTICULARS OF EMPLOYEES:
Particulars of Employees pursuant to section 134(3) (q) of the
Companies Act, 2013 read with rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules,2014
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS
The Company has complied with the corporate governance requirements as
stipulated under clause 49 of the listing agreement. A separate section
on corporate governance under the listing agreement, along with a
certificate from the auditor confirming the compliance, is annexed and
forms part of this Annual report.
PREVENTION OF SEXUAL HARASSMENT POLICY
The Company has in place a Prevention of Sexual Harassment policy in
line with the requirements of the Sexual Harassment of Women at the
Workplace (Prevention, Prohibition and Redressal) Act, 2013. An
Internal Complaints Committee has been set up to redress complaints
received regarding sexual harassment. All employees (permanent,
contractual, temporary, trainees) are covered under this policy. During
the year 2014-2015, no complaints were received by the Company related
to sexual harassment.
AUDIT COMMITTEE
The Audit Committee of the Board of Directors oversees the financial
statements and financial reporting before submission to the Board. The
Audit Committee is responsible for the recommendation of the
appointment, remuneration, performance and oversight of the work of the
Internal and Statutory Auditors. It reviews the reports of the
internal auditors and statutory auditors. The senior management
personnel are invited to the meetings of the Audit Committee, along
with the Head of Internal Audit. At present, there are three members of
the Audit Committee, in which all are Independent Directors.
The composition of the Audit Committee is given below:
Sl
No. Name of the Members Category
1. Debi Prasad Bagrodia Chairman, Non-executive
2. Manish Kumar Newar Independent, Non-executive
3. Harish Kumar Mittal Independent, Non- Executive
NOMINATION AND REMUNERATION COMMITTEE
Your Company has reconstituted the NRC of the Company pursuant to the
provisions of Section 178 of the Companies Act, 2013. The functions of
this Committee include identification of persons who are qualified to
become directors and who may be appointed as senior management,
formulation of criteria for determining qualifications, positive
attributes, independence, recommendations of their appointments to the
Board, evaluation of every director's performance, formulation of
Remuneration Policy to include recommendation of remuneration for
directors, key managerial personnel and senior management.
At present, there are three members of the Nomination & Remuneration
Committee (NRC), in which all are Independent Directors. The
composition of the NRC is given below:
Sl
No. Name of the Members Category
1. Debi Prasad Bagrodia Chairman, Non-executive
2. Manish Kumar Newar Independent, Non-executive
3. Harish Kumar Mittal Independent, Non- Executive
Remuneration Policy, details of Remuneration and other Terms of
Appointment of Directors
The Board has, on the recommendation of the Appointment & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. This Policy inter- alia
includes:
1. Criteria of selection of Non-Executive Directors
Non Executive Directors will be selected on the basis of identification
of industry/ subject leaders with strong experience. The advisory area
and therefore the role may be defined for each independent director;
The Nomination and Remuneration Committee shall ensure that the
candidate identified for appointment as a Director is not disqualified
for appointment under Section 164 of the Companies Act, 2013.
In case of appointment of Independent Directors, the Nomination and
Remuneration Committee shall satisfy itself with regard to the
independent nature of the Directors vis-Ã -vis the Company so as to
enable the Board to discharge its function and duties effectively.
2. Remuneration
The Independent Directors shall be entitled to receive remuneration by
way of sitting fees for each meeting of the Board or Committee of the
Board attended by them, or such sum as may be approved by the Board of
Directors within the overall limits prescribed under the Companies Act,
2013 and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
In addition, Independent Directors shall be entitled to receive
reimbursement of expenses for participation in the Board / Committee
meetings.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
Your Company did not have any funds lying unpaid or unclaimed for a
period of seven years. Therefore there were no funds which were
required to be transferred to Investor Education and Protection Fund
(IEPF).
ACKNOWLEDGEMENTS:
Your Company and its Directors wish to extend their sincerest thanks to
the Members of the Company, Bankers, Local Bodies, Customers,
Suppliers, Executives, Staff and workers at all levels for their
continuous co- operation and assistance.
By order of the Board of Directors
For T & I Global Limited
Sajjan Bagaria
Executive Chairman
Place: Kolkata (DIN: 074501)
Dated: 14th August, 2015
Mar 31, 2014
Dear members,
The Directors have pleasure in presenting their Twenty Fourth Annual
Report on the business and operations of the Company, together with
the audited financial accounts of the Company for the year ended 31st
March, 2014.
FINANCIAL RESULTS
Particulars 2013-14 2012-13
(Rs. in Lacs) (Rs. in Lacs)
Sales 6700.00 7357.17
Profit before Interest
and Depreciation 235.30 427.46
Interest 27.99 12.46
Profit before Depreciation 207.31 415.00
Depreciation 74.57 73.33
Profit before Taxation 132.74 341.67
Profit after Taxation 49.14 231.91
Balance Brought Forward 696.60 494.14
Surplus available for
Appropriation 745.74 726.05
APPROPRIATION :
Proposed Dividend 25.33 25.33
Tax on Proposed Dividend 4.11 4.11
Balance Carried forward to
Balance Sheet 716.30 696.60
PERFORMANCE REVIEW
Your Company''s turnover was Rs.6700.00 Lac for the financial year
ended 31 March 2014, and Profit before tax was Rs.132.74 Lac.
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 shares of Rs 10 each for the
financial year ended 31/03/2014
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.
MACHINERY DIVISION
The total sale of Machinery was Rs. 56.54 crore in the Financial year
ended 2013-14
DEPOSITS
Your Company has not accepted any deposit within the meaning of
section 58A of the Companies Act, 1956 an the Rules made there under.
DIRECTORS
In accordance with provisions of the Companies Act, 2013, and the
Company''s Articles of Association, Mr. Haris Mittal, Mr. Manish
Kumar Newar and Mr. Debi Prasad Bagrodia are being appointed as
Independent directors of the company for a period of Five Years. Mr.
Viraj Bagaria retires by rotation, and being eligible is recommended
for re appointment.
Sri Kalyan Kumar Nanda existing whole time Director to be appointed as
executive director and to be liable for retire by rotation.
The name of the above directors have been proposed by the shareholders
of the company to be appointed a directors of the company and being
eligible for appointment and offer themselves for appointment.
The above appointment re-appointment is necessary in accordance with
the provisions of the Companies Ac 2013, to make optimum composition
of executive and non executive directors in the board and Independent
directors to bring the independent judgement in the decision of the
board.
STATUTORY 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
persuant to the provisions c Section 139 of the Companies act, 2013
and the rules there under, it is proposed to appoint M/s
re-appointment of M/S Tiwari & Co. Chartered Accountant (Firm
Registration no. 309112E) as Statutory auditor of the Company from the
conclusion of this 24th annual general meeting up to the conclusion of
the next (25th) Annual General Meeting
INTERNAL AUDITOR
As per the Provisions of the companies Act 2013, and Rules prescribed
thereunder Company is required to appoint Internal auditor to conduct
the Internal audit of the company in respect of each financial year
starting from 1st Apr 2014, to compliance with the provisions of the
act the Board of Directors have appointed M/s Rinku Gupta < Associates
Company Secretary in practice to conduct the Internal Audit.
Annexure to the Director'' Report.
Disclosures of particulars with respect to Conservation of energy A.
Power & Fuel Consumption
SR. PARTICULARS 2013-2014 2012-2013
NO.
1 ELECTRICITY
PURCHASED UNITS 664166 Units 640308 Units
TOTAL AMOUNT 6015798 5922912
AVG. RATE PER UNIT 9.05 9.25
2 H.S.D.
PURCHASED LITERS 29929 Ltr. 28505 Ltr.
TOTAL AMOUNT 1694281 1605707
AVG. RATE PER LITERS 56.61 56.33
3 COAL PURCHASED
KILOGRAM 787588 Kgs. 841480 Kgs.
TOTAL AMOUNT 7137935 6128517
AVG. RATE PER KGS. 9.06 7.28
Consumption Per unit of Production (Unit / Liter / Kg.)
2013-2014 2012-2013
Production - Tea (Kgs.) 813581 726522
Electricity 0.81 0.88
H.S.D. 0.036 0.039
Coal 0.96 1.15
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. 4558.46 lacs and spent
foreign exchange of Rs. 621.37 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, 2014
Mr. Sajjan Bagaria, Executive Chairman received remuneration and
perquisites of Rs. 19.07 lacs
Mr. Vineet Bagaria, Managing Director received remuneration and
perquisites of Rs. 21.99 lacs
Mr. Kalyan Kumar Nanda, Executive Director (Marketing) received
remuneration and perquisites of Rs 8.23 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.
LISTING AGREEMENTS
The Company''s shares are listed on Calcutta, Bombay, 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.
For and on behalf of the Board
Place: Kolkata Sajjan Bagaria
Date: 14th August 2014 Executive Chairman
Mar 31, 2012
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
Mar 31, 2010
The Directors have pleasure in presenting their Twentieth Annual
Report on the business and operations of the Company, togetherwith the
audited financial accounts of the Company for the year ended 31st
March, 2010.
FINANCIAL RESULTS
PARTICULARS 2009-10 2008-09
(Rs. in Lacs) (Rs. in Lacs)
Sales 3482.43 2,831.42
Profit before Interest and Depreciation 198.13 187.13
Interest 25.43 52.64
Profit before Depreciation 172.70 134.49
Depreciation 57.66 53.05
Profit before Taxation 115.03 81.44
Profit after Taxation 91.24 52.27
Balance Brought Forward 324.30 272.02
Surplus available for Appropriation 415.53 324.30
APPROPRIATION:
Proposed Dividend 38.01 -
Tax on Proposed Dividend 6.31 -
Balance Carried forward to Balance Sheet 371.22 324.30
PERFORMANCE REVIEW
Your Companys turnover has increased to Rs.3482.43 Lac compared to Rs.
2831.42 Lac in previous year. The Profit before tax has increased to
Rs. 115.03 Lac compared to 81.44 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.0.75 per
Equity share on 50,67,700 Equity Shares of Rs. 10 each for the
Financial Year ended 31/03/2010.
FUTURE PROSPECTS
TEA DIVISION
Your Companys 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 8 Lac Kgs. of
tea this year.
MACHINERY DIVISION
The Export of Tea Machinery has significantly increased to Rs. 18.85
crpre in the 2009-10 compared to Rs. 15.98 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 Machinery
has increased to 7.71 crore compared to 6.27 crore in the previous
year.
DEPOSITS
Your Company has not accepted any deposit within the meaning of section
58Aof the Companies Act, 1956 and the Rules made there under.
DIRECTORS
In accordance with provisions of the Companies Act, 1956, and the
Companys Articles of Association, Mr. Deepak Pahwa and Mr. Harish
Mitta! 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 haveconffrmed their eligibility
under section 224(1-B) of the Companies Act, 1956.
AUDITORS REPORT
Notes referred to the Auditors Report are self-explanatory.
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, 2010
Mr. Sajjan Bagaria, Executive Chairman received a remuneration and
perquisites of Rs. 1214600/-
Mr. Vineet Bagaria, Managing Director received a remuneration and
perquisites of Rs. 1087300/-.
Mr. Kalyan Kumar Nanda, Executive Director (Marketing) received a
remuneration and perquisites of Rs. 550681/-.
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
standards have been followed,
(ii) That your Directors 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.
LISTING AGREEMENTS
The Companys shares are listed on Calcutta, Mumbai, Delhi and
Ahmedabad Stock Exchange. The Annual listing fees in respect of all
stock exchanges have been paid up to date.
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 Companys 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.
For and on behalf of the Board
Sajian Bagaria
Place: Kolkata
D?ted :31st August, 2010 Executive Chairman