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Diana Tea Company Ltd.

BSE: 530959 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE012E01035
BSE LIVE 19:40 | 19 Oct 19.45 0.15
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VOLUME 1515
52-Week high 33.20
52-Week low 16.00
P/E 13.89
Mkt Cap.(Rs cr) 29
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.10
CLOSE 19.30
VOLUME 1515
52-Week high 33.20
52-Week low 16.00
P/E 13.89
Mkt Cap.(Rs cr) 29
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Diana Tea Company Ltd. (DIANATEA) - Director Report

Company director report

Dear Shareholders

Your Directors have pleasure in presen ng their 106th Annual Report along with theAudited Accounts for the financial year ended 31st March 2017.

Financial Results

The summarized Financial results of your Company are given in the table below.

(Rs in Lakhs)
Particulars 31st March 2017 31st March 2016
(12 Months) (15 Months)
Profit before Deprecia on and Amor za on Expense Finance 499.24 (771.74)
Costs & Taxa on
Less: Deprecia on and Amor za on Expense 107.58 114.04
Finance Costs 140.98 158.55
Profit/ (Loss) before Tax 250.68 (1044.33)
Less : Provision for Tax Expenses (net) 9.76 (46.39)
Profit/ (Loss) a er Tax 240.92 (997.94)
Add : Balance brought forward from previous year 230.21 226.37
Add : Transfer from / (to) General Reserve (300.00) 1050.00
Less : Deprecia on Adjusted as per revised calcula on 7.69
Amount available for appropria on 171.13 270.74
Appropria ons :
Proposed Dividend 37.48 37.48
Provision for tax on Proposed Dividend 3.05 3.05
Balance carried forward 130.60 230.21
171.13 270.74

Note: The above financial results for the current year ended on 31st March 2017 arenot comparable with the financial results for previous fifteen months period ended on 31stMarch 2016 which had been prepared to comply with Sec on 2(41) of the Companies Act2013.

Review of Performance

The year under review was a be er year for a change as far as weather condi ons wereconcerned as gardens had received early rains during the season resul ng in be er harvestand lower irriga on cost. This has also resulted in lower pest infesta on and over all beer crop during the year. Company's own crop was higher by 100246 kgs. during the season.Quan ty manufactured out of bought leaf was 356302 kgs. which was higher than last year.During the year Indian tea produc on was high by 36 million kgs. when compared to lastyear as such the market sen ments were sluggish particularly at higher level. However thebought leaf segment fetched handsome price which was substan ally higher than last year.As such the Auc on average realiza on was higher by Rs 5.25 per kgs. whereas our ownrealiza on was more or less at par with last year. The last year was an extra ordinaryyear where in non-quality fetched higher realiza on and quality tea struggled to getdeserving price in the market. Your Company treats this as one odd year of such instanceand con nue to focus on making quality. Cost burden on Tea Industry is increasing everyyear by the way of higher wages salaries and cost of inputs which is pu ng immensepressure in the profitability of tea companies. Inspite of such headwind your Company hasbeen able to post a profit of Rs 240.92 lakh for the year. This has been possible becauseof our continuous e ort to upgrade our gardens by improvising the yields by virtue ofregular uproo ng and replan ng process and simultaneously improvising the plant andmachineries in our factories to make be er quality with reduced cost. Our gardens have100% irriga on facility which enables to take care of droughty condi on in the beginningof the year.

Prospects

Current year looks to be posi ve as far as market sen ments are concerned. Crop intakeacross the world is struggling. Kenya is down by 50 million kgs. ll the end March SriLanka by 4 million kgs. and Indian Crop is behind by 14 million kgs. This has led tobuoyancy in the world market wherein Kenyan market is higher by USD 0.50 when compared tolast and Indian market has also started on a buoyancy note. The producers of Assam arefocusing more towards producing more Orthodox tea which would further restrict theavailability of CTC in the market which would enhance the value of CTC teas. However theexports are expected to be at par with last year. All these factors combined togetheralong with domes c consump on growing at 3% CAGR could keep the CTC prices at high level.However escala ng cost and lower yields are major challenges in the Indian tea industry.

Minimum wage has been contemplated by the Central/ State Government which could bedetrimental for the tea industry as it is expected to escalate the wages & salaries toabnormally high level. In addi on to that the cost of other inputs increase in pest acvity and irriga on cost will put addi onal cost burden to the Indian tea companies. Allthese cost factors are expected to dent the profitability of tea companies to a majorextent.

We expect the market to be firm particularly in quality segment where par cipa on ofall segment is visible. However non-quality tea could super.

Plant protec on code has been introduced by Tea Board and your Company's policy is tofollow the same. We have applied for Trustea Cer ficate for all of our tea estates.

Your Company is taking full advantage of various subsidies provided by Tea Board.

Your Company is determined to pursue with their developmental work in the field byuproo ng and replan ng the old tea bushes with new ones and modernizing its factories byreplacing obsolete machineries with latest technology plant and machinery with a view ofmaking quality tea at reduced costs. Average yield of our gardens are 22 quintals whencompared to 17 quintals for the district which put us in a strong posi on. Furthermorehigher realiza on compared to district average gives us immense advantage when compared toothers. Every e ort is being made by your Company to improve its performance in the comingyear.

Change in nature of business if any

There has been no change in business and the Company continues to concentrate on theirown business.

Transfer to Reserves

Your Directors proposed to transfer a sum of Rs 300.00 lakhs to General Reserves.

Transfer from Reserves

Your Directors proposed not to transfer any amount from the General Reserves.

Dividend

Your Board has recommended a dividend of Rs 0.25 per Equity Share (i.e. 5%) for theyear ended 31st March 2017. Such dividend on approval will be paid to those Memberswhose names are recorded in the Register of the Company at the close of business on thedate of Annual General Meeting.

Details of Board meetings

During the Financial Year 4 Board meetings were held details of which are given below:

Date of the meeting No. of Directors a ended the meeting
30.05.2016 5
13.08.2016 5
14.11.2016 5
14.02.2017 5

Share Capital

During the financial year ended 31st March 2017 there is no change in the issued andsubscribed capital of your Company. The outstanding capital as on 31st March 2017 is Rs749.55 lakhs comprising of 14991000 equity shares of

Rs 5/- each.

Extract of Annual Return

The extract of Annual Return pursuant to the provisions of Sec on 92(3) of theCompanies Act 2013 read with Rule 12 of the Companies (Management and Administra on)Rules 2014 forming a part of this Report a ached as Annexure "A".

Commitees of Board

The details of composi on of the Commitees of the Board of Directors are as under:-

a. Audit Commitee

Sl. No. Name Chairman/ Members
1. Mr. H.M. Parekh Chairman
2. Mr. Sandeep Singhania Member
3. Mr. Gautam Bhalla Member
4. Mr. N.F Tankariwala Member

• During the financial year the Commitee had met 4 mes as on May 30 2016 August13 2016 November 14 2016 and February 14 2017.

Recommenda on by audit commitee :

There is no recommenda on of audit commitee which has not been accepted by the Boardduring the financial year.

Vigil Mechanism

The Company has formulated the codified Whistle Blower Policy incorpora ng theprovisions rela ng the Vigil Mechanism in terms of Sec on 177 of the Companies Act 2013and Regula on 22 of SEBI (Lis ng Obliga on & Disclosure Requirements) Regula ons2015 in order to encourage Directors and Employees of the Company to escalate to thelevel of the Audit Commitee any issues of concern impacting and compromising with theinterest of the Company and the Stakeholders in any way. The Company has also madeprovisions for adequate safeguards against vic misa on of its Employees and Directors whoexpress their concerns. The Chairman of Audit Commitee can be directly accessed by anyEmployee for repor ng issues which need to be brought to the no ce of the Board. The VigilMechanism / Whistle Blower Policy of the Company has been uploaded on the website of theCompany: www. dianatea.in/whistle_blower_diana.pdf

b. Nomina on & Remunera on Commitee

Sl. No. Name Chairman/ Members
1. Mr. H.M. Parekh Chairman
2. Mr. N.F. Tankariwala Member
3. Mr. Gautam Bhalla Member

During the financial year the Commitee had met 2 mes as on 30th May 2016 and 13thAugust 2016.

c. Stakeholders Rela onship Commitee

Sl. No. Name Chairman/ Members
1. Mr. N.F. Tankariwala Chairman
2. Mr. Gautam Bhalla Member
3. Mr. Sandeep Singhania Member
4. Mrs. Sarita Singhania Member

During the financial year the Commitee had met 8 mes as on June 2 2016 July 252016 October 13 2016 November 17 2016 December 15 2016 December 29 2016 January5 2017 and February 9 2017.

Corporate Social Responsibility (CSR)

Your Company considers Corporate Social Responsibility as an important aspect of doingbusiness. As a good corporate ci zen your Company shall ini ate appropriate actiontowards various social causes in the future. Presently the provisions of Sec on 135 ofthe Companies Act 2013 are not applicable to the Company.

Management Discussion and Analysis

As per SEBI (Lis ng Obliga ons & Disclosure Requirements) Regula ons 2015Management Discussion and Analysis Report is a ached as Annexure "B" formingpart of this report.

Directors' Responsibility Statement

Pursuant to the requirement clause (c) of sub-sec on (3) of Sec on 134 of the CompaniesAct 2013 your Directors confirm that :

(a) in the prepara on of the annual accounts for the financial year ended 31st March2017 the applicable Accoun ng Standards had been followed along with proper explana onrela ng to material departures except gratuity liability being accounted for as and whenpaid/payable; (b) the directors had selected such accoun ng policies and applied themconsistently and made judgments and es mates that are reasonable and prudent so as to givea true and fair view of the state of a airs of the Company for the financial year ended31st March 2017 and of the profit and loss of the Company for that year; (c) thedirectors had taken proper and su cient care for the maintenance of adequate accoun ngrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preven ng and detec ng fraud and other irregularites;

(d) the directors had prepared the annual accounts on a going concern basis; (e) thedirectors had laid down internal financial controls to be followed by the Company and thatsuch internal financial controls are adequate and were opera ng e ec vely; and (f) thedirectors had devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems were adequate and opera ng e ec vely.

Corporate Governance

Your Company a aches considerable significance to good Corporate Governance as animportant step towards building investor confidence improving investor's protec on andmaximizing long term shareholders value. The cer ficate of the Auditors confirmingcompliance of condi ons of Corporate Governance as s pulated under Schedule V(E) of theSecuri es and Exchange Board of India (Lis ng Obliga ons and Disclosure Requirements)Regula ons 2015 of the Stock Exchange is annexed as Annexure "C".

Related Party Transactions

The related party transactions entered during the year were in ordinary course ofbusiness and also on arm's length basis in compliance with the applicable provisions ofthe Companies Act 2013 and SEBI (LODR) Regula ons 2015. There are no materiallysignificant related party transactions made by the Company with Promoters Directors orKey Managerial Personnel etc. which may have poten al conflict of the interest with theCompany at large. All related party transactions are presented to the

Audit Commitee and the Board if required for approval. Omnibus approval is obtainedfor the transactions which are foreseen and repe ve in nature. The Policy on Related PartyTransactions as approved by the Board is uploaded on the Company's web link:www.dianatea.in/Policy-on-Related-Party-transactions_7.pdf

Details of Conserva on of Energy Technology absorp on Foreign Exchange earnings andoutgo

The particulars as prescribed under sub-sec on (3)(m) of the Sec on 134 of theCompanies Act 2013 read with The Companies (Accounts) Rules 2014 are given as Annexure"D" to the Directors' Report.

Particulars of Employees

The ra o of the remunera on of each Director to the median employee's remunera on andother particulars or details of employees pursuant to Sec on 197(12) of the Companies Act2013 read with Rule 5 of the Companies (Appointment and Remunera on of ManagerialPersonnel) Amendment Rules 2016 are a ached to this Report as Annexure "E". Theinforma on required under Sec on 197(12) of the Companies Act 2013 read with Rule 5(2)and 5(3) of the Companies (Appointment and Remunera on of Managerial Personnel) Rules2014 are not applicable to the Company. There is no Directors who is in receipt of anycommission from the Company as well as from its holding Company as per sec on 197 (14) ofthe Companies Act 2013.

Annual Evalua on of Board's Performance

During the financial year the Board evaluated its own performance as well as that ofits Commitees and Individual Directors. The exercise was carried out covering variousaspects of the Boards func oning such as composi on of the Board & commiteesqualifica on experience & competencies performance of specific du es & obligaons governance issues etc. Separate exercise was carried out to evaluate the performanceof Non-Independent Directors. The performance of Independent Directors has been evaluatedbased on the guidelines as provided under Schedule IV of the Act. The evalua on of theIndependent Directors was carried out by the en re Board except by the Director beingevaluated. The directors were sa sfied with the evalua on results which reflected theoverall engagement of the Board and its Commitees with the Company.

Auditors and Audit Report

M/s. Das & Prasad Chartered Accountants were appointed as the Statutory Auditorsof the Company in the Annual General Meeting held on 26 June 2015 to hold o ce from theconclusion of the Hundred and Fourth Annual General

Meeting un l the conclusion of the Hundred and Seventh Annual General Meeting. Ra ficaon of appointment of Statutory Auditors is being sought from the members of the Company atthe ensuing AGM.

Further the report of the Statutory Auditors along with notes to Schedules is enclosedto this report. The observa ons made in the Auditors' Report are self-explanatory andtherefore do not call for any further comments.

Secretarial Audit

Pursuant to the provisions of Sec on 204 of the Companies Act 2013 and the Companies(Appointment and Remunera on of Managerial Personnel) Rules 2014 the Company hasappointed M/s. MR & Associates Company Secretaries in Prac ce (COP No.2551) toundertake the Secretarial Audit of the Company for the financial year ending 31st March2017. The Secretarial Audit Report for the financial year ended 31st March 2017 isannexed herewith as Annexure "F" to this Report. The Secretarial Audit Report isself-explanatory and does not contain any adverse qualifica on reserva on or remark.

Cost Audit

As per Sec on 148 of the Companies Act 2013 read with Rule 4 of Companies (CostRecords and Audit) Rules 2014 the Company is required to maintain cost records for thefinancial year 2017-18. However the Company is not required to appoint Cost auditor toconduct the audit of cost records for the financial year 2017-18.

Human Resources

Your Company treats its "human resources" as one of its most importantassets.

The Company has a large work force employed at the tea estates. There were no majordisrup ons of work at the Garden or any other establishment of the Company during theperiod under review. The correct recruitment prac ces are in place to a ract best talent.Industrial Rela ons at all the units remained sa sfactory.

Material changes and commitments

No material changes and commitments have occurred during the financial year which mighta ect the financial posi on of the Company.

Disclosure under Sexual Harassment of women at workplace (Preven on Prohibi on &Redressal) Act 2013

Your Company is commited to provide a work environment which ensures that every womanemployee is treated with dignity respect and equality. There is zero-tolerance towardssexual harassment and any act of sexual harassment invites serious disciplinary action.

No complaint has been brought to the no ce of the Management during the financial yearended 31st March 2017.

Risk Management

In terms of the requirement of the Companies Act 2013 and SEBI (LODR) Regula ons 2015the Company has developed and implemented the Risk Management Policy. The Company hastaken adequate measures to mi gate various risk encountered. In the opinion of the Boardthere is no such risk which may threaten the present existence of the Company.

Declara on by Independent Directors

Necessary declara ons have been obtained from all the Independent Directors that theymeet the criteria of Independence as laid down under Sec on 149(6) of the Companies Act2013 and Regula on 16 (b) of SEBI (Lis ng Obliga ons and Disclosure Requirements) Regulaons 2015.

Remunera on Policy

The remunera on policy of the Company aims to a ract retain and mo vate qualifiedpeople at the Board levels. The remunera on policy seeks to employ people who not onlyfulfill the eligibility criteria but also have the a ributes needed to fit into thecorporate culture of the Company. The remunera on policy is consistent with the‘pay-for-performance' principle.

Execu ve Directors

The Nomina on and Remunera on Commitee takes into account experience qualifica on andprevailing industry prac ces before giving its recommenda on to the Board. On recommendaon of the Nomina on and Remunera on Commitee the Board decides remunera on to be paid toExecu ve Directors subject to approval of shareholders in terms of provisions of theCompanies Act 2013 read with Schedule V thereof. The Commitee aims towards rewarding onthe basis of performance and reviews on a periodical basis.

Non-Execu ve Directors

The Company has formulated Criteria for making payment to Non-Execu ve Directors whichis available in Company's weblink: h p://www.dianatea.in/Criteria%20of%20making%20payment%20to%20non-execu ve%20 directors_6.pdf. As per the criteriaNon-Execu ve Directors are paid singnifees for a ending the meetings of the Board ofDirectors and Commitees.

Significant and material orders passed by the regulators

There are no significant and material orders passed by the regulators or courts ortribunals that would impact the going concern status and Company in future.

Internal Financial Controls

Your Company has adequate Internal Financial Control System at all levels of Managementand they are reviewed from me to me. The Internal Audit is carried out in house as well asby a firm of Chartered Accountants M/s B. Nath & Co. The Audit Commitee of the Boardlooks into Auditor's review which is deliberated upon and correc ve action taken whereverrequired.

Subsidiaries Joint Venture or Associate Companies

Your Company continues to be the Subsidiary of Diana Capital Limited. Further theCompany has no subsidiaries joint venture and associates for the financial year ended31st March 2017.

Particulars of Loans Guarantees and Investments

The particulars of loans guarantees or investments made under sec on 186 of theCompanies Act 2013 are covered in the notes of the Financial Statement for the yearended 31st March 2017.

Directors and Key Managerial Personnel

As per provisions of Sec on 152 of the Companies Act 2013 Mr. Sandeep Singhania (DIN00343837) is liable to re re by rota on at the forthcoming Annual General Meeting andbeing eligible o ers himself for re-appointment. The Board recommends his re-appointment.

Mr. Ramesh Kumar Jhunjhunwala designated as Chief Financial O cer (CFO) of the Companyresigned from the post of CFO with e ect from 13th August 2016 and was reappointed w.e.f.17th May 2017.

Mr. Manoj Agarwala Company Secretary of the Company was appointed as Chief Financial Ocer (CFO) of the Company with e ect from 13th August 2016.

Mr. Manoj Agarwala designated as Chief Financial O cer (CFO) & Company Secretary(CS) of the Company resigned from the services of the Company with e ect from 30th March2017.

Deposits

Your Company has not accepted any deposits covered under Chapter V of the CompaniesAct 2013.

Acknowledgement

Your Directors place on record their apprecia on for employees at all levels who havecontributed to the growth and performance of your Company.

Your Directors also thank the clients vendors bankers shareholders and advisers ofthe Company for their continued support.

Your Directors also thank the Central and State Governments and other statutoryauthori es for their continued support.

For and on behalf of the Board
Registered O ce : Sd/- Sd/-
3B Lal Bazar Street Sandeep Singhania Sarita Singhania
Kolkata - 700 001 Managing Director Director (Sales & Marke ng)
Date : 17th May 2017 (DIN: 00343837) (DIN: 00343786)

Annexure "D"

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

The informa on under Sec on 134 (3)(m) of the Companies Act 2013 read with Rule 8(3)of the Companies (Accounts) Rules 2014 for the financial year ended 31st March 2017 isgiven here below and forms part of the Directors' Report.

A) Conserva on of Energy

i) In line with the Company's commitment towards conserva on of energy all tea estatescontinue with their e orts in improving energy e ciency. The steps taken in this direc onat various tea estates are as under:

a) Online conveyorisa on of manufacturing process which resulted in op misa on ofcapacity u liza on thereby savings in energy and increasing e ciency

b) Installa on of coal savers reduce coal consump on

c) Wind turbo ven lators to save power cost

d) Replacement of ine cient motors with energy e cient motors

e) Replacement of obsolete machineries with energy and cost saving machineries

f) Installa on of adequate power capacitors to maximise power factor and load factorresul ng in minimum transmission loss and reducing per unit cost

g) Installa on of LED lights to reduce the consump on of electricity for domes cpurpose.

ii) The steps taken by the company for u lizing alternate sources of energy: During thefinancial year under review the company has not utilized any other alternate sources ofenergy for its opera on.

iii) The capital investment/ CWIP on energy conserva on equipments is Rs 67.22 Lakhs.

B) Technology Absorp on

i) The e orts made by the Company towards technology absorp on during the year underreview are:

a) Managerial sta are engaged to a end seminars and training programmes foragricultural prac ces in the field and manufacturing process in the factories

b) Introduc on of plucking machines in the field to improvise produc vity

c) Online new conveyorisa on of flow process in the factory has eventually helped us inop mising capacity u liza on and reduce energy cost

d) Usage of low voltage LED light

e) Installa on of coal saver to reduce coal consump on

f) Installa on of wind turbo ven lators.

ii) The benefits derived resulted in increase in produc vity and op miza on of capacityutilization resul ng in cost savings in our tea estates.

iii) In case of imported technology (imported during the last three years reckoned fromthe beginning of the financial year) – NOT APPLICABLE.

iv) The expenditure incurred on Research and Development : The Company contributes forthe ac vi es of Tea Research Associa on regularly. The Company has incurred an expenditureof Rs 8.17 lakhs for the financial year ended 31st March 2017.

C) Foreign Exchange Earnings and Outgo

During the financial year the foreign exchange outgo was Rs 52.28 lakhs and theforeign exchange earning was NIL.

For and on behalf of the Board
Registered O ce : Sd/- Sd/-
3B Lal Bazar Street Sandeep Singhania Sarita Singhania
Kolkata - 700 001 Managing Director Director (Sales & Marke ng)
Date : 17th May 2017 (DIN: 00343837) (DIN: 00343786)

Annexure "E"

DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIESACT 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIALPERSONNEL) AMENDEMENT RULES 2016

(i) The percentage increase in remunera on of each Director Chief Financial O cer andCompany Secretary during the financial year ended 31.03.2017 and ra o of the remunera onof each Director to the median remunera on of the employees of the Company for thefinancial year ended 31.03.2017 are as under :

Sl. No. Name of Director/ KMP Designa on Remunera on of Director/ KMP for the financial year 2016-17 (Rs in Lakhs ) % increase in remunera on for the financial year 2016-17 *** Ra o of remunera on of each director to the median remunera on of the employees for the financial year 2016-17
1. Sandeep Singhania Managing Director 44.33 17.87 52.15:1
2. Sarita Singhania Whole me Director 29.49 29.51 34.69:1
3. Manoj Agarwala Chief Financial Oficer* & Company Secretary 7.78 26.92 NA
4. Ramesh Kumar Jhunjhunwala Chief Financial Oficer** 1.76 Not Ascertainable NA

Notes :

* Appointed as Chief Financial O cer with e ect from 13th August 2016.

** Resigned from the post of Chief Financial O cer with e ect from 13th August 2016.

*** % increase in Remunera on for the current financial year is calculated taking intoaccount remunera on of 12 months (i.e. April 1 2015 to March 31 2016) for the previousyear. The non-executive Independent Directors are en tled to singnifees only. The detailsof remunera on are provided in Corporate Governance Report.

(ii) The median remunera on of employees of the Company during the financial year wasRs 0.85 Lakhs.

(iii) During the Financial year there was an increase of (19.81%) in the medianremunera on of employees.

(iv) There were 3647 permanent employees on the rolls of Company as on 31st March2017.

(v) Average percentage increase made in the salaries of employees other than the keymanagerial personnel in the last financial year was around (1.77%) whereas the increase inthe key managerial remunera on for the same financial period was 21.73%.

(vi) It is hereby a rmed that the remunera on paid is as per the Remunera on Policy ofthe Company.

Notes: The median remunera on of the employees and Average percentage increase made inthe salaries of employees is being increased in the current year as compared from lastyear as the median remunera on for the last year was for 15months and number of employeesin the previous year was more than the current year hence the increasing figures arecoming in nega ve.

DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIESACT 2013 READ WITH RULE 5(2) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIALPERSONNEL) AMENDEMENT RULES 2016

The names of the Top 10 employees in terms of the remunera on drawn :

Name of the Employee Designa on of the Employee

Remunera on (in lakhs)

Nature of Employment whether contractual or otherwise Qualifica on and Experience of the Employee Date of commence- ment of employment Age of the Employee Last employment held by such Employee before joining the Company

% of equity shares held by the Employee

Whether any such Employee is a relative of any director or manager if so name of such director or manager

Sandeep Singhania Managing Director 44.33 Otherwise B. Com. 26 years 21.10.1991 45 years 2.4172
Sarita Singhania Whole Time Director 29.49 Otherwise Arts Graduate 20 years 11.11.2013 53 years 3.3386
Sudershan Kumar Babal Chief General Manager (Planta on) 10.74 Otherwise B.A. 42 years 27.11.2004 61 years Rajabhat Tea Garden
Raghavendra Bahadur Singh Manager 10.34 Otherwise Graduate 27 years 16.01.2013 50 years Duncans Industries Limited
Sunil Oswald Saunders General Manager 9.77 Otherwise B.Com. 32 years 01.02.2011 59 years Jogesh Chandra Tea Garden
Rakesh Gaur Deputy Manager 8.89 Otherwise M. A. 22 years 15.06.2007 46 years Tukdula Tea Estate
Manoj Agarwal Company Secretary 7.78 Otherwise CA and CS 21 years 19.05.2007 48 years Paharpur Cooling Towers Limited
Shanker Sinha Deputy Manager 7.37 Otherwise B.Com. and LLB 21 years 04.04.2001 48 years Nagrakata Tea Estate
Manoj Gupta Senior Assistant Manager 7.02 Otherwise B.Com. 20 years 07.09.2014 45 years Bharnobar Tea Garden
Smt. Meenakshi Babal Personal Assisstant to Chief General Manager (Planta on) 6.83 Otherwise B. A. 42 years 27.11.2004 60 years Rajabhat Tea Garden Sudarshan Kumar Babal

 

For and on behalf of the Board
Registered O ce : Sd/- Sd/-
3B Lal Bazar Street Sandeep Singhania Sarita Singhania
Kolkata - 700 001 Managing Director Director (Sales & Marke ng)
Date : 17th May 2017 (DIN: 00343837) (DIN: 00343786)