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Kamala Tea Company Ltd.

BSE: 530529 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Kamala Tea Company Ltd. (KAMALATEA) - Director Report

Company director report

ANNUAL REPORT 1999-2000 KAMALA TEA COMPANY LIMITED DIRECTOR'S REPORT TO THE MEMBERS Your Directors present their report together with the Audited Accounts of the Company for the year ended 31st March, 2000 and the Auditor's Report thereon. 1. DIVIDEND Your Directors report their inability to recommend any dividend to improve the capital base of the Company. 2. DEVELOPMENT PROGRAMME The sustained development programme in field and factory remains in the forefront of the activities on the Estates. It is an on going process. The Company has made special efforts to combat draught and have installed irrigation sets at the Tea Estate. The Company continues to spend money for renovation and up gradation of the Factory Machineries. The Company has spend substantial funds for development of its kamala Tea Estate during the year. 3. PROSPECTS Although weather conditions initially were not favourable, they have since improved and barring unforseen circumstances, the prospects for the current financial year appear to be satisfactory. 4.Exports The Company is taking all necessary steps in expanding its export market and achieved a good market during the year. The Company was able to Export worth Rs. 39964068/- on FOB basis compared to Rs. 21729025/- in the previous year. 5. EXCISE DUTY As the shareholders are aware, the Government of India has reintroduced excise duty on bulk tea from last year and for every kilogram of tea produced by the Company, excise duty of Rs. 2 per kg. is payable. Despite strong representation from the industry, the Government has not withdrawn this duty in this year's Budget. 6. Y2K COMPLIANCE As mentioned in last year's report, your Company addressed the Year 2000 (Y2K) problem and achieved a smooth transition without any difficulty. 7. COMPANIES (DISCLOSURES OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988 In terms of the above rules, your Board is pleased to give particulars as required therein in the Annexure which forms a part of the Directors Report. 8. AUDITORS AND THEIR REPORT The notes to the Auditors' Report in as much as their observations are self- explanatory. M/s. A.C. Roy & Co., Chartered Accountants, retire at the conclusion of the forthcoming Annual General Meeting of the Company, but being eligible for reappointment have expressed their willingness to continue in office if re-appointed. 9. MANAGEMENT EMPLOYEE RELATION Relation between workers and MAnagement has been cordial throughout the year. 10. DIRECTORS Sri Sandhir Agarwala and Sri Suresh Kumar Agarwala, Directors of the Company retire by rotation and being eligible, offers themselves for re- appointment. 11. EXTENSION OF TIME FOR HOLDING ANNUAL GENERAL MEETING The Company has made an application to the Registrar of Companies , West Bengal u/s 166 (1) of the Companies Act, 1956 seking extension of time upto 30th November, 2000 for holding Annual General Meeting. The R.O.C. has granted its approval vide letter No. P.S. 1/2505/ E.O.T. dated 15.9.2000. 12. EMPLOYEES The Company has no employees in respect of whom Statement under Section 217(2A) of the Companies Act, 1956 is required to be annexed. 13. ACKNOWLEDGEMENT Your Directors wish to express their sincere thanks to the Company's only Bankers, United Bank of India, Export credit Guarantee Corporation of India, tea Auctioneers, Customers, Suppliers, employees for their valuable support extended to the Company, during the year. 240B, Acharya Jagadish Chandra Bose Road 3rd Floor By Order of the Board of Directors, Calcutta-700 020 For KAMALA TEA COMPANY LIMITED Dated : 9th OCtober, 2000 SANTOSH KUMAR AGARWALA DIRECTOR ANNEXURE TO THE DIRECTOR'S REPORT Disclosure of particulars with respect of conservation of Energy, Technology Absorption, Foreign Exchange Earnings and outgo as required under Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 and forming part of the Board of Directors for the year ended 31st March,2000. From"B" 1. TECHNOLOGY ABSORPTION There is no in-house Research & Development facilities in our Company. However , we are subscribing to Tea Research Association for continuous Technology Development. 2. FOREIGN EXCHANGE EARNING AND OUTGO Particulars with regard to foreign exchanges and outgo appear in Notes to the Accounts in Schedule-19.