ANNUAL REPORT 1999-2000
KAMALA TEA COMPANY LIMITED
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
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.
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.
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
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strong representation from the industry, the Government has not withdrawn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
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
Sri Sandhir Agarwala and Sri Suresh Kumar Agarwala, Directors of the
Company retire by rotation and being eligible, offers themselves for re-
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.
The Company has no employees in respect of whom Statement under Section
217(2A) of the Companies Act, 1956 is required to be annexed.
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
Calcutta-700 020 For KAMALA TEA COMPANY LIMITED
Dated : 9th OCtober, 2000 SANTOSH KUMAR AGARWALA
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.
1. TECHNOLOGY ABSORPTION
There is no in-house Research & Development facilities in our Company.
However , we are subscribing to Tea Research Association for continuous
2. FOREIGN EXCHANGE EARNING AND OUTGO
Particulars with regard to foreign exchanges and outgo appear in Notes to
the Accounts in Schedule-19.