Your Directors have pleasure in presenting the 98^th AnnualReport on the performance of the Company together with the Audited Financial Statementsfor the financial year ended 31^st March 2020.

FINANCIAL RESULTS:

Indian Accounting Standards (Ind AS)

In the preparation of financial statements the Company has followedthe Indian Accounting Standards (Ind AS) and the financial results have been prepared inaccordance with the recognition and measurements principles laid down in the saidstandards.

Dividend

Your Directors have recommended a final dividend of Rs.1.70/- per share(17%) which together with an interim dividend of Re. 1/- per share (10%) already paidmakes a total dividend of Rs. 2.70/- per share (27%) for the year ended 31^stMarch 2020 [previous year Rs.2.70/-per share (27%)]. The proposed final dividend ofRs.1.70 per share (17%) for the year amounting to Rs.8494162/- will be accounted in thefinancial year 2020-21 in accordance with Ind AS10 - 'Events after the reporting period'.

Transfer to Reserves

The Directors have proposed to transfer a sum of Rs.900 Lakhs to theGeneral Reserve which will be accounted in the financial year 2020-21 in accordance withInd AS 10 - 'Events after the reporting period'.

Operations

The total quantity of tea manufactured during the year was lower at2914862 kgs as against 3091002 kgs during the previous year.

The rainfall during the year was 1545 mm as against 1194 mm during theprevious year. However the crop production was lower due to untimely and unevendistribution of rainfall during the year.

Your Company has recorded a sale of 2893991 kgs (previous year3165290 kgs). The average price realized during the year was higher when compared to theprevious year.

Profit before tax for the year was Rs. 1387.82 lakhs as againstRs.1700.10 lakhs during the previous year.

The total exports during the year was 1599025 kgs as against1865911 kgs during the previous year.

Outlook

The rainfall since the beginning of the year is very scanty.Consequently during the current financial year crops are likely to be low. With expansioncompleted at Korakundah factory all certified organic leaf will be manufactured there.With prices for tea likely to be better than last year we expect a stable year ahead.

Share Capital

The paid up capital of the Company as at 31^st March 2020remains unchanged.

Directors Responsibility Statement

As required by sub-section 5 of Section 134 of the Companies Act 2013your Directors confirm that:

a) in the preparation of Annual Accounts for the year ended 31^stMarch 2020 the applicable Indian Accounting Standards have been followed without anymaterial departures;

b) such accounting policies have been selected and applied consistentlyand judgment and estimates have been made that are reasonable and prudent so as to give atrue and fair view of the state of affairs of the Company as at 31^st March2020 and of the profit of the Company for that period;

c) proper and sufficient care has been taken for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013to safeguard the assets of the Company and to prevent and detect fraud and otherirregularities;

d) the annual accounts have been prepared on a going concern basis;

e) proper internal financial controls to be followed by the Companyhave been laid down and that the financial controls are adequate and were operatingeffectively;

f) proper systems have been devised to ensure compliance with theprovisions of all applicable laws and such systems are adequate and were operatingeffectively.

Directors and Key Managerial Personnel

Mr. Sankar Datta was re-appointed as Independent Director of theCompany by the members at the 97^th Annual General Meeting held on July 20 2019for a term of five years with effect from 10^th November 2019.

Of the Directors liable to retire by rotation Mr. T.G.B. Pinto willretire at the forthcoming Annual General Meeting. He is eligible for re-election andoffers himself accordingly. Upon being re-appointed he would continue to occupy theposition of Whole-time Director till his tenure of office.

Particulars of Loan Guarantees or Investments under Section 186

The Company has not given any loan or guarantee or made investments inany Body Corporate in terms of Section 186 of the Companies Act 2013 during thefinancial year 2019-20.

Particulars of contracts or arrangements made with related parties

Particulars of contracts or arrangement with related parties referredto in Section 188 (1) of the Companies Act 2013 in the prescribed form AOC-2 is appendedas Annexure 2 to this report.

Material changes and Commitments between 31^st March 2020 anddate of this report

There are no material changes and commitments affecting the financialposition of the company which have occurred between 31^st March 2020 and thedate of this report.

Conservation of Energy Technology Absorption Exports and ForeignExchange Earnings and Outgo

Details pertaining to Conservation of Energy Technology Absorption andForeign Exchange earnings and outgo are given in Annexure-1.

Transfer to Investor Education and Protection Fund (IEPF)</b>

The Company has transferred during the year unclaimed dividendsamounting to Rs. 595458/- to the Investor Education and Protection Fund.

Pursuant to the applicable provisions of the Companies Act 2013 readwith IEPF Authority (Accounting Audit Transfer and Refund) Rules 2016 the Companytransferred 16551 shares during the year in respect of which dividend has not beenclaimed for 7 consecutive years or more to the demat account of IEPF Authority. Thetransfer was effected after sending notices to the concerned shareholders. The details aregiven in the Report on Corporate Governance forming part of this report.