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ALAPPUZHA
BOARD OF DIRECTORS
Mr. DILIP THOMAS (Chairman)
Mrs. PRIYALATHA THOMAS
Mr. M.K. KOSHY
Mr. K. SURESH (Managing Director)
Mr. W.D. NELSON
Mr. R. VENUGOPALAN
AUDITORS
Suri & Co.
Chartered Accountants
No.4, Chevaliar Shivaji Ganesan Salai
T.Nagar, Chennai-600 017
BANKERS
Contents
Page No.
Bank of Baroda
The Federal Bank Ltd
Notice to Shareholders
Directors Report
12
Compliance Certificate
16
Auditors Report
22
Balance Sheet
26
27
28
Notes on Accounts
30
Financial Highlights
52
REGISTERED OFFICE
W-21/674, Beach Road,
Alappuzha-688 012
Tel: 0477-2243624 Fax: 0477-2243626
Email: avt.alapuzha@gmail.com
THE HIGHLAND
PRODUCE
COMPANY
LIMITED
THE HIGHLAND
PRODUCE
COMPANY
LIMITED,
ALAPPUZHA
Registered Office: W-21/674, Beach Road, Alappuzha-688012
CIN : L01119KL1925PLC000416
NOTICE TO SHAREHOLDERS
NOTICE is hereby given that the EIGHTY EIGHTH ANNUAL GENERAL MEETING of the Company will be held at the
Registered Office, at W-21/674, Beach Road, Alappuzha-688 012, at 11.30 A.M. on Friday, the 19th September, 2014
to transact the following business:
Ordinary Business:
1. To receive, consider and adopt the financial statements of the Company for the year ended March 31, 2014, the
reports of the Board of Directors and Auditors thereon.
2. To appoint a Director in place of Mrs. Priyalatha Thomas , (DIN:00052237) who retires by rotation and being eligible
has offered herself for re-appointment.
3. To appoint a Director in place of Mr. W.D.Nelson , (DIN:00255511) who retires by rotation and being eligible has
offered himself for re-appointment.
4. To consider and, if thought fit to pass, with or without modification(s), the following resolution as an Ordinary
Resolution:
RESOLVED:That pursuant to the provisions of Section 139 and other applicable provisions, if any, of the Companies
Act, 2013 and the Rules framed thereunder, as amended from time to time, M/s. Suri & Co, Chartered
Accountants (Registration No. 004283S), be and is hereby re-appointed as Auditors of the Company
to hold office from the conclusion of this Annual General Meeting (AGM) to the conclusion of the 91st
AGM of the Company to be held in the year 2017 (subject to ratification of the appointment by the
members at every AGM), at such remuneration plus service tax, out of pocket and travelling expenses
as may be mutually agreed between the Board of Directors of the Company and the Auditors.
SPECIAL BUSINESS:
5. To consider and, if thought fit to pass, with or without modification(s), the following resolutions as Special Resolutions:
RESOLVED:That consent and / or approval be and is hereby accorded by the shareholders , pursuant to the
provisions of Section 197 and other applicable provisions, if any, of The Companies Act, 2013, read
together with Section II in Part II of Schedule V of the said Act, (including any statutory modifications
and/or re-enactments thereof for the time being in force), the payment of remuneration to Mr.K.Suresh,
in consideration of the performance of his duties as Managing Director of the Company , be and is
hereby revised during the tenure with effect from 1st June, 2014 to 31st May, 2017, and remunerated
without entitlement to sitting fees, notwithstanding the fact that , the said Mr.K.Suresh is also appointed
as the Joint Managing Director of The Rajagiri Rubber & Produce Company Limited with effect from
7.8.2014 and paid by way of monthly salary and allowances, perquisites and/or benefits as may be
determined by the Board and/or Remuneration Committee thereof within the monetary ceiling limit
not exceeding Rs.3,50,000/- (Rupees Three lakhs fifty thousand only) per month as prescribed in
Paragraph (A) in Section II in Part II of Schedule V of the Companies Act, 2013 or such other sum as
may be statutorily applicable from time to time within the higher maximum limit admissible from any of
the two companies as applicable and prescribed in paragraph (A) in Section II in Part II of the said
Schedule, read together with Section V in Part II of the said Schedule computed with reference to
Effective Capital of the two Companies as prescribed therein and notwithstanding the fact that the
Company has no profits and/or its profits are inadequate in any financial year and the above remuneration
be shared by this Company with the The Rajagiri Rubber & Produce Company Limited in the
2
Chennai
7th August, 2014
In compliance with provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies
(Management and Administration) Rules, 2014, the Company is pleased to provide Members facility to exercise their
right to vote at the 88th Annual General Meeting (AGM) by electronic means and the business may be transacted
through e-Voting Services provided by Central Depository Services Limited (CDSL):
In case of members receiving e-mail:
(i)
(ii)
(iii) Now, select the COMPANY NAME from the drop down menu and click on SUBMIT
(iv) Now Enter your User ID . Members holding shares in Physical Form should enter Folio Number registered with the
Company and then enter the Captcha Code as displayed and Click on Login.
(v)
If you are a first time user follow the steps given below.
DOB#
Dividend
Bank Details#
* Members who have not updated their PAN with the Company are requested to use the first two letters of your name
and the sequence number in the PAN field. Eg. If your name is Ramesh Kumar with sequence number 1 then enter
RA00000001 in the PAN field. (Sl. No. mentioned in your address label can be used as Sequence No. for this purpose)
# Please enter any one of the details in order to login. In case either of the details are not recorded with the company
please enter the <Default Value> in the Dividend Bank details field.
(vii) After entering these details appropriately, click on SUBMIT tab.
(viii) Members holding shares in physical form will then reach directly the Company selection screen.
(ix) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions contained
in this Notice.
(x)
(xi) On the voting page, you will see Resolution Description and against the same the option YES/NO for voting.
Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO
implies that you dissent to the Resolution.
(xii) Click on the Resolutions File Link if you wish to view the entire Resolutions.
Please follow all steps from sl. no. (i) to sl. no. (xvi) above to cast vote.
(B) The voting period begins on 10th September, 2014, Wednesday (9:00 a.m.) and ends on 12th September, 2014,
Friday (6:00 p.m.). During this period shareholders of the Company, holding shares in physical form as on the
cut-off date (record date) of 16th August, 2014, may cast their vote electronically. The e-voting module shall be
disabled by CDSL for voting thereafter.
(C) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions (FAQs)
and e-voting manual available at www.evotingindia.co.in under help section or write an email to
helpdesk.evoting@cdslindia.com.
General Instructions
i)
Mr. V. Suresh, Practising Company Secretary (Membership No. FCS 2969) has been appointed as the Scrutinizer
to scrutinize the e-Voting process in a fair and transparent manner.
ii)
The Scrutinizer shall, within a period not exceeding three(3) working days from the conclusion of the e-Voting
period unblock the votes in the presence of at least two(2) witnesses not in the employment of the Company and
make a Scrutinizers Report of the votes cast in favour or against, if any, forthwith to the Chairman of the Company.
iii)
The voting rights of shareholders shall be in proportion to their shares of the paid up equity share capital of the
Company as on 16th August, 2014.
iv)
The Results shall be declared at the AGM of the Company. The Results declared along with the Scrutinizers
Report shall be placed on the Companys website www.highlandproduce.com and on the website of CDSL
within two(2) days of passing of the resolutions at the AGM of the Company and communicated to the Stock
Exchanges.
1. Mr. K.Suresh aged 58 years, and a graduate in Commerce with PG Diploma in Advanced Marketing had held
middle and senior management positions with Hindustan Lever Ltd., Caltex and General Electrical Company before
he joined the Company as Chief Executive Officer on 1st February, 2003. He has rich experience in operations,
marketing, logistics and materials and general management, by holding extensive, multi-management and crossfunctional portfolios with tea plantations division of Hindustan Lever Ltd., his previous employer.
Rs.10,50,000
Rs.10,50,000
Rs. 2,83,500
Rs. 2,83,500
Rs. 4,50,000
Rs. 4,50,000
Rs. 17,83,500
Rs.17,83,500
3. Mr. K.Suresh has been entrusted with powers of management of all the business operations of the two Group
Companies, subject to the superintendence control and directions of the Board of Directors and he is responsible
for the day to day management of all the business operations
4. The Remuneration Committee of the Board has proposed the following managerial remuneration to Mr. K.Suresh
effective from 1st June, 2014 to 31st May, 2017 as Managing Director until otherwise determined by the Remuneration
Committee /Board within the ceiling limit of Rs.3,50,000/- (Rupees Three lakhs fifty thousand only) per month, as
prescribed by Paragraph (A) in Section II in Part II of Schedule V of the Companies Act, 2013 and shall be shared
by this company and The Rajagiri Rubber and Produce Company Limited in which Mr. K.Suresh is appointed as
Joint Managing Director , in proportion at 60 % and 40% respectively and /or such other proportion as may be
decided from time to time by the Board /Remuneration Committee thereof of this Company and The Rajagiri
Rubber and Produce Company Limited during the tenure from 1st June, 2014 to 31st May 2017 as Managing
Director.
5. The proposed remuneration package with respect to the industry is not comparable, considering the nature of the
business operations carried on by the Company and its size. However, taking into consideration the profile of the
appointee and the responsibilities shouldered by him, the proposed remuneration is considered to be commensurate
with the remuneration packages given by other companies, though not in the same industry, to similar senior level
appointees.
6. Mr. K.Suresh besides receiving remuneration for his services rendered as Managing Director does not have any
other pecuniary relationship with the Company and its managerial personnel.
III
OTHER INFORMATION
(1) In Plantation Industry production of Tea was lower however the prices realised were better. The prices realised in
respect of Cardamom was also lower.
(2) The Company has under taken various measures to improve profitability by effecting operational efficiencies,
besides implementing several cost reduction measures.
(3) The above measures, are expected to yield positive results in the coming years and lead to better financial
performances.
However, operations in the plantations , being highly susceptible to the vagaries of climatic conditions, increase in
productivity and improved financial performances are not measurable with complete certainty.
10
Chennai
7th August, 2014
11
1,80,50,634
Nil
1,80,50,634
DIVIDEND
The Board of Directors have not proposed any dividend for the year ended 31st March, 2014, in view of the unabsorbed
depreciation in previous years.
OPERATIONS
Though the Production of Tea declined during the year the prices realised were higher.
The Production of Cardamom has increased during the year and the prices realised were lower.
As regards the Doors and Panel Boards unit the company has entered into an Memorandum of Understanding for sale
of the unit with the consent of the shareholders , in view of the continuous losses.
DIRECTORATE
In accordance with the Articles of Association of the Company, Directors Mrs.Priyalatha Thomas and Mr. W.D.Nelson
retire by rotation and are eligible for re-election.
The Board of Directors of the Company have considered the revision in managerial remuneration to Mr.K.Suresh,
Managing Director during the tenure of his re-appointment from 1st June, 2014 to 31st May, 2017 , subject to the
approval by the shareholders in the General Meeting. Necessary resolutions are incorporated in the Notice convening
the ensuing Annual General Meeting.
AUDITORS
M/s Suri & Co. Chartered Accountants, retire and are eligible for re-appointment.
DEPOSITS
The Directors report that there are no unclaimed/unpaid deposits during the year.
PARTICULARS OF EMPLOYEES
None of the employees were drawing remuneration exceeding the limits as prescribed by the Companies (Particulars of
Employees) Rules, 1975 read in conjunction with Section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY
The information required under Section 217 (1) (e) of The Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules 1988, as relating to Tea Division is set out in the Annexure.
Relating to other activities of the Company, the said Rules are not applicable.
12
The annual accounts have been prepared by following the applicable accounting standards.
(ii) The accounting policies selected have been applied consistently and judgments and estimates that are reasonable
and prudent have been made so as to give a true and fair view of the state of affairs of the Company as at the end
of the financial year and of the Profit of the Company for the financial year.
(iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with
the provisions of The Companies Act, 1956 for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
(iv) The annual accounts have been prepared on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE
Pursuant to proviso to Section 383 A (1) of The Companies Act, 1956, certificate is obtained from a Secretary in Wholetime practice for filing with the Registrar of Companies and a copy of such certificate is attached to this Report.
COST AUDIT
The Company is required to get the cost accounts maintained under section 209(1)(d) of the Companies Act, 1956 in
respect of Tea manufactured by the Company , audited in terms of Order issued by the Ministry of Corporate Affairs. The
Company filed the Cost Audit report for the year for the financial year 2012-13 in XBRL format.
The Board of Directors, subject to the ratification for payment by the shareholders had re-appointed M/s.Rajendran,
Mani & Varier, Cost Accountants, Cochin to conduct the Cost Audit for the financial year 2014-2015.
GENERAL
Your Directors take this opportunity to place on record their appreciation of the contribution made by the employees
at all levels to the operations of the Company. The Directors also thank the Bankers of the Company for the cooperation and assistance extended to your Company.
By Order of the Board
DILIP THOMAS
Chairman
Chennai,
7th August, 2014
13
ANNUR
(Doors Unit)
Year : 2013 - 14
A.
18,90,549
1,11,82,074
5.91
20,09,552
1,09,36,669
5.44
4,11,848
29,73,248
7.22
Own Generation
Unit (Kwh)
Unit/ lit. of HSD oil
Cost/ Unit (Rs.)
2,82,496
3.22
17.15
97,449
3.09
17.78
1,33,536
2.01
24.02
2. Firewood : Own
Quantity (Kgs)
Total Cost (Rs.)
Average Cost (Rs.)
4,79,175
3,33,239
0.70
3. Firewood : Outside
Quantity (Kgs)
Total Cost (Rs.)
Average Cost (Rs.)
57,40,290
1,19,97,206
2.09
42,76,615
87,45,424
2.04
4. Rubber Firewood
Quantity (Kgs)
Total Cost (Rs.)
Average Cost (Rs.)
3,28,165
6,20,792
1.89
22,570
22,570
1.00
b)
14
ANNUR
(Doors Unit)
Year : 2013 - 14
B.
19,55,740
21,73,045
20,23,973
21,07,001
1,10,110
5,45,384
1.11
2.70
2.70
1.04
2.51
2.51
4.95
Chennai,
29th May, 2014
15
COMPLIANCE CERTIFICATE
CIN : L01119KL1925PLC000416
Paid-up Capital: Rs.1,74,00,000
To
The Members of
The Highland Produce Company Limited
W-21/674, Beach Road.
Alleppey, Kerala , Pin:688 012
We have examined the registers, records, books and papers of The Highland Produce Company Limited as required
to be maintained under The Companies Act, 1956, and the rules made there under and also the provisions contained
in the Memorandum and Articles of Association of the Company for the financial year ended on 31st March, 2014. In our
opinion and to the best of our information and according to the examinations carried out by us and explanations
furnished to us by the company, its officers and agents, we certify that in respect of the aforesaid financial year:
1. The Company has kept and maintained all registers as stated in Annexure A to this certificate, as per the provisions
and the rules made there under and all entries therein have been duly recorded.
2. The Company has duly filed the forms and returns as stated in Annexure B to this certificate, with the Registrar of
Companies, Regional Director, Central Government, Company Law Board or other authorities within the time
prescribed under the Act and the rules made there under.
3. The Company being Public Limited, provisions of Section 3(1) (iii) are not applicable
4. The Board of Directors duly met four times respectively on 29/05/2013, 01/08/2013, 01/11/2013 and 05/02/2014 in
respect of which meetings proper notices were given and the proceedings were properly recorded and signed in
the Minutes Book maintained for the purpose.
5. The Company closed its Register of Members, from 03/09/2013 to 13/09/2013 and necessary compliance of Section
154 of the Act has been made.
6. The Annual General Meeting for the financial year ended on 31/3/2013 was held on 13/09/2013 after giving due
notice to the members of the company and the resolutions passed thereat were duly recorded in Minutes Book
maintained for the purpose.
7. No extra ordinary general meeting was held during the financial year
8. The company has not advanced any loans to its Directors or persons or firms or companies referred to under
Section 295 of the Act during the financial year.
9. The Company has duly complied with the provisions of Section 297 of the Act in respect of contracts specified in
that section.
10. The company has made necessary entries in the register maintained under Section 301of the Act wherever applicable.
11. As there were no instances falling within the purview of Section 314 of the Act, the Company is not required to
obtain any approvals from the Board of Directors, Members or Central Government.
12. The Company has not issued any duplicate certificates during the financial year.
16
Order Ref
Order No. 2/K10281/2008
dated 12.07.2013
Remarks
Central Government Approval for
Contracts in which particular Directors
are interested
18. The Directors have disclosed their interest in other firms/companies to the Board of Directors pursuant to the
provisions of the Act and the rules made there under.
19. The Company has not issued any shares/ debentures during the financial year and complied with the provisions of
the Act.
20. The company has not bought back any shares during the financial year.
21. There was no redemption of preference shares or debentures during the financial year.
22. There were no transactions necessitating the company to keep in abeyance the rights to dividend, rights shares
and bonus shares pending registration of transfer of shares.
23. The company has complied with the provisions of Section 58A and 58AA read with Companies (Acceptance of
Deposits) Rules 1975 the applicable Directions issued by the Reserve Bank of India or any other authority in
respect of deposits accepted, amounting to Rs. 1,14,26,000./- raised by the company during the year and the
company has filed the copy of advertisement as required, with the Registrar of Companies Kerala on 09/09/2013.
The Company has also filed the Return of Deposit with the Registrar of Companies Kerala on 28/06/2013.
17
Place: Chennai
Date : 29.5.2014
V.SURESH
PRACTISING COMPANY SECRETARY
C.P.NO.6032
18
ANNEXURE A
Place: Chennai
Date : 29.5.2014
V.SURESH
PRACTISING COMPANY SECRETARY
C.P.NO.6032
19
ANNEXURE B
Forms and Returns as filed by the Company with the Registrar of Companies, Regional Director, Central Government
or other authorities during the financial year ending on 31st March, 2014.
Date filed
Modification of charges
01/04/2013
Yes
233B(4)
05/04/2013
Yes
Form 23 C
233B(2)
Appointment of Cost
Auditor for the year
2013-2014
19/06/2013
Yes
Form 62
Rule 58A
Return of Deposits
28/06/2013
Yes
Form 24A
297
Approval of Contracts
28/06/2013
Yes
Form 62
Rule 4(4) of
Companies
(Acceptance
of Deposits)
Rules 1975
Text of Advertisement
09/09/2013
Yes
Form 1-XBRL
233B(4)
27/09/2013
Yes
Form 66
383A
03/10/2013
Yes
Form 32
303(2)
Appointment of Director
Mr.R.Venugopalan
04/10/2013
Yes
Form 23AC
and Form 23ACA
- XBRL
220
12/10/2013
Yes
Form 8
125
Modification of charges
07/11/2013
Yes
Form No.
Filed u/s
Form 8
125
Form 1-XBRL
For
20
Filled u/s
Form 8
125
Form 20B
For
Date filed
Creation of charges
07/11/2013
Yes
159
11/11/2013
Yes
Form 17
138
Satisfaction of charges
16/01/2014
Yes
Form 1 INV
Rule 3 of the
Investor
Education and
Protection
Fund
(Awareness and
Protection of
Investors)
Rules 2001
Transfer to Investor
Education and Protection
Fund - Unpaid Dividend for
2005-2006
17/02/2014
Yes
Form 5 INV
Rule 3 of the
Investor
Education and
Protection
Fund Rules
2012
14/02/2014
Yes
Place: Chennai
Date : 29.5.2014
V.SURESH
PRACTISING COMPANY SECRETARY
C.P.NO.6032
21
22
As required by the Companies (Auditors Report) Order, 2003 (the Order) issued by the Central Government of
India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under
section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the
manner in which such cess is to be paid, no cess is due and payable by the Company.
Place : Chennai
Dtae : 29th May 2014
23
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation
of Fixed Assets.
(b) Physical verification of major items of these assets has been conducted by the Management during the
financial year and no material discrepancies were noticed on such verification. In our opinion, procedures
followed by the management is reasonable having regards to the size of the Company and the nature of its
assets.
(c) No substantial part of Fixed Assets of the company has been disposed off during the year and therefore, do
not affect the going concern assumptions.
ii)
(a) Physical verification of inventory has been conducted by the Management at reasonable intervals.
(b) The procedures of physical verification of inventory followed by the Management are reasonable and
adequate in relation to the size of the Company and the nature of its business.
(c) The Company has maintained proper records of inventory and no material discrepancies have been noticed
on physical verification of inventory as compared to book records.
iii) (a) The Company has not granted any loans, secured or unsecured, to Companies, firms or other parties
covered in the register maintained under Section 301 of the Companies Act, 1956 and hence the
clauses (iii) (a), (b), (c) & (d) of the Order are not applicable.
(b) The company has taken unsecured loan from two directors amounting to Rs.285 Lakhs including Rs. 65 Lakhs
in the previous year. During the year the Company had repaid an amount of Rs. 180 Lakhs. The maximum
amount outstanding during the year was Rs. 145 Lakhs and the year end balance is Rs. 105 Lakhs.
(c) The rate of interest and other terms and conditions on which the loan is taken are not, prima facie, prejudicial
to the interest of the Company.
(d) The Company is regular in repaying the principal amount and interest.
iv) In our opinion and according to the information and explanation given to us, there is an adequate internal control
system commensurate with the size of the Company and the nature of its business for the purchase of inventory,
fixed assets and for the sale of goods and services. We have not observed any major weakness in the internal
control system during the course of our audit.
v)
a) In respect of the contracts or arrangements referred to in Section 301 of the Act, to the best of our knowledge
and according to the information and explanation given to us, the particulars of the contracts or arrangements
have been entered in the register required to be maintained under that Section.
(b) In our opinion and according to the information and explanations given to us, the transactions made in
pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act and
exceeding the value of five lakh rupees in respect of any party during the year have been made at prices,
which are reasonable having regard to prevailing market prices at the relevant time.
vi) The Company has complied with the directives issued by the Reserve Bank of India and the provisions of Section
58A and 58AA or other provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975 with regard to the deposits accepted from the public.
vii) The Company has an internal audit system commensurate with its size and nature of its business.
viii) We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained
by the company pursuant to the Companies (Cost Accounting Records) Rules,2011 prescribed by the Central
Government for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 and we are
of the opinion that prima facie the prescribed accounts and records have been made and maintained.
ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Sales tax, Wealth tax,
Service Tax, Customs duty, Excise duty, Cess and other statutory dues applicable to it. No undisputed
statutory dues were outstanding as at the last day of the financial year for a period of more than six months
from the date they became payable.
24
Kerala Value
Added Tax Act
Tamil Nadu
Value Added
Tax Act
x)
xi)
xii)
xiii)
xiv)
xv)
xvi)
xvii)
xviii)
xix)
xx)
xxi)
CST 1997-1998
5,86,000
Kerala Agricultural
Income Tax and Sales
Tax Appellate Tribunal
2,11,000
Deputy Commissioner
(Appeals)
KVAT 2005-06
14,46,000
Deputy Commissioner
(Appeals)
TN VAT 2006-07
2,59,000
Commissioner (Appeals)
The Company does not have accumulated losses at the end of the financial year. The Company has not incurred
cash loss in the current financial year and had incurred cash loss in the immediately preceding financial year.
The Company has not defaulted in repayment of dues to banks/ financial institutions.
The Company has not granted any loans and advances on the basis of security by way of pledge of shares,
debentures and other securities.
The Company is not a Chit Fund or a Nidhi/Mutual Benefit Fund/Society.
The Company is not dealing or trading in shares, securities, debentures or other investments.
The Company has not given any guarantee for loans taken by others from banks or financial institutions.
The Company has applied the term loans for the purpose for which they were obtained.
According to the information and explanations given to us, no funds raised on short-term basis have been used for
longterm investment.
The Company has not made any preferential allotment of shares during the year.
The Company has not issued any debentures.
The Company has not raised any money by public issues during the year.
According to the information and explanations given to us, no fraud on or by the company has been noticed or
reported during the year.
Place : Chennai
Dtae : 29th May 2014
25
I.
As at
31-03-2014
Amount in `
As at
31-03-2013
2
3
1,74,00,000
3,65,54,520
1,74,00,000
1,85,03,886
5,39,54,520
3,59,03,886
2,98,45,596
2,23,363
25,21,313
3,82,03,111
2,07,870
15,10,787
3,25,90,272
3,99,21,768
13,84,34,349
2,02,90,317
5,11,70,580
1,26,61,084
10,32,11,851
1,87,54,102
3,76,14,329
1,35,63,863
22,25,56,330
17,31,44,145
TOTAL
30,91,01,122
24,89,69,799
11
11,94,37,889
10,87,328
7,93,395
33,23,874
12,21,29,485
Nil
32,93,395
93,32,191
12,46,42,486
13,47,55,071
8,73,97,899
5,96,34,517
1,43,99,276
2,30,26,944
6,15,95,938
2,66,61,059
72,22,286
1,87,35,445
18,44,58,636
11,42,14,728
30,91,01,122
24,89,69,799
4
5
6
II.
NOTES
7
8
9
10
ASSETS:
(1) Non-Current assets:
(a) Fixed Assets
(i) Tangible Assets
(ii) Capital Work-in-progress
(b) Non-current Investments
(c) Other non-current assets
12
13
14
15
16
17
1
TOTAL
Notes 1 to 17, Note 26 and Cash Flow Statement form part of this Balance Sheet
Vide our report of date attached
For SURI & CO.
Chartered Accountants
Firm Regn.No.004283S
G. RENGARAJAN
Place : Chennai,
Partner
Date : 29th May 2014
Membership No. 219922
DILIP THOMAS
Chairman
26
K. SURESH
Managing Director
Amount in `
For the year ended For the year ended
31-03-2014
31-03-2013
69,45,45,048
1,59,59,658
52,83,75,744
1,57,01,146
67,85,85,390
51,26,74,598
2,64,93,714
36,51,659
70,50,79,104
51,63,26,257
31,44,24,632
16,13,97,782
1,06,475
(1,85,42,000)
15,77,89,964
1,71,79,920
1,18,18,489
4,28,53,208
23,90,30,334
13,85,12,576
1,56,788
(1,45,86,000)
12,84,80,641
1,76,08,626
1,32,54,228
2,65,22,992
68,70,28,470
54,89,80,185
1,80,50,634
Nil
1,80,50,634
(3,26,53,928)
Nil
(3,26,53,928)
1,80,50,634
(3,26,53,928)
1,80,50,634
(3,26,53,928)
31.61
(62.29)
II.
18
Other Income:
19
20
21
22
23
24
25
X.
(VIII-IX)
26 (3)
Notes 1, 18 to 26 and Cash Flow Statement form part of this Statement of Profit and Loss.
Vide our report of date attached
For SURI & CO.
Chartered Accountants
Firm Regn.No.004283S
G. RENGARAJAN
Place : Chennai,
Partner
Date : 29th May 2014
Membership No. 219922
DILIP THOMAS
Chairman
27
K. SURESH
Managing Director
In `
Previous Year
In `
1,80,50,634
(3,26,53,928)
1,32,54,228
Nil
5,69,323
34,64,144
(44,967)
(15,93,602)
1,76,08,626
52,15,108
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
ADJUSTMENTS FOR :
Trade and other receivables
(3,29,73,458)
Inventories
(2,58,01,961)
Trade Payables
1,51,07,959
Other Current Assets
(4,79,966)
2,32,65,742
6,03,824
1,40,34,129
(64,22,002)
(63,23,987)
87,308
(4,41,47,426)
CASH GENERATED FROM OPERATIONS
Taxes Paid
(2,08,81,684)
(39,24,406)
19,79,272
(2,16,395)
(2,48,06,090)
Nil
17,62,877
Nil
(2,48,06,090)
17,62,877
(1,32,66,900)
(5,00,000)
2,55,81,154
30,00,000
8,62,328
6,19,412
(9,99,167)
Nil
50,200
Nil
10,54,236
5,40,412
1,62,95,994
6,45,681
28
Previous Year
In `
(57,17,000)
(71,23,222)
(83,57,515)
(1,00,00,000)
5,80,62,720
(1,71,79,920)
(12,64,000)
(71,23,227)
(8,28,847)
1,00,00,000
1,05,13,943
(1,77,45,100)
96,85,063
(64,47,231)
11,74,967
(40,38,673)
11,74,967
(40,38,673)
In `
C. CASH FLOW FROM FINANCING ACTIVITIES
Public Deposits/Loan from Directors
Deferred Sales Tax Liability
Term Loan
Working Capital Demand loan
Cash Credit
Interest Paid
50,83,991
62,58,958
DILIP THOMAS
Chairman
29
K. SURESH
Managing Director
ACCOUNTING CONVENTION :
The Financial Statements have been prepared on the historical cost convention in accordance with the generally
accepted accounting principles and comply in all material respects with the accounting standards notified by
Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act 1956.
IMPAIRMENT OF ASSETS
The Company reviews the carrying amounts of its assets for any possible impairment at each balance sheet date.
An impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount and the
impairment loss, if any, is recognised in the Statement of Profit & Loss.
BORROWING COSTS
Borrowing costs that are directly attributable to the acquisition/construction of the qualifying asset are capitalised
as a part of the cost of such asset, upto the date of acquisition/completion of construction.
Other borrowing costs are recognised as expense as and when incurred.
INVESTMENTS :
Long term Investments are stated at cost. Decline in value of long term investments, other than temporary, is
provided for. Current Investments are stated at lower of cost and fair value. Investment in Immovable properties is
stated at cost less depreciation.
INVENTORIES :
Inventories are valued at lower of cost on weighted average and net realisable value, after providing for obsolescence
wherever considered necessary. Cost includes taxes and duties (other than duties and taxes for which CENVAT /
VAT credit is available), freight and other direct expenses.
REVENUE RECOGNITION :
Revenue is recognised on their accrual and when no significant uncertainty on measurability or collectability exists.
Expenditure is accounted for on their accrual.
30
Sale of Goods:
Revenue is recognised when all the significant risks and rewards of ownership of the goods have been passed on
to the buyer, usually on delivery of goods. The Company collects sales tax and value added taxes(VAT) on behalf
of the goverment and, therefore, these are not economic benefits flowing to the company. Hence, they are
excluded from revenue.
Interest
Interest income is recognised on a time proportion basis taking into account the amount outstanding and the
applicable interest rate. Interest income is included under the head other income in the statement of profit and
loss.
Dividends:
Dividend income is recognized when the companys right to receive dividend is established by the reporting date.
8
EMPLOYEE BENEFITS :
Gratuity liability, which is a defined benefit scheme and provision for leave encashment is accrued and provided for
on the basis of independent actuarial valuation based on projected unit credit method made at the end of each
financial year. Actuarial gains and losses are recognised in the Statement of Profit and Loss and are not deferred.
Retirement benefits in the form of Provident Fund, Family Pension Fund and Superannuation Schemes, which are
defined contribution schemes, are charged to the Statement of Profit and Loss of the year when the contribution to
the respective funds accrue.
10 GOVERNMENT GRANTS
Subsidies from government in respect of fixed assets are deducted from the cost of respective assets as and when
they accrue.
Subsidies related to revenue are recognised in the Statement of Profit and loss to match them with the related costs
which they are intended to compensate.
11 TAXES ON INCOME:
Provision for Income-Tax is made for both current and deferred tax. Provision for current income tax is made on the
assessable income at the tax rate applicable to the relevant assessment year. Deferred tax is accounted for by
computing the tax effect of the timing difference which arise during the year and reverse out in the subsequent
periods. Deferred tax is calculated at the tax rates substantively enacted by the Balance Sheet date. Deferred tax
assets are recognized only if there is a virtual certainity that they will be realised.
31
32
(Amount in `)
As at
31-03-2013
90,00,000
1,50,00,000
90,00,000
1,50,00,000
2,40,00,000
2,40,00,000
55,00,000
1,20,00,000
55,00,000
1,20,00,000
1,75,00,000
1,75,00,000
54,00,000
1,20,00,000
54,00,000
1,20,00,000
1,74,00,000
1,74,00,000
NOTE 2:
SHARE CAPITAL
a. AUTHORISED:
9,00,000 - Equity Shares of Rs.10/- each
15,00,000 - 7% Cumulative Preference Shares of Rs.10/-each
b. ISSUED:
5,50,000 - Equity Shares of Rs.10/- each,
12,00,000 - 7% Cumulative Preference Shares of Rs.10/- each
Note : The Preference Shares issued on 16.01.2008 are redeemable at par on 16th
January 2028, but the Company at its option and at any time after 16th January
2011 can redeem the shares (Option not utilised till 31.03.2014) and the Preference
Shares issued on 03.11.2011 are redeemable at par on 3rd November 2031, but
the Company at its option at any time after 03.11.2014 can redeem the shares.
33
(Amount in `)
As at
31-03-2013
5,40,000
Nil
5,40,000
5,40,000
Nil
5,40,000
12,00,000
Nil
12,00,000
12,00,000
Nil
12,00,000
NOTE 2: (Contd..)
d. RECONCILIATION OF SHARES:
Number of Equity Shares at the beginning of the year
Add/(Less) Shares issued/buyback etc.
Number of Equity Shares at the end of the reporting period
Number of Preference Shares at the beginning of the year
Add/(Less) Shares issued/buyback etc.
Number of Preference Shares at the end of the reporting period
% of holding
No.of shares
% of holding
71,061
2,11,633
13.16
39.19
69,026
2,11,633
12.78
39.19
12,00,000
100
12,00,000
100
1. Equity:
Mr. Dilip Thomas
Dalp Trading and Manufacturing Limited
2. Preference:
The Rajagiri Rubber & Produce Company Limited
g. No bonus shares/buyback of shares in last 5 years.
NOTE: 3
RESERVES AND SURPLUS
CAPITAL REDEMPTION RESERVE:
As per last Balance Sheet
GENERAL RESERVE:
As per last Balance Sheet
Add: Transfer from Statement of Profit and Loss
7,44,54,260
Nil
SURPLUS/(DEFICIT):
Profit/(Loss) for the period
Add: (Loss)/Surplus Brought forward
Surplus/(Deficit)
Total
34
3,00,000
3,00,000
7,44,54,260
7,44,54,260
1,80,50,634
(5,62,50,374)
(3,26,53,928)
(2,35,96,446)
(3,81,99,740)
(5,62,50,374)
3,65,54,520
1,85,03,886
(Amount in `)
As at
31-03-2013
9,26,111
1,22,66,111
11,20,000
19,20,000
2,64,65,000
2,39,10,000
Nil
1,07,000
62,000
Nil
6,63,988
Nil
6,08,497
Nil
2,98,45,596
3,82,03,111
NOTE: 4
NON CURRENT LIABILITIES:
LONG TERM BORROWINGS:
TERM LOANS FROM BANKS - Secured
Term Loan from Bank, Secured against hypothecation of Stock-in-trade, Standing
crops,Plant and Machinery at Estates and Vehicles and also equitable mortgage
of land in Estates and Wood Factory at Annur with Buildings thereon.
35
(Amount in `)
As at
31-03-2013
2,23,363
2,07,870
2,23,363
2,07,870
25,21,313
15,10,787
25,21,313
15,10,787
NOTE : 7
SHORT TERM BORROWINGS:
FROM BANKS - SECURED:
Secured against hypothecation of stock-in-trade, Standing crops, movable and immovable
properties of the Company (Previous year - Secured against hupothecation of stock-intrade, Standing crops, Plant and Machinery at Estates and Vehicles and also equitable
mortgage of land in Estates and Wood Factory at Koodal and Annur with Buildings
thereon). (Rate of Interest 0.95% over Base rate - 10.95% per annum (previous year 11.75%
per annum)
Cash Credit
11,65,08,349
Working Capital Demand Loan
Nil
5,84,45,629
1,00,00,000
NOTE: 5
OTHER LONG-TERM LIABILITIES
Trade payable
NOTE: 6
LONG TERM PROVISIONS
Provision for Employee Benefits:
For Leave Encashment
36
1,05,00,000
65,00,000
Nil
71,23,222
1,14,26,000
2,11,43,000
13,84,34,349
10,32,11,851
(Amount in `)
As at
31-03-2013
2,02,90,317
1,87,54,102
10,34,372
40,050
1,27,20,993
3,73,75,165
11,59,118
40,050
1,21,20,997
2,42,94,164
5,11,70,580
3,76,14,329
4,59,004
37,39,404
11,49,552
39,51,635
84,62,676
84,62,676
1,26,61,084
1,35,63,863
NOTE : 8
TRADE PAYABLES:
Sundry Creditors
(Refer Note No.27(5) for details of dues to Micro and Small enterprises)
NOTE : 9
OTHER CURRENT LIABILITES:
Investor Education and Protection Fund
- Unpaid/unclaimed dividends
Unpaid Preference Capital Refund
Term Loans - Current maturities of Long term Debts (Refer Note 4)
Other payables
NOTE : 10
SHORT TERM PROVISIONS:
Provision for employee benefits:
For Leave Encashment
For Gratuity
Other Provisions:
Provision for Income tax
37
38
9,46,67,108
16,76,92,533
BUILDINGS
MACHINERY
9,99,167
1,21,79,572
32,23,27,149
32,16,13,698
32,19,073
1,62,50,583
20,300
79,62,025
9,78,174
Nil
Nil
Additions
8,58,21,296
3,10,33,230
64,81,829
As at
31.03.2014
5,26,74,519
Nil
Nil
Upto
31.03.2013
1,83,00,806
56,48,342
1,17,09,892
48,08,288
11,68,850
4,40,088
98,23,986
Nil
1,33,736
Deductions
GROSS BLOCK
Previous Year
VEHICLES
60,68,130
3,10,33,230
DEVELOPMENT
66,15,565
As at
01.04.2013
FREEHOLD LAND
Description
NOTE : 11
TANGIBLE ASSETS *
1,32,54,228
1,18,18,489
17,31,966
2,27,947
66,07,531
32,51,045
Nil
Nil
For the
Year
4,76,83,338
Nil
Nil
Upto
31.03.2014
1,24,16,058
46,04,176
58,84,748
10,44,166
3,68,55,958
3,81,37,958
3,10,33,230
64,81,829
As at
31.03.2014
13,43,89,779
12,21,29,485
45,40,691
12,59,842
3,66,87,568
4,19,92,589
3,10,33,230
66,15,565
As at
31.03.2013
NET BLOCK
(Amount in `)
10,25,800
4,32,059
2,18,24,650 11,57,87,846
82,42,226
Nil
Nil
Withdrawn
DEPRECIATION
39
* Associate Company
TOTAL
UNQUOTED
Teaserve (face value Rs.5,000/- per share)
A.V.Thomas Investments Co. Ltd.*
Dalp Trading and Manufacturing Ltd *
Rajagiri Impex Limited. *
300
1
22500
5000
3500
360
168
50
200
No. of
Shares/Units
13,395
32,80,000
32,93,395
7,80,000
7,93,395
300
300
30,00,000
30,00,000
30,00,000
Amount
(in `)
Deductions
No. of
Shares/Units
31-03-2013
5,00,000
5,00,000
5,00,000
Amount
(in `)
13,395
31-03-2014
50000
No. of
Shares/Units
Additions
1
22500
5000
50000
3500
360
168
50
200
7,93,395
Nil
5,000
2,25,000
50,000
5,00,000
7,80,000
13,395
5,000
2,295
750
1,175
4,175
Amount
(in `)
As at 31-03-2014
No. of
Shares/Units
(i) Face Value of Equity Shares is ` 10/- fully paidup except for those shares where face value has been separately mentioned.
32,93,395
30,00,000
30,00,000
2,80,000
5,000
2,25,000
50,000
13,395
5,000
2,295
750
1,175
4,175
Amount
(in `)
As at 01-04-2013
2.
1.
Description
NOTE : 12
NON CURRENT INVESTMENTS (AT COST)
(Amount in `)
As at
31-03-2013
23,19,222
10,04,652
19,86,610
73,45,581
33,23,874
93,32,191
Nil
1,67,39,000
28,60,000
3,29,31,000
3,48,23,023
44,876
8,61,000
1,01,70,000
22,99,000
2,09,58,000
2,72,63,062
44,876
8,73,97,899
6,15,95,938
30,30,422
36,74,098
36,74,098
57,92,027
Nil
Nil
30,30,422
57,92,027
5,66,04,095
2,08,69,032
5,96,34,517
2,66,61,059
Note:
Includes debts due by Private Limited Company in which there are common Directors
AVT Wood Products Private Limited
1,06,72,342
1,51,47,937
NOTE: 13
OTHER NON-CURRENT ASSETS:
Unsecured, Considered good
Deposits
Others
NOTE: 14
INVENTORIES(Valued at Lower of Cost and net realisable value)
Raw Materials
Work-in-progress
Stock-in-Transit
Finished goods
Stores and Spares
Nurseries
NOTE: 15
TRADE RECEIVABLES:
Unsecured, Considered good
Outstanding for more than six months from the date
they become due for payment
Doubtful
Less : Allowance for bad and doubtful advances
Total
Others
Unsecured, Considered good
40
(Amount in `)
As at
31-03-2013
80,010
1,42,127
29,78,948
32,00,000
61,78,948
62,58,958
13,41,864
36,00,000
49,41,864
50,83,991
10,34,372
11,59,118
40,050
40,050
69,45,896
8,19,127
80,20,318
20,18,295
1,42,79,276
71,02,286
1,20,000
1,20,000
1,43,99,276
72,22,286
5,90,680
3,73,000
1,30,72,694
1,18,36,649
39,233
1,58,400
Subsidy receivable
6,94,505
16,61,970
4,16,795
4,16,795
78,63,037
39,38,631
3,50,000
3,50,000
2,30,26,944
1,87,35,445
NOTE: 16
CASH AND CASH EQUIVALENTS:
Cash and Stamps on hand
Balances with Scheduled Banks
in Current Account
in Deposit Account
NOTE: 17
SHORT TERM LOANS AND ADVANCES:
Unsecured, Considered good :
Loans and advances due by Officers of the Company
Advances recoverable in cash or in kind or for value to be received.
Interest accrued and due on investments
41
(Amount in `)
For the year ended
31-03-2013
NOTE: 18
SALE OF PRODUCTS:
Tea
Cardamom
Doors/Boards etc
Minor Produce
Furnitures/Architraves etc.
Tea waste
Subsidy
Sundry receipts
52,74,61,504
1,57,14,466
12,77,67,011
60,20,690
1,05,73,546
23,61,000
Nil
46,46,831
36,70,37,190
1,86,91,852
12,65,25,516
7,57,820
82,81,003
18,51,314
27,03,729
25,27,320
69,45,45,048
1,59,59,658
52,83,75,744
1,57,01,146
67,85,85,390
51,26,74,598
6,19,412
5,40,412
5,38,094
2,05,067
2,26,08,262
10,36,000
41,330
11,65,775
2,79,774
8,11,525
2,41,665
44,967
8,36,000
1,49,010
10,28,080
Nil
2,64,93,714
36,51,659
NOTE: 19
OTHER INCOME:
Income from non-current Investments
Interest Received
- From Banks
- Others
Profit on Sale of Assets
Rent Received
Insurance claim received
Miscellaneous Receipts
Sundry Creditors no longer payable written back
42
(Amount in `)
For the year ended
31-03-2014
25,41,28,767
16,76,38,403
6,02,95,865
7,13,91,931
31,44,24,632
23,90,30,334
95,40,980
1,06,09,843
6,09,23,038
5,75,75,229
6,14,56,473
4,56,81,712
93,47,672
78,62,447
1,14,97,158
1,19,63,223
86,32,461
48,20,122
16,13,97,782
13,85,12,576
NOTE: 20
COST OF MATERIAL CONSUMED:
- Bought Leaf
- Wood
NOTE: 21
OTHER MANUFACTURING EXPENSES:
Processing Charges
43
NOTE: 22
INCREASE/DECREASE IN INVENTORY
Inventory at the beginning of the year
Tea
Cardamom
Doors/Boards
Stock in process:
Doors/Boards
NOTE: 23
EMPLOYEES BENEFIT EXPENSES:
Salaries, Wages and Bonus
Contribution to Provident and Other Funds
Provision for Gratuity (Refer Note No. 27 (8))
Provision for Leave Encashment (Refer Note No.27 (8))
Staff Welfare Expenses
NOTE: 24
FINANCE COSTS:
Interest
44
1,86,12,000
23,46,000
-
74,03,000
32,02,000
-
2,09,58,000
1,06,05,000
1,01,70,000
59,37,000
3,11,28,000
1,65,42,000
2,92,64,000
36,67,000
-
1,86,12,000
23,46,000
-
3,29,31,000
2,09,58,000
1,67,39,000
1,01,70,000
4,96,70,000
3,11,28,000
(-) 1,85,42,000
(-) 1,45,86,000
14,02,19,393
94,45,781
37,39,404
3,19,978
40,65,408
11,15,54,740
89,74,074
34,64,144
5,69,323
39,18,360
15,77,89,964
12,84,80,641
1,71,79,920
1,76,08,626
8,02,683
34,60,292
18,98,871
6,99,847
73,63,104
16,03,685
42,95,988
3,00,941
6,74,076
10,02,941
66,475
1,90,000
37,87,394
1,34,251
5,96,343
13,11,679
83,472
2,00,000
5,00,000
1,40,000
1,90,000
1,48,500
1,20,943
12,71,317
7,23,872
8,44,460
85,29,027
79,787
52,20,300
87,18,637
36,74,098
4,50,000
1,55,000
1,86,000
1,53,000
1,16,679
12,95,953
13,94,323
5,09,645
33,51,543
Nil
31,31,074
Nil
Nil
4,28,53,208
2,65,22,992
NOTE: 25
OTHER EXPENSES:
Rent and Amenities
Rates and Taxes
Brokerage and Commission
Repairs and Maintenance :
Vehicles
Others
Printing and Stationery
Postage and Telephones
Legal Expenses
Directors Sitting Fees
Auditors Remuneration:For Audit
For Certification / Tax Audit
For Tax Representation
For Travelling and other Expenses
For Service Tax
Insurance
Advertisement and Sales promotion
Bank Charges
Travelling Expenses
Assets discarded written off
Miscellaneous Expenses
Bad and doubtful debts written off
Provision for Bad and doubtful debts
45
Raw Materials
Bought Leaf - Indigenous
Wood - Indigenous
Wood - Imported
Value
`
Percentage
Value
`
Percentage
25,41,28,767
100
16,76,38,403
100
2,95,01,658
3,07,94,207
49
51
5,68,78,097
1,45,13,834
84
16
6,02,95,865
b)
3.
4.
Previous
Year
PARTICULARS OF CONSUMPTION:
a)
2.
Year Ended
31st March 2014
7,13,91,931
6,14,51,395
5,078
99.99
0.01
4,50,27,825
6,53,887
98.57
1.43
6,14,56,473
100
4,56,81,712
100
Nil
Nil
33,28,998
1,09,526
2,52,86,025
Nil
68,25,182
1,61,665
1,80,50,634
(3,26,53,928)
9,82,758
1,70,67,876
9,82,758
(3,36,36,686)
5,40,000
31.61
5,40,000
(62.29)
55,93,000
70,43,000
(b) The Company has imported Machineries for the Doors Factory at Annur, Coimbatore
by availing concessional Customs duty under EPCG Scheme, for which the Company
has to achieve a Export turnover of ` 6.12 crores within a period of eight years from
29.03.2008, failing which the Company has to repay the Customs duty of ` 76.47 lakhs
together with interest at 15% per annum to the Government.
(c) Estimated amount of contracts remaining to be executed on
Capital Account.
1,25,000
46
Nil
6.
Segment Revenue
a) Plantation
b) Panel Boards,Doors etc.
(` in lakhs)
Previous year
5562.04
1223.81
3935.69
1191.05
6785.85
-
5126.74
-
6785.85
5126.74
333.79
(7.25)
(28.30)
(145.55)
326.54
(173.85)
171.80
176.09
(25.77)
(23.40)
180.51
(326.54)
(20.57)
552.19
7.93
(129.82)
455.93
32.93
539.55
359.04
Total
2. Segment Results
Profit/(Loss) before tax and interest from
a) Plantation
b) Panel Boards,Doors etc.
Total
Less : 1) Interest
2) Other Un-allocable expenditure net off
un-allocable income
Total Profit/(Loss) Before Tax
3. Capital Employed
(Segment Assets-Segment Liabilities)
a) Plantation
b) Panel Boards,Doors etc.
c) Others
Total
47
As on 31.03.2013
Gratuity
Leave
Encashment
(Funded Plan)
(Non Funded Plan)
`
`
4,46,96,384
20,91,016
30,16,625
3,08,490
36,05,243
1,71,010
(45,63,526)
(1,58,266)
6,65,334
2,48,089
5,15,79,871
29,80,317
4,74,20,060
26,60,339
Nil
Nil
Nil
2,23,699
(2,23,699)
Nil
4,42,08,893
Nil
38,99,200
Nil
(45,63,526)
(76,142)
Nil
Nil
Nil
1,58,266
(1,58,266)
Nil
Nil
4,34,68,425
Nil
3,45,030
2,05,153
NA
(6,506)
30,16,625
36,05,243
(38,99,200)
7,41,476
3,08,490
1,71,010
NA
2,48,089
5,43,677
34,64,144
7,27,589
4,78,40,467
d) The total expense recognised in the profit and loss account is as follows:
Current Service Cost
34,83,153
Interest Cost
36,81,590
Expected return on plan assets
(38,28,800)
Net Actuarial (gain) / loss recognised in the year
4,03,461
37,39,404
48
37,39,404
29,80,317
39,51,635
26,60,339
4,78,40,467
Not Applicable
4,34,68,425
Not Applicable
9.10%
8.00%
5.00%
NA
8.05%
7.00%
5.00%
9.30%
8.05%
7.00%
5.00%
NA
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other
relevant factors such as demand and supply in the employment market.
h) The amount pertaining to defined benefit plan are as follows:
31.03.2014
31.03.2013
Gratuity funded plan
Defined Benefit Obligation
5,15,79,871
4,74,20,060
Plan Assets
4,78,40,467
4,34,68,425
Surplus/(Deficit)
(37,39,404)
(39,51,635)
Experience adjustment - Plan Liability
3,67,113
6,65,334
Experience adjustment - Plan Assets
(36,348)
(76,142)
31.03.2012
31.03.2011
31.03.2010
4,46,96,384
4,42,08,893
(4,87,491)
2,78,388
(23,835)
3,99,41,278
3,95,44,304
(3,96,974)
23,87,714
(2,39,929)
3,41,30,514
3,26,08,370
(15,22,144)
42,45,903
(4,51,583)
The Company expects to fund ` 30.50 lakhs towards its Gratuity Plan during the year 2014-2015
ii) Defined Contribution Plans:
The Company makes contribution towards employees provident fund, family pension fund, super annuation fund and employees state
insurance scheme. Under the rules of these schemes, the Company is required to contribute a specified percentage of payroll costs. The
Company during the year recognised ` 92,16,678/- as expenses towards contributions to these plans.
49
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2014 (Contd.)
9
50
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2014 (Contd.)
9. RELATED PARTY TRANSACTIONS: (Contd.)
Year ended 31.03.2014
Details of Transactions:
Associates
INCOME:
Sales
Rent received
Dividend Received
EXPENDITURE:
Purchases
Warehousing Charges
Employee Cost
Rent Paid
Remuneration paid to
Chairman
Managing Director
Sitting Fees
Interest Paid
Commission Paid
OTHERS:
Purchase of Investments
Loan Accepted
Loan Repaid
Rent Advance
BALANCE AS ON 31st MARCH 2014
Debit Balances
Credit Balances
Key Management
Personnel
(Including Relatives)
Associates
Key Management
Personnel
(Including Relatives)
46,45,27,593
10,36,000
6,14,300
Nil
Nil
Nil
34,51,77,962
8,36,000
3,53,600
Nil
Nil
Nil
1,25,393
1,09,26,932
57,29,305
12,000
Nil
Nil
Nil
Nil
9,59,026
41,45,429
52,27,193
12,000
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
1,81,383
Nil
17,83,500
70,000
9,77,814
Nil
Nil
Nil
Nil
Nil
Nil
11,15,200
17,83,500
40,000
9,54,909
Nil
5,00,000
Nil
Nil
Nil
Nil
2,20,00,000
1,80,00,000
5,20,000
Nil
Nil
Nil
Nil
Nil
2,02,50,000
2,02,50,000
5,20,000
3,97,29,403
48,61,216
5,20,000
1,05,00,000
1,76,43,332
11,25,603
5,20,000
65,00,000
DILIP THOMAS
Chairman
51
K. SURESH
Managing Director
52
2004-2005
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
Season
Total
300.89
8.62
104.51
Cardamom
Hectares
Hectares
547.29
11.80
222.81
312.68
Carady Goody
Estate
4,36,15,360
5,09,84,978
5,20,77,517
5,78,33,145
6,48,03,117
8,60,46,962
8,73,40,734
5,11,57,814
1,85,03,886
3,65,54,520
Reserve
funds
todate
Rs.
Pasuparai
Estate
7,50,000
56,00,000
18,50,000
50,36,000
7,00,000
49,58,000
(5,00,000)
4,50,000
-
Provision
for
taxation
Rs.
187.76
1,04,75,676
99,79,602
87,05,151
1,00,90,201
1,70,67,387
1,69,10,379
1,72,08,894
1,57,32,577
1,32,54,228
1,18,18,489
Depreciation
written
off
Rs.
Tea
AREA : AS ON 01-04-2014
11,11,100
1,48,16,823
17,74,312
1,40,52,528
1,02,76,216
3,29,88,475
44,19,914
(3,57,32,920)
(3,26,53,928)
1,80,50,634
Net Profit
before
taxation
Rs.
848.18
20.42
327.32
500.44
Hectares
Total
16,20,000
5,40,000
27,00,000
27,00,000
54,00,000
27,00,000
-
Amount
Rs.
Equity Shares
DIVIDENDS PAID ON
30
10
50
50
100
50
-
ATTENDANCE SLIP
th
I hereby record my presence at the 88 Annual General Meeting of the Company at 11.30 A.M on Friday, the
19th September 2014 at the Registered Office of the Company at W-21/674, Beach Road, Alleppey-688012.
Folio No
-------------------------------------------------------------------------------
-------------------------------------------------------
NOTE: Shareholders attending the meeting in Person/ Proxy are requested to complete the Attendance Slip and
hand over at the entrance of the Meeting Hall.
Registered address
E-mail Id
Folio No
I/We, being the member (s) holding .. shares of the above named company, hereby appoint
:
:
:
: ............ or failing him
2. Name
Address
E-mail Id
Signature
:
:
:
: ........ or failing him
3. Name
Address
E-mail Id
Signature
:
:
:
: ..........
1. Name
Address
E-mail Id
Signature
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 88th Annual General Meeting of the
Company, to be held on Friday, 19th day of September 2014 at 11.30 A.M at its Registered Office at W-21/674, Beach
Road, Alappuzha-688 012 and at any adjournment thereof in respect of such resolutions as are indicated overleaf.
Signature of shareholder
Affix
Revenue
Stamp
Resolution
Number
Resolution
Ordinary Business
1.
2.
3.
4.
Special Business
5.
6.
7.
8.
Vote (Optional)
For
Against
Abstain
THE HIGHLAND
PRODUCE COMPANY LTD.
88
th
ANNUAL REPORT & ACCOUNTS
2013 - 2014