Audited Balance Sheet for the Year Ended 31St March 2014
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ANNUAL REPORT 2014 Refresh. Rejuvenate A glimpse of the Hanuman Mandir at Joonktollee Tea Estate, Assam Corporate Overview Standalone Financials 02-15 51-80 Statutory Reports Consolidated Financials 16-50 81-108 Corporate Information BOARD OF DIRECTORS BOARD COMMITTEES ChIEF FiNANCIAL OfFICER Mr. B. L. Dhanuka Mr. G. D. Bangur Audit Commiee Chairman Mr. M. K. Daga, Chairman MaNAGER (FiNANCE) & Mr. G. D. Bangur CoMPANY SeCRETARY Mr. Hemant Bangur Mr. M. M. Pyne Execuve Vice-Chairman Mr. S. Bagree Nominaon & Remuneraon BaNKERS Mrs. P. D. Bangur Commiee Director HDFC Bank Mr. J. K. Surana, Chairman ICICI Bank Mr. M. K. Daga Mr. G. D. Bangur Yes Bank Non-Execuve Mr. M. K. Daga Independent Director Mr. M. M. Pyne AuDITORS Mr. J. K. Surana Stakeholders Grievance Commiee Singhi & Co., Kolkata Non-Execuve Mr. G. D. Bangur, Chairman Independent Director ReGISTRAR & ShARE TrANSFER Mr. M. M. Pyne AgENT Mr. K. C. Mohta Mr. M. M. Pyne Maheshwari Datamacs Pvt. Ltd. Non-Execuve Corporate Social Responsibility 6, Mangoe Lane, 2nd Floor Independent Director Commiee Kolkata - 700 001 Mr. B. R. Bhansali Mrs. P. D. Bangur, Chairperson ReGISTERED OfFICE Non-Execuve Mr. M. K. Daga Mr. K. C. Mohta 21, Strand Road, Kolkata - 700 001 Independent Director CIN:L01132WB1900PLC000292 Email: [email protected] Mr. K. C. Mohta Website : www.joonktolleetea.in Execuve Director & Chief Execuve Officer Value proportion at JOONKTOLLEE is driven by our sustainable & eco-friendly business model. 2 Refresh & Rejuvenate are always seen as complementing each other These words when integrated create a beauful ecosystem between our strategic vision & delivery capabilies. Corporate Overview Refresh & Rejuvenate 3 Integrated Approach Story of Refreshing & Rejuvenang Tribute Indian Plantation Industry & Joonktollee Tea As the global populaon is expected to touch 7.25 billion at the end of 2014, the demand for beverages including tea & coffee is expected to surge even with a greater pace. India with a billion-plus populaon and aspiraonal high end earners, represents possible the world's most potent resource - a resource which is going to lead the world in producvity, thought leadership and acon across every sphere. The country is considered to be as a largest consumer of tea and so the prospects of Indian tea industry is bright for some significant reasons: a growing naonal populaon, As one of the leading plantaon company, established tea drinking tradion, low per capita con- sumpon that is expected to rise in line with enhanced offering a wider range of products including Tea, Coffee, Rubber, Pepper, incomes, increased preference for beer tea variees and Cardamom and Areca. finally the fact that tea connues to be the cheapest beverage on offer. India is the second largest producer of tea in the world and contributes to around 30% of the global tea producon. The market size of tea is esmated to We envisage a vision, be around ` 10,000 crore with a penetraon of more than that an eco-friendly business pracce is 90% in the domesc market. With an export of approx. 210 a key to the preservaon and protecon million kg of tea, India stands as the fourth largest exporter of our natural resources. of tea in the world. Over the forecast period, retail value sales of tea is expected to witness a CAGR of 8% in constant value terms to reach ` 133 billion in 2017. Moreover, demand for coffee as a preferred alternave beverage is We believe that quality remains an slowly finding a bigger space in our country through newer inherent feature of our Company, coffee retail outlets. While India only represents 1.4% of by offering highest standards of global demand, the sub-connent's coffee market is products without harming the natural forecast to grow almost 9% to $486.6 million this year, resources. according to market-research firm Euro monitor Internaonal. That would follow growth of almost 80% over the past five years. For more than 140 years, ese demand prospects and a fact - the our experience and experse have always focused on marrying the two. rich experience and expertise that we possess is going to benefit a company like ours in the Indian plantation industry. 4 An integrated approach to refreshment and rejuvenation. We are one of India's oldest plantaon industry player focused into 3 main business vercals – Tea, Coffee and Rubber plantaon. Enriched by more than a century-rich market insight, Joonktollee Tea has come a long way since its incepon in 1874. Merely from managing the affairs of a small tea industry in upper Assam by Late John Elliot Esq., the company has come a long way since the change of ownership to house of Bangurs and is now regarded a leading producer of Assam CTC Tea. Over the years, at Joonktollee Tea, refreshment and rejuvenaon, has not only helped our organisaon in increasing the topline and boomline, it has also helped us in deriving the compeve edge through the rich talent pool we possess and growing our business while protecng the Mother Nature. We are proud to achieve a balanced interplay of People-Planet- Profits. Corporate Overview Refresh & Rejuvenate 5 Integrated Approach Story of Refreshing & Rejuvenang Tribute BSE Ticker 538092 CSE Ticker 100200009 ISIN No. INE574G01013 Remember me Search Corporate Culture Customer Focus Excellence Integrity Growth driven Our Company's strategies We accord high premium We observe strict ethical We are commied to are driven by the needs of to maintain superlave standards which we delivering consistent the customer. Our success standards throughout our believe are the foundaon revenue and cash flow can be measured by the Company. We maintain towards sustainable growth in order to provide sasfacon achieved by good agricultural pracces growth. our share-holders a good our customer. through strict adherence return. Our objecve is to of plucking rounds, green grow our people, market leaf handling and massive and businesses around replantaon to enhance the world. producon. Joonktollee Tea : a quick look Market capitalisation of 60 years 5,037 workers ` 5,428.35 Lacs of consistently paying under the payroll of as on 31st March, 2014 Dividend* the Company administrative ` 8,771.81 Lacs estate & factories 6 Consolidated Turnover 9 offices across various s as on 31st March, 2014 across 3 state locations *Since acquision by the house of Bangurs. 6 Refreshing, Rejuvenating by Aiming higher Defining Numbers Corporate Overview Refresh & Rejuvenate 7 Integrated Approach Story of Refreshing & Rejuvenang Tribute Value added statement ` in Lacs Distribution of value-addition 8 Refreshing, Rejuvenating by Ensuring quality & Enhancing viability Corporate Overview Refresh & Rejuvenate 9 Integrated Approach Story of Refreshing & Rejuvenang Tribute Quality is not limited to the products we manufacture, but The quality framework, implementaon and learning it is reflected in the manner we handle every aspect of our programmes at Joonktollee Tea helps create a quality- business. We cannot be recalled as a producer of quality driven organisaon. products in the plantaon industry if we are not concerned about the quality of our people, the quality of our processes By virtue of the quality framework, learning programmes and the quality of our management. It is only when quality and engagement process acvies at Joonktollee Tea, the becomes an intrinsic factor in our lives, that viability quality standards are regarded as ever-present. We ensure becomes automac. When we achieve this level of quality superlave quality control, through connuous monitoring leadership in everything we do, then only we are and standardising our plantaon & process areas to best recognised as quality enablers. pracces and required quality parameters. Quality objectives at Joonktollee Deliver services and soluons that meet customer requirements. Connually enhance external and internal customer sasfacon. Offering highest standards of products without harming the consumer through a responsible and minimal usage of pescides & chemicals into the plants thereby keeping them fresh, relaxed, mentally alert and healthy. Joonktollee Tea's Quality Management System ISO 9001:2008 cerficaon by SGS U.K. has been created over a span of years and are ISO 22000:2005 cerficaon by SGS U.K. to Joonktollee Tea Estate. based on international frameworks and ISO 9001:2008 cerficaon by Det Norske Veritas of Netherland benchmarks it uses : for Goomankhan Tea Estate. The zeal towards maintaining & harnessing quality focus into the organisaonal culture has made Joonktollee Tea won several accolades and awards naonally and internaonally. Internaonal Star Award for Quality at Geneva for the year 2012-13. Bharat Nav-Nirman Ratan Award for contribuon toward Social and Economic Growth for the year 2012-13. League of American Communicaon Professionals (LACP), USA awards for the best Annual Report during the year 2012-13. It won Gold Award in the “Consumer Consumables – Food / Beverages / Tobacco” category and was conferred with 38th rank globally, out of 6,000 entries globally. At Joonktollee Tea, growth is always complemented by an emphasis on product quality. 10 Refreshing, Rejuvenating by Ensuring togetherness Corporate Overview Refresh & Rejuvenate 11 Integrated Approach Story of Refreshing & Rejuvenang Tribute The story of Joonktollee Tea is not just about corporate strategies and their implementaon, it is also about people who work together, help each other and strive hard to achieve a higher vision. We are commied to a culture of diversity, which is reflected in our large and varied workforce. The value of this diversity is a rich and unique blend of minds and cultures that makes working at Joonktollee Tea more compelling and excing. The organizaon's HR strategy is developed in alignment with the corporate strategy, focusing on leadership development and maximizing the return on investment from the organizaon's human It is assumed that corporate social responsibility is capital. consequent to growth. We believe it is concurrent At our organisaon, employee parcipaon is encouraged to our existence.