42ND NATIONAL CONVENTION OF COMPANY SECRETARIES INAUGURATED AT KOLKATA

42^nd National Convention of Company Secretaries

INAUGURATED AT Kolkata

Kolkata : Hon’ble Member of Parliament, Dum Dum , Kolkata, Prof. Sougata Roy, inaugurated the 42^nd National Convention of Company Secretaries on the Theme CS- Change. Challenge. Opportunity., being organised by Institute of Company Secretaries of India (ICSI) at Kolkata today.

In his Inaugural Address, Prof Sougata Roy, Hon’ble MP, Dum Dum, Kolkata, congratulated the Institute for organising the National  Convention of Company Secretaries on the Theme – CS-Change . Challenge. Opportunity. He said that, Company Secretaries are recognised as Key Managerial Personnel and this makes the expectations of the stakeholders towards the professionals very high as they expect the various compliances to be met in a fair and ethical manner.

Mr. Roy further touched upon the fact that “Companies Act 2013 gives direct responsibility as Key Managerial Personnel for CS who have to ensure good corporate governance in their   organisations. Currently there is a need for growth of the service sector as the government sector has its own limitations and Company Secretaries can act as a facilitator by ensuring that business purposes are clean externally and internally and ensure  fair business practices are followed.

Prof Roy also stressed upon the fact that there is increasing need for creating awareness about the New Company Law which should also be looked upon by the Company Secretaries.

Shri C R  Chowdhury, Hon’ble Member of Parliament from Nagaur , Rajasthan, in his address to the august gathering , congratulated the Institute for organising the Convention on the Theme – CS –Change. Challenge. Opportunity. He said that the words –Change, Challenge and Opportunity are interlinked where change is inevitable and natural and where there is change the surrounding situations and environment become challenging and when these challenges are met with and are successfully growing. Who can go with Change will surely achieve success and get good place in society.

Shri. R K Dubey, Chairman and Managing Director, Canara Bank, while delivering his address as the   guest of honour, said that," The CS profession has grown leaps and bounds over the years. Over the years the Company Secretaries have been trusted by Government, Regulators, shareholders and other stakeholders and they are now the part of the Core Management Team of any corporate”. He described Company Secretaries as Compliance Officers and back bone for any organisation who have a principle responsibility and now CS are playing various important roles as well  new opportunities  in the banking sector are also coming up as banks also require compliance officers. He also invited ICSI to have an MoU in a big way for capacity building of CS professionals.

CS R Sridharan, President ICSI, in his Presidential Address said that the year 2014 was marked as a challenging year in the history of the profession and the Professionals with their commitment reclaimed their position which has made the resolve of the professionals stronger. The New Company  Law has opened various opportunities as the Company Secretaries are now Key Managerial personnel and will be part of the Core of a Company ,they will be  responsible for Secretarial Audit ,they have to be on board of companies as Independent Directors and many  new areas have come up for CS professionals under Companies Act 2013. He said that the Company Secretaries have to face and get ahead of the two major challenges – Market Challenges and Governance Challenges. He mentioned that section 143 of Companies Act 2013 also makes CS as detectors of fraud and there is a need for creating dyanamic environment to create good governance.

CS Vikas Y Khare introduced the Theme of the Convention

CS Anil Murarka, Council Member, ICSI and chairman of 42^nd National Convention organising Sub-Committee welcomed the dignitaries on the dais. CS Ashok Pareek, Council Member, ICSI and CS Ashok Khandelia , Chairman Eastern India Regional Council of the ICSI  also addressed the august gathering.

CS M.S.Sahoo, Secretary ICSI proposed the Vote of Thanks.

 Approximately 1000 delegates including Company Secretaries, Managing Directors, CEOs, Directors, Senior Executives and professionals from India and abroad are participating in the National Convention. The three-day Convention will be addressed by captains of trade and industry, eminent experts, academicians, senior civil servants and professionals.

42nd National Convention of Company Secretaries Valedictory sessions

The valedictory session of 42^nd National convention of Company Secretaries

Dr. Udit Raj, MP North-West Delhi, Chief Guest of the Valedictory session, inaugurated the Valedictory session of 42^nd National Convention of Company Secretaries. In his valedictory address expressed that the Profession of CS is extremely important in today’s time as the Company Secretaries are indeed required at many places in the Corporate World, however he expressed that the system is still in want of acceptance and recognition of the Profession in a much larger way. He urged the Institute to confirm in a robust way, their space in the system to have proper recognition of their services and contribution in a much larger way than in current scenario. He expressed that the Role of CS is increasing day by day and there is a need to cease this opportunity and help the system get well governed Corporate World.

Hon’ble Ms. Justice Nadira Patherya of Kolkata High Court, in her address to the august gathering inspired with her appreciation for the apt theme- Change.Challenge.Opportunity being chosen by the Institute. She said that, Change is inevitable and we need to except the Challenge brought by the change and grab the Opportunities and make the most of it by ceasing the day. She expressed that in this process of ceasing the day and making most of the opportunities, we need to leave an imprint on others with our well governed approach. She expressed her views on the Companies Act Section which has the Secretarial Audit ,and said that regarding this the CS honestly execute their functions , however if there is a no on Compliance for the same, then the professionals  should dedicatedly work towards  improving  the same. She expressed that the CS should not only play the Role of a CS in a Corporate but also play a larger role and accept their responsibility in playing a greater role for the society. The Company Secretaries should grab the opportunities brought in by the Companies Act 2013 and excel in them.

Swami Suparnanada of the Ramakrishna Mission, in his very enlightening address said that the Goal of all Individuals in whatever Profession they are is to realise the Self and the workplaces that we are in today are the places where individuals have a confluence with the Higher self and this can be constantly achieved by introspection of the inner self by every individual.

Mr. H.M Bangur , CMD , Shree Cements also spoke on the occasion and expressed his thoughts on the positive aspects to be also kept into focus while just pondering on the negative aspects that the economy brings in for our country. He expressed that the Company secretaries will have to take Global challenges head on and bring India in the Forefront as a well –Governed Economy. He said that there is a need to establish a society which pays heavily for wrong doing of an individual so that the Cost of Penalty that the entire society has to bear on wrong doing on individual to individual basis comes down, which would make the individuals answerable to the society for there every wrong action.

CS R Sridharan, President ICSI, said that with the position of the KMP the Company Secretaries now feel the weight of responsibilities on their shoulders and move forward with accepting this as a challenge and moving ahead by being ready to undergo the change and be the catalyst for the change.

CS Vikash Khare, Vice President ICSI, said that we have to manage the change accept the challenges and build-up our attitude and confidence to bring in new opportunities as well as grab the opportunities available and take the profession of Company Secretaries to new heights.

CS Anil Murarka, Council Member, the ICSI and Chairman o

f the Convention Organising Sub-Committee welcomed the dignitaries on the Dias. CS Ashok Pareek, Council Member the ICSI and CS Arun Kahndelia introduced the Guest of Honour and Chief Guests for the valedictory session.

CS Sutanu Sinha, Chief Executive, ICSI, delivered the vote of thanks.

42nd National Convention of Company Secretaries Technical sessions

42^nd National Convention of Company Secretaries

Technical sessions

At the 42^nd National Convention of Company Secretaries there were serious deliberations in the sessions for the day.  

Business Environment & Regulatory Changes : There was an interesting discussion on the topic which was chaired by Shri  P K Malhotra , Secretary Ministry of Law and Justice, Govt. of India, he said that “Change is constant and perpetual, the Change is one’s sphere of human endeavour leads to change in other spheres. The Guest Speakers at the session were CS Vinod Kothari, PCS, Kolkata, CS G S Gupta, Director, Emami Biotech limited, C S Pavan Kumar Vijay, MD, Corporate Professionals Capital Private Limited. CS Vinod Kothari stated that “There is a close continuous link between the business environment and regulatory actions and understanding of this relationship helps in strengthening the business and using its resources more effective”.

CS G S Gupta, Director, Emami Biotech limited, said that the business environment is multifaceted, complex, and dynamic in nature and has a far-reaching impact on the growth and sustainability of not only the business but also modern societies including professions. 

C S Pavan Kumar Vijay, MD, Corporate Professionals Capital Private Limited, stated that the speed of change in the business environment has witnessed at the national, regional and global level and there is a need to fill the gaps with constant learning and updations.

Governance Challenges : Mr. Prashant Saran Whole Time member of SEBI in his address said that change also highlighited the challenges of governance-Corporate, Social, professions and said that these challenges of governance would become more dynamic withnthe advancements in IT creating  virtual world of possibilities and oppurtinities.

Mr. Sandip Ghosh, Head NISM, said that every individual, institution, profession and the government need to be on the learning curve to keep pace to be effective and efficient.

Mr. G.V. Nageshwar Rao, MD and CEO of NSDL, reverberated his views and said that  the professionals like CS-CA-CMA are no exceptions to such challenges and there is an urgent need from these professionals to gear up to such challenges.

Mr. Sanjay Gupta, FCS and Director and Chairman of Energy Development Company Ltd., in his address said that there is a growing importance of compliences in governance and the professionals need require themselves to get updated with all requisite knowledge in this dynamic business environment which is propelled by a speeding information technology.

There was a special session by Dr. Girish Ahuja, Tax Expert Budget and Direct Tax. He spoke about the budget 2014 and said that the Budget was the best budget on IT. He further said that FII investment is clearified by new budget as capital gain at the time of sale.

Market Challenges : Shri Ashishkumar Chauhan, MD & CEO BSE Ltd., stressed upon finding the ways to convert challenges into opportunities with respect to Companies Act 2013. As regulatory framework changes multiple regulators come into picture and this is the key challenge.

Mr. G R Bhatia, Partner and Head of Competition Law Practice of Luthra & Luthra Law offices, described about the dynamic business environment and role of professionals. He said that listening is very important as changes have taken place from letters to SMS.

Mr. Deena A Mehta,  MD Asit C Mehta Investment Interrmediates ltd. And winner of exceptional women achiever awards 2014. She further said that biggest challenges is to bring retail investors into markets and real estate market is required to be regulated as it is highly irrregulated.

Corporate Laws : In the fourth technical session CS U K Chaudhary, Past President, The ICSI said that the Companies Act 2013 has delineated distinct role for Company Secretaries either in practice or in employment and confers distinction on them and therefore there is a need to build capacities of the members in this direction.

Shri K Sethuraman, Head Corporate Secretarial Department, Reliance Industries ,said that regulatory pendulum has swung to far end and the CS is a vital link between companies and regulators.

Mr. Somasekhar Sundaresan, Partner J Sagar Associates, Advocates and Solicitors said that Company Secretaries have opportunities whether law is in concensus with statute, lets move forward and not backward. The Act and the Rules made there under require the CS to report to board about compliance with the provisions of all laws applicable to the company, insures compliance with secretarial standards and discharge a wide range of governance responsibilities.

Economic Laws : Mr. Radhakrishnan Nair, Member IRDA, described that the economic legislations such as securities laws, competition and insurance law are the corner stone of corporate edifices.

Mr. P K Tiwari, Director, FIU-IND, in his address expressed that the various laws have emerged as important governance tools to monitor the players in capital market, which is the modern engine of growth.

Mr. Ramesh Lakshman, Practising CA, said that all the three regulatory bodies are instruments for monitoring promotion of fair and ethical means in the market spaces and there is potential opportunities for professionals in these areas.

There was a special session on governance in Government and Companies, in which Dr. M Veerappa Moily, Member of parliament  in his address said that stagnant mind create immobile system which becomes roadblocks in growth of the country and India demands creative thinking in governance. The Company Secretaries role as KMP has increased their responsibilities as Friend, Guide and Philosopher for the corporate world. India need new players and entrepreneurs to add to its corporate scene, He opined.

Mr. Ajay Agarwal, Corporate Trainer, in his special address provided insight into Seven Steps to Enhance Personal and Professional Excellence. 

42ND NATIONAL CONVENTION OF COMPANY SECRETARIES INAUGURATED AT KOLKATA

42^nd National Convention of Company Secretaries

INAUGURATED AT Kolkata

Kolkata :  Hon’ble Member of Parliament, Dum Dum , Kolkata, Prof. Sougata Roy, inaugurated the 42^nd National Convention of Company Secretaries on the Theme CS- Change. Challenge. Opportunity., being organised by Institute of Company Secretaries of India (ICSI) at Kolkata today.

In his Inaugural Address, Prof Sougata Roy, Hon’ble MP, Dum Dum, Kolkata, congratulated the Institute for organising the National  Convention of Company Secretaries on the Theme – CS-Change . Challenge. Opportunity. He said that, Company Secretaries are recognised as Key Managerial Personnel and this makes the expectations of the stakeholders towards the professionals very high as they expect the various compliances to be met in a fair and ethical manner.

Mr. Roy further touched upon the fact that “Companies Act 2013 gives direct responsibility as Key Managerial Personnel for CS who have to ensure good corporate governance in their   organisations. Currently there is a need for growth of the service sector as the government sector has its own limitations and Company Secretaries can act as a facilitator by ensuring that business purposes are clean externally and internally and ensure  fair business practices are followed. Prof Roy also stressed upon the fact that there is increasing need for creating awareness about the New Company Law which should also be looked upon by the Company Secretaries.

Shri C R  Chowdhury, Hon’ble Member of Parliament from Nagaur , Rajasthan, in his address to the august gathering , congratulated the Institute for organising the Convention on the Theme – CS –Change. Challenge. Opportunity. He said that the words –Change, Challenge and Opportunity are interlinked where change is inevitable and natural and where there is change the surrounding situations and environment become challenging and when these challenges are met with and are successfully growing. Who can go with Change will surely achieve success and get good place in society.

Shri. R K Dubey, Chairman and Managing Director, Canara Bank, while delivering his address as the   guest of honour, said that," The CS profession has grown leaps and bounds over the years. Over the years the Company Secretaries have been trusted by Government, Regulators, shareholders and other stakeholders and they are now the part of the Core Management Team of any corporate”. He described Company Secretaries as Compliance Officers and back bone for any organisation who have a principle responsibility and now CS are playing various important roles as well  new opportunities  in the banking sector are also coming up as banks also require compliance officers. He also invited ICSI to have an MoU in a big way for capacity building of CS professionals.

CS R Sridharan, President ICSI, in his Presidential Address said that the year 2014 was marked as a challenging year in the history of the profession and the Professionals with their commitment reclaimed their position which has made the resolve of the professionals stronger. The New Company  Law has opened various opportunities as the Company Secretaries are now Key Managerial personnel and will be part of the Core of a Company ,they will be  responsible for Secretarial Audit ,they have to be on board of companies as Independent Directors and many  new areas have come up for CS professionals under Companies Act 2013. He said that the Company Secretaries have to face and get ahead of the two major challenges – Market Challenges and Governance Challenges. He mentioned that section 143 of Companies Act 2013 also makes CS as detectors of fraud and there is a need for creating dyanamic environment to create good governance.

CS Vikas Y Khare introduced the Theme of the Convention

CS Anil Murarka, Council Member, ICSI and chairman of 42^nd National Convention organising Sub-Committee welcomed the dignitaries on the dais. CS Ashok Pareek, Council Member, ICSI and CS Ashok Khandelia , Chairman Eastern India Regional Council of the ICSI  also addressed the august gathering.

CS M.S.Sahoo, Secretary ICSI proposed the Vote of Thanks. Approximately 1000 delegates including Company Secretaries, Managing Directors, CEOs, Directors, Senior Executives and professionals from India and abroad are participating in the National Convention. The three-day Convention will be addressed by captains of trade and industry, eminent experts, academicians, senior civil servants and professionals.

42ND NATIONAL CONVENTION OF COMPANY SECRETARIES

Kolkata : CS R. Sridharan, President, The Institute of Company Secretaries of India, speaking at the Curtain-Raiser Press Conference of the 42^nd National Convention of Company Secretaries on the Theme- CS- Change.  Challenge. Opportunity;  stated that, “The Institute of Company Secretaries of India is a premier national professional body established by an Act of Parliament in 1980 is fully engaged in the propagation and promotion of Company Secretaries as Governance Professionals. With 35000 members and over 4,50,000 students, the Institute is in constant endeavor towards the transitioning of Company Secretaries as Governance Professionals.”

As a facet of its professional development activities, the Institute organizes every year a National Convention on current trends and policies of relevance to the corporate sector and the profession of Company Secretaries. National Convention is attended by large number of Professionals, Directors, Senior Officials and Corporate Executives. Eminent faculty with comprehensive exposure to the practical aspects of the topics addresses and interacts with the participants.

While describing the Theme of the 42^nd National Convention , President ICSI said that “Change is constant. It is inevitable. It is contagious. It springs a cascade of changes. It comes unannounced. It comes from all corners. It transcends defined parameters. It is exciting. It is inspiring. It carries hope. It sustains life on the earth. We welcome it. Any change is unsettling. It destroys old order. It gives rise to uneasiness. It calls for adjustments. It expands the zone of unknown unknowns. It requires new learning. It disturbs contemporary thinking. It requires us to change. It occasionally causes frustration. It throws up a galore of challenges. It makes time challenging. We love it. Any challenge brings the best out of us and the environment. It pushes the frontiers of excellence. It offers fuel for renewal and transformation. It fosters growth and prosperity. It offers opportunities. We harness them. Because we are committed to usher in 'Ache Din'. We contribute to change and often be the change. We enjoy the present and anticipate the change. With our optimism, self-confidence and openness, and adventurous spirit which have in ample measure, we find challenges in change and convert the challenges to opportunities for the public good. We become the change we wish to see in the world, he opined.

J.D. Birla Institute, Departments of Science and Commerce

J.D. Birla Institute, Departments of Science and Commerce

Kolkata : Helping Hands (Social Activity Club of the college) and NSS-wing of J.D. Birla Institute will observe the ‘Organ Donation Day’ on 13th August, 2014 at 1:30 pm to create awareness on organ pledging and saving lives. The Department of Food Science and Nutrition Management will be organizing the event. The tentative programme schedule is mentioned below:

A short presentation on Organ Donation

Lecture on “Awareness on organ Donation” by Dr. Tirthankar Choudhary, Senior Consultant - Diabetes an Endocrinology at Apollo Gleneagles Hospitals (Kolkata) and President – Kolkata Diabetes & Endocrine Forum and Director – Diabetes Educator Project – HOPE, USA Lecture on “Pledging the Eye” By Dr. Diveysh Shah, Eye Surgeon, Shree Netralaya, Kolkata Two counters (‘Pledge for Eye Donation’ in association with Lions club of Calcutta and ‘Pledge for Organ Donation’ in association with Calcutta Medical College & Hospital, Kolkata) will also be set-up where students and staff members can pledge their organs,

About the J.D. Birla Institute:

J.D. Birla Institute, which is a private un-aided college, was established in June 1962 when late Smt. Sushila Devi Birla established a college for girls to provide scientific education to young women from Kolkata's conservative family. Over the 50 glorious years, JDBI has grown with the needs and demands of the changing times. The Institute has made rapid strides over the decades to emerge as a centre of excellence. The name was changed to J.D. Birla Institute in 2002 with the launch of a satellite campus to house the co-educational Department of Management. Today the Institute, which has an `A' grade from National Assessment and Accreditation Council (NAAC), provides graduate, post-graduate degrees under affiliation to Jadavpur University and several short term courses.

IFGL Refractories sustained performance continues

IFGL Refractories sustained performance continues

EBITDA margin at 15 % with PAT reported at Rs.184 Mn

Kolkata – The Board of Directors of IFGL Refractories Limited (the Company) in their meeting held today has approved un-audited financial results for the quarter ended 30^th June, 2014.

Consolidated Financial performance achieved in brief is as follows:

Particulars (Rs. Mn)	Q1-FY2015	Q1-FY2014	YoY Change	FY2014
Revenue	2,052	1,819	12.8%	7,810
EBITDA	310	251	23.5%	1,130
EBITDA Margin	15.1%	13.8%	133 bps	14.5%
Profit Before Tax	259	202	28.2	906
PAT	184	149	23.5%	640
PAT Margin (After MI)	9%	8.2%	77 bps	8.2%

Total Revenue stood at Rs. 2052 Mn, recording a growth of 13%  YoY. EBITDA stood at Rs. 310 Mn, registering a growth of 24 % YoYand Profit before Tax was at Rs. 259 Mn, a growth of 28 % YoY. Profit after Tax for the quarter was at Rs.184 Mn, growth of 24% -YoY. EBITDA margin for Q1FY15 came in at 15 %, an expansion of 133 bps  YoY. Consolidated Earnings per share is at Rs.5.27 for the quarter.

On a standalone basis, revenues of Rs. 818Mn were recorded implying a growth of 0.38%  YoY. EBITDA grew by 21% YoY to Rs. 125Mn and Profit after Tax for the quarter on a standalone basis, was at Rs. 70 Mn, growth of 29% YoY.  Earnings per share was recorded at Rs. 1.96 for the quarter. Rationalisation of costs and stable Rupee against major foreign currencies helped improve margins.

Subsidiaries in USA, UK and Germany continued to record satisfactory performance. Revenue from operations outside India increased by Rs 202 Mn (growth of 20 %) on a YoY basis. Similarly, Profit before Tax increased by Rs  38 Mn (growth of 49 %)

Indian subsidiary, IFGL Exports Ltd stabilized its operations in FY14. We continue to remain positive on this division and are doubling capacity by year end.  Revenues increased by Rs 60 Mn (growth of 101%),  Profit after Tax was recorded at Rs 15 Mn compared to loss of Rs 3 Mn for corresponding quarter of Previous Year, thereby registering YoY increase of more than five times.

We are seeing early signs of recovery in the Indian Economy. We believe the commitment of the government towards infrastructure building which in turn will improve the demand for Iron and steel in the country, will lead to increased consumption of Refractories,  thereby making IFGL a direct beneficiary of the infrastructure impetus.

On the global front we are seeing a steady recovery lead by US and Europe. Our cost efficient production and presence in more than 50% of the steel producing countries will enable us to enhance our performance. Our capacity expansion programme in USA continues to be on track and we are positive of incrementally improving our sales performance from America.

About  IFGL Refractories:

IFGL Refractories is a leading manufacturer of specialized Refractories having manufacturing facilities in China, Germany, India, UK and USA. Krosaki Harima Corporation (a subsidiary of Nippon Steel Corporation, Japan) is the technology provider. Equity Shares are listed both on Bombay Stock Exchange Limited and National Stock Exchange of India Ltd. For more information about IFGL Refractories, please visit www.ifglref.com

Rossell India Limited 20th Annual General Meeting Chairman’s Speech

Good afternoon Ladies and Gentlemen. It is my pleasure to welcome you all to the 20^th Anniversary / AGM today.  The year 2013 - 14 was a landmark year for your Company not only for its financials but also for the diversification drive that we have undertaken.  The highlight of our working was that we continued to invest in businesses of the future with the objective of broad basing our revenues, addressing larger opportunities and de-risking our business model from an excessive dependence on any one segment.  I shall now address our areas of business individually.

Tea

The Directors view with great satisfaction your Company’s performance for the year under review.  The Tea Division, on the back of good weather and well distributed rainfall earlier in fiscal 2013 - 14, produced a record crop of 5.56 million kgs. 27.67% higher than in the previous year.  The price averages continued to be the highest in the industry for Assam teas.  The average for the year under review was Rs.220.70 per kg against Rs.210.22 per kg in 2012-13 and Rs.171.52 per kg. in 2011-12.  Significantly the all in average for Assam teas in 2013-14 was Rs.149.67 per kg.  Once again 2013-14 further reinforced Rossell Tea’s position as quality benchmark and its ability to outperform the market year and year on.

The year 2013-14 began on a sluggish note and quickly settled down as heavier harvests came in.  Demand for CTC teas was slow to gain ground, whilst orthodox teas came to a buoyant market due to good as also early demand from Iran.  The LC trade with this country was also efficiently managed.  This in turn led to higher production of orthodox teas out of Assam by 28 million kgs. over 2012-13.  Unlike the previous year, the orthodox market was strong and the additional quantity produced was easily absorbed.    Your Company’s product in this scenario was absorbed by the market at attractive prices, averaging Rs.247.07 per kg. against Rs.234.85 per kg. the previous year.  The Assam average was at a record high of Rs.200.61 per kg.  CTC averages for Assam in 2013 – 14 was Rs.143.99 per kg.  Your Company’s average was Rs.186.17 per kg.  In a defining performance, yet again Rossell Tea out performed the market.

Exports

The Division’s exports were robust and grew to 1.24 million kgs. as against 1.02 million kgs. in 2012-13.  In volume terms this represents a growth of 21.70%, and in value per kg. realization was higher by 35.02%.  This is on the back of an outstanding performance in fiscal 2012-13.

Quality

Your Company’s commitment to consistent quality in all its areas of operation has paid handsome dividends by way of continual enhanced recognition of its brand equity.  Rossell is seen as a responsible and ethical producer of quality teas; we recognize tea as a food product and are committed to meet the highest safety norms in the industry.  To ensure this we are in the process of completing the FSSC : 22000, the world’s highest certification for food processing units.

Whilst we are extremely positive of the Division’s continual and aggressive growth both in the quality and quantity segments, we must recognize the existing concerns which are omnipresent.   The acceleration in cost of production despite improved productivity indices is one of them. Manpower migration continues unabated across the north eastern tea belt and your Company is similarly affected; with worker outturn being lower than the previous year on some estates.  Mechanical harvesting experiments continue at Nagrijuli T.E. Climate change and its impact witnessed over the last few years has affected production estimates repeatedly.

Development

Modernization and upgradation of assets continue at Rossell.  The well defined policy of uprooting and replanting on the Company’s estates is progressing well.  In a significant move, given the climate change aberrations, it was decided to introduce irrigation facilities at Dikom, Namsang, Kharikatia and Romai T.Es.  These will be further augmented in 2014-15.  The Company is committed to improving the workers’ housing and sanitary framework and this was further improved in fiscal 2013-14.  Workers appreciation has been forthcoming, which is gratifying.  Rossell has a long-term perspective in all areas of development; this is not only continuing but is being reinforced further.

International crop situation

Across the major black tea producing countries till June there is a deficit of 37 million kgs. of which India’s contribution to this deficit is 31 million kgs.  Bangladesh is (-)7.3 million kgs., Kenya and Sri Lanka are negative with (-)2.0 million kgs. each.

Prospects

As mentioned earlier, the very dry conditions pertaining since November 2013 into May 2014, have resulted in a very severe drought into the new season.  This has affected harvests severely and crops have declined sharply in April and May, whilst June and July have shown marginal declines over last year.  It is hoped that cropping from hereon will be normal.

It has been a difficult start as the second flush production was truncated and quality was affected due to a delay in its onset in June, 2014.  Your Company is clear that quality will pay in this scenario as evidenced by the segmentation of the quality, which is being well rewarded both in the CTC and orthodox categories.      Price-wise the latter category has been impacted due to high stocks in Iran and slow export enquiry.  However we are optimistic that the situation will improve from hereon and better returns will be forthcoming.  Briefly quality will continue to be rewarded.  Our prudent cost management regime will, I am sure, stand us in good stead.

The Tea Division’s performance in 2013 – 14 was exemplary and outstanding.  This has been the result of incisive planning, action and implementation.  We continue to build on our core competence with great success.

Outlook

Going ahead, the Company intends to counter climatic changes, rising fertilizer costs and wage increases through sustainable agricultural practices leading to enhanced quality, productivity, revenues and profits.  Since consistent growth has been its driving force the Company is on the lookout for acquisitions. To conclude on the Tea Division, the prospects of the Indian tea industry, despite a poor start this year, are bright for some pertinent reasons: a growing national population, an established tea drinking tradition, low per capital consumption that is expected to rise in line with enhanced incomes, and finally increased preference for quality.  Whilst tea is a cyclical industry, in the medium term the industry will remain demand driven and hence remunerative.

Aerotech Services

I would like to inform you that Aerotech Services is in its ninth year of providing product support services for Original Equipment Manufacturers (OEMs).  During the year your company has continued to fulfill its commitments towards the highest level of satisfaction of both the OEM and the customer. 

Your company is continuing to enhance the quality of product support for the equipment fitted on various Indian platforms in the three services.

Based on your company’s performance we are in advance stages of signing more contracts with other OEMs. 

Rossell Techsys

I am pleased to inform you that the efforts engaged in developing Rossell Techsys are now paying.  Rossell Techsys received its first export order from the world’s leading aerospace company Boeing of USA for the F-18 Super Hornet aircraft for the US Navy.   We have already started executing delivery against the said order which have been well received by Boeing.  Our on time deliveries with highest quality and no rejection has fetched us a Gold rating.

In Jun’14, RT has received another order from Boeing for F-15 Super Eagle aircraft.  The deliveries will start in Sept’15 and will be done over a period of 36 months.

We are also responding to other RFPs from the same company and are hopeful to win more orders.

Your company has also been selected as a Key Industrial Partner (KIP) from another major European OEM and have also received an order from them. 

RT keeps working towards additional accreditations and is now an ISO :14001 and ISO : 27001 company  as well.

Seeing the growth opportunities with various OEMs, Rossell Techsys is investing in creating its own state of the art infrastructure to meet the future requirements.

Rossell Hospitality

I am pleased to inform you that your company’s division Rossell Hospitality is going from strength to strength.  I am happy to inform all the Members that today ‘Kebab Xpress’ has 8 operational outlets in strategic locations across NCR.

The brand has decent presence and is looked at as a strong and vibrant Indian QSR.    The Same Store Sales have seen a good double digit growth and the entire team is steering the format for enduring business growth.

The business development team is aggressively identifying good potential sites in high streets, office complexes and food courts to achieve the target of opening 20 outlets by the end of current financial year 2014-15.

To achieve our objective of taking Kebab Xpress pan India, next year we intend to open 10 outlets in a new city.

New product launches, ‘new centralized delivery’ and existing interior design concepts will boost sales and enrich our customer’s eating out experience.  In this ever challenging environment the company has been able to competitively manage it costs through dynamic supply chain and maintain a low attrition rate compared to the industry.

Conclusion

To conclude, we are optimistic of our prospects as each of our new businesses are perched at the bottom-end of a long industry curve, while our mature tea business continues to report profitable growth.

As a growth-driven corporate, we will continue focusing on enhancing our profitability in our existing businesses with the objective to accelerate momentum and enhance stakeholder value.

Going ahead, I am confident that our performance will validate our business strategy to enter relatively unconnected businesses in response to overarching national and sectoral opportunities.

Thank you,