It is a broadly described annual report of National Tea Company Limited in the year of 2013. The NTCL carries on the business of plantation, cultivation, manufacturing, and selling of tea and rubber. Out of the above, an amount of Tk 778,841 has been deposited on Fixed Deposit Account with Pubali Bank Limited, Shantinagar Branch, Dhaka. Revenue from the sale of tea has been recognized when the auction of sale is completed and in case of rubber, after receiving sale proceeds and upon delivery of rubber. Compensation received from Occidental Bangladesh Limited for use of land of Lackatoorah Tea Estate for 30 years is recognized as income by way of apportionment over 30 years from which Tk. 632,473 has been taken into income during 2013. The stock of tea and rubber is valued at lower of cost and net realizable value. The stock of stores is valued at average cost price.
The Company has two retirement benefit plans namely; Gratuity Scheme and Provident Fund, covering all eligible employees of the Company. The Company operates an unfunded gratuity scheme, the provision in respect of which has been made in the accompanying accounts. The Company has established a Provident Fund (recognized by the Tax Authority) to which eligible employees contribute 10% of basic salary with the Company contributing an equal amount. The fund is wholly administered by a Board of Trustees. No part of the fund is included in the assets of the Company.
The Board of Directors has recommended 30 % cash dividend @ Tk 3.00 per share of Tk I 0 each for the year ended 31 December 2013. The dividend for the year 2012 was paid @ Tk 3.00 per share.
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