It is a broadly described annual report of National Tea Company Limited in the year of 2014. The company’s gross profit for the year Taka. 226,222,307, net profit before Tax Taka. 35,550,661. The company carries on the business of plantation, cultivation, manufacturing, and selling of tea and rubber. 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. The invoice is raised at the time of delivery of rubber on a consistent basis. 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 Taka. 632,473 have been taken into income during 2014.
Investment in shares of Bangladesh Aroma Tea Limited represents 20,066 ordinary shares, the face value of which is Tk. 100 each (last quoted price of DSE was 11.45 each on 31.12.1995). No dividend has been received against these shares since the date of investment. This company has been delisted by Dhaka Stock Exchange Limited in 1997. Investment in shares of Chittagong Warehouse Ltd. held by Lackatoorah Tea Estate could not be transferred in the name of NTCL since the share certificates are not traceable. The amount is considered irrecoverable and accordingly, provision has been made for an amount of Tk.7,580 in 2005.
The Board of Directors has recommended 20% cash dividend @ Tk.2.00 per share of Tk.10 each for the year ended 31 December 2014. The dividend for the year 2013 was paid @ Tk.3.00 per share.
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