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History of Terai Tea Comp. Ltd.

Incorporated as a Private Limited Comp. on 25.09.1973 as Terai Tea Comp. Private Limited under the Companies Act, 1956. The Comp. became a 'Deemed Public Company' pursuant to section 43A[1s] of Companies Act 1956 w.e.f. 26.04.94. Subsequently the share holders of Company passed a special resolution on 15.11.94 for deleting the restriction clause under section 3[1 s][iiis] of the Companies Act & as such the Comp. became a public limited Comp. within meaning of section 3[1s][ivs] of the Companies Act, 1956 & the Registrar made the requisite endorsement on Certificate of Incorporation on 05.01.95.

B. MAIN OBJECTS OF THE COMPANY

The main objects of Comp. as set out in the Memorandum and Articles of Association of Comp. inter-alia include:

1. To carry on the business of tea planters in all its branches, to grow, cultivate, produce, prepare, manufacture and render marketable tea, coffee, cinchona & to buy, sell, dispose of, export & deal in tea, coffee, cinchona either in its prepared, manufactured or raw state and either by wholesale or retail.

2. To grow, cultivate, buy, prepare, manufacture & render marketable any seeds, fruits & vegetable produce or products of soil, & products of agriculture or husbandry & to sell, dispose of an deal in any such seeds, fruits, produce & products in their prepared, manufactured or raw state & either by wholesale or retail.

3. To carry on the business of Timber Growers, Timber Merchants & Saw-mill Properietors & to buy, sell, grow, prepare for market, manipulate, import & deal in timber, wood & fuel of all kinds & to manufacture & deal in Tea Chests & articles of all kinds in the manufacture of which timber or wood is used.

C. PRESENT BUSINESS

The main business of Comp. is tea plantation, processing & trading and export of tea. This Comp. owns Bagdogra Tea Estate situated at Bagdogra in Terai region of North Bengal which has total grant area of 802.08 acres [324.73 hectaress], having annual production of 8 lakh kgs. of tea. The Comp. is also engaged in export of tea, having started this operation only in the year 1992-93. In addition the Comp. has also started a separate division for marketing of Packet Tea under it own brand name MY CUP in the domestic market.

The Comp. started it export division only in the year 92-93, the first shipment having been made only in November, 1992. In just 5 months' time during the year 92-93, the Comp. could achieve a turnover of Rs.22.09 Crores, which is considered phenomenal for a new entrant. The year 93-94 was considered very bad in view of fall in demand of tea in the Russian Market & the total export of tea from India witnessed a sharp decline. In spite of such heavy odds, the Comp. could achieve an export turnover of Rs 13.22 Crores in the year 93-94. The Comp. has already achieved a turnover of Rs. 6 crores upto October, 1994 and has finalised a further order for Rs. 12.54 crores to be executed by March, 1995. The Comp. is also negotiating further orders for Rs. 6 crores worth of tea to be shipped by March, 1995 & is thus positive about achieving a turnover of Rs. 25 crores during the year 94-95. The Company has also received orders for shipment of 4000 M/tons of tea from April 95 to July 95 from Soviet Russia & thus expects substantially high export turnover during the next year. The Comp. has already signed a Memorandum of Understanding[MOUs] with M/s Sovincom of Moscow Russia, one of the leading importer of tea in Aussia, for export of tea worth Rs.500 Million during the year 1995-96. Thus in spite of heavy odds the Indian tea export business is facing, this Company is growing. This has been possible only because of the policy of Comp. to popularise it brand name in the importing countries. The Comp. is at present marketing tea in packets under the brand names of TERAI KING, TERAI QUEEN, TERAI RUNGNEET, MONARCH, TERAI MAHARAJA, TERAI SUPER AND TERAI SNOWVIEW. etc.

Presently, the Comp. is blending & packeting tea on a contract basis from outside parties. In spite of excercising proper supervision, problems arising from complete dependance on outside parties are many such as in the fields of quality control, delays in deliveries etc.

Hence, it is absolutely essential to have own unit dedicated for blending and packeting with modern machines for tea processing. This will enable the Comp. to plan major expansion in the export market.

Area under Tea : 614.86 Acres [248.93 Hectaress]

Production in last 10 years : Qty. [in Kgs,s] 84 [Calandar Years] - 431938 85 ' - 417877 86 ' - 362992 87 ' - 413578 88-89 [15 monthss] - 449657 89-90 - 470308 90-91 - 537260 91-92 - 454700 92-93 - 535540 93-94 - 709256