Of the above -
(i) 20,000 Shares were allotted as fully paid up pursuant to a
contract without payment being received in cash.
(ii) 34,26,090 Shares were allotted as fully paid up by way of Bonus
Shares by Capitalisation of Reserves and Share Premium Account.
(iii) 10,42,305 Shares were allotted as fully paid up pursuant to
Scheme of Amalgamation without payment being received in cash.
(iv) 72,31,000 Shares were allotted as fully paid up pursuant to Scheme
of Amalgamation without payment being received in cash.
1. Capital Reserve includes Rs. 6.68 lakhs being 26% of the profit for
the year 1977 of the Sterling Tea Company, the undertakings of which
were amalgamated with this Company.
2. Payment of Taxation net of provision include the provisions and
payments on account of former Sterling Company, the Indian undertakings
of which were acquired by this Company pursuant to a Scheme of
3. Titles in respect of Land vested in the Company by virtue of
amalgamation of erstwhile Majuli Tea Co. (India) Limited with the
Company are in the process of being transferred in the name of the
4. Some of the investments held in the name of erstwhile Niagara
Investment Co. Ltd., and Rupajuli Tea Co. (I) Ltd., are in the process
of being transferred in the name of the Company.
5. In the opinion of the Directors, the carrying value of investments
both quoted and unquoted, held as long term investments, when compared
against their market and intrinsic values as applicable, have not
suffered any permanent diminution. No provision, therefore, has been
considered necessary for an estimated shortfall of carrying values when
compared against the market/intrinsic value of Rs. 3205.86 lakhs (7999
Rs. 3238.55 lakhs) without adjusting for surplus amounting to Rs.
911.80 lakhs (/999 Rs. 1247.16 lakhs) in respect of other investments.
However, such shortfall is adequately covered by the free reserves of
6. Fixed Assets and Capital Work-in-progress acquired out of Loan in
Foreign Currency includes Rs. 217.10 lakhs (1999 Rs. 187.24 lakhs) on
account of Exchange fluctuation.
7. Interest Accured on Investments, Deposits etc, includes Rs. 561.83
lakhs (1999 Rs. 0.81 lakhs) due from a Subsidiary Company.
8. Loans & Advances include Rs. 115.75 lakhs due from a Company for
which liquidation proceedings have been initiated. The extent of
recovery of the above is dependent upon the complition of the
proceedings, the quantum of which cannot be ascertained at this stage
and no provision, therefore, has been made in these accounts.
9. Provision for taxation for the year has been made after taking into
account benefits under Section 33AB of the Income Tax Act, 1961 (which
are available on timely deposits of required amounts with Development