1. At the New Exploration Licensing Policy Round VII (NELP - VII), the Company in consortium with ONGC and Oil India Ltd was awarded the Assam Arakan Block AA-ONN-2005/l measuring 363 sq. km by Ministry of Petroleum & Natural Gas, Government of India on December 22, 2008.

2. Depreciation in Oil & Gas Segment is net of adjustment arising out of revision of the estimated proven reserve during the quarter.

3. Exceptional items Include foreign exchange loss (net) of Rs 2447.67 Lac for the quarter ended December 31, 2008 (2007&#59; loss of Rs 25.18 Lac) and Rs 4533.13 Lac for the 12 months period ended December 31, 2008 (2007: Gain of Rs 906.97 Lac)arising due to Changes in the foreign Exchange rates.

4. The Company is in the business of cultivation, manufacture and sale of tea which is seasonal in character and as such the foregoing figures should not be construed as being representative of the likely results for the fully year. The Company is also engaged in the business of oil and gas exploration.

5. The value of consumption of raw material represents only green leaf purchased from estate not belonging to the Company. As the production of green leaf (raw materials consumed by the Company for the manufacture of Tea) from the Company´s own estate involves integrated process having various stages such as nursery, planting, cultivation etc., their values at the intermediate stage could not be ascertained.

6. As regards non-ascertainment / non - provision of Fringe Benefit Tax, the Company has obtained interim stay from the Hon´ble Gauhati High Court against imposition of Fringe Benefit Tax vide the writ petition filed before it.

7. Figures for the previous period have been rearranged and regrouped wherever necessary.

8. The above results were reviewed by the Board of Directors of the Company at its meeting held on January 31, 2009.

Aditya Kumar Jajodia
Managing Director