Indong Tea Company Ltd - Stock Valuation and Financial Performance

The company was originally incorporated as ‘Indong Tea Company Private Limited’ on December 28, 1990 vide certificate of incorporation under the provisions of Companies Act, 1956 issued by the Registrar of Companies, West Bengal. Subsequently, the company was converted into Public Limited Company vide a fresh certificate of incorporation issued by ROC-Kolkata, consequent upon conversion from Private Limited to Public Company dated January 14, 2022 in the name of ‘Indong Tea Company Limited’.

Indong Tea Company incorporated in the year 1990, owns and operates a Tea Garden under Government lease and is engaged in Tea Plantation & Manufacturing of CTC Tea at Indong Tea Estate situated at Jalpaiguri District of West Bengal and is presently managed under the leadership of Sri Hariram Garg, one of the main promoters of the Company. The Indong Tea Estate is spread over an area of 740.38 Hectares which comprises of Tea Plantation, Tea Factory, Withering Trough House, Officer’s Bunglows, Staff Quarters, Labour Quarters, Pump House, General Stores, Dairy Farm etc.

The original Promoter of the company was Devvrat Gupta, Shyam Saran Gupta and Nagarmal Kanoria. The main business of the company is manufacturing of Tea. The company is having one Tea Garden i.e. Indong Tea Estate which is producing high quality CTC tea in Dooar’s region of Jalpaiguri District of West Bengal. In the year 2014, the company was taken over by Asian Group promoted by Sri Hariram Garg. Under his Leadership, the company has achieved the economic viability by way of massive investments in all spheres while at the same time taking a keen interest in the welfare of the workers. He invested fresh capital and installed new machinery which resulted in high yield from the plantations produced.

The company is a magnificent Tea Garden in Western Dooars perched in the foothills of Himalayan Range. Blessed with a bracing climate and a panoramic view of the mountains and meandering rivers, the garden was founded over a century ago by the British Planters under the famous Gillanders & Arbuthnot & Co. Currently, the garden retains many of the British legacies. The company produces only Crush/Cut, Tear, Curl Tea (CTC). This a method of processing black tea in which the leaves are passed through a series of cylindrical rollers with hundreds of sharp teeth that crush, tear, and curl the tea into small, hard pellets. This replaces the final stage of orthodox tea manufacture, in which the leaves are rolled into strips. Tea produced using this method is generally called CTC tea.

Business area of the company

The company is primarily in the manufacturing of Tea. The company runs a a Tea Garden under Government lease and is engaged in Tea Plantation & Manufacturing of CTC Tea.

Key Milestones

• 1990: Incorporation of the company as ‘Indong Tea Company Private Limited’ at Kolkata.
  
• 2014: The company took over by Hariram Garg through companies promoted by him.
  
• 2016: Granted FSSAI License.
  
• 2017: Awarded ISO 22000:2005 Management certification.
  
• 2019: Registered as MSME under the Industry classification category of Processing and Blending of Tea including Manufacture of Instant Tea.
  
• 2021: Crossed the turnover of Rs 20 crore for FY 2020-21.
  
• 2022: The Private Limited got converted into Public Limited and name changed to ‘Indong Tea Company Limited’.