MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	HAVUKAL TEA AND PRODUCE COMPANY PRIVATE LIMITED
Registered Office :	Havukal Estate, Kotagiri, The Nilgiri, Tamilnadu-643217
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.04.1976
Com. Reg. No.:	18-000758
Capital Investment / Paid-up Capital :	Rs.0.900 million
CIN No.: [Company Identification No.]	U01132TZ1976PTC000758
TAN No.: [Tax Deduction & Collection Account No.]	CMBH03253F/ CMBH03267F
PAN No.: [Permanent Account No.]	AAACH7389C
Legal Form :	Private Limited Liability Company
Line of Business :	To cultivate tea, coffee, chinchona, rubber, coconut, cocoa, cardamom, pepper, rhea, ramie plants and to carry on the business of tea, coffee, chinchona and rubber planters in all its branches.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payment are reported to be usually correct and as per commitments. The Company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Havukal Estate, Kotagiri, The Nilgiris, Tamilnadu-643217, India
Tel. No.:	91-4266-271356 / 272156
Fax No.:	91-4266-272448 / 272156
E-Mail :	havukul@sify.com

DIRECTORS

As on 29.09.2010

Name :

Mr. Mariapillai. Rangaswamy

Designation :

Director

Date of Birth/Age :

15.08.1929

Date of Appointment :

27.06.1977

DIN No.:

00075326

Other Directorship :

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U55101TN1972PTC006220	MARIS HOTELS AND THEATRES PRIVATE LIMITED	Managing director	19/09/1972	19/09/1972	-	Active	NO
2	U01132TZ1976PTC000758	HAVUKAL TEA AND PRODUCE COMPANY PRIVATE LIMITED	Director	21/04/1976	21/04/1976	-	Active	NO
3	U17110KA1979PTC003612	MARIS SPINNERS PRIVATE LIMITED	Director	08/10/1979	08/10/1979	-	Not Available for eFiling	NO
4	L93090TN1979PLC032618	MARIS SPINNERS LIMITED	Director	08/10/1979	08/10/1979	-	Active	NO
5	U01116TN1956PTC003403	DAKSHINA BHARAT RUBBER PLANTING CORPORATION PRIVATE LIMITED	Director	24/08/1984	24/08/1984	-	Active	NO
6	U31200TN2003PLC051215	MARIS POWER SUPPLY COMPANY LIMITED	Director	16/07/2003	16/07/2003	-	Active	NO
7	U51390TN2008PTC067032	TRISTAR KITCHENS PRIVATE LIMITED	Director	29/09/2010	01/10/2009	-	Active

Name :

Mr. Ramaswami. Nandakumar

Designation :

Director

Date of Birth/Age :

17.02.1963

Date of Appointment :

23.09.1998

DIN No.:

00488020

Other Directorship :

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45201TN1995PTC029899	MARIS ENTERPRISES PRIVATE LIMITED	Director	20/01/1995	20/01/1995	-	Active	NO
2	U51909TN1961PTC044552	JANATHA TRADERS INDIA PRIVATE LIMITED	Managing director	08/06/1998	08/06/1998	-	Active	NO
3	U01132TZ1976PTC000758	HAVUKAL TEA AND PRODUCE COMPANY PRIVATE LIMITED	Director	23/09/1998	23/09/1998	-	Active	NO

Name :

Mr.Thangavelu. Jayaraman

Designation :

Director

Date of Birth/Age :

06.12.1956

Date of Appointment :

06.11.1999

DIN No.:

01402853

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01132TZ1987PTC001909	SYLVAN HILL PLANTATIONS PRIVATE LIMITED	Director	11/02/1987	11/02/1987	-	Active	YES
2	L93090TN1979PLC032618	MARIS SPINNERS LIMITED	Director	15/06/1995	15/06/1995	-	Active	NO
3	U01132TZ1976PTC000758	HAVUKAL TEA AND PRODUCE COMPANY PRIVATE LIMITED	Director	15/11/1999	15/11/1999	-	Active	NO
4	U01111TN1990PTC018643	MARIS AGRO PRODUCTS PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Dormant	NO
5	U01132TZ1990PTC010818	MARIS AGRO-PRODUCTS PRIVATE LIMITED	Director	27/10/2003	27/10/2003	-	Active	NO
6	U15419TN1979PLC007766	CENTURY BISCUITS LTD	Director	24/02/2006	24/02/2006	-	Active	NO
7	U15311TN1953PLC000312	CENTURY FLOUR MILLS LIMITED	Director	24/02/2006	24/02/2006	-	Active	NO
8	U01116TN1956PTC003403	DAKSHINA BHARAT RUBBER PLANTING CORPORATION PRIVATE LIMITED	Director	07/06/2007	07/06/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mariapillai Rengaswamy	1700
Ramaswami Nandakumar	1500
Thangavelu Jayaram	1500
R.Anandakumar	1300
R.Nandakumar	1500
N.Umapriyadharshini	1500
Total	9000

Equity Share Break up (Percentage of Total Equit

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To cultivate tea, coffee, chinchona, rubber, coconut, cocoa, cardamom, pepper, rhea, ramie plants and to carry on the business of tea, coffee, chinchona and rubber planters in all its branches.

Products :

Products Descripation	Item Code No.
Tea	09.0240.02
Tea	09.0240.03

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Made Tea	--	Not Applicable	3000000	2744464

GENERAL INFORMATION

No. of Employees :

Not Applicable

Bankers :

• CENTRAL BANK OF INDIA

No.30, Mount road, Coonoor – 634102 , Tamil Nadu, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Secured Loans From Bank
Cash credit Account and Packing Credit: {Secured by hypothecation of raw material, Work in progress, Finished goods, stores, Spares and Consumables, Plant and Machinery, Furniture and Fitting and other assets of the Factory and equitable mortgage of the Immovable property and guranted by 3 Directors and a share holder.)	8.074	4.022
Term Loan Account: (Secured by hypothecation of specific plant and Machinery and personal guarantee of 3 directors and a shareholder and collaterally secured by immovable Property )	8.828	11.864
Hire Purchase Dues	2.855	2.188
Total	19.757	18.074
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Managing Director	2.500	2.500
Director	2.500	2.500
Relative of Director	2.500	2.500
Total	7.500	7.500

Banking Relations :
Auditors :
Name :	Suri and Company Charted Accountant
Address :	Shankar Sadan, 20 Church Road , Bedford, Coonor, Tamilnadu-643101, India
Associates/Subsidiaries :	Maris Agro Products Private Limited Thangavelu Petrol Bunk Maris Hotels and Theatres Private Limited Janatha Traders (India) Private Limited Maris Spinners Limited R.J Ventures

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs. 2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000	Equity Shares	Rs.100/- each	Rs. 0.900millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.900	0.900	0.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		50.418	34.743	27.586
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		51.318	35.643	28.486
LOAN FUNDS
1] Secured Loans		19.757	18.074	26.505
2] Unsecured Loans		7.500	7.500	7.500
TOTAL BORROWING		27.257	25.574	34.005
DEFERRED TAX LIABILITIES		5.501	5.975	6.135
TOTAL		84.076	67.192	68.626
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.071	46.214	50.379
Capital work-in-progress		0.458	0.000	0.000
INVESTMENT		1.191	1.191	1.191
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.853	7.829	11.632
	Sundry Debtors	28.678	12.228	16.393
	Cash & Bank Balances	2.537	8.734	8.239
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.253	11.745	20.733
Total Current Assets		75.321	40.536	56.997
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.442	10.856
	Other Current Liabilities	1.464	1.542	34.089
	Provisions	16.059	8.351	5.853
Total Current Liabilities		42.965	20.749	39.942
Net Current Assets		32.356	19.787	17.055
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		84.076	67.192	68.626

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	302.946	208.845	186.598
		Other Income
		TOTAL	302.946	208.845	186.598
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	269.731	187.893	167.871
		TOTAL	269.371		167.871
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		33.215	20.953	18.727
Less/ Add	DEPRECIATION/ AMORTISATION		7.334	7.702	6.777
	PROFIT BEFORE TAX		25.881	13.250	11.950
Less	TAX		9.156	5.040	4.420
	PROFIT AFTER TAX		16.725	8.210	7.530
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	--	--
Less	APPROPRIATIONS
		Proposed Dividend	0.900	0.900	0.900
		Corporate Tax on Dividend	0.149	0.153	0.153
		Transfer To General Reserve	1.673	0.821	0.751
	BALANCE CARRIED TO THE B/S		14.001	6.336	5.723
	EXPORT VALUE		22.847	84.418	22.835
	IMPORTS VALUE		6.467	--	1.793
	Earnings Per Share (Rs.)		1858.33	912.22	836.666

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.52	3.93	4.03
Return on Total Assets (PBT/Total Assets}	(%)	20.64	15.27	11.12
Return on Investment (ROI) (PBT/Networth)		0.50	0.37	0.42
Debt Equity Ratio (Total Liability/Networth)		1.37	1.30	2.60
Current Ratio (Current Asset/Current Liability)		1.75	1.95	1.43

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

The Company has manufactured 27,44,464Kgs., of made tea as against 21,98,663kgs in the pervious year . The Company has also achieved a turnover of 25,72,472 Kgs for Rs. 282.101 Millions realizing an average sale price of Rs. 110.966 Millions as against a turnover of 23,06,371Kgs for Rs. 192.419 Millions on an average sale realization of Rs. 83.43 Millions

Bankers Charges Report as per Registry

Corporate identity number of the company	U01132TZ1976PTC000758
Name of the company	HAVUKAL TEA AND PRODUCE PVT. LTD
Address of the registered office or of the principal place of business in India of the company	Havukal Estate, Kotagiri , The Nilgiris, Tamil Nadu – 643217 India
This form is for	Modification of Chrage
Charge identification (ID) number of the charge to be modified	9004839
Type of charge	Book Debts Movable Debts Floating Charges Others
Particular of charge holder	Central Bank of India No.30, Mount Road , Coonor-634102 , Tamilnadu, india Bmcoim906@centralbankofindia.co.in
Nature of instrument creating charge	1)Loan Cum-Hypothecation Agreement (plant and machinery) 2)Letter Of Hypothecation
Date of instrument Creating the charge	27.01.2011
Amount secured by the charge	Rs. 78.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : 1)Working capital: Base Rate+2% 2)Term Loan – ll(Exiting): Base Rate+2% 3)Term Loan- New Base Rate+1% Terms of Repayment Working Capital : Repayable On Demand Term Loan-New – The Term Loan is repayable in 24 Quarterly Installments of Rs. 1.605 Millions commencing from June 2011. The Last Installment will be MARCH 2017.The Interest will be serviced as and when charged including during moratorium. Margin Cash Credit:Stocks-25%, Book Debts – 40% PC(H): Stock – 25% Term Loan –lll(Exiting)-50% of land and Buildingand 25% On wind mill Term Loan – New – 25% Extent and Operation of the charge The charge operates as security for the due repayment of all liabilities in respect of the loan/limit including costs, charges and expenses and all other monies due to the bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of 1No. 850 KW wind Electric Generator of Gamesa (958-850 KW
Particulars of the present modification	The Amount secured by the Exiting charge on plant and Machinery and other Movable Properties ENHANCED From Rs. 40.000 Millions To Rs.78.500 Millions

FIXED ASSETS

• Good will
• Land
• Building
• Plant and Machinery
• Office Equipment
• Vehicle
• Furniture and Fitting

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 47.10
UK Pound	1	Rs. 74.64
Euro	1	Rs. 64.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.