MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	SOMABHAI TEA PROCESSORS PRIVATE LIMITED
Registered Office :	1^st Floor, ‘Akashganga’, Gujarat College Hostel Road, Ellisbridge, Ahmadabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.06.1984
Com. Reg. No.:	04-007047
Capital Investment / Paid-up Capital :	Rs. 4.284 Millions
CIN No.: [Company Identification No.]	U01132GJ1984PTC007047
TAN No.: [Tax Deduction & Collection Account No.]	AHMS06038E / AHMS04732A
PAN No.: [Permanent Account No.]	AADCS0864L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Blended tea and Packet tea.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track .There appears huge accumulated losses recorded by the company. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing on a secured trade terms and condition.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Hardik Patel
Designation :	Director of Sister Concern
Contact No.:	91-9974098540
Date :	20.03.2012

LOCATIONS

Registered Office /Factory :	1^st Floor, ‘Akashganga’, Gujarat College Hostel Road, Ellisbridge, Ahmadabad – 380006, Gujarat, India
Tel. No.:	91-79-26449694
Mobile No.:	91-9974098540 ( Mr. Hardik Patel )
Fax No.:	91-79-26568667
E-Mail :	info@csomabhaitea.com mcm@gkcco.com
Website :	http://www.csomabhaitea.com

DIRECTORS

As on 25.08.2011

Name :

Mr. Jayant Somabhai Patel

Designation :

Director

Address :

6, First floor, Sardar Patel, Ellisbridge Ahmadabad – 38006, India

Date of Appointment :

27.06.1984

DIN No.:

00152533

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	U01132GJ1984PTC007047	SOMABHAI TEA PROCESSORS PRIVATE LIMITED	Director	27/06/1984	27/06/1984	-	Active	NO
2	U15300GJ2011PTC066483	UNIFORM BLENDERS PRIVATE LIMITED	Director	25/07/2011	25/07/2011	-	Active	NO

Name :

Mr. Ketankumar Hasmukhbhai Patel

Designation :

Director

Address :

15-A, Sarvoday Society, Amul Diary Road Anand - 388001, Dist. Anand.

Date of Appointment :

01.07.2007

DIN No.:

01546416

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	U01132GJ1984PTC007047	SOMABHAI TEA PROCESSORS PRIVATE LIMITED	Director	1/7/2007	1/7/2007	-	Active	NO

Name :

Mrs. Hemlata Jayantbhai Patel

Designation :

Director

Address :

6, First floor, Sardar Patel, Ellisbridge Ahmadabad – 38006, India

Date of Appointment :

27.06.1984

DIN No.:

01730814

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	U01132GJ1984PTC007047	SOMABHAI TEA PROCESSORS PRIVATE LIMITED	Director	27/06/1984	27/06/1984	-	Active	NO
2	U15300GJ2011PTC066483	UNIFORM BLENDERS PRIVATE LIMITED	Director	25/07/2011	25/07/2011	-	Active	NO

Other directorship

Name :

Mr. Rupal Ketankumar Patel

Designation :

Director

Address :

10/A, ADC Bank Staff Society, B/h, Sahajanand College, Panjara Pole, Ambawadi, Ahmadabad – 380006, India

Date of Appointment :

01.06.2011

DIN No.:

03538508

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	U01132GJ1984PTC007047	SOMABHAI TEA PROCESSORS PRIVATE LIMITED	Additional director	1/6/2011	1/6/2011	-	Active	NO
2	U15300GJ2011PTC066483	UNIFORM BLENDERS PRIVATE LIMITED	Director	25/07/2011	25/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.08.2011

Names of Shareholders	No. of Shares
Jayant Somabhai Patel	16823
Jitendrabhai Somabhai Patel	8918
Hemlata Jayantbhai Patel	6100
Kailasben Jitendra bhai Patel	4609
Rupal Ketan Patel	2500
Kavita Jitendrabhai Patel	742
Bharatbhai Ravjibhai Patel	3
Komal Jitendrabhai Patel	301
Nandita Montukumar Bhatt	451
Purnima bharatbhai Patel	1
Minaxiben Prvinchandra Patel	3
Hardik Jitendrabhai Patel	451
Iringmara Tea Private Limited – India	7
Kamalabhai Somabhai Patel	1000
Jayant somabhai Patel (HUF)	8
Jitendra somabhai Patel (HUF)	8
Somabhai. K.Patel (HUF)	157
Jyotshben Ranjitbhai Patel	1
Ketankumart Ranjitbhai Patel	1
Manjulaben Kantibhai Patel	750
Neha Nikesh Patel	5
TOTAL	42839

As on 25.08.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Blended tea and Packet tea.
Products :	· Blended tea · Packet tea
Exports :
Products :	· Blended tea · Packet tea
Countries :	· UK · US
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

Wholesaler and Retailer

· Cadila Pharmaceuticals Limited

No. of Employees :

100 (Approximately)

Bankers :

· Bank of Baroda

· The AMCO Bank

· Oriental Bank of commerce

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Vehicle Loan : The AMCO Bank Limited (The above Loan is secured by specific charge on assets purchased)	0.122	0.000
Cash Credit Account With : Oriental Bank of commerce. – 105	0.581	0.862
Oriental Bank of commerce. – 695 (The above cash Credit facilities are secured by Hypothecation of Stock, Book-debts and also by Equitable mortgage of office Premises and further secured by the lien on Fixed Deposits company)	0.505	1.012
Total	1.208	1.874
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Director	8.735	8.081
From Shareholders	5.311	4.912
Total	14.046	12.993

Banking Relations :	--
Auditors :
Name :	G.K Choksi and company Chartered Accountant
Address :	Madhuban, Near Madalpur, Underbridge, Ellisbridge, Ahmadabad – 380006, Gujarat, India
PAN.:	AAAFG7623H
Associates :	C Somabhai and Company

CAPITAL STRUCTURE

As on 25.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.100/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42,839	Equity Shares	Rs.100/- each	Rs. 4.283 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.283	4.284	4.284
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.826	5.948	3.500
4] (Accumulated Losses)		(16.375)	(11.379)	(6.611)
NETWORTH		(6.266)	(1.147)	(1.173)
LOAN FUNDS
1] Secured Loans		1.208	1.874	1.424
2] Unsecured Loans		14.046	12.993	9.214
TOTAL BORROWING		15.254	14.867	10.638
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
11.81
TOTAL		8.988	13.720	11.811
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.517	5.947	3.218
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.652	0.396	0.900
DEFERREX TAX ASSETS		0.000	0.065	0.065
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.053	6.577	6.262
	Sundry Debtors	5.250	5.324	6.775
	Cash & Bank Balances	0.773	1.052	0.711
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.650	1.054	0.288
Total Current Assets		13.726	14.007	14.036
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.236	5.152	4.796
	Other Current Liabilities	1.555	1.421	1.486
	Provisions	0.116	0.123	0.126
Total Current Liabilities		10.907	6.696	6.408
Net Current Assets		2.819	7.312	7.628
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.988	13.720	11.811

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	131.07	122.409	102.884
		Other Income	0.412	0.646	0.270
		TOTAL	131.482	123.055	103.154
Less	EXPENSES
		Trading and Other Expenses	134.395	125.623	100.995
		Increase/(decrease) in Stock	(0.215)	(0.237)	1.247
		TOTAL (B)	134.180	125.386	102.242
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(2.698)	(2.331)	0.912
Less	FINANCIAL EXPENSES (D)		1.455	1.193	0.982
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(4.153)	(3.525)	(0.070)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.778	1.244	0.807
	PROFIT BEFORE TAX (E-F) (G)		(4.931)	(4.768)	(0.877)
Less	TAX (I)		0.065	0.000	0.115
	PROFIT AFTER TAX (G-I) (J)		(4.996)	(4.768)	(0.992)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(14.745)	(9.977)	8.985
	BALANCE CARRIED TO THE B/S		(19.741)	(14.745)	(9.977)
	Earnings Per Share (Rs.)		166.62

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(3.79)	(3.62)	(0.85)
Net Profit Margin (PBT/Sales)	(%)	(3.76)	(3.63)	(0.85)
Return on Total Assets (PBT/Total Assets}	(%)	(25.62)	(23.89)	(5.08)
Return on Investment (ROI) (PBT/Networth)		(0.78)	(4.157)	(0.74)
Debt Equity Ratio (Total Liability/Networth)		(4.17)	(18.79)	(14.53)
Current Ratio (Current Asset/Current Liability)		1.25	2.09	2.19

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	YES
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Operation

Sales in Quantity terms has reduced by 14,708 kgs in the FY 2010-2011, however in value terms it has increased to Rs. 1310.70 Millions from Rs. 122.409 Millions . The Average Purchase rate of tea came to Rs. 156.15 per kg whereas the PY 2009-2010 IT was Rs. 147.46 per kg and therefore increased the rate Rs. 8.69 per kgs.

Fixed Assets

· Building

· Machinery

· Office equipment

· Furniture and Fitting

· Vehicles

· Computer

Trade Reference

· Cadila Pharmaceuticals Limited

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		12

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.