MIRA INFORM REPORT

Report Date :

02.01.2012

IDENTIFICATION DETAILS

Name :	THE COONOOR TEA ESTATES COMPANY LIMITED
Registered Office :	Belmont Post Box No.1, Coonoor, Nilgiris – 643 101, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.11.1926
Com. Reg. No.:	18-000019
Capital Investment / Paid-up Capital :	Rs.9.402 Millions
CIN No.: [Company Identification No.]	U01132TZ1926PLC000019
TAN No.: [Tax Deduction & Collection Account No.]	CMBT04455D
PAN No.: [Permanent Account No.]	AACCC1202B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Tea.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 950000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments 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 – 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

LOCATIONS

Registered Office :	Belmont Post Box No.1, Coonoor, Nilgiris – 643 101, Tamilnadu, India
Tel. No.:	91-423-2233663
Fax No.:	91-423-2232397
E-Mail :	mbbangalore@mathesonbosanquet.com
Head Office :	Sprongfield, Post Coonoor, Nilgiris – 643 104, Tamil Nadu, India

DIRECTORS

As on 28.09.2011

Name :	Mr. Bimal Kumar Poddar
Designation :	Chairman
Address :	3/1/1, Ali Askar Road, Bangalore – 560 052, Karnataka, India
Date of Birth/Age :	25.12.1942
Date of Appointment :	01.07.1995
DIN No.:	00031146

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	U72112MP1922PLC000060	Hope Textiles Limited	Director	27-01-77	27-01-77	-	Active	NO
2	U30003KA1951PLC024092	Matheson Bosanquet Enterprises Limited.	Director	20-09-81	20-09-81	-	Active	NO
3	U65993KA1955PLC024548	Lucky Valley Investments And Holdings Limited	Director	20-09-81	20-09-81	-	Active	NO
4	U51191WB1981PLC033602	Pragati Business Limited	Director	28-07-84	28-07-84	-	Active	NO
5	U65993TZ1989PLC002507	Coonoor Investments Limited	Director	15-11-90	15-11-90	-	Active	NO
6	U65921TZ1989PLC002508	Sua Finance And Investments Limited	Director	15-11-90	15-11-90	-	Active	NO
7	U70109WB1992PLC057323	Poddar Niket Developers Limited	Director	30-12-92	30-12-92	-	Active	NO
8	U01132TZ1926PLC000019	The Coonoor Tea Estates Company Limited	Managing director	01-07-10	01-07-95	-	Active	NO
9	U24292KA1989PTC023435	Sua Explosives And Accessories Private Limited	Director	17-06-10	29-09-00	-	Active	NO
10	L27106PN1960PLC020566	Atlas Copco (India) Limited	Director	21-12-00	21-12-00	-	Active	NO
11	U27109KA2000PTC027762	John Keells Logistics India Private Limited	Director	05-02-01	05-02-01	10-10-08	Active	NO
12	L15422TN1996PLC037200	Ponni Sugars (Erode) Limited	Director	19-12-01	19-12-01	-	Active	NO
13	L21012TZ1960PLC000364	Seshasayee Paper And Boards Limited	Director	25-01-03	25-01-03	-	Active	NO
14	U00171MP2005PTC018091	Ornate Textiles Private Limited	Director	11-11-05	11-11-05	-	Active	NO
15	U45203MP2005PTC018092	Ornate Buildcons Private Limited	Director	11-11-05	11-11-05	21-10-09	Active	NO
16	U07010MP2006PTC018336	Htl Realty Private Limited	Director	25-01-06	25-01-06	21-10-09	Active	NO
17	U07010MP2006PTC018335	Ornate Realty Private Limited	Director	25-01-06	25-01-06	21-10-09	Active	NO
18	U70102KA2007PTC044123	Skytop Realty Private Limited	Director	15-10-07	15-10-07	18-11-09	Active	NO
19	U70102KA2007PTC044146	Skyblue Realty Private Limited	Director	17-10-07	17-10-07	18-11-09	Active	NO

Name :	Mr. Abhishek Poddar
Designation :	Director
Address :	3/1/1, Ali Askar Road, Bangalore – 560 052, Karnataka, India
Date of Birth/Age :	13.08.1967
Date of Appointment :	10.06.1989
DIN No.:	00031175

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	U01132TZ1926PLC000019	The Coonoor Tea Estates Company Limited	Director	10-06-89	10-06-89	-	Active	NO
2	U65993KA1955PLC024548	Lucky Valley Investments And Holdings Limited	Director	16-06-89	16-06-89	-	Active	NO
3	U24292KA1989PTC023435	Sua Explosives And Accessories Private Limited	Director	17-06-10	25-02-91	-	Active	NO
4	U74920KA1993PTC014137	Bos Technologies (India)Private Limited	Director	23-03-93	23-03-93	-	Active	NO
5	U30003KA1951PLC024092	Matheson Bosanquet Enterprises Limited	Managing director	01-04-10	22-05-93	-	Active	NO
6	U01010TZ1984PTC007651	Apex Combines Private Limited	Director	03-08-95	03-08-95	-	Active	NO
7	U01010TZ1985PTC007650	Delta Orissa Private Limited	Director	03-08-95	03-08-95	-	Active	NO
8	U01010TZ1983PTC007652	Sidlaw India Private Limited	Director	03-08-95	03-08-95	-	Active	NO
9	U01132KA1997PLC022980	Bosanquet Exports Limited	Director	05-11-97	05-11-97	-	Active	NO
10	U01132WB1993PLC060495	Syndak Tea Tech Limited	Director	09-02-98	09-02-98	27-09-10	Active	NO
11	U65993TZ1989PLC002507	Coonoor Investments Limited	Director	01-12-99	01-12-99	-	Active	NO
12	U27109KA2000PTC027762	John Keells Logistics India Private Limited	Director	11-09-00	11-09-00	10-10-08	Active	NO
13	U85110KA2000PTC027834	John Keells Air Services India Private Limited	Director	21-09-00	21-09-00	10-10-08	Active	NO
14	U93090KA2001NPL028969	YPO Bangalore Chapter	Director	02-05-01	02-05-01	20-09-09	Active	NO
15	U72112MP1922PLC000060	Hope Textiles Limited	Director	29-09-01	29-09-01	-	Active	NO
16	U40101KA2001PTC028901	Yettinahole Hydro Electric Company Private Limited	Director	18-07-05	18-07-05	-	Active	NO
17	U51229KA2005PTC038076	Alfresco Good Foods Private Limited	Director	29-12-05	29-12-05	11-10-07	Strike off	NO
18	U74940KA2006PTC038282	Tasveer Arts Private Limited	Director	20-01-06	20-01-06	-	Active	NO
19	U51229KA2006PTC038307	Mamma Foods Private Limited	Director	25-01-06	25-01-06	-	Active	NO
20	U74140MH1984PTC033832	Arvi Industrial Formations Private Limited	Director	12-04-06	12-04-06	-	Active	NO
21	U52393TZ2001PTC009800	Kankhal Estates Private Limited	Director	12-04-06	12-04-06	-	Active	NO
22	U55103KA2006PTC039590	Sua Resorts Private Limited	Director	31-05-06	31-05-06	-	Active	NO
23	U70109WB1992PLC057323	Poddar Niket Developers Limited	Director	27-02-07	27-02-07	-	Active	NO
24	U01135KA2008PTC045997	Guernsey Estates Private Limited	Director	09-04-08	09-04-08	26-09-09	Active	NO
25	U01132KA2008PTC046035	Drumella Plantations Private Limited	Director	11-04-08	11-04-08	26-09-09	Active	NO
26	U01132KA2008PTC046036	Kodamalai Plantations Private Limited	Director	15-04-08	15-04-08	26-09-09	Active	NO
27	U01131KA2008PTC046043	Bandishola Plantations Private Limited	Director	15-04-08	15-04-08	26-09-09	Active	NO
28	U01135KA2008PTC046044	Yedapalli Plantations Private Limited	Director	15-04-08	15-04-08	26-09-09	Active	NO
29	U63040KA2008PTC046293	Mb Leisure Tours Private Limited	Director	02-05-08	02-05-08	-	Active	NO
30	U24306KA2008PTC046406	Redflame Explosives Private Limited	Director	14-05-08	14-05-08	06-04-09	Active	NO
31	U24306KA2008PTC046407	Boom And Bang Explosives Private Limited	Director	14-05-08	14-05-08	06-04-09	Active	NO
32	U24306KA2008PTC046408	Sua Fireworks Private Limited	Director	14-05-08	14-05-08	06-04-09	Active	NO
33	U26919TN1989PLC018017	Comtec Components Limited	Director	18-07-08	18-07-08	-	Active	NO
34	U74994KA2009PTC049658	Cinnamon Boutique Private Limited	Director	22-04-09	22-04-09	-	Active	NO
35	U91990DL2007PLC158833	Syenergy Environics Limited	Additional director	10-09-10	10-09-10	-	Active	NO
36	U32109KA2011PTC057193	Neology Solutions Private Limited	Director	18-02-11	18-02-11	-	Active	NO
37	U74920HR2003PLC035976	Jsl Lifestyle Limited	Director	01-04-11	01-04-11	-	Active	NO
38	U74900KA2011PTC058551	Abhimukh Holdings Private Limited	Director	09-05-11	09-05-11	-	Active	NO

Name :	Mr. Venkatesh Naidoo
Designation :	Director
Address :	Villa 74, Adarsh Vista Basava Nagar, Vibhutipura, Bangalore – 560 037, Karnataka, India
Date of Birth/Age :	24.01.1947
Date of Appointment :	30.06.2009
DIN No.:	02675718

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01132TZ1926PLC000019	The Coonoor Tea Estates Company Limited	Director	30-06-09	30-06-09	Active	NO

Name :	Ms. Radhika Poddar
Designation :	Director
Address :	3/1/1, Ali Askar Road, Bangalore – 560 052, Karnataka, India
Date of Birth/Age :	04.07.1965
Date of Appointment :	26.02.1997
DIN No.:	00134184

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	U01132TZ1926PLC000019	The Coonoor Tea Estates Company Limited	Director	26-02-97	26-02-97	-	Active	NO
2	U40101KA2001PTC028901	Yettinahole Hydro Electric Company Private Limited	Director	18-07-05	18-07-05	-	Active	NO
3	U00171MP2005PTC018091	Ornate Textiles Private Limited	Director	11-11-05	11-11-05	-	Active	NO
4	U51229KA2005PTC038076	Alfresco Good Foods Private Limited	Director	29-12-05	29-12-05	11-10-07	Strike off	NO
5	U01135KA2008PTC045997	Guernsey Estates Private Limited	Director	09-04-08	09-04-08	-	Active	NO
6	U01132KA2008PTC046035	Drumella Plantations Private Limited	Director	11-04-08	11-04-08	-	Active	NO
7	U01132KA2008PTC046036	Kodamalai Plantations Private Limited	Director	15-04-08	15-04-08	-	Active	NO
8	U01131KA2008PTC046043	Bandishola Plantations Private Limited	Director	15-04-08	15-04-08	-	Active	NO
9	U01135KA2008PTC046044	Yedapalli Plantations Private Limited	Director	15-04-08	15-04-08	-	Active	NO
10	U24306KA2008PTC046407	Boom and Bang Explosives Private Limited	Director	01-04-09	01-04-09	-	Active	NO
11	U24306KA2008PTC046408	Sua Fireworks Private Limited	Director	01-04-09	01-04-09	-	Active	NO
12	U24306KA2008PTC046406	Redflame Explosives Private Limited	Director	01-04-09	01-04-09	-	Active	NO
13	U74994KA2009PTC049658	Cinnamon Boutique Private Limited	Director	22-04-09	22-04-09	-	Active	NO
14	U74940KA2006PTC038282	Tasveer Arts Private Limited	Director	07-08-09	07-08-09	-	Active	NO
15	U55103KA2006PTC039590	Sua Resorts Private Limited	Director	07-08-09	07-08-09	-	Active	NO
16	U32109KA2011PTC057193	Neology Solutions Private Limited	Director	18-02-11	18-02-11	-	Active	NO
17	U74900KA2011PTC058551	Abhimukh Holdings Private Limited	Director	09-05-11	09-05-11	-	Active	NO

Name :	Mr. Khaja Ahmedullah
Designation :	Director
Address :	82, Shanty Nagar Road No.2, Hyderabad – 500 028, Andhra Pradesh, India
Date of Birth/Age :	14.08.1936
Date of Appointment :	30.10.2000
DIN No.:	00821782

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L15491KL1915PLC001144	Tyford Tea Limited	Director	30-09-97	30-09-97	Active	NO
2	U01132TZ1926PLC000019	The Coonoor Tea Estates Company Limited	Director	30-10-00	30-10-00	Active	NO
3	L01132KL1923PLC000415	Haileyburia Tea Estates Limited	Director	24-09-01	24-09-01	Active	NO

Name :	Mr. Narayanan Ramanathan
Designation :	Director
Address :	Anaya Ashok, Flat No.4, Block II, 15, Bhaktavachalam Salai, Mylapore, Chennai – 600 004, Tamil Nadu, India
Date of Birth/Age :	14.06.1954
Date of Appointment :	17.09.2005
DIN No.:	00001033

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L15422TN1996PLC037200	Ponni Sugars (Erode) Limited	Managing director	01-04-11	01-04-05	Active	NO
2	U01132TZ1926PLC000019	The Coonoor Tea Estates Company Limited	Director	17-09-05	17-09-05	Active	NO
3	U51909TN1978PTC007495	Esvi International (Enggs and Exprts) Private Limited	Director	19-08-06	19-08-06	Active	NO
4	U72112MP1922PLC000060	Hope Textiles Limited	Director	30-09-06	30-09-06	Active	NO
5	U33111TN1947NPL000861	Hindustan Chamber of Commerce	Director	01-10-10	08-12-08	Active	NO
6	U99999DL1969GAP005106	Indian Sugar Exim Corporation Limited	Nominee director	22-03-10	22-03-10	Active	NO
7	U21012TN2006PLC059326	SPB Papers Limited	Director	27-08-11	01-04-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
State Bank of India, India	396
Radha Devi	396
Rajah Sir M.A. Muthiah Chettiar	1824
The Union Bank of India Limited, India	376
Gool Merwan Baria	396
Al. Alagammai	1000
Lucky Valley Investments and Holdings Limited, India	379210
Aloo Sorabji Katpitia	1200
Khushnuma Afroze Patalwala	500
Sivan Securities Private Limited, India	34194
Angela Francis	500
Christine Francis	500
Mahendra Girdharilal	11046
Abhishek Poddar	87355
B. K. Poddar	51028
Matheson Bosanquet Enterprises Limited, India	273582

As on 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.04
Bodies corporate	73.08
Directors or relatives of Directors	24.18
Other top fifty shareholders	2.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Tea.

Products :

ITC CODE	PRODUCT DESCRIPTION
9.23000	Black Tea

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	As on 31.03.2011 (Kgs.)
Licensed Capacity	Not Applicable
Installed Capacity on single shift basis as determined by the Company and not vertified by the auditors being technical in nature.	1641000
Made Tea : Production	2077376

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Overdraft/ Packing credit from bank *	24.958	17.485
Term loan from bank@ (Amount repayable in one year Rs 3.120 millions (PY – 3.120 millions))	3.558	6.874
Term loan from others Secured by hypothecation of motor vehicles)	2.262	3.177
Total	30.778	27.536

Notes:

*Secured by equitable mortgage of title deeds of Parkside estate and hypothecation of machinery, Raw materials, Stock in process, Finished goods, Consumable stores and Spares, Receivables and standing crops.

@ Secured by hypothecation of raw materials, stock, work in progress, finished goods, stores and spares, book debts, standing crop, plant and machinery for vanilla cultivation in Wallwood estate, Burliyar village, Coonoor. The existing equitable mortgage of Parkside estate property for working capital facility will continue to be the security.

Banking Relations :	--
Auditors :
Name :	R.G.N. Price and Company Chartered Accountants
Address :	1051, Second Floor, 20^th Main, 5^th Block, Rajajinagar, Bangalore – 560 010, Karnataka, India
PAN No.:	AAAFR0651G
Subsidiaries :	· Bandishola Plantations Private Limited CIN No.: U01131KA2008PTC046043 · Drumella Plantations Private Limited CIN No.: U01132KA2008PTC046035 · Guernsey Estates Private Limited CIN No.: U01135KA2008PTC045997 · Kodamalai Plantations Private Limited CIN No.: U01132KA2008PTC046036 · Yedapalli Plantations Private Limited CIN No.: U01135KA2008PTC046044
Associates and enterprises over which Directors or their relatives have significant influence:	· Lucky Valley Investments and Holdings Limited · Matheson Bosanquet Enterprises Limited · Coonoor Investments Limited · Poddar Niket Developers Limited · Sua Finance and Investments Limited · Apex Combines Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
940188	Equity Shares	Rs.10/- each	Rs.9.402 Millions

Notes

· Of the above 200050 equity shares have been allotted as fully paid up for consideration other than cash to the amalgamating company.

· Of the above 626792 equity shares have been allotted on rights basis at two equity shares for every one equity share held at a premium of Rs.10 per equity share.

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		9.402	9.402	9.402
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		228.248	213.034	190.306
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		237.650	222.436	199.708
LOAN FUNDS
1] Secured Loans		30.778	27.536	27.683
2] Unsecured Loans		0.000	0.000	2.717
TOTAL BORROWING		30.778	27.536	30.400
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		268.428	249.972	230.108
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		180.283	172.654	172.136
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		20.989	20.986	20.986
DEFERREX TAX ASSETS		8.445	10.419	8.543
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.538	19.293	10.933
	Sundry Debtors	18.416	19.201	7.875
	Cash & Bank Balances	0.625	0.800	0.829
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	68.217	55.635	43.626
Total Current Assets		113.796	94.929	63.263
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.811	26.006	12.531
	Other Current Liabilities	0.435	1.941	2.210
	Provisions	25.839	21.069	20.079
Total Current Liabilities		55.085	49.016	34.820
Net Current Assets		58.711	45.913	28.443
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		268.428	249.972	230.108

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	220.171	194.176	143.153
		Interest Income	0.268	0.092	0.002
		Other Income	22.468	16.973	15.710
		TOTAL	242.907	211.241	158.865
Less	EXPENSES
		Purchase of Tea	3.836	0.612	0.031
		Material Consumed	90.106	80.380	50.560
		Employee Cost	61.697	56.237	47.693
		Repairs and Maintenance	9.853	6.464	4.073
		Other Expenditure	55.982	43.271	41.395
		Imbruement of Assets	0.000	0.000	8.754
		(Increase) / Decrease in Stock	(6.332)	(8.603)	4.640
		TOTAL	215.142	178.361	157.146
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		27.765	32.880	1.719
Less/ Add	DEPRECIATION/ AMORTISATION		6.390	6.328	6.499
Add	EXCEPTIONAL ITEMS		0.000	0.000	32.334
	PROFIT BEFORE TAX		21.375	26.552	27.554
Less	TAX		6.161	3.824	(4.943)
	PROFIT AFTER TAX		15.214	22.728	32.497
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		62.452	39.724	28.249
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	21.022
	BALANCE CARRIED TO THE B/S		77.666	62.452	39.724
	EARNING IN FOREIGN EXCHANGE		203.313	148.098	67.885
	Earnings Per Share (Rs.)		16.18	24.17	34.56

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.26	10.76	20.46
Net Profit Margin (PBT/Sales)	(%)	9.71	13.67	19.25
Return on Total Assets (PBT/Total Assets}	(%)	7.27	9.92	11.71
Return on Investment (ROI) (PBT/Networth)		0.09	0.12	0.14
Debt Equity Ratio (Total Liability/Networth)		0.36	0.34	0.33
Current Ratio (Current Asset/Current Liability)		2.07	1.94	1.82

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS AND PERFORMANCE

The Company’s teas are the Rain Forest Alliance Certified along with Fair Trade Certification. Coonoor Factory has also received UTZ Certification.

The company has obtained ISO 22000 certificate.

The Sales in Tea Operations were at Rs.220.200 millions compared with Rs.194.100 millions in the previous year. The operating Profit before interest and tax was at Rs.25.743 millions as against Rs.30.871 millions in the previous year. Sales quantity during the year was at 20.64 lakhs Kg. against a sale of 18.17 lakhs kg in the previous year, an increase of about 13.59% over the previous year. Exports during the year 2011 were at Rs.202.600 millions against the previous year of Rs.148.000 millions. Production during the first two months of the current period is 4.40 lakhs kg as against 2.73 lakhs kg in the corresponding period of previous year. For the year 2011-12, Sale average to end May 2011 was Rs.113.97 per Kg against Rs.111.48 per Kg to end May 2010.

They are expecting a larger volume of bought leaf in 2011. Tea prices ruled buoyant during major part of last year but for that, it would have been difficult to absorb the increased cost of production. However, a softer trend in prices is likely in the current year.

Barring unforeseen circumstances the Directors hope to achieve a reasonable performance in the current year.

CONTINGENT LIABILITIES

Particulars	As on 31.03.2011 Rs. in millions
Bills discounted for which the company is contingently liable	7.862

FIXED ASSETS

· Road

· Building

· Plant and Machinery

· Electrical Installation

· Water Supply Installation

· Furniture and Fittings

· Office Equipments

· Vehicles

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.53.27
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.