MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	APEEJAY SURRENDRA CORPORATION SERVICES LIMITED (w.e.f. 25.01.2011)
Formerly Known As :	APEEJAY SURRENDRA CORPORATION SERVICES PRIVATE LIMITED
Registered Office :	Apeejay House, 15 Park Street, Kolkata – 700016, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.04.1995
Com. Reg. No.:	21-071253
Capital Investment / Paid-up Capital :	Rs.0.514 Million
CIN No.: [Company Identification No.]	U27108WB1995PLC071253
TAN No.: [Tax Deduction & Collection Account No.]	CALA05996E
PAN No.: [Permanent Account No.]	AAECA1925D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Company engaged in the business of cultivating, growing, manufacturing, processing, packaging, trading and dealing in tea.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 8800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company is improving. The company has been successful in wiping-off the accumulated losses of the previous year. However, 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 :	Apeejay House, 15 Park Street, Kolkata – 700016, West Bengal, India
Tel. No.:	91-33-22295455/ 2277228/ 44035455
Fax No.:	91-33-22172075
E-Mail :	apjaccountscal@apeejaygroup.com

DIRECTORS

(AS ON 28.02.2011)

Name :

Mr. Ashoke Ghosh

Designation :

Director

Address :

234, Jodhpur Park, 3^rd Floor, Kolkata - 700068, West Bengal, India

Date of Birth/Age :

11.11.1956

Date of Appointment :

25.01.2011

PAN No.:

ADTPG1858L

Email :

aghosh@apeejaygroup.com

DIN No.:

00051311

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	U85110KA1987PLC008755	APEEJAY SURRENDRA PARK HOTELS LIMITED	Director	19/08/2002	19/08/2002	-	Active	NO
2	U74999WB2000PTC091312	APEEJAY COMMODITIES PRIVATE LIMITED	Director	31/08/2003	31/08/2003	-	Active	NO
3	U27108WB1995PLC071253	APEEJAY SURRENDRA CORPORATE SERVICES LIMITED	Whole-time director	1/4/2011	20/09/2004	-	Active	NO
4	U70109WB1979PTC032411	TRIVENI DEVELOPMENT PRIVATE LIMITED	Director	1/11/2004	1/11/2004	-	Active	NO
5	U27101WB1979PTC032142	KATHUA STEEL WORKS PRIVATE LIMITED	Director	1/11/2004	1/11/2004	-	Active	NO
6	U32109WB1981PTC033823	ASIAN SIGNAL INDUSTRY PRIVATE LIMITED	Director	1/11/2004	1/11/2004	-	Active	NO
7	U74999WB1959PTC031773	APEEJAY HOLDINGS PRIVATE LIMITED	Director	1/11/2004	1/11/2004	-	Active	NO
8	U74140WB1962PTC031500	APEEJAY AGENCIES PRIVATE LIMITED	Director	1/11/2004	1/11/2004	-	Active	NO
9	U70200WB1959PTC024193	AMINCHAND PAYARELAL PRIVATE LIMITED	Director	1/11/2004	1/11/2004	-	Active	NO
10	U67200WB2004PTC100880	APEEJAY INSURANCE BROKING SERVICES PRIVATE LIMITED	Director	28/12/2004	28/12/2004	-	Active	NO
11	U74999WB2005PTC102618	APEEJAY CHARTER PRIVATE LIMITED	Director	1/4/2005	1/4/2005	-	Active	NO
12	U51109WB1953PTC020972	APEEJAY EXIMP PVT LTD	Director	25/04/2005	25/04/2005	-	Active	NO
13	U70101WB2005PTC102910	ARTISTERY PROPERTIES PRIVATE LIMITED	Director	3/5/2005	3/5/2005	-	Active	NO
14	U65923WB2005PTC102911	APEEJAY INFRA-LOGISTICS PRIVATE LIMITED	Director	3/5/2005	3/5/2005	-	Active	NO
15	U52392WB2000PTC091547	APEEJAY OXFORD BOOKSTORES PRIVATE LIMITED	Director	28/05/2005	28/05/2005	-	Active	NO
16	U29219WB1959PTC032128	APEEJAY CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	31/05/2005	31/05/2005	-	Active	NO
17	U70102AP2003PTC041766	SKYLIGHT PROPERTIES PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Amalgamated	NO
18	U55101AP2003PTC041769	SKYLIGHT HOTELS PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Amalgamated	NO
19	U55101AP2003PTC041768	ROOSHNA HOTELS PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Amalgamated	NO
20	U70102AP2003PTC041767	ROOSHNA ESTATES PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Amalgamated	NO
21	U55101AP2003PTC041157	ORCHARD PARK HOTELS PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Amalgamated	NO
22	U55101AP2003PTC041770	OAK PARK HOTELS PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Amalgamated	NO
23	U55101AP2003PLC040978	LAKE PLAZA HOTELS LIMITED	Director	22/07/2005	22/07/2005	-	Amalgamated	NO
24	U55101AP2003PTC041159	LAKE PARK HOTELS PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Amalgamated	NO
25	U55101AP2003PTC040976	INNSIGNIA HOTELS PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Amalgamated	NO
26	U55101AP2003PTC041158	CHELSEA HOTELS PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Amalgamated	NO
27	U45201WB1961PTC025033	APEEJAY DEVELOPMENT PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Active	NO
28	U74210WB1962PTC031501	APEEJAY ENGINEERING PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Active	NO
29	U35111WB2007PLC116261	BENGAL SHIPYARD LIMITED	Director	31/05/2007	31/05/2007	-	Active	NO
30	U74999WB2007PTC120993	APEEJAY IMAGINE DESIGN SERVICES PRIVATE LIMITED	Director	12/12/2007	12/12/2007	5/5/2010	Active	NO
31	U60200WB2008PTC121406	APEEJAY LOGISTICS PARK PRIVATE LIMITED	Director	3/1/2008	3/1/2008	-	Active	NO
32	U35100WB2008PLC121530	OCEANIC SHIPYARD LIMITED	Director	8/1/2008	8/1/2008	-	Active	NO
33	U01132WB2007PTC116066	APEEJAY TYPHOO TEA PRIVATE LIMITED	Director	25/09/2008	30/06/2008	-	Amalgamated	NO
34	U01132AS2006PTC008065	KHARJAN TEA ESTATES PRIVATE LIMITED	Director	26/09/2008	30/06/2008	-	Active	NO
35	U67120WB1995PTC067960	APEEJAY SECURITIES PRIVATE LIMITED	Director	7/9/2009	3/6/2009	-	Active	NO
36	U29248WB2009PTC136468	BENGAL HEAVY ENGINEERING PRIVATE LIMITED	Director	2/7/2009	2/7/2009	-	Active	NO
37	U27202DL1961PLC003533	ORIENTAL SPUN PIPE COMPANY LIMITED	Director	7/8/2009	7/8/2009	-	Active	NO
38	U55101WB1966PTC026889	APEEJAY HOUSE PRIVATE LIMITED	Director	27/09/2011	4/4/2011	-	Active	NO
39	U52190WB2011PTC170022	APEEJAY LIFESTYLE PRIVATE LIMITED	Director	28/11/2011	28/11/2011	-	Active	NO
40	U74999WB2011PTC170100	APEEJAY BRAND MANAGEMENT PRIVATE LIMITED	Director	1/12/2011	1/12/2011	-	Active	NO

Name :

Mr. Ashok Kumar Bhargava

Designation :

Managing Director

Address :

8-B, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

09.09.1956

Date of Appointment :

15.01.2011

PAN No.:

AHMPB3443P

DIN No.:

00640248

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	U01131WB1977PLC030890	EMPIRE AND SINGLO TEA LIMITED	Director	1/4/2000	1/4/2000	-	Amalgamated	NO
2	U01132AS1977PLC001714	APEEJAY TEA LIMITED	Managing director	15/01/2010	1/12/2001	-	Amalgamated	NO
3	U01132AS2006PTC008065	KHARJAN TEA ESTATES PRIVATE LIMITED	Director	14/02/2006	14/02/2006	11/8/2008	Active	NO
4	U27108WB1995PLC071253	APEEJAY SURRENDRA CORPORATE SERVICES LIMITED	Managing director	15/01/2011	15/01/2011	-	Active	NO

Name :

Mr. Om Kaul

Designation :

Director

Address :

Flat No.6, 373/1, New Alupore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

05.12.1941

Date of Appointment :

28.02.2011

PAN No.:

AJQPK0933K

Email :

omkaul41@yahoo.co.in

DIN No.:

00020821

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	U01132AS1977PLC001714	APEEJAY TEA LIMITED	Director	1/4/2003	1/4/2003	Amalgamated	NO
2	U27108WB1995PLC071253	APEEJAY SURRENDRA CORPORATE SERVICES LIMITED	Director	28/02/2011	28/02/2011	Active	NO

Name :

Mr. Golam Momen

Designation :

Director

Address :

5, Dover Park, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

06.06.1933

Date of Appointment :

28.02.2011

PAN No.:

AEXPM8914Q

Email :

gmomen.wc@gmail.com

DIN No.:

00402662

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	L01132WB1918PLC002913	BAGHMARI TEA CO LIMITED	Director	8/12/1971	8/12/1971	Active	NO
2	L01132WB1977PLC031175	THE SCOTTISH ASSAM (INDIA) LIMITED	Director	27/09/1977	27/09/1977	Active	NO
3	U70109WB1980PTC032964	WHITE CLIFF PROPERTIES PRIVATE LIMITED	Director	1/3/1984	1/3/1984	Active	NO
4	L51909WB1983PLC036542	BENGAL TEA AND FABRICS LIMITED	Director	5/12/1987	5/12/1987	Active	NO
5	U01132AS1977PLC001714	APEEJAY TEA LIMITED	Director	11/12/1990	11/12/1990	Amalgamated	NO
6	U01131WB1977PLC030890	EMPIRE AND SINGLO TEA LIMITED	Director	11/12/1990	11/12/1990	Amalgamated	NO
7	U15491WB1995PTC073997	WHITE CLIFF TEA PRIVATE LIMITED	Director	5/9/1995	5/9/1995	Active	NO
8	U51226WB1997PTC084170	DOVER TEA PRIVATE LIMITED	Director	1/5/1997	1/5/1997	Active	NO
9	L51909WB1991PLC053283	KANCO ENTERPRISES LIMITED	Director	6/4/1998	6/4/1998	Active	NO
10	U70101WB1985PTC039340	WHITE CLIFF HOLDINGS PRIVATE LIMITED	Director	1/4/1999	1/4/1999	Active	NO
11	L17110GJ1948PLC000753	DIGJAM LIMITED	Director	31/01/2000	31/01/2000	Active	NO
12	L01119KL1978PLC002947	HARRISONS MALAYALAM LIMITED	Director	22/09/2003	22/09/2003	Active	NO
13	L01132WB1949PLC017715	WILLIAMSON MAGOR AND COMPANY LIMITED.	Director	23/03/2005	23/03/2005	Active	NO
14	L15491WB1983PLC035793	KANCO TEA AND INDUSTRIES LIMITED	Director	13/08/2010	29/04/2010	Active	NO
15	U27108WB1995PLC071253	APEEJAY SURRENDRA CORPORATE SERVICES LIMITED	Director	28/02/2011	28/02/2011	Active	NO
16	U45400MH2011PTC221663	WHITE CLIFF CONSTRUCTION COMPANY PRIVATE LIMITED	Director	7/9/2011	7/9/2011	Active	NO
17	U45203MH2012PTC225772	WHITE CLIFF INFRASTRUCTURE PRIVATE LIMITED	Director	5/1/2012	5/1/2012	Active	NO

Name :

Mr. Debanjan Mandal

Designation :

Director

Address :

93/3A, Acharya Prafulla Chandra Road, Kolkata – 700009, West Bengal, India

Date of Birth/Age :

26.08.1973

Date of Appointment :

28.02.2011

PAN No.:

AANPM6755B

Email :

debanjan.mandal@foxmandal.com

DIN No.:

00469622

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	U01132AS1977PLC001714	APEEJAY TEA LIMITED	Director	7/11/2002	7/11/2002	Amalgamated	NO
2	U27108WB1995PLC071253	APEEJAY SURRENDRA CORPORATE SERVICES LIMITED	Director	28/02/2011	28/02/2011	Active	NO

Name :

Mr. Ashok Kumar Jain

Designation :

Director

Address :

155 Park Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

21.09.1948

Date of Appointment :

31.12.2000

PAN No.:

ADEPJ0748B

DIN No.:

00886324

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	U27104WB1957PTC023316	METAL IMPORT (PRIVATE) LIMITED	Director	23/01/1995	23/01/1995	-	Active	NO
2	U29303WB1979PTC032439	BENGAL ICE CREAMS PRIVATE LIMITED	Director	1/1/1996	1/1/1996	-	Active	NO
3	U15412WB1984PTC037713	KALIMPONG CONFECTIONERIES PRIVATE LIMITED	Director	8/1/1996	8/1/1996	-	Active	NO
4	U15137WB1946PTC013793	FLURY S SWISS CONFECTIONERY PRIVATE LIMITED	Director	1/8/1996	1/8/1996	-	Active	NO
5	U80302WB1984PTC037293	APEEJAY EDUCATION ASSOCIATION PRIVATE LIMITED	Director	5/4/1997	5/4/1997	-	Active	NO
6	U45201WB1961PTC025033	APEEJAY DEVELOPMENT PRIVATE LIMITED	Director	16/06/1997	16/06/1997	-	Active	NO
7	U70109WB1979PTC032411	TRIVENI DEVELOPMENT PRIVATE LIMITED	Director	16/06/1997	16/06/1997	-	Active	NO
8	U29142WB1961PLC025270	THOMAS MOUGET AND CO INDIA LIMITED	Director	16/06/1997	16/06/1997	-	Active	NO
9	U24232WB1979PTC031931	MARTIDALE PHARMACEUTICALS PRIVATE LIMITED	Director	16/06/1997	16/06/1997	-	Active	NO
10	U27101WB1979PTC032142	KATHUA STEEL WORKS PRIVATE LIMITED	Director	16/06/1997	16/06/1997	-	Active	NO
11	U51909WB1917PTC002830	GREAT EASTERN STORES PRIVATE LIMITED	Director	16/06/1997	16/06/1997	-	Active	NO
12	U74999WB1959PTC031773	APEEJAY HOLDINGS PRIVATE LIMITED	Director	16/06/1997	16/06/1997	-	Active	NO
13	U29219WB1959PTC032128	APEEJAY CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	16/06/1997	16/06/1997	-	Active	NO
14	U70200WB1959PTC024193	AMINCHAND PAYARELAL PRIVATE LIMITED	Director	16/06/1997	16/06/1997	-	Active	NO
15	U32109WB1981PTC033823	ASIAN SIGNAL INDUSTRY PRIVATE LIMITED	Director	30/06/1997	30/06/1997	-	Active	NO
16	U74210WB1962PTC031501	APEEJAY ENGINEERING PRIVATE LIMITED	Director	30/06/1997	30/06/1997	-	Active	NO
17	U74140WB1962PTC031500	APEEJAY AGENCIES PRIVATE LIMITED	Director	30/06/1997	30/06/1997	-	Active	NO
18	U51909WB1962PTC025540	APEEJAY INDUSTRIES PRIVATE LIMITED	Director	15/07/1997	15/07/1997	-	Active	NO
19	U45201WB1994PTC063459	PARK MANSION SERVICES PRIVATE LIMITED	Director	8/5/1998	8/5/1998	-	Active	NO
20	U55101WB1959PTC024388	OHMIC INDUSTRIES PRIVATE LIMITED	Director	1/8/1998	1/8/1998	15/03/2010	Active	NO
21	U51109WB1953PTC020972	APEEJAY EXIMP PRIVATE LIMITED	Director	19/07/1999	19/07/1999	-	Active	NO
22	U70101WB1999PTC090283	ARTISTERY HOUSE PRIVATE LIMITED	Director	15/09/1999	15/09/1999	-	Active	NO
23	U55101WB1959PTC024423	SKY ROOM PRIVATE LIMITED	Director	31/12/2000	31/12/2000	-	Active	NO
24	U27108WB1995PLC071253	APEEJAY SURRENDRA CORPORATE SERVICES LIMITED	Director	31/12/2000	31/12/2000	-	Active	NO
25	U51909WB1959PTC024227	APEEJAY PRIVATE LIMITED	Director	21/08/2001	21/08/2001	-	Active	NO
26	U74899DL1991PTC045613	YAMUNA WAREHOUSING COMPANY PRIVATE LIMITED	Director	14/09/2001	14/09/2001	7/8/2009	Active	NO
27	U45200MH1955PTC009591	STEEL-CRETE PRIVATE LIMITED	Director	28/09/2001	28/09/2001	-	Active	NO
28	U70101WB1995PTC067747	APEEJAY-SURRENDRA LAND PRIVATE LIMITED	Director	5/4/2002	5/4/2002	-	Active	NO
29	U55101WB1966PTC026889	APEEJAY HOUSE PRIVATE LIMITED	Director	30/04/2006	30/04/2006	-	Active	NO
30	U25100MH1973PTC016909	UNIVERSAL FIBRO FORMS PRIVATE LIMITED	Director	16/08/2006	16/08/2006	-	Active	NO
31	U27202DL1961PLC003533	ORIENTAL SPUN PIPE COMPANY LIMITED	Director	15/06/2007	15/06/2007	7/8/2009	Active	NO
32	U51101WB2009PTC132528	JAI PAHADIMATA BARTER PRIVATE LIMITED	Director	22/06/2010	22/06/2010	-	Active	NO
33	U51900WB2009PTC131813	MAKHANCHOR VINIMAY PRIVATE LIMITED	Director	22/06/2010	22/06/2010	-	Active	NO
34	U51101WB2009PTC132561	PASHUPATI VINIMAY PRIVATE LIMITED	Director	22/06/2010	22/06/2010	-	Active	NO

Name :

Mr. Amit Kumar Das

Designation :

Director

Address :

Dhulapadung Tea Estate, Sonitpur, Thakurbari – 784503, Assam, India

Date of Birth/Age :

20.02.1956

Date of Appointment :

25.01.2011

PAN No.:

ACFPD5799G

Email :

akdas@apeejaygroup.com

DIN No.:

02076302

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	U01131WB1977PLC030890	EMPIRE AND SINGLO TEA LIMITED	Additional director	30/01/2008	30/01/2008	Amalgamated	NO
2	U27108WB1995PLC071253	APEEJAY SURRENDRA CORPORATE SERVICES LIMITED	Whole-time director	25/01/2011	31/12/2008	Active	NO

Name :

Mr. Prafulla Kumar Nanda

Designation :

Director

Address :

Sessa Tea Estate, Thakurbari PO Salonbari, Sonitpur – 784503, Assam, India

Date of Birth/Age :

01.02.1954

Date of Appointment :

25.01.2011

PAN No.:

AAVPN6777C

Email :

pknanda@apeejaygroup.com

DIN No.:

02079918

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	U01132AS1977PLC001714	APEEJAY TEA LIMITED	Director	29/09/2008	30/01/2008	-	Amalgamated	NO
2	U01132AS2006PTC008065	KHARJAN TEA ESTATES PRIVATE LIMITED	Additional director	30/01/2008	30/01/2008	11/8/2008	Active	NO
3	U27108WB1995PLC071253	APEEJAY SURRENDRA CORPORATE SERVICES LIMITED	Whole-time director	25/01/2011	15/01/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Government Companies	0.49
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	31.57
Bodies corporate	64.06
Directors or relatives of directors	0.06
Other top fifty shareholders	3.31
Others	0.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Company engaged in the business of cultivating, growing, manufacturing, processing, packaging, trading and dealing in tea.

Products :

Products Description	Item code
Black Tea (Leaf and Dust in Bulk)	0902140 02 0902140 03

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Units	Installed Capacity
Bulk Tea	Kgs	28581*
Packaged Tea and Fruit Infusion	Kgs	6847

* Installed capacity of 17781 Thousand kgs acquired under the scheme of amalgamation

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· DBS Bank Limited

Kolkata Branch, 4A, Nandalal Basu Sarani, Kolkata – 700071, West Bengal, India

· HDFC Bank Limited

Central Plaza, 2/6 Sarat Bose Road, Kolkata – 70020, West Bengal, India

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Long Term Loan from Banks	202.857	200.000
Secured by way of equitable mortgage by deposit of title deeds of immovable properties at eight Tea Estates belonging to the Empire and Singlo Tea Division on pari passu basis.
Secured by way of equitable mortgage by deposit of title deeds of immovable properties at two tea estates belonging to the erstwhile Apeejay Tea Limited on an exclusive first charge basis.
Special Purpose Tea Fund from Tea Board Secured by way of equitable mortgage over eight Tea Estates and by way of hypothecation of tea crops both belonging to the Empire and Singlo Tea Division and ranking subsequent to security created in favor of bank.	20.252	19.230
Working Capital Demand Loan Secured by hypothecation of stock of tea, book debts and other current assets, both present and future, of Empire and Singlo Tea Division and also collaterally secured by way of equitable mortgage by deposit of title deeds of the Divison's all the tea estates, both present and Mure on pari passu basis	33.562	180.000
Short Term Loan from Banks	90.000	--
Cash Credit from Bank Secured by hypothecation of crop, book debts and movable properties, both present and future, of all the tea estates of the erstwhile Apeejay Tea Limited and also the title deeds of the Company's three tea estates by way of equitable mortgage ranking pari passu other than to the Extent of Rs. 12,837 (Package Tea Division) secured by first charge on all the current assets of the said Package Tea Division, both present and future.	156.686	--
Total	503.357	399.230
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Bodies Corporate	--	182.896
Short Term Loan from Banks	700.000	500.000
Export Packing Credit Loan from a Bank (Short term)	152.458	--
Total	852.458	682.896

Banking Relations :	--
Auditors :
Name :	S. Jaykishan Chartered Accountant
Address :	12, HO – CHI Minh Sarani, Suite No.2D, 2E and 2F, 2^nd Floor, Kolkata – 700071, West Bengal, India
PAN No.:	AASFS4445F
Holding Company :	· Kathua Steel Works Private Limited CIN No.: U27101WB1979PTC032142
Joint Venture :	· Apeejay Tea (Panama) Inc.
Fellow Subsidiaries :	· Apeejay Private Limited
Subsidiaries :	· Kharjan Tea Estates Private Limited CIN No.:U01132AS2006PTC008065
Other Related Enterprises over which KMP have significant Influence	· Apeejay House Private Limited · Artistery House Private Limited. · Apeejay Industries Private Limited · Steelcrete Private Limited · Apeejay Chemical Industries Private Limited · Apeejay Insurance Services Private Limited · Apeejay Oxford Bookstores Private Limited · Apeejay Holdings Private Limited · Apeejay Agencies Private Limited · Apeejay Development Private Limited. · Apeejay Education Association Private Limited · Apeejay Engineering Private Limited · Asian Signal Industry Private Limited. · Apeejay Charter Private Limited · Apeejay Shipping Limited

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Share	Rs.10/- each	Rs.160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33744	Equity Share (Of the above, 29,550 shares are held by Kathua Steels (Private) Limited, being the Holding Company) (Includes 24,320 shares issued pursuant to a Scheme of Amalgamtion of Empire and Singlo Tea Limited and Apeejay Surrendra Hotels Private Limited with the Company)	Rs.10/- each	Rs.0.337 Million
	Equity Share Suspense Account (17,647 Equity Shares to be allotted as fully paid-up to the erstwhile shareholders of amalgamating Company, Apeejay Tea Limited, pursuant to the Scheme of Amalgamation approved by Hon'ble High Court of Kolkata an 15109110 and Hon'ble High Court of Gauhati on 06/12/10)		Rs.0.177 Million
	Total		Rs.514 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.514	0.343	0.343
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2200.034	271.825	271.825
4] (Accumulated Losses)		0.000	(134.719)	(95.510)
NETWORTH		2200.548	137.449	176.658
LOAN FUNDS
1] Secured Loans		503.357	399.230	10.131
2] Unsecured Loans		852.458	682.896	1000.876
TOTAL BORROWING		1355.815	1082.126	1011.007
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3556.363	1219.575	1187.665
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2354.948	1007.877	1040.169
Capital work-in-progress		14.543	0.000	0.086
INVESTMENT		653.671	0.066	0.065
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	301.361	111.370	105.965
	Sundry Debtors	265.042	193.131	111.737
	Cash & Bank Balances	76.941	27.489	17.665
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	333.733	179.623	168.929
Total Current Assets		977.077	511.613	404.296
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	392.306	216.411	176.378
	Other Current Liabilities	6.617	73.333	59.648
	Provisions	48.055	13.343	24.036
Total Current Liabilities		446.978	303.087	260.062
Net Current Assets		530.099	208.526	144.234
MISCELLANEOUS EXPENSES		3.102	3.106	3.111
TOTAL		3556.363	1219.575	1187.665

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	2778.101	827.065	NA
		Royalty	82.432	118.585	NA
		Consultancy Income	138.992	104.378	NA
		Other Income	148.445	11.387	NA
		TOTAL	3147.970	1061.415	NA
Less	EXPENSES
		Increase/ (Decrease) in Stock	23.957	4.976	NA
		Raw Materials Consumed	320.590	82.862	NA
		Other Expenses	2164.282	875.613	NA
		Impairment	0.000	0.168	NA
		TOTAL	2508.829	963.619	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		639.141	97.796	NA
Less	FINANCIAL EXPENSES		101.892	98.588	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		537.249	(0.792)	(84.117)
Less/ Add	DEPRECIATION/ AMORTISATION		67.898	36.828	40.673
	PROFIT BEFORE TAX		469.351	(37.620)	(124.790)
Less	TAX		34.512	1.589	1.560
	PROFIT AFTER TAX		434.839	(39.209)	126.350
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(134.719)	(95.510)	NA
	ACQUIRED PURSUANT TO A SCHEME OF AMALGAMATION		85.181	--	NA
	BALANCE CARRIED TO THE B/S		385.301	(134.719)	NA
	EARNINGS IN FOREIGN CURRENCY		718.274	--	--
	Earnings Per Share (Rs.)		8,461	(1,142)	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.81	(3.69)	NA
Net Profit Margin (PBT/Sales)	(%)	16.89	(4.55)	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.09	(2.48)	(8.64)
Return on Investment (ROI) (PBT/Networth)		0.21	(0.27)	(0.71)
Debt Equity Ratio (Total Liability/Networth)		0.82	10.08	7.20
Current Ratio (Current Asset/Current Liability)		2.19	1.69	1.55

LOCAL AGENCY FURTHER INFORMATION

RESTRUCTURING

The Scheme of Amalgamation for the merger of Apeejay Tea Limited with Apeejay Surrendra Corporate Services Private Limited was approved by the shareholders of the respective companies in separate meetings held on 23rd July, 2010 and 4th September, 2010 under the direction of the High Courts at Calcutta and Gauhati respectively. The Scheme received the sanction of the respective High Courts at Calcutta and Gauhati on 15th September, 2010 and 6th December, 2010. Upon filing of the certified copies of the orders with the Registrar of Companies, West Bengal and Assam, the Scheme has become effective on 24^th December, 2010 with effect from the appointed date 1st April, 2009.

Pursuant to the Scheme, the Company has been converted into a Public Limited Company with effect from 25^th January, 2011 and has received a fresh certificate of incorporation consequent upon such conversion from the Registrar of Companies, West Bengal.

REVIEW OF OPERATIONS:

The operations of the Company, i.e., the merged entity during the year resulted in a Profit before Interest, Depreciation and Taxation of Rs 639.100 Millions. The Profit after taxation for the year was Rs 434.800 Millions.

During the year the Plantation division of the merged entity manufactured 226 lac kgs of tea. The average Price realization was Rs.12.086 Millions as against Rs.10.171 Millions in the previous year. Weather condition was favourable throughout the year though end season was not as conducive as expected. The production of Orthodox Tea increased to 19.90 lac kgs as against 6.23 lac kgs in the previous year. The Company continued to give emphasis on sustainable agricultural practices with the objective to improve yield and quality of tea.

At present two Gardens of the Company, Budlabeta and Khobong are Fairtrade certified and steps are being taken to obtain the Rainforest Alliance certificate for the Group.

The Company's focus has always been to produce quality teas, which commanded a premium both in the domestic and international market. Feedback received from the buyers in terms of quality was satisfactory. The Uprooting and Replanting Policy of your Company has proved to be a success also. The Company has been availing of the Tea Board's incentive schemes for quality up gradation and for replanting/ rejuvenation of the tea bushes.

The Packaged Tea and Fruit Infusion division is also very confident to play a significant role in the present competitive market.

CONTINGENT LIABILITIES

Particulars	31.03.2010	31.03.2009
	(Rs. In Millions)
Sales Tax matters under dispute	56.264	21.945
Claims against the Company not acknowledged as debts (to the extent quantifiable)	26.670	1.096
Outstanding Guarantees given to Customs authorities on behalf of third parties	6.357	--
Income Tax matter under dispute (Interest not considered to date)-adjusted with subsequent refunds	19.887	19.887

FORM 8:

Corporate identity number of the company	U27108WB1995PLC071253
Name of the company	APEEJAY SURRENDRA CORPORATE SERVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	15 Park Street, Kolkata – 700016, West Bengal, India apjaccountscal@apeejaygroup.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	DBS Bank Limited Kolkata Branch, 4A, Nandalal Basu Sarani, Kolkata – 700071, West Bengal India vikramrao@dbs.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	01.12.2011
Amount secured by the charge	Rs.364.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Applicable LIBOR + 2.00 % P.A. Terms of Repayment: Repayable as per sanction terms Margin: FACR to be maintained at 1.50 times during the tenor of facility Extent and Operation of the charge: Hypothecation by way of exclusive first charge on all the present and future movable properties of the co. including its movable plant and machinery, furniture and fittings, equipments, computer hardware, computer software, machinery spares, tools and accessories and other movables located at Budlabeta Tea Estate in Assam
Particulars of the property charged	Hypothecation by way of exclusive first charge on all the present and future movable properties of the co. including its movable plant and machinery, furniture and fittings, equipments, computer hardware, computer software, machinery spares, tools and accessories and other movables located at Budlabeta Tea Estate in Assam

FIXED ASSETS:

· Plantations

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Arts and Paintings

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.49.97
UK Pound	1	Rs.77.74
Euro	1	Rs.65.09

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	6
--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		50

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.