MIRA INFORM REPORT

Report Date :

11.06.2013

IDENTIFICATION DETAILS

Name :	MARIS AGRO-PRODUCTS PRIVATE LIMITED
Registered Office :	5/98, Havukal Estate, Nilgiris, Kotagiri – 643217, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.01.1990
Com. Reg. No.:	18-010818
Capital Investment / Paid-up Capital :	Rs. 2.003 Millions
CIN No.: [Company Identification No.]	U01132TZ1990PTC010818
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of Tea.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 32000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealings at usual 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management Non Cooperative (91-4266-272448)

LOCATIONS

Registered Office :	5/98, Havukal Estate, Nilgiris, Kotagiri – 643217, Tamilnadu
Tel. No.:	91-4266-271356/272448
Fax No.:	91-4266-275156
E-Mail :	marisagro@vsnl.net

DIRECTORS

As on 29.09.2012

Name :

Mr. Thangavelu Jayaraman

Designation :

Director

Address :

Havukal Estate, Nilgiris, Kotagiri – 643217, Tamilnadu

Date of Birth/Age :

06.12.1956

Date of Appointment :

27.10.2003

DIN No.:

01402853

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01132TZ1987PTC001909	SYLVAN HILL PLANTATIONS PRIVATE LIMITED	Director	11/02/1987	11/02/1987	-	Active	NO
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	-	Not Available for eFiling	NO
5	U01132TZ1990PTC010818	MARIS AGRO-PRODUCTS PRIVATE LIMITED	Director	27/10/2003	27/10/2003	-	Active	NO
6	U15311TN1953PLC000312	CENTURY FLOUR MILLS LIMITED	Director	24/02/2006	24/02/2006	-	Active	NO
7	U15419TN1979PLC007766	CENTURY BISCUITS LTD	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

Name :

Mr. Thangavelu Raghu Raman

Designation :

Director

Address :

29A, Krishna Swamy Nagar, 2^nd L/O R N Puram, Coimbatore – 641034, Tamilnadu, India

Date of Birth/Age :

16.07.1958

Date of Appointment :

27.10.2003

DIN No.:

01722570

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231TN1992PTC022027	A AND A FOODS PRIVATE LIMITED	Director	14/07/1992	14/07/1992	-	Active	NO
2	U01132TZ1990PTC010818	MARIS AGRO-PRODUCTS PRIVATE LIMITED	Director	27/10/2003	27/10/2003	-	Active	NO
3	L93090TN1979PLC032618	MARIS SPINNERS LIMITED	Director	28/09/2007	27/07/2007	-	Active	NO
4	U55101TN1972PTC006220	MARIS HOTELS AND THEATRES PRIVATE LIMITED	Director	28/08/2007	28/08/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Thangavelu Jayaraman	65160
Thangavelu Jayaraman (HUF)	34996
Thangavelu Raghu Raman	95160
Thangavelu Kamala	4
Thangavelu Raghu Raman (HUF)	5000
Total	200320

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Tea.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Actual Production
Licenced	Not Applicable
Installed – As certified by the management (Based on Normal working hours in Kgs)	500000
Actual Production: Made Tea Quantity in Kgs	Nil

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Central Bank of India, Coonoor Branch, Nilgiris – 643102, Tamilnadu, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term Loan (Secured by hypothecation of all movable property comprising machinery, equipment, plant and spare parts, all tangible movable property, stock in trade, products and goods stored in the warehouse, premises or godowns and by equitable mortgage of 9.03 acre and personally guaranteed by the directors)	1.418	2.016
Total	1.418	2.016

Banking Relations :	--
Auditors :
Name :	Suri and Company Chartered Accountants
Address :	Coonoor – 643101, Tamilnadu, India
PAN No.:	AABFS5023Q
Enterprises in which Key Management Personnel have significant influence and Associate:	Havukal Tea and Produce Company 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 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200320	Equity Shares	Rs.10/- each	Rs. 2.003 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.003	2.003	2.003
2] Share Application Money		0.00	0.000	0.000
3] Reserves & Surplus		6.000	2.993	1.173
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.003	4.996	3.176
LOAN FUNDS
1] Secured Loans		1.418	2.016	2.611
2] Unsecured Loans		0.000	0.000	12.644
TOTAL BORROWING		1.418	2.016	15.255
DEFERRED TAX LIABILITIES		0.299	0.287	0.422
TOTAL		9.720	7.299	18.853
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.896	7.531	8.348
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.506	0.506	0.506
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.238	0.215	2.674
	Sundry Debtors	0.210	1.019	2.772
	Cash & Bank Balances	10.656	8.690	3.129
	Other Current Assets	0.119	0.084	0.000
	Loans & Advances	5.408	3.574	3.234
Total Current Assets		16.631	13.582	11.809
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.186	1.133	1.400
	Other Current Liabilities	12.675	12.668	0.388
	Provisions	1.452	0.519	0.020
Total Current Liabilities		15.313	14.320	1.808
Net Current Assets		1.318	(0.738)	9.999
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.720	7.299	18.853

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.467	2.549	1.261
Less/ Add	DEPRECIATION/ AMORTISATION		0.558	0.655	0.795
	PROFIT BEFORE TAX		3.909	1.894	0.466
Less	TAX		0.901	0.075	0.123
	PROFIT AFTER TAX		3.008	1.819	0.343
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.364	0.545	0.202
	BALANCE CARRIED TO THE B/S		5.372	2.364	0.545
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	4.751	2.865
	Earnings Per Share (Rs.)		15.01	9.08	1.71

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	23.50	13.94	3.95
Return on Investment (ROI) (PBT/Networth)		0.49	0.38	0.15
Debt Equity Ratio (Total Debt /Networth)		0.18	0.40	4.80
Current Ratio (Current Asset/Current Liability)		1.09	0.95	6.53

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three 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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE:

During the year under report, the Company has carried out manufacturing activity. Steps have been taken to procure raw materials. The company has achieved a turnover of 2,93,790 Kgs for Rs. 24.893 Millions realizing an average sale price of Rs.84.73 including traded tea as compared to 76,275 Kgs for Rs. 5.930 Millions realizing an average price of Rs. 77.32 per Kg during the immediately preceding previous year.

CORPORATE INFORMATION

Subject is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in manufacturing of Tea. The Company caters to both domestic and international markets

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Office Equipments
• Furniture and Fitting
• Computer
• Vehicle
  

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 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 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.57.78
UK Pound	1	Rs.89.71
Euro	1	Rs.76.24

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.