MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	HAVUKAL TEA AND PRODUCE COMPANY PRIVATE LIMITED
Registered Office :	Havukal Estate, Kotagiri, The Nilgiris – 643217, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.04.1976
Com. Reg. No.:	18-000758
Capital Investment / Paid-up Capital :	Rs.0.900 Million
CIN No.: [Company Identification No.]	U01132TZ1976PTC000758
TAN No.: [Tax Deduction & Collection Account No.]	CMBH03253F/ CMBH03267F
PAN No.: [Permanent Account No.]	AAACH7389C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer 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 382000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. The financial position of the company is good. Trade relations are reported as decent. Business is active. Payment are reported to be regular and as per commitments. The company can be considered 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 – 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.

LOCATIONS

Registered Office :	Havukal Estate, Kotagiri, The Nilgiris – 643217, Tamilnadu, India
Tel. No.:	91-4266-271356/ 272156
Mobile No.:	91-9442271256 (Mr. T. Jayaraman)
Fax No.:	91-4266-272448/ 272156
E-Mail :	havukal@sify.com

DIRECTORS

As on: 27.09.2012

Name :

Mr. Mariapillai Rangaswamy

Designation :

Director

Date of Birth/Age :

15.08.1929

Date of Appointment :

27.06.1977

DIN No.:

00075326

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	U55101TN1972PTC006220	MARIS HOTELS AND THEATRES PRIVATE LIMITED	Managing director	19/09/1972	19/09/1972	-	Active	NO
2	U01132TZ1976PTC000758	HAVUKAL TEA AND PRODUCE COMPANY PRIVATE LIMITED	Director	21/04/1976	21/04/1976	-	Active	NO
3	U17110KA1979PTC003612	MARIS SPINNERS PRIVATE LIMITED	Director	08/10/1979	08/10/1979	-	Not Available for eFiling	NO
4	L93090TN1979PLC032618	MARIS SPINNERS LIMITED	Director	08/10/1979	08/10/1979	-	Active	NO
5	U01116TN1956PTC003403	DAKSHINA BHARAT RUBBER PLANTING CORPORATION PRIVATE LIMITED	Director	24/08/1984	24/08/1984	-	Active	NO
6	U31200TN2003PTC051215	MARIS POWER SUPPLY COMPANY PRIVATE LIMITED	Director	16/07/2003	16/07/2003	-	Active	NO
7	U51390TN2008PTC067032	TRISTAR KITCHENS PRIVATE LIMITED	Director	29/09/2010	01/10/2009	-	Active	NO

Name :

Mr. Ramaswami Nandakumar

Designation :

Director

Date of Birth/Age :

17.02.1963

Date of Appointment :

23.09.1998

DIN No.:

00488020

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	U45201TN1995PTC029899	MARIS ENTERPRISES PRIVATE LIMITED	Director	20/01/1995	20/01/1995	-	Active	NO
2	U51909TN1961PTC044552	JANATHA TRADERS INDIA PRIVATE LIMITED	Managing director	08/06/1998	08/06/1998	-	Active	NO
3	U01132TZ1976PTC000758	HAVUKAL TEA AND PRODUCE COMPANY PRIVATE LIMITED	Director	23/09/1998	23/09/1998	-	Active	NO

Name :

Mr. Thangavelu Jayaraman

Designation :

Director

Date of Birth/Age :

06.12.1956

Date of Appointment :

06.11.1999

DIN No.:

01402853

Other Directorship :

S.No.	CIN/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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2012

Names of Shareholders	No. of Shares
M. Rengaswamy	1700
T. Jayaram	1500
T. Raghuraman	1500
R. Anandakumar	1300
R. Nandakumar	1500
N. Umapriyadharshini	1500
Total	9000

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tea.

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Made Tea	--	Not Applicable	3000000	2688025

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Central Bank of India, Coonoor Branch, No.30, Mount Road, Coonoor - 634102, Tamilnadu, India

· State Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loan Secured
From Bank	48.749	45.042
Finance Lease Obligations	1.359	1.760
SHORT TERM BORROWINGS
Cash Credit Account	5.951	15.499
Packing Credit Account	0.210	0.000
Total	56.269	62.301

Notes:

(Secured by hypothecation of specific Plant and Machinery and collaterally secured by Factory Building, Wind Mill Land at Udmalpet, Agricultural Land of a Director and a share holder. Terms of payment- Repayable at 72 equal instalments. Interest rate at fixed at BR+2%).

(Finance lease obligation - Secured by the respective vehicles payable at 36 equal instalments. Interest rate will works out to maximum of 14.50%)

(Secured by hypothecation of Raw Materials, Work - in -Process, Finished goods, Stores, Spares and Consumables, Plant and Machinery, Furniture and Fittings and other assets of the Factory and Equitable Mortgage of Immovable property and guaranteed by 3 Directors and a Shareholder).

Banking Relations :	--
Auditors :
Name :	Suri and Company Chartered Accountants
Address :	Shankar Sadan, 20 Church Road, Bedford, Coonoor – 643101, Tamilnadu, India
PAN No.:	AABFS5023Q
Associates/Subsidiaries :	· 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
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.900	0.900
(b) Reserves & Surplus	94.665	73.045
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	95.565	73.945
(3) Non-Current Liabilities
(a) long-term borrowings	50.108	46.802
(b) Deferred tax liabilities (Net)	16.285	10.599
(c) Other long term liabilities	7.500	7.500
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	73.893	64.901
(4) Current Liabilities
(a) Short term borrowings	6.161	15.499
(b) Trade payables	18.714	24.693
(c) Other current liabilities	9.618	0.102
(d) Short-term provisions	18.244	9.207
Total Current Liabilities (4)	52.737	49.501
TOTAL	222.195	188.347
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	111.568	108.190
(ii) Intangible Assets	0.141	0.144
(iii) Capital work-in-progress	16.030	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.191	1.191
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	19.691	12.018
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	148.621	121.543
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	15.137	15.371
(c) Trade receivables	19.466	33.830
(d) Cash and cash equivalents	36.070	13.338
(e) Short-term loans and advances	2.405	4.265
(f) Other current assets	0.496	0.000
Total Current Assets	73.574	66.804
TOTAL	222.195	188.347

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.900
2] Share Application Money		0.000
3] Reserves & Surplus		50.418
4] (Accumulated Losses)		0.000
NETWORTH		51.318
LOAN FUNDS
1] Secured Loans		19.757
2] Unsecured Loans		7.500
TOTAL BORROWING		27.257
DEFERRED TAX LIABILITIES		5.501
TOTAL		84.076
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.071
Capital work-in-progress		0.458
INVESTMENT		1.191
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.853
	Sundry Debtors	28.678
	Cash & Bank Balances	2.537
	Other Current Assets	0.000
	Loans & Advances	24.253
Total Current Assets		75.321
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.442
	Other Current Liabilities	1.464
	Provisions	16.059
Total Current Liabilities		42.965
Net Current Assets		32.356
MISCELLANEOUS EXPENSES		0.000
TOTAL		84.076

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	NA	294.043	302.946
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	256.989	269.371
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		52.619	37.054	33.214
Less/ Add	DEPRECIATION/ AMORTISATION		15.907	8.283	7.334
	PROFIT BEFORE TAX		36.712	28.771	25.880
Less	TAX		14.046	5.098	9.156
	PROFIT AFTER TAX		22.666	23.673	16.724
Less	APPROPRIATIONS
		Transfer to General Reserve	2.267	2.368	1.673
		Proposed Dividend	0.900	0.900	0.900
		Tax on Dividend	0.146	0.146	0.149
	BALANCE CARRIED TO THE B/S		19.353	20.259	14.002
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	236.887	229.132	228.467
		Dividend	0.000	0.172	0.000
	TOTAL EARNINGS		236.887	229.304	228.467
	IMPORTS
		Capital Goods	NA	NA	6.467
	TOTAL IMPORTS		NA	NA	6.467
	Earnings Per Share (Rs.)		2518.44	2630.00	1858.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	8.05	5.52
Return on Total Assets (PBT/Total Assets}	(%)	17.91	15.37	20.64
Return on Investment (ROI) (PBT/Networth)		0.38	0.39	0.50
Debt Equity Ratio (Total Debt/Networth)		0.59	0.84	0.53
Current Ratio (Current Asset/Current Liability)		1.40	1.35	1.75

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

The Company has manufactured 2588042 Kgs, of made tea as against 2688025 Kgs in the previous year. The Company has also achieved a turnover of 2913023 Kgs for Rs. 291.262 Millions including traded tea realizing an average sale price of Rs. 99.99 as against a turnover of 2778117 Kgs for Rs. 283.032 Millions on an average sale realization of Rs. 101.88

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U01132TZ1976PTC000758
Name of the company	HAVUKAL TEA AND PRODUCE COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Havukal Estate, Kotagiri, The Nilgiris – 643217, Tamilnadu, India E-mail: havukal@sify.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90004839
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others (Plant and Machineries)
Particular of charge holder	Central Bank of India, Coonoor Branch, No.30, Mount Road, Coonoor - 634102, Tamilnadu, India E-mail: bmcoim906@centralbankofindia.co.in
Nature of instrument creating charge	i) loan- cum- hypothecation agreement(plant and machinery) Ii) letter of hypothecation Iii) extension of mortgage by deposit of title deeds
Date of instrument Creating the charge	09.03.2012
Amount secured by the charge	Rs.96.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan (New)- Base Rate + 2.50% (Base Rate- 10.75%) Presently Effective Rate 13.25% p.a. Terms of Repayment Term Loan (New): The 72 Equated monthly Installments of Rs. 0.356 Million, First Installment due on 30.06.2012 Second Installments due on 31.07.2012 and Last Installments due on May 2018. Interest to be serviced as when charged during the Moratorium period. Margin Term Loan- 25% Extent and Operation of the charge The Charge Operates as security for the due repayment of all liabilities in respect of the loan/ limit including costs, charges and expenses and all other monies due to the bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all moveable property comprising inter alia machinery equipment plant and spare parts which now are hereafter from time to time during this security shall belong to the borrowers wherever the came be including in transit. Company's Immovable Property situated in Konavakorai Village, Survey No. 77/1, 2.70 acres Land and Building
Date of instrument modifying the charge	27.01.2011
Particulars of the present modification	The Amount secured by the Existing charge on the Moveable and Immovable Properties of the Company Stands Enhanced From Rs. 78.500 Millions To Rs. 96.900 Millions

FIXED ASSETS

Tangible Assets

· Land

· Building

· Plant and Machinery

· Furniture and Fitting

· Vehicles

· Office Equipment

Intangible Assets

· Software

· Goodwill

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.59.73
UK Pound	1	Rs.91.82
Euro	1	Rs.78.23

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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		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.