MIRA INFORM REPORT

Report Date :

15.05.2013

IDENTIFICATION DETAILS

Name :	SINGELL TEA AND AGRICULTURAL INDUSTRIES LIMITED
Registered Office :	Suite-17, Chowringhee Mansions, 30, Jawaharlal Nehru Road, Kolkata - 700016, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.11.1871
Com. Reg. No.:	21-000233
Capital Investment / Paid-up Capital :	Rs. 9.800 Millions
CIN No.: [Company Identification No.]	U01132WB1871PLC000233
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Tea Products.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an old established company having a moderate track record. There appear huge accumulated losses recorded by the company. The liquidity position is weak. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Anil
Designation :	Export Department
Contact No.:	91-33-22299147
Date :	13.05.2013

LOCATIONS

Registered Office :	Suite-17, Chowringhee Mansions, 30, Jawaharlal Nehru Road, Kolkata - 700016, West Bengal, India
Tel. No.:	91-33-22299147
Fax No.:	91-33-22496079
E-Mail :	teapromotersindia@usnl.net accounts@teapromoters.in
Website :	www.teaprompters.in
Location :	Owned
Factory :	Bajbaj, Kolkata – 700007, West Bengal, India

DIRECTORS

As on 04.09.2012

Name :

Mr. Rajendra Prasad Periwal

Designation :

Director

Address :

1/4 C, Khagendra Chatterjee Road, Kolkata – 700002, West Bengal, India

Date of Birth/Age :

04.01.1949

Date of Appointment :

10.08.1999

Voter ID No.:

WB/21/140/060676

DIN No.:

00029521

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	U15491WB1997PTC082596	PUTHARJHORA TEA GARDEN PRIVATE LIMITED	Director	28/01/1998	28/01/1998	-	Active	NO
2	U15491WB1937PLC009023	SELIMBONG TEA COLIMITED	Director	30/03/1998	30/03/1998	-	Active	NO
3	U01132WB1986PTC040352	SONITPUR AGRO INDUSTRIES PRIVATE LIMITED	Director	25/08/1998	25/08/1998	-	Active	NO
4	U01132WB1871PLC000233	SINGELL TEA AND AGRICULTURAL INDUSTRIESLIMITED	Director	10/08/1999	10/08/1999	-	Active	NO
5	L15492WB1926PLC005306	SEEYOK TEA COLIMITED	Director	30/11/2004	30/11/2004	-	Active	NO
6	U01132WB1965PTC026315	SNOWVIEW TEA CO PRIVATE LIMITED	Director	15/01/2005	15/01/2005	-	Active	NO

Name :

Mr. Brij Mohan

Designation :

Director

Address :

2D, Rameshwara Appartment, 19 A, Sarat Bose Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

17.11.1927

Date of Appointment :

10.12.1990

Voter ID No.:

WB/23/146/126130

DIN No.:

00029141

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	U45205WB1979PTC031988	TEA PROMOTERS (INDIA) PRIVATE LIMITED	Director	25/04/1979	25/04/1979	-	Active	NO
2	U70109WB1972PLC028496	DARJEELING TRADINGLIMITED	Director	21/09/1990	21/09/1990	-	Active	NO
3	U01122WB1994PTC065799	LAVA PLANTATIONS PRIVATE LIMITED	Director	08/11/1994	08/11/1994	-	Active	NO
4	U01111WB1994PTC065797	DARJEELING NATURAL PRODUCTS PRIVATE LIMITED	Director	08/11/1994	08/11/1994	-	Active	NO
5	L15492WB1926PLC005306	SEEYOK TEA COLIMITED	Director	15/11/1994	15/11/1994	-	Active	NO
6	U15491WB1937PLC009023	SELIMBONG TEA COLIMITED	Director	15/11/1994	15/11/1994	-	Active	NO
7	U01132AS1984PTC002198	BANASPATY TEA AND INDUSTRIES PRIVATE LIMITED	Director	21/03/1995	21/03/1995	-	Active	NO
8	U63023WB1998PTC088284	TP WAREHOUSE PRIVATE LIMITED	Director	05/07/1999	05/07/1999	27/02/2009	Active	NO
9	U01132WB1871PLC000233	SINGELL TEA AND AGRICULTURAL INDUSTRIESLIMITED	Director	10/12/1999	10/12/1999	-	Active	NO
10	U70109WB1994PTC065798	DARJEELING AGRO TECH PRIVATE LIMITED	Director	31/08/2010	15/10/2009	-	Active	NO
11	U01132WB2006PTC112052	TEA PROMOTERS EXPORTS PRIVATE LIMITED	Director	26/08/2010	15/10/2009	-	Active	NO

Name :

Mr. Bindo Kumar Mohan

Designation :

Director

Address :

2D, Rameshwara Appartment, 19 A, Sarat Bose Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

05.07.1951

Date of Appointment :

01.04.2002

Voter ID No.:

WB/23/146/126131

DIN No.:

00029745

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	U45205WB1979PTC031988	TEA PROMOTERS (INDIA) PRIVATE LIMITED	Director	13/12/1985	13/12/1985	-	Active	NO
2	U70109WB1972PLC028496	DARJEELING TRADINGLIMITED	Director	29/10/1990	29/10/1990	-	Active	NO
3	U70109WB1994PTC065798	DARJEELING AGRO TECH PRIVATE LIMITED	Director	01/02/2010	08/11/1994	-	Active	NO
4	U01122WB1994PTC065799	LAVA PLANTATIONS PRIVATE LIMITED	Director	08/11/1994	08/11/1994	-	Active	NO
5	U01111WB1994PTC065797	DARJEELING NATURAL PRODUCTS PRIVATE LIMITED	Director	08/11/1994	08/11/1994	-	Active	NO
6	U15491WB1937PLC009023	SELIMBONG TEA COLIMITED	Director	15/11/1994	15/11/1994	-	Active	NO
7	L15492WB1926PLC005306	SEEYOK TEA COLIMITED	Director	31/12/2009	16/11/1994	-	Active	NO
8	U63023WB1998PTC088284	TP WAREHOUSE PRIVATE LIMITED	Director	05/07/1999	05/07/1999	27/02/2009	Active	NO
9	U70101WB1999PTC090603	SPMK ESTATES PRIVATE LIMITED	Whole-time director	07/03/2000	07/03/2000	26/04/2010	Active	NO
10	U01132AS1984PTC002198	BANASPATY TEA AND INDUSTRIES PRIVATE LIMITED	Director	14/09/2001	14/09/2001	-	Active	NO
11	U01132WB1871PLC000233	SINGELL TEA AND AGRICULTURAL INDUSTRIESLIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
12	U01132WB1965PTC026315	SNOWVIEW TEA CO PRIVATE LIMITED	Director	15/01/2005	15/01/2005	-	Active	NO
13	U01132WB1986PTC040352	SONITPUR AGRO INDUSTRIES PRIVATE LIMITED	Director	11/11/2005	11/11/2005	-	Active	NO
14	U01132WB2006PTC112052	TEA PROMOTERS EXPORTS PRIVATE LIMITED	Director	08/12/2006	08/12/2006	-	Active	NO
15	U15491WB1997PTC082596	PUTHARJHORA TEA GARDEN PRIVATE LIMITED	Director	20/08/2008	17/05/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil
Designation :	Export Department

MAJOR SHAREHOLDERS

As on 04.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 04.09.2012

Category	Percentage
Bodies corporate	12.30
Directors or relatives of Directors	43.53
Other top fifty shareholders	44.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Tea Products.

Products :

Product Description	ITC Code
Tea	0902

Exports :

Products :

Finished Goods

Countries :

• Europe
• USA
• Japan

Imports :

Products :

Raw Material

Countries :

• Germany
• France
• USA

Terms :

Selling :

Credit

Purchasing :

Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

100 (Approximately)

Bankers :

Canara Bank, Overseas Branch, 2/1 Russel Street, Kolkata – 700071, West Bengal, India

Facilities :

Secured Loan :

Particulars	Rs in Millions
	As on 31.03.2012	As on 31.03.2011
Canara Bank - Cash Credit (Secured by hypothecation of standing tea crops, tea in process, finished tea, stores and spares parts, book debts and collateral security and equitable mortgage of plant and machinery and title deed of Singell Tae Estate and personal guarantee of two Directors.	5.786	2.294

Banking Relations :	-
Auditors :
Name :	K.P. Jhawar and Company Chartered Accountants
Address :	4 Narayan Prasad Babu Lane, Kolkata – 700007, West Bengal, India
PAN No.:	ACFPJ1334B
Associates :	Tea promoters (India) Private Limited Tea Promoters Exports Private Limited B. Mohan and Sons (Firm in which two directors are partners) Sonitpur Agro Industries Private Limited

CAPITAL STRUCTURE

As on 04.09.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
98000	Equity Shares	Rs. 100/- each	Rs. 9.800 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		9.800	9.800	9.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	26.511
4] (Accumulated Losses)		(14.192)	(14.782)	(35.175)
NETWORTH		(4.392)	(4.982)	1.136
LOAN FUNDS
1] Secured Loans		5.786	2.294	1.481
2] Unsecured Loans		24.193	11.793	9.937
TOTAL BORROWING		29.979	14.087	11.418
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		25.587	9.105	12.554
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.288	12.386	13.430
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERRED TAX ASSETS		3.949	4.374	3.113
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.702	8.506	6.969
	Sundry Debtors	0.991	0.899	0.109
	Cash & Bank Balances	1.473	1.307	1.239
	Other Current Assets	1.118	1.118	0.000
	Loans & Advances	4.638	5.647	5.114
Total Current Assets		21.922	17.477	13.431
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.108	1.005	5.529
	Other Current Liabilities	1.442	16.170	4.123
	Provisions	9.027	7.962	7.773
Total Current Liabilities		11.577	25.137	17.425
Net Current Assets		10.345	(7.660)	(3.994)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25.587	9.105	12.554

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	87.770	24.214	27.637
		Other Income	0.891	0.272	1.323
		TOTAL (A)	88.661	24.486	28.960
Less	EXPENSES
		Cost of material consumed	11.433	2.352
		Purchase of stock in trade	34.831	0.838
		Changes in inventories of finished goods, work-in-progress and stock in trade	(4.529)	(1.428)
		Employee benefit expenses	30.312	21.893
		Other expenses	12.961	5.774
		TOTAL (B)	85.008	29.429	35.462
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.653	(4.943)	(6.502)
Less	FINANCIAL EXPENSES (D)		1.525	1.156	0.589
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.128	(6.099)	(7.091)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.107	1.280	1.006
	PROFIT/LOSS BEFORE TAX (E-F) (G)		1.021	(7.379)	(8.097)
Less	TAX (H)		0.431	(1.261)	(1.837)
	PROFIT/LOSS AFTER TAX (G-I) (I)		0.590	(6.118)	(6.260)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(46.974)	(40.856)	(34.596)
	BALANCE CARRIED TO THE B/S		(46.384)	(46.974)	(40.856)
	EARNINGS IN FOREIGN CURRENCY		50.668	0.612	NA
	Earnings Per Share (Rs.)		6.02	(62.43)	(63.88)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.67	(24.99)	(21.62)
Net Profit Margin (PBT/Sales)	(%)	1.17	(31.08)	(29.29)
Return on Total Assets (PBT/Total Assets}	(%)	3.07	(24.71)	(30.14)
Return on Investment (ROI) (PBT/Networth)		(0.23)	0.14	(7.13)
Debt Equity Ratio (Total Debt /Networth)		(6.83)	(2.83)	(10.05)
Current Ratio (Current Asset/Current Liability)		1.89	0.69	0.77

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
34]	External Agency Rating, if available	No

UNSECURED LOAN:

Particulars	Rs in Millions
	As on 31.03.2012	As on 31.03.2011
Loans from related parties From bodies Corporate (Repayable on demand)	24.193	11.793

OPERATING RESULTS:-

The total tea production of the Company during the year was 93769 Kgs. as compared to 50545 Kgs. during the previous year including 42131 kgs previous year 10850 kgs from green leaf purchased from outside parties. The production of quality tea received sustained attention and the average price realization was higher as compared to previous year. There was rise in the cost of production due to increase in the salaries and wages, cost of petroleum products, coal and other inputs. The Export turnover of traded and own Garden Production was Rs.51.990 millions as against Rs.0.720 millions during the previous year. The profit before depreciation and taxation for the Current year is Rs.2.130 millions as against loss of Rs6.100 millions during the previous year.

FIXED ASSETS:

• Tea Estates
• Plantations
• Buildings
• Plant and Machinery
• Vehicles
• Furniture and Fixture
• Computer

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 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] 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. 54.92
UK Pound	1	Rs. 84.44
Euro	1	Rs. 71.32

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.