MIRA INFORM REPORT

MIRA INFORM REPORT

Report Date :

23.05.2013

IDENTIFICATION DETAILS

Name :	AMAR TEA PRIVATE LIMITED

Registered Office :	61, Dr. S. S. Rao Road, Near M.G. Hospital Parel, Mumbai – 400012, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	02.01.1990

Com. Reg. No.:	11-054836

Capital Investment / Paid-up Capital :	Rs.9.000 Millions

CIN No.: [Company Identification No.]	U15490MH1990PTC054836

TAN No.: [Tax Deduction & Collection Account No.]	MUMA22357G/ MUMA20123F/ MUMA22423C

PAN No.: [Permanent Account No.]	AAACA3927D

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in dealing in 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 1500000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having a satisfactory track record. The company has recorded better growth in its sales turnover and profits during 2012. The financial strength of the company is also good. Trade relations are decent. Business is active. Payment terms are usually correct and as per commitment. 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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 :	61, Dr. S. S. Rao Road, Near M.G. Hospital Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-24135016/ 17
Fax No.:	91-22-24149489
E-Mail :	avadhesh@shahtaparia.com society@pobox.com
Website :	http://www.microtechcnc.in

DIRECTORS

As on: 29.09.2012

Name :

Mr. Bhupatrai Amarshi Shah

Designation :

Managing Director

Date of Appointment :

02.01.1990

DIN No.:

00261051

PAN No.:

AAFPS9216B

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	U01100MH1974PTC017177	AMAR PLANTATION PRIVATE LIMITED	Director	06/02/1974	06/02/1974	-	Active	NO
2	U15490MH1990PTC054836	AMAR TEA PRIVATE LIMITED	Managing director	02/01/1990	02/01/1990	-	Active	NO
3	U28920MH1979PTC021730	DESIGN AND AUTOMATION ENGINEERS (BOMBAY) PRIVATE LIMITED	Director	05/04/2002	05/04/2002	-	Active	NO
4	U01403MH2011PTC220438	ARUNODYAN FARMS PRIVATE LIMITED	Director	03/08/2011	03/08/2011	-	Active	NO

Name :

Mr. Bakul Hiralal Shah

Designation :

Managing Director

Date of Appointment :

29.05.1993

DIN No.:

00261112

PAN No.:

AAGPS0757C

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	U01100MH1974PTC017177	AMAR PLANTATION PRIVATE LIMITED	Managing director	06/02/1974	06/02/1974	-	Active	NO
2	U15490MH1990PTC054836	AMAR TEA PRIVATE LIMITED	Managing director	29/05/1993	29/05/1993	-	Active	NO
3	U18101GJ1992PTC059095	ORBIT FABRICS Private Limited	Director	11/06/1993	11/06/1993	-	Active	NO
4	U28920MH1979PTC021730	DESIGN AND AUTOMATION ENGINEERS (BOMBAY) PRIVATE LIMITED	Director	03/05/2002	03/05/2002	-	Active	NO
5	U17291TN2006PTC060922	MAGIC CLOTHING PRIVATE LIMITED	Director	28/12/2006	28/12/2006	18/03/2008	Active	NO

Name :

Mr. Sanjay Bhupatrai Shah

Designation :

Managing Director

Date of Appointment :

04.10.1997

DIN No.:

00261413

PAN No.:

AAGPS0756D

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	U15490MH1990PTC054836	AMAR TEA PRIVATE LIMITED	Managing director	04/10/1997	04/10/1997	-	Active	NO
2	U28920MH1979PTC021730	DESIGN AND AUTOMATION ENGINEERS (BOMBAY) PRIVATE LIMITED	Director	03/05/2002	03/05/2002	-	Active	NO
3	U01100MH1974PTC017177	AMAR PLANTATION PRIVATE LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO
4	U01403MH2011PTC220438	ARUNODYAN FARMS PRIVATE LIMITED	Director	03/08/2011	03/08/2011	-	Active	NO

Name :

Mr. Atul Hiralal Shah

Designation :

Managing Director

Date of Appointment :

04.10.1997

DIN No.:

00261351

PAN No.:

AAGPS0758P

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	U18101GJ1992PTC059095	ORBIT FABRICS Private Limited	Director	16/09/1992	16/09/1992	-	Active	NO
2	U15490MH1990PTC054836	AMAR TEA PRIVATE LIMITED	Managing director	04/10/1997	04/10/1997	-	Active	NO
3	U28920MH1979PTC021730	DESIGN AND AUTOMATION ENGINEERS (BOMBAY) PRIVATE LIMITED	Director	03/05/2002	03/05/2002	-	Active	NO
4	U01100MH1974PTC017177	AMAR PLANTATION PRIVATE LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO
5	U15549MH2012PTC226885	BLUE KETTLE VENTURES PRIVATE LIMITED	Director	14/02/2012	14/02/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders		No. of Shares
Shanta H. Shah		71700
Bakul H. Shah (I)		70000
Bakul H. Shah (HUF)		20000
Jyoti B. Shah		48650
Dhaval B. Shah		50000
AtulH. Shah (I)		60150
Bhavna A. Shah		58500
Karan A. Shah		35000
Atman A. Shah		35000
Shri Bhupatrai A. Shah (I)		89500
Shri Sanjay B. Shah (I)		89500
Shri Sanjay B. Shah(HUF)		91000
Smt. Rupa S. Shah		89500
Chintan S. Shah		89500
Amar Plantation Private Limited		2000
Total		900000

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 dealing in tea.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· Union Bank of India, Kalbadevi Branch, A. M. V. Foundation Building, 32, Dadi Seth Agyari Lane, Kalbadevi Road, Mumbai - 400002, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWING
Other loans and advances	0.000	7.669
Total	0.000	7.669


Banking Relations :	--

Auditors :
Name :	Shah and Taparia Chartered Accountants
Address :	12, Navjeevanwadi, Dhobitalao, Mumbai – 400002, Maharshtra, India
Tel. No.:	91-22-40220301-13 / 14
Fax No.:	91-22-40220301-13 / 14
E-Mail :	info@shahtaparia.com
Website:	www.shahtaparia.com
PAN No.:	AAOFS0663D

Associates :	· Amar Tea Distributors · Hasmukhrai and Company · Mount Stuart Tea Estate · Amar Associates · Amar Plantation Private Limited · Amar Finance and Estate · Design and Auto Engineering (Bombay) Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

900000	Equity Shares	Rs.10/- each	Rs.9.000 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		9.000	9.000	9.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		379.515	272.073	206.877
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		388.515	281.073	215.877
LOAN FUNDS
1] Secured Loans		0.000	7.669	11.428
2] Unsecured Loans		447.785	673.723	487.375
TOTAL BORROWING		447.785	681.392	498.803
DEFERRED TAX LIABILITIES		0.643	0.718	0.418

TOTAL		836.943	963.183	715.098

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		205.608	218.087	195.783
Capital work-in-progress		187.654	37.954	13.718

INVESTMENT		0.020	75.077	1.325
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	415.614	505.474	414.519
	Sundry Debtors	56.362	77.506	86.370
	Cash & Bank Balances	16.578	3.927	26.056
	Other Current Assets	25.416	24.890	0.000
	Loans & Advances	19.732	64.536	13.274
Total Current Assets		533.702	676.333	540.219
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.446	7.359	11.955
	Other Current Liabilities	77.124	33.593	21.689
	Provisions	4.471	3.316	2.303
Total Current Liabilities		90.041	44.268	35.947
Net Current Assets		443.661	632.065	504.272

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		836.943	963.183	715.098

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Gross Sales	2432.905	2215.240	2010.703
		Other Income	0.000	7.145	31.651
		TOTAL (A)	2432.905	2222.385	2042.354

Less	EXPENSES
		Office Expenses	2201.720	2068.660	1920.065
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	2201.720	2068.660	1920.065

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		231.185	153.725	122.289

Less	FINANCIAL EXPENSES (D)		47.595	41.953	76.194

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		183.590	111.772	46.095

Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.004	21.387	20.090

	PROFIT BEFORE TAX (E-F) (G)		161.586	90.385	26.005

Less	TAX (H)		54.144	25.189	3.407

	PROFIT AFTER TAX (G-H) (I)		107.442	65.196	22.598

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		272.073	206.877	184.279

	BALANCE CARRIED TO THE B/S		379.515	272.073	206.877

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	59.468	61.272	NA
	TOTAL EARNINGS		59.468	61.272	NA

	Earnings Per Share (Rs.)		119.38	72.44	25.11

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.42	2.93	1.11

Net Profit Margin (PBT/Sales)	(%)	6.64	4.08	1.29

Return on Total Assets (PBT/Total Assets}	(%)	21.86	10.11	3.53

Return on Investment (ROI) (PBT/Networth)		0.42	0.32	0.12

Debt Equity Ratio (Total Debt /Networth)		1.15	2.42	2.31

Current Ratio (Current Asset/Current Liability)		5.93	15.28	15.03

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	No
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Loans and advances from related parties	447.785	673.723
Total	447.785	673.723

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

CMT REPORT [Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.55.52
UK Pound	1	Rs.84.09
Euro	1	Rs.71.67

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	7
--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.

415.614

56.362

16.578

25.416

19.732

533.702

8.446

77.124

4.471

90.041

443.661

4.42

6.64

21.86

0.42

1.15

5.93

Unit