MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	GUJARAT TEA PROCESSORS AND PACKERS LIMITED
Registered Office :	“Waghbakri House”, Opposite Parimal Garden Ambawadi, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.09.1980
Com. Reg. No.:	04-003946
Capital Investment / Paid-up Capital :	Rs.174.281 Millions
CIN No.: [Company Identification No.]	U01132GJ1980PLC003946
TAN No.: [Tax Deduction & Collection Account No.]	AHMG00554B
PAN No.: [Permanent Account No.]	AAACG5594L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Dealers of Tea Business.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8182000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established and third largest packet tea company in volume terms, in India having fine track record. The company possesses a strong financial profile marked by conservative capital structure, strong debt coverage indicators, sound liquidity and high return on capital employed. Management has reported consistent volume and value growth witnessed by its brands in the recent past, resulting in a steady growth in cash accruals during FY 13. The ratings also take into consideration the sensitivity of volume growth and profit margins to volatility in bulk tea prices and higher marketing spend. However, trade relations are fair. Business is active. Payment terms are reported are regular and as per commitments. In view of established market position and its reputed flagship “WAGH BAKRI” brand, the subject 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.

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	AA (Non Fund Based Bank Facilities)
Rating Explanation	High Degree of safety and low credit risk.
Date	December 2013

Rating Agency Name	ICRA
Rating	A1+ (Short Term Non Fund Based Facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	December 2013

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 DENIED

Management Non Co-Operative (91-79-26409631)

LOCATIONS

Registered Office :	“Waghbakri House”, Opposite Parimal Garden Ambawadi, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26409631-36
Fax No.:	91-79-26409640
E-Mail :	vijay.shah@wbtea.com feedback@waghbakritea.com corp@wbtea.com
Website :	http://www.waghbakritea.com

DIRECTORS

As on: 02.08.2013

Name :	Mr. Piyushkumar Ochhavlal Desai
Designation :	Chairman and Managing Director
Address :	“Punit” Mithakhali Six Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	05.12.1939
Date of Appointment :	01.04.1995
PAN No.:	AAOPD6534E
DIN No.:	00095244
Name :	Mr. Pankajkumar Ramdas Desai
Designation :	Managing Director
Address :	“Parag” Mithakhali Six Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	02.06.1942
Date of Appointment :	01.07.2009
PAN No.:	AAOPD6536G
DIN No.:	00112238
Name :	Mr. Rasesh Ramdas Desai
Designation :	Managing Director
Address :	“Parag” Mithakhali Six Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	05.05.1947
Date of Appointment :	01.07.2009
PAN No.:	AAOPD6544L
DIN No.:	00095010
Name :	Mr. Parag Raseshkumar Desai
Designation :	Whole Time Director
Address :	“Parag” Mithakhali Six Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	08.02.1973
Date of Appointment :	01.07.2009
PAN No.:	AAOPD6542N
DIN No.:	00095112
Name :	Mrs. Pratimaben Pankajkumar  Desai
Designation :	Director
Address :	“Parag” Mithakhali Six Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	28.07.1941
Date of Appointment :	09.10.1998
PAN No.:	AEXPD7042J
DIN No.:	00112435
Name :	Krishnaben Raseshkumar Desai
Designation :	Director
Address :	“Parag” Mithakhali Six Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	08.05.1950
Date of Appointment :	09.10.1998
PAN No.:	AAJPD7182P
DIN No.:	00095070
Name :	Mr. Paraskumar Pankajkumar Desai
Designation :	Whole Time Director
Address :	“Parag” Mithakhali Six Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	09.08.1973
Date of Appointment :	01.01.2007
PAN No.:	AAOPD6537H
DIN No.:	00112503
Name :	Mrs. Maitriben Darshanbhai Jhaveri
Designation :	Director
Address :	Fagun, Near BCS Society, Near Kashiram Hall, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	25.08.1968
Date of Appointment :	09.10.1998
PAN No.:	ACPPD9340P
DIN No.:	00119792
Name :	Mr. Mayank Pradyumna Shah
Designation :	Director
Address :	Shantiniketan, 5^th Floor, Prabhat Colony, Santacruz (East), Mumbai – 400055, Maharashtra, India
Date of Birth/Age :	27.02.1953
Date of Appointment :	16.12.1994
DIN No.:	01655046
Name :	Mr. Rajesh Chimanlal Shah
Designation :	Director
Address :	“Shakar” Opposite U S Pizza Near St. Xavier Sladies Hostel, University Road, Navrangpura, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	20.07.1953
Date of Appointment :	25.12.2003
DIN No.:	00095221
Name :	Mr. Bhushan Chelaram Punani
Designation :	Director
Address :	34, Spring Field, Vastrapur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	03.01.1954
Date of Appointment :	22.03.2001
DIN No.:	00119874
Name :	Mrs. Pannaben P. Desai
Designation :	Director
Address :	“Punit” Mithakhali Six Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	22.07.1939
Date of Appointment :	28.05.2007
PAN No.:	AEXPD1287K
DIN No.:	00112563
Name :	Mr. Narendra Nath Nagpaul
Designation :	Director
Address :	Flat 7A 55/4, Pramathesh Barua Sarani, Kolkata- 700019, West Bengal, India
Date of Birth/Age :	13.04.1943
Date of Appointment :	09.09.2011
DIN No.:	00632063
Name :	Mr. Ashwin Narhariprasad Joshi
Designation :	Whole Time Director
Address :	5, Anmol Flats Bhattha, Paldi, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	13.12.1957
Date of Appointment :	14.05.2012
DIN No.:	05274484
Name :	Mr. Priyam Bimalbhai Parikh
Designation :	Whole Time Director
Address :	9, Heritage Residency, Near Thaltej Gam, Thaltej, Ahmedabad – 380059, Gujarat, India
Date of Birth/Age :	12.01.1988
Date of Appointment :	12.03.2013
PAN No.:	ANOPP1255B
DIN No.:	06459542

KEY EXECUTIVES

Name :	Mr. Paras Vasantlal Metha
Designation :	Company Secretary
Address :	H-35/186, Happy Home Apartment, Shashtri Nagar, Naranpura, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	07.07.1973
Date of Appointment :	01.04.2012
PAN No.:	ACEPM6178K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 02.08.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 02.08.2013

Category	Percentage
Bodies corporate	35.11
Directors or relatives of directors	64.71
Other top fifty shareholders	0.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealers of Tea Business.

Products :

Products Descriptions	Item Code No.
Tea	0902

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

State Bank of India, Overseas Branch, Amrit Jayanthi Bhavan, Navjivan P.O., Ahmedabad – 380014, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	372.344	176.765
Other loans and advances	59.918	6.445
Total	432.262	183.210

Banking Relations :	--
Auditors :
Name :	C.C. Chokshi and Company Chartered Accountant
Address :	“Heritage” 3^rd Floor, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27582542/ 27582543/ 66073100
Fax No.:	91-79-27582551
PAN.:	AACFC2938D
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Jagruti Multi Trade Private Limited U51909GJ1992PTC017127 Jayalaxmi Multi Trade Private Limited U51909GJ1992PTC017128 Krishnalaxmi Multi Trade Private Limited U51909GJ1992PTC017129 The Gujarat Tea Depot Company

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20150000	Equity Shares	Rs.10/- each	Rs.201.500 Millions
10000	Preference Shares	Rs.100/- each	Rs.1.000 Million
	Total		Rs.202.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17428125	Equity Shares	Rs.10/- each	Rs.174.281 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	174.281	174.281	174.281
(b) Reserves & Surplus	1871.246	1593.784	1363.097
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2045.527	1768.065	1537.378
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	4.567	1.658	2.999
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	11.416	12.748	10.960
Total Non-current Liabilities (3)	15.983	14.406	13.959
(4) Current Liabilities
(a) Short term borrowings	432.262	183.210	177.455
(b) Trade payables	132.921	145.626	106.026
(c) Other current liabilities	320.812	258.011	277.596
(d) Short-term provisions	23.864	20.846	20.768
Total Current Liabilities (4)	909.859	607.693	581.845
TOTAL	2971.369	2390.164	2133.182
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	667.482	301.426	240.177
(ii) Intangible Assets	0.449	1.390	3.725
(iii) Capital work-in-progress	9.846	170.234	97.943
(iv) Intangible assets under development	0.461	0.000	0.000
(b) Non-current Investments	0.193	0.193	0.193
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	46.797	30.687	18.915
(e) Other Non-current assets	0.120	0.720	130.500
Total Non-Current Assets	725.348	504.650	491.453
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1913.352	931.499	956.895
(c) Trade receivables	169.874	131.777	148.974
(d) Cash and cash equivalents	125.150	792.320	508.421
(e) Short-term loans and advances	20.628	15.386	9.569
(f) Other current assets	17.017	14.532	17.870
Total Current Assets	2246.021	1885.514	1641.729
TOTAL	2971.369	2390.164	2133.182

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	7340.837	6199.991	5279.375
	Other Income	62.181	69.704	49.684
	TOTAL (A)	7403.018	6269.695	5329.059
Less	EXPENSES
	Cost of Materials Consumed	5469.935	4560.125	3868.215
	Purchases of Stock-in-Trade	40.613	25.744	13.625
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(119.044)	(66.239)	(17.162)
	Employees benefits expense	228.571	196.976	168.175
	Other expenses	1081.075	990.939	812.938
	TOTAL (B)	6701.150	5707.545	4845.791
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	701.868	562.150	483.268
Less	FINANCIAL EXPENSES (D)	71.026	38.098	29.385
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	630.842	524.052	453.883
Less/ Add	DEPRECIATION/ AMORTISATION (F)	48.442	38.741	32.993
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	582.400	485.311	420.890
Less	TAX (H)	183.271	153.347	139.476
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	399.129	331.964	281.414
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	994.148	798.461	637.169
Add	Transferred on Amalgamation of Evergreen Beverages Limited with the company	0.000	0.000	11.424
Less	APPROPRIATIONS
	Interim Dividend paid and Tax thereon	101.277	81.022	81.291
	Final Dividend Recommended on equity Shares	17.428	17.428	17.428
	Tax on Proposed final dividend	2.962	2.827	2.827
	Transfer to General Reserve	50.000	35.000	30.000
	BALANCE CARRIED TO THE B/S	1221.610	994.148	798.461
	Earnings / (Loss) Per Share (Rs.)	22.90	19.05	16.15

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.39	5.29	5.28
Net Profit Margin (PBT/Sales)	(%)	7.93	7.83	7.97
Return on Total Assets (PBT/Total Assets}	(%)	19.67	21.86	20.68
Return on Investment (ROI) (PBT/Networth)		0.28	0.27	0.27
Debt Equity Ratio (Total Debt/Networth)		0.21	0.10	0.12
Current Ratio (Current Asset/Current Liability)		2.47	3.10	2.82

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	174.281	174.281	174.281
Reserves & Surplus	1363.097	1593.784	1871.246
Net worth	1537.378	1768.065	2045.527
long-term borrowings	0.000	0.000	0.000
Short term borrowings	177.455	183.210	432.262
Total borrowings	177.455	183.210	432.262
Debt/Equity ratio	0.115	0.104	0.211

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5279.375	6199.991	7340.837
		17.438	18.401

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5279.375	6199.991	7340.837
Profit	281.414	331.964	399.129
	5.33%	5.35%	5.44%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. In Millions)

Particular	31.03.2013	31.03.2012	31.03.2011
Current maturities of long-term debt	0.000	0.000	0.000
Total	0.000	0.000	0.000

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

HIGH COURT OF GUJARAT

TAX APPEAL No. 563 of 2013

Status : PENDING

( Converted from : O/ST/1679/2013 )

CCIN No : 001092201300563

Last Listing Date:

30/07/2013

Coram

HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX II	MRS MAUNA M BHATT for: Appellant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1	GUJARAT TEA PROCESSORS AND PACKERS LTD	MR MANISH J SHAH for :Opponent(s)  1

Presented On	: 21/06/2013	Registered On	: 28/06/2013
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 206 times
StageName	: ADJOURNED MATTERS

Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	21/06/2013	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	5	MRS MAUNA M BHATT(174), for P:1
2	21/06/2013	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	6	MRS MAUNA M BHATT(174), for P:1
3	21/06/2013	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	20	MRS MAUNA M BHATT(174), for P:1
4	04/07/2013	VAKALATNAMA	MR MANISH J SHAH ADVOCATE for RESPONDENT(s)  1	5	MR MANISH J SHAH(1320), for R:1
5	08/07/2013	APPEARANCE NOTE	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	0	MRS MAUNA M BHATT(174), for P:1
6	08/07/2013	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	6	MRS MAUNA M BHATT(174), for P:1
7	08/07/2013	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	20	MRS MAUNA M BHATT(174), for P:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	03/07/2013	5	3-	ADMISSION (FRESH MATTERS)	NEXT DATE	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MS JUSTICE SONIA GOKANI
2	09/07/2013	5	39	ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MS JUSTICE SONIA GOKANI
3	22/07/2013	5	41	ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MS JUSTICE SONIA GOKANI
4	30/07/2013	5	20	ADJOURNED MATTERS	RULE/ADMIT	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MS JUSTICE SONIA GOKANI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	TAX APPEAL/563/2013	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MS JUSTICE SONIA GOKANI	30/07/2013	N	ORDER	-	Y	Download
Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	31/07/2013	O/22618/2013	30/07/2013	01/08/2013	02/08/2013	Delivered	ORDER

NOTE:

The Registered Office of the Company has been shifted from Vipul Estate, Near Pragati HG School, Khokhra Mehabebad, Ahmedabad – 380008, Gujarat, India, to the present address w.e.f. 16.06.2006

TEA SCENARIO:

They can get a clear view of prevailing tea scenario in India as well as other tea producing countries. Tea productionnormally starts from the beginning of March and gradually production picks up with theadvancing months of the year and season ends by end of December. During the Current year, the weather conditions were good and there was good crop in all over India resulting overall crop ahead by 5 million kgs. upto April as against corresponding last year. Improved seasonal quality of Assam gained in price particularly in leafy orthodox type and as a result tea producers tempted to manufacture more orthodox variety. However, producers can increase the production of orthodox tea by another 15 million kgs. annually. Therefore, good and premium quality CTC varieties are in demand.

Indian Tea Industry is facing competition from other tea producing countries like Sri Lanka which is ahead by 5 million kgs. and Kenya is also ahead by 20 million kgs. Therefore, there will be severe competition in the international tea market, as world tea crop is ahead by 74 million kgs. upto May 2013 compared to last year May 2012.

There are approximately 8500 Tea Estates in North Eastern states of India and 5500 Tea Estates in Southern states ? Kerala, Karnataka and Tamil Nadu. The total annual tea production is estimated at 1100 million kgs. out of which 850 to 900 million kgs. is produced by these big tea gardens while approximately 250 million tea is produced by small tea growers which are situated in all the above mentioned states of India and their land area ranges from 2 to 20 hectares.

Their priority is to increase domestic consumption of Tea. On other side domestic market sales and marketing by competing beverage coffee is rapidly creating challenge to consumption of tea as many Cafes have been opened by Barista, Café Coffee Day and entry of Starbucks is likely to be in few months only.

So far as export of Indian Tea is concerned, till the year 2000 export was approximately 200 million kgs., last year it came down to 180 million kgs. and during current year it is doubtful whether it will reach up to 180 million kgs. because Sri Lanka and Kenya are much ahead.

Considering the health benefits, the demand for Organic Tea and Green Tea is increasing rapidly but there are very few Tea Producers who have the vision to produce organic tea. Out of more than 5000 Tea Producers in India, organic Tea producers are not even 50. Before 3 years, on my insist their Company launched organic Tea Brands in CTC as well as Darjeeling varieties but they have to cover their requirement from less than 10 Tea Producers only.

Besides, I on behalf of the Board of Directors assure you that in coming future, the company will meet with the need of changing time in general and consumers preferences of very demanding consumers not only of India but also of other countries. Let their Vision be to get accepted Tea as Queen of Beverages by the consumers.

REVIEW OF OPERATIONS OF CURRENT YEAR AND FUTURE PLANS :

The financial year 2012-13 was quite encouraging in terms of business growth as well as maintaining the profitability, inspite of increasing raw material prices and operational cost. The Company is expanding its distribution network to cover the untapped areas which will be helpful to reach larger section of consumers over a period of time. The operation from new factory was commenced in the month of November 2012.

During the year the Company has purchased new office premises at Mumbai in the month of March 2013. The interior work of the office is under process. Also, the Company has started new Tea Kiosk at one of the largest shopping mall of Aurangabad in the month of February 2013.

Looking at future growth prospects of next five years and to cater the rising demand of Company’s premium brand “Wagh Bakri”, Company had purchased land admeasuring 28965 sq. meters in the village Khandhli, Tal. Matar in Kheda District. The construction of new factory will start in the current F.Y. 2013-14 and expected to get completed by F.Y. 2014-15.

With their experience, they knew that promotion of brand as well as for the development of the sales, Tea Lounges are found as a good tool. The company is running one Tea Lounge at Mumbai and Delhi each. Having inspired with this experience, we preferred to seek consultancy services for opening more Tea Lounges / Kiosks.

The Company has achieved overall business growth during the year. Sales volume has grown by 8.19% as compared to previous financial year. Sales value has grown from Rs. 6187.200 Millions in previous financial year to Rs. 7327.500 Millions in current financial year registering a growth of 18.43% as compared to previous financial year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90096388	30/12/2013 *	980,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, AMRIT JAYANTHI BHAVAN, NAVJIVAN  P.O., AHMEDABAD, GUJARAT - 380014, INDIA	B94447752

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and equipment
• Factory equipments
• Vehicles
• Office equipment
• Leasehold improvements

Intangible Assets

• Computer software

PRESS RELEASE

WAGH BAKRI TEA PLANS ACQUISITION

Wagh Bakhri Tea (WBT) Group, which owns the 80-year-old Good Morning brand, has decided to acquire tea gardens in eastern India to secure supplies of quality teas, Chairman and Managing Director, Gujarat Tea Processors and Packers Limited (GTPPL), Piyush Desai, said. GTPPL owns the WBT brand.

WBT has a 10 per cent share of the all-India market for packet teas and an overwhelming presence in Gujarat, one of the highest tea drinking states. It also has presence in Maharashtra, Rajasthan, Delhi and Andhra Pradesh. It entered the tea business in 1919.

Consumers were increasingly being deprived of the taste of high quality premium tea varieties as most of it was getting exported with only a small quantity being supplied to the domestic market, Mr. Desai said adding that companies such as his were being forced to import premium teas from Sri Lanka and Kenya.

The Rs.7500.000 Millions turnover company has five brands with price points ranging from Rs.200 a kg to Rs.900 a kg for the premium Darjeeling teas.

He said the company was keen to buy a tea group with 4-6 gardens with a production of three million kg in the first phase.

“The gardens will have to be either in Assam or in West Bengal from where we source 80 per cent of our teas,” Mr. Desai said.

Indications are that funds would not be an obstacle as talks have been held with private equity firms.

He said that although the company had also launched a brand for meeting the demand for organic tea, lack of supplies was a major problem as only 50 tea producers out of the nearly 5,000 produce organic teas.

GUJARAT TEA PROCESSORS PLANS TO ENTER PRODUCTION

KOLKATA, JUNE 30:  

Packet tea retailer Gujarat Tea Processors and Packers Ltd plans to enter tea production.

The company has recently decided to acquire estates producing a total of 2.5 million kg in Assam and West Bengal. Gujarat Tea Processors is the country’s third largest tea packaging company, owning brands such as Wagh Bakri, Good Morning and Mili Tea.

According to its Chairman and Managing Director Piyush Desai, the acquisition would help ensure supply of quality tea.

“We currently have no control over the kitchen (production). We are looking at acquiring 4-6 gardens in Assam and West Bengal and adding a total production of nearly 2.5 million kg,” Desai told Business Line.

The company’s board has approved up to Rs 8000.000 Millions investments, he said in acquiring the tea estates. According to a key official of a prominent tea producer of the country, the last such acquisition in Assam recorded a valuation of Rs 100 crore for 2.5 mkg production capacity.

“Our Board has approved this amount,” Desai said.

Gujarat Tea witnessed nearly eight per cent growth in volume sales to 32 mkg in 2012-13. Premium brand – Wagh Bakri (at an average price of Rs 350 a kg) – accounts for over 80 per cent of the company’s total sales.

Revenues in value terms stood at Rs 750 crore in 2012-13.

The company expects 10 per cent growth in volume sales in 2013-14.

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] 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.59.19
UK Pound	1	Rs.99.51
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		69

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.