MIRA INFORM REPORT

Report Date :

11.06.2014

IDENTIFICATION DETAILS

Name :	SAPOI TEA COMPANY LIMITED
Registered Office :	13-A, Dacres Lane, 7^th Floor, Kolkata – 700069, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.03.1914
Com. Reg. No.:	21-002502
Capital Investment / Paid-up Capital :	Rs.8.840 Millions
CIN No.: [Company Identification No.]	L01132WB1914PLC002502
PAN No.: [Permanent Account No.]	AAECS7352L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer and Sale of Tea.
No. of Employees :	1500 Permanent and 800 Casual Workers (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exists
Comments :	Subject is an established company having moderate track. Net Worth of the company has been eroded due to continuous accumulated loss incurred from its operations. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on safe and secured 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

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.

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

Name :	Mr. Pavan Kanoi
Designation :	Director
Contact No.:	91-9830051014
Date :	10.06.2014

LOCATIONS

Registered Office :	13-A, Dacres Lane, 7^th Floor, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-22484541
Mobile No.:	91-9830051014 (Mr. Pavan Kanoi)
Fax No.:	Not Available
E-Mail :	p_trading@rediffmail.com adityagill2009@rediffmail.com
Location :	Owned
Warehouse/ Factory :	Sapoi Tea Estate, P. O. Dhekiajuli, District Sonitpur, Assam, India
Tel. No.:	91-91-371-2282131
Location :	Owned

DIRECTORS

(AS ON 30.09.2013)

Name :

Mr. Mrityunjoy Das Majumder

Designation :

Director

Address :

320, Netaji Subhas Chandra Bose Road, Kolkata – 700047, West Bengal, India

Date of Birth/Age :

02.01.1951

Qualification :

Lawyer (L.L.B.)

Date of Appointment :

28.09.2011

DIN No.:

00434073

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	U15491WB1979PLC032036	KUMLAI TEA & INDUSTRIES LTD	Director	21/07/2004	21/07/2004	08/07/2013	Active	NO
2	L01132WB1914PLC002502	SAPOI TEA CO LTD	Director	28/09/2011	03/02/2011	-	Active	NO

Name :

Mr. Sandeep Sharma

Designation :

Director

Address :

C-403, V9P Enclave 1 V9P Road, Bagulhati, Kolkata – 700059, West Bengal, India

Date of Birth/Age :

03.04.1976

Qualification :

Companies Secretaries

Date of Appointment :

28.09.2011

DIN No.:

00586681

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	U74140WB2001PLC093841	PAWANSUT MANAGEMENT LIMITED	Director	12/10/2001	12/10/2001	-	Amalgamated	NO
2	U45201WB2001PLC093840	PAWANSUT PROPERTIES LIMITED	Director	12/10/2001	12/10/2001	-	Amalgamated	NO
3	U52322WB2002PTC095296	CHAMPION HOSIERY PRIVATE LIMITED	Director	17/10/2002	17/10/2002	30/05/2012	Active	NO
4	U74140WB2003PLC095801	MURLI MANAGEMENT LIMITED	Director	18/02/2003	18/02/2003	-	Amalgamated	NO
5	U74140WB2003PLC095800	MANOHAR MANAGEMENT LIMITED	Director	18/02/2003	18/02/2003	-	Dormant	NO
6	L51226WB1982PLC035467	DANTA VYAPAR KENDRA LTD	Director	17/04/2003	17/04/2003	24/03/2007	Active	NO
7	L51109WB1983PLC035918	DEEVEE COMMERCIALS LTD	Director	03/05/2003	03/05/2003	25/10/2010	Active	NO
8	U74140WB2003PLC096197	RAGHUPATI CONSULTANTS LIMITED	Director	13/05/2003	13/05/2003	02/02/2013	Active	NO
9	U45201WB2003PLC097421	RAVINDRA SHELTER LIMITED	Director	15/12/2003	15/12/2003	-	Amalgamated	NO
10	L51909WB1980PLC033130	B B COMMERCIAL LTD	Director	08/09/2004	08/09/2004	15/07/2013	Active	NO
11	U74140WB2004PLC099957	HANUMAN ADVISORY LIMITED	Director	27/09/2004	27/09/2004	08/06/2010	Active	NO
12	L26101WB2003PLC095604	KARUNA IMPEX ENTERPRISES LIMITED	Director	03/06/2008	16/12/2004	31/03/2011	Active	NO
13	U51109WB1995PTC075551	PRISM IMPEX PVT LTD	Director	08/09/2009	01/04/2005	01/07/2010	Active	NO
14	U17200WB1989PLC101348	ARENA TEXTILES AND INDUSTRIES LIMITED	Director	10/08/2005	10/08/2005	23/07/2013	Active	NO
15	U17120WB1986PTC101275	JANKI TEXTILE AND INDUSTRIES PRIVATE LIMITED	Director	07/11/2005	07/11/2005	18/07/2012	Active	NO
16	U51109WB1994PTC064810	UMANG VINCOM PVT LTD	Director	21/01/2006	21/01/2006	09/03/2012	Active	NO
17	U51909WB2006PTC108141	ROSEMERY SALES PVT LTD	Director	21/02/2006	21/02/2006	10/06/2010	Active	NO
18	U51909WB2006PTC108140	ARAVALI MERCHANTS PVT LTD	Director	21/02/2006	21/02/2006	07/06/2010	Active	NO
19	U51909WB2006PTC108167	ADHUNIK TIE-UP PRIVATE LIMITED	Director	22/02/2006	22/02/2006	07/06/2010	Active	NO
20	U51900WB2006PTC108237	SUMANGAL TIE UP PRIVATE LIMITED	Director	22/02/2006	22/02/2006	10/06/2010	Active	NO
21	U74140WB2004PTC100440	BIHARIJI ECOSERVE PRIVATE LIMITED	Director	10/03/2006	10/03/2006	07/06/2010	Active	NO
22	U45205WB2005PLC105270	TUAMAN ENGINEERING LIMITED	Director	08/09/2006	08/09/2006	07/09/2009	Active	NO
23	U51900WB2006PTC108168	SHRINGAR VINIMAY PVT LTD	Director	01/11/2006	01/11/2006	-	Amalgamated	NO
24	U45203WB1985PTC038557	SHOPARNA BROTEHERS PVT LTD	Director	05/03/2007	05/03/2007	06/04/2010	Active	NO
25	U74990WB2007PTC116328	MAA KALI ADVISORY PRIVATE LIMITED	Additional director	13/11/2007	13/11/2007	09/06/2010	Active	NO
26	U72200WB2007PTC116330	MAA SARDA CONSULTANTS PRIVATE LIMITED	Director	13/11/2007	13/11/2007	09/06/2010	Amalgamated	NO
27	U74900WB2007PTC117049	JAGANATH CONSULTANTS PRIVATE LIMITED	Director	08/09/2009	19/11/2007	09/06/2010	Active	NO
28	U74120WB2007PTC115060	GAURI ADVISORY PRIVATE LIMITED	Director	19/11/2007	19/11/2007	15/07/2013	Active	NO
29	U74120WB2007PTC114001	ANAGHA CONSULTANTS PRIVATE LIMITED	Director	29/03/2008	29/03/2008	07/06/2010	Active	NO
30	U74140WB2004PLC099958	GAJESHWAR ADVISORY LIMITED	Additional director	21/04/2008	21/04/2008	08/06/2010	Active	NO
31	U45400WB2009PLC140135	BHARAT VISION INFRA LIMITED	Director	11/12/2009	11/12/2009	08/06/2010	Active	NO
32	U72900WB2009PTC138329	EXPRESS IMAGE PRIVATE LIMITED	Director	10/02/2010	10/02/2010	10/05/2010	Active	NO
33	U70101WB1985PTC038551	ANUDARSH PROPERTIES PVT LTD	Director	15/12/2010	15/12/2010	04/06/2011	Active	NO
34	L01132WB1914PLC002502	SAPOI TEA CO LTD	Director	28/09/2011	21/01/2011	-	Active	NO
35	AAA-0938	JAI GANESH CREATIVE IDEAS LIMITED LIABILITY PARTNERSHIP	Body corporate as Designated Partner	15/03/2010	15/03/2010	31/12/2010	Active	NO
36	AAA-0953	BRIJ GOPAL CONSULTANTS LIMITED LIABILITY PARTNERSHIP	Body corporate as Designated Partner	16/03/2010	16/03/2010	18/07/2011	Active	NO

Name :

Mr. Pavan Kanoi

Designation :

Whole-time Director

Address :

EC-60, Sector – I, Salt Lake City, 2^nd Floor, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

05.08.1955

Qualification :

B.Com

Date of Appointment :

01.01.2011

PAN No.:

AFTPK1510K

DIN No.:

00655484

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	L01132WB1914PLC002502	SAPOI TEA CO LTD	Whole-time director	01/01/2011	27/02/1987	-	Active	NO
2	U51226WB1990PTC049419	ANIRUDH TRADE & AGENCIES PVT.LTD.	Director	13/07/1990	13/07/1990	01/09/2007	Active	NO
3	U67120WB1992PLC055381	KANOI LEASFIN LTD	Director	08/05/1992	08/05/1992	15/02/2011	Active	NO
4	U51109WB1986PTC040305	MOHIT HOLDINGS PVT LTD	Director	01/04/1994	01/04/1994	30/08/2007	Active	NO
5	U51109WB1986PTC040306	NUPUR TRADE & FINANCE PVT LTD	Director	07/05/1994	07/05/1994	30/08/2007	Active	NO
6	U51109WB1985PTC039234	PURNIA TRADING & FINANCE CO PVT LTD	Director	09/05/1994	09/05/1994	04/06/2011	Active	NO
7	U51909WB1996PTC077148	CAPRICON COMMERCIAL PVT LTD	Director	30/03/2000	30/03/2000	10/10/2012	Active	NO
8	U70101WB1985PTC038551	ANUDARSH PROPERTIES PVT LTD	Director	30/10/2008	30/10/2008	04/06/2011	Active	NO

Name :

Mrs. Sushila Devi Kanoi

Designation :

Director

Address :

EC-60, Sector – I, Salt Lake City, 2^nd Floor, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

16.04.1935

Qualification :

Higher Secondary

Date of Appointment :

28.09.2011

PAN No.:

AFZPK1083M

DIN No.:

03416553

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	L01132WB1914PLC002502	SAPOI TEA CO LTD	Director	28/09/2011	21/01/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2013)

SHAREHOLDING DETAILS FILE ATTACHED

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Government (Central and State)	0.06
Nationalised or Other Banks	0.09
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.33
Bodies corporate	2.38
Directors or relatives of directors	92.13
Other top fifty shareholders	5.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Sale of Tea.

Products :

Products Description	Item Code No.
Tea	09023000

Terms :

Selling :

Credit (45 days)

Purchasing :

Cheque and Advance Payment

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Installed Capacity	Actual Production
Tea	1400000 MET Tonne per annum	Average in 3 years its 1000000 Kgs

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

1500 Permanent and 800 Casual Workers (Approximately)

Bankers :

· Union Bank

New Alipore Branch (Approached them for Agriculture)

· Indian Bank

Gariahat Branch, 14/7, Gariahat Road, Kolkata – 700019, West Bengal, India

(Current Account FD and OD)

· Punjab National Bank

18-A, Brabourne Road, Kolkata – 700001, West Bengal, India

(Current Account)

· HDFC Bank

Stephen House Branch – (Current Account)

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Rupee Term Loans from Banks	0.671	0.000
Short Term Borrowings
Rupee Term Loans From Banks	6.920	7.019
Total	7.591	7.019

Banking Relations :	--
Auditors :
Name :	B. K. Agarwal and company Chartered Accountants
Address :	29-B, Rabindra Sarani 3^rd Floor, Room No. 12W, India
PAN No.:	AACFB3226F

CAPITAL STRUCTURE

(AS ON 30.09.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions
50000	Preference Shares	Rs.100/- each	Rs.5.000 Millions
	Total		Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
384000	Equity Shares	Rs.10/- each	Rs.3.840 Millions
50000	Preference Shares	Rs.100/- each	Rs.5.000 Millions
	Total		Rs.8.840 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	8.840	8.840	8.840
(b) Reserves & Surplus	(28.649)	(30.458)	(28.266)
(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)	(19.809)	(21.618)	(19.426)
(3) Non-Current Liabilities
(a) long-term borrowings	11.478	11.805	11.114
(b) Deferred tax liabilities (Net)	5.448	5.444	0.000
(c) Other long term liabilities	43.997	50.433	24.751
(d) long-term provisions	7.060	3.674	3.050
Total Non-current Liabilities (3)	67.983	71.356	38.915
(4) Current Liabilities
(a) Short term borrowings	6.980	7.079	15.864
(b) Trade payables	9.015	9.563	13.299
(c) Other current liabilities	4.363	8.527	8.697
(d) Short-term provisions	0.443	2.555	3.158
Total Current Liabilities (4)	20.801	27.724	41.018
TOTAL	68.975	77.462	60.507
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.691	23.714	24.504
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.357
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.337	0.342	0.342
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.152	14.203	13.213
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	36.180	38.259	38.416
(2) Current assets
(a) Current investments	8.616	14.665	7.548
(b) Inventories	4.341	2.393	3.148
(c) Trade receivables	0.090	0.551	0.595
(d) Cash and cash equivalents	17.870	17.390	6.013
(e) Short-term loans and advances	1.878	4.204	4.787
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	32.795	39.203	22.091
TOTAL	68.975	77.462	60.507

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	128.664	106.215	139.318
		Other Income	6.350	4.042	0.823
		TOTAL (A)	135.014	110.257	140.141
Less	EXPENSES
		Cost of Materials Consumed	13.854	3.995	0.609
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.043)	0.451	1.886
		Employees benefits expense	40.355	31.436	34.324
		Other expenses	78.833	68.696	93.235
		Cost of Materials Consumed	13.854	3.995	0.609
		TOTAL (B)	130.999	104.578	130.054
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.015	5.679	10.087
Less	FINANCIAL EXPENSES (D)		0.441	0.682	1.335
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.574	4.997	8.752
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.962	1.146	1.277
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		2.612	3.851	7.475
Less	TAX (H)		0.804	6.043	1.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1.808	(2.192)	6.475
	Earnings Per Share (Rs.)		4.71	(5.71)	16.86

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.21	1.31	0.39
Net Profit Margin (PBT/Sales)	(%)	(0.72)	(0.82)	(1.00)
Return on Total Assets (PBT/Total Assets}	(%)	(1.36)	(1.13)	(2.32)
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.07
Debt Equity Ratio (Total Debt/Networth)		(0.93)	(0.87)	(1.39)
Current Ratio (Current Asset/Current Liability)		1.58	1.41	0.54

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	8.840	8.840	8.840
Reserves & Surplus	(28.266)	(30.458)	(28.649)
Net worth	(19.426)	(21.618)	(19.809)
long-term borrowings	11.114	11.805	11.478
Short term borrowings	15.864	7.079	6.980
Total borrowings	26.978	18.884	18.458
Debt/Equity ratio	(1.389)	(0.874)	(0.932)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	139.318	106.215	128.664
		(23.761)	21.135

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	139.318	106.215	128.664
Profit	0.539	1.414	1.577
	0.39%	1.33%	1.23%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No

------------------------------------------------------------------------------------------------------------------------------

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEMS

CASE STATUS: PENDING

Status of: Temp APO (APOT) 117 of 2012

M/S NUPUR TRADE AND FINANCE PRIVATE LIMITED VS. M/S SAPOI TEA COMPANY LIMITED

Pet’s Adv.: M/s C K Jain and Company

Res’s Adv.: --

Court No.: 19 Last Listed On: Friday, March 16, 2012.

Category: No Category Mentioned

Case Updated on: Friday, March 16, 2012

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

PARTICULARS	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Loan and Advances from Others	1.780	2.778
Other Loans and Advances	9.027	9.027
Short Term Borrowings
Other Loans and Advances	0.060	0.060
Total	10.867	11.865

------------------------------------------------------------------------------------------------------------------------------

MANAGEMENT DISCUSSION AND ANALYSIS

All India production in season 2012 was marginally higher than 2011. The all India average tea price realization was higher than last year but it was partially offset by higher cost of production consequent to increase in wages and adverse weather conditions in the Tea Estates. During the year under review, the company produced 7,74,304 kgs of tea, being slightly higher compared to the previous financial year. Severe pest attacks and unfavorable weather conditions prevented the crop from high yields. The outlook is different for the current year suggesting good crop from the previous years. However, it has coupled with rising production costs and competitive pricing in the current market. The company being under pressure from political turmoil continues to maintain and follow quality standards with overall improvements in the crop yield, factory, logistics and employee welfare.

From the figures available at date, world production is significantly higher than the last year but production in India is slightly lower due to drought situation in the initial months. Due to expected higher world production in the current year, there is high pressure on the prices, in the non-quality tea segment as well. The Directors feel that the company produces quality tea and hence, they are confident the estate to yield better results in the coming years.

------------------------------------------------------------------------------------------------------------------------------

CONTINGENT LIABILITIES

Contingent Liability not provided for sales Tax penalty under appeal Rs.0.008 Million

(31.03.2012: Rs.0.008 Million)

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INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10417947	11/03/2013	666,000.00	INDIAN BANK	GARIAHAT BRANCH, 14/7 GARIAHAT ROAD, KOLKATA, WEST BENGAL - 700019, INDIA	B72652712
2	10223762	19/04/2010	25,000,000.00	PUNJUB NATIONAL BANK	18A, BRABOURNE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	A86844974
3	10035797	27/02/2008 *	25,000,000.00	PUNJAB NATIONAL BANK	H.O. AT 7, BHIKAIJI CAMA PLACE, NEW DELHI - 110066, BRANCH OFFICE - 18-A,BRABOURNE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	A37345261

* Date of charge modification

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FIXED ASSETS:

· Land – Leasehold

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles/ Truck

· Motor Vehicles

· Office Equipment

· Medical Equipment

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.59.26
UK Pound	1	Rs.99.63
Euro	1	Rs.80.59

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		16

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.