MIRA INFORM REPORT

Report No. :	322136
Report Date :	14.05.2015

IDENTIFICATION DETAILS

Name :	GUJARAT TEA PROCESSORS AND PACKERS LIMITED
Registered Office :	“Waghbakri House”, Opposite Parimal Garden Ambawadi, Ahmedabad – 380006, Gujarat
Tel No :	91 - 79 26409631
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.09.1980
Com. Reg. No.:	04-003946
Capital Investment / Paid-up Capital :	Rs.174.281 Million
CIN No.: [Company Identification No.]	U01132GJ1980PLC003946
IEC No.:	Not Available
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 :	Not Divulged

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

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 14. The ratings also take into consideration the susceptibility 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.

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	March 2015

Rating Agency Name	ICRA
Rating	A1+ (Short Term Non Fund Based Facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March 2015

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 31-03-2014.

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
Mobile No.:	Not Available
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 : 09.07.2014

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 :	01.07.2009
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. Raseshkumar 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 :	06.05.2014
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 :	Mrs. 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 :	27.06.2012
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. Rajeshbhai 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 :	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 :	27.06.2012
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 :	27.06.2012
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 :	02.08.2013
PAN No.:	ANOPP1255B
DIN No.:	06459542

KEY EXECUTIVES

Name :	Mr. Paras Vasantlal Mehta
Designation :	Secretary
Address :	H-35/186, Happyhome Appartment, Shastrinagar, Naranpura, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	07.07.1973
Date of Appointment :	01.04.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 09.07.2014

Note : Shareholding File Attached

Equity Share Break up (Percentage of Total Equity)

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 :

Product Description	Item Code No. (ITC Code)
Tea	0902

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name	State Bank of India
Branch Address	Overseas Branch, Amrit Jayanthi Bhavan, Navjivan P.O., Ahmedabad – 380014, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand	179.593	372.344
Other loans and advances	158.632	59.918
Total	338.225	432.262

Auditors :
Name :	C.C. Chokshi and Company Chartered Accountants
Address :	3^rd Floor, “Heritage” Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27582542/ 27582543/ 66073100
Fax No.:	91-79-27582551
PAN No.:	AACFC2938D
Memberships :	Not Available
Collaborators :	Not Available
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 : 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	174.281	174.281	174.281
(b) Reserves & Surplus	2277.924	1871.246	1593.784
(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)	2452.205	2045.527	1768.065
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	3.389	4.567	1.658
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.997	11.416	12.748
Total Non-current Liabilities (3)	10.386	15.983	14.406
(4) Current Liabilities
(a) Short term borrowings	338.225	432.262	183.211
(b) Trade payables	139.496	132.921	145.626
(c) Other current liabilities	344.146	320.812	258.010
(d) Short-term provisions	31.031	23.864	20.846
Total Current Liabilities (4)	852.898	909.859	607.693
TOTAL	3315.489	2971.369	2390.164
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	702.670	667.483	301.426
(ii) Intangible Assets	0.690	0.449	1.390
(iii) Capital work-in-progress	9.116	9.846	170.234
(iv) Intangible assets under development	0.691	0.461	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	45.845	46.797	30.687
(e) Other Non-current assets	0.241	0.120	0.720
Total Non-Current Assets	759.446	725.349	504.650
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1925.839	1913.351	931.499
(c) Trade receivables	171.242	169.874	131.777
(d) Cash and cash equivalents	410.807	125.150	792.320
(e) Short-term loans and advances	23.495	20.628	15.386
(f) Other current assets	24.660	17.017	14.532
Total Current Assets	2556.043	2246.020	1885.514
TOTAL	3315.489	2971.369	2390.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	8278.476	7340.837	6199.991
		Other Income	80.644	62.181	69.704
		TOTAL	8359.120	7403.018	6269.695
Less	EXPENSES
		Cost of Materials Consumed	5719.415	5469.935	4560.125
		Purchases of Stock-in-Trade	58.861	40.613	25.744
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	34.451	(119.044)	(66.239)
		Employees benefits expense	265.086	228.571	196.976
		Other expenses	1286.458	1081.075	990.939
		TOTAL	7364.271	6701.150	5707.545
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		994.849	701.868	562.150
Less	FINANCIAL EXPENSES		59.668	71.026	38.098
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		935.181	630.842	524.052
Less/ Add	DEPRECIATION/ AMORTISATION		95.738	48.442	38.741
	PROFIT/(LOSS) BEFORE TAX		839.443	582.400	485.311
Less	TAX		279.847	183.271	153.347
	PROFIT/(LOSS) AFTER TAX		559.596	399.129	331.964
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1221.610	994.148	798.461
Less	APPROPRIATIONS
		Transfer to General Reserve	60.000	50.000	35.000
		Interim Dividend paid and Tax thereon	122.340	101.277	81.022
		Final Dividend Recommended on Equity Shares	26.142	17.428	17.428
		Tax on Proposed Final Dividend	4.443	2.962	2.827
		TOTAL	212.925	171.667	136.277
	BALANCE CARRIED TO THE B/S		1568.288	1221.610	994.148
	Earnings Per Share (Rs.)		32.11	22.90	19.05

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.76	5.44	5.35
Operating Profit Margin (PBDIT / Sales)	(%)	12.02	9.56	9.07
Return on Total Assets (PBT/Total Assets}	(%)	25.40	19.67	21.86
Return on Investment (ROI) (PBT/Networth)		0.34	0.28	0.27
Debt Equity Ratio (Total Debt /Networth)		0.14	0.21	0.10
Current Ratio (Current Asset/Current Liability)		3.00	2.47	3.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	174.281	174.281	174.281
Reserves & Surplus	1593.784	1871.246	2277.924
Net worth	1768.065	2045.527	2452.205
long-term borrowings	0.000	0.000	0.000
Short term borrowings	183.211	432.262	338.225
Total borrowings	183.211	432.262	338.225
Debt/Equity ratio	0.104	0.211	0.138

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6199.991	7340.837	8278.476
		18.401	12.773

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6199.991	7340.837	8278.476
Profit	331.964	399.129	559.596
	5.35%	5.44%	6.76%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITY OF LONG TERM DEBT = NOT AVAILABLE

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 HIS/HER/THEIR ADVOCATE	Listed	: 4 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
		Other Forums
S. No.	CASE DETAILS		TRIBUNAL REFERENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA/1153/AHD/2012		INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH	JUDICIAL MEMBER AND ACCOUNTANT MEMBER	02/11/2012	AHMEDABAD

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

NOTE:

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

TEA SCENARIO:

Tea production which normally starts from mid-March and gradually picks up with the progress of the season till December has been affected this year due to the El Nino effect. North India witnessed a drought like condition resulting in lower availability of tea in the supply chain. Though we have received good rain fall during the first fortnight of May, green leaf intake will only startincreasing from mid-June.

The April-May crop loss is expected to be lower by 20% to 30%. This shortfall in crop has resulted in buoyancy in prices for the new season with sellers quoting Rs. 30 to 40 above last year for quality teas and up to Rs. 20 for mediums. We expect the season to normalize post June as currently the North East section has received adequate rain fall of 5 to 8 inches.

Unfortunately, Sri Lanka and Kenya are also undergoing crop short fall and are lower in production by 8 million and 5 million kgs. Respectively.

Globally, the shortfall of 14.5 million Kgs. is witnessed till March this year. If this trend continues, we expect that the buoyancy in prices through the season should be up by 10%. Considering the domestic CAGR is growing at 3% against production CAGR of 2%, we expect the upward trend in prices to continue even during the peak cropping months (last year was a record crop from July to Oct).

Exports this year would close between 180 to 200 million Kgs. as Iran and Pakistan markets have not shown much interest this season (they may enter later in the year). Considering the health benefits, the demand for Organic tea and Green tea is increasing rapidly and it is estimated that consumption in this category would double in the next few years. The health benefit is the major reason for growth in this category.

REVIEW OF OPERATIONS OF CURRENT YEAR & FUTURE PLANS:

The Company witnessed another financial year which was encouraging in terms of business growth as well as profitability. The Company is in process to expand its distribution network to cover the untapped areas which will be helpful to reach larger section of consumers over a period of time.

During the year, the Company has shifted all operations of Mumbai branch to new office premises owned by the Company. The Company has also started new Tea Lounge at Bharat Diamond Bourse, Bandra Kurla Complex, Mumbai in the month of January, 2014.

The Company has achieved overall business growth during the year. Sales volume has grown by 7.13% as compared to previous financial year. Sales value has grown from Rs. 7327.500 Million in previous financial year to Rs. 8249.000 Million in current financial year, registering a growth of 12.58% as compared to previous financial year.

FINANCE :

The net worth of the Company as at 31st March, 2014 stands at Rs. 2452.200 Million and the book value of equity share of the Company works out to be Rs. 140.70 per share of Rs. 10/- each. Net profit after taxation has gone up from Rs. 399.100 Million in F.Y. 2012-13 to Rs. 559.600 Million in F.Y. 2013-14 showing a growth of Rs. 160.500 Million and 40.22% over previous year.

The Company is enjoying ICRA AA (pronounced as ICRA double A) rating for the working capital facilities from ICRA. The outlook of the rating is Stable.

Bankers to the Company have sanctioned necessary working capital limit for the Company as per requirement of Financial Year 2014-15. The working capital requirements are seasonal and are funded partly by bank debt with a large portion being funded through accruals. Company has managed surplus funds very effectively and optimized yield to the best possible extent. Company has earned Rs. 31.900 Million by way of interest on fixed deposits.

Inventories were maintained at optimum level and bank borrowings utilization was minimized by effective and proper cash flow management.

The overall liquidity position of the Company was comfortable throughout the year under review. The company has minimal reliance on debt with majority of its working capital and capex requirements funded through internal accruals. There is no long term debt in the books.

During the current year, Company has done capex expenditure of Rs.143.400 Million which was funded through internal accruals.

During the year, Company has availed packing credit facility (both pre & post shipment) at very attractive rate.

In the current year, company has managed foreign exchange effectively resulting in net gain of Rs. 4.393 Million.

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

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.63.84
UK Pound	1	Rs.98.46
Euro	1	Rs.71.51

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	RNK

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
--PROFITABILITY	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.