MIRA INFORM REPORT

Report No. :	485409
Report Date :	29.01.2018

IDENTIFICATION DETAILS

Name :	SOUTHERN TERAI TEA COMPANY PRIVATE LIMITED
Registered Office :	Siddhi Vinayaka, Birendra Krishna Bhadra Sarani, Hakimpara, Siliguri-734001, West Bengal
Tel. No.:	91-353-2431665
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	25.06.1926
Com. Reg. No.:	21-005345
Capital Investment / Paid-up Capital :	INR 0.378 Million
CIN No.: [Company Identification No.]	U01132WB1926PTC005345
IEC No.:	Not Divulged
GST No.:	19AAGCS5264H1Z1
TIN No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCS5264H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Tea (CTC). [Registered Activity and also Confirmed by Management]
No. of Employees :	261 (Approximately) [In Office: 10, In Factory: 30 and In Garden: 221]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1926 having satisfactory track. For the financial year ended 2017, revenue of the company has marginally declined. However, it has witnessed a growth in its profit and has achieved good profit margin at 7.88% (approx.). The company possesses an acceptable financial profile marked by satisfactory net worth base along with fair debt level and favourable gap between trade payables to its trade receivables. The company also derives strength from its long standing track record of business operation. Further, rating considered positive feedback received from its supplier (Singhal Udyog), (Balaji Chemicals) and (Swapan Kumar Kundu) for good payment behaviour and market goodwill. Trade relations are reported as fair. Business is active. Payments terms are seems to be usually correct and as per commitments. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: Site visit was conducted at the branch address of the company. Our executive has successfully traced the company at the premises and had a word with Mr. Raja Basu (Chief Financial Officer) who confirmed that company exists at the given address. As per our executive, it is a four storey building and company is situated on the ground floor of the building. Locality of the premises appears to be commercial and area seems to be upmarket. Name board of the company was not sighted at the premises and area of the premises is 200 (sq. ft.) (approx.). Landmark of the area is opposite Paramount Nursing Home and 2 (approx.) employees were sighted at the premises.

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 29.01.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Raja Basu
Designation :	Chief Financial Officer
Contact No.:	91-9830359296
Date :	25.01.2018

LOCATIONS

Registered Office :	Siddhi Vinayaka, Birendra Krishna Bhadra Sarani, Hakimpara, Siliguri-734001, West Bengal, India
Tel. No.:	91-353-2431665/ 2431670
Mobile No.:	91-9733082724 [Mr. Subrata Kar] 91-9830359296/ 9830055405 [Mr. Raja Basu] 91-8617883384 [Mr. Tandab Mukherjee]
Fax No.:	Not Available
E-Mail :	southernterai1926@gmail.com
Area :	1133 Sq. Ft.
Location :	Rented
Factory :	Satish Chandra Tea Estate, PO. Naksalbari, Batasi, District Darjeeling- 734429, West Bengal, India
Tel. No.:	91-353-2555049
E-Mail :	satischandra1926@gmail.com
Area :	90405 Sq. Ft.
Location :	Owned
Branch Office :	7 B, Naresh Mitra Sarani (Beltala Road), Kolkata-700026, West Bengal, India
Area :	200 Sq. Ft.
Location :	Commercial

DIRECTORS

AS ON: 31.03.2017

Name :	Mr. Subrata Kar
Designation :	Director
Address :	Siddhi Vinayaka, Birendra Krishna Sarani, Hakim Para, Siliguri- 734001, West Bengal, India
Date of Birth/Age :	15.06.1958
Qualification :	B. Com
Experience :	38 Years
Date of Appointment :	10.06.1992
PAN No.:	AEVPK7388C
Aadhar Card No.:	884560140716
DIN No.:	00908362
Name :	Mrs. Jayeeta Kar
Designation :	Director
Address :	Siddhi Vinayaka, Birendra Krishna Sarani, Hakim Para, Siliguri- 734001, West Bengal, India
Date of Birth/Age :	52 Years
Qualification :	B.A
Experience :	10 Years
Date of Appointment :	09.09.2013
Aadhar Card No.:	407917661696
DIN No.:	06684175

KEY EXECUTIVES

Name :	Mr. Raja Basu
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2016

Names of Shareholders	No. of Shares	Percentage of Holding
Lutfar Rahaman	50	0.33
K.S. Nasiruddin Ahemed	51	0.34
Khitish Chandra Kar	25	0.17
Surendra Nath Biswas	5	0.03
Sudhangsh U Sekhar Paul	4	0.03
Subrata Kar	8965	59.37
Jayeeta Kar	4000	26.49
Subhadars Hi Kar	1000	6.62
Subhaditya Kar	1000	6.62
Total	15100	100.00

AS ON: 30.09.2016

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	85.86
Public/Other than promoters – Individual/ Hindu Undivided Family – Indian	14.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tea (CTC). [Registered Activity and also Confirmed by Management]

Products/ Services :

ITC Code No.	Product Descriptions
09024020	Tea Black, Leaf in Bulk Auctioning and Trading

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Not Available

Countries :

Not Available

Imports :

Products :

Not Available

Countries :

Not Available

Terms :

Selling :

Cheque and Others [NEFT, RTGS]

Purchasing :

Cheque and Others [NEFT, RTGS]

PRODUCTION STATUS:

Particulars	Actual Production
Tea Manufacturing	205676 KG

GENERAL INFORMATION

Suppliers :

Reference:

Swapan Kumar Kundu

Address: A.P.C. Sarani, Deshbandhupara, P.O. Siliguri-734004, West Bengal, India

Name of the Person (Designation):

Mr. Swapan Kumar Kundu [Owner]

Contact Number:

91-9434352716

Since how long known:

15 Years

Maximum limit dealt:

As per Requirement

Experience:

Payment Behavior	Market Goodwill	Overall
Good	Good	Good

Remark

As confirmed by Mr. Swapan Kumar Kundu [Owner] that they are satisfied with the subject company transactions.

Reference:

Singhal Udyog

Address: Sishudangi, Matigara, District Darjeeling, West Bengal, India

Name of the Person (Designation):

Mr. Mukesh Agarwal [Partner]

Contact Number:

91-9832052703/ 7001390634

Since how long known:

3 Years

Maximum limit dealt:

---

Experience:

Payment Behavior	Market Goodwill	Overall
Good	Good	Good

Remark

We spoke to Mr. Mukesh Agarwal [Partner] that they are satisfied with the subject company transaction.

Reference:

Balaji Chemicals

Address: 61/3/3 Raja Ram Mohan Roy Road, Opposite Bidhan Road, Gupta Market, Siliguri, District Darjeeling, West Bengal, India

Name of the Person (Designation):

Mr. Manoj Agarwal [Key Executive]

Contact Number:

91-9832097813/ 9641029746/ 9832495954

Since how long known:

3 Years

Maximum limit dealt:

As per requirement

Experience:

Payment Behavior	Market Goodwill	Overall
Good	Good	Good

Remark

We spoke to Mr. Manoj Agarwal [Key Executive] that they are satisfied with the subject company transaction.

Customers :

Wholesaler*

*Sales Through Auction House

Reference:

Siliguri Tea Auction

Address: Mallaguri, P.O. Pradhan Nagar, Siliguri -734003, West Bengal, India

Name of the Person (Designation):

--

Contact Number:

91-353-2511101/ 2510353/ 2513766

Since how long known:

--

Maximum limit dealt:

--

Experience:

Product Quality

Delivery Behavior

Overall

Remark

Number is ringing

No. of Employees :

261 (Approximately) [In Office: 10, In Factory: 30 and In Garden: 221]

Bankers :

Bank Name:	Punjab National Bank
Branch:	Hill Cart Road Branch, Hill Cart Road, Siliguri - 734001, West Bengal, India
Person Name (with Designation):	Mr. Nangial
Contact Number:	91-9800024808
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	INR 6.000 Million
Account Operation:	--
Remarks:	Number is ringing

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Term Loan from Tea Board	0.183	0.183
SHORT TERM BORROWINGS
Working Capital Loan from Bank	7.122	8.177
Total	7.305	8.360

Notes:

LONG-TERM BORROWINGS

Loan from Tea Board is secured against the 1^st Charge Mortgage of Plant and Machinery purchased by availing the loan along with Personal Guarantee of the Directors.

SHORT TERM BORROWINGS

Loan from Bank is against Hypothecation of Tea Crops including green leaves before and after plucking, Green leaves after purchased, finished tea in factory, warehouse, with brokers and in transit, all block assets, not embeded to the ground, all book debts and Equitable Mortage of the Garden)

Auditors :
Name :	A.R. Biswas and Associates Chartered Accountants
Address :	Manjushree, Haren Mukherjee Road, Hakimpara, Siliguri-734001, West Bengal, India
Mob. No.:	91-9434233776
E-Mail :	arb_associatesy@yahoo.co.in
PAN No.:	AEUPB1844F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
16000	Equity Shares	INR 25/- each	INR 0.400 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15100	Equity Shares	INR 25/- each	INR 0.378 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.378	0.378	0.378
(b) Reserves & Surplus	6.687	4.860	4.694
(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)	7.065	5.238	5.072
(3) Non-Current Liabilities
(a) Long-term borrowings	13.419	14.027	7.614
(b) Deferred tax liabilities (Net)	0.148	0.148	0.148
(c) Other long term liabilities	4.133	5.697	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	17.700	19.872	7.762
(4) Current Liabilities
(a) Short term borrowings	7.122	8.177	11.504
(b) Trade payables	4.570	1.353	6.012
(c) Other current liabilities	0.888	0.221	0.080
(d) Short-term provisions	1.242	0.820	0.750
Total Current Liabilities (4)	13.822	10.571	18.346
TOTAL	38.587	35.681	31.180
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.306	19.280	14.936
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.012	0.002	2.502
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	21.318	19.282	17.438
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.084	1.519	3.282
(c) Trade receivables	5.751	6.019	5.456
(d) Cash and cash equivalents	3.135	3.177	3.029
(e) Short-term loans and advances	6.054	5.253	1.535
(f) Other current assets	0.245	0.431	0.440
Total Current Assets	17.269	16.399	13.742
TOTAL	38.587	35.681	31.180

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	23.178	26.829	25.964
		Other Income	0.104	0.157	0.214
		TOTAL	23.282	26.986	26.178
Less	EXPENSES
		Cost of Materials Consumed	4.885	8.654	10.502
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.840)	0.250	0.964
		Employees benefits expense	6.643	6.518	5.333
		Other expenses	7.620	8.548	6.905
		TOTAL	18.308	23.970	23.704
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		4.974	3.016	2.474
Less	FINANCIAL EXPENSES		1.807	2.012	1.638
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.167	1.004	0.836
Less/ Add	DEPRECIATION/ AMORTISATION		0.895	0.838	0.679
	PROFIT/ (LOSS) BEFORE TAX		2.272	0.166	0.157
Less	TAX		0.445	0.000	(0.071)
	PROFIT/ (LOSS) AFTER TAX		1.827	0.166	0.228
	Earnings/ (Loss) Per Share (INR)		120.97	10.99	15.10

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	6.036	5.937	3.738
Net Cash flow from (used in) Operations	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	90.56	81.89	76.70
Account Receivables Turnover (Income / Sundry Debtors)	4.03	4.46	4.76
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	341.46	57.07	208.95
Inventory Turnover (Operating Income / Inventories)	2.39	1.99	0.75
Asset Turnover (Operating Income / Net Fixed Assets)	0.23	0.16	0.17

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.71	0.69	0.83
Debt Equity Ratio (Total Liability / Networth)	2.91	4.24	3.77
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.96	2.02	3.62
Fixed Assets to Networth (Net Fixed Assets / Networth)	3.02	3.68	2.94
Interest Coverage Ratio (PBIT / Financial Charges)	2.75	1.50	1.51

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	7.88	0.62	0.88
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.73	0.47	0.73
Return on Investment (ROI) ((PAT / Networth) * 100)	%	25.86	3.17	4.50

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.25	1.55	0.75
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.10	1.41	0.57
G-Score Ratio Financial (Networth / Total Assets)	0.18	0.15	0.16
G-Score Ratio Debt (Debts / Equity Capital)	54.34	58.74	50.58
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.25	1.55	0.75

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	0.378	0.378	0.378
Reserves & Surplus	4.694	4.860	6.687
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5.072	5.238	7.065
long-term borrowings	7.614	14.027	13.419
Short term borrowings	11.504	8.177	7.122
Total borrowings	19.118	22.204	20.541
Debt/Equity ratio	3.769	4.239	2.907

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	25.964	26.829	23.178
		3.332	(13.608)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	25.964	26.829	23.178
Profit	0.228	0.166	1.827
	0.88%	0.62%	7.88%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	Yes
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Loan from Directors	10.487	9.034
Loan from Companies	2.749	4.810
Total	13.236	13.844
Notes: LONG-TERM BORROWINGS The Unsecured Loan is not due to be settled within twelve months after the reporting date as per the commitment made to the Bank.

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OBSERVATION POINTS

Name of Company :	SOUTHERN TERAI TEA COMPANY PRIVATE LIMITED
Address :	7 B, Naresh Mitra Sarani (Beltala Road), Kolkata-700026, West Bengal, India
Contact No.:	91-9830359296
Date of Visit :	19.01.2018
Person to whom we met:	Mr. Raja Basu (Chief Financial Officer)
Name Board :	Not Sighted
Location:	Easy
Landmark (If Any):	Opposite Paramount Nursing Home
Total Floors of the Building :	4 Floors
Subject situated on:	Ground Floor
Locality:	Commercial
Area of Premises :	200 Sq. Ft.
Area :	Upmarket
No. of employees seen at premises:	02 (Approx.)
Visibility of Items:	· Telephone · Fax Machine · Telex · Computers · Air Conditioner · Office Equipment
Proof of visit:	Photos

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PROJECTED PROFITABILITY STATEMENT

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
Sales
Mfg. sales (net)	26.016	92.000	106.643	114.689	119.814
Rebate and Discount, labour charges recd	---	---	---	---	---
Other Income	0.200	0.200	0.200	0.200	0.200
Total Income	26.216	92.200	106.843	114.889	120.014
Raw material consumed	5.322	61.645	71.601	78.771	79.031
Imported	---	---	---	---	---
Indigenous	5.322	61.645	71.601	78.771	79.031
Excise duty	0.064	0.212	0.223	0.223	0.233
Consumable Stores	---	---	---	---	---
Power and Fuel	5.048	5.599	5.763	6.050	6.638
Wages	6.755	9.997	10.986	11.029	13.750
Packing Materials	0.167	0.612	0.663	0.687	0.706
Repairs and Maintenance Changes	0.300	0.500	0.500	0.700	0.700
Other manufacturing Expenses	---	---	---	---	---
Depreciation	0.686	3.558	3.192	2.787	2.436
Total	18.341	82.223	92.927	100.248	103.492
Add: Opening Stock of WIP	---	---	---	---	---
Less: Closing Stock of WIP	---	---	---	---	---
Cost of Production	18.341	82.223	92.927	100.248	103.492
Add: Opening Stock of Finished Goods	1.961	3.717	8.364	9.695	10.426
Less: Closing Stock of Finished Goods	3.717	8.364	9.695	10.426	10.892
Cost of Good Sold	16.585	17.576	91.596	99.516	103.026
Gross Profit	9.631	14.625	15.247	15.373	16.988
Less: Selling General and Administrative Exp
Freight and Forwarding Expenses	---	---	---	---	---
Other General and Administrative Expenses	4.696	5.606	6.179	6.315	7.519
Profit before interest but after dep.	4.935	9.019	9.068	9.058	9.470
Less: Interest
On Term Loan	0.654	2.693	2.441	2.076	1.620
On Working Capital	1.100	2.00	2.000	2.000	2.000
On Others	---	---	---	---	---
Total	1.754	4.693	4.441	4.076	3.620
Balance	3.181	4.326	4.626	4.982	5.850
Add: Other Non Operating Income	---	---	---	---	---
Less: Other non operative loss	---	---	---	---	---
Less: Preliminary expenditure w/o	---	---	---	---	---
Profit before Taxation	3.181	4.326	4.626	4.982	5.850
	12.13%	4.69%	4.33%	4.34%	4.87%
Earlier year tax	---	---	---	---	---
Current Tax	0.954	1.298	1.388	1.495	1.755
Deffered Tax	---	---	---	---	---
Profit After Taxation	2.227	3.028	3.238	3.487	4.095
	8.49%	3.28%	3.03%	3.04%	3.41%

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PROJECTED BALANCE SHEET

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
LIABILITIES
Equity Share Capital incl. application money	10.378	10.378	10.378	10.378	10.378
Reserve and surplus	8.914	11.942	15.181	18.668	22.763
Unsecured Loan (Loan from Directors)	7.854	7.854	7.854	7.854	7.854
Term Loan	19.100	18.350	16.500	14.000	10.800
Long term liability	3.863	3.563	2.863	2.063	0.912
Bank borrowings for working capital	7.500	17.500	17.500	17.500	17.500
Deferred Tax	0.148	0.148	0.148	0.148	0.148
Loan from company	2.249	1.549	1.049	0.449	0.000
Current Liability for Goods	4.800	7.500	7.500	7.500	7.500
Current Liabilities for Exp.	0.900	2.000	2.000	2.000	3.000
Advance from Customers	0.000	0.000	0.000	0.000	0.000
Provision for bonus	0.900	2.396	2.635	2.899	3.189
Provision for Tax	0.000	1.298	1.388	1.495	1.755
Total	66.606	84.478	84.996	84.953	85.799
ASSETS
Gross block	24.071	49.533	49.533	49.533	49.533
Addition	25.462	0.000	0.000	1.200	1.200
Less: Depreciation	3.451	7.108	10.300	13.087	15.523
Net Block	46.082	42.425	39.233	37.646	36.410
Long term loan and advances	0.025	0.237	0.237	0.237	0.237
Stock	4.717	9.964	10.905	11.757	12.356
Sundry Debtor	5.781	16.833	18.774	19.115	19.969
Cash and Bank Balance	0.806	2.481	2.419	2.664	2.831
Fixed Deposit with bank	2.000	2.000	2.000	2.000	2.000
Advance to Others	0.000	3.000	3.000	3.000	3.000
Advance against green tea leave	3.500	3.500	3.500	3.500	3.500
Adv to Staff	2.500	2.500	3.300	3.300	3.500
Adv Payment of Tax/ Excise	0.954	1.298	1.388	1.495	1.755
Vat Receivable	0.240	0.240	0.240	0.240	0.240
Total	66.606	84.477	84.995	84.954	85.799

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(INR IN MILLION)

SR. NO.	PARTICULARS	OPERATING YEARS
		2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
1.	Gross Sales
	(i) Domestic Sales	26.016	92.000	106.643	114.689	119.814
	(ii) Export Sales	0.000	0.000	0.000	0.000	0.000
	Total	26.016	92.000	106.643	114.689	119.814
2.	Less: Excise Duty	0.064	0.212	0.223	0.223	0.233
3.	Net Sales (1-2)	25.952	91.788	106.420	114.466	119.581
4.	%age Rise (+) or Fall (-) in Net Sales as Compared to previous year	12.49%	253.68%	15.94%	4.47%	1.94%
5.	Cost of Sales
(i)	Raw Materials (including stores and other items used in the process of manufacturer)	5.322	61.645	71.601	78.771	79.031
	a) Imported	0.000	0.000	0.000	0.000	0.000
	b) Indigenous	5.322	61.645	71.601	78.771	79.031
ii)	Other Spares
	a) Imported	0.000	0.000	0.000	0.000	0.000
	b) Indigenous	0.000	0.000	0.000	0.000	0.000
iii)	Power & Fuels	5.048	5.599	5.763	6.050	6.638
iv)	Direct Labour (Factory Wages & Salaries)	6.755	9.997	10.986	11.029	13.750
v)	Other Manufacturing expenses	0.467	1.112	1.163	1.387	1.406
vi)	Depreciation	0.686	3.658	3.192	2.787	2.436
vii)	Sub-total (i to vi)	18.277	82.011	92.704	100.024	103.259
viii)	Add: Opening Stock-in- process	0.000	0.000	0.000	0.000	0.000
	Sub-Total	18.277	82.011	92.704	100.024	103.259
xi)	Deduct: Closing Stock-in- process	0.000	0.000	0.000	0.000	0.000
x)	Cost of Production	18.277	82.011	92.704	100.024	103.259
xi)	Add: Opening Stock of finished goods	1.961	3.717	8.364	9.695	10.426
	Sub-total	20.238	85.728	101.068	109.719	113.685
xii)	Deduct: Closing Stock of finished goods	3.717	8.364	9.695	10.426	10.892
xiii)	Sub-Total (Total Cost of Sales)	16.521	77.364	91.373	99.293	102.793
6.	Selling, General and Administrative Expenses	4.696	5.606	6.179	6.315	7.519
7.	Sub-Total (5+6)	21.217	82.970	97.552	105.608	110.312
8.	Operating Profit Before Interest (3-7)	4.735	8.818	8.668	8.858	9.269
9.	Interest	1.754	4.693	4.441	4.076	3.620
10.	Operating Profit After Interest (8-9)	2.981	4.125	4.427	4.782	5.649
11.	Add: Other Non-operating Income
	Interest	0.000	0.000	0.000	0.000	0.000
	Profit on sale of assets investments	0.000	0.000	0.000	0.000	0.000
	Lease Rentals	0.000	0.000	0.000	0.000	0.000
	Others	0.000	0.000	0.000	0.000	0.000
	Sub-Total (Income)	0.200	0.200	0.200	0.200	0.200
	Deduct: Other Non-operating Expenses
	a) Preliminary Expenses	0.000	0.000	0.000	0.000	0.000
	b)	0.000	0.000	0.000	0.000	0.000
	c)	0.000	0.000	0.000	0.000	0.000
	d) Others	0.000	0.000	0.000	0.000	0.000
	Sub-Total (Expenses)	0.000	0.000	0.000	0.000	0.000
	Net of Other Non-operating Income/Expenses	0.200	0.200	0.200	0.200	0.200
	Expenses of income relating to earlier year	0.000	0.000	0.000	0.000	0.000
12.	Profit/ Loss Before Tax [10+11(iii)]	3.181	4.325	4.627	4.982	5.849
13.	Tax	0.954	1.296	1.388	1.495	1.755
13.a	Provision for Taxes	0.000	0.000	0.000	0.000	0.000
14.	Net Profit/ Loss after drawings (12-13)	2.227	3.027	3.239	3.487	4.094
15.	a) Equity Dividend Paid-amount (Already paid + B.S. provision)	0.000	0.000	0.000	0.000	0.000
	b) Dividend Rate (% age)	0.000	0.000	0.000	0.000	0.000
16.	Retained Profit (14-15)	2.227	3.027	3.239	3.487	4.094
17.	Retained Profit/Net Profit (%age)	100.00%	100.00%	100.00%	100.00%	100.00%

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

ANALYSIS OF BALANCE SHEET

(INR IN MILLION)

SR. NO.	PARTICULARS	OPERATING YEARS
		2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
	CURRENT LIABILITIES
1	Short Term Borrowings From Banks (including bills Purchased discounted and excess borrowing placed on repayment basis)
	(i) From Applicant Bank	7.500	17.500	17.500	17.500	17.500
	(ii) From Other Banks	0.000	0.000	0.000	0.000	0.000
	(iii) (Of which BP and BD)	0.000	0.000	0.000	0.000	0.000
	SUB TOTAL (A)	7.500	17.500	17.500	17.500	17.500
2	Short Term Borrowings From Others	0.000	0.000	0.000	0.000	0.000
3	Sundry Creditors (Trade)	4.800	7.500	7.500	7.500	7.500
4	Advance Payments From Customers / Deposits from Dealers	0.000	0.000	0.000	0.000	0.000
5	Provision for Taxation	0.000	1.298	1.388	1.495	1.755
6	Dividend Payable	0.000	0.000	0.000	0.000	0.000
7	Other Statutory Liabilities (Due Within 1 Year)	0.000	0.000	0.000	0.000	0.000
8	Deposits/ Installments of term Loans / DPGS/ Debentures etc. (Due within 1 year)	1.750	3.050	3.900	4.800	4.612
9	Other Current Liabilities and Provisions (Due Within 1 Year) specify	1.800	4.396	4.635	4.899	6.189
	Liabilities for Expenses	0.900	2.000	2.000	2.000	3.000
	b.	0.900	2.396	2.635	2.899	3.189
	c.	0.000	0.000	0.000	0.000	0.000
	d. Others (including deferred tax liability)	0.000	0.000	0.000	0.000	0.000
	SUB TOTAL (B)	8.350	16.244	17.423	18.694	19.956
10	TOTAL CURRENT LIABILITIES	15.850	33.744	34.923	36.194	37.456
	TERM LIABILITIES
11	Debentures (Not Maturing Within one Year)	0.000	0.000	0.000	0.000	0.000
12	Preference Shares (Redeemable After 1 Year)	0.000	0.000	0.000	0.000	0.000
13	Term Loans (Excluding Installments Payable Within one Year)	18.350	16.500	14.000	10.800	7.200
13.a.	Other term liabilities	5.112	3.912	2.512	0.912	0.000
14	Deferred Payment Credits (Excluding Installments Due Within one Year)	0.000	0.000	0.000	0.000	0.000
15	Term Deposits (Repayable After 1 Year)	0.000	0.000	0.000	0.000	0.000
16	Other term liabilities (Deferred tax)	0.148	0.148	0.148	0.148	0.148
16.a.	Other Term Liabilities [Unsecured Loan]	7.854	7.854	7.854	7.854	7.854
17	Total Term Liabilities (11 to 17)	31.464	28.414	24.514	19.714	15.202
18	Total Outside Liabilities (10+17)	47.314	62.158	59.437	55.908	52.658
	NET WORTH
19	Ordinary Share Capital	10.378	10.378	10.378	10.378	10.378
20	General Reserve/ Share Premium	0.000	0.000	0.000	0.000	0.000
21	Revaluation Reserve	0.000	0.000	0.000	0.000	0.000
22	Other Reserve (Excluding Provisions)	0.000	0.000	0.000	0.000	0.000
23	Surplus (+) or Deficit (-) in Profit and Loss Account [Share Application Money]	8.914	11.942	15.181	18.668	22.763
	Capital Reserve Subsidy	0.000	0.000	0.000	0.000	0.000
24	Net Worth	19.292	22.320	25.559	29.046	33.141
25	Total Liabilities (18+24)	66.606	84.478	84.996	84.954	85.799
	CURRENT ASSETS
26	Cash and Bank Balances	0.806	2.481	2.419	2.664	2.831
27	Investments (Other Than Long Term)
	(i) Government and other Trustee Securities	0.000	0.000	0.000	0.000	0.000
	(ii) Fixed Deposits with Banks	2.000	2.000	2.000	2.000	2.000
28	(i) Receivables Other Than Deferred and Exports (Including Bills purchased and discounted by banks)	5.781	16.833	18.774	19.115	19.969
	(ii) Export Receivables (Including Bills Purchased/ Discounted by Banks)	0.000	0.000	0.000	0.000	0.000
29	Installments of Deferred Receivables (Due Within one Year)	0.000	0.000	0.000	0.000	0.000
30	Inventory:	4.717	9.964	10.905	11.757	12.356
	(i) Raw Materials (Including Stores and Other Items Used in the Process of Manufacture)
	a) Imported	0.000	0.000	0.000	0.000	0.000
	b) Indigenous	0.000	0.000	0.000	0.000	0.000
	(ii) Stock in Process	0.000	0.000	0.000	0.000	0.000
	(iii) Finished Goods	3.717	8.864	9.695	10.426	10.892
	(iv) Other Consumable Spares	1.000	1.100	1.210	1.331	1.464
	a) Imported	0.000	0.000	0.000	0.000	0.000
	b) Indigenous	1.000	1.100	1.210	1.331	1.464
31	Advances to Suppliers of Raw Materials / Spares	6.000	6.000	6.800	6.800	7.000
32	Advance Payment of taxes	0.954	1.298	1.388	1.495	1.755
33	Other Current Assets (specify major items)	0.240	3.240	3.240	3.240	3.240
	Advances recoverable in cash or kind	0.000	3.000	3.000	3.000	3.000
	Deferred Taxation	0.000	0.000	0.000	0.000	0.000
	Vat receivables	0.240	0.240	0.240	0.240	0.240
	Others	0.000	0.000	0.000	0.000	0.000
34	Total Current Assets (26 to 33)	20.498	41.816	45.525	47.071	49.151
	FIXED ASSETS
35	Gross Block (Land, Building Machinery, Work-in-Progress)	49.533	49.533	49.533	50.733	51.933
36	Depreciation To Date	3.451	7.108	10.300	13.087	15.523
37	Net Block (35-36)	46.082	42.425	39.233	37.646	36.410
	OTHER NON-CURRENT ASSETS
38	Investments/ Book Debts /Advances/ Deposits which are not	0.000	0.000	0.000	0.000	0.000
i)	a) Investments in Subsidiary Companies/ Affiliates	0.000	0.000	0.000	0.000	0.000
	b) Other	0.025	0.237	0.237	0.237	0.237
ii)	Advances to Suppliers of Capital Goods and Contractors	0.000	0.000	0.000	0.000	0.000
iii)	Deferred Receivables (Maturity Exceeding 1 Year)	0.000	0.000	0.000	0.000	0.000
iv)	Others	0.000	0.000	0.000	0.000	0.000
39	Non-consumable stores and spares	0.000	0.000	0.000	0.000	0.000
40	Other Non-Current Assets Including Dues From Directors	0.000	0.000	0.000	0.000	0.000
41	Total Other Non-Current Assets (38 to 40)	0.025	0.237	0.237	0.237	0.237
42	Intangible Assets (Patents, Goodwill, Preliminary Expenses, Bad/ doubtful debts not provided for, etc)	0.000	0.000	0.000	0.000	0.000
43	Total Assets (34+37+41+42)	66.606	84.478	84.996	84.954	85.799
44	Tangible Net Worth (24-42)	19.292	22.320	25.559	29.046	33.141
45	Net Working Capital (34-10)	4.648	8.072	10.602	10.877	11.695
46	Current Ratio (34)/ (10)	1.29	1.24	1.30	1.30	1.31
47	Total Outside Liabilities/ Tangible Net Worth: (18)/(44)	2.45	2.78	2.33	1.92	1.59
48	Total Term Liabilities/ Tangible Net Worth: (17)/(44)	1.63	1.27	0.96	0.68	0.46
	TOL/TNW (treating unsecured as Quasi Equity)	1.45	1.80	1.54	1.30	1.09

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

FUND FLOW STATEMENT

(INR IN MILLION)

PARTICULARS	OPERATING YEARS (PROJECTED)
	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
1 Sources
a) Net Profit less drawings	2.227	3.028	3.236	3.487	4.095
b) Depreciation	0.686	3.658	3.192	2.787	2.436
c) Increase in Capital	10.000	0.000	0.000	0.000	0.000
d) Increase in Term Liabilities (Including Public Deposits)	13.765	(3.050)	(3.900)	(4.800)	(4.512)
e) Decrease in
i ) Fixed Assets	0.000	0.000	0.000	0.000	0.000
ii) Other Non-Current Assets	0.000	0.000	0.000	0.000	0.000
f) Others	0.000	0.000	0.000	0.000	0.000
g) Total	26.677	3.636	2.530	1.474	2.019
2 Uses
a) Net Loss	0.000	0.000	0.000	0.000	0.000
b) Decrease in Term Liabilities (Including Public Deposits)	0.000	0.000	0.000	0.000	0.000
c) Increase in
i ) Fixed Assets	25.462	0.000	0.000	1.200	1.200
ii) Other Non-Current Assets	0.013	0.212	0.000	0.000	0.000
d) Dividend Payments	0.000	0.000	0.000	0.000	0.000
e) Others	0.000	0.000	0.000	0.000	0.000
f) Total	25.475	0.212	0.000	1.200	1.200
3. Long Term Surplus (+) / Deficit (-) ( 1 - 2)	1.202	3.424	2.530	0.274	0.819
4. Increase / Decrease in Current Assets	3.229	21.317	3.710	1.545	2.081
5. Increase / Decrease in Current Liabilities other than Bank borrowings	1.649	7.894	1.179	1.271	1.262
6. Increase / Decrease in Working Capital Gap	1.580	13.424	2.530	0.275	0.818
7 Net Surplus (+) / Deficit (-)(Difference of 3 -6)	(0.378)	(10.000)	0.000	(0.001)	0.001
8 Increase / Decrease in Bank Borrowings	10.000	0.000	0.000	0.000	0.000

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

COMPARATIVE STATEMENT OF CURRENT ASSETS

AND CURRENT LIABILITIES

(INR IN MILLION)

SR. NO.	PARTICULARS	OPERATING YEARS (PROJECTED)
		2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
A	CURRENT ASSETS
1	Raw materials (including store and other items used in the process of manufacture)
	(a) Imported	0.000	0.000	0.000	0.000	0.000
	Months' consumption	0.00	0.00	0.00	0.00	0.00
	(b) Indigenous	0.000	0.000	0.000	0.000	0.000
	Months' consumption	0.00	0.00	0.00	0.00	0.00
2	Other consumable spares excluding those include in 1 above
	(a) Imported	0.000	0.000	0.000	0.000	0.000
	Months' consumption	0.00	0.00	0.00	0.00	0.00
	(b) Indigenous	1.000	1.100	1.210	1.331	1.464
	Months' consumption	(68.58)	(6.51)	(6.17)	(6.17)	(6.76)
3	Stocks in progress	0.000	0.000	0.000	0.000	0.000
	months' cost of sales	0.00	0.00	0.00	0.00	0.00
4	Finished Goods	3.717	8.864	9.695	10.426	10.892
	months' cost of Sales	82.11	41.82	38.73	38.33	38.68
5	Receivables other than export and deferred receivables	5.781	16.833	18.774	19.115	19.969
	months' domestic sales excluding deferred payment sales	81.11	66.78	64.26	60.83	60.83
6	Export Receivables (Including bills purchased and discounted)	0.000	0.000	0.000	0.000	0.000
	months' export sales	0.00	0.00	0.00	0.00	0.00
7	Advances to suppliers of raw material and stores/spares consumables	6.000	6.000	6.800	6.800	7.000
8	Other Current Assets including cash and bank balances and deferred receivables due within one year	4.000	9.019	9.047	9.399	9.826
	Cash and Bank Balance	0.806	2.481	2.419	2.664	2.831
	Investments [other than long term]
	Govt. and other trustee securities	0.000	0.000	0.000	0.000	0.000
	Fixed deposits with banks	2.000	2.000	2.000	2.000	2.000
	Instalments of deferred receivables (due within 1 year)	0.000	0.000	0.000	0.000	0.000
	Advance payment of taxes	0.954	1.298	1.388	1.495	1.755
	Other current assets	0.240	3.240	3.240	3.240	3.240
9	TOTAL CURRENT ASSETS	20.498	41.816	45.525	47.071	49.151
B	CURRENT LIABILITIES (Other than bank borrowing for working capital)
10	Creditors for purchase of raw material, stores and spares	4.800	7.500	7.500	7.500	7.500
	months' purchase	329.20	44.41	38.23	34.75	34.64
11	Advances from customers	0.000	0.000	0.000	0.000	0.000
12	Statutory Liabilities	0.000	0.000	0.000	0.000	0.000
13	Other Current Liabilities (Specify major items)	3.550	8.744	9.923	11.194	12.456
	Short term borrowings from others	0.000	0.000	0.000	0.000	0.000
	Provision for taxation	0.000	1.298	1.388	1.495	1.755
	Dividend payable	0.000	0.000	0.000	0.000	0.000
	Deposits/ instalments of term loans/ DPGs/ debentures etc. (due within 1 year)	1.750	3.050	3.900	4.800	4.512
	Other current liabilities and provisions (due within 1 year)	1.800	4.396	4.635	4.899	6.189
14	TOTAL CURRENT LIABILITIES (to agree with subtotal (B) in form III)	8.350	16.244	17.423	18.694	19.956

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
FIRST METHOD OF LENDING
1. Total Current Assets (Form IV-9)	20.498	41.816	45.525	47.071	49.151
2. Current Liabilities (Other than Bank Borrowing (Form IV-14)	8.350	16.244	17.423	18.694	19.956
3. Working Capital Gap (WCG) (1 - 2)	12.148	25.572	28.102	28.377	29.195
4. Minimum Stipulated net working capital (i.e. 25% of WCG/ 25% of total current asset as the case may)	3.037	6.393	7.026	7.094	7.299
5. Actual/Projected net working capital (Form-III-45)	4.648	8.072	10.602	10.877	11.695
6. Item-3 minus Item-4	9.111	19.179	21.077	21.283	21.896
7. Item-3 minus Item-5	7.500	17.500	17.500	17.500	17.500
8. Max. permissible bank finance (Item-6 or 7, whichever is lower)	7.500	17.500	17.500	17.500	17.500
9. Excess borrowing representing shortfall in NWC (4-5)	0.000	0.000	0.000	0.000	0.000
SECOND METHOD OF LENDING
1. Total Current Assets (Form IV-9)	20.498	41.816	45.525	47.071	49.151
2. Other Current Liabilities (Other than Bank Borrowing (Form IV-14)	8.350	16.244	17.423	18.694	19.956
3. Working Capital Gap (WCG) (1 - 2)	12.148	25.572	28.102	28.377	29.195
4. Minimum Stipulated net working capital (i.e. 25% of total current asset excluding export receivables)	5.125	10.454	11.381	11.768	12.288
5. Actual/Projected net working capital (Form-III-45)	4.648	8.072	10.602	10.877	11.695
6. Item-3 minus Item-4	7.024	15.118	16.721	16.609	16.907
7. Item-3 minus Item-5	7.500	17.500	17.500	17.500	17.500
8. Max. permissible bank finance (Item-6 or 7, whichever is lower)	7.024	15.118	16.721	16.609	16.907
9. Excess borrowing representing shortfall in NWC (4-5)	0.477	2.382	0.779	0.891	0.593

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

STATEMENT OF ASSETS AND LIABILITIES

MR. SUBRATA KAR

(INR IN MILLION)

PARTICULARS	31.03.2015
LIABILITIES
Capital Account
As per last Account	13.401
Add: Income	0.773
	----------
TOTAL [A]	14.174
Less:
Drawings	0.300
Interest on HBL	0.154
Interest on Loan	0.742
	----------
TOTAL [B]	1.196
TOTAL [A-B]	12.978
Loan from PNB:
Car Loan	0.143
HBL	1.768
Overdraft	6.229
	----------
TOTAL	8.140
	----------
TOTAL	21.118
ASSETS
Residential Flat	3.578
Agriculture Land	1.003
Car	0.450
Shares at Southern Terai Tea Co. Private Limited	0.224
Loan to Southern Terai Tea Co Private limited	7.185
Investment in Sudarshan Plantation	2.100
Fixed Deposit	6.500
Bank Balance	0.012
Cash in hand	0.066
	----------
TOTAL	21.118

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STATEMENT OF ASSETS AND LIABILITIES

MRS. JAYEETA KAR

(INR IN MILLION)

PARTICULARS	31.03.2015
LIABILITIES
Capital Account
As per last Account	2.171
Add: Income	0.381
	----------
TOTAL [A]	2.551
Less:
Interest on HBL	0.183
Drawings	0.200
	----------
TOTAL [B]	0.383
TOTAL [A-B]	2.168
House Building Loan from PNM	2.052
	----------
TOTAL	4.220
ASSETS
Residential Flat	3.578
Shares at Southern Terai Tea Co. Private Limited	0.100
Loan to Southern Terai Tea Co Private limited	0.429
Bank Balance	0.001
Cash in hand	0.112
	----------
TOTAL	4.220

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VALUATION REPORT

(GENERAL DETAILS)

Date as on which valuation is made	06.10.2017
Name of the Owner (s) of the Machinery/ Plant, under valuation	SOUTHERN TERAI TEA COMPANY PRIVATE LIMITED (Satish Chandra Tea Estate) represented by its Director- Late Sudarshan Kar, S/O Late Satish Chandra Kar, Now Directors are 1) Sri Subrata Kar, S/O- Late Sudarshan Kar & 2) Smt Jayeeta Kar, W/O-Sri Subrata Kar, having its registered office at Birendra Krishna Bhadra Sarani, Hakimpara, Siliguri, P.O. & P.S: Siliguri, Dist: Darjeeling, Pin: 734001
Location of the property	One Tea manufacturing unit and Garden known as “Satish Chandra Tea Estate” is situated at Batasi, P.O: Naksalbari, PS-Naksalbari, Dist-Jalpaiguri, Pin-734429

Replacement Value	INR 8.117 Million
Fair Market Value	INR 5.700 Million
Realizable Value	INR 5.130 Million
Forced Sale Value	INR 4.845 Million

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

VALUATION REPORT

(GENERAL DETAILS)

Date as on which valuation is made	12.10.2017
Name of the Owner/ owners	SOUTHERN TERAI TEA COMPANY PRIVATE LIMITED (Satish Chandra Tea Estate) represented by its Director- Late Sudarshan Kar, S/O Late Satish Chandra Kar, Now Directors are 1) Sri Subrata Kar, S/O- Late Sudarshan Kar & 2) Smt Jayeeta Kar, W/O-Sri Subrata Kar, having its registered office at Birendra Krishna Bhadra Sarani, Hakimpara, Siliguri, P.O. & P.S: Siliguri, Dist: Darjeeling, Pin: 734001
Location, street, ward no.	One Tea manufacturing unit and Garden known as “Satish Chandra Tea Estate” is situated at Batasi, P.O: Naksalbari, PS-Naksalbari, Dist-Jalpaiguri, Pin-734429

Fair Market Value	INR 41.173 Million
Realizable Value	INR 34.997 Million
Distress Sale Value	INR 30.880 Million

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

VALUATION REPORT

(GENERAL DETAILS)

Date as on which valuation is made	12.10.2017
Name of the Owner/ owners	SOUTHERN TERAI TEA COMPANY PRIVATE LIMITED (Daulatpur Tea Estate) represented by its Director- Late Sudarshan Kar, S/O Late Satish Chandra Kar, Now Directors are 1) Sri Subrata Kar, S/O- Late Sudarshan Kar & 2) Smt Jayeeta Kar, W/O-Sri Subrata Kar, having its registered office at Birendra Krishna Bhadra Sarani, Hakimpara, Siliguri, P.O. & P.S: Siliguri, Dist: Darjeeling, Pin: 734001
Location, street, ward no.	One Tea Garden known as “SOUTHERN TERAI TEA COMPANY PRIVATE LIMITED (Daulatpur Tea Estate)” is situated at Batasi, PO+PS-Khoribari, Dist: Darjeeling, Pin: 734427

	Total Value	By Deed 6.22 Acre	By Khatian 5.99 Acre
Fair Market Value	INR 20.147 Million	INR 10.263 Million	INR 9.884 Million
Realizable Value	INR 17.125 Million	INR 8.724 Million	INR 8.401 Million
Forced Sale Value	INR 15.110 Million	INR 7.697 Million	INR 7.413 Million

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

VALUATION REPORT

(GENERAL DETAILS)

Date as on which valuation is made	12.10.2017
Name of the Owner/ owners	1) Sri Subrata Kar, S/O- Late Sudarshan Kar & 2) Smt Jayeeta Kar, W/O-Sri Subrata Kar & 3) Sri Subhadarshi Kar, S/O Sri Subrata Kar, resident at Birendra Krishna Bhadra Sarani, Hakimpara, P.O.+P.S- Siliguri, Dist: Darjeeling, Pin: 734001 Phone-8617883384/ 9830055405
Location, street, ward no.	Three Residential Flat on Ground, First and Second Floor of a three storied Residential Building known as “SIDDHI VINAYAKA” is situated at Haren Mukherjee Road i.e. by lane of Birendra Krishna Bhadra Sarani, Hakimpara, Holding No. 305/371, 305/1/371,305/3/371, Ward No. 16 of SMC, PO+PS- Siliguri, Dist: Darjeeling, Pin No.: 734001

Fair Market Value	INR 12.778 Million
Realizable Value	INR 10.861 Million
Forced Sale Value	INR 9.775 Million
Registration Value	INR 10.374 Million

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INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C44988780	90253917	PUNJAB NATIONAL BANK	14/11/1999	04/02/2015	-	6000000.0	PNB BUILDINGHILL CART ROADSILIGURIWB734001IN
2	Y10360750	90253113	PUNJAB NATIONAL BANK	14/10/1979	19/08/2005	-	2900000.0	HILL COURT ROADSILIGURIWBIN

FIXED ASSETS:

Tangible Assets

· Buildings

· Furniture

· Vehicles

· Plant and Machinery

· Plantation

· Road and Drain

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

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 records 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	INR
US Dollar	1	INR 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	IND

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.