MIRA INFORM REPORT

Report No. :	495738
Report Date :	07.03.2018

IDENTIFICATION DETAILS

Name :	ANDREW YULE AND COMPANY LIMITED
Registered Office :	“Yule House”, 8, Dr. Rajendra Prasad Sarani, Kolkata-700 001, West Bengal
Tel. No.:	91-033-22428210/ 8550
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	26.05.1919
Com. Reg. No.:	21-003229
Capital Investment / Paid-up Capital :	INR 977.902 Million
CIN No.: [Company Identification No.]	L63090WB1919GOI003229
IEC No.: [Import-Export Code No.]	Not Divulged
GSTIN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject engages in engineering, electrical and tea businesses in India. The company’s Engineering segment offers industrial fans, and air and water pollution control equipment as well as undertakes related turn-key projects. Its Electrical segment provides HT and LT switchgears, transformers, and relays and contactors, as well as undertakes turn-key projects on power distribution. The company’s Tea segment is involved in growing and manufacturing tea. (Registered Activity)
No. of Employees :	6720 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Exist
Comments :	Subject was incorporated in the year 1919. It is a part of Andrew Yule Group. The Central Government holds 89.25% stake in the company. The company has operations in the field of tea, electrical and engineering equipment. The electrical division manufactures distribution transformers, HT & LT switchgears, voltage regulators. The engineering division manufactures industrial fans, air and water pollution control equipment. As per the financial records of 2017, the company has achieved 10.76 % growth in its revenue as compared to the previous year and has reported net profit margin of 6.72 %. The moderate financial position of the company is marked by low reserve base. Rating is further constrained on account of recent devolvement of letter of credit (LC) which has remained unpaid for more than 30 days. Sanctioned Rehabilitation Scheme approved by Board for Industrial and Financial Reconstruction (BIFR) vide Order dated 30th October, 2007 with the cut-off date of 31st March, 2006 is under implementation and the Company has come out from BIFR as per Order of BIFR dated 8th July, 2015. Pursuant to the financial restructuring package of, loan received from the Government of India and Bank of Baroda were converted into equity. Pursuant to said conversion, 14,28,50,000 equity shares of INR 2/- each were issued to Government of India in the name of the President of India and 1,24,62,500 shares of INR 2/- each issued to Bank of Baroda on Conversion of Working Capital Term Loan as approved by Cabinet Committee of Economic Affairs, Government of India. Business is active. Payment seems to be slow & delayed. In view of aforesaid, the company can be considered for business dealings on safe and secured trade terms and condition.

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 (30.09.2017)	Current Rating (31.12.2017)
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

Rating Agency Name	ICRA
Rating	Long Term Loan D
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	07.02.2018

Rating Agency Name	ICRA
Rating	Short Term Loan D
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	07.02.2018

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 06.03.2018

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 DENIED BY

Name :	Mr. Narendra
Designation :	Accounts Department
Contact No.:	91-33-24491770/ 22428210
Date :	03.03.2018

LOCATIONS

Registered Office :	“Yule House”, 8, Dr. Rajendra Prasad Sarani, Kolkata-700 001, West Bengal
Tel. No.:	91-033-22428210/ 8550
Mobile No.:	Not Available
Fax No.:	91-33-22429770/ 22428353
E-Mail :	com.sec@andrewyule.com fc@andrewyule.com ay_share@rediffmail.com gm_mkt.engg@andrewyule.com dir.plg@andrewyule.com hooghlyprint@dataone.in corp.plg@andrewyule.com cgm.cp@andrewyule.com
Website :	www.andrewyule.com
Regional Office :	404, Guru Angad Bhavan, 71, Nehru Place, New Delhi – 110019, India
Factory 1 :	16 A&B, Block “D”, Kalyani, West Bengal, Kolkata, India

DIRECTORS

As on 31.03.2017

Name :	Mr. Debasis Jana
Designation :	Chairman and Managing Director
Address :	2-Floor, Flat No-2a, 91a/34, B L Saha Road, Kolkata -700053, West Bengal, India
Date of Appointment :	01.08.2015
DIN No :	07046349
Name :	Mr. Ram Chandra Sen
Designation :	Wholetime Director
Address :	20/43, Block- 20, Lodhi Colony, New Delhi -110003, India
Date of Appointment :	19.03.2015
DIN No :	07131320
Name :	Mr. Dhanpat Ram Agarwal
Designation :	Director
Address :	Ae-758, Salt Lake City, Kolkata -700064, West Bengal, India
Date of Appointment :	04.07.2016
DIN No :	00322861
Name :	Mr. Sudhir Jhunjhunwala
Designation :	Director
Address :	2/1, Bright Street, Kolkata -700019, West Bengal, India
Date of Appointment :	04.07.2016
DIN No :	00548176
Name :	Mr. Arvind Kumar
Designation :	Nominee Director
Address :	D-15/10 D-Block, Dilshad Colony, Delhi -110095, India
Date of Appointment :	12.12.2017
DIN No :	06956955
Name :	Mr. Bhaskar Jyoti Mahanta
Designation :	Nominee Director
Address :	H/No-15a, 5th Bye Lane, Zoo Narengi Road Karbi Path, Hatigarh Hillside, Geetanaga R- 781021, Guwahati, India
Date of Birth/Age :	24.01.1963
Qualification :	IPS Officer (1988 batch), M.A. (Social Work) from Delhi University
Date of Appointment :	21.03.2016
DIN No :	07487571
Name :	Ms. Sipra Goon
Designation :	Director
Address :	Nilambazar & Nilambazar Railway Station P.S-Nilambazar, Sub-Divn-Karimganj Karimganj 788722, Guwahati, India
Date of Birth/Age :	01.01.1970
Qualification :	B.A., Dip. In Journalism
Date of Appointment :	02.02.2017
DIN No :	07743157
Name :	Mr. Sunil Munshi
Designation :	Chairman and Managing Director

KEY EXECUTIVES

Name :	Ms. Sucharita Das
Designation :	Company Secretary
Address :	2/A, Rani Rashmoni Road, P.O. Nabagram, Hooghly - 712246, West Bengal, India
Date of Appointment :	12.08.2016
PAN No :	AGSPD1209Q

Name :	Mr. Narendra
Designation :	Accounts Department
Audit Committee :	Dr. Dhanpat Ram Agarwal, Chairman Shri Sudhir Jhunjhunwala Shri R.C. Sen Smt. Sipra Goon
Nomination & Remuneration Committee :	Shri Sudhir Jhunjhunwala, Chairman Dr. Dhanpat Ram Agarwal Smt. Sanyukta Samaddar Smt. Sipra Goon
Stakeholders Relationship Committee :	Dr. Dhanpat Ram Agarwal, Chairman Shri Sunil Munshi Shri R.C. Sen Smt. Sipra Goon
Corporate Social Responsibility Committee :	Shri Sudhir Jhunjhunwala, Chairman Shri Debasis Jana Shri Sunil Munshi Shri R.C. Sen Smt. Sipra Goon
Risk Management Committee :	Shri Sunil Munshi, Chairman Shri Debasis Jana Shri R.C. Sen
Committee of the Board :	Shri Sunil Munshi, Chairman Shri Debasis Jana Shri R.C. Sen

MAJOR SHAREHOLDERS

As on 31.12.2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A) Promoter & Promoter Group	436374630	89.25
(B) Public	52576348	10.75
Grand Total	488950978	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
A1) Indian		0.00
Central Government/ State Government(s)	436374630	89.25
President of India	436374630	89.25
Sub Total A1	436374630	89.25
A2) Foreign		0.00
A=A1+A2	436374630	89.25

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of
B1) Institutions		0.00
Mutual Funds/	950	0.00
Foreign Portfolio Investors	1	0.00
Financial Institutions/ Banks	12481679	2.55
Bank of Baroda	12462500	2.55
Any Other (specify)	10765076	2.20
Special National Investment Fund	10765076	2.20
Sub Total B1	23247706	4.75
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	24563707	5.02
Individual share capital in excess of INR 0.200 Million	405587	0.08
NBFCs registered with RBI	11638	0.00
Any Other (specify)	4347710	0.89
Bodies Corporate	4347210	0.89
Trusts	500	0.00
Sub Total B3	29328642	6.00
B=B1+B2+B3	52576348	10.75

BUSINESS DETAILS

Line of Business :

Subject engages in engineering, electrical and tea businesses in India. The company’s Engineering segment offers industrial fans, and air and water pollution control equipment as well as undertakes related turn-key projects. Its Electrical segment provides HT and LT switchgears, transformers, and relays and contactors, as well as undertakes turn-key projects on power distribution. The company’s Tea segment is involved in growing and manufacturing tea.

(Registered Activity)

Products / Services :

Item Code No.	Product	Products/Services Description
29199	Engineering	Industrial Fans, Air Pollution and Water Pollution Control equipment, Turn-key projects involving the above products.
27104	Electrical	HT and LT Switchgears, Relay and Contactors
27102		Transformers
2710		Turn-key projects and power distribution
01271	Tea	Tea growing and manufacturing

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

6720 (Approximately)

Bankers :

Banker Name :	Allahabad Bank
Branch :	Industrial Finance Branch 17, R. N. Mukherjee Road, 4th Floor, Kolkata -700001, West Bengal, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

• Bank of Baroda
• Union Bank of India
• United Bank of India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
9.1% Secured Redeemable Non-Convertible 10 Years Bond	0.000	0.00
Term Loan from Bank of Baroda	0.000	128.188
Other Loans (West Bengal Govt. Sales Tax loan secured by a residuary charge ranking next only to the charges in the favour of the Banks on the fixed assets of the Company situated at “Yule House”, 8, Rajendra Prasad Sarani, Kolkata-700001)	74.858	71.520
Car Loan from Allahabad Bank (Repayable in 59 Equal monthly installments of INR 0.012 Million each (including interest) ending on 5th September, 2020]	0.326	0.418
Short-term borrowings
Union Bank	6.305	14.636
United Bank of India	26.320	34.088
Allahabad Bank (i)	160.974	262.085
Bank of Baroda (ii)	79.366	86.833
Total	348.149	597.768

Short-term borrowings

1. The above loans are secured by whole of the Company’s present and future stock of raw materials, Work in Progress, Finished goods and articles, stores, components and spares, other movable properties wherever situated, book debts and all other current assets, claims, rights to movable properties by way of first charge ranking pari-passu inter-se without any preference to one over the other and further secured by hypothecation of the whole of crops, book debts and all other movable assets both present and future and by equitable mortgage of all immovable properties of the designated Tea Estates.

2. Secured by Equitable mortgage of properties situated at 8, Rajendra Prasad Sarani, Kolkata-700001 and properties at P.S. Behala, Dist. 24 Pgs.(s) has been extended by way of pari passu 1st charge in favour of Allahabad Bank for its limit of INR 531.100 Million and in favour of Bank of Baroda for its limit of INR 524.100 Million granted to electrical division, transformer & switch gear unit of the Company.

Statutory Auditor
Name :	V. Singhi and Associates Chartered Accountants
Address :	4, Mangoe Lane, Surendra Mohan Ghosh Sarani, Kolkata-700001, West Bengal, India
Membership No :	050051
Secretarial Auditor
Name :	Vinod Kothari and Company Practising Company Secretaries
Address :	1006-1009, Krishna Building, 224, A.J.C. Bose Road, Kolkata-700017, West Bengal, India
Cost Auditor :
Name :	DGM and Associates Cost Accountants
Address :	64, B.B. Ganguli Street (2nd Floor), Kolkata-700 012, West Bengal, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Hooghly Printing Company Limited Yule Electrical Limited Yule Engineering Limited
Associate Companies :	Tide Water Oil Co. (I) Limited The Bengal Coal Company Limited The New Beerbhoom Coal Company Limited Katras Jherriah Coal Company Limited Yule Agro Industries Limited WEBFIL Limited Yule Financing and Leasing Company Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
55,00,00,000	Equity Shares	INR 2/- each	INR 1100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48,89,50,978	Equity Shares	INR 2/- each	INR 977.902 Million

The details of Shareholders holding more than 5% shares as at 31st March set out below :

Particulars	31.03.2017
	No. of Shares	% of Shares
President of India	43,63,74,630	89.25

The reconciliation of the number of shares outstanding as at 31st March :

Particulars	31.03.2017
	No. of Shares	% of Shares
Equity shares at the beginning of the year	33,36,38,478	667.277
Add: Issued during the year	15,53,12,500	310.625
Equity shares at the end of the year	48,89,50,978	977.902

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	977.902	667.277	667.277
(b) Reserves & Surplus	827.914	1314.037	1231.750
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	285.700	285.700
Total Shareholders’ Funds	1805.816	2267.014	2184.727
(3) Non-Current Liabilities
(a) long-term borrowings	75.184	200.126	305.765
(b) Deferred tax liabilities (Net)	82.017	28.604	30.884
(c) Other long term liabilities	10.132	9.805	10.139
(d) long-term provisions	263.202	196.369	186.681
Total Non-current Liabilities	430.535	434.904	533.469
(4) Current Liabilities
(a) Short term borrowings	272.964	397.642	443.697
(b) Trade payables	947.783	951.434	1000.553
(c) Other current liabilities	553.995	727.675	641.746
(d) Short-term provisions	67.727	94.326	156.124
Total Current Liabilities	1842.469	2171.077	2242.120
TOTAL	4078.820	4872.995	4960.316
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	780.084	1831.361	1800.930
(ii) Intangible Assets	1.968	2.715	3.053
(iii) Capital work-in-progress	180.944	8.779	46.705
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	86.042	86.527	83.862
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	101.754	94.664	125.363
(e) Other Non-current assets	106.844	90.088	175.300
Total Non-Current Assets	1257.636	2114.134	2235.213
(2) Current assets
(a) Current investments	0.035	0.035	0.562
(b) Inventories	466.984	457.723	417.957
(c) Trade receivables	984.873	969.602	1007.607
(d) Cash and cash equivalents	807.643	818.461	889.253
(e) Short-term loans and advances	486.278	446.118	394.112
(f) Other current assets	75.371	66.922	15.612
Total Current Assets	2821.184	2758.861	2725.103
TOTAL	4078.820	4872.995	4960.316

PROFIT & LOSS ACCOUNT [STANDALONE]

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	4076.148	3680.016	3563.051
	Other Income	417.361	219.757	458.320
	TOTAL	4493.509	3899.773	4021.371
Less	EXPENSES
	Cost of Materials Consumed	1555.095	1282.667	1472.743
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	12.847	(44.132)	(34.025)
	Employees benefits expense	1624.808	1552.951	1383.525
	Other expenses	778.427	851.311	890.208
	Exceptional Item	28.892	1.939	0.059
	TOTAL	4000.069	3644.736	3712.510
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	493.440	255.037	308.861
Less	FINANCIAL EXPENSES	86.204	95.583	107.311
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	407.236	159.454	201.550
Less	DEPRECIATION/ AMORTISATION	68.068	66.718	62.634
	PROFIT/ (LOSS) BEFORE TAX	339.168	92.736	138.916
Less	TAX	65.311	9.207	9.310
	PROFIT/ (LOSS) AFTER TAX	273.857	83.529	129.606
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	162.186	78.657	24.139
Add	Transfer from Bond Redemption Reserve	66.667	0.000	0.000
Less	APPROPRIATIONS
	Transfer to bond redemption reserve	0.000	0.000	16.667
	Depreciation	0.000	0.000	18.386
	Dividend	0.000	0.000	33.364
	Tax on Dividend	0.000	0.000	6.671
	Total (M)	0.000	0.000	75.088
	Balance Carried to the B/S	502.710	162.186	78.657
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	18.336	44.942	21.955
	TOTAL EARNINGS	18.336	44.942	21.955
	IMPORTS
	Raw Materials and Components	4.888	1.016	0.965
	TOTAL IMPORTS	4.888	1.016	0.965
	Earnings / (Loss) Per Share (INR)	0.63	0.25	0.39

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.111	237.698	66.667
Cash generated from operations	228.685	117.619	103.969
Net cash flows from (used in) operating activity	208.966	108.370	93.542

QUARTERLY RESULTS

Particulars	(Unaudited) Quarter Ended 30.06.2017	(Unaudited) Quarter Ended 30.09.2017	(Unaudited) Quarter Ended 31.12.2017
Net Sales	638.020	952.850	1210.520
Total Expenditure	687.320	818.210	976.170
PBIDT (Excl OI)	(49.300)	134.640	234.350
Other Income	24.030	113.970	91.000
Operating Profit	(25.270)	248.610	325.340
Interest	18.590	13.170	15.120
Exceptional Items	NA	NA	NA
PBDT	(43.860)	235.440	310.220
Depreciation	14.330	18.060	16.910
Profit Before Tax	(58.190)	217.380	293.310
Tax	NA	NA	NA
Provisions and contingencies	NA	NA	NA
Profit After Tax	(58.190)	217.380	293.310
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	(58.190)	217.380	293.310

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	88.19	96.17	103.22
Account Receivables Turnover (Income / Sundry Debtors)	4.14	3.80	3.54
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	222.46	270.74	247.97
Inventory Turnover (Operating Income / Inventories)	1.06	0.56	0.74
Asset Turnover (Operating Income / Net Fixed Assets)	0.51	0.14	0.17

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.47	0.54	0.53
Debt Equity Ratio (Total Liability / Networth)	0.19	0.37	0.37
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.02	0.96	1.03
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.53	0.81	0.85
Interest Coverage Ratio (PBIT / Financial Charges)	5.72	2.67	2.88

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	6.72	2.27	3.64
Return on Total Assets ((PAT / Total Assets) * 100)	%	6.71	1.71	2.61
Return on Investment (ROI) ((PAT / Networth) * 100)	%	15.17	3.68	5.93

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.53	1.27	1.22
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.28	1.06	1.03
G-Score Ratio Financial (Networth / Total Assets)	0.44	0.47	0.44
G-Score Ratio Debt (Debts / Equity Capital)	0.36	1.25	1.22
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.53	1.27	1.22

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

STOCK PRICES

Face Value	INR 2.00/-
Market Value	INR 30.95/-

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	667.277	667.277	977.902
Reserves & Surplus	1231.750	1314.037	827.914
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	285.700	285.700	0.000
Net worth	2184.727	2267.014	1805.816
long-term borrowings	305.765	200.126	75.184
Short term borrowings	443.697	397.642	272.964
Current maturities of long-term debts	66.667	237.698	0.111
Total borrowings	816.129	835.466	348.259
Debt/Equity ratio	0.374	0.369	0.193

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	3563.051	3680.016	4076.148
		3.283	10.764

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	3563.051	3680.016	4076.148
Profit	129.606	83.529	273.857
	3.64%	2.27%	6.72%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	977.902	667.277
(b) Reserves & Surplus	2338.173	2701.895
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	285.700
Total Shareholders’ Funds (1) + (2)	3316.075	3654.872
(3) Non-Current Liabilities
(a) long-term borrowings	75.184	200.729
(b) Deferred tax liabilities (Net)	83.858	28.604
(c) Other long term liabilities	10.132	9.838
(d) long-term provisions	265.231	198.829
Total Non-current Liabilities (3)	434.405	438.000
(4) Current Liabilities
(a) Short term borrowings	326.753	443.628
(b) Trade payables	1008.634	1004.305
(c) Other current liabilities	600.667	775.084
(d) Short-term provisions	70.113	94.326
Total Current Liabilities (4)	2006.167	2317.343
TOTAL	5756.647	6410.215
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	811.667	1855.432
(ii) Intangible Assets	2.087	2.735
(iii) Capital work-in-progress	181.426	9.214
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1558.290	1434.503
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	132.183	127.375
(e) Other Non-current assets	108.453	91.165
Total Non-Current Assets	2794.106	3520.424
(2) Current assets
(a) Current investments	0.035	0.035
(b) Inventories	479.219	470.844
(c) Trade receivables	1118.656	1089.806
(d) Cash and cash equivalents	812.175	822.163
(e) Short-term loans and advances	477.081	437.482
(f) Other current assets	75.375	69.461
Total Current Assets	2962.541	2889.791
TOTAL	5756.647	6410.215

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Income	4232.937	3846.561
	Other Income	427.792	222.740
	TOTAL	4660.729	4069.301
Less	EXPENSES
	Cost of Materials Consumed	1632.751	1346.652
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	14.624	(42.757)
	Employees benefits expense	1656.537	1582.090
	Other expenses	820.437	912.240
	Exceptional Item	30.610	6.877
	TOTAL	4154.959	3805.102
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	505.770	264.199
Less	FINANCIAL EXPENSES	94.212	99.193
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	411.558	165.006
Less	DEPRECIATION/ AMORTISATION	70.631	69.356
	PROFIT/ (LOSS) BEFORE TAX	340.927	95.650
Less	TAX	67.942	10.875
	PROFIT/ (LOSS) AFTER TAX	272.985	84.775
Add	Share of profit from Associates	123.059	126.740
	PROFIT/ (LOSS) FOR THE YEAR	396.044	211.515
	Earnings / (Loss) Per Share (INR)	0.91	0.63

LEGAL CASE

High Court of Calcutta - Original Side

Case Status Information System

Case Status :	Pending
Status Of :	APPEAL FROM ORDER (APO)  525  Of  2017
Litigants :	COMMISSIONER OF CENTRAL EXCISE KOLKATA-I  Vs.  ANDREW YULE & CO. LTD. & ORS
Pet's Adv :	K.K. MAITI
Res's Adv :
Last Date of Hearing :	Tuesday, December 12, 2017
Next / Final Date of Hearing :	Wednesday, December 13, 2017
Case Updated On :	Wednesday, December 13, 2017
Category :	EXCISE : REVENUE

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	--
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	No
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	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
22]	Conduct of the banking account	--
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	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	Yes
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL PERFORMANCE

The Company’s results during the year have improved as compared to the previous year. The Company has recorded revenue from operations and other income of INR 4493.509 Million during the financial year 2016-17 as compared to INR 3899.800 Million as recorded in the previous year.

Profit before Tax (PBT) during the financial year 2016-17 stood at INR 339.200 Million as compared to INR 92.700 Million for the previous financial year, registering an increase by 265.91%. Profit after Tax (PAT) for the financial year 2016-17 had been INR 273.900 Million as compared to INR 83.500 Million during the previous financial year, registering an increase by 228.02%.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The global economy remained on a decelerating trend in 2016 growing by 3.1% compared to 3.4% in 2015 (as per latest IMF estimates). This marks the slowest pace of expansion since the global financial crisis in 2009 and the fifth successive year that the global economy has grown at a rate lower than its long-term average of 3.6% p.a. It is anticipated that the global economy will perform better and grow by 3.5% in 2017 and improve further to 3.6% in 2018, on the back of synchronized growth momentum in Advanced as well as Emerging Economies.

The Indian economy witnessed another challenging year with Real GDP growth pegged at 7.1% representing a sharp slowdown over 2015-16 (7.9%). The Industry and Services sectors decelerated further during the year, recording the slowest growth in three years. On the positive side, India remains the fastest growing major economy in the world. During the year, there was significant improvement on the ‘twin deficit’ front. Fiscal Deficit is estimated to be contained within target at 3.5% of GDP in 2016-17 (against 3.9% in 2015-16) aided by buoyant tax collections and decline in oil subsidies. While growth in Wholesale Price Index (WPI) for 2016-17 stood at 1.7% compared to a decline of 3.7% in 2015-16, this was mainly attributable to the base effect of low fuel and commodity prices. Consumer Price Index (CPI) for 2016-17 declined to 4.5% against 4.9% in 2015-16 with Core CPI remaining stable at 4.7% in 2016-17 (4.6% in 2015-16). As per median estimates, based on the Survey of Professional Forecasters conducted by RBI, the Gross Value Added (GVA) of the Indian economy is likely to grow by 7.3% in 2017-18 (6.7% in 2016-17). The proposed implementation of the Goods and Services Tax (GST) with effect from 1stJuly, 2017 is expected to transform the indirect tax landscape in the country and accelerate economic growth in the long run by simplifying the tax structure, enhancing tax compliance. The proposed implementation of the Goods and Services Tax (GST) is expected to transform the indirect tax landscape in the country and accelerate economic growth in the long run by simplifying the tax structure, enhancing tax compliance and facilitating the ease of doing business in a unified common market.

INDUSTRY STRUCTURE AND DEVELOPMENTS

Tea Division

The division continues to grow from strength to strength through its special emphasis on “Quality” of its produce and is now recognized as one of the “Top Quality Tea Producer” in the industry. Crop on the other hand, is also on an increasing trend with its planned uprooting, replanting & rejuvenation programme each year, projecting a long term sustainability / viability. With various certifications (viz. FSSAI, Trustea, Rainforest Alliance, UTZ, ISO 9001 & 22000, HACCP etc.), market penetration with Green, Specialty & Flavored teas (both domestic & international) and e-commerce outlets; the division constantly endeavors to enhance its brand equity as well as value addition.

Electrical Division

The rapid development of industrial infrastructure and expansion witnessed in the construction sector, primarily in the emerging markets, are fueling demand for low voltage (LV) and medium voltage (MV) switchgear. With governments proactively investing in urbanization and rural development, renewal of existing transmission and distribution networks is on the cards. This is expected to create attractive opportunities for the LV and MV switchgear market. Global LV and MV switchgear market will exhibit a CAGR of 6.8% between 2016 and 2024. The market had a valuation of US$56.23 bn in 2015 and is expected to reach US$98.80 bn by the end of the forecast period. Government has adopted several approaches to improve grid connectivity in remote locations. A significant portion of the budget for such improvement plans has been allocated to urbanization, thus fueling the deployment of smart grid technology. This substantially translates into greater opportunities for resale of LV and MV switchgear. Reforms in T&D sector boost prospects for the Indian distribution transformer market too. The Indian distribution transformer market has grown by leaps and bounds for over five decades and has a well-matured technology base for all types of applications using different types of construction and materials. As there is a demand upswing for reliable power in the country, the transformer market is witnessing a growth trend. Developments in the power sector will have huge ramifications for the Indian transformer industry. Strengthening of power transmission and distribution system has created opportunities for the power and distribution transformer market.

Engineering Division

The major product of the division is Industrial Fan. The product is of the nature of capital goods and is sold to all sectors of Industry viz. Power, Steel, Cement, Refineries, etc. The Division is trying for development of other products viz. Bridge Girder, Air and Water pollution control equipment for use in similar and other industries as well. While the Industrial Fan market shrunk by nearly 40% in last two years, industry is now looking up in the capital goods sector from November, 2016 onwards. Competition has enlarged multifarious in this segment and value addition is under stress because of entry of cheap products from competitors having low overhead expenses.

OUTLOOK

Tea Division

By building on a proud legacy of enterprise that spanned nearly two and a half centuries, India has acquired an exalted status on the global tea map. The country is the second largest tea producer in the world. The export sector of India has experienced an increase in the export of this commodity. The tea industry in India is labour intensive, meaning it depends heavily on human labour instead of machines. This industry provides employment to more than 1.1 million Indian workers and almost half the workforce constitutes of women.

Turnover of Tea division of the company was `205.81 crores during the year. Tea exports during the year were 0.82 lakh kgs with FOB `1.78 crores, catering to markets in Georgia, USA, Germany, Australia and Canada. PBT increased from `14.77 crores last year to `31.39 crores this year. Own Crop increased from 100.72 lakh kgs last year to `102.34 lakh kgs this year. With Company’s focus on quality of the produce and continuous investments in uprooting and replanting and thereby assuring increased yield, the outlook of Tea division is encouraging.

Electrical Division

The Government of India is encouraging investments at the transmission and distribution level to increase access to reliable and continuous power supply through schemes such as Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) Integrated Power Development Scheme (IPDS). The schemes aim to provide power for every village and thereby provide power to everybody. This entails huge investment in the T&D sector including use of energy efficient transformers, besides renovation, modernization, restructuring and upgradation of the sub transmission and distribution infrastructure. Major infrastructures have geared up their manufacturing facilities to meet the spurt in demand due to this project initiated by GOI. The Bureau of Indian Standard, Ministry of Power & DHI are actively working to ensure that quality products are procured by the electricity boards and has accordingly stipulated mandatory level-2 rating for distribution transformers for DDUGJY scheme.

In the last few years, the market has witnessed growth globally. However, intense price based competition between established and local players have been creating bottlenecks for the market. Besides this, the easy availability of substitutes for switchgear might also hinder sales of LV and MV switchgear. Nevertheless, in the near future government initiatives are expected to provide lucrative opportunities for the market. Furthermore, the increasing demand for renewable energy will also bolster sales of LV and MV switchgear in the forthcoming years.

Engineering Division

The Indian Engineering sector has witnessed a remarkable growth over the last few years driven by increased investments in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of strategic importance to India’s economy. India on its quest to become a global superpower and has made significant strides towards the development of its engineering sector.

With impending growth in capital goods sector, the outlook is turning positive.

Engineering Division recorded all time high steel consumption of 917 MT (+6% YOY) for Industrial Fan & 310 MT for Bridge Girder. Division’s Capacity Utilization also reached All Time High, as number of Impellers, produced in-house stands at 309 (+1.3%YOY). Productivity increased with process improvement like introduction of non-bolted composite liner, use of plasma cutting for refurbishment job. First billing of newly developed Axial Fan was done during the year under review.

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	B91440206	10464938	ALLAHABAD BANK	02/12/2013	-	417900000.0	INDUSTRIAL FINANCE BRANCH 17, R.N. MUKHERJEE ROAD, 4TH FLOORKOLKATAWB700001IN
2	G48746374	10289213	United Bank of India	02/05/2011	22/05/2017	248200000.0	4, N C DUTTA SARANIKOLKATAAS785675IN
3	A88669015	10048405	UNITED BANK OF INDIA	27/03/2007	27/05/2010	32600000.0	CALCUTTA BRANCH4, N. C. DUTTA SARANI, KOLKATA-700001IN
4	A88669585	10048408	UNITED BANK OF INDIA	27/03/2007	27/05/2010	56500000.0	CALCUTTA BRANCH4, N. C. DUTTA SARANI, KOLKATA-700001IN
5	A88669262	10048406	UNITED BANK OF INDIA	27/03/2007	27/05/2010	122900000.0	CALCUTTA BRANCH4, N. C. DUTTA SARANI, KOLKATA-700001IN
6	B91439489	80066994	ALLAHABAD BANK	31/03/1999	26/11/2013	824100000.0	INDUSTRIAL FINANCE BRANCH 17, R. N. MUKHERJEE ROAD, 4TH FLOOR KOLKATA 700001IN
7	Z01535417	80064914	BANK OF BARODA	31/03/1999	-	1080280000.0	INDIA EXCHANGE BRANCH4, INDIA EXCHANGE PLACE, KOLKATAWB700001IN
8	B60113669	80053772	UNION BANK OF INDIA	25/11/1998	23/08/2012	97400000.0	INDIA EXCHANGE PLACE BRANCH15, INDIA EXCHANGE PLACEKOLKATAWB700001IN
9	G19598523	80049635	ALLAHABAD BANK	17/07/1997	29/08/2016	531100000.0	INDUSTRIAL FINANCE BRANCH 17, R. N. MUKHERJEE ROAD, 4TH FLOOR KOLKATA 700001IN
10	B12330379	80062867	BANK OF BARODA	23/12/1994	30/03/2011	524100000.0	INDIA EXCAHNGE BRANCH 4, PLACEKOLKATAWB700001IN

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER 2017

Particulars		3 Months Ended		9 Months Ended
		31.12.2017	30.09.2017	31.12.2017
		(Unaudited)	(Unaudited)	(Unaudited)
1	Income
	a) Income from operations (Gross)	1204.635	946.658	2783.498
	b) Other operating income	5.880	6.194	17.887
	Other income	90.995	113.973	228.995
	Total Income from Operations (net)	1301.510	1066.825	3030.380
2	Expenses
	a) Cost of Materials Consumed	312.007	252.609	868.246
	b) Purchases of Stock-in-Trade	0.000	0.000	0.000
	c) Changes in inventories of finished goods, work-in-progress and traded goods	135.189	(96.223)	(200.995)
	d) Excise duty	0.000	0.000	0.000
	e) Employee benefits expense	350.324	439.277	1205.773
	f) Depreciation and amortisation expense	16.908	18.059	49.298
	a) Finance Cost	15.120	13.170	46.881
	g) Other expenses	178.652	222.551	608.679
	Total Expenses	1008.200	849.443	2577.882
5	Profit/(Loss) before tax	293.310	217.382	452.498
6	Tax expense
	a) Current Tax	0.000	0.000	0.000
	b) Deferred Tax	0.000	0.000	0.000
	Income Tax expense	0.000	0.000	0.000
7	Net Profit/(Loss) for the period	293.310	217.382	452.498
8	Other Comprehensive Income
	a) Remeasurement of investment	3.568	(3.079)	(0.623)
	b) Income Tax related to above	0.000	0.000	0.000
	c) Adjustment of actuarial gains/loss	(16.705)	(16.715)	(50.134)
9	Total Other Comprehensive Income for the period	(13.137)	(19.794)	(50.757)
	Total Other Comprehensive Income for the period	280.173	197.588	401.741
10	Paid – up Equity Share Capital (Face Value Rs.10)	977.902	977.902	977.902
11	Earning Per Share for the Period of Rs 10/- each
	Basic	0.6	0.44	0.93
	Diluted	0.6	0.44	0.93

SEGMENT WISE REVENUE, ASSETS AND LIABILITITES FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2017

Particulars	3 Months Ended		9 Months Ended
	31.12.2017	30.09.2017	31.12.2017
	(Unaudited)	(Unaudited)	(Unaudited)
		`
A) Segment Revenue
Tea	817.007	687.850	1824.090
Electrical	330.329	195.277	790.738
Engineering	48.191	52.038	137.365
Un allocated	17.314	17.717	51.844
Sub Total	1212.841	952.882	2804.037
Less: Inter segment revenue	2.325	0.030	2.651
Total	1210.516	952.852	2801.386
B) Segment Results
Profit before Tax and Interest
Tea	196.013	204.037	399.938
Electrical	41.947	(83.924)	(65.232)
Engineering	(14.469)	(20.568)	(57.103)
Others	0.000	0.000	0.000
Sub Total	223.491	99.545	277.603
Less: Interest	15.120	13.170	46.881
Less: Unallocable expense net of unallocable income	(71.802)	(111.212)	(171.019)
Total comprehensive Income	280.173	197.587	401.741
C) Capital Employed
Segment assets
Tea	1402.678	1788.164	3190.842
Electrical	81.222	1290.082	1371.304
Engineering	(123.910)	537.553	413.643
Un allocated	6234.129	606.429	6840.558
Total	7594.119	4222.228	11816.347
Segment Liability
Tea	705.884	681.634	1387.518
Electrical	13.299)	1016.463	1029.762
Engineering	(139.971	437.007	297.036
Un allocated	53.794	181.401	235.195
Total	633.006	2316.505	2949.511
Segment Capital Employed
Tea	696.794	1106.530	1803.324
Electrical	67.923	273.619	341.542
Engineering	16.061	100.546	116.607
Un allocated Corporate	6180.335	425.028	6605.363

Notes:

1. The financial results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. The Company adopted Ind AS from 1st April, 2017, and accordingly, these financial results (including for all the periods presented in accordance with Ind AS 101 - First-time Adoption of Indian Accounting Standards) have been prepared in accordance with the recognition and measurement principles in Ind AS 34 - Interim Financial Reporting, prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
   
   2. The above Unaudited Financial Results for the quarter and nine months ended 31st December, 2017 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 12th February, 2018. Limited Review of the Unaudited Financial Results for the quarter and nine months ended 31st December, 2017, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by the Statutory Auditors of the Company.

3. The Company is also engaged in cultivating and manufacturing tea, being seasonal in nature, the above figures cannot be taken as indicative of full year.

4. The statement does not include Ind AS compliant for the preceding quarter and previous year end March, 2017 as the same is not mandatory as per SEBI Circular dated 5th July, 2016.

5. This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

6. Figures for the quarter and nine months ended 31st December, 2017 have been reclassified, wherever necessary to make them Ind AS compliant and comparable with the figures for the current period.

7. Calculation of Income Tax and Deferred Tax will be made at the year end.

8. The Company has valued non-current investments in 6% Cumulative Redeemable Preference Shares of WEBFIL Limited for INR 20.440 Million and in Zero Rate Unsecured Redeemable Bond of WEBFIL Limited for INR 30.500 Million at amortised cost of INR 15.686 Million and INR 20.548 Million respectively in terms of paragraph 4.1.2 of Ind AS 109 on financial instruments and so no provision has been made for diminution in its value.

09. These Financial Results have been prepared in accordance with the Indian Accounting Standards (Ind-AS) notified under Companies (Indian Accounting Standards) Rules, 2015 as amended by Companies (Indian Accounting Standards) (Amendment) Rules, 2016. Ind-AS has been made applicable with effect from 1st April, 2017 and comparative figures for the corresponding quarter of the previous year (transition date being 1st April, 2016) have accordingly been restated.

10. The above results may require adjustment before constituting the first set of Ind-AS financials as of and for the year ended 31st March, 2018 due to changes in financial reporting assumptions and applications arising from new or revised standards or interpretations received or changes in the use of one or more optional exemptions as permitted in Ind AS -101.

a) Under previous GAAP, Investments in Associates were stated at cost and provisions made to recognise the decline, other than temporary. Under Ind AS, the Company has elected to regard such carrying amount as at 31st March, 2016 as deemed cost at the date of transition.

b) Under previous GAAP, current investments were stated at lower of cost and fair value. Under Ind AS, these financial assets have been classified as FVTPL on the date of transition and fair value changes after the date of transition has been recognised in profit or loss.

c) The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been completed and the related Report forwarded to the Stock Exchanges. This Report does not have any impact on the above 'Results and Notes' for the quarter and nine months ended 31st December, 2017 which needs to be explained.

11. Figures for the previous period/ year have been re-arranged/ re-grouped wherever found necessary.

CONTINGENT LIABILITIES:

a) Claims against the Company not acknowledged as debts INR 59.955 Million (INR 20.318 Million).

b) Guarantees and Indemnities given by banks to various customers and Authorities in connection with Company’s operations amounting to INR 270.508 Million (INR 329.550 Million).

c) Guarantees given to Banks on behalf of other Group and/or Subsidiary Companies :

[i] *India Paper Pulp Co. Ltd. – INR 26.500 Million (INR 26.500 Million).

[ii] Hooghly Printing Co. Ltd. – INR 97.600 Million (INR 33.470 Million).

In respect of item Nos.(i) above, although the notice of invocation of guarantees has been received but neither any payment nor any provision has been made as the matter is sub-judice.

d) Disputed Sales Tax aggregating to INR2193.47 Million (INR 224.411 Million). The demand under the WBST, CST, AGST and OST Acts are according to the opinion of the Company, erroneously raised for which appeals have been preferred at higher Forums of Sales Tax Authority.

e) Aggregate Income Tax demands including penalty amounting to INR 230.343 Million (INR 48.504 Million) excluding interest not admitted, against which appeals have been preferred by the Company.

f) Disputed Excise/Customs Duty/Service Tax claims INR 42.428 Million (INR 42.927 Million) excluding interest against which appeal have been preferred by the Company.

g) Unexpired Letter of Credit opened by the Company’s Bankers – INR 325.638 Million (INR 230.740 Million).

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixture
• Office Equipment
• Vehicles
• Water Installation
• Computer

PRESS RELAESE

DARJEELING UNREST COSTS ANDREW YULE INR 20.000 MILLION IN REVENUE

KOLKATA, SEPT 18

Andrew Yule & Co Ltd has lost more than half of its production of Darjeeling tea this year on account of the indefinite shutdown in the hills.

According to Debasis Jana, the company’s Chairman and Managing Director, Andrew Yule has lost close to ₹2 crore in revenue terms due to the drop in production.

The company produces nearly 1,10,000 kg of Darjeeling tea every year. But this year, it has only been able to produce 38,000 kg. Nearly 3,400 kg is lying in the factory, which the company has not been able to access due to the strife.

“We stand to lose close to ₹2 crore in revenue terms, but our loss is still small as we have only one garden in Darjeeling,” Jana said at a press conference here on Monday following the company’s AGM.

The tea division accounts for nearly 55 per cent of Andrew Yule’s total turnover. The company produces close to 102 lakh kg of tea a year across its 15 gardens in Assam and West Bengal. Tea prices were up by nearly ₹10 per kg this year as compared to last year.

The division is looking to set up a bought-leaf factory in Assam with a capacity of 1 million kg a year. The project will contribute directly to both the topline and bottomline of the tea business, the company said.

Andrew Yule has earmarked a total investment of ₹12 crore for this fiscal, of which ₹8 crore will be pumped into the tea business. Apart from tea, the company also has electrical and engineering divisions.

PRINTING PRESS DIVISION 

Hooghly Printing Company Ltd, a fully owned subsidiary of Andrew Yule, has been under pressure due to poor demand. The company, which primarily caters to State government orders, has seen its order book dwindle this year.

“Ideally we would be comfortable if our order book is ₹30 crore annually. But it usually ranges between ₹20 and 25 crore; but this year the position is very bad,” said Jana.

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 65.05
UK Pound	1	INR 89.70
Euro	1	INR 80.03

INFORMATION DETAILS

Information Gathered by :	SHK
Analysis Done by :	NYT
Report Prepared by :	TRUP

SCORE FACTORS

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	YES
--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.