MIRA INFORM REPORT

Report Date :

10.08.2012

IDENTIFICATION DETAILS

Name :	V V F LIMITED
Formerly Known As :	VEGETABLE VITAMIN FOODS COMPANY LIMITED
Registered Office :	Plot No.109, Opposite Sion (East), Off. Sion Fort Garden, Mumbai – 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.09.1939
Com. Reg. No.:	11-2994
Capital Investment / Paid-up Capital :	Rs.57.364 Millions
CIN No.: [Company Identification No.]	U99999MH1939PLC002994
TAN No.: [Tax Deduction & Collection Account No.]	RKTV00663F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Sale of Processed Oils, Fatty Acid and Allied Products, Soaps Noodles/ Soaps, Shaving Cream and Wind Mills.
No. of Employees:	724 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB- (Long Term Rating )
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation
Date	November 2011

Rating Agency Name	ICRA
Rating	A4 (Short Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely payment of financial obligation it carry higher credit risk
Date	November 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered / Corporate Headquarter Office :	Plot No.109, Opposite Sion (East), Off. Sion Fort Garden, Mumbai-400022, Maharashtra, India
Tel. No.:	91-22-40282000/ 40282250/ 24073221-23/ 24093882/ 24030802/ 24016749
Fax No.:	91-22-24091554/ 24073771/ 24086698
E-Mail :	doy@vvfltd.com sales@vvfltd.com vijayk@vvfltd.com mohans@vvfltd.com vvf.in.mumbai@vvfltd.com mohn.sonar@vvfltd.com
Website :	http://www.vvfltd.com
Location :	Owned
Factory 1 :	Survey No.65, Meghpar Borichi, Galpadar Anjar Road, Gandhidham-370201, Gujarat, India
Tel. No.:	91-2836-246985/ 83/ 84
Fax No.:	91-2836-246981
E-Mail :	vvf.inkutch@vvfltd.com
Factory 2 :	Village Bhatauli, Kalan (Baddi), H B No.214 Paragana Dharampur, Taluka Nalagarh District Solan-173205, Himachal Pradesh, India
Tel. No.:	91-1795-661300
Fax No.:	91-1795-275034
E-Mail :	vvf.inbaddi@vvfltd.com
Factory 3 :	Plot No. V-41, Taloja Industrial Area, Village – Chat, Taluka Panvel, District Raigad-410208, Maharashtra, India
Tel. No.:	91-22-27412036/ 37
Fax No.:	91-22-27412173
E-Mail :	vvf.intaloja@vvfltd.com
Factory 4 :	Survey No.635, SIM of Anjar, Taluka Anjar District Kutch-370110, Gujarat, India
Factory 5 :	Soaps/Personal Care Products/ Oleochemicals NOP Compound, Maneklal Road, Navsari, District Bulsar-396445, Gujarat, India
Tel. No.:	91-2637-250227/47498
Fax No.:	91-2637-256622
E-Mail :	vvfltd@ad1.vsnl.net.in
Factory 6 :	Personal Care Products/ Soaps 141, Survey No. 194/4, Panchal Udyog Nagar, Bhimpore, Nani Daman (Union Territory), India
Tel. No.:	91-260-2263075
Fax No.:	91-260-2263790
E-Mail :	vita@ad1.vsnl.net.in
Factory 7 :	Hay, Bunder Road, Sewree, Mumbai-400033, Maharashtra, India
Tel. No.:	91-22-23721967/23728035/ 6238
Fax No.:	91-22-24086698
E-Mail :	vvf.in.mumbai@vvvfltd.com
Wind mills:	Located at Satara, Maharashtra, India
Branch Office :	214, DDA Commercial Complex, Phase I, Jhandewalan, New Delhi – 11005, India
Tel. No.:	91-11-3517800/3523536/3537800
Fax No.:	91-11-3545475
E-Mail :	ksn_nwtc@vsnl.net

DIRECTORS

As on 26.09.2011

Name :

Mr. Rustom Godrej Joshi

Designation :

Chairman and Managing Director

Address :

501, Marker Mansion, 623, Lady Jehangir Road, Parsee Colony, Dadar, Mumbai 400014, Maharashtra, India

Date of Birth/Age :

05.05.1953

Date of Appointment :

24.11.1972

Din No.:

00277901

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1939PLC002994	V V F LIMITED	Director	01/06/2012	24/11/1972	-	Active	NO
2	U99999MH1979PTC022023	RF EXPORTS PRIVATE LIMITED	Director	21/12/1979	21/12/1979	-	Active	NO
3	U65990MH1979PTC022035	GODSIL INVESTMENTS PRIVATE LIMITED	Director	22/12/1979	22/12/1979	-	Active	NO
4	U15140MH1979PTC022030	VITA OIL PRIVATE LIMITED	Director	22/12/1979	22/12/1979	-	Active	NO
5	U24118MH1985PTC037964	NAVSARI OIL PRODUCTS PRIVATE LIMITED	Director	03/10/1986	03/10/1986	-	Active	NO
6	U51900MH2000PTC127812	SYNERGY INDIA MARKETING PRIVATE LIMITED	Director	01/11/2000	01/11/2000	-	Active	NO
7	U45400MH2010PTC210101	Navimumbai Infrastructure Development Private Limited	Director	16/11/2010	16/11/2010	-	Active	NO
8	U45400MH2010PTC210098	VVF Infrastructure Private Limited	Director	16/11/2010	16/11/2010	-	Active	NO
9	U24296MH2010PLC210239	VVF (INDIA) LIMITED	Managing director	01/06/2012	22/11/2010	-	Active	NO

Name :

Mr. Faraz Godrej Joshi

Designation :

Whole Time Director

Address :

40 – A, Hill Stone, B. G. Kher Marg, Malabar Hill, Mumbai 400006, Maharashtra, India

Date of Birth/Age :

21.07.1946

Date of Appointment :

24.11.1972

Din No.:

00278206

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1939PLC002994	V V F LIMITED	Director	01/06/2012	24/11/1972	-	Active	NO
2	U99999MH1979PTC022023	RF EXPORTS PRIVATE LIMITED	Director	21/12/1979	21/12/1979	-	Active	NO
3	U65990MH1979PTC022035	GODSIL INVESTMENTS PRIVATE LIMITED	Director	22/12/1979	22/12/1979	-	Active	NO
4	U15140MH1979PTC022030	VITA OIL PRIVATE LIMITED	Director	22/12/1979	22/12/1979	-	Active	NO
5	U24118MH1985PTC037964	NAVSARI OIL PRODUCTS PRIVATE LIMITED	Director	03/10/1986	03/10/1986	-	Active	NO
6	U51900MH2000PTC127812	SYNERGY INDIA MARKETING PRIVATE LIMITED	Director	01/02/2010	01/02/2010	-	Active	NO
7	U24296MH2010PLC210239	VVF (INDIA) LIMITED	Managing director	01/06/2012	01/06/2012	-	Active	NO

Name :

Mr. Rajamani Subramaniam Iyer

Designation :

Director

Address :

21, 2^nd Floor, Khetani Heights, Plot No. 123, Road No. 27, Sion Eest, Mumbai 400022, Maharashtra, India

Date of Birth/Age :

25.12.1927

Date of Appointment :

30.09.1996

Din No.:

00278672

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1939PLC002994	V V F LIMITED	Director	30/09/1996	30/09/1996	-	Active	NO
2	U52190MH2009PTC196799	NINE VENTURES PRIVATE LIMITED	Director	03/11/2009	03/11/2009	-	Active	NO

Name :

Mr. Julio Frederick Ribeiro

Designation :

Director

Address :

51, 5^th Floor, Sagar Tarang, Worli Seaface, Mumbai 400025, Maharashtra, India

Date of Birth/Age :

05.05.1929

Date of Appointment :

23.01.2001

Din No.:

00047630

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Director	26/08/1999	26/08/1999	-	Active	NO
2	U99999MH1939PLC002994	V V F LIMITED	Director	23/01/2001	23/01/2001	-	Active	NO
3	U65191TN1994PLC079235	FULLERTON INDIA CREDIT COMPANY LIMITED	Director	29/09/2007	19/10/2006	24/11/2010	Active	NO
4	U24110MH1994PLC081597	Glenmark Generics Limited	Director appointed in casual vacancy	05/09/2008	14/08/2008	-	Active	NO

Name :

Ms. Rashmin Balakrishna Joshi

Designation :

Whole-time Director

Address :

1005, ‘B’ Wing, Raj Residency, Mahavir Nagar, Kandivali 400067, Maharashtra, India

Date of Birth/Age :

25.11.1962

Date of Appointment :

01.10.2001

Din No.:

00278358

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1939PLC002994	V V F LIMITED	Director	01/06/2012	01/10/2001	-	Active	NO
2	U24118MH1985PTC037964	NAVSARI OIL PRODUCTS PRIVATE LIMITED	Director	01/10/2001	01/10/2001	-	Active	NO
3	U24230MH2004PTC145489	VITA BIOPHARMA PRIVATE LIMITED	Director	05/04/2004	05/04/2004	-	Active	NO
4	U51900MH2000PTC127812	SYNERGY INDIA MARKETING PRIVATE LIMITED	Director	29/09/2007	01/02/2007	-	Active	NO
5	U24296MH2010PLC210239	VVF (INDIA) LIMITED	Whole-time director	01/06/2012	06/12/2010	-	Active	NO

Name :

Ms. Shanaz Diwan

Designation :

Whole Time Director

Address :

40A, Hillstonme, B G Kher Marg, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

22.02.1950

Date of Appointment :

30.01.2008

Din No.:

02019387

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1939PLC002994	V V F LIMITED	Director	01/06/2012	01/02/2008	-	Active	NO
2	U45400MH2010PTC210098	VVF Infrastructure Private Limited	Director	16/11/2010	16/11/2010	-	Active	NO
3	U24296MH2010PLC210239	VVF (INDIA) LIMITED	Managing director	01/06/2012	22/11/2010	-	Active	NO
4	U45400MH2010PTC210101	Navimumbai Infrastructure Development Private Limited	Director	27/09/2011	30/03/2011	-	Active	NO
5	U24230MH2004PTC145489	VITA BIOPHARMA PRIVATE LIMITED	Additional director	09/01/2012	09/01/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mohan Parshuram Sonar
Designation :	Secretary
Address :	B3/204, Runwal Estate, Ghodbunder Road, Manpada, Thane-400607, Maharashtra, India
Date of Birth/Age :	15.06.1967
Date of Appointment :	16.07.2007
Name :	Mr. Pramath
Designation :	Vice President
Name :	Mr. Nilesh
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Vita Oil Private Limited, India	200000
R. F. Exports Private Limited, India	1015000
Rustom Godrej Joshi	1955688
Faraz Godrej Joshi	1955788
Neville Rustom Joshi	100
Navshri Oil Products Private Limited, India	150100
Godsil Investments Private Limited, India	200
Shanaz Diwan	344200
V V F Employees Benefit Trust, India	100000

BUSINESS DETAILS

Line of Business :

Manufacturing and Sale of Processed Oils, Fatty Acid and Allied Products, Soaps Noodles/ Soaps, Shaving Cream and Wind Mills.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO. (ITC CODE)
Toilet Soaps	340111
Fatty Acids	382300
Glycerin	152090

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
Processed Oils, Fatty Acid and Allied Products	MT	468000
Soap Noodles	MT	164540
Toilet Soaps	MT	106600
Talc Powder	MT	13035
Hair Dye	MT	660
Toothpaste	MT	1080
Other Personal Care Products	MT	2630
Wind Mills	KW/H	3500

NOTE:

1. Licensed capacities as Industrial Licensing has been abolished for these products.

2. Capacities include Captive Consumption.

ACTUAL PRODUCTION:

Particulars	Actual Production * In MT
Processed Oil, Acids and Allied Products (Non-Edible)	148579.99
Soap Noodles	14895.79
Toilet Soap [ Including M.T. 6603.02 processed foroutsideparty]	45380.07
Talc Powder	5110.77

NOTE: * Excludes Production for Captive Consumption.

GENERAL INFORMATION

No. of Employees :

724 (Approximately)

Bankers :

• Citibank N.A. D. N. Road, Mumbai – 400 001, Maharashtra, India
• ICICI Bank Limited, Free Press Journal Road, Nariman Point, Mumbai – 400 021, India
• ICICI Bank Limited, 215, Free Press House, Nariman Point, Mumbai-400021, Maharashtra, India
• State Bank of Patiala, Commercial Branch, Atlanta, Nariman Point, Mumbai 400021, Maharashtra, India
• Bank of India, Mumbai Large Corporate Branch, Bank of India Building, 70/0, M. G. Road, Mumbai 400023, Maharashtra, India
• Industrial Development Bank of India Limited
• ING Vysya Bank Limited, Mittal Tower, A Wing, Ground Floor, 210, Nariman Point, Mumbai – 400 021, Maharashtra, India
• The Honk Kong and Shanghai Banking Corporation Limited
• Export Import Bank of India, Centre one Building, Floor21, World Trade Centre Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India
• Indian Overseas Bank, Plot No. 4/4, Sector 5l, Vashi, Navi Mumbai-400703, Maharashtra, India
• Central Bank of India, Industrial Finacne Branch, Chandramukhi, Ground Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
• Punjab National Bank
• Indian Overseas Bank
• Kotak Mahindra Bank Limited
• Axis Bank Limited
• ABN Amro Bank NV
• The Ratnakar Bank Limited
• The Shamrao Vithal Co-op Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks	3657.966 (A)	3792.085 (B)
Rupee term loans financial institutions	2300.094	3161.041
Rupee term loans others	99.950	112.500
Total	6058.010	7065.626
NOTE: (A) Export-Import Bank of India Rs.373.835 Millions, ICICI Bank Limited RS.45.000 Millions, State Bank of India Rs. Nil, ING Vysya Bank Limited Rs.62.549 Millions; State Bank of Patiala.- Corporate Loan - II Rs. Nil; State Bank of Patiala.- Corporate Loan - III Rs. Nil; Kotak Mahindra Bank Limited Rs.33.333 Millions; The Federal Bank Limited Rs.101.210 Millions; The Shamrao Vithal Co-op Bank Limited Rs.112.651 Millions; The Ratnakar Bank Limited Rs.111.766 Millions; IDBI Bank Limited Rs.168.000 Millions; Bank of India Rs.525.000 Millions; Indian Overseas Bank Term Loan-I Rs.75.000 Millions; Indian Overseas Bank Term Loan-II Rs.100.000 Millions; Punjab National Bank Rs.449.620 Millions; Central Bank of India Rs.1500.000 Millions. (B) Export-Import Bank of India Rs.617.818 Millions; ICICI Bank Limited Rs.109.933 Millions; State Bank of India Rs.104.702 Millions; ING Vysya Bank Limited Rs.100.049 Millions; State Bank of Patiala.- Corporate Loan - II Rs.100.000 Millions; State Bank of Patiala.- Corporate Loan – III Rs.405.000 Millions; Kotak Mahindra Bank Limited Rs.150.000 Millions; The Federal Bank Limited Rs.166.666 Millions; The Shamrao Vithal Co-op Bank Limited Rs.142.500 Millions; The Ratnakar Bank Limited Rs.240.415 Millions; IDBI Bank Limited Rs.240.000 Millions; Bank of India Rs.700.000 Millions; Indian Overseas Bank Term Loan-I Rs.135.000 Millions; Indian Overseas Bank Term Loan-II Rs.180.000 Millions; Punjab National Bank Rs.400.000 Millions; Central Bank of India Rs. Nil.
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks	185.000	390.000
Rupee term loans others	36.732	5.582
Loans directors	49.543	34.408
Deferred sales tax loan	163.676	163.676
Other debt	15.000	22.700
Total	449.951	616.366

Banking Relations :	--
Auditors :
Name :	H. N. Mehta Associates Chartered Accountants
Address :	50-51, Ali Chambers, Tamarind Lane, Flora Fountain, Mumbai 400023, Maharashtra, India
Tel. No.:	91-22-22652956/ 22653482/ 22656089
Fax No.:	91-22-22651708
E-Mail :	hnmehtaassociates@mtnl.net.in
Pan No.:	AAAFH6348C
Wholly Owned Subsidiaries :	· VVF (America) INC. · VVF FZE · VVF Singapore Pte. Limited · Navnirman Urjashakti Private Limited · Navimumbai Instrastructure Development Private Limited · VVF Infrastructure Private Limited · VVF (India) Private Limited · Vita Biopharma Private Limited · Synergy (India) Marketing Private Limited
Wholly Owned Step-Down Subsidiaries :	· VVF Intervest LLC · VVF LLC · VVF Spolka Z.O.O. · VVF Illinois LLC · VVF Illinois Services LLC · VVF Kansas LLC · VVF Kansas Services LLC · PT VVF Indonesia · VVF European Holdings Limited · VVF Rus LLC
Step Down Joint Venture/ Associates :	Green Planet Industries LLC

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
1050000	Preferences Shares	Rs.100/- each	Rs.105.000 Millions
	Total		Rs.205.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5736400	Equity Shares	Rs.10/- each	Rs.57.364 Millions

NOTE:

Paid up capital comprises of : 80,000 Equity Shares of Rs.10/- each, consequent upon sub-division of existing 8,000 Equity Shares of Rs.100/- each into Shares of Rs. 10/- each;. 71,000 Equity Shares of Rs.10/- each allotted as fully paid Shares without payment being received in cash in lieu of 7100 , 7.5 % tax free redeemable preference shares of Rs.100/- each redeemed; 25,000 'A' Class Equity Shares of Rs.10/- each converted into Equity Shares of Rs.10/- each; 1,50,000 Equity Shares of Rs.10/- each issued during 1995-96 at a premium of Rs.90/- each for cash; 48,90,000 Equity Shares of Rs.10/- each issued as fully paid up Bonus Shares during 1995-96; 26,08,000 Equity Shares of Rs.10/- each issued during 1997-98 at a premium of Rs. 30/- each for cash; 15,08,000 Equity Shares of Rs.10/- each was bought back during 2003-2004 at a premium of Rs.44/- each for cash; 9,96,000 3% Cumulative Redeemable Preference Shares of Rs.100/- each issued during 2003-2004 for cash with date of allotment as 4th November, 2003; 6,00,000 Equity Shares of Rs.10/- each was bought back during 2005-2006 at a premium of Rs.60/- each for cash and extinguished during the year pursuant to Buyback scheme; 5,00,000 Equity Shares of Rs.10/- each was bought back during 2006-2007 at a premium of Rs.61/- each for cash and extinguished during the year pursuant to Buyback scheme; 5,05,400 Equity Shares of Rs.10/- each issued at a premium of Rs.1290/- each during 2008-09 against conversion of External Commercial Borrowing into Equity Share Capital; 15,000 Equity shares of Rs.10 /- each issued as fully paid up at a premium of Rs.1290/- each during 2008-09 against cash; 9,96,000 3% Cumulative Redeemable Preference Shares of Rs.100/- each redeemed during the year.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		57.364	156.964	156.964
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2510.662	2031.640	1746.565
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2568.026	2188.604	1903.529
LOAN FUNDS
1] Secured Loans		6058.010	7065.626	6164.711
2] Unsecured Loans		449.951	616.366	926.993
TOTAL BORROWING		6507.961	7681.992	7091.704
DEFERRED TAX LIABILITIES		18.695	0.000	0.000
TOTAL		9094.682	9870.596	8955.233
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5669.916	6266.304	4813.915
Capital work-in-progress		399.401	62.902	1212.545
INVESTMENT		1001.953	1001.115	989.620
DEFERREX TAX ASSETS		0.000	213.421	343.825
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3610.930	3287.837	3987.995
	Sundry Debtors	3057.229	2596.622	1882.346
	Cash & Bank Balances	200.052	215.720	78.214
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2722.846	2417.634	1817.727
Total Current Assets		9591.057	8517.813	7766.282
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7241.830	5837.181	5810.494
	Other Current Liabilities	281.657	313.764	282.230
	Provisions	44.158	40.014	38.230
Total Current Liabilities		7567.645	6190.959	6130.954
Net Current Assets		2023.412	2326.854	1635.328
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9094.682	9870.596	8995.233

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	17567.585	12882.057	13175.667
		Sales of Power Ex Wind Mills	0.000	0.000	24.987
		Other Income	199.387	159.610	78.134
		TOTAL (A)	17766.972	13041.667	13278.788
Less	EXPENSES
		Consumption Materials Changes Inventories	11923.320	8399.459
		Manufacturing Service Cost	1266.398	1075.683
		Employee Related Expenses	697.927	516.850	14159.197
		Administrative Selling Other Expenses	1266.351	1329.280
		Prior Period Items	(9.786)	0.000
		Extraordinary Items	0.000	(472.431)
		TOTAL (B)	15144.210	10848.841	14159.197
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2622.762	2192.826	(880.409)
Less	FINANCIAL EXPENSES (D)		1106.095	1126.389	848.111
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1516.667	1066.437	(1725.520)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		788.375	646.485	468.003
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		728.292	419.952	(2196.523)
Less	TAX (H)		240.959	130.495	(728.276)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		487.333	289.457	(1468.247)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		361.507	72.050	1540.297
Less	APPROPRIATIONS		99.600	0.000	0.000
	BALANCE CARRIED TO THE B/S		749.240	361.507	72.050
	EARNINGS IN FOREIGN CURRENCY		5829.549	3869.301	NA
	Earnings / (Loss) Per Share (Rs.)		84.95	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.74	2.22	(11.06)
Net Profit Margin (PBT/Sales)	(%)	4.15	3.26	(16.64)
Return on Total Assets (PBT/Total Assets}	(%)	4.77	2.84	(17.46)
Return on Investment (ROI) (PBT/Networth)		0.28	0.19	(0.55)
Debt Equity Ratio (Total Liability/Networth)		5.48	6.34	6.95
Current Ratio (Current Asset/Current Liability)		1.27	1.38	1.27

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	7241.830	5837.181	5810.494

OPERATIONS REVIEW:

Financial Year 2010-11 has been seen the year of consolidation and all round improvement in the performance of the Company in terms of revenue and profit in spite of hardening of commodity prices over the year. The year was very challenging for the Company. After global economic turmoil and slower industrial growth in 2009, the Company’s performance has improved gradually on all parameters. This was possible because of focused management approach, efficient project execution, reduction in cost and prudent financial and human resources management.

RESULTS OF OPERATIONS:

Total Revenue increased by 36% to Rs.17770.000 millions Exports increased by 52% to Rs.5690.000 millions Profit before depreciation, interest and tax increased by 20% to Rs.2620.000 millions Profit before Tax increased by 74% to Rs.730.000 millions Cash Profit increased by 42% to Rs.1520.000 millions Net profit increased by 71% to Rs.500.000 millions.

The Company is the largest producer and exporter of Oleochemicals in India having installed capacity of Half a Million Tons to process vegetable oils to manufacturer value added products.

The Company is also one of the largest manufacturers of personal care products in India, Dubai and USA. It manufacturers several leading brands for its multinational clients in India and Abroad.

The Company produces and markets several own brands of toilet soaps, shampoos, body wash and other personal care products.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10148752
Corporate identity number of the company	U99999MH1939PLC002994
Name of the company	V V F LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.109, Opposite Sion (East), Off. Sion Fort Garden, Mumbai-400022, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge]
Particular of charge holder	Bank of India, Mumbai Large Corporate Branch, Bank of India Building, 70/0, M. G. Road, Mumbai 400023, Maharashtra, India Email: mumbai.lcbb@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Third Supplemental Joint Deed of Hypothecation Agreement dated 7th February 2012.
Date of instrument Creating the charge	07.02.2012
Amount secured by the charge	Rs.10600.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letters of the Consortium Banks. Terms of Repayment As per sanction letters of the Consortium Banks. Margin As per sanction letters of the Consortium Banks. Extent and Operation of the charge First pari passu charge on entire current assets of the Company and movable fixed assets such as plant and machinery lying at Borrowers leasehold premises situated at Navsari. Second pari passu charge on movable fixed assets of the Company situated at Sion, Taloja and Kutch I. Others ICICI Bank Limited has enhanced the working capital facility by Rs.600.000 Millions out of which working capital facility of Rs.500.000 Millions taken over from Indusind Bank Limited. Due to this the charge of Indusind Bank Limited stands satisfied. No Dues Letter from Indusind Bank in this respect is attached. In addition ICICI Bank. Central Bank of India has also enhanced working capital facility by Rs.200.000 Millions.
Short particulars of the property charged	Entire current assets of the company including stocks, books debts, outstandings, money receivables, claims, raw material, finished and semi finished goods etc, Movable and immovable fixed assets lying at borrower's leasehold premises situated at NOP Compound, Maneklal Road, Navsari, Gujarat - 396 445 Movable fixed assets of the Company situated at i) 109 and 109B, Sion (E), Mumbai-400022, ii) Plot No. V-41, Taloja Industrial Area, Panvel, Raigad-410208 and iii) S.No.65, Meghpar Borichi, Anjar, Kutch I
Date of latest modification prior to the present modification	30.08.2011
Particulars of the present modification	Vide this Third Supplemental Joint Deed of Hypothecation the enhanced working capital facilities of Rs.200.000 Millions sanctioned by Central Bank of India and Rs.600.000 Millions sanctioned by ICICI Bank Limited (including taken over limits of Rs.500.000 Millions of Indusind Bank) has been secured under BOI Consortium arrangement and the charge created in favour of IndusInd Bank Limited of Rs.500.000 Millions stands satisfied. The total charge under consortium arrangement of working capital stands secured to Rs.10600.000 Millions.

CONTINGENT LIABILITIES: [AS ON 31.03.2011]

(i) Counter guarantees of Rs. 21.280 Millions given to the Bankers for guarantees issued on behalf of the company.

(ii) Company has given corporate guarantee for Subsidiary / Joint Venture for Rs.2229.137 Millions.

(iii) Various show-cause notices of Excise duty claims amounting to Rs. 71.746 Millions.

(iv) Dividend on Cumulative Redeemable Preference Share of Rs. NIL. Preference Shares have been redeemed during the year with the consent of Preference share holders and in accordance with Sec 106 of the Companies Act, 1956 cumulative dividend was waived by Preference share holders.

(v) Show - cause notices of Directorate of Revenue Intelligence Rs 1022.724 Millions.

(vi) Bills discounted with banks Rs 399.935 Millions.

(vii) APMC Claims not acknowledged as Debts Rs. 7.600 Millions.

(viii)Various Demand notices of VAT /CST claims amounting to Rs. 95.879 Millions.

(ix) Income Tax demand in appeal Rs. 0.569 Million.

(x) Income Tax (TDS) demand subject to rectification of typographical error Rs 206.505 Millions.

(xi) Income Tax show cause notices for penalty Rs. 36.000 Millions.

FIXED ASSETS:

• Land
• Leasehold Land
• Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fixtures
• Office Equipments
• Air Conditioners
• Cooling Machine
• Laboratory Apparatus
• Vehicles
• Boiler
• Water Cooler
• Weigh Bridge/Scale
• Process Vessel and Lift

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	Indian Rupees
US Dollar	1	Rs.55.17
UK Pound	1	Rs.86.43
Euro	1	Rs.68.27

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.