MIRA INFORM REPORT

Report Date :

07.12.2012

IDENTIFICATION DETAILS

Name :	SRI VISHNU SHANKAR MILLS LIMITED
Registered Office :	Sri Vishnu Shankar Mill Premises Post Box No.109, P.A.C.Ramasamy Raja Salai, Rajapalayam – 626117, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.1981
Com. Reg. No.:	18-008677
Capital Investment/ Paid-up Capital:	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U17301TN1981PLC008677
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Yarn.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 878000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Ramco Group. It is well known business group in the South India. The Subject company is established company having satisfactory track record. The latest financial is missing from government department. However, general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB + (Term Loan Facilities)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	February 2012

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 Office/Unit i:	Sri Vishnu Shankar Mill Premises Post Box No.109, P.A.C.Ramasamy Raja Salai, Rajapalayam – 626117, Tamilnadu, India
Tel. No.:	91 - 4563-235551
Fax No.:	91- 4563-236493
E-Mail :	svsmill@sancharnet.in
Unit – ii	Subramaniyapuram, Pillaryarkulam Village Vrindanagar – 626137, Tamilnadu, India

DIRECTORS

As on 06.08.2012

Name :

Mr. Poosapadi Ramasamy Raja Ramasubrahmaneya Rajha

Designation :

Director

Address :

Rama Mandiram, Tenkasi Road, Rajapalyam, Vriudhunagar – 626117, Tamilnadu, India

Date of Birth/Age :

04.07.1935

Date of Appointment :

24.06.1992

Din No.:

00331357

Voter ID No.:

TN35/209/0213322

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	L17111TN1939PLC002302	RAMARAJU SURGICAL COTTON MILLS LIMITED	Director	19/03/1956	19/03/1956	-	Active	NO
2	L17111TN1936PLC002298	RAJAPALAYAM MILLS LIMITED	Director	31/08/1956	31/08/1956	-	Active	NO
3	L26941TN1957PLC003566	MADRAS CEMENTS LIMITED	Managing director	02/04/2010	20/03/1958	-	Active	NO
4	U20293TN1961PLC004457	MADRAS CHIP BOARDS LTD	Director	29/03/1961	29/03/1961	-	Active	NO
5	L17111TN1961PLC004505	THANJAVUR SPINNING MILL LIMITED	Director	09/06/1961	09/06/1961	-	Active	NO
6	L26943TN1965PLC005297	RAMCO INDUSTRIES LIMITED	Director	27/01/1965	27/01/1965	-	Active	NO
7	U17301TN1981PLC008677	SRI VISHNU SHANKAR MILLS LIMITED	Director	24/06/1992	24/06/1992	-	Active	NO
8	U17111TN1994PLC027037	SANDHYA SPINNING MILL LIMITED	Director	30/08/1995	30/08/1995	-	Active	NO
9	U01119TN1996PTC037129	SRI SANDHYA FARMS (INDIA) PRIVATE LIMITED	Director	13/12/1996	13/12/1996	-	Active	NO
10	L72300TN1997PLC037550	RAMCO SYSTEMS LIMITED	Director	19/02/1997	19/02/1997	-	Active	NO
11	U01119TN1997PTC039226	NALINA AGRICULTURAL FARMS PRIVATE LIMITED	Director	14/10/1997	14/10/1997	-	Active	NO
12	U01119TN1997PTC039225	SRI SARADHA DEEPA FARMS PRIVATE LIMITED	Director	14/10/1997	14/10/1997	-	Active	NO
13	U01119TN1997PTC039224	RAMAMANDIRAM AGRICULTURAL ESTATE PRIVATE LIMITED	Director	14/10/1997	14/10/1997	-	Active	NO
14	U65993TN1998PLC040821	SUDHARSANAM INVESTMENTS LIMITED	Director	16/07/1998	16/07/1998	-	Active	NO
15	U01409TN1998PTC041183	SRI NITHYALAKSHMI FARMS PRIVATE LIMITED	Director	23/09/1998	23/09/1998	-	Active	NO
16	U01119TN1998PTC041396	NIRMALASHANKAR FARMS & ESTATES PRIVATE LIMITED	Director	10/11/1998	10/11/1998	-	Active	NO
17	U93090TN1961PTC004442	RCDC SECURITIES AND INVESTMENTS PRIVATE LIMITED	Director	06/12/2000	06/12/2000	-	Active	NO
18	U01111TN2002PTC049847	RAM SANDHYA FARMS PRIVATE LIMITED	Director	08/11/2002	08/11/2002	-	Active	NO
19	U93090TN1938NPL002300	RAJAPALAYAM CHAMBER OF COMMERCE AND INDUSTRY	Director	12/09/2004	12/09/2004	-	Active	NO
20	U72900TN2004PLC054575	TVSNet Technologies Limited	Director	01/11/2004	01/11/2004	14/07/2007	Active	NO
21	U17111TN2005PLC057807	SRI HARINI TEXTILES LIMITED	Director	28/07/2006	13/10/2005	-	Active	NO
22	U17100TN2007PLC064234	RAJAPALAYAM SPINNERS LIMITED	Director	13/07/2007	13/07/2007	-	Active	NO
23	U67120TN1943PTC002305	RAMCO MANAGEMENT PRIVATE LIMITED	Director	06/08/2008	21/03/2008	-	Active	NO
24	U15420TZ2009PLC015974	MADRAS SUGARS LIMITED	Director	30/04/2009	30/04/2009	22/03/2010	Active	NO
25	U22210TN2010PTC077293	SHRI HARINI MEDIA PRIVATE LIMITED	Director	08/09/2010	08/09/2010	-	Active	NO
26	U40101TN2011PLC078737	DECCAN RENEWABLE WIND ELECTRICS LIMITED	Director	06/01/2011	06/01/2011	-	Active	NO

Name :

Ms. Sharadha Deepa

Designation :

Managing Director

Address :

39 B1 Shop Garden, Rapuram, Chennai – 60028, Tamilnadu, India

Date of Birth/Age :

28.09.1966

Date of Appointment :

31.03.2010

Din No.:

00383799

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	U17301TN1981PLC008677	SRI VISHNU SHANKAR MILLS LIMITED	Managing director	31/01/2010	02/07/2003	-	Active	NO
2	U55101TN2009PTC073737	JKR ENTERPRISE PRIVATE LIMITED	Director	01/12/2009	01/12/2009	-	Active	NO

Name :

Mr. Venketrama Raja Poosapadi Ramasubrahmaneya Rajha

Designation :

Director

Address :

Rama Mandiram, Tenkasi Road, Rajapalayam, Vriudhunagar – 626117, Tamilnadu, India

Date of Birth/Age :

14.06.1959

Date of Appointment :

23.03.1981

Din No.:

00331406

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	U17301TN1981PLC008677	SRI VISHNU SHANKAR MILLS LIMITED	Director	23/03/1981	23/03/1981	-	Active	NO
2	L26941TN1957PLC003566	MADRAS CEMENTS LIMITED	Director	23/05/1985	23/05/1985	-	Active	NO
3	L17111TN1936PLC002298	RAJAPALAYAM MILLS LIMITED	Director	25/04/1986	25/04/1986	-	Active	NO
4	L17111TN1939PLC002302	RAMARAJU SURGICAL COTTON MILLS LIMITED	Director	04/03/1992	04/03/1992	-	Active	NO
5	L26943TN1965PLC005297	RAMCO INDUSTRIES LIMITED	Managing director	28/06/2008	09/03/1992	-	Active	NO
6	U17111TN1994PLC027037	SANDHYA SPINNING MILL LIMITED	Director	30/08/1995	30/08/1995	-	Active	NO
7	U01119TN1996PTC037129	SRI SANDHYA FARMS (INDIA) PRIVATE LIMITED	Director	13/12/1996	13/12/1996	-	Active	NO
8	L72300TN1997PLC037550	RAMCO SYSTEMS LIMITED	Managing director	23/02/2010	19/02/1997	-	Active	NO
9	U01119TN1997PTC039226	NALINA AGRICULTURAL FARMS PRIVATE LIMITED	Director	14/10/1997	14/10/1997	-	Active	NO
10	U01119TN1997PTC039225	SRI SARADHA DEEPA FARMS PRIVATE LIMITED	Director	14/10/1997	14/10/1997	-	Active	NO
11	U01119TN1997PTC039224	RAMAMANDIRAM AGRICULTURAL ESTATE PRIVATE LIMITED	Director	14/10/1997	14/10/1997	-	Active	NO
12	U65993TN1998PLC040821	SUDHARSANAM INVESTMENTS LIMITED	Director	16/07/1998	16/07/1998	-	Active	NO
13	U01409TN1998PTC041183	SRI NITHYALAKSHMI FARMS PRIVATE LIMITED	Director	23/09/1998	23/09/1998	-	Active	NO
14	U01119TN1998PTC041396	NIRMALASHANKAR FARMS & ESTATES PRIVATE LIMITED	Director	10/11/1998	10/11/1998	-	Active	NO
15	L17111TN1961PLC004505	THANJAVUR SPINNING MILL LIMITED	Director	03/09/2000	03/09/2000	-	Active	NO
16	U93090TN1961PTC004442	RCDC SECURITIES AND INVESTMENTS PRIVATE LIMITED	Director	06/12/2000	06/12/2000	-	Active	NO
17	U01111TN2002PTC049847	RAM SANDHYA FARMS PRIVATE LIMITED	Director	08/11/2002	08/11/2002	-	Active	NO
18	U72900TN2004PLC054575	TVSNet Technologies Limited	Director	01/11/2004	01/11/2004	20/08/2007	Active	NO
19	U17111TN2005PLC057807	SRI HARINI TEXTILES LIMITED	Director	28/07/2006	13/10/2005	-	Active	NO
20	U17100TN2007PLC064234	RAJAPALAYAM SPINNERS LIMITED	Director	13/07/2007	13/07/2007	-	Active	NO

Name :

Mr. Sinthalapadi Srirenga Raja Ramachandra Raja

Designation :

Director

Address :

58 PSK Nagar, Rajapalayam, Vriudhunagar – 626117, Tamilnadu, India

Date of Birth/Age :

04.09.1935

Qualification :

B.Sc.

Date of Appointment :

25.04.1986

Din No.:

00331491

Voter ID No.:

TN/35/209/0261520

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	U17301TN1981PLC008677	SRI VISHNU SHANKAR MILLS LIMITED	Director	25/04/1986	25/04/1986	-	Active	NO
2	U67120TN1943PTC002305	RAMCO MANAGEMENT PRIVATE LIMITED	Director	27/03/1989	27/03/1989	-	Active	NO
3	L17111TN1936PLC002298	RAJAPALAYAM MILLS LIMITED	Director	24/06/1992	24/06/1992	-	Active	NO
4	L26943TN1965PLC005297	RAMCO INDUSTRIES LIMITED	Director	25/06/1992	25/06/1992	-	Active	NO
5	U01119TN1994PTC027903	SRI SETHU RAMASAMY FARMS PRIVATE LIMITED	Director	29/06/1994	29/06/1994	-	Active	NO
6	L72300TN1997PLC037550	RAMCO SYSTEMS LIMITED	Director	19/02/1997	19/02/1997	-	Active	NO
7	U72900TN2004PLC054575	TVSNet Technologies Limited	Director	01/11/2004	01/11/2004	14/07/2007	Active	NO
8	U93090TN1938NPL002300	RAJAPALAYAM CHAMBER OF COMMERCE AND INDUSTRY	Director	27/08/2006	27/08/2006	-	Active	NO

Name :

Mr. Ramachandra Raja Chittammal

Designation :

Director

Address :

58 PSK Nagar, Rajapalayam, Vriudhunagar – 626117, Tamilnadu, India

Date of Birth/Age :

09.05.1937

Date of Appointment :

24.03.1997

Din No.:

00380765

Voter ID No.:

TN/35/209/0261054

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	U74999TN1943PTC002304	RAMCO AGENCIES PRIVATE LIMITED	Director	16/07/1980	16/07/1980	-	Active	NO
2	U74999TN1942PTC002303	RAMCO PRIVATE LIMITED	Director	01/12/1981	01/12/1981	-	Active	NO
3	U01119TN1989PTC017038	RAJAPALAYAM FARMS PRIVATE LIMITED	Director	10/03/1989	10/03/1989	-	Active	NO
4	U01119TN1989PTC017033	SUDARASANA FARMS PRIVATE LIMITED	Director	10/03/1989	10/03/1989	-	Active	NO
5	U01119TN1994PTC027902	CHITHAMMAL FARMS PRIVATE LIMITED	Director	29/06/1994	29/06/1994	-	Active	NO
6	U17301TN1981PLC008677	SRI VISHNU SHANKAR MILLS LIMITED	Director	24/03/1997	24/03/1997	-	Active	NO

Name :

Mr. Nambur Krishnama Raja Shrikantan Raja

Designation :

Director

Address :

Sri Bhavanam, PSK Nagar, Rajapalayam, Vriudhunagar – 626108, Tamilnadu, India

Date of Birth/Age :

20.07.1949

Qualification :

B.Com.

Date of Appointment :

23.03.1981

Din No.:

00350693

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	U17301TN1981PLC008677	SRI VISHNU SHANKAR MILLS LIMITED	Director	23/03/1981	23/03/1981	-	Active	NO
2	U90009TN1988PLC015533	SRI YANNARKAY SERVICERS LTD	Director	28/03/1988	28/03/1988	-	Active	NO
3	L72300TN1997PLC037550	RAMCO SYSTEMS LIMITED	Director	19/02/1997	19/02/1997	-	Active	NO
4	U65993TN1998PLC040821	SUDHARSANAM INVESTMENTS LIMITED	Director	20/07/2001	20/07/2001	-	Active	NO
5	U17111TN1994PLC027037	SANDHYA SPINNING MILL LIMITED	Director	03/08/2001	03/08/2001	-	Active	NO
6	L17111TN1939PLC002302	RAMARAJU SURGICAL COTTON MILLS LIMITED	Director	15/04/2002	15/04/2002	-	Active	NO
7	U72900TN2004PLC054575	TVSNet Technologies Limited	Director	01/11/2004	01/11/2004	14/07/2007	Active	NO
8	U17111TN2005PLC057807	SRI HARINI TEXTILES LIMITED	Director	28/07/2006	13/10/2005	-	Active	NO
9	L26943TN1965PLC005297	RAMCO INDUSTRIES LIMITED	Director	28/04/2006	28/04/2006	-	Active	NO
10	U26950TN2007PTC063772	N.R.K. CONSTRUCTION SYSTEMS PRIVATE LIMITED	Director	04/06/2007	04/06/2007	-	Active	NO
11	U93090TN1938NPL002300	RAJAPALAYAM CHAMBER OF COMMERCE AND INDUSTRY	Director	05/08/2007	05/08/2007	-	Active	NO
12	U26931TN2008PTC068710	NRK INFRA SYSTEM PRIVATE LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO

Name :

Mr. Srirama Raja

Designation :

Director

Address :

39, Bishop Garden, Rapuram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

01.07.1965

Date of Appointment :

02.07.2003

Din No.:

00383912

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	U17301TN1981PLC008677	SRI VISHNU SHANKAR MILLS LIMITED	Director	02/07/2003	02/07/2003	-	Active	NO
2	U85191AP2009PTC063624	RT-MEDIBUS TECHNOLOGIES PRIVATE LIMITED	Director	08/05/2009	08/05/2009	-	Active	NO
3	U55101TN2009PTC073737	JKR ENTERPRISE PRIVATE LIMITED	Director	01/12/2009	01/12/2009	-	Active	NO

Name :

Mr. Arun Kumar Goenka

Designation :

Director

Address :

Devashish, 10 Nagal Park, Kolhapur, Maharashtra, India

Date of Birth/Age :

24.02.1953

Date of Appointment :

23.10.1983

Din No.:

00393845

Name :

Mr. Krishnan Thiruvengadam Kottur

Designation :

Director

Address :

86 Second Main Road, Grandhi Nagar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

15.05.1940

Qualification :

M.D

Date of Appointment :

28.09.2000

Din No.:

00707574

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	L17111TN1961PLC004505	THANJAVUR SPINNING MILL LIMITED	Managing director	10/11/2010	16/02/1974	-	Active	NO
2	U17111TN1974PTC006634	NEDUMBALAM SAMIAPPA ANNAPOORANI MILLS PRIVATE LIMITED	Director	05/06/1977	05/06/1977	25/08/2010	Active	NO
3	L17111TN1936PLC002298	RAJAPALAYAM MILLS LIMITED	Director	02/04/1986	02/04/1986	-	Active	NO
4	U17111TN1994PLC027037	SANDHYA SPINNING MILL LIMITED	Director	30/08/1995	30/08/1995	-	Active	NO
5	U17301TN1981PLC008677	SRI VISHNU SHANKAR MILLS LIMITED	Director	28/09/2000	28/09/2000	-	Active	NO
6	U65993TN1998PLC040821	SUDHARSANAM INVESTMENTS LIMITED	Director	20/07/2001	20/07/2001	-	Active	NO

Name :

Mr. Ramakrishna Tirumalai Iyengar

Designation :

Director

Address :

21 Sudarsan Garden, Rajapalayam, Virudhunager – 626108, Tamilnadu, India

Date of Birth/Age :

28.04.1949

Qualification :

B.Com

Date of Appointment :

06.08.2008

Din No.:

02008763

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	L17111TN1961PLC004505	THANJAVUR SPINNING MILL LIMITED	Director	06/08/2008	16/01/2008	-	Active	NO
2	U17301TN1981PLC008677	SRI VISHNU SHANKAR MILLS LIMITED	Director	06/08/2008	16/01/2008	-	Active	NO
3	U17111TN2005PLC057807	SRI HARINI TEXTILES LIMITED	Director	06/08/2008	16/01/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Velu Gurusamy
Designation :	Secretary
Date of Appointment :	14.05.2012
Pan No.:	ABXPG6161A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.08.2012

SHARE HOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 06.08.2012

Category	Percentage
Bodies corporate	4.00
Directors or relatives of directors	63.00
Other top fifty shareholders	11.00
Others	22.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Yarn.

Products :

ITEM CODE NUMBER	PRODUCT DISRUPTION
5205	Cotton Yarn
85023100	Wind Power

PRODUCTION STATUS as on 31.03.2011

Particulars	Unit	Installed Capacity
Spindles	Nos	68,832
Rotors	Nos	2,016
Wind Mill	MW	13.35

Particulars	Unit	Installed Capacity
Yarn	Kgs	84,45,038
Power from Wind Mills	Lakhs - KWH	202

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, 883, Tenkasi Road, Rajapalayam – 626117, Tamilnadu, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks secured	(A)1390.662	1239.923
Foreign currency loans banks secured	(B)12.090	67.088
Working capital loans banks secured	©827.900	764.038
Total	2230.652	2071.049

(A)Secured by pari passu change on the fixed assets of the company and a second charge on the current assets of the Company

(B)Secured by pari passu change on the fixed assets of the company and a second charge on the current assets of the Company

©Secured by pari passu change on stock-in-trade, stores and book debts of the company and second charge on fixed assets of the company. Rs. 200.000 Millions are secured by subservient charge on current assets of the company.

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Fixed deposits unsecured	55.025	52.243
Deposits related parties unsecured	275.000	125.000
Deferred sales tax loan unsecured	0.225	0.225
Total	330.250	177.468

Banking Relations :	--
Auditors :
Name :	N A Jayaraman and Company Chartered Accountant
Address :	Chennai, Tamilnadu, India
Pan No.:	AEAPP4490B
Related Party :	· Madras Cements Limited · Ramco Systems Limited · Ramco Industries Limited · Rajapalayam Mills Limited · The Ramaraju Surgical cotton Mills Limited · Sandhya Spinning Mill Limited, · Thanjavur Spinning Mill Limited

CAPITAL STRUCTURE

As on 06.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

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		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		204.594	122.423	117.331
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		219.594	137.423	132.331
LOAN FUNDS
1] Secured Loans		2230.652	2071.049	1775.365
2] Unsecured Loans		330.250	177.468	316.170
TOTAL BORROWING		2560.902	2248.517	2091.535
DEFERRED TAX LIABILITIES		140.646	74.146	61.146
TOTAL		2921.142	2460.086	2285.012
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1904.330	1773.797	1873.592
Capital work-in-progress		0.318	0.000	0.000
INVESTMENT		3.419	3.419	3.419
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	747.633	370.147	188.874
	Sundry Debtors	199.320	155.776	122.095
	Cash & Bank Balances	12.762	11.500	6.873
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	170.172	221.231	163.868
Total Current Assets		1129.887	758.654	481.710
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.503	11.296	51.956
	Other Current Liabilities	50.621	34.188	0.000
	Provisions	55.688	30.300	21.752
Total Current Liabilities		116.812	75.784	73.708
Net Current Assets		1013.075	682.870	408.002
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2921.142	2460.086	2285.012

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1626.343	1574.328	858.125
		Value of power generated form wind mills	0.000	0.000	77.287
		Other Income	60.078	84.301	47.795
		TOTAL (A)	1686.421	1658.629	983.207
Less	EXPENSES
		Consumption materials changes inventories	715.620	976.192
		Manufacturing service costs	278.899	231.805
		Contract Cost	1.520	1.593
		Employee related expenses	105.141	84.270
		Administrative selling other expenses	74.721	48.161
		TOTAL (B)	1175.901	1342.021	843.573
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		510.520	316.608	139.634
Less	FINANCIAL EXPENSES (D)		187.411	176.089	117.625
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		323.109	140.519	22.009
Less/ Add	DEPRECIATION/ AMORTISATION (F)		118.976	113.881	92.792
	PROFIT BEFORE TAX (E-F) (G)		204.133	26.638	(70.784)
Less	TAX (H)		111.500	16.300	25.400
	PROFIT AFTER TAX (G-H) (I)		92.633	10.338	(45.384)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.057	0.000	3.181
Less	APPROPRIATIONS		80.460	6.281	NA
	BALANCE CARRIED TO THE B/S		16.230	4.057	(42.203)
	EARNINGS IN FOREIGN CURRENCY		346.600	316.800	112.200
	IMPORTS
		Raw Materials	92.615	177.221	158.166
		Components and Spares	3.797	4.546	2.406
		Capital Goods	11.149	2.724	278.884
	TOTAL IMPORTS		107.561	184.491	439.456
	Earnings Per Share (Rs.)		62	7	(30)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.49	0.62	(4.61)
Net Profit Margin (PBT/Sales)	(%)	12.55	1.69	(8.25)
Return on Total Assets (PBT/Total Assets}	(%)	6.72	1.05	3.01
Return on Investment (ROI) (PBT/Networth)		0.93	0.19	0.53
Debt Equity Ratio (Total Liability/Networth)		12.19	16.91	16.36
Current Ratio (Current Asset/Current Liability)		9.67	10.01	6.53

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	No
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	No
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	Yes
External Agency Rating, if available	Yes

FINANCIAL RESULTS

The financial results for the year ended 31st March, 2011 after charging all expenses but before deducting interest and depreciation have resulted in operating profit of Rs.510.520 Millions. After deducting Rs.187.411 Millions towards interest cost and providing Rs.118.976 Millions - towards Depreciation, the Net Profit for the year is Rs.204.132 Millions Adding the surplus of Rs. 4.057 Millions brought forward from the previous year. The Directors propose to appropriate the total sum of Rs.208.189 Millions

TRADE CONDITIONS

The performance of the Company during the year was commendable and has been the highest in the history of the Company inspite of the unprecedented increase in cotton prices. The financial year 2010-11 witnessed a very difficult trade conditions due to the following reasons:

A) Cotton

There has been unprecedented rise in the cotton prices during the cotton season starting from October,2010 and the cotton prices have gone up by more than 100% as compared to the previous cotton season. Cotton, often referred as “White Gold” has recorded the historic highest prices. The Government of India has allowed export of more than 15% of Cotton produced in India and the good quality of cotton was shipped out of India within 3 months. This has resulted in mismatch between demand and supply of cotton and the domestic spinning mills were forced to pay higher prices for good quality cotton.

B) Electricity

The power cut in Tamilnadu continued to the extent of 100% for 4 hours during 6 P.M. to 10 P.M. and 30% during the rest of the hours, in addition to unannounced power shutdowns. This has forced the Company to operate captive Gensets in order to maintain the optimum utilization level. The power cost has increased by more than 15% as compared to previous year. Timely decision taken by the Directors to install Windmills in previous years and purchase of power from Third Party have helped the Company to operate the Mills at optimum utilization level and also helped the Company to tide over the power crisis.

C) Inflation and Impact on Cost of borrowing

In order to contain the inflation in India, The Reserve Bank of India has tightened the monetary policy by increasing the lending and borrowing rates. Because of these measures, all the Banks have hiked the rate of interest by 2% to 3% for all their term loans and working capital loans.

D) Cotton Yarn Export brought under Quota System

The export of cotton yarn was under Quota Raj till 1995. When the textiles and clothing were brought into the mainstream under the WTO, the quota system was abolished and export of yarn was allowed without any restriction.

The Domestic and the International Yarn markets have started improving specifically after a long spell of sluggishness witnessed due to Global Economic Crisis during the period from 2008 to 2010. However, the Government of India has suddenly restricted the export of Cotton Yarn during Dec-2010 to Mar-2011 and re-introduced the Quota system. This has affected the Yarn Market both in Domestic as well as Export, which resulted in sluggishness of yarn prices & yarn movements in India.

By implementing various cost reduction measures and production of flexible count pattern with more value added yarn, the Directors were able to achieve satisfactory results in the current market scenario.

FINANCE

The Company has availed working capital loan in foreign currency at a competitive rate of interest and gained an amount of Rs. 5.084 Millions towards exchange fluctuations. This gain is after considering an amount of Rs. 0.989 Millions which is a notional entry made on 31-03-2011 in accordance with Accounting Standard-11. This gain is because of appreciation of rupee against dollar and the repayment of foreign currency loans at the lower exchange rates. The notional entry for the exchange gain of Rs. 4.186 Millions made on 31-03-2010 has been reversed due to adverse exchange fluctuation at the time of repayment of loan.

EXPORTS

On the export front during the year, they have made direct export of Cotton Yarn for a value of Rs.346.600 Millions as against Rs. 3168.000 Millions of the previous year.

MODERNISATION

As a part of continuous intensive modernization Programme, the company has invested about Rs.66.800 Millions by availing term loan under Technology Upgradation Fund (TUF) scheme for investment in state-of-the-art textile machinery and equipments like Ring Frames, Carding Machines, Soft package winding machine etc.

During the year 2008-09, an Open-End (OE) Spinning Mill with the capacity of 1,440 Rotors was commissioned at Andhra Pradesh. During the year under review, an additional capacity of 4,800 Ring Spindles has been installed in this Mill to improve the over-all efficiency.

PROSPECTS FOR THE CURRENT YEAR

The cotton prices during cotton season 2010-11 are very volatile. The cotton prices which have gone up too steeply during the peak cotton season have fallen suddenly during May 2011. As a result, the Yarn prices have also been crashed. Due to sluggishness in garment/fabric market, the demand for yarn has come down unexpectedly. The Government’s decision to re-introduce the Quota system for export of cotton yarn is very unfortunate, which in turn has affected the market share & profitability of the Indian Spinning Mills due to uncertain Government Policies.

The increase in wages, fuel prices and interest cost and the increase in the power cuts in recent period definitely pose a challenge. While the cost of major inputs increasing steeply, the yarn price has started declining due to decrease in demand. The cumulative effect of the above factors would affect the performance of the Company substantially. The Directors are therefore unable to predict the profitability of the Company in the current year. However, the Company is maintaining high standards of Quality Yarn, cost effective production and stringent waste control measures. These measures strengthened the Company to face the challenges in the current scenario.

WIND MILL

The Division has generated 202 Lakhs KWH as compared to 219 Lakhs KWH of the previous year. The income during the year from the Wind Mill Division was Rs. 84.500 Millions as against Rs.81.900 Millions of previous year. During the year, 4 Nos. of Wind Electric Generators for an aggregate capacity 3.20 MW were purchased during September 2010. With this, the capacity of the Wind Mills has increased to 13.35 MW comprising of 15 Wind Electric Generators.

CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Millions )

	31.03.2011	31.03.2010
(i) Liability on Letter of Credit opened
Capital Goods	0.000	0.000
Others	11.566	0.000
(ii)Estimated amount of contracts remaining to be executed on capital account not provided
(iii)Liability on guarantees given by the bankers	2.006	0.000
(iv)Liability on guarantees given to the bankers	0.000	0.000

FORM 8

Corporate identity number of the company	U17301TN1981PLC008677
Name of the company	SRI VISHNU SHANKAR MILLS LIMITED
Address of the registered office or of the principal place of business in India of the company	Sri Vishnu Shankar Mill Premises Post Box No.109, P.A.C.Ramasamy Raja Salai, Rajapalayam – 626117, Tamilnadu, India Email: svsmill@sancharnet.in
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Canara Bank, 883, Tenkasi Road, Rajapalayam – 626117, Tamilnadu, India Email: cb0957@canarabank.com
Nature of instrument creating charge	Memorandum of Deposit of Title Deeds
Date of instrument Creating the charge	28.06.2012
Amount secured by the charge	Rs. 139.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and operation of the charge Working Capital: Primary: Pari-passu first charge on the entire current assets, both present and future. Collateral: Pari-passu second charge on the entire fixed assets of the Company bothpresent and future. Term Loan: Primary: Pari-passu first charge on the entire Fixed assets of the company. Collateral: Pari-passu second charge on the entire current assets of the Company.
Short particulars of the property charged (Including location of the property)	As per Memorandum of Deposit of Title Deeds dt.28.6.201

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.47
UK Pound	1	Rs.87.63
Euro	1	Rs.71.11

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		43

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.