MIRA INFORM REPORT

Report Date :

03.11.2012

IDENTIFICATION DETAILS

Name :	SHRI GOVINDARAJA MILLS LIMITED (w.e.f.01.07.1992)
Formerly Known As :	SHRI GOVINDARAJA MILLS PRIVATE LIMITED
Registered Office :	R-S-1, Sayalgudi Road, Sawaspuram Village, Aruppukottai - 626159, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.03.1980
Com. Reg. No.:	18-008155
Capital Investment / Paid-up Capital :	Rs. 4.000 Millions
CIN No.: [Company Identification No.]	U17112TN1980PLC008155
PAN No.: [Permanent Account No.]	AADCS9045D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Cotton Yarns.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 980000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears huge external borrowing recorded by the company. However, networth of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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	Term Loans : (ICRA) D
Rating Explanation	The lowest credit, it has very low prospects of recovery.
Date	December 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 Office :	R-S-1, Sayalgudi Road, Sawaspuram Village, Aruppukottai - 626159, Tamilnadu, India
Tel. No.:	91-4566-240844/ 240343/ 240342
Fax No.:	91-4566-240263/ 240342
E-Mail :	accounts@sgmills.com ho@sgmills.com
Website :	www.sgmills.com
Factory 1:	Unit – I, Melakandamangalam Tamilnadu (P), Virudhunagar – 626129, Tamilnadu, India
Tel. No.:	91-4566-282345/ 282259
Fax No.:	91-4566-282212
E-Mail :	govindaraja@vsnl.com
Factory 2:	Unit – II, Madathutatti Village, Tamilnadu, India

DIRECTORS

AS ON 14.09.2011

Name :

Mrs. Dhinakaran Nirmala

Designation :

Director

Address :

2, Vadugarkottai, Aruppukottai - 626101, Tamilnadu, India

Date of Birth/Age :

04.02.1942

Date of Appointment :

01.04.1987

DIN No.:

00054257

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	U17112TN1980PLC008155	SHRI GOVINDARAJA MILLS LIMITED	Director	01/04/1987	01/04/1987	-	Active	NO
2	U65191TN1989PTC016706	ARUPPUKOTTAI SWARNALAKSHMI FINANCE PRIVATE LIMITED	Director	05/01/1989	05/01/1989	-	Active	NO
3	U51909TN1991PLC020287	RAMALINGA EXPORTS LTD	Director	11/02/1991	11/02/1991	-	Active	NO
4	U65191TN1980PTC008152	ARUPPUKOTTAI SRI JAYAVILAS FINANCE PRIVATE LIMITED	Director	22/03/1995	22/03/1995	-	Active	NO
5	U17111TN1951PLC002746	SHRI RAMALINGA MILLS LIMITED	Whole-time director	01/04/2008	22/03/1995	-	Active	NO
6	U65991TN1990PTC019522	SHRI RAMALINGA LEASING COMPANY PRIVATE LIMITED	Director	11/02/1996	11/02/1996	-	Active	NO
7	U45201TN1990PLC019812	SHRI RAMALINGA BUILDERS LIMITED	Director	09/12/1996	09/12/1996	-	Active	NO
8	U17111TN1989PTC018061	SREE JEYA SOUNDHARAM TEXTILE MILLS PRIVATE LIMITED	Director	09/06/1997	09/06/1997	-	Active	NO
9	U17111TN1999PTC042793	ARUPPUKOTTAI SHRI RAMALINGA SPINNERS PRIVATE LIMITED	Director	08/07/1999	08/07/1999	-	Active	NO
10	U65191TN1999PTC042795	SHRI RAMALINGA FINANCE PRIVATE LIMITED	Director	08/07/1999	08/07/1999	-	Active	NO
11	U24117TN1990PTC019413	ARUPPUKOTTAI MARI CHEMICALS PRIVATE LIMITED	Director	14/03/2001	14/03/2001	-	Active	NO
12	U17111TN2001PTC047049	SHRI GANESHRAM TEXTILES PRIVATE LIMITED	Director	30/04/2001	30/04/2001	-	Active	NO
13	U15314TN1982PTC009307	SHRI RAMALINGA FLOUR MILLS PRIVATE LIMITED	Director	20/09/2001	20/09/2001	-	Active	NO
14	U17111TN2004PTC053768	SRI AMRITHESHWARI SPINNING MILLS PRIVATE LIMITED	Director	19/07/2004	19/07/2004	-	Active	NO
15	U17111TN2005PTC058142	SRI RAMA DHOOTH MILLS PRIVATE LIMITED	Director	30/11/2005	30/11/2005	-	Active	NO
16	U60210TN1960PTC004043	NELLAI AUTOMOBILES PRIVATE LIMITED	Director	27/03/2006	27/03/2006	-	Active	NO
17	U60210TN1960PTC004114	MUHAVAI AUTO MOBILES PRIVATE LIMITED	Director	28/03/2006	28/03/2006	-	Active	NO
18	U27200TN1984PTC011013	ARUPPUKOTTAI SRI JAYAVILAS INVESTMENTS PRIVATE LIMITED	Director	21/01/2007	21/01/2007	-	Active	NO
19	U27310TN1995PTC032740	HARIHAR ALLOYS PRIVATE LIMITED	Director	19/06/2009	19/06/2009	03/02/2010	Active	NO

Name :

Mr. Thathi Naicker Ramasamy Varadarajan

Designation :

Managing Director

Address :

1, Vadugarkottai, Aruppukottai - 626101, Tamilnadu, India

Date of Birth/Age :

25.07.1940

Date of Appointment :

30.03.1995

PAN No.:

AAGPV2535B

DIN No.:

00077433

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	U17111TN1951PLC002746	SHRI RAMALINGA MILLS LIMITED	Director	17/06/1965	17/06/1965	-	Active	NO
2	U60210TN1979PTC007793	SRI VAIGAI TRANSPORTS PRIVATE LIMITED	Director	12/04/1979	12/04/1979	-	Active	NO
3	U27104TN1961PTC004402	KOVILPATTI STEEL ROLLING INDUSTRIES PRIVATE LIMITED	Director	07/05/1979	07/05/1979	-	Active	NO
4	U65191TN1980PTC008152	ARUPPUKOTTAI SRI JAYAVILAS FINANCE PRIVATE LIMITED	Director	01/03/1980	01/03/1980	-	Active	NO
5	U51102TN1981PLC008702	SRI JAYAJOTHI AND COMPANY LIMITED	Director	07/04/1981	07/04/1981	07/09/2011	Active	NO
6	U27104TN1982PTC009175	SREE JAYA VILAS MALLEABLE CASTINGS PRIVATE LIMITED	Director	18/01/1982	18/01/1982	-	Active	NO
7	U27200TN1984PTC011013	ARUPPUKOTTAI SRI JAYAVILAS INVESTMENTS PRIVATE LIMITED	Director	12/07/1984	12/07/1984	-	Active	NO
8	U24294TN1985PTC011584	SRI JAYASAKTHI POLYMERS PRIVATE LIMITED	Managing director	21/02/1985	21/02/1985	-	Active	NO
9	U65991TN1986PLC012678	SRI JAYAVILAS FINANCE COMPANY LIMITED	Director	14/02/1986	14/02/1986	-	Active	NO
10	L17111TN1989PLC018267	TAMILNADU JAI BHARATH MILL LIMITED	Director	02/11/1989	02/11/1989	04/10/2012	Active	NO
11	U17111TN1989PTC017318	JAI JAGADHAMBIGA TEXTILE MILLS PRIVATE LIMITED	Director	16/07/1990	16/07/1990	24/03/2011	Active	NO
12	U35111TN1983PTC010041	JESUDASONS PRIVATE LIMITED	Director	27/11/1991	27/11/1991	-	Active	NO
13	U17111TN1992PTC022526	SHRI JAYAVARTHAN SPINNING MILL PRIVATE LIMITED	Director	22/04/1992	22/04/1992	-	Active	NO
14	U17111TN1992PTC022984	SRI SATHU SPINNING MILLS PRIVATE LIMITED	Director	01/07/1992	01/07/1992	-	Active	NO
15	U17112TN1980PLC008155	SHRI GOVINDARAJA MILLS LIMITED	Director	30/03/1995	30/03/1995	-	Active	NO
16	U17111TN1995PTC033832	SRI RAMALINGA TEXTILES PRIVATE LIMITED	Director	12/12/1995	12/12/1995	-	Active	NO
17	U60210TN1995PTC033833	ARUPPUYKOTTAI SRIJAYAVILAS TRANSPORT PRIVATE LIMITED	Managing director	12/12/1995	12/12/1995	-	Active	NO
18	U01119TN1996PTC036343	SRI SATHU AGRO FARMS PRIVATE LIMITED	Director	19/08/1996	19/08/1996	-	Active	NO
19	U45401TN1996PTC036342	ARUPPUKOTTAI BRICKS WORKS AND BUILDING CONSTRUCTION PRIVATE LIMITED	Director	19/08/1996	19/08/1996	-	Active	NO
20	U17111TN1997PTC037769	JAYADEVI MILLS PRIVATE LIMITED	Director	20/03/1997	20/03/1997	-	Active	NO
21	U17111TN1999PTC042314	SHRI GOVINDARAJA TEXTILES PRIVATE LIMITED	Director	01/11/2006	21/04/1999	-	Active	NO
22	U28112TN2011PTC083672	SRI JAYAVILAS GREEN POWER PRIVATE LIMITED	Additional director	02/05/2012	02/05/2012	-	Active	NO

Name :

Mr. Thathi Naicker Ramasamy Varadarajan Ramkumar

Designation :

Whole-time director

Address :

1, Vadugarkottai, Aruppukottai - 626101, Tamilnadu, India

Date of Birth/Age :

16.02.1975

Date of Appointment :

22.01.2009

PAN No.:

ACMPR5048M

DIN No.:

00875616

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	U17111TN1997PTC037769	JAYADEVI MILLS PRIVATE LIMITED	Director	13/05/1998	13/05/1998	-	Active	NO
2	U17111TN1992PTC022984	SRI SATHU SPINNING MILLS PRIVATE LIMITED	Director	24/09/1998	24/09/1998	-	Active	NO
3	U17111TN1992PTC022526	SHRI JAYAVARTHAN SPINNING MILL PRIVATE LIMITED	Director	09/12/1998	09/12/1998	-	Active	NO
4	U17112TN1980PLC008155	SHRI GOVINDARAJA MILLS LIMITED	Whole-time director	22/01/2009	22/01/1999	-	Active	NO
5	U67120TN1987PLC015141	KELLYS BENEFIT FUND LIMITED	Director	18/08/2000	18/08/2000	18/08/2010	Active	NO
6	U60210TN1979PTC007793	SRI VAIGAI TRANSPORTS PRIVATE LIMITED	Director	28/08/2000	28/08/2000	-	Active	NO
7	U27104TN1982PTC009175	SREE JAYA VILAS MALLEABLE CASTINGS PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO
8	U17111TN1999PTC042314	SHRI GOVINDARAJA TEXTILES PRIVATE LIMITED	Managing director	01/11/2006	01/11/2006	-	Active	NO
9	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	30/09/2011	14/09/2011	-	Active	NO
10	U28112TN2011PTC083672	SRI JAYAVILAS GREEN POWER PRIVATE LIMITED	Director	20/12/2011	20/12/2011	-	Active	NO

Name :

Mr. Raju Naidu Chempakadevi

Designation :

Director

Address :

1, Vadugarkottai, Aruppukottai - 626101, Tamilnadu, India

Date of Birth/Age :

11.11.1946

Date of Appointment :

30.03.1995

DIN No.:

00875712

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	U60221TN1951PLC000161	ARUPPUKOTTAI SRI JAYA VILAS LIMITED	Director	01/08/1986	01/08/1986	20/10/2011	Active	NO
2	U65991TN1986PLC012678	SRI JAYAVILAS FINANCE COMPANY LIMITED	Director	10/09/1986	10/09/1986	-	Active	NO
3	U17112TN1980PLC008155	SHRI GOVINDARAJA MILLS LIMITED	Director	30/03/1995	30/03/1995	-	Active	NO
4	U17111TN1995PTC033832	SRI RAMALINGA TEXTILES PRIVATE LIMITED	Director	12/12/1995	12/12/1995	-	Active	NO
5	U60210TN1995PTC033833	ARUPPUYKOTTAI SRIJAYAVILAS TRANSPORT PRIVATE LIMITED	Director	12/12/1995	12/12/1995	-	Active	NO
6	U01119TN1996PTC036343	SRI SATHU AGRO FARMS PRIVATE LIMITED	Director	19/08/1996	19/08/1996	-	Active	NO
7	U45401TN1996PTC036342	ARUPPUKOTTAI BRICKS WORKS AND BUILDING CONSTRUCTION PRIVATE LIMITED	Director	19/08/1996	19/08/1996	-	Active	NO
8	U17111TN1997PTC037769	JAYADEVI MILLS PRIVATE LIMITED	Managing director	20/03/1997	20/03/1997	-	Active	NO
9	U17111TN1992PTC022984	SRI SATHU SPINNING MILLS PRIVATE LIMITED	Director	24/09/1998	24/09/1998	-	Active	NO
10	U17111TN1992PTC022526	SHRI JAYAVARTHAN SPINNING MILL PRIVATE LIMITED	Whole-time director	01/01/2010	09/12/1998	-	Active	NO
11	U17111TN1999PTC042314	SHRI GOVINDARAJA TEXTILES PRIVATE LIMITED	Director	21/04/1999	21/04/1999	02/01/2012	Active	NO
12	U60210TN1979PTC007793	SRI VAIGAI TRANSPORTS PRIVATE LIMITED	Director	28/02/2000	28/02/2000	-	Active	NO
13	U27104TN1982PTC009175	SREE JAYA VILAS MALLEABLE CASTINGS PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO

Name :

Mrs. Thathi Naicker Ramasamy Varadarajan Venkatalakshmi

Designation :

Director

Address :

38, Race Course Road, Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

02.12.1970

Date of Appointment :

01.03.1991

DIN No.:

00875825

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	Company/ LLP Status	Defaulting status
1	U17112TN1980PLC008155	SHRI GOVINDARAJA MILLS LIMITED	Director	01/03/1991	01/03/1991	Active	NO
2	U65991TN1986PLC012678	SRI JAYAVILAS FINANCE COMPANY LIMITED	Director	20/03/1995	20/03/1995	Active	NO
3	U17111TN1992PTC022984	SRI SATHU SPINNING MILLS PRIVATE LIMITED	Director	24/09/1998	24/09/1998	Active	NO
4	U17111TN1995PTC033832	SRI RAMALINGA TEXTILES PRIVATE LIMITED	Director	05/04/1999	05/04/1999	Active	NO
5	U65921TZ1989PTC002389	SILESH FINANCE COMPANY PRIVATE LIMITED	Whole-time director	05/03/2001	05/03/2001	Active	NO
6	U17121TZ1982PTC001230	KUMARAN YARN MERCERISING AND PROCESSING MILLS PRIVATE LIMITED	Director	12/11/2001	12/11/2001	Active	NO
7	U27104TN1982PTC009175	SREE JAYA VILAS MALLEABLE CASTINGS PRIVATE LIMITED	Director	16/06/2006	16/06/2006	Active	NO
8	U28112TN2011PTC083672	SRI JAYAVILAS GREEN POWER PRIVATE LIMITED	Additional director	02/05/2012	02/05/2012	Active	NO

Name :

Mrs. Pavarna Varadarajan

Designation :

Director

Address :

1, Vadugarkottai, Aruppukottai - 626101, Tamilnadu, India

Date of Birth/Age :

03.07.1979

Date of Appointment :

22.01.1999

DIN No.:

00947755

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	Company/ LLP Status	Defaulting status
1	U17111TN1992PTC022984	SRI SATHU SPINNING MILLS PRIVATE LIMITED	Director	24/09/1998	24/09/1998	Active	NO
2	U17112TN1980PLC008155	SHRI GOVINDARAJA MILLS LIMITED	Director	22/01/1999	22/01/1999	Active	NO
3	U27104TN1982PTC009175	SREE JAYA VILAS MALLEABLE CASTINGS PRIVATE LIMITED	Additional director	24/06/2009	24/06/2009	Active	NO
4	U28112TN2011PTC083672	SRI JAYAVILAS GREEN POWER PRIVATE LIMITED	Additional director	02/05/2012	02/05/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.09.2011

Names of Shareholders	No. of Shares
T R Dhinakaran	3680
T R Varadarajan	27660
D Nirmala	1210
R Chempakdevi	1260
T R D Senthilkuar	2610
T R V Ramkumar	2680
T R V Pavarna	200
T R V Venkatalakshmi	200
T R D Kothai	500
Total	40000

AS ON 14.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton Yarns.

Products :

ITC Code	Product Descriptions
5205	Cotton Yarn

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars		Licensed Capacity	Installed Capacity
UNIT – I (‘A’ UNIT)
	Spindles	70,522	53,856
	Rotors	3,000	1,920
UNIT – II
	Spindles	60,000	54,648
WEAVING DIVISION	Looms	96	15

Particulars	Unit	Actual Production
UNIT-I
Production of Cotton Yarn	Kgs.	8,055,594
UNIT - II
Production of Cotton Yarn	Kgs.	1,960,647
WEAVING DIVISION
Production of Fabric	Mtrs	880,308
WIND MILL DIVISION	Units	9,384,073

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, Aruppukottai Branch, Sathyamoorthy Bazzar, Aruppukottai – 626101, Tamilnadu, India

· Axis Bank Limited

· State Bank of India

· IDBI

· Tamilnad Mercantile Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	922.054	948.432
Rupee term loans financial institutions secured	24.507	7.009
Working capital loans banks secured	1270.845	630.380
Total	2217.406	1585.821
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks unsecured	0.000	101.495
Loans directors unsecured	4.265	15.596
Fixed deposits unsecured	57.613	50.283
Other debt unsecured	474.274	514.643
Total	536.152	682.017

Banking Relations :	--
Auditors :
Name :	Sukumar and Associates Chartered Accountants
Address :	New No. 29, Old No. 7, Devadi Street, (Off Kutchery Road) Mylapore, Chennai – 600004, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AANFS9673C
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	v Shri Ramalinga Mills Limited, B Unit v Jayadevi Mills (Private) Limited v Sri Sathu Spinning Mills Private Limited v Shri Govindaraja Textiles Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40,000	Equity Shares	Rs. 100/- each	Rs. 4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		243.477	142.401	121.811
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		247.477	146.401	125.811
LOAN FUNDS
1] Secured Loans		2217.406	1585.821	1439.340
2] Unsecured Loans		536.152	682.017	513.498
TOTAL BORROWING		2753.558	2267.838	1952.838
DEFERRED TAX LIABILITIES		115.041	125.754	134.896
TOTAL		3116.076	2539.993	2213.545
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		985.069	1133.636	1305.247
Capital work-in-progress		8.490	14.540	10.147
INVESTMENT		7.536	10.036	0.036
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1293.288	800.291	410.951
	Sundry Debtors	321.600	281.134	228.892
	Cash & Bank Balances	74.821	59.775	53.781
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1022.380	546.572	607.307
Total Current Assets		2712.089	1687.772	1300.931
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	226.593	111.644	101.983
	Other Current Liabilities	308.636	157.592	266.519
	Provisions	61.879	36.755	34.314
Total Current Liabilities		597.108	305.991	402.816
Net Current Assets		2114.981	1381.781	898.115
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3116.076	2539.993	2213.545

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2405.630	1984.619	1527.852
		Other Income	25.369	44.263	26.580
		TOTAL	2430.999	2028.882	1554.432
Less	EXPENSES
		Consumption materials changes inventories	1200.707	1043.791
		Manufacturing service costs	603.052	545.665
		Administrative selling other expenses	186.524	107.364
		TOTAL	1990.283	1696.820	1390.098
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		440.716	332.062	164.334
Less	FINANCIAL EXPENSES		161.893	138.713	135.288
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		278.823	193.349	29.046
Less/ Add	DEPRECIATION/ AMORTISATION		163.336	179.461	190.985
	PROFIT/ (LOSS) BEFORE TAX		115.487	13.888	(161.939)
Add:	PRIOR PERIOD DEPN ADD BACK		0.000	0.000	156.411
Less	TAX		14.411	(6.702)	60.890
	PROFIT/ (LOSS) AFTER TAX		101.076	20.590	(66.418)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	498.035	401.546	372.183
	IMPORTS
		Raw Materials	212.427	424.813	436.550
		Stores & Spares	2.745	1.082	5.621
	TOTAL IMPORTS		215.172	425.895	442.171
	Earnings/ (Loss) Per Share (Rs.)		2527	515	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.16	1.01	(4.27)
Net Profit Margin (PBT/Sales)	(%)	4.80	0.70	(10.60)
Return on Total Assets (PBT/Total Assets}	(%)	7.30	0.49	(6.21)
Return on Investment (ROI) (PBT/Networth)		0.47	0.09	(1.29)
Debt Equity Ratio (Total Liability/Networth)		13.54	17.58	18.72
Current Ratio (Current Asset/Current Liability)		4.54	5.52	3.23

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

The working of the company for the year has resulted in a profit of Rs.440.716 Millions before depreciation, and financial expenses as against a profit of Rs. 332.062 Millions before depreciation and financial expenses for the previous year. During the year the turnover of the company has reached Rs. 2393.600 Millions recording an increase of 20.65% compared to the previous year's turnover of Rs.1984.000 Millions. The improved result was possible due to increase in yarn selling rate in the second half of the year and comfortable position in cotton stock and rates.

This position continued till the end of the financial year. But the first half of the current financial year is very much unfavourable. The yarn rates have come down nose diving. The cotton prices which have touched unprecedented peak levels also have tumbled down. These are all due to confused Government policies. The power position in Tamilnadu continues to be unsatisfactory. But the State Government assures of steps being taken to ease the situation. The Directors have taken steps to outsource for the required power in addition to the E.B. power to run the mill continuously and to reduce the cost of power. The directors hope for better conditions with the beginning of new cotton season and improvement in the yarn selling rates both in local and export markets. With all these anticipations the directors hope for better results in the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17112TN1980PLC008155
Name of the company	SHRI GOVINDARAJA MILLS LIMITED
Address of the registered office or of the principal place of business in India of the company	R-S-1, Sayalgudi Road, Sawaspuram Village, Aruppukottai – 626159, Tamilnadu, India Email: accounts@sgmills.com
This form is for	Modification of charge
Charge identification number of the modified	90290087
Type of charge	Book Debts Movable Property
Particular of charge holder	Canara Bank, Aruppukottai Branch, Sathyamoorthy Bazzar, Aruppukottai – 626101, Tamilnadu, India Email: cb0901@canarabank.com
Nature of description of the instrument creating or modifying the charge	Supplemental Common Hypothecation Agreement, evidencing sanction of reduced limits of Rs.2050.000 Millions to the Company. There being no change in the limits of Rs. 2.030 Millions sanctioned to the Company's director Mr. T.R. Varadarajan, which is also secured by the Company's immovable properties, no fresh document is warranted for the said limit. Thus the overall limit secured by the charge is Rs.2052.030 Millions
Date of instrument Creating the charge	31.03.2012
Amount secured by the charge	2,052.030 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per attachment Terms of Repayment 1.OCC/ODBD/PC/PCFC/ FCLR/FDB/FBE/BG - Repayable on Demand 2.TL I to IV - There is no change in the existing sanction stipulations Margin 1. Stocks - 25% 2. Book Debts - 40% 3. Spares - 50% 4. PC/PCFC/ILC/FLC/BG/ECB - 10% 5. FDB/FBE/BRD - Nil Extent and Operation of the charge As per attachment Others 1. Stocks - 25% 2. Book Debts - 40% 3. Spares - 50% 4. PC/PCFC/ILC/FLC/BG/ECB - 10% 5. FDB/FBE/BRD - Nil
Short particulars of the property charged	Hypothecation of Stock Book Debts Machineries Other Movable Assets and EM on company s Immovable Properties/ Lease-hold Rights
Date of latest modification prior to the present modification	30.03.2011
Particulars of the present modification	Overall Limit remains unchanged at Rs. 2052.030 Millions Extn. of Hypothecation as exclusive first charge on the Company’s Stocks, B.D.,P and M and other movable fixed assets (Other than those financed by Axis Bank Limited, Chennai and SBI, Com.Br. Mdu) as security for the reduced Limits of Rs. 2050.000 Millions of Company (Excl. Rs. 2.030 Millions being AL-TL sanctioned to Mr. T R Varadhararajan) together with int. cost and all other monies due from the company. All other terms and conditions, incl. other existing securities, remain unaltered.

FIXED ASSETS:

v Land

v Building

v Machinery

v Imported machinery

v Testing Machinery

v Electrical Machinery

v Generator

v Electrical Fittings

v Office Machinery

v Fire Extinguisher

v Furniture and Fixtures

v Vehicles

v Lorry

v Bus

v Tractor

v Tools

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 organizatio 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. 53.66
UK Pound	1	Rs. 86.37
Euro	1	Rs. 69.24

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		30

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.