MIRA INFORM REPORT

Report No. :	336411
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	G V G PAPER MILLS PRIVATE LIMITED (w.e.f. 17.09.2001)
Formerly Known As :	GVG PAPER MILLS LIMITED (w.e.f. 01.07.1994) GVG PAPER MILLS PRIVATE LIMITED
Registered Office :	168/2, Sikkandhar Batcha Street, Gandhi Nagar, Udumalpet – 642 154, Tamilnadu
Tel. No.:	91-4252-224113
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.01.1985
Com. Reg. No.:	18-006888
Capital Investment / Paid-up Capital :	Rs.30.000 million
CIN No.: [Company Identification No.]	U02101TZ1985PTC006888
IEC No.:	Not Available
TIN No.:	33915360005
CST No.:	144068 / 5-7-85
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCG1438N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into manufacturing of diverse paper products, including WPP, NP, kraft paper, and duplex paperboards.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 2109000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate networth base and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long-Term Rating: A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	31.12.2014

Rating Agency Name	CRISIL
Rating	Short-Term Rating: A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	31.12.2014

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 31-03-2013.

LOCATIONS

Registered Office/ Corporate Office/ Administration Office :	168/2, Sikkandhar Batcha Street, Gandhi Nagar, Udumalpet – 642 154, Tamilnadu, India
Tel. No.:	91-4252-224113/ 224513/ 224943
Fax No.:	91-4252-225425
E-Mail :	gvgpltd@gmail.com gvgmudt@dataone.in
Factory :	Nallur, Pushpathur Village, Taluk Palani, District Dindigul – 624 618, Tamilnadu, India
Tel. No.:	91-4252-252535/ 252536/ 252327
Fax No.:	91-4252-252245
Branch Office :	140, Mannarsamy Koil Street, Rayapuram, Chennai – 600 013, Tamilnadu, India
Tel. No.:	91-44-25950906
Fax No.:	91-44-25961211

DIRECTORS

AS ON 29.09.2014

Name :

Mrs. Amarnath Padma

Designation :

Director

Address :

133-A, S.V. Mills Post, Palani Road, Udamalpet – 642 128, Tamilnadu, India

Date of Birth/Age :

09.07.1958

Date of Appointment :

28.09.1998

DIN No.:

00088176

PAN No.:

AJNPP5970A

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	U17111TZ1989PTC002343	S V P B SPINNERS PRIVATE LIMITED	Director	14/04/1989	14/04/1989	-	Active	NO
2	U17119TZ1990PTC002779	SVA SYNTEX PRIVATE LIMITED	Director	31/12/1993	31/12/1993	-	Active	NO
3	U02101TZ1985PTC006888	G V G PAPER MILLS PRIVATE LIMITED	Director	28/09/1998	28/09/1998	-	Active	NO
4	U05110TZ1950PTC000099	METTUPALAYAM MILLS GENERAL TRADES PRIVATE LIMITED	Director	29/08/2014	29/08/2014	-	Active	NO

Name :

Mr. Muthuswamy Amarnath

Designation :

Managing Director

Address :

133/3, Palani Road, Udumalpet, Coimbatore – 642 126, Tamilnadu, India

Date of Birth/Age :

10.10.1949

Date of Appointment :

25.01.1985

DIN No.:

00088110

PAN No.:

ACKPA2251M

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	U17111TZ1980PTC006887	G V G INDUSTRIES PRIVATE LIMITED	Director	11/09/1980	11/09/1980	-	Active	NO
2	U02101TZ1985PTC006888	G V G PAPER MILLS PRIVATE LIMITED	Managing director	25/01/1985	25/01/1985	-	Active	NO
3	U17111TZ1955PTC000012	ANNAMALAIAR MILLS PRIVATE LIMITED	Director	30/05/1990	30/05/1990	-	Active	NO
4	U17119TZ1990PTC002779	SVA SYNTEX PRIVATE LIMITED	Managing director	28/06/1990	28/06/1990	-	Active	NO
5	U17121TZ1991PTC003461	GVG PROCESSORS PRIVATE LIMITED	Director	07/10/1991	07/10/1991	-	Active	NO
6	U21012TZ1981PTC001118	SHRI HARI KRISHNA PAPERS PRIVATE LIMITED	Director	20/02/1995	20/02/1995	-	Active	NO

Name :

Mr. Muthuswamy Veluswamy

Designation :

Director

Address :

133-A, S.V. Mills Post, Palani Road, Udamalpet – 642 128, Tamilnadu, India

Date of Birth/Age :

09.12.1947

Date of Appointment :

25.01.1985

DIN No.:

00088142

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	U17111TZ1980PTC006887	G V G INDUSTRIES PRIVATE LIMITED	Director	11/09/1980	11/09/1980	-	Active	NO
2	U02101TZ1985PTC006888	G V G PAPER MILLS PRIVATE LIMITED	Director	25/01/1985	25/01/1985	-	Active	NO
3	U17111TZ1955PTC000012	ANNAMALAIAR MILLS PRIVATE LIMITED	Director	03/08/1989	03/08/1989	-	Active	NO
4	U17115TZ1990PTC002695	SREE VISHNULAKSHMI TEXTILES PRIVATE LIMITED	Director	02/05/1990	02/05/1990	07/03/2011	Active	NO
5	U17119TZ1990PTC002779	SVA SYNTEX PRIVATE LIMITED	Director	28/06/1990	28/06/1990	-	Active	NO
6	U17121TZ1991PTC003461	GVG PROCESSORS PRIVATE LIMITED	Director	07/10/1991	07/10/1991	-	Active	NO
7	U17111TZ1989PTC002343	S V P B SPINNERS PRIVATE LIMITED	Director	06/10/1993	06/10/1993	-	Active	NO
8	U21012TZ1981PTC001118	SHRI HARI KRISHNA PAPERS PRIVATE LIMITED	Director	20/02/1995	20/02/1995	-	Active	NO
9	U17111TZ1989PTC002416	ANNAMALAIAR SPINNERS PRIVATE LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO

Name :

Mr. Veluswamy Vivek

Designation :

Director

Address :

133-A, S.V. Mills Post, Palani Road, Udumalpet, Coimbatore – 642 128, Tamilnadu, India

Date of Birth/Age :

21.05.1983

Date of Appointment :

30.08.2006

DIN No.:

00800236

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	U21012TZ1981PTC001118	SHRI HARI KRISHNA PAPERS PRIVATE LIMITED	Director	01/06/2006	01/06/2006	-	Active	NO
2	U02101TZ1985PTC006888	G V G PAPER MILLS PRIVATE LIMITED	Director	30/08/2006	30/08/2006	-	Active	NO
3	U17111TZ1989PTC002343	S V P B SPINNERS PRIVATE LIMITED	Director	23/08/2007	23/08/2007	-	Active	NO
4	U17111TZ1989PTC002416	ANNAMALAIAR SPINNERS PRIVATE LIMITED	Whole-time director	01/09/2014	29/08/2014	-	Active	NO
5	U21020TZ2015PTC021033	G V G KRAFT PRIVATE LIMITED	Director	12/01/2015	12/01/2015	-	Active	NO

Name :

Mr. Amarnath Anish

Designation :

Additional Director

Address :

133/3, Palani Road, Udumalpet, Coimbatore – 642 126, Tamilnadu, India

Date of Birth/Age :

03.12.1987

Date of Appointment :

19.01.2011

DIN No.:

03403506

PAN No.:

AFFPA9018N

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	U02101TZ1985PTC006888	G V G PAPER MILLS PRIVATE LIMITED	Additional director	19/01/2011	19/01/2011	-	Active	NO
2	U21012TZ1981PTC001118	SHRI HARI KRISHNA PAPERS PRIVATE LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO
3	U17119TZ1990PTC002779	SVA SYNTEX PRIVATE LIMITED	Director	26/09/2012	26/09/2012	-	Active	NO
4	U17111TZ1989PTC002416	ANNAMALAIAR SPINNERS PRIVATE LIMITED	Director	24/09/2014	29/08/2014	-	Active	NO
5	U21020TZ2015PTC021033	G V G KRAFT PRIVATE LIMITED	Director	12/01/2015	12/01/2015	-	Active	NO

Name :

Amarnath Anjani

Designation :

Director

Address :

3, Manager's Bungalow, Venkatesa Mills, Udumalpet – 642 128, Tamilnadu, India

Date of Appointment :

05.02.2015

DIN No.:

01905222

PAN No.:

AREPA0382L

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	U17119TZ1990PTC002779	SVA SYNTEX PRIVATE LIMITED	Additional director	23/08/2007	23/08/2007	-	Active	NO
2	U17111TZ1989PTC002343	S V P B SPINNERS PRIVATE LIMITED	Director	23/08/2007	23/08/2007	-	Active	NO
3	U02101TZ1985PTC006888	G V G PAPER MILLS PRIVATE LIMITED	Director	05/02/2015	05/02/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Note:

Shareholding details file attached.

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into manufacturing of diverse paper products, including WPP, NP, kraft paper, and duplex paperboards.

Products :

Item Code No.	Product Description
48101990	Paper

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Available	Not Available	Not Available

Remark:

Not Available

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Product Quality	Delivery Behaviour	Overall
Not Available	Not Available	Not Available

Remark:

Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	The Karur Vysya Bank Limited
Branch Address	2/3 Kalpana Road, Udamalpet, Coimbatore – 642 126, Tamilnadu, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· Lakshmi Vilas Bank Limited, 100 Palani Road, Udumalpet, Coimbatore – 642 126, Tamilnadu, India

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWING
Rupee term Loan from Banks (Hypothecation of Unit IV)	267.773	279.371
Loans taken for vehicles (Hypothecation of Bolero Jeep)	0.991	0.284
SHORT TERM BORROWING
Working Capital Loans from Banks (Hypothecation of Stock and Receivables)	16.035	18.878
Total	284.799	298.533

Financial Institution :	Tamilnadu Industrial Investment Corporation Limited, No.692, Anna Salai, Nandanam, Chennai – 600 035, Tamilnadu, India
Auditors :
Name :	A. Arjunaraj and Company Chartered Accountants
Address :	D No.64, 65 Bharathi Road, Ramnagar, Coimbatore – 641 001, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	ADDPA3928K
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Shri Hari Krishna Papers Private Limited, India (CIN No.: U21012TZ1981PTC001118) G V G Enterprises, India GVG Inc. SVA Syntex Private Limited, India (CIN No.: U17119TZ1990PTC002779)

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 million

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	30.000	30.000	30.000
(b) Reserves & Surplus	705.660	578.524	502.054
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
(3) Deferred Government Grants	2.522	2.733	2.944
Total Shareholders’ Funds (1) + (2)	738.182	611.257	534.998
(3) Non-Current Liabilities
(a) Long-term borrowings	272.457	283.607	3.750
(b) Deferred tax liabilities (Net)	59.068	62.934	66.753
(c) Other long term liabilities	0.835	2.873	3.400
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	332.360	349.414	73.903
(4) Current Liabilities
(a) Short term borrowings	16.035	18.878	34.233
(b) Trade payables	264.620	137.566	102.993
(c) Other current liabilities	105.482	66.746	38.775
(d) Short-term provisions	10.730	5.369	6.083
Total Current Liabilities (4)	396.867	228.559	182.084
TOTAL	1467.409	1189.230	790.985
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	746.399	790.772	304.569
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.610	66.974
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.350	2.350	2.350
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.989	14.556	10.992
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	760.738	808.288	384.885
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	226.957	118.762	188.672
(c) Trade receivables	301.861	108.889	47.428
(d) Cash and cash equivalents	134.410	84.451	68.648
(e) Short-term loans and advances	38.741	61.545	88.687
(f) Other current assets	4.702	7.295	12.665
Total Current Assets	706.671	380.942	406.100
TOTAL	1467.409	1189.230	790.985

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	2814.600	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		331.728	170.010	129.895
Less	INTEREST CHARGES		49.801	41.421	19.207
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		281.927	128.589	110.688
Less/ Add	DEPRECIATION/ AMORTISATION		116.426	130.153	26.209
Add	EXTRAORDINARY ITEMS		4.759	100.500	0.000
	PROFIT/ (LOSS) BEFORE TAX		170.260	98.936	84.479
Less	TAX		32.594	17.237	15.209
	PROFIT/ (LOSS) AFTER TAX		137.666	81.699	69.270
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		152.046	100.577	62.166
Less	APPROPRIATIONS
		Proposed Dividend @ 30%	9.000	4.500	5.041
		Proposed Corporate Dividend Tax	1.529	0.730	0.818
		Transfer to General Reserve	50.000	25.000	25.000
	BALANCE CARRIED TO THE B/S		229.183	152.046	100.577
	EARNINGS IN FOREIGN CURRENCY		72.420	234.868	111.954
	Earnings/ (Loss) Per Share (Rs.)		45.89	27.23	23.09

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	36.354	1.884	4.537
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	130.410	102.668	(19.571)
Net cash flows from (used in) operating activities	235.521	326.872	44.645

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.89	NA	NA
Operating Profit Margin (PBIDT/Sales)	(%)	11.79	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	11.62	8.34	11.71
Return on Investment (ROI) (PBT/Networth)		0.23	0.16	0.16
Debt Equity Ratio (Total Debt /Networth)		0.44	0.50	0.08
Current Ratio (Current Asset/Current Liability)		1.78	1.67	2.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	30.000	30.000	30.000
Reserves & Surplus	502.054	578.524	705.660
Share Application money pending allotment	0.000	0.000	0.000
Deferred Government Grants	2.944	2.733	2.522
Net worth	534.998	611.257	738.182
Long-term borrowings	3.750	283.607	272.457
Short term borrowings	34.233	18.878	16.035
Current Maturities of Long term debt	4.537	1.884	36.354
Total borrowings	42.520	304.369	324.846
Debt/Equity ratio	0.079	0.498	0.440

LOCAL AGENCY FURTHER INFORMATION

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

FINANCIAL PERFORMANCE:

The company has made a good increase in turnover during the year. The Duplex Board unit commissioned in March 2013 has stabilized and the products are accepted well in the market. The company has recorded a production of 82,878 MT and a clearance of 82,642 MT. The company has made a turnover of Rs.2814.600 million and a profit before tax of Rs.170.200 million. Incidentally both turnover and profit are the highest by the company from inception.

FUTURE OUTLOOK

The company has been doing well during the current year also and hope to do much better during the current year.

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWING
Loans and advances from others	3.693	3.952
Total	3.693	3.952

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10356880	24/09/2014 *	278,500,000.00	THE KARUR VYSYA BANK LIMITED	2/3 KALPANA ROAD, UDUMALPET, COIMBATORE, TAMILNADU - 642126, INDIA	C30830749
2	10256525	19/06/2014 *	26,000,000.00	TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	NO.692, ANNA SALAI, NANDANAM, CHENNAI, TAMILNADU - 600035, INDIA	C16021164
3	10049274	23/04/2007	18,000,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	NO.9,SPENCER COMPOUND, THIRUVALLUVAR SALAI, DINDUGAL, TAMILNADU - 624003, INDIA	A14416721
4	10154062	31/03/2006	5,000,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	NO.9 SPENCER COMPOUND, THIRUVALLUVAR SALAI, DINDIGUL, TAMILNADU - 624003, INDIA	A01005289
5	80012571	03/04/2014 *	401,500,000.00	LAKSHMI VILAS BANK LIMITED	100 PALANI ROAD, UDUMALPET, TAMILNADU - 642126, INDIA	C14438907

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipments

· Vehicles

· Office Equipments

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.64.83
UK Pound	1	Rs.101.00
Euro	1	Rs.71.82

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.