MIRA INFORM REPORT

Report No. :	324604
Report Date :	30.05.2015

IDENTIFICATION DETAILS

Name :	V V F LIMITED
Formerly Known As :	VEGETABLE VITAMIN FOODS COMPANY LIMITED
Registered Office :	109, Sion (East), Mumbai - 400022, Maharashtra, India
Tel. No.:	91-22-40282000/ 24034541/ 40282250
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.09.1939
Com. Reg. No.:	11-002994
Capital Investment / Paid-up Capital :	Rs 57.360 million
CIN No.: [Company Identification No.]	U99999MH1939PLC002994
IEC No.:	0388119993
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACV3847R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Marketing of Personal Care Products and Oleochemicals and also Generation of Power and Warehousing.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well-established company having a satisfactory track record. Profit margin seems to be decent. Financial as well as liquidity position seems to be sound. The rating also take into consideration the transfer of its domestic Oleo chemicals, contract manufacturing business and company owned brands together with related assets to new company V V F (India) Limited in order to fund the business growth. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The subject can be considered for 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	ICRA
Rating	Term Loan = BB+
Rating Explanation	Moderate risk of default regarding timely payments.
Date	March, 2014

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

CONTACT NO: 91-22-40282000

LOCATIONS

Registered Office :	109, Sion (East), Mumbai-400022, Maharashtra, India
Tel. No.:	91-22-40282000/ 24034541/ 40282250
Fax No.:	91-22-24086698
E-Mail :	rajesh.pathak@vvfitd.com corporatecommunication@vvfitd.com mohan.sonar@vvfitd.com nitinrane@vvfltd.com
Website :	www.vvfltd.com
Factory 1 :	Storage Tank Facilities Hay Bunder Road, Sewree, Mumbai – 400033, Maharashtra, India
Tel. No.:	91-22-23728035/ 6238/ 1967
Fax No.:	91-22-23703095
Factory 2 :	Oleochemicals, Soap Pellets and Fatty Alcohols Plot No. V 41, MIDC Industrial Area, Taloja, District Raigad - 410208 Maharashtra, India
Tel. No.:	91-22-27412036/ 37
Fax No.:	91-22-27412173
Factory 3 :	Bar Soaps and Liquid Personal Care Products NOP Compound, Maneklai Road, Navsari-396445, Gujarat, India
Tel. No.:	91-2637-250227/ 257360
Fax No.:	91-2637-256622
Factory 4 :	Soap Pellets, Bar Soaps and Glycerin Survey No. 65 & 95 A, Meghpar Borichi, Galpadar Road, Anjar, Kutch - 370201 Gujarat, India
Tel. No.:	91-2836-246982/ 83/ 84
Fax No.:	91-2836-246981
Factory 5 :	Bar Soaps Hadbast No. 214, V.P.O. Bhatoli Kalan Baddi, Tehsil - Nalagarh, District Salon, Himachal Pradesh - 173205 India
Tel. No.:	91-179-5661300
Fax No.:	91-179-5275034
Factory 6 :	Personnel Care Products 7, Tiljala Road, Kolkata-700039, West Bengal, India
Tel. No.:	91-33-23434151/ 52
Fax No.:	91-33-23434497

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rustom Godrej Joshi

Designation :

Managing Director

Address :

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

Date of Birth/Age :

05.05.1953

Qualification :

IIT (Chemistry)

Date of Appointment :

24.11.1972

PAN No.:

AABPJ7137L

DIN No.:

00277901

Other Directorship :

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	U99999MH1939PLC002994	V V F LIMITED	MANAGING DIRECTOR	01-10-2012	24-11-1972	ACTIVE	NO
2	U99999MH1979PTC022023	RF EXPORTS PRIVATE LIMITED	DIRECTOR	21-12-1979	21-12-1979	ACTIVE	NO
3	U65990MH1979PTC022035	GODSIL INVESTMENTS PRIVATE LIMITED	DIRECTOR	22-12-1979	22-12-1979	ACTIVE	NO
4	U15140MH1979PTC022030	VITA OIL PRIVATE LIMITED	DIRECTOR	22-12-1979	22-12-1979	ACTIVE	NO
5	U24118MH1985PTC037964	NAVSARI OIL PRODUCTS PRIVATE LIMITED	DIRECTOR	03-10-1986	03-10-1986	ACTIVE	NO
6	U51900MH2000PTC127812	SYNERGY INDIA MARKETING PRIVATE LIMITED	DIRECTOR	01-11-2000	01-11-2000	ACTIVE	NO
7	U45400MH2010PTC210098	VVF INFRASTRUCTURE PRIVATE LIMITED	DIRECTOR	16-11-2010	16-11-2010	ACTIVE	NO
8	U45400MH2010PTC210101	NAVIMUMBAI INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	DIRECTOR	16-11-2010	16-11-2010	ACTIVE	NO
9	U24296MH2010PLC210239	VVF (INDIA) LIMITED	MANAGING DIRECTOR	01-12-2013	22-11-2010	ACTIVE	NO
10	U51909MH2005PTC156458	VITAVON LIFE PRIVATE LIMITED	DIRECTOR	30-09-2013	09-01-2013	ACTIVE	NO
11	U24230MH2004PTC145489	VITA BIOPHARMA PRIVATE LIMITED	ADDITIONAL DIRECTOR	09-01-2013	09-01-2013	AMALGAMATED	NO

Name :

Mr. Faraz Godrej Joshi

Designation :

Whole Time Director

Address :

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

Date of Birth/Age :

21.07.1946

Qualification :

B.E.(Civil)

Date of Appointment :

24.11.1972

PAN No.:

AAGPJ8762Q

DIN No.:

00278206

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U99999MH1939PLC002994	V V F LIMITED	Director	01-06-2012	24-11-1972	Active	NO
2	U99999MH1979PTC022023	RF EXPORTS PRIVATE LIMITED	Director	21-12-1979	21-12-1979	Active	NO
3	U65990MH1979PTC022035	GODSIL INVESTMENTS PRIVATE LIMITED	Director	22-12-1979	22-12-1979	Active	NO
4	U15140MH1979PTC022030	VITA OIL PRIVATE LIMITED	Director	22-12-1979	22-12-1979	Active	NO
5	U24118MH1985PTC037964	NAVSARI OIL PRODUCTS PRIVATE LIMITED	Director	03-10-1986	03-10-1986	Active	NO
6	U51900MH2000PTC127812	SYNERGY INDIA MARKETING PRIVATE LIMITED	Director	01-02-2010	01-02-2010	Active	NO
7	U24296MH2010PLC210239	VVF (INDIA) LIMITED	Managing director	17-12-2013	01-06-2012	Active	NO

Name :

Ms. Shanaz Diwan

Designation :

Whole Time Director

Address :

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

Date of Birth/Age :

22.02.1950

Qualification :

Bsc.

Date of Appointment :

30.01.2008

PAN No.:

AABPD7249M

DIN No.:

02019387

Other Directorship :

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	U99999MH1939PLC002994	V V F LIMITED	DIRECTOR	01-06-2012	01-02-2008	ACTIVE	NO
2	U45400MH2010PTC210098	VVF INFRASTRUCTURE PRIVATE LIMITED	DIRECTOR	16-11-2010	16-11-2010	ACTIVE	NO
3	U24296MH2010PLC210239	VVF (INDIA) LIMITED	MANAGING DIRECTOR	17-12-2013	22-11-2010	ACTIVE		NO
4	U45400MH2010PTC210101	NAVIMUMBAI INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	DIRECTOR	27-09-2011	30-03-2011	ACTIVE		NO
5	U24230MH2004PTC145489	VITA BIOPHARMA PRIVATE LIMITED	DIRECTOR	29-09-2012	09-01-2012	AMALGAMATED		NO

Name :

Mr. Rajamani Subramaniam Iyer

Designation :

Director

Address :

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

Date of Birth/Age :

25.12.1927

Qualification :

M. Com. & PGDBM

Date of Appointment :

30.09.1996

DIN No.:

00278672

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U99999MH1939PLC002994	V V F LIMITED	Director	30-09-1996	30-09-1996	Active	NO
2	U52190MH2009PTC196799	NINE VENTURES PRIVATE LIMITED	Director	03-11-2009	03-11-2009	Active	NO
3	U24296MH2010PLC210239	VVF (INDIA) LIMITED	Director	30-09-2014	24-03-2014	Active	NO

Name :

Mr. Julio Frederick Ribeiro

Designation :

Director

Address :

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

Date of Birth/Age :

05.05.1929

Qualification :

B.Com & LLB

Date of Appointment :

23.01.2001

DIN No.:

00047630

Other Directorship :

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	DATE OF CESSATION	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	DIRECTOR	26-08-1999	26-08-1999	-	ACTIVE	NO
2	U99999MH1939PLC002994	V V F LIMITED	DIRECTOR	23-01-2001	23-01-2001	-	ACTIVE	NO
3	U65191TN1994PLC079235	FULLERTON INDIA CREDIT COMPANY LIMITED	DIRECTOR	29-09-2007	19-10-2006	24-11-2010	ACTIVE	NO
4	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	DIRECTOR APPOINTED IN CASUAL VACANCY	05-09-2008	14-08-2008	-	ACTIVE	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Vita Oil Private Limited, India	200000
R. F. Exports Private Limited, India	1015000
Rustom Godrej Joshi	1955688
Faraz Godrej Joshi	1955788
Neville Rustom Joshi	99
Navsari Oil Products Private Limited, India	150100
Godsil Investments Private Limited, India	200
Shanaz Diwan	359522
V V F Employees Benefit Trust, India	100000
Shirin rustom Joshi	1
Sheila Diwan	1
Gitanjali Diwan	1
Total	5736400

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	23.80
Directors or relatives of directors	74.46
Others	1.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of personal care products and Oleochemicals and also Generation of Power and warehousing.

Products :

ITC Code No.	Product Descriptions
98010019	Income from Commission/ Services to Subsidiaries

Brand Names :

---

Agencies Held :

---

Exports :

Products :

---

Countries :

---

Imports :

Products :

---

Countries :

---

Terms :

Selling :

---

Purchasing :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	ICICI Bank Towers, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Bank of India

Mumbai Large Corporate Branch, Oriental Building, 364, D N Road, Mumbai-400001, Maharashtra, India

· Indian Overseas Bank

Plot No.4/4, Sector 5, Vashi, Navi Mumbai-400703, Maharashtra, India

· State Bank of Patiala

Atlanta, first Floor, Nariman Point, Mumbai-400021, Maharashtra, India

· Export Import Bank of India

Centre One Building, Floor 21, World trade centre complex, cuffe Parade, Mumbai-400005, Maharashtra, India

· Kotak Mahindra Bank Limited

36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India

· ICICI Banking limited

Banking Corporation Limited, 215, Free Press house, Nariman Point, Mumbai-400021, Maharashtra, India

· ICICI Limited

163, Backbay Reclamation, Mumbai-400020, Maharashtra, India

· Bank of India

70/80, M.G Road, Bombay, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	97.270
Tota	0.000	97.270

Banking Relations :	--
Auditors :
Name :	T.P. Ostwal and Associates Chartered Accountants
Address :	Bharat House, 4^th Floor, 104, Mumbai Samachar Marg, Fort, Mumbai 400001, Maharashtra, India
Pan No:	AAEFT8386J
Memberships :	--
Collaborators :	--
Subsidiary Company :	VVF Intervest LLC
Others:	Green Planet Industries LLC
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Navsari Oil Products Private Limited (U24118MH1985PTC037964) · Vita Oil Private Limited (U15140MH1979PTC022030) · Vita Trading Private Limited (U51909MH2005PTC156458) · VVF (INDIA) LIMITED (U24296MH2010PLC210239)
Wholly Owned Subsidiaries :	· VVF (America) Inc. · Navnirman Urja Shakti Private Limited. · VVF Infrastructure Private Limited.
Subsidiaries :	· Synergy (India) Marketing Private Limited. · VVF FZCO
Wholly Owned Step-down Subsidiaries :	· VVF Intervest LLC · VVF LLC · VVF Illinois LLC · VVF Illinois Services LLC · VVF Kansas LLC · VVF Kansas Services LLC · VVF Life Sciences Pte. Limited. – wef 18.7.2013 · VVF Life Sciences South Africa (Pty) Limited. - wef 14.10.2013
Step-down Subsidiaries :	· VVF Spolka z.o.o

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5736400	Equity Shares	Rs.10/- each	Rs.57.364 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	57.360	57.360	573.640
(b) Reserves & Surplus	689.260	589.260	4852.460
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	746.620	646.620	5426.100
(3) Non-Current Liabilities
(a) Long-term borrowings	131.290	249.280	4449.620
(b) Deferred tax liabilities (Net)	20.530	21.150	227.570
(c) Other long term liabilities	84.750	84.750	0.000
(d) long-term provisions	139.570	86.150	1355.490
Total Non-current Liabilities (3)	376.140	441.330	6032.680
(4) Current Liabilities
(a) Short term borrowings	114.020	128.430	50.000
(b) Trade payables	2.420	2.790	68.190
(c) Other current liabilities	122.260	197.640	4182.260
(d) Short-term provisions	1.790	1.510	12.820
Total Current Liabilities (4)	240.490	330.370	4313.270
TOTAL	1363.250	1418.320	15772.050
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	127.190	139.180	1523.980
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	912.200	912.200	9121.960
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	86.920	86.560	860.850
(e) Other Non-current assets	6.490	6.490	64.860
Total Non-Current Assets	1132.800	1144.430	11571.650
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.270	2.040	32.990
(c) Trade receivables	57.600	190.250	1090.110
(d) Cash and cash equivalents	50.410	1.650	35.880
(e) Short-term loans and advances	109.360	75.830	562.140
(f) Other current assets	11.810	4.120	2479.280
Total Current Assets	230.450	273.890	4200.400
TOTAL	1363.250	1418.320	15772.050

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	368.520	348.910	2629.550
		Other Income	4.650	4.660	178.560
		TOTAL (A)	373.170	353.570	2808.110
Less	EXPENSES
		Cost of Materials Consumed	0.000	0.000	0.000
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.030)	(0.020)	0.050
		Employees benefits expense	34.510	54.200	211.580
		Other expenses	119.030	54.340	890.530
		TOTAL (B)	153.510	108.520	1102.160
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		219.660	245.050	1705.950
Less	FINANCIAL EXPENSES (D)		43.790	82.980	1215.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		175.870	162.070	490.150
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.270	13.210	137.690
	PROFIT BEFORE TAX (E-F) (G)		162.600	148.860	352.460
Less	TAX (H)		62.600	44.850	260.960
	PROFIT AFTER TAX (G-H) (I)		100.000	104.010	(91.500)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	198.41	201.78	0.000
	TOTAL EARNINGS		198.41	201.78	0.000
	Earnings Per Share (Rs.)		17.43	18.13	(1.60)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	112.870	185.830	410.657
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	27.14	29.81	-3.48
Net Profit Margin (PBT/Sales)	(%)	59.61	70.23	64.88
Return on Total Assets (PBT/Total Assets}	(%)	36.05	29.41	5.30
Return on Investment (ROI) (PBT/Networth)		0.22	0.23	0.06
Debt Equity Ratio (Total Liability/Networth)		0.48	0.87	0.90
Current Ratio (Current Asset/Current Liability)		0.96	0.83	0.97

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

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	573.640	57.360	57.360
Reserves & Surplus	4852.460	589.260	689.260
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5426.100	646.620	746.620
Long-term borrowings	4449.620	249.280	131.290
Short term borrowings	50.000	128.430	114.020
CURRENT MATURITIES OF LONG-TERM DEBTS	410.657	185.830	112.870
Total borrowings	4910.277	563.540	358.180
Debt/Equity ratio	0.905	0.872	0.480

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2629.550	348.910	368.520
		(86.731)	5.620

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2629.550	348.910	368.520
Profit	(91.500)	104.010	100.000
	(3.48)%	29.81%	27.14%

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	Yes
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10519270	10/10/2014 *	350,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST),, MUMBAI-400051,MAHARASHTRA, INDIA	C30401715
2	10476953	15/01/2014	800,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, BANDRA ( EAST), MUMBAI-400051,MAHARASHTRA, INDIA	B96097639
3	10247721	18/10/2010	1,500,000,000.00	CENTRAL BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, CHANDRAMUKHI, GROUND F LOOR,NARIMAN POINT, MUMBAI- 400051, MAHARASHTRA, INDIA	A96984315
4	10202879	21/12/2009	95,400,000.00	HENKEL INDIA LIMITED	NO.3, CENOTAPH ROAD,TEYNAMPET,, 1ST FLOOR,, CHENNAI- 600018, TAMIL NADU, INDIA	A78528494
5	10148752	28/05/2012 *	10,600,000,000.00	BANK OF INDIA	MUMBAI LARGE CORPORATE BRANCH, ORIENTAL BUILDING, 364, D N ROAD,, MUMBAI- 400051, MAHARASHTRA, INDIA	B40255069
6	90240565	30/03/1999	50,000,000.00	ICICI LIMITED	163; BACKBAY RECLAMATION, MUMBAI- 400051, MAHARASHTRA, INDIA	-
7	90239000	25/07/1983	533,162.00	BHARAT PETROLIUM CORPORATION LIMITED.	CURRIMBHOY ROAD, BALLARD ESTATE, MUMBAI- 400051, MAHARASH TRA, INDIA	-
8	90238985	06/05/1983	1,181,700.00	BHARAT PETROLEUM CORPORATION LIMITED.	BHARAT BHAVAN, 4 AND 6 CARRIMBHOY ROAD, MUMBAI-400051, MAHARASHTRA, INDIA	-

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Deferred payment liabilities	131.290	152.010
SHORT TERM BORROWINGS
Deposits	114.020	128.430
Total	245.310	280.440

OPERATIONS REVIEW:

The total revenue for the year increased by 5.54% to Rs.373.17 Million as compared to the previous year and resulted in the net profit of Rs.100.00 Million. This has been possible because of focused management approach, reduction in cost and optimum utilization of financial and human resources.

COMPANY OVERVIEW:

VVF Limited (?the Company?) is a public limited company domiciled and headquartered in India. It was incorporated on 14 September 1939 under the Indian Companies Act, 1913 and deemed to be incorporated under the Companies Act, 1956 (?the Act?). The Company is primarily engaged in generation of power and warehousing. The Company has operations in India.

During the previous year, the scheme of Arrangement of demerger between VVF Limited (?Demerged Company?) and VVF (India) Limited (?Resulting Company?) and their respective shareholders was approved by the Honorable High Court of Judicature at Bombay on 20 April 2012.The Company had received certified copy of the High Court Order on 11 May 2012 and accordingly the scheme became effective from 1 June 2012, the date of filing of the said order with the Registrar of Companies.

FIXED ASSETS:

• Land
• Leasehold Land
• Building
• Plant and Equipments
• Electrical Installation
• Furniture and Fixtures
• Office Equipments
• Vehicles

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. 63.76
UK Pound	1	Rs. 97.80
Euro	1	Rs. 69.91

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	RAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		45

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.