MIRA INFORM REPORT

Report No. :	497030
Report Date :	15.03.2018

IDENTIFICATION DETAILS

Name :	VVF (INDIA) LIMITED (w.e.f. 19.05.2011)
Formerly Known As :	VVF (INDIA) PRIVATE LIMITED
Registered Office :	109, Opposite Sion Fort Garden, Sion (East), Mumbai – 400022, Maharashtra
Tel. No.:	91-22-40282000 / 2250
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	22.11.2010
Com. Reg. No.:	11-210239
Capital Investment / Paid-up Capital :	INR 465.663 Million
CIN No.: [Company Identification No.]	U24296MH2010PLC210239
IEC No.: [Import-Export Code No.]	0312013124
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCV4970G
GSTN : [Goods & Service Tax Registration No.]	27AADCV4970G1Z3
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	The Company is primarily engaged in Manufacture of Toilet Soaps, Fatty Acids and Fatty Alcohols. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Poor
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010. It is a manufacturer of Soap Noodles, Soap Bars and Liquid. For the financial year 2017, the revenue of the company has increased by 8.66% but has increased operational loss. The moderate financial profile of the company is reflected by negative networth base due to huge accumulated losses along with poor debt coverage indicators due to high debt balance sheet profile. Rating is constrained on account of unfavorable gap between trade payables and trade receivables and delays in debt servicing. However, rating weakness is partially offset by equity infused by its promoters. Payment seems to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on fully safe and secured 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term = D (Issuer not cooperating)
Rating Explanation	Lowest-credit-quality and very low prospects of recovery
Date	30.01.2018

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 15.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-40282000)

LOCATIONS

Registered Office / Corporate Office :	109, Opposite Sion Fort Garden, Sion (East), Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-40282000 / 2250
Fax No.:	91-22-2408669
E-Mail :	mohan.sonar@vvfltd.com corporatecommunications@vvfltd.com
Website :	http://www.vvfltd.com
Factory 1 / Research and Development Center :	Plot No. V41, MIDC Industrial Area, Taloja, District Raigad-410208, Maharashtra, India
Tel. No.:	91-22-27412036/ 37
Fax No.:	91-22-227412173
Factory 2 :	Survey No. 65 and 95 A, Meghpur Borichi, Galpadar Road, Anjar, Kutch – 370201, Gujarat, India
Tel. No.:	91-2836-246982/83/84
Fax No.:	91-2836-246981
Factory 3:	Survey No. 635, Sim Anjar, Kutch – 370201, Gujarat, India
Tel. No.:	91-2836-295255
Fax No.:	91-2836-295255
Factory 4 :	Plot No. 141/143, Survey No. 195/4, 195/6, Panchal, Udyog Nagar, Bhimpore, Nani Daman – 396210, Gujarat, India
Tel. No.:	91-260-2221075/2221229
Fax No.:	91-260-2221690
Factory 5 :	Hadbast No. 214, V.P.O Bhatoli, Kalan Baddi, Tehsil-Nalagarh, District Solan-173205, Himachal Pradesh, India
Tel. No.:	91-1795-661300
Fax No.:	91-1795-275034
Factory 6 :	7, Tiljala Road, Kolkata – 700039, West Bengal, India
Tel. No.:	91-33-23434151/52
Fax No.:	91-33-23434497

DIRECTORS

As on 31.03.2017

Name :

Mr. Ramesh Doraiswami

Designation :

Managing Director

Address :

1201, Marathon Heights Pandurang Budhkar Marg, Worli, Mumbai - 400013, Maharashtra, India

Date of Birth/Age :

28.12.1964

Qualification :

ICWA, PGDM (IIM-A)

Date of Appointment :

14.10.2011

PAN No.:

AAEPD4216D

DIN No.:

06552391

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999MH2016PTC286553	BAY TREE VENTURES PRIVATE LIMITED	05/10/2016	-
U74210MH2005PLC153010	FAIRWINDS ASSET MANAGERS LIMITED	20/08/2008	-
U92100MH2004PLC145627	WHITE STRIPES ENTERTAINMENT LIMITED	25/04/2005	-
U65999MH2008PTC187126	FAIRWINDS TRUSTEES SERVICES PRIVATE LIMITED	30/09/2011	-
U74999MH2007PTC168616	SERENDIP ADVISORS PRIVATE LIMITED	30/09/2014	-
U51900MH1999PLC121491	RELIANCE INFOINVESTMENTS LIMITED	23/07/2005	-

Name :

Mr. Rustom Godrej Joshi

Designation :

Director

Address :

501, Marker Mansion, 623, Lady Jehangir Road, Parsee Colony, Dadar (East), Mumbai-400014, Maharashtra, India

Date of Birth/Age :

05.05.1953

Qualification :

School Leaving

Date of Appointment :

08.06.2015

PAN No.:

AABPJ7137L

DIN No.:

00277901

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100MH2005PTC156458	VITAVON LIFE PRIVATE LIMITED	09/01/2013	-
U24230MH2004PTC145489	VITA BIOPHARMA PRIVATE LIMITED	09/01/2013	-
U74900MH2010PTC208630	VVF TERMINALS AND LOGISTICS PRIVATE LIMITED	30/09/2016	-
U24118MH1985PTC037964	NAVSARI OIL PRODUCTS PRIVATE LIMITED	03/10/1986	-
U65990MH1979PTC022035	GODSIL INVESTMENTS PRIVATE LIMITED	22/12/1979	-
U15140MH1979PTC022030	VITA OIL PRIVATE LIMITED	22/12/1979	-
U99999MH1979PTC022023	RF EXPORTS PRIVATE LIMITED	01/11/2017	-
U15140MH1939PLC002994	V V F LIMITED	21/01/2017	-

Name :

Mr. Faraz Godrej Joshi

Designation :

Director

Address :

40-A, Hillstone Building, B. G. Kher Marg, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

21.07.1946

Qualification :

Bachelor of Engineer

Date of Appointment :

20.01.2017

PAN No.:

AAGPJ8762Q

DIN No.:

00278206

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15140MH1939PLC002994	V V F LIMITED	21/01/2017	-
U15140MH1979PTC022030	VITA OIL PRIVATE LIMITED	22/12/1979	-
U65990MH1979PTC022035	GODSIL INVESTMENTS PRIVATE LIMITED	22/12/1979	-
U24118MH1985PTC037964	NAVSARI OIL PRODUCTS PRIVATE LIMITED	03/10/1986	-

Name :

Mr. Rajamani Subramaniam Iyer

Designation :

Director

Address :

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

Date of Birth/Age :

25.12.1927

Qualification :

CA, CS, ICWA, PHD

Date of Appointment :

30.09.2015

PAN No.:

AAEPD4216D

DIN No.:

00278672

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15140MH1939PLC002994	V V F LIMITED	30/09/1996	-
U52190MH2009PTC196799	NINE VENTURES PRIVATE LIMITED	03/11/2009	-

Name :

Mr. Shanaz Arunak Diwan

Designation :

Managing Director

Address :

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

Date of Birth/Age :

22.02.1950

Qualification :

Bachelors of Science

Date of Appointment :

22.11.2010

PAN No.:

AABPD7249M

DIN No.:

02019387

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15140MH1939PLC002994	V V F LIMITED	20/01/2017	-
U24230MH2004PTC145489	VITA BIOPHARMA PRIVATE LIMITED	29/09/2012	-

Name :

Mr. Carlyle Saldanha

Designation :

Director

Address :

602, Cool Shanagh, N Gamadia Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

30.06.1951

Qualification :

B. Tech, MBA

Date of Appointment :

30.03.2015

PAN No.:

AACPS2884G

DIN No.:

02606934

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65191MH2013PTC245659	SOLAR CAPITAL FINANCE (INDIA) PRIVATE LIMITED	15/07/2013	-

Name :

Mr. Ramesh Ramachandran Venkat

Designation :

Nominee Director

Address :

Flat No. 1012, Building No. 1, S No. 65/1/2A/2/3, Clover Belvedere, Ghorpadi, Pune - 411001, Maharashtra, India

Date of Birth/Age :

14.03.1964

Qualification :

CA, CS, ICWA, PHD

Date of Appointment :

24.10.2011

DIN No.:

00003410

KEY EXECUTIVES

Name :	Mr. Mohan Parshuram Sonar
Designation :	Company Secretary
Address :	Flat No. 204, 2nd Floor, Runwal Estate, Building No. B-3, Chitalsarv Manpada, Ghodbunder Road, Thane-400607, Maharashtra, India
Date of Birth/Age :	15.06.1967
Date of Appointment :	01.06.2012
PAN No.:	ANMPS7378G
Name :	Mr. Gajendra Kumar Debaraj Palo
Designation :	Chief Financial Officer
Address :	501-B, Redwood, Evershine Greens, New Link Road Oshiwara, Andheri (East), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	29.04.1969
Date of Appointment :	13.10.2015
PAN No.:	AAJPP0821B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Equity Shareholders	No. of Shares
Rustom Godrej Joshi	5737250
Faraz Godrej Joshi	5749750
Shanaz Arunak Diwan	782250
Neville Rustom Joshi	12500
VVF (India) Employees Benefit Trust, India	217500
Rustom Joshi Jointly with Neville Rustom Joshi	250
Reliance Alternative Investments Fund – Private Equity Scheme I, acting through Fairwinds Trustees Services Private Limited, India	2560750
VVF Limited, India	1482325
Vitavon Life Private Limited, India	18000
Vita Oil Private Limited, India	5700
Total	16566275

Name of Preference Shareholders	No. of Shares
VVF Limited, India	30000000
Total	30000000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	74.14
Promoter - Bodies corporate	9.09
Promoter - Others	1.31
Public – Government – Mutual Funds	15.46
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily engaged in Manufacture of Toilet Soaps, Fatty Acids and Fatty Alcohols. (Registered activity)

Products :

Item Code No.	Product Description
34011120	Soap noodles, soap bars and liquid

NIC Code No.	Product Description
20231	Personal Care Products (Soap noodles, soap bars and liquids)
10402	Oleo Chemicals (Fatty Alcohol, Fatty Acid, Glycerin)

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Bank of India
Branch	Mumbai Large Corporate Branch, BOI Building, M G Road, Fort, Mumbai-400023, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	3335.970	2643.130
Rupee term loans from others	12.100	28.050
Short-term borrowings
Loans repayable on demand	2821.830	2449.630
Total	6169.900	5120.810

Auditors :
Name :	BSR and Associates LLP Chartered Accountants
Address :	5th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai- 400 011, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Memberships :	Not Available
Collaborators :	Not Available
Wholly owned subsidiary :	VVF Singapore Pte. Limited, Singapore VVF Lifescience Private Limited, South Africa (formerly known as Navimumbai Infrastructure Development Private Limited) upto 30 December 2016
Step down wholly owned subsidiary :	PT VVF Indonesia
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	VVF Limited, India U15140MH1939PLC002994 Synergy (India) Marketing Private Limited, India U51900MH2000PTC127812 Navsari Oil Products Private Limited Softsens Consumer Products Private Limited VVF (India) Employee Benefit Trust Green Planet Industries LLC, United Arab Emirates VVF Spolka z.o.o VVF LLC, United States VVF Illinois Services LLC VVF Life Sciences South Africa (Pty) Limited EP Asia Limited Vita Oil Private Limited Vitavon Life Private Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
19940000	Equity Shares	INR 10/- each	INR 199.400 Million
30060000	Preference shares	INR 10/- each	INR 300.600 Million
	Total		INR 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16566275	Equity Shares	INR 10/- each	INR 165.663 Million
30000000	Preference shares	INR 10/- each	INR 300.000 Million
	Total		INR 465.663 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	465.660	245.660	165.660
(b) Reserves and Surplus	(1151.480)	(241.780)	733.410
(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)	(685.820)	3.880	899.070
(3) Non-Current Liabilities
(a) long-term borrowings	3348.070	2671.180	3675.030
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	485.390	0.000	0.000
(d) long-term provisions	132.260	178.980	189.220
Total Non-current Liabilities (3)	3965.720	2850.160	3864.250
(4) Current Liabilities
(a) Short-term borrowings	2821.830	2460.150	2367.550
(b) Trade payables	4857.900	4867.920	4183.420
(c) Other current liabilities	1177.590	2001.800	1202.480
(d) Short-term provisions	88.780	96.950	87.440
Total Current Liabilities (4)	8946.100	9426.820	7840.890
TOTAL	12226.000	12280.860	12604.210
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4237.410	4512.570	4790.730
(ii) Intangible Assets	11.290	6.380	8.280
(iii) Tangible assets capital work-in-progress	13.470	38.380	63.720
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	400.590	720.690	720.690
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	1205.500	1317.360	1175.390
(e) Other Non-current assets	39.490	51.590	46.140
Total Non-Current Assets	5907.750	6646.970	6804.950
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2547.820	2270.280	2468.480
(c) Trade receivables	2103.120	2213.380	2257.630
(d) Cash and bank balances	515.000	292.900	165.660
(e) Short-term loans and advances	921.730	713.400	751.140
(f) Other current assets	230.580	143.930	156.350
Total Current Assets	6318.250	5633.890	5799.260
TOTAL	12226.000	12280.860	12604.210

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	18621.220	17135.690	18257.330
	Other Income	112.710	70.380	205.800
	TOTAL	18733.930	17206.070	18463.130
Less	EXPENSES
	Cost of Materials Consumed	12114.560	10051.220	11703.640
	Purchases of Stock-in-Trade	2489.350	2569.840	1823.010
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(383.850)	367.350	473.880
	Employee benefit expense	1019.450	966.560	1024.910
	Other expenses	2401.790	2594.520	3201.390
	Exceptional items before tax	320.000	0.000	0.000
	TOTAL	17961.300	16549.490	18226.830
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	772.630	656.580	236.300
Less	FINANCIAL EXPENSES	1305.120	1245.870	1270.930
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(532.490)	(589.290)	(1034.630)
Less/ Add	DEPRECIATION/ AMORTISATION	377.210	385.900	436.980
	PROFIT/ (LOSS) BEFORE TAX	(909.700)	(975.190)	(1471.610)
Less	TAX	0.000	0.000	103.180
	PROFIT/ (LOSS) AFTER TAX	(909.700)	(975.190)	(1574.790)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(2444.050)	(1468.860)	161.200
	Balance Carried to the B/S	(3353.750)	(2444.050)	(1468.860)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	4181.420	4028.170	7054.940
	Services	6.390	7.760	9.680
	Interest	8.140	7.240	6.540
	Sale of fixed assets	2.670	0.050	15.660
	TOTAL EARNINGS	4198.620	4043.220	7086.820
	IMPORTS
	Raw materials and packing materials	5284.590	4539.050	6050.520
	Consumables	50.440	24.470	36.120
	Capital Goods	0.000	14.720	0.000
	TOTAL IMPORTS	5335.030	4578.240	6086.640
	Earnings / (Loss) Per Share (INR)	(54.91)	(58.87)	(99.21)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	775.010	1007.400	974.040
Net cash flows from (used in) operations	655.810	2075.030	694.300
Net cash flows from (used in) operating activities	651.930	2068.170	591.590

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	41.22	47.15	45.13
Account Receivables Turnover [Income / Sunday Debtors]	8.85	7.74	8.09
Average Payment Days [Sundry Creditors / Purchases * 365]	121.41	140.78	112.88
Inventory Turnover [Operating Income / Inventories]	0.30	0.29	0.10
Asset Turnover [Operating Income / Net Fixed Assets]	0.18	0.14	0.05

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	1.07	1.07	0.99
Debt Equity Ratio (Borrowings / NetWorth)	(10.13)	1582.15	7.80
Current Liabilities to Networth (Current Liabilities / NetWorth)	(13.04)	2429.59	8.72
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	(6.21)	1174.57	5.41
Interest Coverage Ratio [PBIT / Financial Charges]	0.59	0.53	0.19

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	(%)	(4.89)	(5.69)	(8.63)
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	(7.44)	(7.94)	(12.49)
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	132.64	(25133.76)	(175.16)

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio [Current Assets / Current Liabilities]	0.71	0.60	0.74
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	0.42	0.36	0.42
G-Score Ratio Financial [NetWorth / Total Assets]	(0.06)	0.00	0.07
G-Score Ratio Debt [Debts / Equity Capital]	14.91	24.99	42.36
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	0.71	0.60	0.74

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	165.660	245.660	465.660
Reserves & Surplus	733.410	(241.780)	(1151.480)
Net worth	899.070	3.880	(685.820)
Long-term borrowings	3675.030	2671.180	3348.070
Short term borrowings	2367.550	2460.150	2821.830
Current maturities of long-term debts	974.040	1007.400	775.010
Total borrowings	7016.620	6138.730	6944.910
Debt/Equity ratio	7.804	1582.147	(10.126)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	18257.330	17135.690	18621.220
	0.000	(6.144)	8.669

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	18257.330	17135.690	18621.220
Profit/ (Loss)	(1574.790)	(975.190)	(909.700)
	(8.63 %)	(5.69 %)	(4.89 %)

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	465.660	245.660
(b) Reserves and Surplus	(1737.420)	(941.150)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(1271.760)	(695.490)
(3) Non-Current Liabilities
(a) long-term borrowings	3644.080	3211.710
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long-term liabilities	485.390	0.000
(d) long-term provisions	145.030	188.000
Total Non-current Liabilities (3)	4274.500	3399.710
(4) Current Liabilities
(a) Short-term borrowings	3458.610	3113.340
(b) Trade payables	4861.980	4712.830
(c) Other current liabilities	1504.170	2486.670
(d) Short-term provisions	89.980	106.490
Total Current Liabilities (4)	9914.740	10419.330
TOTAL	12917.480	13123.550
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5322.190	5659.820
(ii) Intangible Assets	13.590	9.950
(iii) Tangible assets capital work-in-progress	32.480	72.480
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.220	0.220
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term loans and advances	1207.280	1186.690
(e) Other Non-current assets	39.490	51.590
Total Non-Current Assets	6615.250	6980.750
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2599.310	2361.150
(c) Trade receivables	2108.420	2239.270
(d) Cash and bank balances	776.410	655.250
(e) Short-term loans and advances	622.870	771.760
(f) Other current assets	195.220	115.370
Total Current Assets	6302.230	6142.800
TOTAL	12917.480	13123.550

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Total Revenue from operations	19677.410	17834.970
	Other Income	119.900	70.660
	TOTAL	19797.310	17905.630
Less	EXPENSES
	Cost of Materials Consumed	12229.830	9589.150
	Purchases of Stock-in-Trade	3257.020	3324.040
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(372.510)	357.850
	Employee benefit expense	1107.580	1056.670
	Other expenses	2500.590	2878.790
	TOTAL	18722.510	17206.500
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1074.800	699.130
Less	FINANCIAL EXPENSES	1424.950	1366.940
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(350.150)	(667.810)
Less/ Add	DEPRECIATION/ AMORTISATION	443.390	447.250
	PROFIT/ (LOSS) BEFORE TAX	(793.540)	(1115.060)
Less	TAX	0.080	104.970
	PROFIT/ (LOSS) AFTER TAX	(793.620)	(1220.030)
	Earnings / (Loss) Per Share (INR)	(17.043)	(49.663)

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	Yes
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

COMPANY OVERVIEW

The Company is a public company domiciled and headquartered in India. It was incorporated under the Companies Act, 1956 (‘the Act’) on 22 November 2010. The Company is primarily engaged in manufacture of Toilet Soaps, Fatty Acids and Fatty Alcohols. The Company has operations worldwide and caters to both domestic and international markets.

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 the certified copy of the High Court Order on 11 May 2012 and the Scheme has become effective from 1 June 2012 i.e. date of filing of the said Order with the Registrar of Companies.

During the financial year ended 31 March 2013, the Scheme of Amalgamation of Vita Biopharma Private Limited (‘VBPL’) into VVF (India) Limited was approved by the Honorable High Court of Judicature at Bombay on 5 July 2013. The Company received the certified copy of the High Court Order on 26 July 2013 and the Scheme became effective from 23 August 2013 i.e. date of filing of the said Order with the Registrar of the Companies, the appointed date being 1 April 2012.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Other loans and advances	0.000	10.520
Total	0.000	10.520

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G34750919	100075041	BANK OF INDIA	06/01/2017	-	-	1631600000.0	MUMBAI LARGE CORPORATE BRANCH, BOI BLDG,M G ROAD, FORTMUMBAIMH400023IN
2	C22018121	10521498	STATE BANK OF PATIALA	11/09/2014	-	-	400000000.0	ATLANTA, 1ST FLOOR,JAMNALAL BAJAJ MARG, NARIMAN POINTMUMBAIMH400021IN
3	C17915901	10516491	THE FEDERAL BANK LTD.	31/07/2014	-	-	150000000.0	EXPRESS TOWER, GROUND FLOORNARIMAN POINTMUMBAIMH400021IN
4	C17809690	10516405	AXIS BANK LIMITED	31/07/2014	-	-	250000000.0	AXIS HOUSE, WADIA INTERNATIONAL CENTREP.B. BUDHAKAR MARG, WORLIMUMBAIMH400005IN
5	G49190184	10507257	CENTRAL BANK OF INDIA	11/06/2014	23/06/2017	-	1869100000.0	CORPORATE FINANCE BRANCH, CHANDERMUKHINARIMAN POINTMUMBAI
6	C17913872	10505517	IDBI BANK LIMITED	02/06/2014	31/07/2014	-	500000000.0	IDBI TOWER, PLOT NO. C7, 5TH FLOOR,G BLOCK, BANDRA KURLA COMPLEX, OPP. NSE BLDG.MUMBAIMH400051IN
7	C03534872	10437124	BANK OF INDIA	02/07/2013	25/03/2014	-	500000000.0	MUMBAI LARGE CORPORATE BRANCHORIENTAL BUILDING, 364, D N ROAD, FORTMUMBAIMH400001IN
8	B75054379	10425699	CENTRAL BANK OF INDIA	17/04/2013	-	-	400000000.0	CORPORATE FINANCE BRANCH, CHANDER MUKHI,GROUND FLOOR, NARIMAN POINTMUMBAIMH400021IN
9	C03721289	10415957	ICICI BANK LIMITED	25/03/2013	25/03/2014	-	800000000.0	ICICI BANK TOWERBANDRA KURLA COMPLEX, BANDRA EASTMUMBAIMH400051IN
10	B69352961	10407440	IDBI BANK LIMITED	19/02/2013	-	-	200000000.0	IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 64.99
UK Pound	1	INR 90.83
Euro	1	INR 80.58

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	VAR
Report Prepared by :	KJL

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.