MIRA INFORM REPORT

Report Date :

18.08.2012

IDENTIFICATION DETAILS

Name :	DCM SHRIRAM CONSOLIDATED LIMITED
Formerly Known As :	FINPRO SOLUTIONS PRIVATE LIMITED
Registered Office :	5^th Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi – 110 001
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.02.1989
Com. Reg. No.:	55-034923
Capital Investment / Paid-up Capital :	Rs.333.400 Millions
CIN No.: [Company Identification No.]	L74899DL1989PLC034923
TAN No.: [Tax Deduction & Collection Account No.]	DELD04602D DELD08433F
PAN No.: [Permanent Account No.]	AAACD0097R
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The company is engaged in manufacturing of Fertilisers, Urea, Ammonia, Cement, Caustic Soda, Chlorine, HCI, PAC, SBP, Hydrochloric Acid, Calcium Carbide, PVC Resin, Textile Products, Sugar and Energy Management Services.
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 49590000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. The company has incurred losses in the current year 2011-2012. However, networth appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A- (Long term rating)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	January, 2011

Rating Agency Name	ICRA
Rating	A1 (Short term rating)
Rating Explanation	Having strong degree of safety regarding timely payment of financial obligation it carry lowest credit risk.
Date	January, 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/ Corporate Office :	5^th Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi – 110 001, India
Tel. No.:	91-11-23316801
Fax No.:	91-11-23318072/ 23357803
E-Mail :	blsachdeva@dscl.com dscl@dscl.com
Website :	www.dscl.com
Factory 1 :	Shriram Fertilisers and Chemicals Shriram Nagar, Kota – 324 004, Rajasthan, India
Factory 2 :	Shriram Alkali and Chemicals 749, G.I.D.C. Industrial Estate, District Bharuch, Gujarat, India
Factory 3 :	DSCL Sugar Village Ajbapur, P.O. Mullapur, Lakhimpur Kheri – 261 505, Uttar Pradesh, India
Factory 4 :	DSCL Sugar Village Rupapur, P.O. Munder, District Hardoi – 241 123, Uttar Pradesh, India
Factory 5 :	DSCL Sugar Village and P.O. Hariawan, District Hardoi – 241 405, Uttar Pradesh, India
Factory 6 :	DSCL Sugar Village Loni, P.O. Anjhi Shahbad, District Hardoi – 241 124, Uttar Pradesh, India
Sales Office :	Located at : v New Delhi v Mumbai v Kolkata v Chennai v Indore v Hyderabad v Jaipur v Ludhiana v Kota v Meerut v Sriganganagar
Market Office :	Kirti Mahal, 19, Rajendra Place, New Delhi - 110 008, India Tel. No.:91-11-25713442/ 25722296 Fax. No.:91-11-25768135 Shivaji Marg, New Delhi - 110 015, India Tel. No.:91-11-25104410/ 25747836 Fax. No.:91-11-25455362/ 25739816 5^th Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi - 110 001, India Tel. No.:91-11-23316801-9 Fax. No.:91-11-23318072

DIRECTORS

As on 31.03.2012

Name :

Mr. Ajay Shridhar Shriram

Designation :

Chairman and Senior Managing Director

Address:

‘SHIVAM’, A 37, Vasant Marg, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age:

04.03.1954

Date of Appointment:

24.07.1989

DIN No.:

00027137

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	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Managing director	01/11/2008	24/07/1989	-	Active	NO
2	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	29/01/1992	29/01/1992	30/08/2011	Active	NO
3	U01112DL1992PLC047825	BIOSEED INDIA LIMITED	Director	03/03/1992	03/03/1992	17/12/2008	Active	NO
4	U65993DL1992PLC049517	DCM SHRIRAM CREDIT AND INVESTMENT LIMITED	Director	10/07/1992	10/07/1992	-	Active	NO
5	U05004DL1993PLC156164	DCM SHRIRAM AQUA FOODS LIMITED	Director	01/01/1993	01/01/1993	-	Active	NO
6	U01119DL1992PLC049649	SHRIRAM BIOSEED GENETICS INDIA LIMITED	Director	15/12/1995	15/12/1995	-	Amalgamated	NO
7	U18101DL1996PLC078732	DCM SHRIRAM INFRASTRUCTURE LIMITED	Director	07/05/1996	07/05/1996	17/12/2008	Active	NO
8	U74999DL1998PLC095801	DALKIA ENERGY SERVICES LIMITED	Director	27/08/1998	27/08/1998	14/12/2009	Active	NO
9	U74899DL1992PTC050504	BIOSEED RESEARCH INDIA PRIVATE LIMITED	Director	30/04/2002	30/04/2002	27/10/2008	Active	NO
10	U51909DL2004PLC124689	HARIYALI KISAAN BAZAAR LIMITED	Director	16/02/2004	16/02/2004	-	Active	NO
11	U74899DL1995PLC065253	HERO CORPORATE SERVICES LIMITED	Director	15/01/2005	15/01/2005	-	Active	NO
12	U40102DL2006PLC154623	DCM SHRIRAM THERMAL ENERGY LIMITED	Director	05/10/2006	05/10/2006	01/07/2008	Active	NO
13	U45400DL2007PLC163026	SHRIRAM BIOSEED VENTURES LIMITED	Director	15/09/2008	30/06/2007	-	Active	NO
14	U40109DL2007PLC165632	DCM SHRIRAM ENERGY AND INFRASTRUCTURE LIMITED	Director	09/07/2007	09/07/2007	-	Active	NO
15	U65923DL2007NPL170953	HARIYALI RURAL FOUNDATION	Director	30/11/2007	30/11/2007	-	Active	NO
16	U51909DL2007PLC171615	HARIYALI RURAL VENTURES LIMITED.	Director	18/12/2007	18/12/2007	-	Active	NO
17	U74140DL2008PLC177281	HARIYALI INDIA LIMITED	Director	25/04/2008	25/04/2008	-	Active	NO
18	U45207DL2008PLC180959	DCM SHRIRAM HYDRO ENERGY LIMITED	Director	16/07/2008	16/07/2008	-	Active	NO
19	U74120DL2008PLC185967	SBM YARN LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
20	U74120DL2008PLC185966	FENESTA INDIA LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
21	U74120DL2008PLC186193	HARIYALI INSURANCE BROKING LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
22	U85100DL2010NPL198887	SHRIDHAR SHRIRAM FOUNDATION	Director	09/02/2010	09/02/2010	-	Active	NO

Name :

Mr. Vikram Shridhar Shriram

Designation :

Vice Chairman and Managing Director

Address:

5/16, Shanti Niketan, New Delhi – 110 021, India

Date of Birth/Age:

06.12.1958

Date of Appointment:

22.05.1990

DIN No.:

00027187

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	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Managing director	01/11/2008	22/05/1990	-	Active	NO
2	U01112DL1992PLC047825	BIOSEED INDIA LIMITED	Director	03/03/1992	03/03/1992	17/12/2008	Active	NO
3	U05004DL1993PLC156164	DCM SHRIRAM AQUA FOODS LIMITED	Director	01/01/1993	01/01/1993	-	Active	NO
4	U65993DL1992PLC049517	DCM SHRIRAM CREDIT AND INVESTMENT LIMITED	Director	03/11/1993	03/11/1993	-	Active	NO
5	U01119DL1992PLC049649	SHRIRAM BIOSEED GENETICS INDIA LIMITED	Director	15/12/1995	15/12/1995	-	Amalgamated	NO
6	U18101DL1996PLC078732	DCM SHRIRAM INFRASTRUCTURE LIMITED	Director	07/05/1996	07/05/1996	17/12/2008	Active	NO
7	U74999DL1998PLC095801	Dalkia Energy Services Limited	Director	27/08/1998	27/08/1998	14/12/2009	Active	NO
8	U74899DL1992PTC050504	BIOSEED RESEARCH INDIA PRIVATE LIMITED	Director	30/04/2002	30/04/2002	27/10/2008	Active	NO
9	U51909DL2004PLC124689	HARIYALI KISAAN BAZAAR LIMITED	Director	16/02/2004	16/02/2004	-	Active	NO
10	U40102DL2006PLC154623	DCM SHRIRAM THERMAL ENERGY LIMITED	Director	05/10/2006	05/10/2006	-	Active	NO
11	U45400DL2007PLC163026	SHRIRAM BIOSEED VENTURES LIMITED	Director	15/09/2008	30/06/2007	-	Active	NO
12	U40109DL2007PLC165632	DCM SHRIRAM ENERGY AND INFRASTRUCTURE LIMITED	Director	09/07/2007	09/07/2007	-	Active	NO
13	U65923DL2007NPL170953	HARIYALI RURAL FOUNDATION	Director	30/11/2007	30/11/2007	-	Active	NO
14	U51909DL2007PLC171615	HARIYALI RURAL VENTURES LIMITED.	Director	18/12/2007	18/12/2007	-	Active	NO
15	U74140DL2008PLC177281	HARIYALI INDIA LIMITED	Director	25/04/2008	25/04/2008	-	Active	NO
16	U45207DL2008PLC180959	DCM SHRIRAM HYDRO ENERGY LIMITED	Director	16/07/2008	16/07/2008	-	Active	NO
17	U74120DL2008PLC185967	SBM YARN LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
18	U74120DL2008PLC185966	FENESTA INDIA LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
19	U74120DL2008PLC186193	HARIYALI INSURANCE BROKING LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
20	U85100DL2010NPL198887	SHRIDHAR SHRIRAM FOUNDATION	Director	09/02/2010	09/02/2010	-	Active	NO

Name :

Mr. Rajiv Sinha

Designation :

Joint Managing Director

Address:

A-14/14, Ground Floor, Vasant Vihar, Delhi – 11 0 057, India

Date of Birth/Age:

05.06.1950

Date of Appointment:

01.11 1998

DIN No.:

00027302

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	U05004DL1993PLC156164	DCM SHRIRAM AQUA FOODS LIMITED	Director	23/04/1994	23/04/1994	-	Active	NO
2	U01119DL1992PLC049649	SHRIRAM BIOSEED GENETICS INDIA LIMITED	Director	15/12/1995	15/12/1995	-	Amalgamated	NO
3	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Managing director	01/11/2008	01/11/1998	-	Active	NO
4	U74899DL1992PTC050504	BIOSEED RESEARCH INDIA PRIVATE LIMITED	Director	30/04/2002	30/04/2002	27/10/2008	Active	NO
5	U51909DL2004PLC124689	HARIYALI KISAAN BAZAAR LIMITED	Director	16/02/2004	16/02/2004	-	Active	NO
6	U40102DL2006PLC154623	DCM SHRIRAM THERMAL ENERGY LIMITED	Director	05/10/2006	05/10/2006	-	Active	NO
7	U65923DL2007NPL170953	HARIYALI RURAL FOUNDATION	Director	30/11/2007	30/11/2007	-	Active	NO
8	U51909DL2007PLC171615	HARIYALI RURAL VENTURES LIMITED.	Director	18/12/2007	18/12/2007	-	Active	NO
9	U74140DL2008PLC177281	HARIYALI INDIA LIMITED	Director	25/04/2008	25/04/2008	-	Active	NO
10	U74120DL2008PLC186193	HARIYALI INSURANCE BROKING LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
11	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director appointed in casual vacancy	30/08/2011	30/08/2011	-	Active	NO

Name :

Mr. Ajit Shridhar Shriram

Designation :

Deputy Managing Director

Address:

5/20, Shanti Niketan, New Delhi – 110 021, India

Date of Birth/Age:

03.10.1967

Date of Appointment:

02.05.2001

DIN No.:

00027918

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	U01112DL1992PLC047825	BIOSEED INDIA LIMITED	Director	03/03/1992	03/03/1992	04/12/2009	Active	NO
2	U65993DL1992PLC049517	DCM SHRIRAM CREDIT AND INVESTMENT LIMITED	Director	10/07/1992	10/07/1992	-	Active	NO
3	U18101DL1996PLC078732	DCM SHRIRAM INFRASTRUCTURE LIMITED	Director	07/05/1996	07/05/1996	-	Active	NO
4	U74999DL1998PLC095801	DALKIA ENERGY SERVICES LIMITED	Director	27/08/1998	27/08/1998	14/12/2009	Active	NO
5	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Managing director	02/05/2011	02/05/2001	-	Active	NO
6	U51909DL2004PLC124689	HARIYALI KISAAN BAZAAR LIMITED	Director	16/02/2004	16/02/2004	-	Active	NO
7	U40102DL2006PLC154623	DCM SHRIRAM THERMAL ENERGY LIMITED	Director	05/10/2006	05/10/2006	15/12/2008	Active	NO
8	U45400DL2007PLC163026	SHRIRAM BIOSEED VENTURES LIMITED	Director	15/09/2008	30/06/2007	-	Active	NO
9	U40109DL2007PLC165632	DCM SHRIRAM ENERGY AND INFRASTRUCTURE LIMITED	Director	09/07/2007	09/07/2007	-	Active	NO
10	U65923DL2007NPL170953	HARIYALI RURAL FOUNDATION	Director	30/11/2007	30/11/2007	-	Active	NO
11	U51909DL2007PLC171615	HARIYALI RURAL VENTURES LIMITED.	Director	18/12/2007	18/12/2007	-	Active	NO
12	U74140DL2008PLC177281	HARIYALI INDIA LIMITED	Director	25/04/2008	25/04/2008	-	Active	NO
13	U45207DL2008PLC180959	DCM SHRIRAM HYDRO ENERGY LIMITED	Director	16/07/2008	16/07/2008	-	Active	NO
14	U74899DL1992PTC050504	BIOSEED RESEARCH INDIA PRIVATE LIMITED	Director	11/08/2009	24/10/2008	-	Active	NO
15	U74120DL2008PLC185967	SBM YARN LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
16	U74120DL2008PLC185966	FENESTA INDIA LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
17	U74120DL2008PLC186193	HARIYALI INSURANCE BROKING LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
18	U85100DL2010NPL198887	SHRIDHAR SHRIRAM FOUNDATION	Director	09/02/2010	09/02/2010	-	Active	NO

Name :

Dr. Narendra Jeet Singh

Designation :

Whole Time Director (EHS)

Address:

A-22, Mahaveer Nagar-II, Kota – 324 005, Rajasthan, India

Date of Birth/Age:

29.11.1953

Qualification :

M.Sc., Ph.D.

Expertise in Functional Area :

Environment, Health, Safety, Quality Systems, Sustainability, Food Safety and Energy Management

Date of Appointment:

20.11.2007

DIN No.:

01893202

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	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Whole-time director	01/04/2008	20/11/2007	-	Active	NO

Name :

Dr. Satguru Sharan Baijal

Designation :

Director

Address:

B 4 Sector 30, Gautam Budh Nagar, Noida – 210 303 Uttar Pradesh, India

Date of Birth/Age:

06.09.1929

Date of Appointment:

22.05.1990

DIN No.:

00027961

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	L99999GJ1975PLC002859	ATUL LIMITED	Director	13/06/1984	13/06/1984	-	Active	NO
2	L24223PB1988PLC008031	MAX INDIA LIMITED	Director	30/03/1988	30/03/1988	06/09/2009	Active	NO
3	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Director	22/05/1990	22/05/1990	-	Active	NO
4	L01132WB1994PLC063513	ROSSELL INDIA LIMITED	Director	14/07/1994	14/07/1994	-	Active	NO
5	U55101DL1971PTC005570	DELHI GUEST HOUSES PRIVATE LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
6	U51909DL1978PLC009050	B M G ENTERPRISES LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
7	U72200AP1996PTC023096	SIGMA MICROSYSTEMS PRIVATE LIMITED	Director	06/09/2006	06/09/2006	29/06/2011	Active	NO
8	U65993DL1992PLC049517	DCM SHRIRAM CREDIT AND INVESTMENT LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
9	U74899DL2000PLC106723	MAX LIFE INSURANCE COMPANY LIMITED	Director	15/05/2008	04/12/2007	12/03/2009	Active	NO
10	U80102DL2008PLC179630	CAE ROSSELL INDIA LIMITED	Additional director	18/06/2008	18/06/2008	-	Active	NO

Name :

Mr. Arun Bharat Ram

Designation :

Director

Address:

1. Silver Oak Avenue, Westend Green Farm, Rajokri, Delhi – 110 038, India

Date of Birth/Age:

15.11.1940

Date of Appointment:

22.05.1990

DIN No.:

00694766

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	L18101DL1970PLC005197	SRF LIMITED	Whole-time director	15/06/2008	01/08/1975	-	Active	NO
2	L51909DL1986PLC024222	SAMTEL COLOR LIMITED	Director	16/03/1988	16/03/1988	04/08/2011	Active	NO
3	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Director	22/05/1990	22/05/1990	-	Active	NO
4	U65993DL1984PLC196826	SRF POLYMERS INVESTMENTS LIMITED	Director	03/08/1996	03/08/1996	01/09/2009	Amalgamated	NO
5	U51394KA1998PTC023723	ESSILOR INDIA PRIVATE LIMITED	Director	16/11/1998	16/11/1998	-	Active	NO
6	U26101RJ1986PLC008852	SAMTEL GLASS LIMITED	Director	28/04/2001	28/04/2001	29/12/2011	Active	NO
7	L92199DL2000PLC104779	KAMA HOLDINGS LIMITED	Director	11/01/2002	11/01/2002	25/06/2008	Active	NO
8	L51909DL1983PLC015418	MOSER BAER INDIA LIMITED	Director	30/04/2002	30/04/2002	10/02/2011	Active	NO
9	L74899DL1995PLC070609	Bharti Airtel Limited	Director	21/08/2006	31/03/2006	10/11/2010	Active	NO
10	L21010GJ1960PLC018099	JK PAPER LIMITED	Director	21/11/2006	25/04/2006	-	Active	NO
11	U45200DL2006PLC156147	SRF HOLIDAY HOME LIMITED	Director	04/12/2006	04/12/2006	-	Active	NO
12	U24232DL2007PLC169852	SRF FLUOROCHEMICALS LIMITED	Director	25/10/2007	25/10/2007	-	Active	NO
13	U11200DL2007PLC169973	SRF ENERGY LIMITED	Director	30/10/2007	30/10/2007	-	Active	NO
14	U80903DL2008PLC183146	SHRI EDUCARE LIMITED	Director	11/09/2008	11/09/2008	-	Active	NO
15	U74899DL1966PTC004683	BHARAT RAM ASSOCIATES PRIVATE LIMITED	Director	23/09/2010	23/09/2010	-	Active	NO
16	U70102DL2010PTC201876	ROSE FARMS (DELHI) PRIVATE LIMITED	Director	24/02/2012	24/02/2012	-	Active	NO
17	U70200DL2007PTC160058	KARMAV HOLDINGS PRIVATE LIMITED	Director	24/02/2012	24/02/2012	-	Active	NO
18	U70102DL2010PTC201028	SRISHTI WESTEND GREENS FARMS PRIVATE LIMITED	Director	24/02/2012	24/02/2012	-	Active	NO
19	U70102DL2010PTC201029	KARM FARMS PRIVATE LIMITED	Director	24/02/2012	24/02/2012	-	Active	NO

Name :

Mr. Pradeep Dinodia

Designation :

Director

Address:

A-9-A, Maharani Bagh, New Delhi – 110 065, India

Date of Birth/Age:

15.11.1940

Date of Appointment:

22.05.1990

DIN No.:

00027995

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	L15311DL1993PLC052624	DFM FOODS LIMITED	Director	08/03/1994	08/03/1994	-	Active	NO
2	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Director	18/07/1994	18/07/1994	-	Active	NO
3	U74899DL2000PLC103494	ULTIMA FINVEST LIMITED	Director	15/07/2000	15/07/2000	-	Active	NO
4	L35911DL1984PLC017354	HERO MOTOCORP LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
5	U74899DL1995PLC065253	HERO CORPORATE SERVICES LIMITED	Director	22/08/2001	22/08/2001	-	Active	NO
6	U31909DL1984PTC103720	MANISHA COMMERCIAL PRIVATE LIMITED	Director	23/11/2001	23/11/2001	30/01/2009	Active	NO
7	U74899DL1993PTC052670	SHRIRAM VERITECH SOLUTIONS PRIVATE LIMITED	Director	02/05/2002	02/05/2002	30/01/2009	Active	NO
8	L29112DL1963PLC004084	SHRIRAM PISTONS AND RINGS LIMITED	Director	16/05/2003	16/05/2003	-	Active	NO
9	U74899DL1982PLC042422	MICROMATIC GRINDING TECHNOLOGIES LIMITED	Director	24/01/2005	24/01/2005	-	Active	NO
10	L17115RJ1960PLC008216	RSWM LIMITED	Director	09/03/2005	09/03/2005	27/01/2009	Active	NO
11	U74899DL1984PTC109092	SHABNAM COMMERCIAL PRIVATE LIMITED	Director	18/10/2006	18/10/2006	30/01/2009	Active	NO
12	U74899DL1984PTC109091	SARVA COMMERCIAL PRIVATE LIMITED	Director	18/11/2006	18/11/2006	30/01/2009	Active	NO
13	U31909DL1984PTC106973	SERA COM PRIVATE LIMITED	Director	30/11/2006	30/11/2006	30/01/2009	Active	NO
14	U51395TN2006PTC060554	PANASONIC INDIA PRIVATE LIMITED	Director	15/12/2006	15/12/2006	10/09/2008	Active	NO
15	U51909DL2005PLC136329	SPR INTERNATIONAL AUTO EXPORTS LIMITED	Director	29/05/2007	29/05/2007	-	Active	NO
16	L34300DL1986PLC023540	BHARAT SEATS LIMITED	Additional director	04/06/2008	04/06/2008	23/01/2009	Active	NO
17	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Director	25/07/2009	16/03/2009	-	Active	NO
18	U93000DL2011PTC221365	DINODIA CAPITAL ADVISORS PRIVATE LIMITED	Director	23/06/2011	23/06/2011	-	Active	NO

Name :

Mr. Vimal Bhandari

Designation :

Director

Address:

Flat N0.164, 16^th Floor, Address Tower-A, Kalpataru Horizon. S.K. Ahire Marg. Worli, Mumbai – 400 018, Maharashtra, India

Date of Birth/Age:

23.08.1958

Qualification :

B.Com, C.A.

Expertise in Functional Area :

Finance, Human Resources and General Management

Date of Appointment:

13.05.2003

DIN No.:

00001318

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	L32300MH1981PLC023637	MIRC ELECTRONICS LIMITED	Director	16/05/2001	16/05/2001	-	Active	NO
2	L40100GJ1981PLC004281	KALPATARU POWER TRANSMISSION LIMITED	Director	28/06/2002	28/06/2002	-	Active	NO
3	L92114DL1976PLC008355	COSMO FILMS LIMITED	Director	14/01/2003	14/01/2003	25/07/2008	Active	NO
4	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Director	13/05/2003	13/05/2003	-	Active	NO
5	U74140MH2004PTC147603	AEGON INDIA PRIVATE LIMITED	Director	20/07/2004	20/07/2004	22/05/2012	Active	NO
6	L31402WB1934PLC007993	EVEREADY INDUSTRIES INDIA LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
7	U66010MH2007PLC169110	AEGON RELIGARE LIFE INSURANCE COMPANY LIMITED	Nominee director	22/07/2008	23/03/2007	22/09/2011	Active	NO
8	U74999MH2008PTC178871	AEGON Management Consultants India Private Limited	Director	13/02/2008	13/02/2008	14/05/2011	Active	NO
9	U65999MH2008PTC178870	AEGON TRUSTEE COMPANY PRIVATE LIMITED	Director	13/02/2008	13/02/2008	04/07/2008	Active	NO
10	U34200TN2007PTC072876	DAIMLER INDIA COMMERCIAL VEHICLES PRIVATE LIMITED	Director	17/09/2008	21/04/2008	23/04/2009	Active	NO
11	L24210MH1958PLC011173	BAYER CROPSCIENCE LIMITED	Director	09/09/2008	01/07/2008	-	Active	NO
12	L72200MH1978PLC020127	iGATE Computer Systems Limited	Director	23/06/2010	15/01/2010	-	Active	NO
13	U65191PN1943PLC007308	THE RATNAKAR BANK LIMITED	Director	30/08/2011	14/09/2010	-	Active	NO
14	L28992MH1998PLC113433	PIRAMAL GLASS LIMITED	Director appointed in casual vacancy	09/03/2011	09/03/2011	-	Active	NO
15	U51909WB2009PTC136998	INDOSTAR CAPITAL FINANCE PRIVATE LIMITED	Managing director	23/09/2011	28/04/2011	-	Active	NO
16	L67120WB1951PLC019430	JK TYRE & INDUSTRIES LIMITED	Director	30/07/2012	01/07/2011	-	Active	NO
17	U67120MH1998PTC114377	ING INVESTMENT MANAGEMENT (INDIA) PRIVATE LIMITED	Additional director	02/01/2012	02/01/2012	-	Active	NO

Name :

Mr. Sunil Kant Munjal

Designation :

Director

Address:

l-A, Friends, Colony (West), New Delhi – 110065, India

Date of Birth/Age:

14.12.1957

Qualification :

B.Com, Training in Mechanical Engineering

Expertise in Functional Area :

Corporate Planning, Finance, Manufacturing, Customer Relationship, Information Technology and Insurance

Date of Appointment:

13.05.2003

DIN No.:

00003902

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	U27109PB1974PLC003386	SATYAM AUTO COMPONENTS LIMITED	Director	24/12/1981	24/12/1981	-	Active	NO
2	U65921PB1979PTC004037	BAHADUR CHAND INVESTMENTS PRIVATE LIMITED	Director	25/07/1984	25/07/1984	-	Active	NO
3	U65921PB1979PTC004044	THAKURDEVI INVESTNENTS PRIVATE LIMITED	Director	28/03/1987	28/03/1987	21/05/2010	Active	NO
4	U35911PB1966PLC002667	HERO CYCLES LIMITED	Managing director	01/01/2010	01/12/1989	20/05/2010	Active	NO
5	U74899DL1995PLC065253	HERO CORPORATE SERVICES LIMITED	Director	09/02/1995	09/02/1995	-	Active	NO
6	U29195DL1998PLC095226	MUNJAL ACME PACKAGING SYSTEMS LIMITED	Director	28/07/1998	28/07/1998	31/07/2007	Active	NO
7	U29299DL1998PLC093496	HERO MOTORS LIMITED	Director	28/09/2000	28/09/2000	20/05/2010	Active	NO
8	U93090DL2002PLC133214	EASY BILL LIMITED	Director	07/09/2002	07/09/2002	-	Active	NO
9	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Director	13/05/2003	13/05/2003	-	Active	NO
10	U74140DL2004PLC125438	HERO MANAGEMENT SERVICE LIMITED.	Director	16/08/2011	26/03/2004	-	Active	NO
11	L74899DL1996PLC077120	PNB GILTS LIMITED	Director	26/04/2004	26/04/2004	28/03/2007	Active	NO
12	L34300DL2005PLC139163	SHIVAM AUTOTECH LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
13	U40101HP2006PTC031360	THAKURDEVI HYDRO PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Active	NO
14	U80100AP1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	19/06/2006	19/06/2006	-	Active	NO
15	U70109DL2006PLC152383	ARROW INFRA LIMITED	Director	23/08/2006	23/08/2006	-	Active	NO
16	U70104DL2006PLC154960	PRAGATI PARKS LIMITED	Director	25/10/2006	25/10/2006	10/12/2007	Active	NO
17	L35911DL1984PLC017354	HERO MOTOCORP LIMITED	Whole-time director	17/08/2011	25/10/2006	-	Active	NO
18	U45200DL2006PLC155088	VIKAS PARKS LIMITED	Director	30/10/2006	30/10/2006	10/12/2007	Active	NO
19	U80904DL2007PLC163580	HERO MINDMINE INSTITUTE LIMITED	Director	17/05/2007	17/05/2007	-	Active	NO
20	U66010DL2007PLC165059	HERO INSURANCE BROKING INDIA LIMITED	Director	21/06/2007	21/06/2007	21/06/2008	Active	NO
21	U45400DL2007PLC166485	UNNATI INDUSTRIAL PARK LIMITED	Director	31/07/2007	31/07/2007	10/12/2007	Active	NO
22	U35999DL2007PLC171277	ABHYUDAY MANUFACTURING AND AUTOMOTIVE LIMITED	Director	10/12/2007	10/12/2007	16/12/2011	Active	NO
23	U35999DL2007PLC171275	FLOURISH MANUFACTURING & AUTOMOTIVE LIMITED	Director	10/12/2007	10/12/2007	05/01/2009	Amalgamated	NO
24	U34200TN2007PTC072876	DAIMLER INDIA COMMERCIAL VEHICLES PRIVATE LIMITED	Director	10/12/2007	10/12/2007	23/04/2009	Active	NO
25	U66010DL2008PLC180044	HERO LIFE INSURANCE COMPANY LIMITED	Director	25/06/2008	25/06/2008	-	Active	NO
26	U67120DL2008PTC182673	BML INVESTMENTS PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO
27	U74200DL2009PLC186673	WEAVE ENGINEERING AND DESIGN LIMITED	Director	14/01/2009	14/01/2009	16/12/2011	Active	NO
28	U67120PB1981PLC004754	HERO INVESTCORP LIMITED	Director	30/09/2010	20/05/2010	-	Active	NO
29	U67120DL1979PTC236936	HERO INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	20/05/2010	-	Active	NO
30	U70200DL2010PLC203301	HERO REALTY AND INFRA LIMITED	Director	28/05/2010	28/05/2010	-	Active	NO
31	U35921PB1981PLC004729	ROCKMAN INDUSTRIES LIMITED	Director	10/09/2010	29/05/2010	-	Active	NO
32	U28999DL2010PLC205966	HERO STEELS LIMITED	Director	16/07/2010	16/07/2010	16/12/2011	Active	NO
33	U80901DL2011NPL226128	BML EDUCORP SERVICES	Director	12/10/2011	12/10/2011	-	Active	NO
34	AAA-0365	SERENDIPITY BOOKS AND ART LLP	Designated Partner	11/11/2009	11/11/2009	-	Active	NO

Name :

Mr. Debdatta Sengupta

Designation :

Director

Address:

Sector-B, Pocket, 8, Flat N0.6145, Vasant Kunj, Delhi – 110070, India

Date of Birth/Age:

20.06.1942

Bachelor of Science in Physics, PGDM.

Market Development, Risk Analysis and Transfer Techniques, Managing Human Resources, Insurance and Reinsurance Principles and Practices, Funds Management and International Business Relations.

Date of Appointment:

11.08.2003

DIN No.:

00043289

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	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Director	11/08/2003	11/08/2003	-	Active	NO
2	L28113WB1994PLC063452	DUNCANS INDUSTRIES LIMITED	Director	19/09/2008	08/09/2003	-	Active	NO
3	U74899DL1994PLC061080	APOLLO INTERNATIONAL LIMITED	Director	30/12/2003	30/12/2003	27/03/2007	Active	NO
4	U66603MH2000PLC128300	RELIANCE GENERAL INSURANCE COMPANY LIMITED	Director	12/06/2006	29/08/2005	-	Active	NO
5	L27101OR1984PLC001354	BALASORE ALLOYS LIMITED	Director	31/01/2007	31/01/2007	25/07/2008	Active	NO
6	U93000DL1901NPL000024	DELHI GYMKHANA CLUB LIMITED	Director	29/09/2007	29/09/2007	26/09/2008	Active	NO
7	U67120WB1951GOI020023	ALLBANK FINANCE LIMITED	Director	30/07/2009	30/07/2009	26/08/2011	Active	NO
8	U74999DL2011FLC213618	BERKSHIRE INDIA LIMITED	Director	09/02/2011	09/02/2011	21/02/2011	Active	NO
9	U74992DL2011FTC213617	BERKSHIRE HATHAWAY SERVICES INDIA PRIVATE LIMITED	Director	09/02/2011	09/02/2011	-	Active	NO

Name :

Mr. Rajesh Kandwal

Designation :

LIC Nominee

Date of Appointment :

30.08.2011

DIN No.:

02509203

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	L00000MH1946PLC197474	QUADRANT TELEVENTURES LIMITED	Nominee director	30/10/2008	30/10/2008	22/12/2010	Active	NO
2	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Nominee director	30/08/2011	01/02/2011	-	Active	NO

# Excluding Private Limited Companies, Foreign Companies and Companies registered under Section 25 of the Companies Act, 1956.

KEY EXECUTIVES

Name :	Mr. B.L. Sachdeva
Designation :	Company Secretary
Audit Committee :	v Dr. S.S. Baijal, Chairman v Mr. Arun Bharat Ram v Mr. Pradeep Dinodia v Mr. D. Sengupta
Name :	Mr. K.K. Kaul
Designation :	Senior Executive Director and Resident Head - Kota
Name :	Mr. S. Radhakrishna
Designation :	Senior Executive Director - Sugar Business
Name :	Mr. A.K. Awasthi
Designation :	Chief Executive - Hydro Business
Name :	Mr. Sovan Chakrabarty
Designation :	Executive Director - Farm Solutions Business
Name :	Mr. Rajesh Gupta
Designation :	President and Business Head - "Hariyali"
Name :	Mr. J.K. Jain
Designation :	President and Chief Finance Officer
Name :	Mr. Anil Kumar
Designation :	President and Business Head - Chemicals
Name :	Dr. Sharad Sharma
Designation :	President - Shriram Bioseed Genetics
Name :	Mr. Rajat Mukerjei
Designation :	Senior Vice President and Business Head - Cement
Name :	Mr. Sandeep Mathur
Designation :	Senior Vice President and Business Head – Fenesta TM Building Systems
Name :	Mr. Sushil Baveja
Designation :	Head - Corporate HR
Name :	Mr. Rajiv Arora
Designation :	Vice President and Business Head - Shriram PolyTech

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	5,453,450	3.29
Bodies Corporate	97,114,674	58.54
Sub Total	102,568,124	61.82
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	102,568,124	61.82
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	35,210	0.02
Financial Institutions / Banks	42,330	0.03
Central Government / State Government(s)	29,640	0.02
Insurance Companies	17,609,007	10.61
Foreign Institutional Investors	942,859	0.57
Sub Total	18,659,046	11.25
(2) Non-Institutions
Bodies Corporate	3,792,565	2.29
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	17,498,001	10.55
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	7,374,464	4.45
Any Others (Specify)	16,011,120	9.65
Non Resident Indians	362,475	0.22
Overseas Corporate Bodies	15,105,550	9.11
Trust & Foundation	111,905	0.07
Educational Institutions	60	-
Foreign Nationals	431,130	0.26
Sub Total	44,676,150	26.93
Total Public shareholding (B)	63,335,196	38.18
Total (A)+(B)	165,903,320	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	165,903,320	-

BUSINESS DETAILS

Line of Business :

The company is engaged in manufacturing of Fertilisers, Urea, Ammonia, Cement, Caustic Soda, Chlorine, HCI, PAC, SBP, Hydrochloric Acid, Calcium Carbide, PVC Resin, Textile Products, Sugar and Energy Management Services.

Products :

PRODUCT DESCRIPTION	ITC CODE
Urea	310210.00
Sugar	170111.90
Caustic Soda	28152.00

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Urea	MT	330000	404040
Calcium carbide	MT	112000	33920 **
PVC resins	MT	70000	34200
Caustic soda	MT	274670	209768
Chlorine	MT	203986	149917
Hydrochloric acid(100%)	MT	73850	36515
Compressed Hydrogen	MT	1657	1007
Stable Bleaching Powder	MT	13200	10194
Cement	MT	400000	369075
Yarn	Spindles Nos.	14544	3718
Sugar	MT ***	33000	267445
UPVC Windows	Nos.	406098	164944
PVC Compounds	MT	29700	19723

NOTE:

• * Delicensed/Not applicable

· ** Production of Marketable Calcium carbide only

· *** Crushing of sugarcane

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Punjab National Bank

v State Bank of India

v Bank of Baroda

v Oriental Bank of Commerce

v HDFC Bank Limited

v DBS Bank

v ING Vysya Bank

v Standard Chartered Bank

Facilities :

Secured Loans	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans
- From banks	3969.500	3622.200
- From others	3696.400	3768.200
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	381.300	1082.300
others loans and advances from banks	5291.100	975.600
Total	13338.300	9448.300

Unsecured Loans	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans
- From banks	0.000	6.100
Deposits
- Fixed	30.800	81.100
- Others	181.800	141.800
SHORT-TERM BORROWINGS
Loans repayable on demand
- From banks	2576.500	5426.800
- From others	30.000	30.000
Total	2819.100	5685.800

Banking Relations :	--
Statutory Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase-II, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-6792000
Fax No.:	91-124-6792012
Cost Auditors :	v Bahadur Murao and Company, New Delhi v J.P. Sarda and Associates, Kota (Rajasthan)
Holding Company :	Sumant Investments Private Limited
Subsidiaries :	v DCM Shriram Credit and Investments Limited v Bioseed India Limited v DCM Shriram Infrastructure Limited v DCM Shriram Thermal Energy Limited v Hariyali India Limited v DCM Shriram Aqua Foods Limited v Hariyali Rural Foundation v Hariyali Rural Ventures Limited v Hariyali Insurance Broking Limited v DCM Shriram Energy and Infrastructure Limited v DCM Shriram Hydro Energy Limited v SBM Yarn Limited, Fenesta India Limited v Shri Ganpati Fertilizers Limited v Shriram Bioseed (Thailand) Limited v Bioseeds Limited v Bioseed Research Philippines Inc. v Bioseeds Holdings PTE. Limited v Bioseed Vietnam Limited v Bioseed Research India Private Limited v Shriram Bioseed Ventures Limited v Shriram Bioseeds Limited v Zeus Investments Limited v Shridhar Shriram Foundation v PT Shriram Seed Indonesia (from current year)

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
284950000	Equity Shares	Rs.2/- each	Rs.569.900 Millions
6501000	Cumulative Redeemable Preferences Shares	Rs.100/- each	Rs.650.100 Millions
	Total		Rs.1220.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
169803320	Equity Shares	Rs.2/- each	Rs.339.600 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
165903320	Equity Shares	Rs.2/- each	Rs.331.800 Millions
	Add: Forfeited Shares - Amount originally paid up		Rs.1.600 Millions
	Total		Rs.333.400 Millions

NOTES:

(i) There is no change in issued, subscribed and paid up share capital during the current year and corresponding previous year

(ii) 82951660 equity shares of Rs.2 each fully paid up were allotted and issued as bonus shares by capitalization of Capital Redemption Reserve in 2005-06

	As at 31.03.2012
	No. of shares	%
(iii) Shares held by the holding company: Sumant Investments Private Limited	96178793	57.97%
(iv) The shareholders holding more than 5% equity shares are as under:
Sumant Investments Private Limited	96178793	57.97%
Srinagar Holdings Private Limited *	--	--
Univenta Holdings Private Limited *	--	--
Stellar Enterprises Private Limited *	--	--
Hind Industrial Resources Limited *	--	--
Life Insurance Corporation of India	12863749	7.75%

* Merged with Sumant Investments Private Limited

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		333.400	333.400	333.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12064.100	12283.900	12540.200
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12397.500	12617.300	12873.600
LOAN FUNDS
1] Secured Loans		13338.300	9448.300	11407.100
2] Unsecured Loans		2819.100	5685.800	3109.100
TOTAL BORROWING		16157.400	15134.100	14516.200
DEFERRED TAX LIABILITIES		1554.600	1588.500	1758.900
TOTAL		30109.500	29339.900	29148.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18012.900	19149.800	20111.500
Capital work-in-progress		270.300	274.000	265.100
INVESTMENT		504.400	500.800	588.500
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13018.800	9828.000	7625.300
	Sundry Debtors	6647.300	3640.000	1884.200
	Cash & Bank Balances	2283.100	528.500	495.100
	Other Current Assets	298.400	307.800	0.000
	Loans & Advances	4248.200	3785.800	4008.500
Total Current Assets		26495.800	18090.100	14013.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8660.800	3768.200	4622.700
	Other Current Liabilities	5175.400	3684.900	128.900
	Provisions	1337.700	1221.700	1077.900
Total Current Liabilities		15173.900	8674.800	5829.500
Net Current Assets		11321.900	9415.300	8183.600
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		30109.500	29339.900	29148.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	49236.700	40662.400	34020.700
		Other Income	619.200	324.700	466.200
		TOTAL (A)	49855.900	40987.100	34486.900
Less	EXPENSES
		Cost of materials consumed	17286.700	12895.800	30991.500
		Purchases of Stock-in-Trade	17272.100	15098.900
		Change in inventories of finished goods, Work-in-progress and Stock-in-Trade	(3278.100)	(2189.000)
		Employee benefits expense	3555.400	3229.000
		Other expenses	11699.400	9871.500
		Exceptional item: Differential cane price 2007-08	380.600	0.000
		TOTAL (B)	46916.100	38906.200	30991.500
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2939.800	2080.900	3495.400
Less	FINANCIAL EXPENSES (D)		1575.600	1013.700	860.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1364.200	1067.200	2635.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1540.700	1575.900	1596.800
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(176.500)	(508.700)	1038.300
Less	TAX (H)		(33.900)	(202.100)	325.500
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(142.600)	(306.600)	712.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4759.100	5050.600	4992.900
Add	BALANCE BROUGHT FORWAR CONSEQUENT TO MERGER OF ERSTWHILE SHRIRAM BIOSEED GENETICS INDIA LIMITED		NA	98.700	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.000	500.000
		Proposed dividends (equity shares) Interim	NA	0.000	66.400
		Proposed dividends (equity shares) Final	NA	66.400	66.400
		Corporate dividend tax	NA	10.800	22.300
		Storage fund for Molasses Account	NA	6.400	0.000
	BALANCE CARRIED TO THE B/S		NA	4759.100	5050.600
	EARNINGS IN FOREIGN CURRENCY
		Direct export of goods on FOB basis/as per contracts where FOB value not readily ascertainable	205.400	281.700	53.800
		Others	7.800	5.200	0.000
	TOTAL EARNINGS		213.200	286.900	53.800
	IMPORTS
		Raw Materials	619.400	567.400	1109.100
		Components & Spare Parts	173.700	128.500	93.900
		Capital Goods	940.200	62.500	73.600
		Others	3048.000	3921.000	69.300
	TOTAL IMPORTS		4781.300	4679.400	1345.900
	Earnings / (Loss) Per Share (Rs.)
	- Before Exceptional Item		0.99	(1.85)	3.88
	- After Exceptional Item		(0.86)	(1.85)	4.30

QUARTERLY RESULTS

PARTICULARS	30.06.2012
Type	1^st Quarter
Net Sales	14125.000
Total Expenditure	12858.800
PBIDT (Excl OI)	1266.200
Other Income	82.700
Operating Profit	1348.900
Interest	425.600
Exceptional Items	(563.200)
PBDT	360.100
Depreciation	373.000
Profit Before Tax	(12.900)
Tax	(0.200)
Provisions and contingencies	0.000
Profit After Tax	(12.700)
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	(12.700)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.29)	(0.75)	2.07
Net Profit Margin (PBT/Sales)	(%)	(0.36)	(1.25)	3.05
Return on Total Assets (PBT/Total Assets}	(%)	(0.40)	(1.37)	3.04
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.04)	0.09
Debt Equity Ratio (Total Liability/Networth)		2.53	1.89	1.58
Current Ratio (Current Asset/Current Liability)		1.75	2.09	2.40

LOCAL AGENCY FURTHER INFORMATION

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	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

PERFORMANCE

During the year, the Company recorded better performance as compared to previous year. The net revenues were up by 21% at Rs.50390.000 millions driven by growth most businesses especially Sugar (up 48%), Bioseed (up 34%), Chloro-Vinyl (up by 25%) and Farm solutions (up by 18%).

PBIT (before exceptional item and tax) was up by 189% at Rs.2080.000 millions. Chloro-Vinyl, Bioseed, Farm solutions and Sugar businesses registered major earnings growth. The Earnings growth was moderated by higher losses in Hariyali business as the company incurred outlet shutdown expenses, MTM Losses etc. The earnings were also moderated by dip in earnings of Fertilizer, Cement and Textile businesses.

The company also had to account for an exceptional item of Rs.380.000 millions as differential Cane price for Sugar season 2007-08.

The Finance costs for the year were up by 54% at Rs.1600.000 millions driven mainly by higher average borrowing costs.

The Company also during the year had to account for an exceptional item of Rs.381.000 millions which represents the amount of differential cane price for Sugar season 2007-08 pursuant to the Hon’ble Supreme Court’s Order dated 17th January, 2012.

PBT before exceptional item stood at Rs.476.000 millions as against a loss of Rs.320.000 millions in the previous year.

Net profit for the year stood at Rs.119.000 millions as against a net loss of Rs.143.000 millions.

MANAGEMENT DISCUSSION AND ANALYSIS

PERFORMANCE REVIEW

The Company witnessed improved performance during the year. This is despite the challenging macro environment that the company faced. The improved performance was driven by high turnover growth in some businesses and margin improvements in the others. The Company also made substantial cost savings in the Chloro-Vinyl businesses and significant operational improvements in the Sugar business.

Some of the challenges that the company faced during the year were increase in input costs especially of Coal, Salt etc which impacted their Chloro-Vinyl business. The Sugar business witnessed increase in cane prices by almost 17% without any corresponding increase in the Sugar prices. The Company witnessed higher interest costs along with increased FX volatility.

1. Net Revenues were higher by 21.4% at Rs.50390.000 millions as compared to Rs.41510.000 millions. The growth in revenues were driven by growth in Sugar (up 48%), Bioseed (up 34%), Chloro-Vinyl (up 25%) and Farm Solutions (up 18%) businesses.

• Bioseed: Revenues were up by 34% at Rs.3914.000 millions driven by growth in India and Philippines. The growth was driven by BT Cotton, Corn, Vegetables and Rice.

• Sugar: Revenues were up by 48% at Rs.9080.000 millions driven by increased free sugar volumes (up by ~ 50%) at marginally better realizations along with higher power sales.

• Chloro-Vinyl Business: Revenues were up by 25% at Rs.10100.000 millions driven by higher volumes of Chloro-Vinyl products at improved realizations. Realizations of Chlor-Alkali up by 31%, PVC Resin up by 7% and Carbide up by 10%.

• Farm Solutions: Revenues were up by 18% at Rs.10880.000 millions driven by Value added inputs (up by 23%) and SSP up by 46%.

• Fenesta: Revenues were up by 38% driven by growth in both retail and projects segments.

• Hariyali Kisaan Bazaar: Revenues were up by 10.3% to Rs.8534.000 millions - Revenue growth was slower in Core Retail. Growth further moderated as they decided to limit business in Commodity trading and Seeds vertical.

• Cement: Revenues were up by 14.5% at Rs.1407.000 millions as the business witnessed increased sales volumes (up by 6%) at better realizations (up by10.5%).

2. PBIT at Rs.2080.000 millions was up by 189 the key reasons for this increase are explained below:

• Bioseed PBIT was up by 63.5% at Rs.620.000 millions driven by growth in revenues by 34%.

• Chloro-Vinyl PBIT was up by 91% at Rs.1782.000 millions essentially due to higher production of Chloro-Vinyl products at better realizations. However, the increase in input costs of Coal, Salt etc continued to moderate the upside in earnings.

• Farm Solutions PBIT was up 32.8% to Rs.605.000 millions due to volume growth in Value added inputs and SSP.

• Sugar PBIT was higher at Rs.306.000 millions as compared to a loss of Rs.71.000 millions. The key reasons for this were:

o The company's gross sugar margins swung from Rs.(182) per quintal in the previous year to positive Rs.42 per quintal in the current year. o In the current year, the business also witnessed higher income from by products and sale of export license.

o However, higher loss on Levy Sugar and sharp increases in Cane costs in SY 2012 had adverse effects on the earnings.

However, growth in earnings in the above mentioned businesses were moderated by the performance of the following businesses:

• Hariyali Kisaan Bazaar: In this business, losses were higher due to outlet shutdown expenses, Mark to Market losses in the commodity/seed business verticals along with slower sales growth than desired especially of core retail.

• Cement PBIT dipped by 8.2% to Rs.151.000 millions despite higher volumes and realizations primarily due to increase in input costs such as Coal, Power etc.

• Fertilizer PBIT were lower by almost 32% at Rs.200.000 millions essentially due to bi-annual planned maintenance shutdown undertaken by the company in Q2 FY 12 and non-revision in Urea retention prices consequent to expiry of the earlier pricing period on March 31, 2010.

3. Interest costs up by 54% at Rs.1603.000 millions driven by higher interest costs and higher average borrowings.

4. PBT before exceptional items at Rs.476.000 millions against a loss of Rs.320.000 millions in the previous year

5. Exceptional Item: The Company has accounted Rs.380.000 millions during the year which represents the amount of differential cane price for Sugar season 2007-08 pursuant to Honourable Supreme court’s order dated 17th January, 2012.

6. Net Profit at Rs.119.000 millions as compared to Net Loss of Rs.143.000 millions in the previous period.

BUSINESS MIX

• The Agri-Inputs vertical, i.e. Fertilizer, Farm Solutions and Bioseed witnessed a growth of 18% in Revenues on the back of growth in Farm Solutions and Bioseed business. The Revenue share of this vertical is 38% in Financial Year 2011-12.

• The Capital employed of the Agri-input vertical increased from 13% to 22% primarily driven by higher subsidy outstandings in the Fertilizer and Farm Solutions business and higher inventory in Bioseed business.

BUSINESS WISE PERFORMANCE REVIEW AND OUTLOOK

AGRI-BUSINESSES

FERTILIZER

Subject's Urea plant is one of the oldest Urea plants in the country with a reassessed capacity of 379,500 TPA at its integrated manufacturing complex at Kota, Rajasthan. They are one of the first private players in the country to set up a Urea plant. Due to the relationships developed with the farming community over decades, "Shriram" Urea is a trusted name and enjoys high brand equity amongst the farmers. The Company has an extensive distribution network over the entire Northern and Central India. The plant has been operating fully on Gas, since May 2009 post the conversion from Naphtha to LNG/Natural Gas in 2006-07.

BUSINESS PERFORMANCE

The earnings were under pressure during the year essentially due to planned bi-annual maintenance shutdown undertaken by the company in Q2 FY12, uncompensated cost increases due to non-revision of Urea retention prices consequent to the expiry of earlier policy on 31st March 2010 and higher arrears received in the previous year.

The production of Urea during this year 2011-12 was 387473 MT against actual production of 404040 MT in 2010-11 and reassessed capacity of 379500 MT. The production was higher by 7973 MT than reassessed capacity. This higher production was made keeping in line with the government policy on production of additional Urea over reassessed capacity under NPS III.

INDUSTRY OVERVIEW AND OUTLOOK

India is the second largest producer and consumer of Urea in the world. Urea is most preferred fertilizer and constitutes about 72 % of entire fertiliser consumption in the country. Low farm gate price (fixed by government) and high nitrogen content has made it a preferred choice of farmers.

The demand and consumption of Urea has been growing and the gap in demand / supply is currently being met by imports. During 2011-12 the total Urea production in the country was 22 million MT and India had to import 7.8 million MT of Urea to meet its demand. The new policy post NPS III which expired on March 31, 2010 is under finalization. Early finalization of the new Urea policy will help in mitigating the impact of uncompensated costs which is putting margins/ profitability of this business under pressure. This will also provide a road map to the industry to make further investments so required in this sector as it is already meeting about 1/3rd of its requirements through imports.

FARM SOLUTIONS

The Farm Solutions business provides a wide range of farm inputs which comprises the Value added inputs such as Seeds, Pesticides, Soluble Fertilizers, Crop Care Chemicals etc and Bulk Fertilizers like DAP, MOP and SSP. This is done through extensive distribution network. This business is present in 17 Indian states, reaching approximately 0.3 Million farmers and has a network of over 15,000 retailers. “Shriram” brand of Agri-inputs is known for its quality and enjoys a strong brand value with the farming community. The philosophy of this business is not only to provide quality and customized inputs but also provide the farmers with the latest technology/practices which would enhance their productivity. The Company is also focused on its stronger farmer interface which allows the business to capture the evolving farming trends which leads to continuous expansion of product basket. This business is also supported by an extension programme called Shriram Krishi Vikas Kendras ( SKVK) which provide the following.

• Promote judicious use of Various Agri-Inputs by promoting integrating plant nutrient management.

• Focus on transfer of location specific and need based farm technology.

• Providing Training for Channel partners and farmers.

BUSINESS PERFORMANCE

Revenues were up by 18% at Rs.10880.000 millions driven by Value added inputs (up by 23%) and SSP up by 46%.

PBIT up by 32.8% at Rs.605.000 millions primarily due to volume growth in Value added inputs and SSP.

INDUSTRY OVERVIEW AND OUTLOOK

The Agricultural sector was under pressure since Kharif- 11 due to increase in prices of all farm inputs especially DAP/MOP, labor costs and other inflationary pressures. Given the increased costs, the prices of most of the Kharif crops were depressed. This trend continued in the Rabi season with increase in the prices of bulk fertilizers due to increase in international prices and significant depreciation of the rupee which led to buildup of inventories of bulk fertilizers in the country.

However, they do believe that in the medium to long term the country will continue to witness huge demand for food due to increase in population coupled with increase in per capita income consequent to growth of the economy in the last decade. With the rapid urbanization, the level of land available for agriculture will be stagnant or may witness decline. As per one of the industry estimates to meet the demand of 280 Mn MT of food grains by 2020, the yields of rice, wheat and cereals would need to go up by 30%, 35% and 30% respectively.

They believe that farmers remain keen to adopt new products if the company can demonstrate the positive impact through its adoption and assist the farmers in actually realizing the desired benefits. Therefore, they continue to believe that for these reasons the demand for quality Agri-Inputs and solutions would substantially increase in the coming years.

BIOSEED

The Bioseed business is part of their Agri-Inputs portfolio providing high quality hybrid seeds to the farmers. The company is present across the entire value chain beginning from Research, Production, Processing and Marketing of seeds. Bioseed's key focus is to provide value to its customers by developing superior hybrids through Conventional and Genetic enhancement of various Field and Vegetable crops such as Cotton, Corn, Rice, Millet, Okra, Tomato, Hot Pepper, Brinjal, Gourds etc. The company is present in India, Vietnam and Philippines and is working towards building the business in Thailand and Indonesia.

BUSINESS PERFORMANCE

The business recorded good performance in the year gone by with revenue growth of 34% at Rs.3910.000 millions driven by growth in India and Philippines and the key crops which witnessed growth were BT Cotton, Corn, Rice and Vegetables.

PBIT grew by 64% for the year at Rs.620.000 millions driven by 34% growth in Revenues. The company is expected to face some margin pressures in BT Cotton which is one of their key crop due to increase in cost of production without any corresponding increase in the final product prices.

SUGAR

Subject is one of the largest players in the domestic sugar industry. The company has four sugar units located at Ajbapur (10,500 TCD), Rupapur (6,500 TCD), Hariawan (8,000 TCD) and Loni (8,000 TCD) with a total crushing capacity of 33,000 TCD. The four units have a total power cogeneration facility of 94 MW with an exportable capacity of 51.5 MW.

BUSINESS PERFORMANCE

Their operations were significantly better during SY 12 as the Sugar production was up by 30% at 35.6 lac quintals due to higher cane crush and better recoveries. o Cane Crush was up by 27.6% at 379 lac quintals.

o Recovery improved from 9.2% to 9.48%.

• Revenues were up by 48% at Rs.9080.000 millions driven by increased free sugar volumes (up by 50.4%) at marginally better realizations along with higher power sales.

• Sugar PBIT at Rs.306.000 millions as compared to a loss of Rs.71.000 millions driven by swing in gross sugar margins from Rs.(182) per quintal to Rs.42 per quintal, higher income from byproducts and sale of export license. Higher loss on Levy sugar and sharp increase in Cane costs in SY 2012 has had significant adverse affects.

• The Company has accounted Rs.381.000 millions in the year which represents the amount of differential Cane price for Sugar season 2007-08 pursuant to Honourable Supreme court's order dated 17^th January, 2012.

INDUSTRY OVERVIEW AND OUTLOOK

The Indian Sugar industry is one of the largest in the world. India is the second largest producer after Brazil and the largest consumer of Sugar in the world. In the domestic context, Sugar is the second largest agrobased industry supporting over 50 Million farmers along with other parts of rural population indirectly being involved. It is expected about 7.5% of the rural population is involved in this industry.

The Sugar industry has production cycles related to Cane production. This leads to sharp swings in prices. The crushing period varies from region to region. The crushing begins in October/November and goes on till April/May in all states except in Southern states like Tamil Nadu, Andhra Pradesh etc where it continues till July- August.

Indian Sugar industry is highly fragmented with private sector, Co-operatives etc along with the unorganized players. The unorganized players mainly produce Gur and Khandsari which are less refined forms of Sugar.

The Sugar industry is highly controlled by both the State and Central Governments. It is a controlled commodity under the Essential Commodities Act, 1955. The control starts at the price at which the mill purchases the Cane from the farmer. The Government of India has a dual pricing policy in place. The Central Government announces its F&RP (Fair and Remunerative Prices) which is binding across the country. The State Governments are also empowered to fix the Cane price over and above F&RP which is called the SAP (State Advised Price). The other controls include, how much material will be sold by the mill on a monthly basis (now changed to quarterly mechanism), how much exports will be made etc. The other nuance associated with the Sugar industry is the sale of 10% of the sugar produced by the mill to the Government for the Public distribution system at a price which at the moment is less than 2/3rd of cost of production of Sugar which causes huge losses to the mill which anyways are earning sub-optimal margins.

During the current season the Government of Uttar Pradesh announced the State Advised price for the General variety of Cane at Rs. 240/quintal up from Rs. 205/quintal in the previous season an increase of 17% with no corresponding increase in the final product prices.

The Sugar Production is expected to be roughly 26 Million MT for season 2011-12 up from 24.4 Million tons in the previous season. With consumption expected at about 21.5 Million MT, the closing stock would have been ~ 11 Million MT for the season. However, the Government intervened and allowed export of 3 Million MT and is expected to allow another 1 Million MT which will lead to a closing stock of about 7 Million MT for this season. (1 Million MT higher than previous season). The export of 3 Million MT till date have allowed the prices to be stable with a slightly upward bias. However, the margins have remained suboptimal in this business. Lower profitability of this business has led to build up of high Cane arrears in the industry.

The Government has made some forward movement in the policy framework by permitting of exports under OGL and moving to quarterly release mechanism from monthly. The Government has also appointed a committee under the leadership of Mr. C. Rangarajan (Chairman of Prime Minister's Economic advisory Council) that will submit a report to the Prime Minister on the decontrol of this industry. This report is expected to be submitted by Q2 FY13. They believe that above steps taken are in the right direction, however, a lot more needs to be done so that industry can regain some financial health and viability.

On the International side, the increase in estimates of global sugar production for FY 2011-12 has put downward pressure on global sugar prices.

India was a net exporter for 2011-12 and will remain the same for 2012-13.Expectation of surplus sugar production in the world for 2012-13 is expected to put downward pressure on the prices which in turn will impact the realization from exports from India.

GOING FORWARD

The domestic sugar industry is likely to remain in surplus in 2012-13 with the sugar output likely to outstrip domestic consumption. Given the domestic surplus and falling international price trends which are likely to restrict export volumes no significant change is expected in the price trends that the domestic sugar industry has seen in the last 18 months. In the mediumterm, the sugar price trends will continue to be determined firstly, by expectations of domestic sugar production, Secondly, by the international crude oil prices, which will determine the raw sugar: ethanol mix in Brazil, which is the world's largest producer; the movement towards decontrol including removal of levy quota etc and Cane prices for Sugar season 2012-13 in India.

HARIYALI KISAAN BAZAAR

Hariyali Kisaan Bazaar meets the business needs of the farming community along with meeting the daily requirements of the rural community. These outlets also provide round the year technical support to the farmers through a team of qualified agronomists.

Hariyali has been able to establish itself as a Centre of trust, reliability and respect among the rural community.

Given the market structure, consumer profile and the bottlenecks in supply chain infrastructure, Hariyali outlets are taking longer than expected time to reach the desired sales and profit levels. Hariyali has 165 outlets as on 31st March, 2012 spread over 6 states offering Agri, Food and Grocery, Lifestyle, Fuel etc.

BUSINESS PERFORMANCE

Hariyali Kisaan Bazaar revenues increased by 10% during the year to Rs.8530.000 millions led by high growth in fuel segment. Growth in Revenue was moderated due to subdued growth in the Core retail vertical. PBIT losses were higher at Rs.1050.000 millions due to outlet shutdown expenses, Mark to Market losses in the commodity/ seed business along with slower sales growth in core retail business.

CHLORO - VINYL BUSINESSES

Subject's Chloro-Vinyl business is highly integrated supported by 143 MW coal based power facilities (part of 283 MW power capacity in the Company). This business has multiple revenue streams, the major being Chlor-Alkali (Caustic Soda and Chlorine), PVC resins, Calcium carbide and Power. These multiple revenue streams allow the company to maximize earnings per unit of power produced and lend stability to Chloro- Vinyl operations.

BUSINESS PERFORMANCE

The Revenues and PBIT for the year for the Chloro- Vinyl business were higher by 25% and 91% respectively at Rs.10100.000 millions and Rs.1780.000 millions driven by several cost initiatives, higher volumes and better realizations of Chloro-Vinyl products especially Chlor- Alkali which was up by 31%. The increase in input costs of Coal, Salt etc continued to moderate the upside in earnings in this business. On the Coal front, the monopoly behavior of Coal India in terms of prices, quantity and quality of supplies continues to be a challenge for their Chloro-Vinyl businesses. The Company is working on several initiatives to optimize the fuel mix to mitigate the impact of this Coal cost increase. Similar efforts are being made on Carbon materials side in their Carbide and Plastics business.

These efforts would help them in getting comparatively better margins.

CHLOR-ALKALI

Chlor-Alkali industry has Caustic Soda and Chlorine as the two Co-Products. The growth of this industry is highly correlated to the growth in the economy. These products are used primarily by the Aluminum, Paper, Soap and detergent, Polymer, Textiles and Water treatment industries.

The company has manufacturing facilities at Kota (Rajasthan) and Bharuch (Gujarat) adding up to a capacity of 765 TPD thereby placing it among top three players in the domestic Chlor-Alkali Industry. Both of their manufacturing facilities have full access to captive power based on Coal.

BUSINESS PERFORMANCE

The Company's Revenues and PBIT improved by 48% and 171% respectively to Rs.5850.000 millions and Rs.1510.000 millions. This performance was result of higher volumes at Kota facility along with improvement in realizations which were up 31% YOY. However, this business continues to witness severe cost pressures with increases in costs of Coal, Salt etc. The Company has taken several steps during the year to mitigate the impact of rising Coal costs including altering fuel mix especially at the integrated manufacturing facility at Kota.

The higher realizations during the year were driven by higher demand, rising costs, higher international prices, and sharp depreciation in the rupee making landed costs of imports expensive.

INDUSTRY OVERVIEW AND OUTLOOK

The Chlor-Alkali industry in India has 34 operating units with a combined installed capacity of 3.3 million tones of Caustic Soda. The top three players comprise about 1/3rd of the total installed capacity. The domestic demand for Caustic Soda and Chlorine is about 2.9 million tonnes and 2.4 million tonnes respectively. The growth in demand for Caustic soda and Chlorine is linked to GDP growth with Chlorine growing slowly vis-a-vis Caustic soda.

During the year, international prices of Caustic Soda have improved, and they expect that the continued growth in GDP will drive the growth of this industry and provide support to product prices.

PLASTICS

Subject is one of the oldest manufacturers of PVC Resins in the country with operations which begun in 1963. The Plastics business is an integral part of their Chloro- Vinyl business at their manufacturing facility at Kota with integration in terms of Power, Chlorine and Calcium Carbide. The Calcium Carbide manufactured by the company is partly sold and partly used for the manufacture of PVC Resins.

Subject is the only company in the country which manufactures PVC Resins through the Calcium Carbide route as against the Ethylene route which is being followed by most of the companies worldwide except in China. The Carbide route provides them complete integration from base raw material to finished resin in the Vinyl value chain.

Subject captures optimum value from each stage of the value chain with its integrated plants. They have capacity to produce ~112000 MT per annum of Calcium Carbide. This capacity is used for making packed Carbide and also converting a part of it for making PVC resin for sale into the markets depending on which product gives better return on every unit of Power consumed. This year they sold ~ 38,500 MT of Calcium Carbide.

Their products find wide market acceptance commanding premium especially in flexible and transparent applications where customers rightly perceive the value of the product.

Quality parameters drive users in manufacturing of special applications in pressure pipes, wire and cables, blown films, rigid and flexible profiles to critical applications like blood bags, tubing and other medical and food grade applications to use various grades of their PVC resin.

BUSINESS PERFORMANCE

The Company's Revenues were up by 26% at Rs.4176.000 millions and earnings swung from a loss of Rs.49.000 millions in the previous year to profit of Rs.255.000 millions during the current year. The revenues were up driven by increase in volumes of both PVC Resins and Calcium Carbide along with improved realizations of both the products. The earnings also improved due to volume growth and improvement in realizations along with the efforts taken by the company to reduce the impact of rising costs.

INDUSTRY OVERVIEW AND OUTLOOK

PVC resin is a widely used raw material owing to its safe, healthy, convenient and aesthetical advantage for applications in urban infrastructure, Electronic products, Consumer products, Irrigation etc. More than 70% of PVC resins are used for producing PVC pipes in India. Traditionally PVC pipes were mainly used for agriculture. However, PVC pipes are fast replacing steel pipes for plumbing applications.

The other key driver for PVC resin is the rise in microirrigation. This sector is expected to account for a sizeable percentage of the demand for PVC resins. Another application with large potential is PVC films for packaging. With the trend for buying packaged goods increasing even in rural India, the demand for PVC films is also expected to rise.

The Indian PVC market is expected to grow at least equivalent to the GDP growth of their country. They expect that consumption growth in case of PVC resin to be 7-8% in the coming years. The current financial year has been an exception as far as growth in consumption of PVC resin is concerned with growth being 2-3%. The economic slowdown, rising interest rates, Volatility in the rupee and depressed buying sentiments are some of the factors responsible for the slide in demand for PVC. The other factor which affected the demand for PVC Resins is the unusual heavy monsoon season during 2011-12 which led to lower than average demand for pipes.

The Indian PVC resin industry's capacity currently stands at around 1.3 million Metric Ton per annum (MTPA). As against this, domestic demand has been growing steadily and has reached almost 2 MTPA. The gap of 0.7 MTPA is being met by import of material in the country. They do believe that PVC will witness healthy growth rates in the coming years given the shortage of quality infrastructure in the country.

In case of Calcium Carbide, continuous increase in usage of DS compound in Steel Industry remains the key factor for growth in demand for Calcium Carbide. Increased focus of Government on infrastructure sector will result in growth in steel use and is likely to have a positive impact on the growth in demand for Calcium Carbide in India.

POWER

Captive power generation is a critical business activity to sustain their company's operations. The Company currently has a total installed capacity of 283 MW at various locations of which 188 MW is Coal based and 94MW is bagasse based. Out of this 51.5 MW is dedicated to sale of Power to distribution companies. The balance 231 MW has multiple uses and revenue stream which includes sale of Power when the netback per unit of Power is higher than the sale of Chloro- Vinyl products.

The area of concern in this business has been high energy costs both internationally and in domestic market. The monopoly behavior of Coal India in terms of prices, quantity and quality of supplies is a challenge for their Chloro-Vinyl businesses.

The company has taken several steps to mitigate the impact of rising coal costs including optimizing fuel mix etc.

They are also aiming at commissioning their Lignite mine over medium term to meet part of fuel requirements for power.

OTHER BUSINESSES

FENESTA BUILDING SYSTEMS

Fenesta Building Systems is the pioneer and country's largest UPVC windows and doors providing complete solutions starting from design, extrusion, fabrication to installation at the customer's site. With approximately 1 million window installations in the country till now, “Fenesta” brand has become synonymous to UPVC windows and doors.

The business operates in two verticals:

1. Projects/ Institutional: segment dealing with institutional sales (large developers) comprising of group housing and communities. Some of the reputed developers include DLF, Prestige, Brigade etc.

2. Retail: caters to individual customers in the segments of 'new construction', 'renovation and replacement' on one hand and smaller projects like commercial on the other.

They entered the retail segment over 3-4 years back to remove the dependence of this business on one segment, i.e. project/institutional which in turn is dependent on the cyclical real estate business. Since then they have made significant progress in this segment with this segment contributing about 38% of the overall revenue. They have now increased their distribution network to 65 cities and 160 dealers across India.

The business continues to witness a robust growth (topline up by 38% against last year) across both the segments. This year institutional builders/ developers focused more on project execution which had a positive impact on their projects billing. The lower rate of new launches this year however got reflected in moderated order-booking in the projects segment.

CEMENT

Subject's Cement Business is based on the Calcium hydroxide sludge that is generated during the Acetylene production at its integrated manufacturing facility at Kota which is then converted into Cement in an environmentally friendly manner.

The current capacity of the plant is 4 lac TPA. The company produces high quality, premium grade both Ordinary Portland and blended Cements. The Cement is characterized by light colour, superior strength and setting properties. These characteristics have allowed the "Shriram" brand to have strong brand equity and command premium in the market.

BUSINESS PERFORMANCE

The Revenues from this business were higher by 15% at Rs.1410.000 millions driven by higher sales volumes which were up by 6% and better realizations which were up by 11%. Despite higher volumes and better realizations, the company's earnings moderated by 8% to Rs.150.000 millions due to increase in key input costs such as Coal, Salt etc.

PVC COMPOUNDS

Subject is one of the largest manufacturers of PVC Compounds in the country. The company is able to serve diverse application segments due to availability of combination of technologies under one roof. The company has been focused on developing Value added specialty compounds in the flexible and rigid applications. The company has state of the art development centre- Innovative Polymer application centre (i-PAC) which facilitates a collaborative process with suppliers and customers.

Subject's strength in this business is the technical expertise and market knowledge accumulated over decades along with focus on development of new applications.

BUSINESS PERFORMANCE

Excess manufacturing capacity, slowdown in demand and increasing costs were the challenges that the business faced in the current year. The company recalibrated its strategy by reducing sales in the lower margin segments such as Wire and Cable segment. The Company enhanced its focus on value added segment such as automotive profiles, window beading and rigid transparent applications. Adherence to best manufacturing practices and focus on costs helped the business during the period.

TEXTILES

Subject has its spinning unit at Tonk, Rajasthan with a capacity of 14,544 spindles. The company is focused on improving efficiencies and cost rationalization in the business.

Brief Profile of the Directors of the Company

Shri Ajay S. Shriram, Chairman and Senior Managing Director (DIN No.00027137), is a Director of the Company since 24.7.1989. He graduated in Commerce from Sydenham College, University of Mumbai and later attended the Programme for Management Development at the Harvard Business School, U.S.A. He is a Member of the Shareholders/Investors' Grievance Committee of the Company.

Shri Vikram S. Shriram, Vice Chairman and Managing Director (DIN No.00027187), is a Director of the Company since 22.5.1990. He graduated in Commerce with Honours from St. Xavier's College, Kolkata and is a Member of The Institute of Chartered Accountants of India. He is a Member of the Shareholders/Investors' Grievance Committee of the Company.

Shri Rajiv Sinha, Joint Managing Director (DIN No.00027302), is a Director of the Company since 1.11.1998. He joined the Company in 1972 as a Management Trainee after graduating from IIT, Kanpur in Mechanical Engineering. Later, he attended the Executive Development Programme at the Stanford University, U.S.A.

Shri Ajit S. Shriram, Deputy Managing Director (DIN No.00027918), is a Director of the Company since 2.5.2001. He joined the Company in 1991 as an Executive after graduating in Commerce from Osmania University, Hyderabad. Later, he obtained an M.B.A. Degree from the International Institute for Management Development, Switzerland.

Dr. N.J. Singh, Whole Time Director (EHS) (DIN No.01893202), is a Director of the Company since 20.11.2007. He joined the Company in 1983 as Pollution Control Engineer. He holds M.Sc., Ph.D. Degrees and had been working as Chief Executive, Shriram Environment and Allied Service and General Manager (Safety and Environment) with the Company at Kota.

Dr. S.S. Baijal is a Non-Executive Director (DIN No.00027961) of the Company since 22.5.1990. He retired as the Chairman of ICI Companies in India in 1987. He holds B.Sc., M.Sc., D.Phil Degrees. He is Chairman of the Board Audit Committee and Member of the Shareholders/Investors' Grievance Committee of the Company.

Shri Arun Bharat Ram is a Non-Executive Director (DIN No.00694766) of the Company since 22.5.1990. He is Chairman of SRF Limited. He graduated in Industrial Engineering from the University of Michigan, U.S.A. He is a Member of the Board Audit Committee of the Company.

Shri Pradeep Dinodia is a Non-Executive Director (DIN No.00027995) of the Company since 18.7.1994. He graduated in Economics with Honours from St. Stephens College, Delhi University and obtained his Law Degree from the same University. He is a member of The Institute of Chartered Accountants of India. He is Chairman of the Shareholders/Investors' Grievance Committee and Member of the Board Audit Committee of the Company.

Shri Vimal Bhandari is a Non-Executive Director (DIN No.00001318) of the Company since 13.5.2003. He graduated in Commerce from Sydenham College, University of Mumbai and is a Member of The Institute of Chartered Accountants of India. He is currently serving as Managing Director and CEO of Indostar Capital Finance Private Limited.

Shri Sunil Kant Munjal is a Non-Executive Director (DIN No.00003902) of the Company since 13.5.2003. After his

graduation, he underwent training in the field of Mechanical Engineering. Presently, he is Joint Managing Director of Hero MotoCorp Limited besides the Chairman of Hero Corporate Service Limited, Hero Management Service Limited and Shivam Autotech Limited. He has been the President of Confederation of Indian Industry (CII). He has made significant contributions to some of the National level Economic reforms in India in the capacity of Chairman or as a Member of different Committees or expert groups.

Shri D. Sengupta is a Non-Executive Director (DIN No.00043289) of the Company since 11.8.2003. He retired as

Chairman of General Insurance Corporation of India in June, 2002. He is a Bachelor of Science in Physics and holds Post Graduate Diploma in Marketing from FMS, Delhi University. He is a Member of the Board Audit Committee of the Company.

Shri Rajesh Kandwal, a nominee of Life Insurance Corporation of India (LIC), is a Non-Executive Director (DIN No.02509203) of the Company since 3.1.2011. He is a Post Graduate in Science from Delhi University. He joined LIC in September 1981 and has worked in various branches since then.

Contingent liabilities not provided for:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)
Claims* (excluding claims by employees where amount not ascertainable) not acknowledged as debts:
Sales tax matters	13.600	13.600
Excise matters	21.200	21.700
Additional premium on land	81.100	81.100
Others	59.100	60.100
Total	175.000	176.500

Note:

* all the above matters are subject to legal proceedings in the ordinary course of business. In the opinion of management the legal proceedings, when ultimately concluded, will not have a material effect on results of operations or financial position of the Company.

FIXED ASSETS:

Tangible Assets

v Land – Freehold

v Land – Leasehold

v Buildings

v Leasehold improvements

v Plant and equipment

v Furniture and Fixtures

v Vehicles

v Office equipment

Intangible Assets

v Technical Know how

v Brand

v Computer Software

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2012 (STANDALONE)

(Rs. in Millions)

Particulars	Quarter Ended 30.06.2012
	Unaudited
Gross Sales	14687.600
Less: Excise Duty	594.300
Net Sales / Income from operations	14093.300
Other operation Income	31.700
Total income from operations (net)	14125.000
Expenses
a) Cost of materials consumed	2406.100
b) Purchases of stock-in-trade	4153.500
c) Changes in inventories of finished goods, work-in-process and stock-in-trade	1953.700
d) Employee benefits expense	930.300
e) Depreciation and amortisation expense	373.000
f) Power, fuel etc.	1421.900
g) Other expenses	1993.500
h) Cost of own manufactured goods capitalized	(0.200)
Total expenses	13231.800
Profit from operations before other income, finance costs, exceptional items and tax	893.200
Other income	82.700
Profit before finance costs, exceptional items and tax	975.900
Finance costs	425.600
Profit before exceptional items and tax	550.300
Exceptional items (note 2)	(563.200)
Profit before tax	(12.900)
Provision for taxation	(0.200)
Net Profit / (Loss)	(12.700)
Profit before interest, depreciation, tax and exceptional items (EBIDTA)	1348.900
Cash Profit before exceptional items	923.300
Paid up equity share capital (Face value of Rs.2/- per share)	333.400
Reserves excluding revaluation reserves as per Balance Sheet of previous accounting year	--
Basic/ Diluted – EPS (Rs. per equity share)
- Before exceptional items	3.24
- After exceptional items	(0.08)
Particulars of Shareholding
Public Shareholding	63335196
- Number of shares	38.18%
- Percentage of shareholding
Promoters and Promoter group Shareholding
a) Pledged/encumbered
-Number of shares	11000000
-Percentage of shares (as a % of the total shareholding of promoter and promoter group)	10.72%
-Percentage of shares (as a % of the total share capital of the Company)	6.63%
b) Non-encumbered
-Number of shares	91568124
-Percentage of shares (as a % of the total shareholding of promoter and promoter group)	89.28%
-Percentage of shares (as a % of the total share capital of the Company)	55.19%

Particulars	Quarter ended 30^th June, 2012
INVESTOR COMPLAINTS
Pending at the beginning of the quarter Nil	Nil
Received during the quarter 3	21
Disposed of during the quarter 3	21
Remaining unresolved at the end of the quarter Nil	Nil

Segment wise Revenue, Results and Capital Employed under Clause 41 of Listing Agreements (STANDALONE)

(Rs. in Millions)

Particulars	Quarter Ended 30.06.2012
	Unaudited
A. Segment Revenue
Fertiliser	1366.500
Farm Solutions	2979.600
Bioseed	2377.300
Sugar	2796.700
Hariyali Kisaan Bazaar	2134.100
Chloro-Vinyl	2782.500
Cement	375.800
Others	764.300
Total	15576.800
Less: Inter segment revenue	1451.800
Total	14125.000
B. Segment Results
Profit/(loss) (before unallocated expenditure interest and tax)
Fertiliser	77.700
Farm Solutions	148.600
Bioseed	338.600
Sugar	(39.200)
Hariyali Kisaan Bazaar	(201.100)
Chloro-Vinyl	729.900
Cement	64.300
Others	(67.600)
Total	1051.200
Less:
i) Finance cost	425.600
ii) Other unallocable expenditure net off unallocated income	75.300
iii) Exceptional Items (note 2)	563.200
Profit/(loss) before Tax	(12.900)
C. Segment Capital Employed
Fertiliser	1480.200
Farm Solutions	3097.100
Bioseed	924.100
Sugar	12532.800
Hariyali Kisaan Bazaar	2589.500
Chloro-Vinyl	6010.700
Cement	232.800
Others	2095.500
Total	28962.700

NOTES TO STANDALONE RESULTS:

1. In accordance with the accounting policy consistently followed by the Company for interim results, the off-season expenditure aggregating Rs.118.500 millions (corresponding previous quarter – Rs.118.000 millions) has been deferred for inclusion in the cost of sugar to be produced in the remaining part of the financial year.

2. Exceptional items represents:

(a) Current quarter: Charge on account of provisions for impairment losses on assets and expenses consequent to Company’s decision to restructure and rationalize Hariyali Kisaan Bazaar’s operations to restrict its activities to profitable product lines only.

(b) Financial Year 2011-12: Differential cane price for the sugar season 2007-08 accounted for pursuant to the Hon’ble Supreme Court Order.

3. Previous period figures have been recast, wherever necessary.

4. The above results were approved and taken on record by the Board of Directors in their meeting held on July 26, 2012

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 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.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
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.