MIRA INFORM REPORT

Report Date :

17.03.2012

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-110001, Delhi
Country :	India
Financials (as on) :	31.03.2011
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 :	A Public Limited Liability Company. The company’s shares are listed on stock exchange.
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 (62)

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 50000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. The company has incurred some losses in he current year i.e. 2010-11. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered / Corporate Office :	5^th Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi-110001, Delhi, 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 Fertilizers and Chemicals Shriram Nagar, Kota-324004, Rajasthan, India
Factory 2 :	Shriram Alkali and Chemicals 749, GIDC Industrial Estate, District Bharuch, Gujara, India
Factory 3 :	DSCL Sugar Village Ajbadpur, P.O. Munder, District Hardoi-241123, Uttar Pradesh, India
Factory 4 :	DSCL Sugar Village Loni, P.O. Anjhi Shahbad, District Hardoi-241124, Uttar Pradesh, India
Factory 5 :	DSCL Sugar Village and P O Hariwan, District Hardoi-241405, Uttar Pradesh, India
Sales Office :	Located At : · New Delhi · Mumbai · Kolkata · Chennai · Indore · Hyderabad · Jaipur · Ludhiana · Kota · Meerut · Sriganganagar
Market Office :	· Kirti Mahal, 19, Rajendra Place, New Delhi - 110 008 Tel. No. 91-11-25713442/25722296 Fax. No. 91-11-25768135 · Shivaji Marg, New Delhi - 110 015 Tel. No. 91-11-25104410/25747836 Fax. No. 91-11-25455362/25739816 · 5th Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi - 110 001 Tel. No. 91-11-23316801-9 Fax. No. 91-11-23318072

DIRECTORS

Name :	Mr. Ajay S Shriram
Designation :	Chairman and Senior Managing Director
Address:	'SHIVAM', A 37, Vasant Marg, Vasant Vihar, New Delhl-110057, India
Date of Birth/Age:	04.03.1954
Date of Appointment:	24.07.1989
Name :	Mr. Vikram S 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
Name :	Mr. Rajiv Sinha
Designation :	Deputy Managing Director
Address:	A-14/14, Ground Floor, Vasant Vihar, Delhi - 11 0057, India
Date of Birth/Age:	05.06.1950
Date of Appointment:	01.11 1998
Name :	Mr. Ajit S Shriram
Designation :	Director (Sugar)
Address:	5/20, Shanti Niketan, New Delhl-110021, India
Date of Birth/Age:	03.10.1967
Date of Appointment:	02.05.2001
Name :	Dr. Narendra Jeet Singh
Designation :	Whole Time Director (EHS)
Address:	A-22, Mahaveer Nagar-II, Kota – 324005, Rajasthan, India
Date of Birth/Age:	29.11.1953
Date of Appointment:	20.11.2007
Name :	Dr. Satguru Sharan Baijal
Designation :	Director
Address:	B 4 Sector 30, Gautam Budh Nagar, Noida - 210303 Uttar Pradesh, India
Date of Birth/Age:	06.09.1929
Date of Appointment:	22.05.1990
Name :	Mr. Arun Bharat Ram
Designation :	Director
Address:	1. Silver Oak Avenue, Westend Green Farm, Rajokri – 110038, Delhi, India
Date of Birth/Age:	15.11.1940
Date of Appointment:	22.05.1990
Name :	Mr. Pradeep Dinodia
Designation :	Director
Address:	A-9-A, Maharani Bagh, New Delhi – 110065, India
Date of Birth/Age:	15.11.1940
Date of Appointment:	22.05.1990
Name :	Mr. Vimal Bhandari
Designation :	Director
Address:	Flat N0.164. 16^th Floor, Address Tower-A, Kalpataru Horizon. S.K. Ahire Marg. Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age:	23.08.1958
Date of Appointment:	13.05.2003
Name :	Mr. Sunil Kant Munjal
Designation :	Director
Address:	l-A, Friends, Colony (West), New Delhi – 110065, India
Date of Birth/Age:	14.12.1957
Date of Appointment:	13.05.2003
Name :	Mr. D Sengupta
Designation :	Director
Address:	Sector-B, Pocket, 8, Flat N0.6145, Vasant Kunj, Delhi – 110070, India
Date of Birth/Age:	20.06.1942
Date of Appointment:	11.08.2003
Name :	Mr. Rajesh Kandwal
Designation :	LIC Nominee

KEY EXECUTIVES

Name :	Mr. B L Sachdeva
Designation :	Company Secretary
Audit Committee :	Dr. S S Baijal, Chairman Mr. Arun Bharat Ram Mr. Pradeep Dinodia Mr. D Sengupta

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2011

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3,913,800	2.36
Bodies Corporate	94,350,241	56.87
Sub Total	98,264,041	59.23
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	98,264,041	59.23
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3,438,023	2.07
Financial Institutions / Banks	42,330	0.03
Insurance Companies	17,959,007	10.82
Foreign Institutional Investors	945,629	0.57
Sub Total	22,384,989	13.49
(2) Non-Institutions
Bodies Corporate	4,574,282	2.76
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	17,960,347	10.83
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	6,881,605	4.15
Any Others (Specify)	15,838,056	9.55
Non Resident Indians	732,506	0.44
Overseas Corporate Bodies	15,105,550	9.11
Sub Total	45,254,290	27.28
Total Public shareholding (B)	67,639,279	40.77
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 :

• Punjab National Bank
• State Bank of India
• Bank of Baroda
• Oriental Bank of Commerce
• HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loans from banks
On cash credit account	1082.300	24.100
Others	5724.300	6863.700
Other Loans	4115.400	4519.300
Total	10922.000	11407.100
Unsecured Loan
Deposits
Fixed	116.000	117.700
Others	370.000	323.200
Interest accrued and due on deposits	1.400	1.300
Short term loans and advances
Banks	5438.900	2666.900
Others	30.000	0.000
Total	5956.300	3109.100

NOTE:

SECURED

1. Short term working capital borrowings from Banks:

i) Loans from banks on cash credit account of Rs. 1075.500 Millions (2009-10 - Rs. 24.100 Millions) are secured by first pari passu charge on whole of the current assets of the company (except Shriram Bioseed Genetics, Hyderabad), both present and future. These loans are further secured by a third charge by way of mortgage/hypothecation of all the immovable/movable properties (other than current assets) of the Company's undertakings at Kota in Rajasthan and Ajbapur, Rupapur, Loni and Hariawan in Uttar Pradesh. Amount of Rs. 0.68 Crore (2009-10 - Nil) is secured by exclusive charge by way of hypothecation on current assets and mortgage/hypothecation on the immovable and movable properties, both present and future of the Company's undertakings at Shriram Bioseed Genetics, Hyderabad.

ii) Short Term Loan of Rs 975.600 Millions (2009-10- Rs. 1350.000 Millions) are secured by first pari passu charge on whole of the current assets of the Company (except Shriram Bioseed Genetics, Hyderabad), both present and future and a third charge by way of mortgage/hypothecation of all the immovable/movable properties (other than current assets) of the Company's undertakings at Kota in Rajasthan and Ajbapur, Rupapur, Loni and Hariawan in Uttar Pradesh

2. Other loans:

(i) Term loans of Rs. 1418.900 Millions (2009-10- Rs. 1366.100 Millions) from banks are secured by way of first pari passu mortgage/charge created on immovable/movable fixed assets, both present and future, term loan of Rs. 60.000 Millions (2009-10 - Rs. 90.000 Millions) from others is secured by way of first pari passu mortgage on immovable properties and first charge by way of hypothecation of all movables (save and except book debts), both present and future, subject to prior charges created in favour of the Company's bankers on the current assets for securing working capital borrowings, and term loan of Rs. 1114.900 Millions (2009-10- Rs. 1123.000 Millions) from others is secured by way of first pari passu mortgage/charge created on immovable and movable assets (excluding current assets), both present and future and a second charge ranking pari passu on the current assets, both present and future of the Company's undertakings at Jhagadia, Distt Bharuch, Gujarat (Rs. 30.000 Millions due within a year; 2009-10- Rs. 97.800 Millions)

(ii) Term loans of Rs. 967.200 Millions (2009-10- Rs. 1056.400 Millions) from banks are secured by way of first pari passu mortgage/charge created on immovable/movable fixed asset both present and future, term loan of Rs. 90.000 Millions (2009-10- Rs. 135.000 Millions) from others is secured by way of first pari passu mortgage on immovable properties and first charge by way of hypothecation of all movables (save and except book debts), both present and future, subject to prior charges created in favour of the Company's bankers on the current assets for securing working capital borrowings, and term loans of Rs. 1917.500 Millions (2009-10- Rs. 2111.200 Millions) from others are secured by way of first pari passu mortgage/charge created on immovable and movable assets (excluding current assets), both present and future and a second charge ranking pari passu on the current assets, both present and future of the Company's undertakings at Kota, Rajasthan (Rs. 654.900 Millions due within a year; 2009-10- Rs. 379.800 Millions).

(iii) Term loan of Rs. 553.500 Millions (2009-10- Rs. 696.000 Millions) from banks are secured by way of first pari passu mortgage/charge created on immovable/movable assets and book debts, both present and future, subject to any prior charges created in favour of the Company's bankers on the current assets for securing working capital borrowings and term loans of Rs. 341.000 Millions (2009-10- Rs. 372.300 Millions) from others are secured by way of a exclusive second charge on movable assets (save and except book debts) both present and future, pertaining to the Company's Ajbapur Sugar Complex, Uttar Pradesh (Rs. 252.700 Millions due within a year; 2009-10- Rs. 230.200 Millions)

(iv) Term loan of Rs. 891.900 Millions (2009-10- Rs. 898.400 Millions) from a bank is secured by way of first mortgage/ charge created on immovable/movable assets, both present and future, subject to prior charges created in favour of Company's bankers on current assets for securing working capital borrowings, term loan of Rs. Nil (2009-10- Rs. 73.200 Millions) from a bank is secured by way of first pari passu mortgage/charge created on immovable/ movable fixed assets, both present and future, pertaining to the Company's Loni Sugar Complex, Uttar Pradesh. (Rs. Nil due within a year; 2009-10- Rs. 3.600 Crore)

(v) Term loan of Rs. 553.500 Millions (2009-10- Rs. 696.000 Millions) from a bank is secured by way of first pari passu mortgage/charge created on immovable/movable assets and book debts, both present and future, subject to any prior charges created in favour of the Company's bankers on the current assets for securing working capital borrowings, term loan of Rs. Nil (2009-10- Rs. 73.200 Millions) from a bank is secured by way of first pari passu mortgage/charge created on immovable/movable fixed assets both present and future and term loan of Rs. 215.800 Millions (2009-10- Rs. 257.000 Millions ) from others is secured by way of first pari passu mortgage/charge created on immovable/movable assets (excluding current assets) both present and future, and a second charge ranking pari passu on the current assets, both present and future and term loan of Rs. 164.100 Millions (2009-10- Rs. 164.100 Millions) from others are secured by way of a exclusive second charge on movable assets (save and except book debts) both present and future, pertaining to the Company's Hariawan Sugar Complex, Uttar Pradesh. (Rs. 260.600 Millions due within a year; 2009-10- Rs. 242.000 Millions)

(vi) Term loan of Rs. 142.400 Millions (2009-10- Rs. 142.400 Millions) from others are secured by way of an exclusive second charge on movable assets (save and except book debts) both present and future, pertaining to the Company's Rupapur Sugar Complex, Uttar Pradesh. (Rs. Nil due within a year; 2009-10- Rs. Nil)

(vii) Term loan of Rs. 235.100 Millions (2009-10- Rs. 517.200 Millions) from a bank is secured by way of residual mortgage/ charge created on immovable/movable fixed assets, both present and future pertaining to all the four sugar units of the Company, i.e. Ajbapur Sugar Complex, Uttar Pradesh, Rupapur Sugar Complex, Uttar Pradesh, Hariawan Sugar Complex, Uttar Pradesh and Loni Sugar Complex, Uttar Pradesh. (Rs. 235.100 Millions due within a year; 2009- 10- Rs. 282.200 Millions)

(viii) Term Loan of Rs. 128.600 Millions (2009-10- Rs 137.200 Millions) from a bank is secured by way of equitable mortgage of Land/Building, both present and future, of SBM unit of the Company at Tonk, Rajasthan.(Rs.17.200 Millions due within a year; 2009-10- Rs.17.100 Millions)

(ix) Term loans of Rs. 69.700 Millions (2009-10- Rs. 124.300 Millions) from others are secured by way of Bank Guarantee which in turn is secured by first charge on whole of the current assets (except Shriram Bioseed Genetics, Hyderabad) of the Company, both present and future and a third charge by way of mortgage/hypothecation of all the immovable/movable properties (other than current assets) of the Company's undertakings at Kota in Rajasthan and Ajbapur, Rupapur, Loni and Hariawan in Uttar Pradesh (Rs. 23.200 Millions due within a year; 2009-10- Rs. 31.100 Millions)

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	7^th Floor, Tower B, Building 10, DLF Cyber City Complex, DLF City Phase II, Gurgaon, Haryana, India
Subsidiaries :	· Bioseed Research India Private Limited · Bioseed Vietnam Limited · Bioseed Research Philippines Inc.

CAPITAL STRUCTURE

As on 31.03.2011

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		Rs.1.600 Millions
			Rs.333.400 Millions

NOTE:

Of the issued, subscribed and paid-up capital,

· 2,87,75,380 equity shares of Rs. 2 each represent the equity shares issued on October 9, 1990 to the members of undivided DCM Limited in the ratio of one share for every four shares held by the members in undivided DCM Limited, in terms of the Scheme of Arrangement effective from April 1, 1990 without payment being received in cash.

· 8,29,51,660 equity shares of Rs. 2 each fully paid up were allotted and issued as bonus shares by capitalization of Capital Redemption Reserve

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		333.400	333.400	333.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12283.900	12540.200	11982.500
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12617.300	12873.600	12315.900
LOAN FUNDS
1] Secured Loans		10922.000	11407.100	13567.100
2] Unsecured Loans		5956.300	3109.100	6049.100
TOTAL BORROWING		16878.300	14516.200	19616.200
DEFERRED TAX LIABILITIES		1588.500	1758.900	1439.400
TOTAL		31084.100	29148.700	33371.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19143.200	20111.500	21118.600
Capital work-in-progress		317.900	265.100	285.200
INVESTMENT		500.800	588.500	556.300
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9828.000	7625.300	7453.200
	Sundry Debtors	3915.000	1884.200	3395.400
	Cash & Bank Balances	529.600	495.100	333.000
	Other Current Assets	0.000	0.000	1755.200
	Loans & Advances	3777.900	4008.500	4025.000
Total Current Assets		18050.500	14013.100	16961.800
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5544.600	4622.700	4374.700
	Other Current Liabilities	162.000	128.900	133.500
	Provisions	1221.700	1077.900	1042.200
Total Current Liabilities		6928.300	5829.500	5550.400
Net Current Assets		11122.200	8183.600	11411.400
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31084.100	29148.700	33371.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	40662.400	34020.700	33907.800
		Other Income	324.700	466.200	484.300
		TOTAL (A)	40987.100	34486.900	34392.100
Less	EXPENSES
		Manufacturing and other Expenses	24477.600	21161.400	22504.400
		Purchase for resale	14804.600	9899.300	8195.400
		Exceptional Item	0.000	(69.200)	0.000
		TOTAL (B)	39282.200	30991.500	30699.800
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1704.900	3495.400	3692.300
Less	FINANCIAL EXPENSES (D)		637.700	860.300	1468.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1067.200	2635.100	2224.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1575.900	1596.800	1464.100
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(508.700)	1038.300	760.200
Less	TAX (H)		(202.100)	325.500	(257.700)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(306.600)	712.800	1017.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5050.600	4992.900	4615.300
Add	BALANCE BROUGHT FORWAR CONSEQUENT TO MERGER OF ERSTWHILE SHRIRAM BIOSEED GENETICS INDIA LTD		98.700	0.000	15.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	500.000	500.000
		Proposed dividends (equity shares) Interim	0.000	66.400	0.000
		Proposed dividends (equity shares) Final	66.400	66.400	132.700
		Corporate dividend tax	10.800	22.300	22.600
		Storage fund for Molasses Account	6.400	0.000	0.000
	BALANCE CARRIED TO THE B/S		4759.100	5050.600	4992.900
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	281.700	53.800	NA
		Other Earnings	5.200	0.000	NA
	TOTAL EARNINGS		286.900	53.800	NA
	IMPORTS
		Raw Materials	567.400	1109.100	NA
		Stores & Spares	128.500	93.900	NA
		Capital Goods	62.500	73.600	NA
		Others	3921.000	69.300	NA
	TOTAL IMPORTS		4679.400	1345.900	NA
	Earnings / (Loss) Per Share (Rs.)
	Before Exceptional Item		(1.85)	3.88	(0.18)
	After Exceptional Item		(1.85)	4.300	NA

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	12064.100	10557.000	13974.800
Total Expenditure	11407.900	10366.100	13308.600
PBIDT (Excl OI)	656.200	190.900	666.2000
Other Income	67.600	53.200	57.300
Operating Profit	723.800	244.100	723.500
Interest	240.700	285.600	258.300
Exceptional Items	0.000	0.000	(380.600)
PBDT	483.100	(41.500)	84.600
Depreciation	384.800	385.500	390.000
Profit Before Tax	98.300	(427.000)	(305.400)
Tax	17.500	(61.700)	(100.400)
Profit After Tax	80.800	(365.300)	(205.000)
Net Profit	80.800	(365.300)	(205.000)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.75)	2.07	2.96
Net Profit Margin (PBT/Sales)	(%)	(1.25)	3.05	2.24
Return on Total Assets (PBT/Total Assets}	(%)	(1.37)	3.04	1.99
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.09	0.06
Debt Equity Ratio (Total Liability/Networth)		1.89	1.58	2.04
Current Ratio (Current Asset/Current Liability)		2.61	2.40	3.06

LOCAL AGENCY FURTHER INFORMATION

Performance

During the year, the Company faced difficult operating environment with most businesses witnessing margin pressure. Bioseed and Farm Solutions businesses continued to witness growth in turnover and profits. The net revenue of the Company stood at Rs.40823.000 Millions as compared to the previous year's revenue of Rs.34235.000 Millions, an increase of 19.2%. Net Loss for the year stood at Rs.307.000 Millions as against net profit of Rs.713.000 Millions. On the consolidated basis, the net revenue of the Company was higher by 17.1% at Rs.41519.000 Millions and net loss for the year stood at Rs.143.000 Millions as against a net profit of Rs.843.000 Millions.

The Sugar business witnessed a very challenging year with the earnings swung from positive PBIT of Rs.425.000 Millions to negative PBIT of Rs.71.000 Millions. The key reason was the decline in free sugar margins which swung from Rs. 480/Quintal to Rs. (182)/Quintal in the current year apart from witnessing lower volumes. The dip in the earnings was partially mitigated by higher sale of Power due to longer crushing.

The earnings in the Chloro-Vinyl business dipped by almost 49% during the year as in the previous year the Company had sold Power which had higher net back per unit of Power. There was a significant dip in Power realization since Q2FY11. Using the swing capability at their Kota manufacturing facility, the Company then shifted to manufacture and sale of the Chloro-Vinyl products. However, the net back from the sale of Chloro-Vinyl products was lower than that from the sale of Power, which the Company had done in the previous year. Further impacting the margins were the cost of coal (imported and domestic) and other raw material.

The earnings from the Cement business dipped by almost 56% to Rs.164.000 Millions on the back of drop in the realizations by ~12% and increase in input price especially that of coal. Hariyali Kisaan Bazaar witnessed higher losses for the year, however losses at the operating level were lower as the Company incurred onetime cost for rationalizing the operations. The Company has already implemented the plan involving a focused price value proposition and product offering for the rural population based on intensive customer feedback.

The earnings of the Farm Solutions business increased by 148.2% to Rs.414.000 Millions on the back of reintroduction of DAP and MOP during the year and growth in the value added products. The earnings of the Bioseed business increased by 33.1% to Rs.378.000 Millions especially driven by growth witnessed in India and Philippines and strong demand across hybrids. The Bioseed business through 100% subsidiaries continues to grow and is a value drive for the Company. Fenesta continued to witness healthy order booking in both the retail and institutional segment. They believe that longer order booking to execution cycle will result in better performance in medium term. The Company continues to conserve cash. However, the increase in the interest rates consequent to hike in the interest rates by the RBI may impact their interest costs in the coming year.

Management Discussion and Analysis

Performance Review

The Company faced difficult operating environment with most businesses witnessing margin presssure. Bioseeds and Farm Solutions businesses continued to witness growth in turnover and profits.

Net Revenues were higher by 17.1% at Rs. 41519.000 millions led by:-

· Farm Solutions revenues were up by 127.1% with volume growth in bulk fertilizer due to reintroduction of DAP and MOP. Further growth was also witnessed in SSP and other value added products.

· Healthy demand across hybrids in all geographies led to a rise in revenues by 43.9% in the Bioseed business.

· HKB witnessed increase in revenues by 22.9% due to growth in Fuel, Core retail and Seeds etc. The business witnessed higher revenues despite shutting down of 17 stores during the period.

· In the Chloro-Vinyl business the revenues were higher by 4.9% to Rs 8100.000 millions due to higher sale of Chloro-Vinyl products at improved realization compared to Power sales which the company made in the previous year.

PBIT was lower by 83.2 % at Rs 343.000 millions.

Key reasons for dip in PBIT are explained below:

· The Fertilizer business witnessed a decline in earnings due to uncompensated cost increases on account of non finalization of new Urea policy. Further, the company had received higher arrears in the previous year.

· The Sugar business swung from positive PBIT of Rs. 425.000 millions to negative PBIT of Rs 71.000 millions. The key reasons for the dip were:

a) The company’s margins on free sugar swung from Rs 480/Quintal in the previous year to Rs (182)/Quintal in the current year.

b) In the current year, the business witnessed lower volumes also.

c) However, the dip in the earnings caused by negative margins was partially mitigated by higher sale of Power due to longer crushing.

In the Chloro-Vinyl business earnings dipped by ~49% to Rs 900.000 millions. The key reasons for this decline were:

a) In the previous year the company had sold Power which had higher net back per unit of Power as compared to Chloro-Vinyl products.

b) However there was a significant dip in Power realization since Q2FY11. Using the swing capability at their Kota

manufacturing facility, the company then shifted to manufacture and sale of the Chloro-Vinyl products.

c) However the net back from the sale of Chloro-Vinyl products was lower than that achieved from the sale of Power in the previous year.

d) Further impacting the margins were increasing cost of coal (imported and domestic) and other raw materials.

The earnings from cement business dipped by almost 55.9% to Rs 164.000 millions on the back of drop in the realizations by ~12% and increase in input prices especially that of coal.

· HKB witnessed higher losses for the year, however losses at the operating level were lower as company incurred onetime cost for rationalizing of the operations.

The decline in the earnings was only partially mitigated by the performance of the Farm Solutions and Bioseed businesses.

· The earnings of the Farm Solutions business increased by 148.2% to Rs 414.000 millions on the back of reintroduction of DAP and MOP

· The Agri-Inputs vertical, i.e. Fertilizer, Farm solutions and Bioseed witnessed a growth of 55% in Revenues on the back of growth in Farm solutions and Bioseed business. The revenue share of this vertical has increased from ~30% in the previous year to ~40% in the current year. in the portfolios during the year and growth in the value added products.

· The earnings of the Bioseed business increased by 33.1% to Rs 378.000 millions especially driven by growth witnessed in India and Philippines and strong demand witnessed across hybrids.

· The Capital employed of the Agri-input vertical increased from 8.5% to 13% primarily driven by higher subsidy outstandings in the Fertilizer and Farm Solutions Business.

Business – wise performance review and outlook

Chloro – Vinyl Businesses

DSCL’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 revenue streams ensure maximization of earnings per unit of power produced and lend stability to Chloro-Vinyl operations where individually each of the products experience cyclical variation.

Chlor–Alkali

Chlor-Alkali industry has Caustic Soda and Chlorine as the two Co-Products. The growth of this industry has a direct correlation to the GDP growth in the economy. These products are used primarily by the Aluminum, Paper and Soap and detergent, polymer, textiles and water treatment industry. 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.

Industry Overview and Outlook

The Chlor-Alkali industry in India has 35 operating units with a combined installed capacity of 3.2 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 2.7 million tonnes and 2.2 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 with the prospects of the Indian economy continuing to look good; they expect that the continued growth in GDP will drive the growth of this industry and provide support to product prices.

Plastics

The company produces range of PVC Resins suitable for most end-use markets. The company manufactures PVC Resin through Carbide/Acetylene route as against ethylene route which is being followed by most of the company’s manufacturing PVC worldwide except in China. PVC Resin business is an integral part of the Chloro- Vinyl business with complete integration in terms of Power, Chlorine and Calcium Carbide. The calcium carbide manufactured by us is partly used for PVC manufacture and partly sold in the market. DSCL has an annual capacity of ~1,12,000 MT of Calcium Carbide. This capacity is used for the production of PVC Resin/Calcum Carbide depending upon which product gives better return on every unit of power consumed. This year, they marketed ~34,000 MT of Packed Carbide.

Industry Overview and Outlook

PVC resin is a versatile thermoplastic with broad range of applications from rigid pipe for construction applications to a thin crystal clear film for consumer packaging. PVC resins are generally of two types:- rigid resins which have considerable strength and hardness; and flexible resins (soft and stretchable). Rigid resins account for 75% of total PVC consumption. They provide most of the growth opportunities with major end uses such as pipe and conduit, fittings, windows, roof tiles, fencing and automobile parts. Flexible PVC finds usage in film and sheets, wire and cable coating, flooring, shower curtains and synthetic leather products. PVC consumption is largely influenced by the construction industry which accounts for three-quarters of demand which further correlates closely with the economic growth. PVC demand has been growing at approx 11% CAGR during the last decade. PVC resin industry witnessed stress in the 1st and 3rd quarter of FY11 because of large quantity of import arrivals that made its way to India, apart from a prolonged monsoon season in Indian subcontinent which adversely affected the demand for PVC. However, inspite of these factors the industry witnessed a growth of 7-8% during the current fiscal.

Power

They believe Captive Power generation is a critical activity required to sustain the company’s operations. The Company currently has a total installed capacity of 283 MW at various locations out of which 188 MW is Coal based and 94.5MW is bagasse based. Out of this 51.5 MW is dedicated to Power 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 Company built swing capabilities at its Kota facility to use power for various revenue streams so as to maximize the earnings per unit of power. The Company would aim at building/strengthening the capabilities at all locations to the extent possible.This business activity has seen an increase in the input prices, i.e. Coal (both Domestic and Imported) in the current year which has put pressure on the margins in their Chloro-Vinyl businesses.

Agri-Businesses

Urea

DSCL’s Fertiliser Plant has a reassessed capacity of 3,79,500 TPA of Urea at its integrated manufacturing complex at Kota, Rajasthan. The company markets its products under the “Shriram Urea” brand. “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 2006-2007.

Sugar

DSCL is a major player 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 94.5 MW with an exportable capacity of 51.5 MW.

Farm Solutions

The Farm Solutions Business provides a wide range of farm inputs such as Fertilizers, Seeds, Micronutrients, Crop care chemicals etc to the Indian farmers through their extensive distribution network. The business’s name was changed from ‘Agri-Input’ to ‘Farm Solutions Business’ to reflect their philosophy of offering complete crop focused products and services. Shriram brand of Agri-Inputs is known for its quality and enjoys a very high brand value. Under an umbrella brand of “Shriram” their various products are known for quality. The product basket is continuously expanded to meet the requirement of the farmers. The products are backed up by network which helps in transferring the latest technology to the farmers and thereby improving their productivity. This business is supported by Shriram Krishi Vikas programme which works in close partnership with the farmers.

Bioseed

Their Bioseed business is present across the entire value chain, i.e. Research, Production, Processing, Extension

activities and Marketing. The company is focused on the Tropical and sub tropical climates with operations in India, Vietnam and Philippines. Further, the company has also started test/test marketing in Thailand, Indonesia and China. The company is present in Field and Vegetable crops. In the Field crops, the company’s focus crops are Corn, Rice, Cotton, Millet and Pigeon Pea whereas the focus crops in Vegetables are Tomato, Okra, Gourds, Hot and Sweet Pepper, Egg plant and Melon. Further, the company has license from Monsanto for BT technology

in Cotton in India and for GM corn in Philippines

Hariyali Kisaan Bazaar

Hariyali Kisaan Bazaars are the rural business centers started by DSCL to meet the business needs of the farming community and meet the daily requirements of the rural community. Besides meeting their needs, these outlets provide round the year technical support to the farmers through a team of qualified agronomists. Hariyali in each of the location signifies trust, reliability and respect among the rural community. As on 31^st March 2011, they have 275 outlets across 8 states in the country which are Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Uttranchal, Maharashtra, Andhra Pradesh, and Rajasthan.

The business portfolio of Hariyali consists of:-

1. Agri inputs, food and grocery, lifestyle products including apparel and household products, financial products.

2. Farm Advisory

3. Fuel

4. Outputs i.e. procurement of milk, variety seeds etc.

Cement

DSCL’s Cement plant is an excellent example of waste management. It uses Calcium hydroxide sludge generated during Acetylene production at its integrated manufacturing plant at Kota and converts this waste into

a useful product, Cement, in environmental friendly manner. Due to availability of sludge, plant is able to use low grade limestone which otherwise cannot be used for Cement manufacturing. The current capacity of the plant is 4,00,000 TPA. It produces high quality, premium grade both Ordinary Portland and blended Cements. The Cement is characterized by light colour, superior strength and setting properties. As a result, the “Shriram” cement commands a strong brand equity and premium in the market.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Claims* (excluding claims by employees where amount not ascertainable) not acknowledged as debts:
Income tax matters	0.000	5.300
Sales tax matters	13.600	13.600
Excise matters	21.700	22.300
Additional premium on land	81.100	81.100
Others	60.100	58.400
Total	176.500	180.700

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:

· Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· Technical Know how

· Brand

· Software

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2011

Rs. in Millions

PARTICULAR	QUARTER ENDED		NINE MONTHS ENDED
	30.09.2011	31.12.2011	31.12.2011
Net Sales / Income from operations	10447.200	13918.100	36334.600
Other operation Income	109.800	56.700	261.300
Expenditure
(Increase) / Decrease in stock in trade and work in progress	1055.100	(1120.800)	801.200
Consumption of raw materials	1390.700	4888.400	8520.000
Purchase of traded goods	4555.000	5730.300	14445.100
Power, fuel, etc.	1338.400	1418.200	4242.900
Employees cost	907.900	905.800	2656.400
Depreciation	385.500	390.000	1160.300
Other expenditure	1119.100	1487.000	4417.500
Cost of own manufactured goods capitalised	(0100)	(0.300)	(0.500)
Total	10751.600	13698.600	36242.900
Profit from operations before other income, interest and exceptional Items	(194.600)	276.200	353.000
Other income	53.200	57.300	178.100
Profit before interest and exceptional Items	(141.400)	333.500	531.100
Interest	285.600	258.300	784.600
Profit after Interest but before Exceptional Items	(427.000)	75.200	(253.500)
Exceptional Items	0.000	(380.600)	(380.600)
Profit (+)/Loss(-) from Ordinary Activities before tax	(427.000)	(305.400)	(634.100)
Tax expense	(61.700)	(100.400)	(144.600)
Net Profit / (loss)	(365.300)	(205.000)	(489.500)
Profit before interest, depreciation, tax and exceptional item (EBIDTA)	244.100	783.700	1754.700
Cash Profit (before exceptional item)	(41.500)	525.400	970.100
Paid up equity share capital (Face value of Rs.2/- per share)	333.400	333.400	333.400
Reserves excluding revaluation reserves as per balance sheet of previous accounting year	--	--	--
Earning per share (EPS)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	(2.20)	0.52	(1.20)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	(2.20)	(1.24)	(2.95)
Public shareholding
Number of shares	69208946	67639279	67639279
Percentage of shareholding	41.72	40.77	40.77
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	8600000	11000000	11000000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	8.89	11.19	11.19
Percentage of shares (as a % of total share capital of the company)	5.18	6.63	6.63
b) Non Encumbered
Number of shares	88094374	87264041	87264041
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	91.11	88.81	88.81
Percentage of shares (as a % of total share capital of the company)	53.10	52.60	52.60

SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED

Rs. in Millions

	QUARTER ENDED		NINE MONTHS ENDED
	30.09.2011	31.12.2011	31.12.2011
Segment Revenue
Fertiliser	976.000	1437.300	3707.700
Farm Solutions	2045.300	3605.500	7777.100
Bioseed	226.700	369.700	2149.200
Sugar	1837.900	2341.000	6260.100
Hariyali Kisaan Bazaar	1947.500	2731.800	6703.200
Chloro-Vinyl	2395.400	2559.500	7483.100
Cement	288.200	359.900	1000.200
Others	907.100	834.100	2654.500
Total	10624.100	14238.800	37765.100
Less: Inter segment revenue	67.100	264.000	1169.200
Total	10557.000	13974.800	36595.900
Segment Results
Profit/(loss) (before unallocated expenditure interest and tax)
Fertiliser	(98.200)	117.900	119.700
Farm Solutions	171.800	206.600	511.400
Bioseed	46.500	56.400	283.700
Sugar	(27.300)	47.800	(60.200)
Hariyali Kisaan Bazaar	(284.400)	(393.800)	(870.000)
Chloro-Vinyl	357.600	467.400	1215.700
Cement	(2.100)	52.200	112.300
Others	(31.800)	(21.300)	(93.200)
Total	132.100	533.200	1219.400
Less:
Interest	285.600	258.300	784.600
Other unallocable expenditure net off unallocated income	273.500	199.700	688.300
Exceptional Item: Income from sale of Subsidiary	0.000	380.600	380.600
Profit/(loss) before Tax	(427.000)	(305.400)	(634.100)
Segment Capital Employed
Fertiliser	1323.500	1935.900	1935.900
Farm Solutions	1819.000	1834.200	1834.200
Bioseed	1012.600	1271.100	1271.100
Sugar	9290.700	8605.800	8605.800
Hariyali Kisaan Bazaar	4694.900	4474.700	4474.700
Chloro-Vinyl	6742.900	6403.300	6403.300
Cement	338.900	348.900	348.900
Others	2416.200	2301.100	2301.100
Total	27638.700	27175.000	27175.000

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	Indian Rupees
US Dollar	1	Rs.50.31
UK Pound	1	Rs.79.05
Euro	1	Rs.65.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--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		62

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.