MIRA INFORM REPORT

Report Date :

01.09.2012

IDENTIFICATION DETAILS

Name :	ULTRATECH CEMENT LIMITED
Formerly Known As :	ULTRATECH CEMCO LIMITED
Registered Office :	B Wing, 2^nd Floor, Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.08.2000
Com. Reg. No.:	11-128420
Capital Investment / Paid-up Capital :	Rs.2740.700 Millions
CIN No.: [Company Identification No.]	L26940MH2000PLC128420
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03782C
PAN No.: [Permanent Account No.]	AAACL6442L
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchangess.
Line of Business :	Manufacturer and Exporter of cement and cement related products. The Company also manufactures ready mix concrete (RMC).
No. of Employees :	12089 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 514400000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Aditya Birla Group. It is India’s largest and the World’s 10^th largest manufacturer of cement. It is a well established and reputed company having excellent track. It has achieved tremendous increase in its sales turnover and profits during 2012. Financial position of the company appears to be outstanding. Directors are reported as well experienced and knowledgeable businessmen. Trade relations are reported as praiseworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered best 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AAA ( Long term Rating)
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	17.08.2012

Rating Agency Name	CRISIL
Rating	A1+ ( Short term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	17.08.2012

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 Office :	B Wing, 2^nd Floor, Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-66917800
Fax No.:	91-22-66928109
E-Mail :	csutcl@adityabirla.com
Website :	http://www.ultratechcement.com
Factory 1 :	Grey Cement Aditya Cement Works Adityapuram, Sawa - Shambhupura Road, District Chittorgarh, - 312622, Rajasthan, India
Tel. No.:	91-1472-221001-10
Fax No.:	91-1472-221020
Factory 2 :	Gujarat ,Cement Works P.O. Kovaya, Taluka: Rajula, District Amreli - 365541, Gujarat, India
Tel. No.:	91-2794-283034
Fax No.:	91-2794-283036
Factory 3 :	Kotpuli Cement Works V and P O. Mohanpura, Tehsil Kotputli, District Jaipur - 303108, Rajasthan, India
Tel. No.:	91-1421-288666
Fax No.:	91-1421-288665
Factory 4 :	Reddipalayam Cement Works Reddipalayam PO District Ariyalur - 621704,Tamilnadu, India
Tel. No.:	91-4329-249240
Fax No.:	91-4329-249253
Factory 5 :	White Cement Birla White Rajashree Nagar, PO. Kharia Khangar, Tehsil Bhopalgarh, District Jodhpur – 342606, Rajasthan, India
Tel. No.:	91-2920-264040- 47
Fax No.:	91-2920-254244/ 264222
Factory 6 :	Andhra Pradesh, Cement Works, Village: Bhogasamudram, Tadipatri Mandal, District Anantapur - 515415, Andhra Pradesh, India
Tel. No.:	91-8558-288847/ 41
Fax No.:	91-8558-28821/ 59
Factory 7 :	Hirmi , Cement Works, Village and Post Hirmi, Taluka: Simga, District Baloda Bazar - 493195, Chattisgarh, India
Tel. No.:	91-7726-2811217 / 218 / 221
Fax No.:	91-7726-281572
Factory 8 :	Rajashree Cement Works Aditya Nagar, Malkhed Road, Tehsil: Sedam, District Gulbarga - 585292, Karnataka, India
Tel. No.:	91-8441-288888
Fax No.:	91-8441-288624/ 288365
Factory 9 :	Vikram Cement Works Vikram Nagar, P. O. - Khor Tehsil: Jawad, District Neemuch - 458470, Madhya Pradesh, India
Tel. No.:	91-7420-230830/ 235557
Fax No.:	91-7420-235524
Factory 10 :	Awarpur Cement Works P.O. Awarpur Cement Project, Taluka Korpana, District Chandrapur - 442917, Maharashtra, India
Tel. No.:	91-7173-266323
Fax No.:	91-7173-266339
Factory 11 :	Jafrabad Works, Cement Works P. B. No. 10, Village: Babarkot, Taluka Jafrabad, District Amreli - 365540, Gujarat, India
Tel. No.:	91-2794-245103
Fax No.:	91-2794-245110
Factory 12 :	Rawan Cement Works Grasim Vihar Village, PO. Rawan, Tehsil: Simga, District Baloda Bazar, Bhatapara - 493196, Chhattisgarh, India
Tel. No.:	91-7726-288217-20
Fax No.:	91-7726-288215/ 288209

DIRECTORS

As on: 31.03.2012

Name :	Mr. Kumar Mangalam Birla
Designation :	Chairman
Date of Birth/Age :	14.06.1967
Qualification :	ACA, MBA
Date of Appointment :	14.05.2004
Name :	Mrs. Rajashree Birla
Designation :	Director
Name :	Mr. R C Bhargava
Designation :	Director
Name :	Mr. M. Damodaran
Designation :	Business Executive and Director
Date of Birth/Age :	04.05.1947
Qualification :	B.A. (Economics), LLB.
Date of Appointment :	16.04.2012
Name :	Mr. G. M. Dave
Designation :	Advocate and Corporate Advisor and Director
Date of Birth/Age :	12.07.1938
Qualification :	07.07.2006
Date of Appointment :	M. Com, LLB, CAIIB
Name :	Mr. Adesh Gupta
Designation :	Director
Name :	Mr. Nirmalya Kumar
Designation :	Director
Name :	Mr. S B Mathur
Designation :	Company Executive and Director
Date of Birth/Age:	11.10.1944
Date of Appointment:	10.09.2008
Qualification:	B. Com., F.C.A., ICWA Part I, and II London
Name :	Mr. V T Moorthy
Designation :	Director
Name :	Mr. S Rajgopal
Designation :	Director
Name :	Mr. D D Rathi
Designation :	Director
Address :	Flat No. 82, Jolly Maker Apartments-II, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	11.01.1947
Date of Appointment :	06.07.2004
Qualification:	B. Com., F.C.A.
Name :	Mr. O. P. Puranmalka
Designation :	Whole Time Director

KEY EXECUTIVES

Name :	Mr. K. C. Birla
Designation :	Chief Financial Officer
Name :	Mr. S. K. Chatterjee
Designation :	Company Secretary
Name:	R K Shah
Designation:	Group Executive President and Chief Manufacturing Officer (Manufacturing and Projects)
Name:	S. N. Jajoo
Designation:	Chief Marketing Officer
Name:	C B Tiwari
Designation:	Chief People Officer
Name:	R. Mohnot
Designation:	Unit Head – White Cement
Corporate Finance Division
Name:	J. Bajaj
Designation:	Executive President (Finance)
Name:	M. B. Agarwal
Designation:	Executive President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2012

Category	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	77009	0.03
Bodies Corporate	173528048	64.61
Sub Total	173605057	64.64
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	173605057	64.64
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2605751	0.97
Financial Institutions / Banks	107385	0.04
Insurance Companies	10296567	3.83
Foreign Institutional Investors	52680913	19.62
Sub Total	65690616	24.46
(2) Non-Institutions
Bodies Corporate	7966437	2.97
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	17795072	6.49
Individual shareholders holding nominal share capital in excess of Rs. Rs. 0.100 Million	1157626	0.43
Any Others (Specify)	2349012	0.87
Non Resident Indians	797880	0.30
Foreign Corporate Bodies	1499356	0.56
Foreign Nationals	51776	0.02
Sub Total	29268147	10.90
Total Public shareholding (B)	94958763	35.36
Total (A)+(B)	268563820	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)	274,084137	-

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of cement and cement related products. The Company also manufactures ready mix concrete (RMC).

Products :

Item Code	Product Description
252329.01	Portland Cement

PRODUCTION STATUS (As on: 31.03.2012)

Particulars	Unit	Installed Capacity
Clinker	(MMTPA)	36.20
Grey Cement	(MMTPA)	48.75

Particulars	Unit	Actual Production
Clinker	(MMT)	31.31
Grey Cement	(MMT)	39.43
White Cement	(LMT)	0.55
Wall Care Putty	(LMT)	0.37

GENERAL INFORMATION

No. of Employees :

12089 (Approximately)

Bankers :

• Axis Bank Limited
• HDFC Bank Limited
• Hongkong and Shanghai Banking Corporation Limited, Singapore
• DBS Bank Limited, Singapore
• HSBC Bank (Mauritius) Limited, Mauritius
• Credit Agricole Corporate and Investment Bank, Singapore
• Standard Chartered Bank, London
• Mizuho Corporate Bank, Singapore
• State Bank of India, Singapore
• Indian Overseas Bank
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Non-Convertible Debentures	5236.300	6374.400
Term Loans from Banks:
In Foreign Currency	9225.700	2368.200
In Local Currency	4500.000	4500.000
Sales Tax Deferment Loan	179.000	82.000
Loans repayable on demand:
From Banks - Cash Credits / Working Capital Borrowings (Secured by Hypothecation of Stocks and Book Debts of the Company)	979.900	1986.600
Total	20120.900	15311.200
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Term Loans from Banks - In Foreign Currency	13080.900	5264.400
Sales Tax Deferment Loan	4260.000	4557.600
From Banks	521.800	1157.700
From Others	97.700	59.700
Total	17960.400	11039.400

Banking Relations :	--
Auditors :
Statutory Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
Name :	G. P. Kapadia and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Cost Auditors :
Name :	N. I. Mehta and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Name :	N. D. Birla and Company Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Solicitors :
Name :	Amarchand and Mangaldas and Suresh A. Shroff and Company Advocates and Solicitors
Address :	Mumbai, Maharashtra, India
Holding Company :	Grasim Industries Limited
Wholly Owned Subsidiary :	Dakshin Cements Limited Harish Cement Limited UltraTech Cement Middle East Investments Limited (UCMEIL) UltraTech Cement SA (PTY) (w.e.f. April 9, 2011)
Subsidiary :	UltraTech Cement Lanka Private Limited PT UltraTech Mining Indonesia (w.e.f. April 12, 2011) PT UltraTech Investments Indonesia (w.e.f. March 26, 2012)
Subsidiary's Subsidiary – UCMEIL :	Star Cement Company LLC, UAE Star Cement Company LLC, RAK Ras-Al-Khaimah UAE Al Nakhla Crusher LLC, Fujairah Arabian Cement Industry LLC, Abu Dhabi Arabian Gulf Cement Company W.L.L, Bahrain Emirates Power Company Limited, Bangladesh Emirates Cement Bangladesh Limited, Bangladesh UltraTech Cement Mozambique Limitada (w.e.f. February 22, 2012)
Joint Venture :	Madanpur (North) Coal Company Private Limited Bhaskarpara Coal Company Limited
Fellow Subsidiary :	Samruddhi Cement Limited Samruddhi Swastik Trading and Investments Limited Grasim Bhiwani Textiles Limited Aditya Birla Power Venture Limited (w.e.f. July 29, 2011)

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
280000000	Equity Shares	Rs.10/- each	Rs.2800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
274065301	Equity Shares	Rs.10/- each	Rs.2740.700 Millions

(a) Reconciliation of the Shares Outstanding at the beginning and at the end of the Reporting Period

(Rs. In Millions)

	No of Shares	31.03.2012
At the beginning of the period	274041665	2740.4000
Add: Shares issued to the shareholders of erstwhile Samruddhi Cement Limited (SCL), pursuant to scheme of amalgamation
Add: Shares issued under Employees Stock Options Scheme	23636	0.300
Outstanding at the end of the period	274065301	2740.700

(b) Shares held by Holding Company

(Rs. In Millions)

	No of Shares	31.03.2012
Grasim Industries Limited	165335150	1653.400

(c) List of shareholders holding more than 5% of Paid-up Equity Share Capital

	No of Shares	% Holding
(i) Grasim Industries Limited	165335150	60.33%

(Rs. In Millions)

	No of Shares	31.03.2012
(d) Equity Shares of Rs.10 each reserved for issue under Employees Stock Option Scheme (Refer note 42)	243202	0.24

(e) Aggregate no. of Shares issued for consideration other than cash during the period of five years immediately preceding the reporting date:

(Rs. In Millions)

	No of Shares	31.03.2012
Equity shares of Rs. 10 each issued as fully paid up to the shareholders of erstwhile SCL, pursuant to the Scheme of Amalgamation. {Excluding issue of 8,518 Equity Shares kept in abeyance against shares of Grasim Industries Limited.}	149533469	1495.300
Equity shares of Rs.10 each issued as fully paid up to the shareholders of erstwhile Narmada Cement Company Limited (NCCL), pursuant to the Scheme of Amalgamation.	87258	0.900

	No of Shares	31.03.2012
(f) Equity Shares of Rs. 10 each represented by Global Depository Receipts (No Voting Rights)	5523739	-

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		2740.700	2740.400	1244.900
2] Share Application Money		0.000	0.000	0.000
3] Employees Stock Options Outstanding		0.000	0.000	19.900
4] Reserves & Surplus		125857.500	103920.000	44821.700
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		128598.200	106660.400	46086.500
LOAN FUNDS
1] Secured Loans		20120.900	15311.200	8541.900
2] Unsecured Loans		17960.400	11039.400	7503.300
TOTAL BORROWING		38081.300	26350.600	16045.200
DEFERRED TAX LIABILITIES		17377.700	17300.500	8307.300
TOTAL		184057.200	150311.500	70439.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		116348.200	114003.900	49416.800
Capital work-in-progress		18959.900	6816.900	2593.700
INVESTMENT		37887.700	37303.200	16695.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20359.400	19565.200	8217.000
	Sundry Debtors	7659.600	6022.900	2158.300
	Cash & Bank Balances	1881.900	1447.900	837.300
	Other Current Assets	73.800	110.700	0.000
	Loans & Advances	26260.000	14662.400	3511.300
	Assets held for disposal	1.500	12.200	0.000
Total Current Assets		56236.200	41821.300	14723.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20897.000	16987.400	6815.100
	Other Current Liabilities	16270.400	26911.600	4565.700
	Provisions	8207.400	5734.800	1610.100
Total Current Liabilities		45374.800	49633.800	12990.900
Net Current Assets		10861.400	(7812.500)	1733.000
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		184057.200	150311.500	70439.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	183131.300	133125.800	70496.800
		Interest on Dividend Income	0.000	0.000	562.100
		Other Income	3718.700	1554.500	658.100
		TOTAL (A)	186850.000	134680.300	71717.000
Less	EXPENSES
		Cost of Raw Materials Consumed	23777.000	18037.000
		Purchase of Stock-in-Trade	1773.400	1220.500
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	212.600	(618.500)
		Employee Benefits Expense	8310.400	6651.600
		Power and Fuel	43039.700	31251.700
		Freight and Forwarding Expenses	37349.900	28802.900
		Other Expenses	27585.200	21224.700
		Captive Consumption of Cement	(391.100)	(105.100)
		TOTAL (B)	141657.100	106464.800	50779.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45192.900	28215.500	20937.600
Less	FINANCIAL EXPENSES (D)		2238.600	2725.200	1175.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		42954.300	25490.300	19762.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9025.600	7657.300	3880.800
	PROFIT BEFORE TAX (E-F) (G)		33928.700	17833.000	15881.600
Less	TAX (H)		9466.800	3790.700	4649.200
	PROFIT AFTER TAX (G-H) (I)		24461.900	14042.300	10932.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27835.900	27293.700	24384.000
Less	APPROPRIATIONS
		Proposed Dividend		1644.200	746.900
		Corporate Dividend Tax		266.700	124.100
		Debenture Redemption Reserve	NA	589.200	(348.300)
		General Reserve		11000.000	7500.000
	BALANCE CARRIED TO THE B/S		NA	27835.900	27293.700
	EARNINGS IN FOREIGN CURRENCY
		Export of goods	3864.800	3893.700	4609.900
		Dividend	72.900	48.500	16.900
		Other receipts	225.800	198.300	187.700
	TOTAL EARNINGS		4163.500	4140.500	4814.500
	IMPORTS
		Raw Materials	2262.100	1300.100	375.400
		Stores & Spares	936.000	1021.500	4221.400
		Capital Goods	2549.000	433.800	322.500
	TOTAL IMPORTS		5747.100	2755.400	4919.300
	Earnings Per Share (Rs.)
	Diluted		89.26	62.74	87.82
	Diluted		89.22	62.72	87.79

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2012 1st Quarter
Type	Unaudited
Net Sales	50908.600
Total Expenditure	37830.100
PBIDT (Excl OI)	13078.500
Other Income	687.600
Operating Profit	13766.100
Interest	498.100
Exceptional Items	0.000
PBDT	13268.000
Depreciation	2280.800
Profit Before Tax	10987.200
Tax	3203.300
Provisions and contingencies	0.000
Profit After Tax	7783.900
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	7783.900

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	13.09	10.43	15.24
Net Profit Margin (PBT/Sales)	(%)	18.53	13.40	22.53
Return on Total Assets (PBT/Total Assets}	(%)	1.97	11.44	24.76
Return on Investment (ROI) (PBT/Networth)		0.26	0.17	0.34
Debt Equity Ratio (Total Liability/Networth)		0.65	0.71	0.63
Current Ratio (Current Asset/Current Liability)		1.24	0.84	1.13

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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	No
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

FINANCIAL RESULTS

On account of the amalgamation of erstwhile Samruddhi Cement Limited (“Samruddhi”) with the Company w.e.f. 1st July, 2010, the figures for FY11 have been recasted so as to include Samrudhi’s figures for the period 1st April, 2010 to 30th June, 2010 for a better understanding. For the purpose of comparison, the recasted figures have been used in this Directors’ Report to the Shareholders.

OVERVIEW AND REVIEW OF OPERATIONS:

The cement industry recorded a growth of 7% during FY12 as against 5.7% in FY11. Overall, the year was challenging with lower growth in industrial production, slow-down in government spending, continuing high rate of inflation and depreciation of the rupee. These factors had an adverse impact on the economy with lower GDP growth of 6.5% as against GDP of 8.4% in the previous year.

Rising input costs, slow pace of housing, infrastructure development and the impact of global slowdown constrained the performance of the cement industry. Nonetheless, the Government’s focus on inclusive growth and infrastructure together with enhanced capital allocation towards infrastructure in the 12th Five year plan augurs well for the industry.

Against this background, the Company has produced 39.43 MMT of cement as against 38.22 MMT in the previous year. Effective capacity utilisation was 83% as against 82%. While the aggregate sales volume was 40.73 MMT as against 39.74 MMT in the earlier year.

The Company’s net turnover stood at Rs.181660.000 Millions vis-à-vis Rs.154060.000 Millions achieved in the previous year. Profit before interest and tax was at Rs.36170.000 Millions as against Rs. 25760.000 Millions s is the previous year.

AWARDS

In recognition of the extraordinary contribution made towards setting corporate governance standards in India, for authoring the first ever Securities and Exchange Board of India (SEBI) initiated Corporate Governance Report in India and for benchmarkable Governance standards in Aditya Birla Group companies, the Asian Centre for Corporate Governance and Sustainability has conferred the “Transformational Leader Award” on the Company’s Chairman, Mr. Kumar Mangalam Birla.

A selective list of awards conferred upon the Company includes

• “Rolta Corporate Award 2011” from Dun and Bradstreet conferred on the Company for being a distinguished performer and leader in India’s cement sector.

• “Top Exporter Award” from CAPEXIL for the 15th consecutive year.

• “Businessworld FICCI-SEDF CSR Award – 2010” from FICCI for Vikram Cement Works (VCW).

• “Rajiv Gandhi National Award – Clean Technology” from Ministry of Environment and Forest for VCW.

• “CII Environmental Best Practices Award 2012” for innovative alternative fuel usages from CII for VCW.

• “ASSOCHAM CSR Excellence Award” from Ministry of Corporate Affairs, Government of India for Birla White (BW).

FINANCE

The Company has raised Rs.11160.000 Millions by way of External Commercial Borrowings (ECBs). ECBs amounting to Rs.5250.000 Millions have been extended for a period of 3 to 5 years. All foreign currency borrowings outstanding are fully hedged. These are being utilised for financing the various capex initiatives of the Company.

The Company has repaid long term borrowings (Non-Convertible Debentures and Foreign Currency Borrowings) amounting to Rs.9810.000 Millions.

CRISIL has reaffirmed the “CRISIL AAA/Stable” and “CRISIL A1+” rating for the Company’s long term borrowings and bank loan facilities respectively. The Company has adequate liquidity and a strong balance sheet. CARE has also reaffirmed the “CARE AAA” rating of the Non- Convertible Debentures of Rs.5000.000 millions transferred from Samruddhi upon its amalgamation with the Company.

The Company has not accepted any fixed deposits and, as such, no amount of principal or interest on fixed deposit was outstanding as of the balance sheet date.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

The impact of the socio-economic turmoil across geographies - uprising in the Middle East and North Africa, slowdown in the euro zone consequent to the sovereign debt crisis, among others, continued to be felt during FY12. Moreover, volatility in commodity prices, disruption in the supply chain on account of the tsunami in Japan and the floods in Thailand and the overall uncertainty continued to plague business globally, slowing recovery, both in mature and emerging markets.

These developments have impacted emerging economies including India. The Indian economy saw moderate growth primarily on account of rising fiscal deficit, continuing high inflation and high interest rate regime. Huge exchange rate volatility, continuing rise in energy cost and slowdown in reforms were the other dampeners. As a result, GDP of 6.5% during the year was the lowest in the last nine years. The Government is continuously monitoring its fiscal policy with a view to reviving and maintaining growth.

The Indian cement industry was also affected due to these developments. However, recovery in demand from November, 2011 resulted in a growth of 9.6% in H2FY12 as compared to 4% in H1FY12. This enabled industry achieve an annual growth of 7% as against 5.7% in the previous year. Nonetheless, the surplus scenario continued and sector capacity utilisation hovered around 73%. Operating costs, particularly that of energy and freight increased substantially. This is attributable to the over 30%-150% hike in price of domestic coal by Coal India, increase in price of imported coal coupled with depreciation of the rupee and escalation in diesel cost.

Going forward, on the back of the Government’s focus on housing and infrastructure together with the enhanced capital allocation towards infrastructure in the 12th Five year plan, industry demand is likely to grow over 8%.

PERFORMANCE REVIEW

Clinker and cement production grew by 2% and 3% respectively. The Company’s effective cement capacity utilisation was 83% as compared to estimated industry capacity utilisation of 73%. The Company produced 0.55 LMT of white cement and 0.37 LMT of wall care putty as against 0.54 LMT of white cement and 0.30 LMT of wall care putty in FY11.

The Company’s domestic cement sales volume is up by 4% from 37.7 MMT to 39.1 MMT. The growth was lower compared to the industry growth of 7% mainly due to the lower off take in southern markets and logistic constraints relating to the Company’s Unit in West India.

The aggregate sales volume of white cement and wall care putty was 0.93 LMT. It was 0.84 LMT in the previous year.

The increase in domestic realisation is linked to improved demand and efforts to pass on the increase in input and energy cost. During the year, variable costs increased by 13% on various fronts: (i) energy cost - on account of full impact of increase in domestic coal prices by 30% - 150% in March, 2011; (ii) input material – given the increase in HSD prices in June, 2011; (iii) increase in railway freight by 22% in March, 2012, among others.

FIXED ASSETS:

Tangible Assets

• Freehold Land
• Leasehold Land
• Buildings
• Railway Sidings
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Jetty
• Vehicles

Intangible Assets

• Software
• Mining Rights

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30.06.2012

(Rs. In Millions)

Sr. No.	Particulars	Three Months Ended 30.06.2012
		(Unaudited)
1	Income from Operations
	(a) Net Sales / Income from Operations (Net of Excise Duty)	50747.600
	(b) Other Operating Income	161.000
	Total Income from Operations (Net)	50908.600
2	Expenses
	(a) Cost of Materials Consumed	6663.900
	(b) Purchases of Stock-in-Trade	567.700
	(c) Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	212.200
	(d) Employee Benefits Expense	2236.200
	(e) Depreciation and Amortisation Expense	2280.800
	(f) Power and Fuel	10861.700
	(g) Freight and Forwarding Expenses	10363.300
	(h) Other Expenses	6925.100
	Total Expenses	40110.900
3	Profit from Operations before Other Income and Finance Costs (1-2)	10797.700
4	Other Income	687.600
5	Profit from ordinary activities before Finance Costs (3+4)	11485.300
6	Finance Costs	498.100
7	Profit from ordinary activities before Tax (5-6)	10987.200
8	Tax Expense	3203.300
9	Net Profit for the period (7-8)	7783.900
10	Paid-up equity share capital (Face Value 7 10/- Per Share)	2740.800
11	Reserves as per Balance Sheet at year ended
12	Earnings per share (of 7 10/- each) (Not Annualised):
	(a) Basic	28.40
	(b) Diluted	28.39

SELECT INFORMATION FOR THE QUARTER ENDED 30.06.2012

(Rs. In Millions)

Sr. No.	Particulars	Three Months Ended 30.06.2012
		(Unaudited)
(A)	PARTICULARS OF SHAREHOLDING
1	Public Shareholding:
	- Number of Shares ('000s)	94,959
	- Percentage of Shareholding	34.65%
2	Promoters and promoter group shareholding (Excluding GDRs):
	(a) Pledged / Encumbered
	- Number of Shares ('000s)	-
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	-
	- Percentage of Shares (as a % of the total share capital of the company)	-
	(b) Non - encumbered
	- Number of Shares ('000s)	1,73,605
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00%
	- Percentage of Shares (as a % of the total share capital of the company)	63.34%

	Particulars	Three Months Ended 30.06.2012
(B)	INVESTOR COMPLAINTS
	Pending at the beginning of the Quarter	1
	Received during the Quarter	11
	Disposed of during the Quarter	12
	Remaining unresolved at the end of the Quarter	Nil

Notes:

1. The Competition Commission of India (CCI) has vide its order dated 20.06.2012, upheld the complaint of the Builders Association of India alleging cartelisation against certain cement manufacturing companies, including the Company. The CCI has imposed a penalty of Rs.11754.900 Millions on the Company. Based on legal opinion, the Company believes that it has a good case and will appeal against the Order before the Competition Appellate Tribunal, accordingly no provision has been made in the accounts.

2. The ESOS Compensation Committee has allotted 18,836 equity shares of Rs.10/- each of the Company to option grantees pursuant to the exercise of stock options under the Company's Employee Stock Option Scheme - 2006. As a result of such allotment, the paid-up Equity Share Capital of the Company increased from 274,065,301 equity shares of 7 10/-each to 274,084,137 equity shares of Rs.10/- each.

3. The figures of the quarter ended 31.03.2012, are the balancing figures between audited figures in respect of the full financial year ended on 31.03.2012 and the published year to date figures upto the third quarter of the relevant financial year.

4. The Company is exclusively engaged in the business of cement and cement related products.

5. The figures of the previous periods have been regrouped wherever necessary.

6. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 20.07.2012. The Statutory Auditors have carried out a limited review of the above results as required under Clause 41 of the listing agreement with the stock exchanges.

AS PER WEBSITE DETAILS:

Press Releases

GRASIM REPORTS BETTER PERFORMANCE FOR Q3 FY12

24 January 2012

(Rs. In Millions)

Consolidated net revenue	63640.000 17%
Consolidated net profit	6690.000 33%
Capex under implementation
VSF and allied chemicals	34000.000
Cement	110000.000

Consolidated financial performance:

Grasim Industries Limited, an Aditya Birla Group company, today announced its results for the third quarter ended 31st December 2011. The company’s performance has been encouraging. Cement business has been the major driver. Net revenue increased by 17 per cent at Rs. 63640.000 Millions (Rs.54610.000 Millions). PBIDT grew by 23 per cent from Rs.12670.000 Millions to Rs.15540.000 Millions. Net profit at Rs.6690.000 Millions (Rs.5020.000 Millions) rose by 33 per cent.

Production and sales volumes:

Products	Production				Sales
		Q3FY12	Q3FY11	Per cent change	Q3FY12	Q3FY11	Per cent change
Viscose staple fibre	M.T.	84,233	83,026	1	78,215	84,621	(8)
Cement (consolidated)*	Mn M.T.	10.44	9.90	5	10.44	9.93	5
White cement	Lakh M.T.	1.54	1.47	5	1.50	1.44	4

Viscose Staple Fibre (VSF)

The business performance was subdued due to the challenging environment. After witnessing an upturn in September, sentiments were affected during the quarter as cautious approach was adopted by the textile value chain, given the Euro zone uncertainties. Consequently, demand and prices remained under pressure, impacting volumes by 8 per cent. Increase in input costs due to rupee depreciation, impacted operating margins.

Cement subsidiary (UltraTech Cement)

UltraTech reported revenue of Rs. 48650.000 Millions and PAT of Rs. 5980.000 Millions. The sector demand growth improved to around 10 per cent during the quarter on account of a lower base effect in the corresponding quarter. The sector capacity utilisation during the quarter improved to 73 per cent as compared to 68 per cent in the preceding quarter. Although post-monsoon, the pricing scenario indicated some improvement, the pricing environment is expected to remain challenging.

Variable cost rose by 16 per cent, mainly on account of increase in energy cost. This is attributable to 30 per cent rise in the price of domestic coal during Q4 FY10-11 and continuous increase in price of imported coal as also the rupee devaluation by approximately 14 per cent.

Chemical business

The chemical business continued to deliver good performance. Caustic production at 68,741 tonnes grew by 3 per cent supported by full capacity utilisation. Sales volumes were higher by 6 per cent. Caustic prices remained firm in line with international trends.

VSF and chemical capex

The VSF (120,000 TPA) and chemical (182,500 TPA) greenfield projects at Vilayat, Gujarat and Brownfield expansion (36,500 TPA) of VSF at Harihar, Karnataka are in line with the schedule. The construction activity is in full swing. These projects are slated for commissioning in FY13. A total capex of Rs. 34000.000 Millions has been earmarked for the VSF and chemical business for expansion projects and modernisation.

Further, plans are afoot to set up a 180K TPA Greenfield VSF plant in Turkey in joint venture with Group companies. Grasim has invested 1/3rd of the initial capital required for acquiring land and meeting initial expenses.

Cement capex

The Chhattisgarh and Karnataka Brownfield expansion projects aggregating 9.2 million TPA are on track. Both these projects are expected to be operational by Q1FY14.

A total capex of Rs. 110000.000 Millions is under implementation in the cement business towards the expansion projects, strengthening of logistic infrastructure, setting up of captive thermal power plants, ready-mix concrete plants and modernisation projects.

Outlook

In VSF, the demand may remain volatile in the present macro economic conditions. In cement, the surplus scenario should subside gradually over a period of 2-3 years with an expected growth in demand. The changed pricing mechanism by Coal India Limited with effect from January 2012 will lead to increase in energy costs. The rising energy cost is a challenge in both the businesses in the present context.

Capacity expansions under implementation will enable the company to grow at a rapid pace and consolidate its leadership even further.

Cautionary Statement Statements in this 'Press Release' describing the Company’s objectives, projections, estimates, expectations or predictions may be 'forward looking statements' within the meaning of applicable securities law and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Company’s operations include global and Indian demand supply conditions, finished goods prices, feedstock availability and prices, cyclical demand and pricing in the Company’s principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the Company conducts business and other factors such as litigation and labour negotiations. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statement, on the basis of any subsequent development, information or events, or otherwise.

FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012

20th July, 2012

(Rs. In Millions)

Particulars	Q1FY'13	Q1FY'12
Net Sales	50750.000	43520.000
PBIDT	13770.000	12520.000
PAT	7780.000	6830.000

UltraTech Cement Limited, an Aditya Birla Group Company, today announced its unaudited financial results for the quarter ended 30th June, 2012.

Financials

Net Sales stood at Rs.50750.000 Millions as compared to Rs.43520.000 Millions in the corresponding period of the previous year. Profit before Interest, Depreciation and Tax is Rs.13770.000 Millions and Profit after Tax is Rs.7780.000 Millions vis-a-vis Rs.12520.000 Millions and Rs.6830.000 Millions respectively, in the corresponding period of the previous year.

The combined domestic cement and clinker sales was 9.94 MnT (9.48 MnT) while it was 2.25 LmT (1.93 LmT) for white cement and wall care putty.

The variable cost rose by 10% as compared to Q1FY12. This was mainly on account of higher energy and raw material prices which are linked to the last increase in railway freight and increase in diesel prices. Although imported coal prices softened by around 19%, the depreciation in rupee by 21% offset the benefit.

Apex

The Board has further sanctioned capex of Rs.10000.000 Millions towards modernisation and setting up of ready mix concrete plants across the country. This brings the total capex under implementation to around Rs.120000.000 Millions.

Outlook

Cement demand is likely to grow over 8% linked to the Governments focus on infrastructure development.

The surplus scenario is expected to continue over the next 3 years. Any rise in input costs will impact margins.

AXIS BANK SNAPS UP ENAM IN Rs.20670.000 MILLIONS SHARE SWAP DEAL

Enam Securities, one of the top three investment bankers on Dalal Street, has come under the fold of Axis Bank. The board of directors of Axis Bank and privately-held Enam Securities Private Limited - promoted by Vallabh Bhansali and others - have agreed to combine their investment banking and equities business in a share swap deal worth Rs 20670.000 Millions.

As part of the deal, Enam Securities — which was set up in 1984 as a financial services provider — will demerge its investment banking, institutional equities, retail equities and related businesses such as distribution of financial products, NBFC, etc, to a wholly-owned subsidiary of Axis Bank pursuant to a scheme of arrangement. Axis Bank will also demerge its investment banking business into the wholly-owned subsidiary.

Enam shareholders will receive shares of Axis Bank in the ratio of 5.7 shares of Axis Bank for every one share held in Enam, resulting into about 3.3 per cent equity stake of Axis Bank on the enlarged capital. The proposed scheme is subject to approvals from respective shareholders and approval from the authorities like Reserve Bank of India (RBI), Sebi and the High Courts of Gujarat and Mumbai.

The proposed transaction would create one of India’s leading financial services powerhouses combining the investment banking and equities franchise of Enam Securities with the dominant debt capital markets and commercial banking franchise of Axis Bank. The strategic objective is to create a complete bouquet of financial products and services for corporate, institutional and individual clients that will enhance the ability of the combined entity to better serve client needs in a seamless manner across product categories and geographies.

With Axis Bank’s distribution platform of almost 1,100 branches and Enam’s retail network, the combined entity will have an unparalleled opportunity to build a dominant retail franchise as well.

The board of Axis Bank has proposed to induct Vallabh Bhansali, the co-founder and chairman of Enam, as an independent director, subject to approval from Axis Bank’s shareholders and the RBI. Manish Chokhani would be the MD and CEO of the newly to be formed entity, while Jagdish Master will continue to provide guidance as a board member of the wholly owned subsidiary.

Shikha Sharma, managing director and CEO of Axis Bank, said, “This merger is in line with Axis Bank’s strategy of continuously expanding its product and service offerings to its customers in order to deepen its relationships and value differentiators.” She said the name of the new entity has not been decided yet.

“The model we are adopting has demonstrated its resilience and superiority globally. We are excited at the prospect of building on Enam’s enviable reputation for bringing exciting new companies to markets and for its deep and long lasting relationships with corporate houses as well as with institutional and individual investors that have benefited from their services over the years,” Sharma said. “We have done exchange of shares and are not walking away with any cash. Our entire balance sheet and network are getting transferred,” Enam chairman Bhansali said.

Enam and Axis Bank will continue their respective “buy side” and investment management businesses separately. These units do not form part of this transaction.

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.55.72
UK Pound	1	Rs.87.95
Euro	1	Rs.69.66

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		75

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.