MIRA INFORM REPORT

Report Date :

24.08.2013

IDENTIFICATION DETAILS

Name :	DCM SHRIRAM CONSOLIDATED LIMITED
Formerly Known As :	FINPRO SOLUTIONS PRIVATE LIMITED
Registered Office :	5^th Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi – 110 001
Country :	India
Financials (as on) :	31.03.2013
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 the 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 56000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established and a reputed company having fine track record. The company has shown an improvement in its operating performance marked by reporting a healthy profit during 2013 over previous years losses. The company has improved its credit profile following the closure of their rural retail stores which were incurring losses. However, trade relations are fair. Business is active. Payment terms are regular and as per commitments. In view of long standing experience of the management, the subject 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A (Term Loans)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	January, 2013

Rating Agency Name	ICRA
Rating	A1 (Short term loans)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	January, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Corporate Office :	5^th Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi – 110 001, India
Tel. No.:	91-11-23316801
Fax No.:	91-11-23318072/ 23357803
E-Mail :	blsachdeva@dscl.com dscl@dscl.com
Website :	www.dscl.com
Factory 1 :	Shriram Fertilisers and Chemicals Shriram Nagar, Kota – 324 004, Rajasthan, India
Factory 2 :	Shriram Alkali and Chemicals 749, G.I.D.C. Industrial Estate, District Bharuch, Gujarat, India
Factory 3 :	DSCL Sugar Village Ajbapur, P.O. Mullapur, Lakhimpur Kheri – 261 505, Uttar Pradesh, India
Factory 4 :	DSCL Sugar Village Rupapur, P.O. Munder, District Hardoi – 241 123, Uttar Pradesh, India
Factory 5 :	DSCL Sugar Village and P.O. Hariawan, District Hardoi – 241 405, Uttar Pradesh, India
Factory 6 :	DSCL Sugar Village Loni, P.O. Anjhi Shahbad, District Hardoi – 241 124, Uttar Pradesh, India
Plant :	Located at : · Ajbapur · Rupapur · Hariawan · Loni (U.P.) · Bharuch (Gujarat) · Kota · Tonk · Bhiwadi (Rajasthan) · Mumbai (Maharashtra) · Hyderabad (Andhra Pradesh) · Chennai (Tamil Nadu)
Market Office :	Kirti Mahal, 19, Rajendra Place, New Delhi - 110 008, India Tel. No.:91-11-25713442/ 25722296 Fax. No.:91-11-25768135 Shivaji Marg, New Delhi - 110 015, India Tel. No.:91-11-25104410/ 25747836 Fax. No.:91-11-25455362/ 25739816 5^th Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi - 110 001, India Tel. No.:91-11-23316801-9 Fax. No.:91-11-23318072

DIRECTORS

As on: 31.03.2013

Name :	Mr. Ajay Shridhar Shriram
Designation :	Chairman and Senior Managing Director
Address:	‘SHIVAM’, A 37, Vasant Marg, Vasant Vihar, New Delhi – 110 057, India
Date of Birth/Age:	04.03.1954
Date of Appointment:	24.07.1989
DIN No.:	00027137
Name :	Mr. Vikram Shridhar Shriram
Designation :	Vice Chairman and Managing Director
Address:	5/16, Shanti Niketan, New Delhi – 110 021, India
Date of Birth/Age:	06.12.1958
Date of Appointment:	22.05.1990
DIN No.:	00027187
Name :	Mr. Rajiv Sinha
Designation :	Joint Managing Director
Address:	A-14/14, Ground Floor, Vasant Vihar, Delhi – 11 0 057, India
Date of Birth/Age:	05.06.1950
Date of Appointment:	01.11 1998
DIN No.:	00027302
Name :	Mr. Ajit Shridhar Shriram
Designation :	Deputy Managing Director
Address:	5/20, Shanti Niketan, New Delhi – 110 021, India
Date of Birth/Age:	03.10.1967
Date of Appointment:	02.05.2001
DIN No.:	00027918
Name :	Dr. Narendra Jeet Singh
Designation :	Whole Time Director (EHS)
Address:	A-22, Mahaveer Nagar-II, Kota – 324 005, Rajasthan, India
Date of Birth/Age:	29.11.1953
Qualification :	M.Sc., Ph.D.
Expertise in Functional Area :	Environment, Health, Safety, Quality Systems, Sustainability, Food Safety and Energy Management
Date of Appointment:	20.11.2007
DIN No.:	01893202
Name :	Dr. Satguru Sharan Baijal
Designation :	Director
Address:	B 4 Sector 30, Gautam Budh Nagar, Noida – 210 303 Uttar Pradesh, India
Date of Birth/Age:	06.09.1929
Date of Appointment:	22.05.1990
DIN No.:	00027961
Name :	Mr. Arun Bharat Ram
Designation :	Director
Address:	1. Silver Oak Avenue, Westend Green Farm, Rajokri, Delhi – 110 038, India
Date of Birth/Age:	15.11.1940
Date of Appointment:	22.05.1990
DIN No.:	00694766
Name :	Mr. Pradeep Dinodia
Designation :	Director
Address:	A-9-A, Maharani Bagh, New Delhi – 110 065, India
Date of Birth/Age:	15.11.1940
Date of Appointment:	22.05.1990
DIN No.:	00027995
Name :	Mr. Vimal Bhandari
Designation :	Director
Address:	Flat N0.164, 16^th Floor, Address Tower-A, Kalpataru Horizon. S.K. Ahire Marg. Worli, Mumbai – 400 018, Maharashtra, India
Date of Birth/Age:	23.08.1958
Qualification :	B.Com, C.A.
Expertise in Functional Area :	Finance, Human Resources and General Management
Date of Appointment:	13.05.2003
DIN No.:	00001318
Name :	Mr. Sunil Kant Munjal
Designation :	Director
Address:	l-A, Friends, Colony (West), New Delhi – 110065, India
Date of Birth/Age:	14.12.1957
Qualification :	B.Com, Training in Mechanical Engineering
Expertise in Functional Area :	Corporate Planning, Finance, Manufacturing, Customer Relationship, Information Technology and Insurance
Date of Appointment:	13.05.2003
DIN No.:	00003902
Name :	Mr. Debdatta Sengupta
Designation :	Director
Address:	Sector-B, Pocket, 8, Flat N0.6145, Vasant Kunj, Delhi – 110070, India
Date of Birth/Age:	20.06.1942
	Bachelor of Science in Physics, PGDM.
	Market Development, Risk Analysis and Transfer Techniques, Managing Human Resources, Insurance and Reinsurance Principles and Practices, Funds Management and International Business Relations.
Date of Appointment:	11.08.2003
DIN No.:	00043289
Name :	Mr. Rajesh Kandwal
Designation :	LIC Nominee
Date of Appointment :	30.08.2011
DIN No.:	02509203

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

SHAREHOLDING PATTERN

As on: 30.06.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	5461050	3.29
Bodies Corporate	98032348	59.09
Sub Total	103493398	62.38
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	103493398	62.38
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	585707	0.35
Financial Institutions / Banks	42330	0.03
Central Government / State Government(s)	29640	0.02
Insurance Companies	17146792	10.34
Foreign Institutional Investors	953544	0.57
Sub Total	18758013	11.31
(2) Non-Institutions
Bodies Corporate	4542684	2.74
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	16376486	9.87
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6748704	4.07
Any Others (Specify)	15984035	9.63
Non Resident Indians	359744	0.22
Overseas Corporate Bodies	15105550	9.11
Trust & Foundation	87611	0.05
Foreign Nationals	431130	0.26
Sub Total	43651909	26.31
Total Public shareholding (B)	62409922	37.62
Total (A)+(B)	165903320	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	165903320	0.00

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.

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

· Standard Chartered Bank

· ING Vysya Bank Limited

· DBS Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term loans
From banks	3320.600	3969.500
From others	3147.800	3696.400
SHORT TERM BORROWINGS
Loans repayable on demand from banks	1810.800	381.300
Other loans and advances from banks	3090.200	5291.100
Total	11369.400	13338.300

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

CAPITAL STRUCTURE

After 14.08.2012

Authorised Capital :Rs.1240.000 Millions

Issued, Subscribed & Paid-up Capital :Rs.331.807 Millions

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
28,49,50,000	Equity Shares	Rs.2/- each	Rs.569.900 Millions
65,01,000	Cumulative Redeemable Preference	Rs.100/- each	Rs.650.100 Millions
	Total		Rs.1220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16,59,03,320	Equity Shares	Rs.2/- each	Rs.331.800 Millions
	Forfeited Shares		Rs.1.600 Millions
	Total		Rs.333.400 Millions

NOTES:

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

Particulars	As at 31.03.2013
	No. of shares	%
Shares held by the holding company: Sumant Investments Private Limited	97,868,812	58.99%
The shareholders holding more than 5% equity shares are as under:
Sumant Investments Private Limited	97,868,812	58.99%
Life Insurance Corporation of India	12,863,749	7.75%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	333.400	333.400	333.400
(b) Reserves & Surplus	13671.200	12064.100	12283.900
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	14004.600	12397.500	12617.300
(3) Non-Current Liabilities
(a) long-term borrowings	6604.200	7878.500	7619.400
(b) Deferred tax liabilities (Net)	1592.700	1554.600	1588.500
(c) Other long term liabilities	329.800	277.300	62.600
(d) long-term provisions	1150.700	1086.000	991.200
Total Non-current Liabilities (3)	9677.400	10796.400	10261.700
(4) Current Liabilities
(a) Short term borrowings	6938.600	8278.900	7514.700
(b) Trade payables	10481.300	8660.800	3768.200
(c) Other current liabilities	4370.400	4898.100	3622.300
(d) Short-term provisions	412.400	251.700	230.500
Total Current Liabilities (4)	22202.700	22089.500	15135.700
TOTAL	45884.700	45283.400	38014.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14570.100	17909.800	19032.300
(ii) Intangible Assets	45.600	99.200	109.300
(iii) Capital work-in-progress	158.500	270.300	274.000
(iv) Intangible assets under development	1.700	3.900	8.200
(b) Non-current Investments	453.700	504.400	500.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1820.500	1730.900	1556.600
(e) Other Non-current assets	84.800	44.500	3.200
Total Non-Current Assets	17134.900	20563.000	21484.400
(2) Current assets
(a) Current investments	12.700	0.000	0.000
(b) Inventories	13394.200	13018.800	9828.000
(c) Trade receivables	9105.800	6605.400	3640.000
(d) Cash and cash equivalents	1199.100	2283.100	528.500
(e) Short-term loans and advances	2225.200	2517.300	2229.200
(f) Other current assets	2812.800	295.800	304.600
Total Current Assets	28749.800	24720.400	16530.300
TOTAL	45884.700	45283.400	38014.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	53999.300	49557.000	40662.400
		Other Income	461.200	298.900	324.700
		TOTAL (A)	54460.500	49855.900	40987.100
Less	EXPENSES
		Cost of materials consumed	19178.700	17286.700	38906.200
		Purchases of Stock-in-Trade	14848.300	17272.100
		Change in inventories of finished goods, Work-in-progress and Stock-in-Trade	(624.400)	(3278.100)
		Employee benefits expense	3630.100	3555.400
		Other expenses	11887.400	11699.400
		Exceptional Items	535.800	380.600
		TOTAL (B)	49455.900	46916.100	38906.200
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5004.600	2939.800	2080.900
Less	FINANCIAL EXPENSES (D)		1526.500	1575.600	1013.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3478.100	1364.200	1067.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1438.200	1540.700	1575.900
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2039.900	(176.500)	(508.700)
Less	TAX (H)		134.500	(33.900)	(202.100)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1905.400	(142.600)	(306.600)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4538.000	4759.100	5050.600
Add	BALANCE BROUGHT FORWAR CONSEQUENT TO MERGER OF ERSTWHILE SHRIRAM BIOSEED GENETICS INDIA LIMITED		--	--	98.700
Less	APPROPRIATIONS
		Proposed Dividends on Equity Shares (Incl. Interim dividend)	265.400	66.400	66.400
		Corporate Dividend Tax	33.200	10.800	10.800
		Storage fund for Molasses Account	1.300	1.300	6.400
		General Reserve	750.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		5393.500	4538.000	4759.100
	EARNINGS IN FOREIGN CURRENCY
		Direct export of goods on FOB basis/as per contracts where FOB value not readily ascertainable	131.400	205.400	281.700
		Others	6.500	7.800	5.200
	TOTAL EARNINGS		137.900	213.200	286.900
	IMPORTS
		Raw Materials	375.900	619.400	567.400
		Components & Spare Parts	125.300	173.700	128.500
		Capital Goods	871.500	940.200	62.500
		Others	6005.700	3048.000	3921.000
	TOTAL IMPORTS		7378.400	4781.300	4679.400
	Earnings / (Loss) Per Share (Rs.)
	- Before Exceptional Item		14.55	0.99	(1.85)
	- After Exceptional Item		11.49	(0.86)	(1.85)

QUARTERLY RESULTS

PARTICULARS	30.06.2013
Net Sales	15453.300
Total Expenditure	13466.300
PBIDT (Excl OI)	1987.000
Other Income	123.200
Operating Profit	2110.200
Interest	433.000
Exceptional Items	0.000
PBDT	1677.200
Depreciation	334.000
Profit Before Tax	1343.200
Tax	104.500
Provisions and contingencies	0.000
Profit After Tax	1238.700
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	1238.700

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.50	(0.29)	(0.75)
Net Profit Margin (PBT/Sales)	(%)	3.78	0.36	(1.25)
Return on Total Assets (PBT/Total Assets}	(%)	4.51	(0.40)	(1.43)
Return on Investment (ROI) (PBT/Networth)		0.15	(0.01)	(0.04)
Debt Equity Ratio (Total Debt /Networth)		0.97	1.30	1.20
Current Ratio (Current Asset/Current Liability)		1.29	1.12	1.09

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

09.11.2009

Present: Ms. P.L. Bansal, Advocate for the Appellant.

Mr. V.P. Gupta and Mr. Basant Kumar, Advocates for the Respondent.

ITA No. 1023/2008

Admit.
The following substantial question of law arises for consideration:

?Whether the ITAT was correct in law in holding that there were no errors in the order of assessment passed by the Assessing Officer under Section 143(3) of the Act and, therefore, CIT was not justified in exercising the powers conferred under Section 263 of the Act??

Paper book be filed within three months.

A.K. SIKRI, J.

SIDDHARTH MRIDUL, J.

November 09, 2009

dn
5

PERFORMANCE:

The Company has delivered a healthy performance during the year. The Net Revenues were up by 10% at Rs. 55390.000 Millions as against Net Revenue of Rs. 50390.000 Millions in the previous year. The growth in revenues were driven by growth in Sugar (up by 48%), Shriram Farm Solutions (up by 20%) and Chloro-Vinyl (up by 15%) businesses.

On the earnings, EBITDA of the company recorded a growth of 57% at Rs.5740.000 Millions. PBIT (before exceptional items) grew by 106% at Rs.4270.000 Millions. The key drivers of the growth for PBIT (before exceptional items) during the year were higher earnings in the Chloro-Vinyl business, driven by cost savings and better product prices, higher earnings in the Sugar business along with lower losses from the Hariyali business. Lower losses in the Hariyali business was result of the implementation of restructuring and rationalization plan which involved restricting activities to profitable ones only.

The Company, however, also faced challenges in businesses like Shriram Farm Solutions and Bioseed due to adverse weather conditions in some regions of operations. The Company also faced challenges in the Government controlled businesses like Sugar and Fertilizers.

The Company, during the year had to account for an exceptional item of Rs.53.60.000 Millions which is a charge on account of losses on sale of surplus assets and expenses, consequent to company's decision to restructure and rationalize Hariyali Kisaan Bazaar's operations to restrict its activities to profitable lines only.

The Company's finance costs were lower by 3% at Rs.1550.000 Millions due to lower Net Debt. Net Debt stood at Rs.13860.000 Millions as compared to Rs.15210.000 Millions. The debt could have been lower, however, higher subsidy outstanding from the Government on account of Fertilizer subsidy and higher Sugar stocks led to higher requirement of working capital.

Profit before tax (before exceptional item) was higher at Rs.2720.000 Millions in FY13 as compared to Rs.480.000 Millions

in the previous year.

Net Profit for FY 13 was higher at Rs.2030.000 Millions as compared to Net profit of Rs.120.000 Millions in the previous period.

The improved financial performance of the company has led to Short term debt rating being upgraded from A2+ to A1 and Long term rating being upgraded from A- to A. Both these ratings are from ICRA.

Unsecured Loan

(Rs. in Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Deposits
Fixed	70.600	30.800
Others	65.200	181.800
SHORT TERM BORROWINGS
Loans repayable on demand
From banks	2004.000	2576.500
From others	20.000	30.000
Loan from subsidiary company	13.600	0.000
Total	2173.400	2819.100

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2013

(Rs. in Millions)

PARTICULARS	30.06.2013
	Unaudited
Gross Sales	16005.500
Less : Excise Duty	588.300
Net Sales/ Income from operations	15417.200
Other Operating Income	36.100
Total Income from operations	15453.300
Expenses
(a) Cost of materials consumed	3684.500
(b) Purchases and related cost - stock-in-trade	7391.600
(c) Changes in inventories of finished goods, work in progress and stock-in-trade	(1639.200)
(d) Employee benefits expense	930.800
(e) Depreciation and amortisation expense	334.000
(f) Power, fuel etc.	1373.900
(g) Other expenses	1724.700
(h) Cost of own manufactured goods capitalised	-
Total Expenses	13800.3
Profit from operations before other income, finance costs ,
exceptional items and tax	1653.000
Other Income	123.200
Profit before finance costs, exceptional items and tax	1776.200
Finance costs	433.000
Profit before exceptional items and tax	1343.200
Exceptional Items	-
Profit/(loss) before tax	1343.200
Tax Expense/ (Credit)	104.500
Net Profit/(loss)	1238.700
Profit before interest, depreciation, tax and exceptional items
(EBIDTA)	2110.200
Cash Profit before exceptional items	1516.100
Paid-up Equity Share Capital	333.400
(face value of each share - Rs. 2)
Reserves excluding revaluation reserve
Basic/Diluted - EPS (Rs. per equity share)
- Before exceptional items	7.47
- After exceptional items	7.47

PARTICULARS OF SHAREHOLDING
(1) Public shareholding
- Number of Shares	62409922
- Percentage of shareholding	37.62%
(2) Promoters and Promoter Group Shareholding
(a) Pledged / Encumbered
- Number of Shares	-
-% of the total shareholding of promoter and promoter group	-
-% of the total share capital of the company	-
(b) Non-encumbered
- Number of Shares	103493398
- % of the total shareholding of promoter and promoter group	100.00%
-% of the total share capital of the company	62.38%

INVESTOR COMPLAINTS	Quarter ended 30.06.2013
Pending at the beginning of the quarter	Nil
Received during the quarter	33
Disposed off during the quarter	33
Remaining unresolved at the end of the quarter	Nil

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF LISTING AGREEMENTS

(Rs. in Millions)

	PARTICULARS	30.06.2013
		Unaudited
A.	Segment Revenue
	Fertiliser	1437.800
	Shriram Farm Solutions	4635.500
	Bioseed	3007.000
	Sugar	3382.700
	Hariyali Kisaan Bazaar	1218.200
	Chloro-Vinyl	2849.600
	Cement	296.400
	Others	530.700
	Total	17357.900
	Less: Inter segment revenue	1904.600
Total Income from operations		15453.300
B.	Segment Results
	Profit/(loss) (before unallocated expenditure,
	finance cost, exceptional items and tax)
	Fertiliser	69.300
	Shriram Farm Solutions	223.300
	Bioseed	756.300
	Sugar	(10.000)
	Hariyali Kisaan Bazaar	(10.100)
	Chloro-Vinyl	813.500
	Cement	25.500
	Others	(08.100)
	Total	1859.700
	Less:
	i) Finance cost	433.000
	ii) Other unallocable expenditure
	net off unallocated income	83.500
	iii) Exceptional Items	-
Profit/(loss) before Tax		1343.200
C.	Segment Capital Employed
	Fertiliser	1690.800
	Shriram Farm Solutions	6778.700
	Bioseed	2632.400
	Sugar	11252.600
	Hariyali Kisaan Bazaar	2225.500
	Chloro-Vinyl	5214.600
	Cement	230.000
	Others	1150.600
Total		31175.200

NOTES TO STANDALONE RESULTS:

· In accordance with the accounting policy consistently followed by the Company for interim results, the off-season expenditure aggregating Rs. 114.900 Millions for the quarter (corresponding quarter last year: Rs. 118.500 Millions) has been deferred for inclusion in the cost of sugar to be produced in the remaining part of the financial year.

· The current quarter results includes figures of Bioseed Research India Limited (BRI) (a 100% subsidiary of the Company) consequent to its merger with the Company w.e.f. the Appointed date i.e. April 1, 2013 as per Scheme of Amalgamation approved by the Hon'ble High Court of Delhi vide its order dated March 22, 2013

· Exceptional item represents the expenses relating to restructuring and rationalization of Hariyali Kisaan Bazaar operations during financial year 2012-13.

· The results for the quarter ended March 31, 2013 are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures upto the third quarter of the respective year.

· Previous period figures have been recast, wherever necessary

· The above results were approved and taken on record by the Board of Directors in their meeting held on

· July 30, 2013

LIMITED REVIEW:

The Limited Review, as required under Clause 41 of the Listing Agreement has been completed by the Statutory Auditors. The Limited Review Report for the quarter ended June 30, 2013 does not have any impact on the above Results and Notes in aggregate except in respect of matter explained in note 1 above.

FIXED ASSETS:

Tangible Assets

· Land – Freehold

· Land – Leasehold

· Buildings

· Leasehold improvements

· Plant and equipment

· Furniture and Fixtures

· Vehicles

· Office equipment

Intangible Assets

· Technical Know how

· Brand

· Computer Software

AS PER WEBSITE DETAILS:

PRESS RELEASE:

DCM SHRIRAM SHAREHOLDER APPROVES FOR RESTRUCTURING THE BUSINESS

Dec 17, 2012, 06.32 PM IST

DCM Shriram Consolidated Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 17, 2012, have approved the following proposals :1. to seek Shareholders’ approval under Section 293(i)(a) and other applicable provisions of Companies Act, 1956 through Postal Ballot and authorizing the Board to take all necessary decisions for rationalizing / restructuring the business(es) of the Company with regard to :i) transfer, sell, lease, licence or otherwise dispose of the business, in full or in part, of Swatantra Bharat Mills, Tonk, Rajasthan, a division/undertaking of the Company, to a subsidiary or any other person or in any manner on such terms and conditions as the Board may deem appropriate, andii) transfer, sell, lease, licence, joint venture or otherwise dispose of the business, in full or in part, of Shriram PolyTech Business, Kota, Rajasthan, a division/undertaking of the Company, to a subsidiary or any other person or in any manner on such terms and conditions as the Board may deem appropriate.2. merger of Bioseed Research India Limited (100% subsidiary) into the Company w.e.f. April 01, 2013 through a Scheme of Arrangement under Sections 391 to 394 of the Companies Act, 1956.

DCM SHRIRAM NET AT RS 1140.000 MILLIONS

01 August 2013

Hyderabad: DCM Shriram Consolidated Ltd (DSCL) has posted more than threefold jump in the net profit to Rs. 1140.000 Millions for the first quarter ended June 30, 2013. The company had clocked a net profit of Rs.310.000 Millions in the same quarter a year ago.

DCM SHRIRAM CONSOLIDATED LTD ANNOUNCES ITS Q1FY14 FINANCIAL RESULTS

· Net Revenue at Rs 15490.000 Millions up from Rs 14270.000 Millions in the same quarter last year a growth of 8.5%.

· PBIT before exceptional items up by 28% at Rs. 167.20.000 Millions

· Net Profit at Rs. 1140.000 Millions as compared to Rs 310.000 Millions.

New Delhi, 30th July 2013: DCM Shriram Consolidated Ltd announced its Q1FY14 financial results today. Net Revenue was at Rs 15490.000 Millions up from Rs 14270.000 Millions in the same quarter last year, a growth of 8.5%. PBIT before exceptional items is up by 28% at Rs. 167.20.000 Millions. The Net Profit stood at Rs. 1140.000 Millions in Q1FY14 as against Rs 310.000 Millions in Q1FY13 (after exceptional item of Rs. 56.30.000 Millions).

1. Contributors to PBIT growth are:

o Chloro-Vinyl Business- PBIT up by 11% at Rs. 81.30.000 Millions

Cost reductions mitigated major effects of Price drop.

Last year also had shutdown effect.

o Shriram Farm Solutions business up by 42% with Value added inputs up by 19%.

o Almost breakeven in Hariyali business in Q1 FY14 consequent to implementation of the restructuring and rationalization plan involving restricting activities to profitable product lines only.

2. Sugar Business facing challenges with Sugar Margin for current season at negative Rs. 171 per quintal as compared to positive Rs. 211 per quintal in last season

3. The financial charges are flat at last year's level.

Commenting on the performance for the quarter, in a joint statement, Mr. Ajay Shriram, Chairman & Senior Managing Director, and Mr. Vikram Shriram, Vice Chairman & Managing Director, said:

“We are glad to report a satisfactory performance in the quarter led by :

1. Better Margins in the Chloro- Vinyl business inspite of lower product prices.

2. Higher earnings in the Shriram Farm Solutions business.

3. Almost Nil losses in Hariya/i business consequent to rationalization of its operations.

The Chloro-Vinyl business continues to deliver healthy performance with high capacity utilization and sustainable cost reductions achieved by the company in the last two years.

Bioseed and Shriram Farm Solutions businesses continue to deliver stable earnings which we expect should sustain goingforward. We continue to invest in these businesses as we believe that these will deliver healthy growth rates in the medium term given our strong research programme, healthy pipeline of products and increasing geographical presence.

In the Sugar business, the Government has taken several steps in the past 6 months to partially de-control this sector on the sales side, including removal of levy quota, release mechanism etc. The Cane prices and some of the by-product prices and sales, continue to be highly controlled and this does not augment well of a healthy sugar industry. This is putting the financial performance of the Sugar companies under stress. We believe, the Government needs to implement the Rangarajan Committee report to full extent to create a more balanced and stable policy framework for Sugar industry which will benefit the farmers as well as consumers.

In Fenesta, thefocus on expanding presence in the retail segment is yielding encouraging results.

Overall, we expect healthy performance goingforward. We also continue to conserve our internal cash generation to further strengthen our financial structure and reduce financial charges".

Q1FY14 Segment Performance

(Rs. in Millions)

		Revenues*			PBIT*		PBIT Margins %
Segments	Q1FY13	Q1FY14	%	Q1FY13	Q1FY14	%	Q1FY13	Q1FY14
Agri Input	6870.000	8963.000	30.5	89.8	942.000	4.9	13.1	10.5
- Fertilisers	1367.000	1438.000	5.2	7.8	68.000	(12.4)	57	4.7
- Shriram Farm solutions	2979.000	4636.000	55.6	15.0	213.000	42.4	50	4.6
- Bioseed	2524.000	2890.000	14.5	67.1	661.000	(1.5)	266	22.9
Sugar	2797.000	3383.000	21.0	(3.9)	(10.000)	-	(1.4)	(0.3)
Chloro Vinyl ind. Power	2783.000	2850.000		73.0	813.000	11.3	26.2	28.5
Cement	376.000	296.000	(21.1)	6.4	26.000	(60.3)	17.1	8.6
Others	764.000	766.000	-	(6.7)	(3.000)	-	(8.8)	(0.4)
Sub Total	13689.000	16266.000	19.6	168.6	1767.000	11.4	11.7	10.9
Hariyali Kisaan Bazaar	2134.000	1218.000	(42.9)	(20.3)	(3.000)	-	(9.6)	(0.2)
Total	16723.000	17476.000	11.1	138.4	1764.000	27.5	8.8	10.1
Less: Intersegment Revenue	1462.000	1986.000	36.7
Less: Unallocable expenditure				7.8	92.000	17.4
Total	14271.000	16489.000	8.5	130.6	1672.000	28.1	9.1	10.8

Note- PBIT here refers to PBIT before exceptional items.

Ql FY14 - Performance Overview & Outlook

Fertilisers

· Operational performance satisfactory. Sales Volumes higher by 4% as compared to same period last year.

· PBIT continues to be under pressure due to non-revision of Retention prices due 3 years ago.

· Subsidy payments are now current and regular.

Shriram Farm Solutions

· Revenues from this business were higher by 56% at Rs. 4640.000 Millions. The growth in revenues was driven by growth in both segments, i.e. Value added inputs ( up by 34%) and Bulk Fertilizers ( up by 110%). In the Bulk fertilizers, the company sold DAP ( Rs. 800.000 Millions Vs Nil in Ql FY13)

o Growth in Value added inputs was mainly due to shift in sale of Bt Cotton seed to Q1FY14 from Q4 FY13 due to delay in receipt of licenses from State Governments.

o Margins from Hybrid seed sales were lower as compared to last year.

· PBIT from Value added inputs was up by 19%. Overall PBIT went up by 42% due to higher volume of DAP.

Bioseed

· Revenues of this business were higher by 14% at Rs. 2890.000 Millions driven by healthy growth in Indian operations, however overall growth was moderated due to higher sales returns in Philippines.

· Last year had recorded high sales returns in India in Q2. Do not expect that in current year and thus expect better results on" To September" basis.

· PBIT for the quarter was flat at Rs. 660.000 Millions.

o Dip in Cotton margins due to rising costs and lower prices consequent to over supply of Cotton seeds.

o Negative PBIT in Philippines consequent to Sales returns.

Sugar

· Higher free sugar volumes has led to revenue growth of 21% at Rs. 3380.000 Millions.

· PBIT Negative due to negative margins. Realizations at Rs. 3160/quintal with cost of production of Rs. 3331/quintal. The Company had valued sugar stocks on 31st March,13 on expected NRV .

· Power dues outstanding for more than six months making Power generation un-remunerative.

Chloro- Vinyl

· Revenues from this business were up by 2% at Rs. 2850.000 Millions.

o Plastics Revenue up by 14% driven by higher volumes and realizations ( up by 3%).

o Chemicals Revenue down by 6% with realizations down by 19%, Volumes have been up as last year had an extended shutdown of plant at one location.

· PBIT has gone up to Rs. 81.30.000 Millions ( L.Y.- Rs. 730.000 Millions) inspite of sharp drop in Chlor-Alkali prices. This increase is due to .

o Reduction in direct cost of PVC by ~ 11% as a consequence of various cost rationalizations measures.

o Reduction in direct cost of Chemicals by ~ 10% .

o Higher production in current year as last year had extended shutdown at one of the Chemicals plant.

Cement

· Revenues lower by 21% at Rs. 29.60.000 Millions driven by lower volumes ( down by 18%) and lower realizations (lower by 3%).

· PBIT lower by 60% at Rs. 2.60.000 Millions due to lower volumes and dip in margins in this business. Hariyali Kisaan Bazaar

Hariyali Kisaan Bazaar

· Revenue and PBIT performance in line with plan as the Company has implemented a restructuring and rationalization plan involving restricting activities to profitable product lines only. Current revenues only from fuel sales.

· The Company is focused on sale of surplus properties which is progressing as per plan.

Others

· PBIT loss in "Others" segment lower due to better performance of the Fenesta business due to encouraging results focus in the retail segment.

Others PBIT loss in " Others" segment lower due to better performance of the Fenesta business due to encouraging results focus in the retail segment.

Outlook

Fertiliser

· Expect the plant to operate at higher capacity

· The earnings of this business will continue to be under pressure till Government revises the Retention prices.

· We hope Subsidy payments does not get into arrears going forward

Shriram Farm Solutions:

· We continue to focus on expanding product range especially in the higher margin value-added segment combined with increasing geographical reach.

· We expect the Value added segment to witness healthy growth rates in medium term.

Bioseed

· The Company believes that this business will deliver healthy growth in medium to long term given continuous investment in research( both conventional and biotech) along with geographic and product diversification.

· Cotton seed oversupply situation likely to normalize after a year.

Sugar

· Sugar margins continue to be negative due to low Sugar prices.

· Going forward, the performance of this business will be driven by

· Rational Cane prices for Sugar season 13-14.

· Positive support to increase Sugar prices.

· Implementation of the Rangarajan committee report to full extent.

Chloro-Vinyl

· Prices of both Chlor-Alkali and PVC have seen upward trend in July primarily due to rupee depreciation. Global prices are stable.

· Expect to sustain the benefits of cost reductions achieved over last 2 years.

About Us:

DSCL is an integrated business entity, with extensive and growing presence across the entire Agri-rural value chain and Chloro-Vinyl industry. The Company has added innovative value- added businesses in these domains. Large captive power facilities producing power at competitive cost, provide competitive advantage to its Chloro-Vinyl businesses.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.69
UK Pound	1	Rs.100.80
Euro	1	Rs.86.30

INFORMATION DETAILS

Report Prepared by :

RAJ

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	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.