MIRA INFORM REPORT

Report Date :

27.12.2013

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) :	31.03.2013
Date of Incorporation :	24.08.2000
Com. Reg. No.:	11-128420
Capital Investment / Paid-up Capital :	Rs.2741.800 Millions
CIN No.: [Company Identification No.]	L26940MH2000PLC128420
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03782C/ KLPU00481F/ NGPU01449A/ MUMU05433B
PAN No.: [Permanent Account No.]	AAACL6442L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of cement and cement related products. The Company also manufactures ready mix concrete (RMC).
No. of Employees :	12660 (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 609000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
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 record. It has achieved better increase in its sales turnover and profits during 2013. 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 – 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

Uptick in agriculture and construction spread some cheer as the economy grew a higher-than-expected 4.8 % in the three months through September. Manufacturing rose an annual rate per cent during the quarter and mining fell by 0.4 %, government data showed while farm output rose 46%.

India has emerged as the most attractive investment destination, thanks to a relaxation in foreign direct investment norms, says a report. India is followed by Brazil and China in the ranking part of EY’s Capital Confidence Barometer report based on a survey across 70 nations. The US, France and Japan have emerged as the top three investors likely to invest in India.

India has been ranked 83^rd globally in terms of talent competitiveness of its human capital.  Switzerland, Singapore, Denmark, Sweden and Luxembourg are the top five in the list of 103 nations compiled by INSEAD business school.

Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average putting the country at low, 158^th rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the time taken for tax payments is relatively less in India which is rated ahead of China and Japan.

1 billion smartphone shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost computing in emerging markets. By 2017, total smartphone shipments are expected to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4 % between 2013 and 2017, according to research from IDC.

20 % vacancy rate of office space in Mumbai and Delhi in the third quarter, the highest in Asia after Chengdu, in China. According to Cushman and Wakefield, six Indian cities are among the 10 office markets with the worst vacancies.

Foreign banks will not have to pay stamp duty and capital gains tax, if they convert their branch operations into a wholly owned subsidiary, according to the Reserve Bank of India.

The Reserve Bank of India is planning to launch CPI – indexed bonds aimed to protecting the savings of retail investors from the impact the price rise by December end.

Central Bureau of Investigation has booked State Bank of India, Deputy Managing Director Shyamal Acharya and others in a graft case related to distribution of a loan of over Rs 4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the residence of Acharya.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AAA (Long Term Rating)
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	September 16, 2013

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	September 16, 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.

INFORMATION DENIED

Management Non Co-Operative (91-22-66917800)

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

www.adityabirla.com

Factory 1 :

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/ White Cement

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

Zonal Office :

Industry House, 5th Floor, Fair Field Layout, No.45, Race Course Road, Bangalore – 560001, Karnataka, India

Tel. No.:

91-80-22250748/ 22250749/ 22266225

Fax No.:

91-80-22204839

Zonal Office :

Also located at:

NORTH
Agra	Ajmer	Aligarh	Alwar
Amritsar	Balaghat	Bareilly	Bharatpur
Bhatinda	Bhopal	Bijnore	Bikaner
Chandigarh	Chhindwara	Dehradun	Delhi
Faridabad	Ghaziabad	Guna	Gurgaon
Gwalior	Hanumangarh	Hissar	Indore
Jabalpur	Jaipur	Jalandhar	Jammu
Jhansi	Jhunjhunu	Jodhpur	Kanpur
Karnal	Kashipur	Khandwa	Kota
Ludhiana	Mathura	Meerut	Moradabad
Muzaffarnagar	Narnaul	Neemuch	Nimbahera
Parwanoo	Patiala	Ratlam	Rohtak
Roorkee	Saharanpur	Shajapur	Udaipur
Ujjain
EAST
Ambikapur	Balasore	Bankura	Begusarai
Berhampore	Berhampur	Bhadrak	Bhagalpur
Bhubaneswar	Bilaspur	Burdwan	Cossipore
Cuttack	Dankuni	Darbhanga	Deoghar
Dhanbad	Dhenkanal	Durg	Gaya
Guwahati	Jajpur	Jamshedpur	Jeypore
Katihar	Kesinga	Kharagpur	Koderma
Kolkata	Krishnanagar	Malda	Murshidabad
Muzaffarpur	New Alipore	Patna	Raigarh
Raipur	Ranchi	Rayagada	Rourkela
Saharsa	Sahibganj	Sainthia	Samastipur
Sambalpur	Siliguri
SOUTH
Anantapur	Bangalore	Belgaum	Bellary
Bijapur	Calicut	Chennai	Coimbatore
Davangere	Gulbarga	Hassan	Hubli
Hyderabad	Karimnagar	Kochi	Madurai
Mahabubnagar	Mandya	Mangalore / Udupi	Mapusa
Margao	Mysore	Palakkad	Pondy
Raichur	Salemshimoga / Chickamangalur	Thanjavur	Tirupathi
Trichy	Trivandrum	Tumkur	Vellore
Vijayawada	Visakhapatnam
Anantapur	Bangalore	Belgaum	Bellary
Bijapur	Calicut	Chennai	Coimbatore
Davangere	Gulbarga	Hassan	Hubli
Hyderabad	Karimnagar	Kochi	Madurai
Mahabubnagar	Mandya	Mangalore / Udupi	Mapusa
Margao	Mysore	Palakkad	Pondy
Raichur	Salemshimoga / Chickamangalur	Thanjavur	Tirupathi
Trichy	Trivandrum	Tumkur	Vellore
Vijayawada	Visakhapatnam
WEST
Ahmedabad	Ahmednagar	Akola	Amravati
Anandaur	Angabad	Baroda	Beed
Bhavnagar	Bhayander	Chandrapur	Dhule
Jalgaon	Jalna	Kalyan	Kolhapur
Kutch	Latur	Mehsana	Mumbai
Nagpur	Nanded	Nasik	Navi Mumbai
Panvel	Pune	Rajkot	Ratnagiri
Sangli	Satara	Solapur	Surat
Valsad	Yavatmal

DIRECTORS

As on: 31.03.2013

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
Date of Birth/Age :	15.09.1945
Qualification :	B. A.
Date of Appointment :	14.05.2004
Expertise in specific General Functional area :	Industrialist
Other Directorship :	· Aditya Birla Health Services Limited · Aditya Birla Nuvo Limited · Essel Mining and Industries Limited · Grasim Industries Limited · Hindalco Industries Limited · Idea Cellular Limited
Name :	Mr. R. C. Bhargava
Designation :	Director
Date of Birth/Age :	30.07.1934
Qualification :	M.Sc. (Maths), M.A. (Dev. Economics)
Date of Appointment :	06.07.2004
Expertise in specific General Functional area :	General Management
Other Directorship :	· Dabur India Limited · Grasim Industries Limited · Idea Cellular Limited · ILandFS Limited · Kokoyu Camlin Limited · Maruti Suzuki India Limited · Polaris Financial Technology Limited · Thomson Press Limited
Name :	Mr. M. Damodaran
Designation :	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 :	Director
Date of Birth/Age :	12.07.1938
Qualification :	M. Com, LLB, CAIIB
Date of Appointment :	07.07.2006
Name :	Mr. Rajiv Dube
Designation :	Director
Date of Birth/Age :	04.02.1962
Qualification :	B.E.; MBA
Date of Appointment :	29.04.2013
Expertise in specific General Functional area :	Business Executive
Other Directorship :	Aditya Birla Science and Technology Company Limited
Name :	Mr. Adesh Gupta
Designation :	Director
Name :	Mr. Nirmalya Kumar
Designation :	Director
Name :	Mr. S. B. Mathur
Designation :	Director
Date of Birth/Age:	11.10.1944
Qualification:	B. Com., F.C.A., ICWA Part I, and II London
Date of Appointment:	10.09.2008
Name :	Mr. S. Rajgopal
Designation :	Director
Date of Birth/Age :	17.07.1935
Qualification :	B.A. Hons (Mathematics), M.A. (History)
Date of Appointment :	20.10.2007
Expertise in specific General Functional area :	Civil Servi
Other Directorship :	Larsen and Toubro Limited
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
Qualification:	B. Com., F.C.A.
Date of Appointment :	06.07.2004
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: 30.09.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	77009	0.03
Bodies Corporate	169810290	63.10
Sub Total	169887299	63.13
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	169887299	63.13
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3452390	1.28
Financial Institutions / Banks	83220	0.03
Central Government / State Government(s)	81756	0.03
Insurance Companies	9578871	3.56
Foreign Institutional Investors	56647010	21.05
Sub Total	69843247	25.96
(2) Non-Institutions
Bodies Corporate	9580472	3.56
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	16559679	6.15
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	951383	0.35
Any Others (Specify)	2269927	0.84
Non Resident Indians	719817	0.27
Foreign Corporate Bodies	1499116	0.56
Foreign Nationals	50994	0.02
Sub Total	29361461	10.91
Total Public shareholding (B)	99204708	36.87
Total (A)+(B)	269092007	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	2744168	0.00
(2) Public	2374324	0.00
Sub Total	5118492	0.00
Total (A)+(B)+(C)	274210499	0.00

BUSINESS DETAILS

Line of Business :

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

PRODUCTION STATUS (As on: 31.03.2013)

Particulars	Unit	Installed Capacity
Clinker	(MMTPA)	39.50
Cement	(MMTPA)	50.90

Particulars	Unit	Actual Production
Clinker	(MMT)	31.76
Cement	(MMT)	40.13

Particulars	Unit	Installed Capacity	Actual Production
White Cement	(LMT)	5.60	5.73

GENERAL INFORMATION

No. of Employees :

12660 (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 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Non-Convertible Debentures	4500.000	5236.300
Term Loans from Banks:
In Foreign Currency	8501.100	9225.700
In Local Currency	4500.000	4500.000
Sales Tax Deferment Loan	211.400	179.000
SHORT TERM BORROWINGS
Loans repayable on demand:
From Banks - Cash Credits / Working Capital Borrowings (Secured by Hypothecation of Stocks and Book Debts of the Company)	3760.900	999.700
Total	21473.400	20140.700

Banking Relations :	--
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
Branch Auditors :
Name :	Haribhakti and Company
Address :	Mumbai, Maharashtra, 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) · Gotan Limestone Khanij Udyog Pvt Ltd (w.e.f. 23.07.2012)
Subsidiary :	· UltraTech Cement Lanka Private Limited · PT UltraTech Mining Indonesia · PT UltraTech Investments Indonesia (PTUII)
Subsidiary – UCMEIL :	· Star Cement Company LLC, UAE · Star Cement Company LLC, RAK Ras-Al-Khaimah, UAE · Al Nakhla Crusher LLC, Fujairah, UAE · Arabian Cement Industry LLC, Abu Dhabi · Arabian Gulf Cement Co W.L.L., Bahrain · Emirates Power Company Limited, Bangladesh · Emirates Cement Bangladesh Limited, Bangladesh · UltraTech Cement Mozambique Limitada · UltraTech Cement Indonesia (w.e.f. 16.07.2012)
Joint Venture :	· Madanpur (North) Coal Company Private Limited · Bhaskarpara Coal Company Limited
Fellow Subsidiary :	· Samruddhi Swastik Trading and Investments Limited · Grasim Bhiwani Textiles Limited

CAPITAL STRUCTURE

As on: 29.07.2013

Authorised Capital : Rs.2800.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.2742.300 Millions

As on: 31.03.2013

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
274179917	Equity Shares	Rs.10/- each	Rs.2741.800 Millions

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

	No. of Shares	Rs. In Millions
At the beginning of the period	274,065,301	2740.700
Add: Shares allotted out of shares kept in abeyance in terms of the Scheme of Amalgamation of erstwhile Samruddhi Cement Limited (SCL) with the Company.	15	--
Add: Shares issued under Employees Stock Options Scheme	114,601	1.100
Outstanding at the end of the period	274,179,917	2741.800

(b) Shares held by Holding Company

	No. of Shares	Rs. In Millions
Grasim Industries Limited	165,335,150	1653.400

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

	No. of Shares	% Holding
Grasim Industries Limited	165,335,150	60.30%

	No. of Shares	Rs. In Millions
(d) Equity Shares of Rs.10 each reserved for issue under Employees Stock Option Scheme	129,963	1.300

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

	No. of Shares	Rs. In Millions
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 8,503 Equity Shares kept in abeyance against shares of Grasim Industries Limited.}	149,533,484	1495.300

	No. of Shares	Rs. In Millions
(f) Equity Shares of Rs.10 each represented by Global Depository Receipts	5,405,667	--

(g) 97,142,856 Equity Shares of Rs. 10 each allotted to Grasim Industries Limited in terms of the Scheme of Amalgamation of SCL with the Company are locked in for a period of 3 years from the date of allotment i.e. August 26, 2010.

(h) The Company has one class of Equity Shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2741.800	2740.700	2740.400
(b) Reserves & Surplus	149606.400	125857.500	103920.000
(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)	152348.200	128598.200	106660.400
(3) Non-Current Liabilities
(a) long-term borrowings	38939.200	36481.900	23146.600
(b) Deferred tax liabilities (Net)	19059.200	17377.700	17300.500
(c) Other long term liabilities	18.100	24.000	22.000
(d) long-term provisions	1340.200	1205.700	1124.000
Total Non-current Liabilities (3)	59356.700	55089.300	41593.100
(4) Current Liabilities
(a) Short term borrowings	5687.600	1619.200	3204.000
(b) Trade payables	21934.300	20394.900	16987.400
(c) Other current liabilities	25409.000	16748.600	26889.600
(d) Short-term provisions	9351.800	7001.700	4610.800
Total Current Liabilities (4)	62382.700	45764.400	51691.800
TOTAL	274087.600	229451.900	199945.300
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130740.000	115972.400	113629.700
(ii) Intangible Assets	483.600	369.400	372.800
(iii) Capital work-in-progress	35053.100	18959.900	6816.900
(iv) Intangible assets under development	0.600	6.400	1.400
(b) Non-current Investments	19817.700	11478.300	2725.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9831.700	14623.200	5617.500
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	195926.700	161409.600	129163.600
(2) Current assets
(a) Current investments	31269.500	26409.400	34577.900
(b) Inventories	23504.700	20359.400	19565.200
(c) Trade receivables	10172.400	7659.600	6022.900
(d) Cash and cash equivalents	1426.600	1895.800	1447.900
(e) Short-term loans and advances	11731.100	11635.800	9044.900
(f) Assets held for Disposal	0.000	0.000	12.200
(g) Other current assets	56.600	82.300	110.700
Total Current Assets	78160.900	68042.300	70781.700
TOTAL	274087.600	229451.900	199945.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	201749.400	183098.500	133125.800
		Other Income	3050.000	3718.700	1554.500
		TOTAL (A)	204799.400	186817.200	134680.300
Less	EXPENSES
		Cost of Raw Materials Consumed	27921.200	23777.000	18037.000
		Purchases of Stock-in-Trade	2357.100	1772.900	1220.500
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(1181.900)	212.600	(618.500)
		Employee Benefits Expense	9683.500	8310.400	6651.600
		Power and Fuel	42989.400	43039.700	31251.700
		Freight and Forwarding Expense	42239.900	37398.100	28802.900
		Other Expenses	31435.300	27504.700	21224.700
		Captive Consumption of Cement	(449.900)	(391.100)	(105.100)
		TOTAL (B)	154994.600	141624.300	106464.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		49804.800	45192.900	28215.500
Less	FINANCIAL EXPENSES (D)		2097.100	2238.600	2725.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47707.700	42954.300	25490.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9453.700	9025.600	7657.300
	PROFIT BEFORE TAX (E-F) (G)		38254.000	33928.700	17833.000
Less	TAX (H)		11699.700	9466.800	3790.700
	PROFIT AFTER TAX (G-H) (I)		26554.300	24461.900	14042.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	27835.900	27293.700
Less	APPROPRIATIONS
		Proposed Dividend			1644.200
		Corporate Dividend Tax			266.700
		Debenture Redemption Reserve			589.200
		General Reserve			11000.000
	BALANCE CARRIED TO THE B/S		NA	NA	27835.900
	EARNINGS IN FOREIGN CURRENCY
		Export of goods	3135.500	3864.800	3893.700
		Dividend	50.300	72.900	48.500
		Other receipts	414.000	225.800	198.300
	TOTAL EARNINGS		3599.800	4163.500	4140.500
	IMPORTS
		Raw Materials	2567.600	2262.100	1300.100
		Stores & Spares	1553.300	936.000	1021.500
		Capital Goods	3839.000	2549.000	433.800
	TOTAL IMPORTS		7959.900	5747.100	2755.400
	Earnings Per Share (Rs.)
	Basic		96.87	89.26	62.74
	Diluted		96.85	89.22	62.72

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.97	13.09	10.43
Net Profit Margin (PBT/Sales)	(%)	18.96	18.53	13.40
Return on Total Assets (PBT/Total Assets}	(%)	17.45	17.05	9.37
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.17
Debt Equity Ratio (Total Debt/Networth)		0.29	0.30	0.25
Current Ratio (Current Asset/Current Liability)		1.25	1.49	1.37

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	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
Bench:- Bombay
Stamp No:-	Wpst/21299/2013		Reg. No.:-	02/08/2013
Petitioner:-	MAHARASHTRA STATE ELECTRICITY DISTRI	Respondent:-	ULTRATECH CEMENT LIMITED AND AN
Petn.Adv:-	DSL LEGAL
District:-	SOLAPUR
Bench:-	SINGLE
Status:-	Pre-Admission	Stage:-
Last Date:-	12/08/2013
Last Coram:-	REGISTRAR (JUDICIAL)
Act:-	Electricity Supplies Act, 1948

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term Loans from Banks: In Foreign Currency	17713.900	13080.900
Sales Tax Deferment Loan	3512.800	4260.000
SHORT TERM BORROWINGS
From Banks	1833.600	521.800
From Others	93.100	97.700
Total	23153.400	17960.400

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10396172	26/11/2012	2,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	8, KHETAN BHAVAN, 5TH FLOOR, 198, J. T. ROAD, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA	B64562762
2	10386199	29/10/2012	1,113,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B61995569
3	10309193	22/09/2011	2,240,000,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, MAURITIUS, - 000000, MAURITIUS	B22126064
4	10226640	18/05/2010	2,000,000,000.00	Axis Bank Limited	01, KAMAL PALACE, Y N ROAD, INDORE, MADHYA PRADESH - 452003, INDIA	A86716214
5	10226642	10/04/2013 *	789,360,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI MAHARASHTRA - 400005, INDIA	B74416256
6	10226643	18/04/2013 *	1,193,589,283.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B74416991
7	10226645	15/04/2013 *	1,458,265,726.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B74418872
8	10226649	15/04/2013 *	381,885,061.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B74419813
9	10226650	15/03/2013 *	2,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B71951768
10	10226651	15/03/2013 *	1,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B71951040
11	10226652	15/03/2013 *	2,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B71950612
12	10222850	18/05/2010	2,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE - INDORE, SCHEME NO. 94, SECTOR B, BEHIND BOMBAY HOSPITAL, RING ROAD, INDORE, MADHYA PRADESH - 452101, INDIA	A87186565
13	10226648	13/05/2013 *	1,639,575,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B76473206
14	10151881	31/03/2009	984,000,000.00	Axis Trustee Services Limited	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	A59814251
15	10136846	10/11/2012 *	625,310,300.00	The Hongkong and Shanghai Banking Corporation Limited	6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, MAURITIUS, MAURITIUS, - 000000, MAURITIUS	B63107809
16	80019051	09/09/2010 *	20,000,000,000.00	State Bank of India	MADAME CAMA ROAD, MUMBAI, MAHARASHTRA - 400021, INDIA	A94402344
17	90243692	13/05/2004	1,900,000,000.00	STATE BANK OF INDIA	CORPROATE ACCOUNTS GROUP BRANCH, VOLTAS HOUSE, MUMBAI, MAHARASHTRA - 400001, INDIA	-

Note: * Date of charge modification

OVERVIEW AND REVIEW OF OPERATIONS

The Indian cement industry witnessed challenging times as a result of low growth led by issues such as high fiscal deficit, high inflation and worsening current account balance. The slowdown in the global growth aggravated the sluggishness in the economy. The industry recorded a growth of approximately 5.6% in FY13 as against 7% in FY12.

Apart from the unfavorable demand-supply scenario, the industry has been also reeling under the pressure of rising input costs. The prices of key raw materials have soared. The rise in domestic coal prices and non-availability of low cost linkage coal has hiked the power and fuel cost for cement manufacturers. Though imported

coal has seen some easing in cost pressures due to the decline in the price of imported coal, the benefit of declining prices has been offset to some extent by rupee depreciation. Nonetheless, the government’s focus on infrastructure development, the robust growth potential in rural housing and softening interest rates augur well for the cement industry.

Against this background, the Company has produced 40.13 MMT of cement as against 39.43 MMT in the previous year. The effective capacity utilisation was 84% as against 83%.

The aggregate sales volume remained flat at 40.7 MMT, while for white cement it was 5.66 LMT (5.55 LMT).

The Company’s net turnover stood at Rs. 200180.000 Millions vis a vis Rs. 181580.000 Millions achieved in the previous year. Profit before interest and tax was at Rs. 40350.000 Millions as against Rs. 36170.000 Millions.

AWARDS

The Company was the recipient of the following awards during the year:

• “Dun and Bradstreet Award” for the best cement Company in India 2012.

• Top Exporter Award from CAPEXIL for the 16th consecutive year.

• IMC Ramkrishna Bajaj National Quality Award – “Performance Excellence Trophy 2012” for Birla White.

• Greentech Environment Excellence Award 2012 from Greentech for Gujarat Cement Works.

• ‘Subh Karan Sarawagi Environment Award’ from the Federation of Indian Mineral Industries for Rajashree Cement Works.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

For the Indian economy, FY13 was a challenging year. GDP growth declined to 5% from 6.2% in the previous year on account of high fiscal deficit, high inflation, worsening current account deficit and slowdown in global economic growth. During the second half of FY13, the government intervened with some policy reforms to stabilize the economy and also took steps to attract foreign direct investment and market based prices for petro products to improve current account deficit. However, concerns exist over containing the high current account deficit, prevailing supply side constraints and inadequate infrastructure investments. Though the long term prospects of the economy look promising, cautious optimism is the feeling in the short to medium term.

The year 2012-13 was tough for the cement industry also. Demand off-take was weaker than expected due to subdued growth in the infrastructure and housing sector. The industry had to confront rising input and logistics costs due to increase in rail freight and hike in diesel prices and high inflation rates. Although prices of imported coal softened, the depreciation in rupee partially offset the benefit.

Nevertheless, India’s growth story is attractive as compared to other advanced and emerging economies. The policy reforms announced by the Government are expected to show results in time to come. Further, the positive outlook for infrastructure, ensuing state and national elections and easing monetary conditions are also expected to drive growth for the cement sector. Long term prospects for cement demand appear to be bright as the economy grows and government efforts are channelised towards the housing and infrastructure sectors as outlined in the 12th five year plan.

Against this background, the Company continues to maintain its leadership position in the cement industry through capacity enhancement, continued focus on operational efficiency and unrelenting sustainability efforts. With its strategic initiatives, the Company is well positioned to march ahead on its growth path.

PERFORMANCE REVIEW

During the year, the Company commissioned the clinkerisation plant of 3.30 MMTPA at it’s Unit in Rawan, Chhattisgarh resulting in an increase in clinker capacity to 39.50 MMTPA.

After the commissioning of the cement grinding Unit at Hotgi, Maharashtra with capacity of 1.55 MMTPA and upgrading of grinding capacity at Gujarat Cement Works by 0.60 MMTPA, the Company’s cement capacity has increased from 48.75 MMTPA to 50.90 MMTPA.

Clinker production remained almost flat at the previous year levels, while cement production increased marginally by 2% from 39.43 MMT to 40.13 MMT. Capacity utilisation was at 84%.

White cement production increased by 3% from 5.53 LMT to 5.73 LMT. The Company commissioned a wall care putty plant of 4.0 LMT at Katni, Madhya Pradesh which will further support in enhancing the Company’s footprint in the product segment.

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2013

(Rs. In Millions)

Sr. No.	Particulars	Three Months Ended 30.09.2013	Three Months Ended 30.06.2013	Six Months Ended 30.09.2013
1	Income from Operations
	(a) Net Sales / Income from Operations (Net of Excise Duty)	45021.000	49575.400	94596.400
	(b) Other Operating Income	197.700	226.600	424.300
	Total Income from Operations (Net)	45218.700	49802.000	95020.700
2	Expenses
	(a) Cost of Materials Consumed	6775.000	6906.800	13681.800
	(b) Purchases of Stock-in-Trade	703.000	694.400	1397.400
	(c) Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-trade	89.600	201.600	291.200
	(d) Employee Benefits Expense	2844.400	2507.100	5351.500
	(e) Depreciation and Amortisation Expense	2572.500	2520.800	5093.300
	(f) Power and Fuel	9566.200	9896.000	19462.200
	(g) Freight and Forwarding Expenses	9942.200	11018.400	20960.600
	(h) Other Expenses	8503.600	7860.100	16363.700
	Total Expenses	40996.500	41605.200	82601.700
3	Profit from Operations before Other Income and Finance Costs (1-2)	4222.200	8196.800	12419.000
4	Other Income	376.100	1655.500	2031.600
5	Profit from ordinary activities before Finance Costs (3+4)	4598.300	9852.300	14450.600
6	Finance Costs	887.500	660.300	1547.800
7	Profit from ordinary activities before Tax (5-6)	3710.000	9192.000	12902.800
8	Tax Expenses	1069.700	2466.000	3535.700
9	Net Profit for the period (7-8)	2641.100	6726.000	9367.100
10	Paid-up equity share capital (Face Value Rs. 10/- Per Share)	2742.100	2741.800	2742.100
11	Reserves as per Balance Sheet at year ended
12	Earnings per share (of Rs.10/- each) (Not Annualised):
	(a) Basic	9.63	24.53	34.16
	(b) Diluted	9.63	24.52	34.16

Debt Service Coverage Ratio (DSCR)*	5.59
Interest Service Coverage Ratio (ISCR)**	7.15

* DSCR = PBIT (Sr.No. 5 of above)/ (Gross Interest + Long-term Principal Repayment)

** ISCR = PBIT (Sr.No. 5 of above) / Gross Interest

Sr. No.	Particulars	Three Months Ended 30.09.2013	Three Months Ended 30.06.2013	Six Months Ended 30.09.2013
(A)	PARTICULARS OF SHAREHOLDING (Excluding GDRs)
1	Public shareholding
	- Number of shares	99205	98957	99205
	- Percentage of shareholding	36.18%	36.09%	36.18%
2	Promoter and Promoter Group Shareholding
	a) Pledged / Encumbered
	- Number of Shares	--	--	--
	- Percentage of Shares (as a % of total shareholding of promoter & promoter group)	--	--	--
	- Percentage of Shares (as a % of total share capital of the Company)	--	--	--
	b) Non-Encumbered
	- Number of Shares	169887	169887	169887
	- Percentage of Shares (as a % of total shareholding of promoter & promoter group)	100.000%	100.000%	100.000%
	- Percentage of Shares (as a % of total share capital of the Company)	61.96%	61.96%	61.96%
	Invest Complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	5
	Disposed of during the quarter	4
	Remaining unresolved at the end of the quarter	1*

* Resolved subsequently.

Notes:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 19/10/2013. The Statutory Auditors have carried out a limited review of the above results as required under Clause 41 of the listing agreements with the stock exchange.

2. The Board of Directors of the Company approved the acquisition of the Gujarat Cement Unit of Jaypee Cement Corporation Limited (JCCL), comprising an integrated cement unit at Sewagram and grinding unit at Wanakbori (“the Unit”), at enterprise value of Rs.38000.000 Millions besides the actual net working capital at Closing. The transaction is subject to the approval of shareholders and creditors, sanction of the Scheme of Arrangement by the High Courts, approval of the Competition Commission of India and all other statutory approvals.

3. The Company has commissioned :

(a) Cement grinding unit of 1.60 Mn.Mt at Jharsuguda, Odisha.

(b) Thermal power plant of 25 MW at Malkhed, Karnataka.

4. Statement of Assets and Liabilities:

(Rs. In Millions)

SOURCES OF FUNDS	As at 30.09.2013
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2742.100
(b) Reserves & Surplus	158996.100
Sub-Total - Shareholders' Funds	161738.2000
(2) Share Application money pending allotment	3.300
(3) Non-Current Liabilities
(a) long-term borrowings	38406.000
(b) Deferred tax liabilities (Net)	20727.100
(c) Other long term liabilities	22.200
(d) long-term provisions	1445.700
Sub-Total - Non-Current Liabilities	60601.000
(4) Current Liabilities
(a) Short term borrowings	5599.200
(b) Trade payables	20845.900
(c) Other current liabilities #	28577.000
(d) Short-term provisions	7474.200
Sub-Total - Current Liabilities	62496.300
TOTAL - EQUITY AND LIABILITIES	284838.800
ASSETS
(1) Non-current assets
(a) Fixed Assets	172624.100
(b) Non-current Investments	6269.100
(c) Long-term Loan and Advances	9764.700
Sub-Total - Non-Current Assets	188657.900
(2) Current assets
(a) Current investments	44594.000
(b) Inventories	26156.600
(c) Trade receivables	11183.500
(d) Cash and cash equivalents *	1056.700
(e) Short-term loans and advances	13104.000
(f) Other current assets	86.100
Sub-Total - Current Assets	96180.900
TOTAL – ASSETS	284838.800

# Includes Current Maturities of long-term debts Rs.10952.700 Millions (Previous Year - end Rs.9458.600 Millions).

* Cash and Cash Equivalents represents Cash and Bank Balances.

5. The Competition Commission of India (CCI) upheld the complaint of alleged cartelisation against certain cement manufacturing companies including the Company. The CCI has imposed a penalty of Rs.11754.900 Millions on the Company. The Company filed an appeal against the Order before the Competition Appellate Tribunal (COMPAT).COMPAT has granted stay on the CCI order on condition that the Company deposit 10% of the penalty, amounting to Rs.1175.500 Millions. The same has been deposited by the Company. The Company, backed by a legal opinion, continues to believe that it has a good case and accordingly no provision has been made in the accounts.

6. During the Quarter the Company allotted 27,988 equity shares of Rs10/-each to the option grantees pursuant to the exercise of options under the Company's Employees Stock Option Scheme-2006. Asaresult of such allotment,the paid-up equity share capital of the Company increased from 274,182,511 equity shares of Rs10/- each to 274,210,499 equity shares of Rs10/- each.

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

8. The figures of the previous periods have been regrouped wherever necessary and restated in Rupees in Crores.

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Railway Sidings

· Plant and Equipment

· Office Equipment

· Furniture and Fixtures

· Jetty

· Vehicles

Intangible Assets

· Software

· Mining Rights

AS PER WEBSITE DETAILS

PRESS RELEASE

ULTRATECH CEMENT LIMITED TO ACQUIRE THE GUJARAT CEMENT UNIT OF 4.8MTPA OF JAYPEE CEMENT CORPORATION LIMITED IN GUJARAT

The Board of Directors of UltraTech Cement Limited at its meeting held today approved the acquisition of the Gujarat Cement Unit of Jaypee Cement Corporation Limited (JCCL), by way of a demerger, comprising of an integrated cement unit at Sewagram and Grinding Unit at Wanakbori. JCCL is a wholly-owned subsidiary of Jaiprakash Associates Limited (JAL).

Comments Mr. Kumar Mangalam Birla, Chairman, UltraTech Cement Limited, "With this acquisition of 4.8mtpa the Company's current capacity increases to 59mtpa. With projects underway, it will stand raised to 70mtpa by 2015. Despite the prevailing muted growth of the industry, we believe the long term fundamentals and growth prospects remain intact. We will add more capacities in coming years."

The enterprise value is Rs.38000.000 Millions besides the actual net working capital at closing. UltraTech will take over all the assets and the liabilities of the Unit at Closing and the net amount of enterprise value less liabilities taken over will be the consideration. Such consideration will be discharged by allotment of equity shares of UltraTech to the shareholders of JCCL, subject to a maximum value of such equity shares to be Rs.1500.000 Millions.

The combined capacity of both the divisions of the Gujarat Unit is 4.8mtpa of cement with 57.5 MW Coal based Thermal Power Plant, limestone reserves for over 90 years at current capacity and a captive Jetty at Sewagram. Avers Mr. O. P. Puranmalka, Whole-time Director of the Company, "Besides giving us a stronger production base in Gujarat to serve the local market, it will also bolster our coastal footprint enabling us to cater to other regions of India and exports."

"The transaction will also help us realize logistics gains and be value accretive in the medium term" adds Mr. Kailash Birla, the CFO of UltraTech, The proposed transaction is subject to the approval of shareholders and creditors, sanction of the Scheme of Arrangement by the High Courts, approval of the Competition Commission of India and all other statutory approvals. We anticipate the transaction to close in 7 to 9 months.

ULTRATECH ANNOUNCES UN-AUDITED FINANCIAL RESULTS FOR QUARTER ENDING 30 SEPTEMBER 2013

(Rs. In Millions)

Particulars	Q2FY'14	Q2FY'13
Net sales	45020.000	46990.000
PBIDT	7170.000	10760.000
PAT	2640.000	5500.000

Mumbai: UltraTech Cement Limited, an Aditya Birla Group company, today announced its un-audited financial results for the quarter ended 30 September 2013.

Financials

Net sales stood at Rs.45020.000 Millions as compared to Rs.46990.000 Millions in the corresponding period of the previous year. Profit before Interest, Depreciation and Tax (PBIDT) is Rs.7170.000 Millions and Profit after Tax (PAT) is Rs.2640.000 Millions vis-a-vis Rs.10760.000 Millions and Rs.5500.000 Millions respectively, in the corresponding period of the previous year.

The combined domestic cement and clinker sales was 9.1MnT (9.1MnT) while it was 2.75LmT (2.39 LmT) for white cement and wall care putty.

The results for the quarter have been impacted mainly on account of lower selling prices and subdued demand. Cement demand remained sluggish on account of prolonged monsoon and low off take from the infrastructure and housing sectors.

The benefit of softening in prices of imported coal was negated by the devaluation of the rupee. Logistics and raw material costs continued to rise given the high diesel prices. However, optimisation of the fuel mix helped in curbing power and fuel cost to some extent.

Capex

The company’s capex plans are progressing on schedule. During the quarter, the company commissioned a 25MW TPP at Rajashree Cement in Karnataka. Its 1.6 mtpa cement mill at Jharsuguda in Odisha went on stream in October 2013.

Outlook

The outlook continues to remain challenging. Demand growth in FY14 is likely to be around 5 per cent, though in the long term growth is likely to be over 8 per cent. The key demand drivers will continue be housing and infrastructure spends.

ULTRATECH FREEFLOW AND HYPERCON: INNOVATIVE CONCRETES FROM ULTRATECH CEMENT LIMITED

The team at UltraTech constantly interacts with the media in order to ensure that its stakeholders and the society are well informed about its activities. A lot of these interactions directly lead to press reports. Though the content of the coverage is not under UltraTech’s control, the company ensures that all the right facts are presented to the media in order to enable them to file objective reports.

Mumbai 14th October, 2013

UltraTech Freeflow and Hypercon: Innovative Concretes from UltraTech Cement Limited

UltraTech Concrete, a division of UltraTech Cement Limited, and India's largest manufacturer of ready-mix concrete has introduced a number of specialty concrete products for the design and construction industry. In its series of specialty concrete, the company has achieved a new landmark by supplying M80 Self-Compacting Concrete "UltraTech Freeflow" and M80 High grade Concrete "UltraTech Hypercon". In India, UltraTech Concrete takes pride in being the first commercial supplier of M80 Self-Compacting Concrete.

UltraTech Freeflow, and UltraTech Hypercon were supplied to IREO's upcoming and innovative residential project, IREO Skyon in Gurgaon. UltraTech Freeflow enables the structure to be sleek, with superior finish and higher durability. It also gives architectural freedom in designing and construction of complicated structures. According to the European Guidelines, self-compacting concrete is an innovative concrete that does not require vibration for placing and compaction. It flows under its own weight, completely filling formwork and achieving full compaction, even in the presence of congested reinforcement.

Use of UltraTech Freeflow leads to faster construction with reduction in manpower, as placement of concrete is done speedily and no compaction is required. The fact that compaction is without vibration leads to reduction in noise pollution as well. Additionally, it has a superior surface finish and is easier to place even in heavily reinforced structures. Moreover, UltraTech Freeflow imparts improved durability due to the denser microstructure of concrete and also gives greater freedom in designing complicated structures.

Says Mr Anuj Maheshwari, Technical Head of UltraTech Concrete: "UltraTech Concrete is a pioneer in advanced concrete technology solutions and has proven its leadership in India through successful commercial implementation of M80 Self-Compacting Concrete UltraTech Freeflow."

Mr. Lalit Goyal, Vice Chairman of IREO, commented on the association with UltraTech: "IREO has always stood for raising the bar on the quality of product delivery in the Indian real estate market, and this innovative concrete technology from our partners at UltraTech is a key landmark in that direction".

UltraTech currently operates over 100 RMC plants in 35 cities across India that have world class IT systems, quality control and vehicle tracking systems. UltraTech, a part of the Aditya Birla Group, has an unrelenting focus on safety and quality standards. All of its state-of-the-art automatic plants are capable of producing the entire range of concrete including – UltraTech Concrete Plus, Lite, Duracon, Colourcon, Fibrecon, Thermocon, Hypercon, Pervious, Décor, Freeflow and Stainless.

Apart from supplying concrete through its commercial plants, UltraTech specializes in providing customized solutions to customers through its various operating models. It currently operates RMC units for some of the most prestigious infrastructural projects in India such as Jaipur Metro, Mumbai Monorail, etc. For these projects, UltraTech also supplies custom designed, light weight and architectural concrete.

MR. K.C. BIRLA AND MR. SUSHIL AGARWAL RECOGNISED AT BUSINESS TODAY'S BEST CFO AWARDS

June 2013

Now, in its fourth year, the Business Today Best CFO Awards has created a legacy of success, and reached an aspirational level. The award recognises the people who have perhaps the most difficult job in corporate India — heading the finance department — especially at a time when the economy is struggling, and companies are struggling even more. They have to keep a hawk's eye on the top line, bottom line, shareholder returns, market value, debt levels, and so on. And they are also responsible for their companies' continued financial well-being and future strategies to tackle unanticipated changes in the environment. Which CFOs managed this complex role best? And how did they do it?

Mr. K.C. Birla, CFO, UltraTech Cement

Winner, India’s Best CFO, in the category of Remarkable Leverage Management (Large): A Business Today-Yes Bank survey

The Aditya Birla Group is known for financial prudence. Leverage management at UltraTech is part of the core strategy without in any way compromising growth and business leadership. The foundation of our leverage strategy is to have an efficient capital structure suitable for our industry and to maintain a leadership position. We create efficiency by selective and strategic implementation of projects supported by thoughtful leverage.

Our chairman's philosophy of 'Last man standing, first man forward' is our DNA. So, we work in a way that renders our cost structure very efficient. Consequently, during the downtrend in the economy, we are the last man standing. When the growth cycle starts, our better leverage and cost efficiency enables us to be the first man forward.

We decide leverage based on capital structure, debt servicing and investor requirement, and then arrive at an optimum ratio. One of the cornerstones of our strategy is to maintain the top credit rating for both long-term and short-term debt to ensure that we attract the best proposals from lending agencies at fine pricing levels. Our leverage strategy is applicable not only to borrowings but encompasses treasury, working capital management, including inventory and receivable as well as project management.

Once we decide the quantum of borrowing, based on a number of factors, we opt between rupee or overseas borrowing or international bonds. While we evaluate foreign currency borrowing, we consider the fully hedged cost for decision making. This approach eliminates foreign-exchange losses as is the case with many Indian companies.

Let me drive home two examples of leverage management. First, on an acquisition: ETA Star Cement (Middle East) was acquired using a mix of internal accruals and debt. We have opted for higher leverage for acquiring ETA Star due to a significantly lower interest cost and existence of natural hedge. Debt was largely through international borrowing.

Second, treasury management: We maintain appropriate treasury levels and earn competitive returns. Our treasury returns are among the best in the industry. Our treasury also helps us defer borrowing when interest rates are not in our target range.

As a result of such a strategy our average cost of long-term borrowings has been below 8.5 per cent while short-term borrowings have been at less than eight per cent. The company's debt-to-equity ratio on a consolidated basis is 0.48 while the ratio is 0.17 net of treasury.

Mr. Sushil Agarwal, CFO, Aditya Birla Nuvo

Winner, India’s Best CFO, in the category of Enhancing Competitiveness through M&A: A Business Today-Yes Bank survey

Mergers and acquisitions have been an integral part of Aditya Birla Nuvo's growth. The company traces its origin to a modest beginning with the acquisition of Indian Rayon Corporation in 1963. A decade later, the textiles and insulators businesses were merged with the company.

The company has built many of its key businesses from scratch, such as life insurance and non-banking finance. However, mergers and acquisitions have played a key role in the company's transformational journey from a manufacturing company in the late nineties to a $4.5 billion conglomerate today. For instance, the acquisition of Madura Garments in 2000 spawned India's largest premium branded apparel player. The acquisition of Apple and Alliance mutual fund schemes strengthened the leadership position of Birla Sun Life Asset Management. From being a regional player, Idea Cellular emerged as one of the leading national players, aided by acquisitions including that of Spice Communications in 2008.

In line with the company's vision, the underlying strategy of every merger or acquisition has always been to acquire an established platform in a promising sector, followed by capturing growth potential, deriving synergies and achieving leadership position.

Two of our recent acquisitions are worth mentioning — those of Columbian Chemicals and a controlling stake in Pantaloons Fashion.The acquisition of Columbian Chemicals by Aditya Birla Group was not only aimed at becoming the world's largest carbon black player but also to derive synergistic benefits in logistics, sourcing and technology.

The acquisition of a controlling stake in Pantaloons Fashion by Aditya Birla Nuvo was also in line with our goal to be at the top of the league. It not only extends our footprint into the fast-growing fashion segment but also strengthens our presence in the women’s wear and kids wear segments. The transaction took around 12 months to complete, considering the complexities involved. The carving of Pantaloons Fashion as a separate business unit out of its listed parent was a challenge. The structuring of the transaction to get a controlling stake was also a milestone.

The acquisition provides an established, popular and fast-growing 'Pantaloons' platform, with a prominent hold in eight urban and 23 other cities of India. The customer reach of our retail channel stands expanded to more than 1,300 exclusive brand outlets spanning four million square feet. Pantaloons enjoys the first-mover advantage in several locations across eastern India. This strengthens our geographical presence. Additionally, the acquisition will result in synergies in terms of raw material sourcing, rentals and so on. These benefits will accrue gradually.

Today, each of our businesses, whether grown organically or inorganically, has attained market leadership - led by our continuous thrust and investment in enhancing competitiveness even during tough times. This is evident from the fact that most of our businesses have been consistently outperforming the industry and its peers.

NEWS

UltraTech Cement clarifies news item of Birla in talks to acquire Gujarat cement unit of JP Associates

December 03, 2012

With reference to the news item appearing in a leading financial daily titled "Birla in talks to acquire Gujarat cement unit of Jaiprakash Associates for 0m", UltraTech Cement Limited has clarified to BSE that the Company has not issued any Press Release on the subject. The news item is purely based on market speculation and the Company does not comment on market speculation.

ULTRATECH CEMENT TO ACQUIRE ABG CEMENT’S PLANT IN GUJARAT

UltraTech Cement, a unit of Aditya Birla Group, has started discussions for acquiring an incomplete cement plant located in the state of Gujarat of ABG Cement, according to the reports.

According to a person closer to the matter, the company has appointed investment banking arm of Axis Bank, Axis Capital for advice on the deal to acquire the cement plant. UltraTech Cement has reportedly expressed interest in completing the project and expanding its cement business.

UltraTech is offering Rs. 46600.000 Millions at $130 a tonne but some reports indicate that ABGis seeking 5,008 crore at $156 a tonne for the project. The plant, which will have a total capacity of 6.7 million tonne, is still incomplete and the company will have to invest money to complete the plant before making it operational.

Experts have said that ABG Cement cannot seek a premium price because the project requires additional investment for competition. ABGCL, which is promoted by ABG Cement Holdco Private Limited, has already invested 2,525 crore in the cement plant. The company raised a debt of Rs. 15440.000 Millions for the project and the remaining came from promoter funds and loans. Estimates shows that the cost of the total project is 3,028 crore and it will be operational by the fourth quarter of 2013-14.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.61.78
UK Pound	1	Rs.101.49
Euro	1	Rs.84.79

INFORMATION DETAILS

Information Gathered by :	NAY
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	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		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.