MIRA INFORM REPORT

Report Date :

15.10.2013

IDENTIFICATION DETAILS

Name :	MANGALAM CEMENT LIMITED
Registered Office :	P.O. Aditya Nagar, Morak, District Kota-326520, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.10.1976
Com. Reg. No.:	17-001705
Capital Investment / Paid-up Capital :	Rs.266.938 Millions
CIN No.: [Company Identification No.]	L26943RJ1976PLC001705
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importer of Cement.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 19690000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. The company is performing well. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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.

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 PARTED BY

Name :	Mr. Modi
Designation :	Deputy General Manager
Contact No.:	91-9351787070
Date :	14.10.2013

LOCATIONS

Registered Office/ Factory :	P.O. Aditya Nagar, Morak, District Kota-326520, Rajasthan, India
Tel. No.:	91-7459-232231
Mobile No.:	91-9351787070 [Mr. Modi]
Fax No.:	91-7459-232231
E-Mail :	purehax@mangalamcement.com mclmorak@kappa.net.in shares@mangalamcement.com
Website :	http://www.mangalamcement.com
Location :	Owned
Head Office :	Birla Building, 8th Floor 9/1 R.N. Mukherjee Road Kolkata-700001, West Bengal, India
Branch Office :	C-210, Sarvodaya Enclave, Delhi-110017, India

DIRECTORS

AS ON 31.03.2013

Name :	Mr. K.C. Jain
Designation :	Director
Name :	Mrs. Aruna Makhan
Designation :	Director
Name :	Mr. K.K. Mudgil
Designation :	Director
Name :	Mr. Amal Ganguli (Appointed w.e.f. 11th February, 2013)
Designation :	Director
Name :	Mr. N.G. Khaitan
Designation :	Director
Name :	Mr. Gaurav Goel
Designation :	Director
Name :	Mrs. Vidula Jalan
Designation :	Executive Director
Name :	Mr. A.V. Jalan
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. Anil Kumar Mandot (Appointed w.e.f. 3rd September, 2012)
Designation :	Chief Financial Officer
Name :	Mr. Swadesh Agrawal (Appointed w.e.f. 3rd September, 2012)
Designation :	Company Secretary
Name :	Mr. S.S. Jain
Designation :	President
Name :	Mr. Yaswant Mishra
Designation :	President (Corporate)
Name :	Mr. A.K. Uppal
Designation :	President (Sales & Marketing)
Name :	Mr. Anil Kumar Mandot
Designation :	Joint President (Commercial)
Name :	Mr. R. Giri
Designation :	Vice President (Elect. & Instrumentation)
Name :	Mr. P.N. Bansal
Designation :	Vice President (Projects)
Name :	Mr. G.S. Chandak
Designation :	Vice President (Sales & Sales Accounts)
Name :	Mr. Anoop Walia
Designation :	Vice President (Marketing)
Name :	Mr. S.R. Sinha
Designation :	Vice President (Purchase)
Name :	Mr. S.B. Sharma
Designation :	Vice President (Mines)
Name :	Mr. S.D. Mishra
Designation :	Vice President (Mechanical)
Name :	Mr. S.S. Oswal
Designation :	Vice President (Civil)
Name :	Mr. S.D. Arya
Designation :	Vice President (P&QA)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	46540	0.17
Bodies Corporate	7270063	27.24
Sub Total	7316603	27.41
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7316603	27.41
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	385811	1.45
Financial Institutions / Banks	654423	2.45
Insurance Companies	5001	0.02
Foreign Institutional Investors	23057	0.09
Sub Total	1068292	4.00
(2) Non-Institutions
Bodies Corporate	8113109	30.39
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	5925118	22.20
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2811460	10.53
Any Others (Specify)	1459198	5.47
NRIs/OCBs	476050	1.78
Trusts	881616	3.30
Clearing Members	93692	0.35
Directors & their Relatives & Friends	7840	0.03
Sub Total	18308885	68.59
Total Public shareholding (B)	19377177	72.59
Total (A)+(B)	26693780	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)	26693780	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Cement.
Exports :
Products :	Finished Goods
Countries :	Nepal
Imports :
Products :	Raw Materials
Countries :	· Germany · China
Terms :
Selling :	LC and Credit
Purchasing :	LC and Credit

PRODUCTION STATUS [AS ON 31.03.2013]

CLINKER PRODUCTION (MT)
Mangalam Cement (Unit-I)	569484
Neer Shree Cement (Unit-II)	1131296
TOTAL	1700780
CEMENT PRODUCTION (MT)
Mangalam Cement	603627
Neer Shree Cement	1240816
TOTAL	1844443
POWER CONSUMPTION (PER MT ON CEMENT)
Mangalam Cement	95 KWH
Neer Shree Cement	71 KWH
COAL CONSUMPTION (PER MT ON CLINKER)
Mangalam Cement	108.90 KG
Neer Shree Cement	98.40 KG
POWER GENERATION (IN LACS KWH)
Captive Thermal Power Plant	1637.65
Wind Turbines	177.69

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 [Approximately]

Bankers :

· State Bank of India

· State Bank of Bikaner and Jaipur

· ICICI Bank Limited

· HDFC Bank Limited

· IDBI Bank Limited

· DBS Bank Limited

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
From Banks
Indian Rupee Loan From HDFC Bank Limited	750.000	0.000
Foreign Currency Loan From DBS Bank Limited	1360.042	0.000
TOTAL	2110.042	0.000
NOTES: RUPEE LOAN FROM HDFC BANK LIMITED Secured by: A first charge on all fixed assets A second charge on current assets (present and future) Repayment Terms: 20 equal quarterly Installments Rate of interest: 11% per annum FOREIGN CURRENCY LOAN FROM DBS BANK LIMITED Secured by: First pari passu charge on all movable fixed assets Second pari passu charge over current assets (Present and future) Repayment Terms: 18 equal quarterly installments Rate of interest: LIBOR Plus 2.6% per annum

Banking Relations :	--
Auditors :
Name :	Messrs Jain Pramod Jain and Company Chartered Accountants
Other Related Parties :	· Pilani Investment and Industrial Corporation Limited · Vidula Consultancy Service Limited · Mangalam Timber Products Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions
200000	Redeemable Cumulative Preferences Shares	Rs.100/- each	Rs.20.000 Millions
18000000	Optionally Convertible Cumulative Redeemable Preferences Shares	Rs.10/- each	Rs.180.000 Millions
	TOTAL		Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26693780	Equity Shares	Rs.10/- each	Rs.266.938 Millions

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	266.938	266.938	266.938
(b) Reserves & Surplus	4656.280	4055.973	3680.291
(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)	4923.218	4322.911	3947.229
(3) Non-Current Liabilities
(a) long-term borrowings	2110.042	0.000	135.107
(b) Deferred tax liabilities (Net)	583.507	618.103	591.300
(c) Other long term liabilities	775.788	425.782	263.241
(d) long-term provisions	48.280	40.623	40.825
Total Non-current Liabilities (3)	3517.617	1084.508	1030.473
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	566.229	441.179	279.296
(c) Other current liabilities	468.953	272.804	181.977
(d) Short-term provisions	210.840	208.772	965.142
Total Current Liabilities (4)	1246.022	922.755	1426.415
TOTAL	9686.857	6330.174	6404.117
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3360.630	3408.476	3388.391
(ii) Intangible Assets	130.919	116.391	122.429
(iii) Capital work-in-progress	2140.949	189.357	81.079
(iv) Intangible assets under development	0.000	0.000	0.145
(b) Non-current Investments	355.702	11.002	11.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	228.428	216.694	82.743
(e) Other Non-current assets	213.366	0.919	0.154
Total Non-Current Assets	6429.994	3942.839	3685.966
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1366.046	582.275	655.599
(c) Trade receivables	301.546	286.680	117.993
(d) Cash and cash equivalents	923.290	436.473	258.015
(e) Short-term loans and advances	597.459	1050.943	1673.590
(f) Other current assets	68.522	30.964	12.954
Total Current Assets	3256.863	2387.335	2718.151
TOTAL	9686.857	6330.174	6404.117

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	7060.411	6307.654	4961.310
		Other Income	70.977	66.314	76.789
		TOTAL (A)	7131.388	6373.968	5038.099
Less	EXPENSES
		Cost of materials consumed	1125.027	853.886	915.060
		Employee benefits expense	381.243	322.900	304.156
		Other expenses	4610.320	3905.230	3241.251
		Changes in inventories of finished goods and material in process	(362.469)	191.039	(133.147)
		Recouped from revaluation reserve	(0.891)	(0.891)	(0.910)
		TOTAL (B)	5753.230	5272.164	4326.410
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1378.158	1101.804	711.689
Less	FINANCIAL EXPENSES (D)		48.358	31.083	21.946
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1329.800	1070.721	689.743
Less/ Add	DEPRECIATION/ AMORTISATION (F)		251.706	321.340	276.053
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1078.094	749.381	413.690
Less	TAX (H)		304.408	189.502	31.276
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		773.686	559.879	382.414
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3425.503	3111.769	2955.500
Less	APPROPRIATIONS
		Transfer to General Reserve	80.000	60.000	40.000
		Proposed Dividend on Equity Shares	160.163	160.163	160.163
		Corporate Dividend Tax	27.220	25.982	25.982
	BALANCE CARRIED TO THE B/S		3931.806	3425.503	3111.769
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	52.571	17.850	0.000
	TOTAL EARNINGS		52.571	17.850	0.000
	IMPORTS
		Stores & Spares	15.883	63.741	14.641
		Capital Goods	385.492	0.051	106.336
	TOTAL IMPORTS		401.375	63.792	120.977
	Earnings / (Loss) Per Share (Rs.)
	- Basic		28.98	20.97	14.33
	- Diluted		28.98	20.97	14.33

QUARTERLY RESULTS

PARTICULARS	30.06.2012
Net Sales	1693.100
Total Expenditure	1435.800
PBIDT (Excl OI)	257.300
Other Income	06.200
Operating Profit	263.500
Interest	09.300
PBDT	254.200
Depreciation	60.800
Profit Before Tax	193.400
Tax	04.900
Profit After Tax	188.400
Other Adjustments	0.000
Net Profit	188.400

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.85	8.78	7.59
Net Profit Margin (PBT/Sales)	(%)	15.27	11.88	8.34
Return on Total Assets (PBT/Total Assets}	(%)	14.99	12.23	6.55
Return on Investment (ROI) (PBT/Networth)		0.22	0.17	0.10
Debt Equity Ratio (Total Debt/Networth)		0.43	0.00	0.03
Current Ratio (Current Asset/Current Liability)		2.61	2.59	1.91

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	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10423578	09/04/2013	1,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS BRANCH 2ND FLOOR RELIANCE HOUSE, 34, JAWAHAR LAL NEHRU ROAD, KOLKATA - 700071, WEST BENGAL , INDIA	B74364332
2	10403252	04/02/2013	1,350,000,000.00	DBS BANK LIMITED (Acting as an Security Agent)	4A, NANDALAL BASU SARANI, KOLKATA - 700071, WEST BENGAL, INDIA	B68220656
3	10390762	01/11/2012	1,250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	B63653448
4	10040847	20/07/2011 *	500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS BRANCH 2ND FLOOR RELIANCE HOUSE, 34, JAWAHAR LAL NEHRU ROAD, KOLKATA - 700071, WEST BENGAL, INDIA	B17346438
* Date of charge modification

CASE DETAILS

Date of query : 15/10/2013	Time : 1:00:30 PM
CMA'1862' of 2012 - R	5950/2012
Petitioner :	RAJ RAJYA VIDYUT UTPADAN NIGAM LIMITED
Respondent:	MANGALAM CEMENT LIMITED
Petitioner Advocate:	G C GARG/ALOK GARG
Respondent Advocate:
Class Code : 1200	Registered on : 10/5/2012
Bench : SB	Stage : FOR ADMISSION- NOTICE NOT ISSUED
DATE GIVEN BY: PESHI CLERK DATE
Date of Listing : 9/7/2013
Listed in court No. 6 on 16/01/2013

Department Details
Dept Type	Dept Code	Dept Name
S	70	R.S.E.B.

Cases Detail in which this is Main Case
Filling Number	Reg. No.	Filing Date
CSTAY-5951/2012	1544/2012	8/5/2012

Lower Court Details
Case No.	Judgeship	Place	Court	Decision Date
ARBC-438/2011	JAIPUR METRO.	JAIPUR	ADDL.DISTRICT JUDGE 9	18/2/2012

Case Detail have Match with this case
Case Type	Number

Paper Details
NO.	TYPE	DATE OF FILING
37742/2012	APPLICATION	21/12/2012
RAJ RAJYA VIDYUT UTPADAN NIGAM LTD VS MANGALAM CEMENT LIMITED	G C GARG/ALOK GARG	Court Fee : 2  Proc. Fee :
31001/2012	OTHERS	5/10/2012
RAJ RAJYA VIDYUT UTPADAN NIGAM LTD VS MANGALAM CEMENT LIMITED	G C GARG/ALOK GARG	Court Fee :   Proc. Fee :
25135/2012	APPLICATION	13/8/2012
RAJ RAJYA VIDYUT UTPADAN NIGAM LTD VS MANGALAM CEMENT LIMITED	G C GARG/ALOK GARG	Court Fee : 2  Proc. Fee :
25142/2012	OTHERS	13/8/2012
RAJ RAJYA VIDYUT UTPADAN NIGAM LTD VS MANGALAM CEMENT LIMITED	G C GARG/ALOK GARG	Court Fee : 240  Proc. Fee :

MANAGEMENT DISCUSSION AND ANALYSIS:

INDIAN ECONOMIC SCENARIO:

India’s economy faced several headwinds in domestic as well as global arena during 2012-13. The two important drivers of economic growth, viz. infrastructure and industrial projects, performed below expectations. The government announced several reforms, such as Foreign Direct Investment, high infrastructural spending during the Twelfth Five Year Plan and others, to deal with these areas of concern. Reserve Bank of India (RBI) reduced repo rate thrice and cash reserve ratio once in 2013 to tame inflation and spur growth. Domestic economy is likely to prosper in 2013-14, as indicated by these factors:

Gross Domestic Product (GDP)

India’s GDP, pegged at 5% per annum in 2012-13, is projected to reach 6% in the 2013-14.

Wholesale price inflation

It went below 5% in 2013 against average level of around 7.5% during 2012-13.

Fiscal deficit

India’s fiscal deficit for 2012-13 is estimated to drop below 5.2% of GDP, against 5.9% of GDP in 2011-12. Fiscal deficit is likely to be at 4.8% of GDP in 2013-14 and is expected to reach 3% of GDP by 2016-17.

INDIAN CEMENT INDUSTRY:

India’s cement industry has a high correlation with the country’s economic growth. This is because; it witnesses strong linkages with other industries, such as coal, power, infrastructure and transportation. Cement is, thus, one of the core industries in India’s economy. It consists of 42 players, comprising around 139 large and over 365 mini cement plants (Source: IBEF, February 2013).

KEY METRICS:

· India is the second largest cement-producing country globally, after China.

· The country’s cement production grew by approximately 6.1% y-o-y in the first nine months of 2012-13.

· India’s cement industry consumes hazardous wastes like fly ash (around 30 million tons) from thermal power plants and the entire slag (8 million tons) produced by steel manufacturing units, thus contributing to environmental cleanliness (Source: Ministry of External Affairs, Government of India).

· India exports cement to around 30 countries globally.

The industry is expected to increase capacity by 30-40 million TPA in 2013 and reach projected market size of Rs. 1,794 billion by 2016-17.

INDUSTRY OUTLOOK:

India is globally ranked as the second-largest cement producer, coming only behind China. India’s cement industry increased in terms of value at a CAGR of 13.14% from 2007 to 2011, and is expected to grow at a CAGR of 10.64% from 2012 to 2016. Some of the factors, which are expected to catalyse industry growth, include the government’s various commitments to drive infrastructure spending, and increase residential and commercial construction activities. Upcoming infrastructure projects, including energy, roads, ports and airport projects across India will continue to drive the country’s cement industry growth.

FIXED ASSETS:

· Land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· Office Equipment

· Railway Siding

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2013

Rs. in Millions

Sr. No.	Particular	Quarter Ended
		30.06.2013
		Unaudited
1.	Net Sales/Income from Operations	1683.088
	Other Operating Income	9.994
	Total Income From Operations (Net)	1693.082
2.	Expenditure
	Cost of materials consumed	281.925
	Employee benefits expenses	99.178
	Power and fuel	419.321
	Packing, distribution and selling expenses	506.564
	Depreciation and amortization expenses	60.826
	Other expenses	132.877
	Changes in inventories of finished goods, work in progress and stock in trade	(4.090)
	Total Expenses	1496.601
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	196.481
4.	Other Income	6.212
5.	Profit Before Interest and Exceptional Items (3+4)	202.693
6.	Interest	9.336
7.	Profit After Interest but before Exceptional Items (5-6)	193.357
8.	Exceptional Items	--
9.	Profit from Ordinary Activities before Tax (7+8)	193.357
10.	Tax Expense
	a) Income Tax/Mat	38.000
	b) Mat Credit Entitlement	(38.000)
	c) Deferred Tax	4.936
	Total	4.936
11.	Net Profit from Ordinary Activities after Tax (9-10)	188.421
12.	Extraordinary Item (net of expense)	--
13.	Net Profit for the period (11-12)	188.421
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	266.938
15.	Reserves Excluding Revaluation Reserve	--
16.	Basic and Diluted Earnings Per Share (EPS) (Rs.)-Not Annualized
	a) Basic and diluted EPS before extraordinary items	7.06
	b) Basic and diluted EPS after extraordinary items	7.06
17.	Public Shareholding
	-Number of Shares	19377177
	- Percentage of Shareholding	72.59
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil
	b) Non Encumbered
	- Number of Shares	7316603
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	27.41

Particulars	3 Months Ended 30.06.2013
Pending at the beginning of the quarter	Nil
Received during the quarter	1
Disposed of during the quarter	1
Remaining unresolved at the end of the quarter	Nil

NOTES:

1. Deferred tax liability amounting to Rs.54.664 Millions for the quarter ended 30.06.2013 has been adjusted against securities premium account in terms of order dated 30.11.2007 of hon’ble high court of Rajasthan and balance deferred tax liability of Rs.4.936 Millions (net of deferred tax assets of Rs.48.400 Millions) has been charged to the statement of profit and loss.

2. The company has only ony business segment which is cement.

3. The above results have been reviewed by the audit committee and the same have been approved by the board of directors of the company at their respective meetings held on 6^th August, 2013. Statutory auditors have carried out Limited Review of the above results.

4. The figures for three months ended 31.03.2013 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto nine months of the relevant financial year.

5. Previous period’s figures have been rearranged wherever necessary.

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.61.30
UK Pound	1	Rs.97.77
Euro	1	Rs.83.15

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.