MIRA INFORM REPORT

Report Date :

19.09.2013

IDENTIFICATION DETAILS

Name :	VICAT SAGAR CEMENT PRIVATE LIMITED
Registered Office :	8-2-626, Reliance Majestic, Road No. 10, Banjara Hills, Hyderabad – 500034, Andhra Pradesh
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	12.08.2008
Com. Reg. No.:	01-060595
Capital Investment / Paid-up Capital :	Rs. 1388.012 Millions
CIN No.: [Company Identification No.]	U26941AP2008FTC060595
TAN No.: [Tax Deduction & Collection Account No.]	HYDV07600F
PAN No.: [Permanent Account No.]	AACCV8513G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Cement.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 19565000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The financial for the year 2012 is not available. As per previous year’s, there appear some accumulated losses recorded by the company. However, networth of the company seems to be strong. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

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.

LOCATIONS

Registered/ Head Office :	8-2-626, Reliance Majestic, Road No. 10, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Tel. No.:	91-40-30006999/ 23351571
Fax No.:	91-40-30006955/ 23356573
E-Mail :	mail@vicatsagar.in laxmi.narasimham@vicatsagar.in murali.yedithi@vicatsagar.in info@vicatsagar.com
Website :	http://www.vicat.fr
Factory 1 :	Chatrasala Village, Kherchkhed – Post, Chincholi Taluq, District Gulbarga - 585320, Karnataka, India
Factory 2 :	Nallalingayapalli Village, Kamalapuram Mandal,  District Kadapa – 516289, Andhra Pradesh, India

DIRECTORS

AS ON 03.04.2013

Name :

Mr. Anand Sammidi Reddy

Designation :

Director

Address :

Plot No. 205, Road No. 14, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

10.06.1964

Date of Appointment :

12.08.2008

DIN No.:

00123870

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L26942AP1981PLC002887	SAGAR CEMENTS LIMITED	Whole-time director	21/11/2012	23/11/1991	-	Active	NO
2	U26942AP1983PLC004122	AMARESWARI CEMENTS LIMITED	Director	03/01/1994	03/01/1994	-	Amalgamated	NO
3	U24239MH1987PLC194811	SATWIK DRUGS LIMITED	Director	17/01/1995	17/01/1995	08/06/2008	Active	YES
4	U40109AP1994PLC017761	SAGAR POWER LIMITED	Managing director	30/06/2011	25/09/1995	-	Active	NO
5	U40101KA2002PLC031318	SAGAR POWER (DANDELA) LIMITED	Director	05/12/2002	05/12/2002	08/04/2008	Active	NO
6	U45200AP1992PLC014313	SAGARPRIYA HOUSING AND INDUSTRIAL ENTERPRISES LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
7	U15425AP2007PTC052903	VIJAYANAGAR SUGAR PRIVATE LIMITED	Director	21/02/2007	21/02/2007	06/03/2012	Active	NO
8	U26941AP2008FTC060595	VICAT SAGAR CEMENT PRIVATE LIMITED	Director	12/08/2008	12/08/2008	-	Active	NO
9	U92111AP1984PLC005111	PANCHAVATI POLYFIBRES LTD.	Director	25/08/2008	25/08/2008	-	Active	NO
10	U40109KA2012PTC065285	SPL RENEWABLE ENERGY PRIVATE LIMITED	Director	10/08/2012	10/08/2012	-	Active	NO
11	U40101UR1994PTC000760	SUPER HYDRO ELECTRIC PRIVATE LIMITED	Nominee director	23/08/2013	07/11/2012	-	Active	NO

Name :

Mr. Sreekanth Reddy Sammidi

Designation :

Nominee director

Address :

Plot No. 205, Road No. 14, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

27.08.1971

Date of Appointment :

17.02.2012

DIN No.:

00123889

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L72200AP1996PLC023823	SAGARSOFT (INDIA) LIMITED	Director	12/09/2008	15/07/1996	-	Active	NO
2	U15520AP1976PTC002103	SREE VENKATESHWARA WINERY AND DISTILLERY PRIVATE LIMITED	Director	26/02/1999	26/02/1999	-	Active	NO
3	L26942AP1981PLC002887	SAGAR CEMENTS LIMITED	Whole-time director	26/06/2013	26/06/2003	-	Active	NO
4	U40109AP1994PLC017761	SAGAR POWER LIMITED	Director	27/12/2005	27/12/2005	-	Active	NO
5	U45200AP1992PLC014313	SAGARPRIYA HOUSING AND INDUSTRIAL ENTERPRISES LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
6	U26942AP1983PLC004122	AMARESWARI CEMENTS LIMITED	Director	15/12/2006	15/12/2006	-	Amalgamated	NO
7	U15425AP2007PTC052903	VIJAYANAGAR SUGAR PRIVATE LIMITED	Director	21/02/2007	21/02/2007	06/03/2012	Active	NO
8	U26941AP2008FTC060595	VICAT SAGAR CEMENT PRIVATE LIMITED	Nominee director	17/02/2012	12/08/2008	-	Active	NO
9	U40108AP2010PTC071687	GULBARGA POWER PRIVATE LIMITED	Director	15/12/2010	15/12/2010	-	Active	NO
10	U40109KA2012PTC065285	SPL RENEWABLE ENERGY PRIVATE LIMITED	Director	10/08/2012	10/08/2012	-	Active	NO
11	U40101UR1994PTC000760	SUPER HYDRO ELECTRIC PRIVATE LIMITED	Nominee director	23/08/2013	07/11/2012	-	Active	NO

Name :

Jacques Marie Merceron Vicat

Designation :

Director

Address :

188, Avenue Victor Hugo, Paris 75116 France

Date of Birth/Age :

22.03.1938

Date of Appointment :

12.08.2008

DIN No.:

02218443

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26941AP2008FTC060595	VICAT SAGAR CEMENT PRIVATE LIMITED	Director	12/08/2008	12/08/2008	Active	NO
2	U26942AP1999PTC031682	BHARATHI CEMENT CORPORATION PRIVATE LIMITED	Director	30/04/2010	30/04/2010	Active	NO

Name :

Guy Dominique Louis Sidos

Designation :

Director

Address :

18 Boulevard Des Belges 69006 Lyon 06 France

Date of Birth/Age :

13.09.1963

Date of Appointment :

19.09.2008

DIN No.:

02262974

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26941AP2008FTC060595	VICAT SAGAR CEMENT PRIVATE LIMITED	Director	19/09/2008	19/09/2008	Active	NO
2	U26942AP1999PTC031682	BHARATHI CEMENT CORPORATION PRIVATE LIMITED	Director	30/04/2010	30/04/2010	Active	NO

Name :

Mr. Anoop Kumar Saxena

Designation :

Managing director

Address :

F. No. 301, Manbhum Ganesh 10-37/ 1 East Mareedpally, Secunderabad – 500026, Andhra Pradesh, India

Date of Birth/Age :

02.06.1962

Date of Appointment :

26.04.2012

DIN No.:

05224993

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26941AP2008FTC060595	VICAT SAGAR CEMENT PRIVATE LIMITED	Managing director	26/04/2012	17/02/2012	Active	NO
2	U40108AP2010PTC071687	GULBARGA POWER PRIVATE LIMITED	Director	03/04/2013	01/01/2013	Active	NO
3	U26942AP1999PTC031682	BHARATHI CEMENT CORPORATION PRIVATE LIMITED	Managing director	01/01/2013	01/01/2013	Active	NO

Name :

Gilles Hubert Jean Le Chanoine Du Manoir De Juaye

Designation :

Director

Address :

Villa 58, Cite Aviation Mamelles Dakar Senegal

Date of Birth/Age :

06.07.1960

Date of Appointment :

03.04.2013

DIN No.:

06420674

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26941AP2008FTC060595	VICAT SAGAR CEMENT PRIVATE LIMITED	Director	03/04/2013	01/01/2013	Active	NO
2	U40108AP2010PTC071687	GULBARGA POWER PRIVATE LIMITED	Managing director	10/06/2013	01/01/2013	Active	NO
3	U26942AP1999PTC031682	BHARATHI CEMENT CORPORATION PRIVATE LIMITED	Whole-time director	01/01/2013	01/01/2013	Active	NO

Name :

Sophie Edwige Marie Isabelle Merceron Vicat Ep Sidos

Designation :

Alternate director

Address :

18 Boulevard Des Belges Lyon 69006

Date of Birth/Age :

13.01.1969

Date of Appointment :

08.05.2013

DIN No.:

06546789

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26941AP2008FTC060595	VICAT SAGAR CEMENT PRIVATE LIMITED	Alternate director	08/05/2013	08/05/2013	Active	NO
2	U26942AP1999PTC031682	BHARATHI CEMENT CORPORATION PRIVATE LIMITED	Director	08/05/2013	08/05/2013	Active	NO

Name :

Thibaut Pierre Terlon

Designation :

Alternate director

Address :

Villa No. 05, Jayabheri Meadows Gopannapally Village, Ranga Reddy, Hyderabad – 500019, Andhra Pradesh, India

Date of Birth/Age :

18.05.1978

Date of Appointment :

14.05.2013

DIN No.:

06582446

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26941AP2008FTC060595	VICAT SAGAR CEMENT PRIVATE LIMITED	Alternate director	14/05/2013	14/05/2013	Active	NO
2	U26942AP1999PTC031682	BHARATHI CEMENT CORPORATION PRIVATE LIMITED	Alternate director	15/05/2013	15/05/2013	Active	NO

KEY EXECUTIVES

Name :	Lincoln Babu Are
Designation :	Secretary
Address :	Plot No. 134/A, Flat No. 201, Pavany Residency, Addagutta Kukatpally, Hyderabad – 500085, Andhra Pradesh, India
Date of Birth/Age :	04.07.1973
Date of Appointment :	01.06.2012
PAN No.:	AGLPA8415C
Name :	Mr. Rodolphe Revel
Designation :	Chief Finance Officer
Name :	Mr. Castelli Thierry
Designation :	Power Plant Project Manager
Name :	Mr. Siva Sankar Reddy
Designation :	Chief General Manager
Name :	Mr. Herve Lapillonne
Designation :	General Manager Project

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 03.04.2013

Names of Shareholders	No. of Shares
Parficim SAS, France	73564802
Sagar Cements Limited, India	65236399
Total	138801201

AS ON 03.04.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	53.00
Bodies corporate	47.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Cement.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

SECURED LOANS	31.12.2011 (Rs. In Millions)	31.12.2010 (Rs. In Millions)
Foreign currency loans financial institutions secured	9566.577	0.000
Total	9566.577	0.000
Footnotes Note 1: Term loans are secured by way of on a first priority pari passu security interest over all the assets of the Company (including existing and future movables, immovables, bank accounts, receivables and inventories) and all mining concessions, permits and other necessary authorisations associated with the project. Note 2: Further, the term loans are secured by way of security interest over any subordinated loan from the promoters to the Company. It also includes the Company's share pledge and the power plant pledge.

Banking Relations :	--
Auditors :
Name :	Shekary Zubin Dady Chartered Accountant
Address :	Maruthi Info Tech Centre 11-12/1, Inner Ring Road Koramangala, Bangalore – 560071, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAIFB7355D
Holding company :	Parficim S.A.S., France
Ultimate holding company :	Vicat S.A., France
Associate company :	Gulbarga Power Private Limited [U40108AP2010PTC071687]
Parties under common control with whom transactions have taken place during the year :	· Sagar Cements Limited Bharathi Cement Corporation Private Limited

CAPITAL STRUCTURE

AS ON 03.04.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
205,000,000	Equity Shares	Rs. 10/- each	Rs. 2050.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
138,801,201	Equity Shares	Rs. 10/- each	Rs. 1388.012 Millions

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
140,000,000	Equity Shares	Rs. 10/- each	Rs. 1400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
138,801,201	Equity Shares	Rs. 10/- each	Rs. 1388.012 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		1388.012	1241.621	810.537
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3611.988	2515.466	196.500
4] (Accumulated Losses)		(108.722)	(48.632)	(23.003)
NETWORTH		4891.278	3708.455	984.034
LOAN FUNDS
1] Secured Loans		9566.577	0.000	0.000
2] Unsecured Loans		313.244	0.000	0.000
TOTAL BORROWING		9879.821	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		14771.099	3708.455	984.034
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		771.347	727.366	405.528
Capital work-in-progress		8772.674	2855.248	538.104
INVESTMENT		312.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.007
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.336	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	4213.183	88.561	63.870
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1603.151	196.724	18.974
Total Current Assets		5821.670	285.285	82.844
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	524.451	151.715	33.569
	Other Current Liabilities	382.141	7.729	8.880
	Provisions	0.000	0.000	0.000
Total Current Liabilities		906.592	159.444	42.449
Net Current Assets		4915.078	125.841	40.395
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14771.099	3708.455	984.034

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Interest Income	23.087	3.573	1.823
		TOTAL (A)	23.087	3.573	1.823
Less	EXPENSES
		Personnel Cost		12.546	2.047
		Administrative Expenses		15.287	22.490
		TOTAL (B)	81.740	27.833	24.537
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	(24.260)	(22.714)
Less	FINANCIAL EXPENSES (D)			0.338	0.023
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(58.653)	(24.598)	(22.737)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.438	1.023	0.274
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(60.091)	(25.621)	(23.011)
Less	TAX (H)		0.000	(0.008)	(0.008)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(60.091)	(25.629)	(23.003)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(48.632)	(23.003)	0.000
	BALANCE CARRIED TO THE B/S		(108.723)	(48.632)	(23.003)
	IMPORTS
		Capital Goods	1390.374	0.000	0.000
	Earnings/ (Loss) Per Share (Rs.)		(0.44)	(0.27)	(0.54)

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	(260.28)	(717.30)	(1261.82)
Net Profit Margin (PBT/Sales)	(%)	(260.28)	(717.07)	(1262.26)
Return on Total Assets (PBT/Total Assets}	(%)	(0.91)	(2.53)	(4.71)
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.01)	(0.02)
Debt Equity Ratio (Total Debt/Networth)		2.02	0.00	0.00
Current Ratio (Current Asset/Current Liability)		6.42	1.79	1.95

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
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	No
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	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

UNSECURED LOANS	31.12.2011 (Rs. In Millions)	31.12.2010 (Rs. In Millions)
Foreign currency loans others unsecured	313.244	0.000
Total	313.244	0.000

Note:

The registered office of the company has been shifted from 8-2-472/B/2, Road No. 1, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India to the present w.e.f.01.05.2012

BACKGROUND

Subject was incorporated on 12 August 2008, as a private limited company under the provisions of the Companies Act, 1956 with its registered office in Hyderabad, India. The Company has been promoted jointly by Parficim S.A.S, an investment arm of Vicat S.A., belonging to Vicat group of France and Sagar Cements Limited of Sagar group. The Company is a subsidiary of Parficim S.A.S., France and the ultimate holding company is Vicat S.A, France. The Company has been incorporated to engage in the manufacture and sale of cement. The Company has not commenced its operations as at the year end.

CONTINGENT LIABILITIES:

Particulars	31.12.2011 (Rs. In Millions)	31.12.2010 (Rs. In Millions)
Guarantees outstanding*	13.259	3.215
Total	13.259	3.215

*The Company has provided bank guarantee for execution of lease with the “Department of Mines and Geology” for Rs 3.215 Millions (previous year: Rs 3.215 Millions) and Customs for Rs 10.000 Millions (previous year: Nil).

FIXED ASSETS:

· Land

Office equipments

Computer equipments

Other equipments

Furniture and fixtures

Vehicles

PRESS RELEASES

VICAT GROUP ANNOUNCES ITS GREEN FIELD GULBARGA CEMENT PLANT WITH 27.5 LAKH TONNES PER ANNUM

Hyderabad, Andhra Pradesh, India, Wednesday, January 16, 2013 -- (Business Wire India)

Vicat Group, a premium international cement manufacturer announces first line of commercial dispatch of 27.5 lakh tones per annum from its green-field cement plant in Chatrasala Village, Gulbarga District, Karnataka. The Gulbarga plant will have a total capacity of 82.5 lakh tones and out of which the first line dispatch starts today. The first dispatches of cement from plant was graced by Dr. S Anand Reddy, Chairman Vicat Sagar Cement Private Limited and Mr. Gilles du MANOIR, Country Head- India Vicat Group.

The cement from this plant will be marketed under the premium brand name of Bharathi Cement. The cement from the Gulbarga plant will be used for domestic consumption, the focus markets being North Andhra Pradesh, North Karnataka and Maharashtra. The plant is in close proximity of cities like Hyderabad, Pune and Mumbai.

The Gulbarga plant is well connected by road and linked to rail network to all major cities in the country. The plant also has all facilities to supply cement in packing capability and bulk cement loading facility. The plant complies with all Indian and international Environmental Social and Safety Standards.

The Gulbarga plant has been built as a joint venture between Vicat Group France and Sagar Cements. Vicat Group already has a joint venture (Bharathi Cement), in Kadapa district (A.P) with 5 million tones capacity which has been in operation since 2009. With this announcement Vicat Group’s cement capacity in the country has gone up to 7.75 million tonnes per annum making it amongst the top premium cement producers in south India.

Bharathi Cement has 104 warehouses across all southern states and Maharashtra. Bharathi Cement has also appointed 104 C&F agents in all of its markets in Andhra Pradesh, Tamilnadu, Karnataka, Kerala, Maharashtra, Goa, Pondicherry and Andaman and Nicobar to service the dealers / customers with a commitment to deliver within 24 hours.

Bharathi Cement at present has over 2000 Dealers and more than 5000 Sub-dealers to take care of its sales. Bharathi Cement, brand of Vicat Group produces OPC 43 Grade, OPC 53 Grade, PPC and PSC.

“We are proud to announce our state-of-art cement plant in Gulbarga with joint venture with Sagar Cements. This partnership was established in 2008 to build green-field cement plant with an objective of 82.5 lakh tones. With the commencement of this plant Vicat Group’s capacity in the country is 7.75 million tones of premium cement,” said Mr. Gilles du MANOIR, Country Head - India, Vicat Group.

We look forward to this partnership. The Gulbarga plant has ultra-modern and quality control and assurance technologies thereby producing consistent high quality cement, said, Anoop Kumar Saxena, Managing Director, Vicat Sagar Cement. He further added, “The state-of-art technology adopted at the plant makes the plant among the most energy efficient cement plant in the country“.

“Our state-of-art Gulbarga plant is close to both major cities Hyderabad and Pune and will supply cement to North Karnataka, North Andhra Pradesh and Maharashtra being the focus markets,” said Mr. M Ravinder Reddy, Head Marketing - India, Vicat Group.

Bharathi Cement supplies cement in Poly Propylene (PP) Laminated Bags which are tamper proof. These are specially designed bags which prevent the adulteration and loss of cement thus promising the total quality and correct quantity to the customer. Vicat Group has its own manufacturing facility of Poly Propylene bags in Kadapa District, Andhra Pradesh with a capacity of 60 million bags per year.

About Vicat Group

The Vicat Group has close to 7,400 employees working in three core divisions, Cement, Concrete and Aggregates and Other Products and Services, which generated consolidated sales of €2,265 million in 2011.

The Group operates in eleven countries: France, Switzerland, Italy, the United States of America, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan and India.

The Vicat Group is the heir to an industrial tradition dating back to 1817, when Louis Vicat invented artificial cement. Founded in 1853, the Vicat Group now operates three core lines of business: Cement, Ready-Mixed Concrete and Aggregates, as well as related activities.

VICAT GROUP PLANS SECOND LINE IN KARNATAKA

FRIDAY, 01 FEBRUARY 2013

Vicat Group is planning to build a second line at its Gulbarga Cement plant in Karnataka.

The plant will be developed by the JV Company of Vicat and Hyderabad-based Sagar Cements. The companies will invest Rs 13000.000 Millions to set up two identical lines at the cement plant. The infrastructure and clearances are in place and the second line is expected to be operational by 2016. The three lines together will take the capacity to 8.25 million tpa by 2017.

Meanwhile, the commercial dispatch from its first line with the capacity of 2.75 million tpa had commenced production. The first line had come up with an investment of Rs 18000.000 Millions with an equity : debt ratio of 35 : 65. Cement from the plant will be marketed under the ‘Bharathi Cement’ brand, and is targeted at domestic consumption in north Andhra Pradesh, north Karnataka and Maharashtra.

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. 63.14
UK Pound	1	Rs. 100.48
Euro	1	Rs. 84.37

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.