MIRA INFORM REPORT

Report Date :

24.04.2014

IDENTIFICATION DETAILS

Name :	AMBUJA CEMENTS LIMITED (w. e. f. 05.04.2007)
Formerly Known As :	GUJARAT AMBUJA CEMENTS LIMITED
Registered Office :	P.O. Ambuja Nagar, Taluka Kodinar, Amreli District, Junagadh - 362715, Gujarat
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	20.10.1981
Com. Reg. No.:	04-004717
Capital Investment / Paid-up Capital :	Rs. 3091.700 Millions
CIN No.: [Company Identification No.]	L26942GJ1981PLC004717
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Marketing of Cement.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

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 370000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having excellent track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good for business dealing 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.

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “AAA”
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	09.10.2013

Rating Agency Name	CRISIL
Rating	1 billion Short term debt: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	09.10.2013

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 PARTED BY

Name :	Mr. Mahesh Khandelwal
Designation :	Treasury department head
Contact No.:	91-22-66167000
Date :	22.04.2014

LOCATIONS

Registered Office :	P.O. Ambuja Nagar, Taluka Kodinar, Amreli District, Junagadh - 362715, Gujarat, India
Tel. No.:	91-2795 - 237000
Fax No.:	Not Available
E-Mail :	shares@ambujacement.com tushar@ambujamail.com
Website :	www.gujaratambuja.com
Corporate Office :	Elegant Business Park, MIDC Cross Road, ‘B’, Off. Andheri-Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Integrated Cement Plants :	Ambujanagar, Taluka Kodinar, District Junagadh, Gujarat, India Darlaghat, District Solan, Himachal Pradesh, India Maratha Cement Works, District Chandrapur, Maharashtra, India Rabriyawas, District Pali, Rajasthan, India Bhatapara, District Raipur, Chhattisgarh, India
Grinding Stations:	Roopnagar, Punjab, India Bathinda, Punjab, India Sankrail, District Howrah, West Bengal, India Farakka, District Murshidabad, West Bengal, India Roorkee, District Haridwar, Uttaranchal, India Dadri, District Gautam Budh Nagar, Uttar Pradesh, India Nalagarh, District Solan Himachal Pradesh, India Magdalla, District Surat, Gujarat, India
Bulk Cement Terminals:	Muldwarka, District Junagadh, Gujarat, India Panvel, District Raigad, Maharashtra, India Cochin, Kerala, India

DIRECTORS

As on: 31.12.2013

Name :	Mr. Suresh Neotia
Designation :	Chairman
Name :	Mr. N S Sekhsaria
Designation :	Chairman
Name :	Mr. Paul Hugentobler
Designation :	Vice Chairman
Name :	Mr. Bernard Fontana
Designation :	Director
Date of Appointment:	10.02.2012
Name :	Mr. Bernard Terver
Designation :	Director
Name :	Mr. Nasser Munjee
Designation :	Director
Name :	Mr. Rajendra P. Chitale
Designation :	Director
Name :	Mr. Shailesh Haribhakti
Designation :	Director
Name :	Dr. Omkar Goswami
Designation :	Director
Name :	Mr. Haigreve Kjaitan
Designation :	Director
Date of Appointment :	27.07.2012
Name :	Mr. B.L. Taparia
Designation :	01.09.2012
Name :	Mr. Onne Van Der Weijde
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Ajay Kapur
Designation :	Chief Executive Officer
Name :	Mr. Sanjeev Churiwala
Designation :	Chief Financial Officer
Name :	Mr. Rajiv Gandhi
Designation :	Company Secretary
Business Heads	Mr. J.C. Toshniwal (North) Mr. Vilas Deshmukh (West and South) Mr. Vivek Agnihotri (East)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	780308553	51.27
Sub Total	780308553	51.27
Total shareholding of Promoter and Promoter Group (A)	780308553	51.27
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7707342	0.51
Financial Institutions / Banks	1274935	0.08
Insurance Companies	135637855	8.91
Foreign Institutional Investors	473032918	31.08
Qualified Foreign Investor	150	0.00
Sub Total	617653200	40.58
(2) Non-Institutions
Bodies Corporate	6873453	0.45
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	91326691	6.00
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	10173958	0.67
Any Others (Specify)	15632493	1.03
Non Resident Indians	14623272	0.96
Trusts	930668	0.06
Overseas Corporate Bodies	12870	0.00
Foreign Nationals	65683	0.00
Sub Total	124006595	8.15
Total Public shareholding (B)	741659795	48.73
Total (A)+(B)	1521968348	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	24294613	0.00
Sub Total	24294613	0.00
Total (A)+(B)+(C)	1546262961	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Holderind Investments Limited	62,96,38,433	40.72	40.72
2	Holcim India Private Limited	15,06,70,120	9.74	9.74
	Total	78,03,08,553	50.46	50.46

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Life Insurance Corporation of India	85991736	5.56	5.99
2	Oppenheimer Developing Markets Fund	60468289	3.91	3.91
3	Aberdeen Global Indian Equity Mauritius	53848913	3.48	3.48
4	Genesis Indian Investment Company Limited	37400466	2.42	2.47
5	Aranda Investment Company (Mauritius) Pte Limited	18884251	1.22	1.07
	Total	256593655	16.59	16.93

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Life Insurance Corporation of India	85991736	5.56	5.99
	Total	85991736	5.56	5.99

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	GDR	2,42,94,613	2,42,94,613	1.57
	Total	2,42,94,613	2,42,94,613	1.57

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Cement.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity (b)	Actual Production
		(Rs. in millions)
Cement (excluding Trial Run production of Nil; previous year 7,422 MT)	MT	27350000	20968883

(a) The Company’s product is exempt from Licensing requirements under New Industrial Policy in terms of Notification no. S.O.477 (E) dated 25th July 1991.

(b) Annual Capacity as certified by the management and, being a technical matter, accepted by the Auditors

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.12.2013	As on 31.12.2012
Long-term borrowings
Interest free loan from State Government*	58.600	0.000
Total	58.600	0.000
Note: * Secured by bank guarantee and is repayable on 27th February 2020.

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Associates Chartered Accountants
Cost Auditors :	P. M. Nanabhoy and Company Chartered Accountants
Ultimate Holding Company :	Holcim Limited, Switzerland
Intermediate Holding Company :	Holderfin BV, Netherlands
Holding Company :	Holderind Investments Limited, Mauritius
Subsidiary :	Kakinada Cements Limited, India M.G.T. Cements Private Limited, India Chemical Limes Mundwa Private Limited, India Dang Cement Industries Private Limted, Nepal Dirk India Private Limited, India
Joint Venture :	Wardha Vaalley Coal Field Private Limited, India Counto Microfine Products Private Limited, India
Step down subsidiary :	Dirk Pozzocrete (MP) Private Limited, India
Fellow Subsidiary :	ACC Concrete Limited, India ACC Limited, India Holcim (India) Private Limited, India Bulk Cement Corporation (India) Limited, India Holcim (Lanka) Limited, Sri Lanka Holcim Malaysia SDN BHD, Malaysia Holcim (Vietnam) Limited, Vietnam Holcim Environment Services SA, Belgium Holcim Group Support Limited, Switzerland Holcim Philippines Inc. Philippines Holcim Services (South Asia) Limited, India Holcim Services Asia Limited, Thailand Holcim Trading FZCO, UAE Holcim Trading Pte Limited, Singapore Holcim Trading SA, Spain PT Holcim Indonesia Tbk., Indonesia Siam City Cement Public Company Limited, Thailand Holcim Cement (Bangladesh) Limited, Bangladesh

CAPITAL STRUCTURE

As on: 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000000	Equity Shares	Rs.2/- each	Rs.5000.000 millions
150000000	Preference Shares	Rs.10/- each	Rs.1500.000 millions
	Total		Rs.6500.000 millions

Issued Capital :

No. of Shares	Type	Value	Amount
1546186806	Equity Shares	Rs.2/- each	Rs.3092.400 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1545860286	Equity Shares	Rs.2/- each	Rs.3091.700 Millions

a) Reconciliation of equity shares outstanding

Particular	No. of shares	Rs. In Millions
At the beginning of the year	1542184436	3084.400
Add : Issued against Employee Stock Option Schemes (ESOS) .	3675850	7.300
At the end of the year	1545860286	3091.700

b) Rights, preferences and restrictions attached to equity shares

The Company has one class of equity shares having a par value of Rs.2 per share. Each shareholder is entitled to one vote per equity share. 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 of the Company, the equity shareholders are eligible to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.

c) Equity shares held by holding company, ultimate holding company and their subsidiaries

Particular	As at 31.12.2013 Rs. In Millions
i) Holderind Investments Limited, Mauritius (HIL), the holding company 629,638,433 (previous year - 629638433) equity shares of Rs.2 each fully paid-up.	1259.300
ii) Holcim India Private Limited (HIPL) 150,670,120 (previous year - 150,670,120) equity shares of Rs.2 each fully paid-up	301.300

d) Details of equity shares held by shareholders holding more than 5% shares in the Company

Sr. No.	Particular	No. of shares	% holding in the class
i)	Holderind Investments Limited, Mauritius	629,638,433	40.73%
ii)	Holcim India Private Limited	150,670,120	9.75%
iii)	Life Insurance Corporation of India	92,665,449	5.99%

As per the of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represent both legal and beneficial ownership of shares.

Outstanding employee stock options exercisable into 6,381,625 (previous year - 10,165,025) equity shares of Rs. 2 each fully paid up (Refer note 32 (b)).

Outstanding tradable warrants and right shares kept in abeyance exercisable into 186,690 (previous year - 186,690) and 139,830 (previous year - 139,830) equity shares of Rs. 2 each fully paid-up respectively.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3091.700	3084.400	3068.700
(b) Reserves & Surplus	91763.700	84966.200	77625.600
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.100
Total Shareholders’ Funds (1) + (2)	94855.400	88050.600	80694.400
(3) Non-Current Liabilities
(a) long-term borrowings	291.500	346.300	428.000
(b) Deferred tax liabilities (Net)	5643.200	5482.500	6436.000
(c) Other long term liabilities	175.800	49.100	38.200
(d) long-term provisions	248.000	208.900	179.100
Total Non-current Liabilities (3)	6358.500	6086.800	7081.300
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	9745.200	9345.400	9511.600
(c) Other current liabilities	7923.900	6558.700	6397.700
(d) Short-term provisions	10762.900	13089.300	11733.400
Total Current Liabilities (4)	28432.000	28993.400	27642.700
TOTAL	129645.900	123130.800	115418.400
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60621.600	58619.300	61846.100
(ii) Intangible Assets	3.700	4.400	18.500
(iii) Capital work-in-progress	6948.800	5201.200	4868.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1045.100	1120.100	953.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3205.500	2872.700	5067.600
(e) Other Non-current assets	2450.800	2549.100	21.500
Total Non-Current Assets	74275.500	70366.800	72775.600
(2) Current assets
(a) Current investments	16839.400	15438.300	7689.400
(b) Inventories	9339.400	9839.300	9249.700
(c) Trade receivables	2315.100	2133.700	2408.500
(d) Cash and cash equivalents	23410.900	22537.200	20690.800
(e) Short-term loans and advances	2894.100	2489.800	2365.100
(f) Other current assets	571.500	325.700	239.300
Total Current Assets	55370.400	52764.000	42642.800
TOTAL	129645.900	123130.800	115418.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	91603.500	97303.000	85542.600
		Other Income	3936.200	3488.700	2478.700
		TOTAL (A)	95539.700	100791.700	88021.300
Less	EXPENSES
		Cost of raw materials consumed	6461.700	6717.600	5773.800
		Purchases of Stock-in-Trade	7.100	0.000	0.000
		Changes in inventories of finished goods and work-in-progress	1183.300	(2008.300)	570.000
		Employee benefits expense	5024.100	4785.100	4332.00
		Power and fuel	20629.200	23290.700	20013.700
		Freight and forwarding	23617.700	22758.500	19333.600
		Other expenses	18241.400	17096.800	15816.600
		Self-consumption of cement	(69.300)	(67.100)	(67.400)
		Exceptional items	(248.200)	2791.300	242.500
		TOTAL (B)	74847.000	75364.600	66014.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20692.700	25427.100	22006.500
Less	FINANCIAL EXPENSES (D)		650.800	756.600	526.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20041.900	24670.500	21480.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4900.700	5652.200	4451.500
	PROFIT BEFORE TAX (E-F) (G)		15141.200	19018.300	17028.700
Less	TAX (H)		2195.500	6047.700	4740.100
	PROFIT AFTER TAX (G-H) (I)		12945.700	12970.600	12288.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7370.100	2847.500	3253.500
Less	APPROPRIATIONS
		General Reserve	1500.000	2000.000	7000.000
		Distribution Tax written back	0.000	0.000	(8.300)
		Interim Dividend On Equity Shares	5563.400	5548.000	4906.900
		Dividend Distribution Tax on above	945.500	900.000	796.000
	BALANCE CARRIED TO THE B/S		12306.900	7370.100	2847.500
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	542.800	232.700	765.700
		Royalty	4.800	1.900	2.800
		Interest	0.100	0.000	0.000
		Other Earnings	37.700	94.800	33.300
	TOTAL EARNINGS		585.400	329.400	801.800
	IMPORTS
		Raw materials	231.900	389.800	371.900
		Packing material	0.000	26.000	15.500
		Fuels	3409.400	4859.600	4904.700
		Spares	381.600	497.900	571.300
		Capital goods	1112.900	373.100	573.100
	TOTAL IMPORTS		5135.800	6146.400	6436.500
	Earnings Per Share (Rs.)
	Basic		8.39	8.43	8.02
	Diluted		8.37	8.41	8.00

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
PAT / Total Income	(%)	13.55	12.87	13.96
Net Profit Margin (PBT/Sales)	(%)	16.53	19.55	19.91
Return on Total Assets (PBT/Total Assets}	(%)	12.45	16.28	15.54
Return on Investment (ROI) (PBT/Networth)		0.16	0.22	0.21
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		1.95	1.82	1.54

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3,068.700	3,084.400	3,091.700
Reserves & Surplus	77,625.600	84,966.200	91,763.700
Net worth	80,694.300	88,050.600	94,855.400
long-term borrowings	428.000	346.300	291.500
Short term borrowings	0.000	0.000	0.000
Total borrowings	428.000	346.300	291.500
Debt/Equity ratio	0.005	0.004	0.003

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	85,542.600	97,303.000	91,603.500
		13.748	(5.857)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	85,542.600	97,303.000	91,603.500
Profit	12,288.600	12,970.600	12,945.700
	14.37%	13.33%	14.13%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	No
8]	No. of employees	No
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)	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	No
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.12.2013	As on 31.12.2012
Long-term borrowings
Sales tax deferment loan**	232.900	346.300
Total	232.900	346.300
Note: ** Sales tax deferment loan is interest free and payable in 10 annual installments starting from April 2007 to April 2016 of varying amounts from Rs. 15.200 millions to Rs.132.300 millions.

CASE DETAILS

HIGH COURT OF GUJARAT

FIRST APPEAL No. 5256 of 2007

Status : PENDING

( Converted from : FAST/4147/2007 )

CCIN No : 001012200705256

Last Listing Date:

08/12/2008

Coram

HONOURABLE MR.JUSTICE H.K.RATHOD

S.NO.

Name of the Petitioner

Advocate On Record

1

EMPLOYEES STATE INSURANCE CORPORATION

MR SACHIN D VASAVADA for: Appellant(s)  1

S.NO.

Name of the Respondant

Advocate On Record

1

GUJARAT AMBUJA CEMENTS LTD.

MR PREMAL R JOSHI for :Defendant(s)  1

Presented On

: 25/09/2007

Registered On

: 25/09/2007

Bench Category

: SINGLE BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH ADVOCATE

Listed

: 17 times

Stage Name

: FOR FINAL HEARING - SUIT MATTERS

Act

EMPLOYEES' STATE INSURANCE ACT, 1948

LOWER COURT DETAILS

S.No.

Lower Court Case Detail

Lower Court Name

Judge Name

Judgment date

1

ESIA/9/2001

DISTRICT COURT, AHMEDABAD RURAL

-

05/06/2007

OFFICE DETAILS

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/08/2007

VAKALATNAMA

MR SACHIN D VASAVADA ADVOCATE for PETITIONER(s)  1

-

MR SACHIN D VASAVADA:1

2

25/09/2007

CERTIFIED COPY

MR SACHIN D VASAVADA ADVOCATE for PETITIONER(s)  1

2

MR SACHIN D VASAVADA:1

3

25/09/2007

VAKALATNAMA

MR SACHIN D VASAVADA ADVOCATE for PETITIONER(s)  1

5

MR SACHIN D VASAVADA:1

4

25/09/2007

MEMO OF APPEAL/PETITION/SUIT

MR SACHIN D VASAVADA ADVOCATE for PETITIONER(s)  1

20

MR SACHIN D VASAVADA:1

5

03/10/2007

MEMO OF APPEAL/PETITION/SUIT

MR SACHIN D VASAVADA ADVOCATE for PETITIONER(s)  1

10

MR SACHIN D VASAVADA:1

6

17/12/2007

VAKALATNAMA

MR HARIN P RAVAL ADVOCATE for RESPONDENT(s)  1

5

MR HARIN P RAVAL:1

7

15/07/2013

VAKALATNAMA

MR PREMAL R JOSHI ADVOCATE for RESPONDENT(s)  1

5

MR PREMAL R JOSHI(1327), for R:1

APPLICATIONS

S. No.

Case Detail

Status Name

Disposal Date

Action/Coram

1

CIVIL APPLICATION/12704/2007

DISPOSED

20/11/2007

RULE ABSOLUTE/ALLOWED @ F.H HONOURABLE MR.JUSTICE BANKIM.N.MEHTA

COURT PROCEEDINGS

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

03/07/2008

9

-

FOR FINAL HEARING - SUIT MATTERS

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR.JUSTICE B.N.KIRPAL  HONOURABLE MR.JUSTICE D.G.KARIA and HONOURABLE MR.JUSTICE A.N.DIVECHA and HONOURABLE MR.JUSTICE KS JHAVERI

2

24/07/2008

9

-

FOR FINAL HEARING - SUIT MATTERS

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR.JUSTICE B.N.KIRPAL  HONOURABLE MR.JUSTICE D.G.KARIA and HONOURABLE MR.JUSTICE A.N.DIVECHA and HONOURABLE MR.JUSTICE KS JHAVERI

3

08/08/2008

9

-

FOR FINAL HEARING - SUIT MATTERS

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR.JUSTICE B.N.KIRPAL  HONOURABLE MR.JUSTICE D.G.KARIA and HONOURABLE MR.JUSTICE A.N.DIVECHA and HONOURABLE MR.JUSTICE KS JHAVERI

4

08/12/2008

9

-

FOR FINAL HEARING - SUIT MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE H.K.RATHOD

AVAILABLE ORDERS

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

FIRST APPEAL/5256/2007

HONOURABLE MR.JUSTICE H.B.ANTANI

27/11/2007

N

ORDER

-

Y

2

FIRST APPEAL/5256/2007

HONOURABLE MR.JUSTICE H.B.ANTANI

08/04/2008

N

ORDER

-

Y

FINANCIAL RESULTS 2013

AT A GLANCE (STAND ALONE RESULTS)

Cement production decreased by 3% to reach 20.96 million tonnes, from 21.620 million tonnes while clinker production decreased to 14.270 million tonnes, 10% down from 15.81 million tonnes in year 2012.

Domestic cement sales volume continued with sluggish demand by recording a decrease of 2% at 20.940 million tonnes from 21.310 million tonnes in year 2012. Cement exports decreased to 0.100 million tonnes from 0.120 million tonnes in year 2012. Clinker sales (including exports) were up at 0.560 million tonnes from 0.550 million tonnes in 2012.

Net sales at Rs. 9,087.000 millions were 6% lower than that of previous year’s Rs. 9,675.000 millions. Average sales realisation decreased by around 4% at Rs. 4,208 per tonne against approx Rs. 4,400 per tonne in 2012.

Total (operating) expenses for the year 2013 increased by 2% over that of year 2012.

The Company achieved an absolute EBITDA of Rs. 1651.000 millions in year 2013. This is lower by 33% over the corresponding Rs. 2473.000 millions of the year 2012.

Profit before tax at Rs. 1,514.000 millions was down by 20% over corresponding figure of Rs. 1902.000 millions for year 2012.

Net Profit at Rs. 1,295.000 millions was down by 0.2% over corresponding figure of Rs. 1297.000 millions for the year 2012.

MARKET DEVELOPMENTS

The Company’s domestic cement sales in 2013 declined by 1.7% to 20.940 million tonnes as compared to 21.31 million tonnes achieved in 2012. Total cement sales (including exports) declined by 1.8% to 21.040 million tonnes as compared to 21.430 million tonnes achieved in 2012.

REGION-WISE SALES VOLUME / GROWTH

In the North region, domestic cement sales of the Company declined by 1.7% to 8.640 million tonnes in 2013 compared to 8.790 million tonnes in 2012.

In the East region, the Company achieved sales of 4.210 million tonnes of cement in the domestic market, registering a decline of 0.2% over the previous year sales of 4.220 million tonnes.

In the West and South region, the Company’s domestic cement sales in 2013 declined by 2.5% to 8.090 million tonnes as compared to 8.300 million tonnes achieved in 2012.

Cement exports in 2013 reduced further to 0.100 million tonnes as compared to 0.120 million tonnes in 2012.

COST DEVELOPMENTS

During the year 2013, the economy witnessed upward movement in overall cost structure and volatile foreign exchange rates. However, the Company implemented cost optimisation initiatives which helped in containing inflationary impact to some extent.

MAJOR COST MOVEMENTS

Cost of major raw material, fly ash, increased by 7% on per tonne basis. However, strategy to change in mix of gypsum resulted in cost decrease by 2% on per tonne basis. Overall, the absolute raw material cost decreased by approx. 6% over the previous year including the impact of lower volumes.

Power and fuel costs account for approximately 26% of the total operating cost of the Company. Coal cost for kiln and captive power plants reduced by 8% and 10% respectively, due to reduced usage of imported coal and also substitution of high cost coal by pet coke usage. Besides, there was increased usage of Alternate fuels by 3% over the usage for the year 2012.

Cost of grid power continued its upward movement with per kwh rate increasing by approximately 22% over the previous year. In 2013, captive power generation which supports 66% of the total power requirements of the Company, reduced by 10%.

Overall, the reduction in dependence on grid, increase usage of captive power and reduction in fuel prices have helped the Company in registering a decrease of 11% in absolute cost of power and fuel as compared to the year 2012.

Freight and forwarding cost works out to 30% of total operating costs. During the year, the same hardened by 6% on per tonne basis over the year 2012 due to an increase in diesel prices.

The cost of packing bags went up by around 14%, driven by increase in PP granule prices.

EXPANSION PROJECTS AND NEW INVESTMENTS

The Company took up several projects to serve its customers in a more efficient, cost-effective, reliableand environment-friendly manner, while bolstering its market position in the industry.

CAPACITY EXPANSION DURING THE YEAR

The new Bulk Cement Terminal (BCT) at Mangalore commissioned this year will help the Company expand its footprint in the southern markets of India.

EFFICIENCY IMPROVEMENT MEASURES

GETTING BETTER AT BEING THE BEST

The Company focused on consolidation and optimisation of its existing capacities in all the three regions. Capital investments kept flowing in during the year, to ensure the highest standards of safety in order to meet the Company policies of ‘Zero Harm’, clean and energy efficient infrastructure, cost efficient and environment friendly material handling systems and process optimisation.

OUTLOOK

REFORMS FOR AN ECONOMIC REVIVAL

THE ECONOMIC OUTLOOK

Economic growth accelerated to 4.8% in the second fiscal quarter from 4.4% in the first due to higher output in both industry and agriculture and a rebound in exports. However, it is less likely that they will see a complete turnaround in the economy as the domestic demand remains weak and both consumption and investment continue to grow sluggishly. They expect growth to remain soft in the first quarter of year 2014 owing to delayed investment announcements in the run-up to general elections. Further, it is expected to be supported by export recovery and likely sustained growth in capital expenditure after the second quarter of FY2014, once political stability has been re-established.

They expect the Indian economy to grow at 5% during year 2014 and driven by India’s strong economic fundamentals - high saving and investment rates, rapid workforce growth, a quickly expanding middle class, and the start of a shift from low-productivity agriculture to high productivity manufacturing. However, given the country’s large external financing needs, domestic expansion will be affected by the global availability of capital.

Economic growth could exceed their forecasts if the Administration’s reform efforts are sustained, infrastructural development accelerates and the government enjoys success in its bid to develop a labour-intensive manufacturing sector in India.

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Buildings, Roads and Water Works

· Marine Structures

· Plant and Machinery

· Electrical Installations

· Railway Sidings and Locomotives

· Railway wagons given on lease

· Furniture, Fixtures and Office Equipments

· Ships

· Vehicles

· Power Lines

Intangible Assets:

· Water Drawing Rights

· Computer Software

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] 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. 61.07
UK Pound	1	Rs. 102.77
Euro	1	Rs. 84.49

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		74

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.