MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	SAURASHTRA CEMENT LIMITED
Registered Office :	Near Railway Station, Ranavav – 360 560, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.06.1956
Com. Reg. No.:	04-000840
Capital Investment / Paid-up Capital :	Rs. 580.702 Millions
CIN No.: [Company Identification No.]	L26941GJ1956PLC000840
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	manufacturer of Ordinary Portland Cement and Pozzolana Portland Cement
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (21)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Sick company
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is the flag Ship company of the Mehta Group, one of the leading players in the Indian Cement Industry. The company is registered with the Board for Industrial and Financial Reconstruction (BIFR) vide case no 9/2006 since F.Y. 2005-2006, for financial restructuring process. Further, with the help of BIFR scheme sanctioned as on March14, 2013 and certain reliefs and concessions applicable to all sick industrial companies, the performance of the company is improving gradually marked by wiping of its accumulated losses during 2013. As per available latest financials, the company has continued to witness a moderation in its financial profile marked by adequate net worth base along with accrued payables and increasing other current liabilities which are yet too paid off by the management. Moreover, management has reported a constant sales volume whereas, has witnessed a drastic dip in its net profitability during FY 14. However, trade relations are improving. Business is active. Payment terms are reported as slow. In view of established brand image, market position and rich experience of the promoters, the subject can be considered for business dealings on a fully safe and secured 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.

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 31-03-2014.

INFORMATION DECLINED

Management Non Co-operative (91-22-66365444)

LOCATIONS

Registered Office / Factory :	Near Railway Station, Ranavav – 360 560, Gujarat, India
Tel. No.:	91-2801-230824/27/28/29
Fax No.:	91-2801-230830/230617
E-Mail :	scl-mum@mehtagroup.com
Website :	www.mehtagroup.com
Corporate Office :	N. K. Mehta International House, 3rd Floor, 178, Backbay Reclamation, Mumbai - 400 020, Maharashtra, India
Tel. No.:	91-22-66365444/66365390
Fax No.:	91-22-66365445
Marketing Office :	Pelican, 7th Floor, Gujarat Chambers of Commerce and Industry Compound, Ashram Road, Ahmedabad - 380 009, Gujarat, India
Tel. No.:	91-79-2658 0135/0137/ 2658 9353
Fax No.:	91-79-2658 7265/2657 5453
Regional Offices :	Located at: Mumbai Bhavnagar Rajkot Surat Vadodara Junagadh

DIRECTORS

As on 31.03.2014

Name :	Mr. M N Mehta
Designation :	Chairman
Name :	Mr. Jay M Mehta
Designation :	Executive Vice Chairman
Name :	Mr. Hemang D. Mehta
Designation :	Director
Name :	Mr. M.N. Rao
Designation :	Director
Name :	Mr. S.V.S Raghavan
Designation :	Director
Name :	Mr. B.P. Deshmukh
Designation :	Director
Name :	Mr. K.N. Bhandari
Designation :	Director
Name :	Mr. Jayant N. Godbole
Designation :	Director
Name :	Mr. Hemnabh Khatau
Designation :	Director
Name :	Mr. Bimal Thakkar
Designation :	Director
Name :	Mr. Anil Kaul
Designation :	Special Director - BIFR
Name :	Mr. Denys Firth
Designation :	Nominee - India Debt Management Private Limited
Name :	Mr. Alexander Shaik
Designation :	Nominee - India Debt Management Private Limited
Name :	Mr. Sisheel Kak
Designation :	Nominee - India Debt Management Private Limited
Name :	Mr. M.S. Gilotra
Designation :	Managing Director

KEY EXECUTIVES

Name :	Mr. V R Mohnot
Designation :	Director (Finance) and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	215578	0.42
Bodies Corporate	149117	0.29
Sub Total	364695	0.71
(2) Foreign
Bodies Corporate	32610166	63.70
Sub Total	32610166	63.70
Total shareholding of Promoter and Promoter Group (A)	32974861	64.42
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1250	0.00
Financial Institutions / Banks	550937	1.08
Insurance Companies	464074	0.91
Foreign Institutional Investors	1810	0.00
Sub Total	1018071	1.99
(2) Non-Institutions
Bodies Corporate	2217824	4.33
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	2197495	4.29
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	2656766	5.19
Qualified Foreign Investor	84799	0.17
Any Others (Specify)	10041249	19.62
Foreign Corporate Bodies	9699365	18.95
Clearing Members	341884	0.67
Sub Total	17198133	33.60
Total Public shareholding (B)	18216204	35.58
Total (A)+(B)	51191065	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)	51191065	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			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)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Jagmi Investments Limited	51,75,000	10.11	5175000	100.00	10.11	10.11
2	The Mehta International Limited	3,750	0.01	3750	100.00	0.01	0.01
3	Aber Investments Limited	25,44,817	4.97	2544817	100.00	4.97	4.97
4	Clarence Investments Limited	1,28,86,599	25.17	12886599	100.00	25.17	25.17
5	TransAsia Investments and Trading Limited	80,00,000	15.63	8000000	100.00	15.63	15.63
6	Sampson Limited	40,00,000	7.81	4000000	100.00	7.81	7.81
7	Pallor Trading Co Private Limited	25,136	0.05	25136	100.00	0.05	0.05
8	Sameta Export Private Limited	1,23,531	0.24	123531	100.00	0.24	0.24
9	Villa Trading Co Private Limited	350	0.00	350	100.00	0.00	0.00
10	Gujarat Sidhee Cement Limited	100	0.00	0	0.00	0.00	0.00
11	Mahendrabhai N Mehta	28,480	0.06	0	0.00	0.00	0.06
12	Dhirendra N Mehta	5,000	0.01	0	0.00	0.00	0.01
13	Hemang D Mehta	51,534	0.10	0	0.00	0.00	0.10
14	Jaybhai M Mehta	14,630	0.03	0	0.00	0.00	0.03
15	Sunayanaben M Mehta	6,000	0.01	0	0.00	0.00	0.01
16	Medhavini D Mehta	46,184	0.09	0	0.00	0.00	0.09
17	Umade D Mehta	15,400	0.03	0	0.00	0.00	0.03
18	Kamalakshi D Mehta	15,400	0.03	0	0.00	0.00	0.03
19	Kamalakshi D Mehta	3,000	0.01	0	0.00	0.00	0.01
20	J Chawla	24,650	0.05	0	0.00	0.00	0.05
21	Radha Mahendra Mehta	5,100	0.01	0	0.00	0.00	0.01
22	Anisha Hemang Mehta	100	0.00	0	0.00	0.00	0.00
23	Devika Hemang Mehta	100	0.00	0	0.00	0.00	0.00
	Total	3,29,74,861	64.42	32759183	99.35	63.99	64.42

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	Premji K Ruparel	577730	1.13	1.13
2	Toro Managers Ltd	2470000	4.83	4.83
3	Mauritius Debt Management Ltd	7120265	13.91	13.91
	Total	10167995	19.86	19.86

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	Mauritius Debt Management Limited	7120265	13.91	13.91
	Total	7120265	13.91	13.91

BUSINESS DETAILS

Line of Business :

manufacturer of Ordinary Portland Cement and Pozzolana Portland Cement

Products :

Item Code No	Product Description
2232901	Cement Ordinary Portland Cement
2231000	Clinker

• Hathi OPC 43 Grade
• Hathi OPC 53 Grade
• Hathi PPC 53P Grade
• Chootu Hathi 1 K. G
• Chhotu Hathi 5 K.G

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

• Bank of India
• Central Bank of India
• Dena Bank
• HDFC Bank Limited
• Rajkot Nagarik Sahakari Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG-TERM BORROWINGS
Debentures 12% Non-convertible Debentures – Under Corporate Debt Restructuring (CDR)	22.408	112.041
Term Loans
From Banks	33.193	173.652
From Others	322.526	858.954
SHORT-TERM BORROWINGS
Loans Repayable on Demand from Banks
Cash Credits	13.483	13.131
Others	43.969	44.074
Total	435.579	1201.852
Security: The working capital facilities are secured by first charge by way of hypothecation of the current assets namely, stocks of raw materials, semi finished and finished goods, consumable stores and spares, bills receivables, book debts and all other movables, both present and future. It is also secured by second mortgage and charge on the Company’s immovable and movable properties both present and future. They are also secured by personal guarantee of two Directors of the Company. Of the above, a cash credit facility from a bank aggregating to Rs.0.008 Million (Previous Year Rs. 1.139 Millions), is further secured by shares of Gujarat Sidhee Cement Limited held by subsidiary companies.

Auditors :
Name :	Bansi S Mehta and Company  Chartered Accountants
Address :	Merchant Chember, 3^rd Floor, 41, New Marine Line, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22014922 / 22004002 / 22068409
Fax No.:	91-22-22050147
E-Mail :	bsmco@hathway.com
Enterprises under control, or are controlled by, or under common control, with the reporting enterprise are; (As on 31.03.2013)	Jagmi Investment Limited Sumaraj Holdings Private Limited Fawn Trading Company Private Limited Clarence Investments Limited Fern Trading Company Private Limited TransAsia Investment and Trading Limited Willow Trading Company Private Limited Hopgood Investments Limited Tejashree Trading Company Private Limited Sampson Limited Pallor Trading Company Private Limited Villa Trading Company Private Limited The Mehta International Limited Aber Investments Limited Mehta Private Limited Galaxy Technologies Private Limited Sameta Exports Private Limited Mehta Sports Private Limited Glenn Investments Limited The Sea Island Investments Limited Sunnidhi Trading Private Limited
Subsidiary Companies : (As on 31.03.2013)	Agrima Consultants International Limited Ria Holdings Limited Pranay Holdings Limited Reeti Investments Limited Prachit Holdings Limited Concorde Cement Private Limited
Enterprise having Key Management Personnel in common : (As on 31.03.2013)	Gujarat Sidhee Cement Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
130000000	Equity Shares	Rs. 10/- each	Rs.1300.000 millions
6000000	Preference Shares	Rs. 100/- each	Rs 600.000 millions
5000000	Unclassified shares	Rs. 10/- each	Rs. 50.000 millions
	Total		Rs.1950.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
59095018	Equity Shares	Rs. 10/- each	Rs.590.950 millions
687595	13% Cumulative Preference Shares	Rs. 100/- each	Rs.68.760 millions
	Total		Rs.659.710 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51191065	Equity Shares	Rs. 10/- each	Rs. 511.911 millions
687595	13% Cumulative Preference Shares	Rs. 100/- each	Rs. 68.760 millions
15269	Forfeited Shares		Rs. 0.031 millions
	Total		Rs. 580.702 Millions

Note :

Equity Shares

The Company has only one class of equity shares referred to as equity shares having a par value of ` 10.

Each holder of equity shares is entitled to one vote per share.

Dividends, if any, is declared and paid in Indian rupees. The dividend, if any, 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. However, in view of the carried forward losses, no dividend is / was declared on

the equity shares for the year ended March 31, 2014 / March 31, 2013.

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the

Company after distribution of all preferential amounts, in proportion to their shareholding.

Preference Shares:

· The Company has only one class of preference shares referred to as 13% Optionally Convertible Cumulative Preference Shares (OCCPS) having a par value of `100. The preference shares do not carry any voting right. In terms of Section 87 of the Companies Act, 1956, the holders of cumulative preference shares get entitled to vote on every resolution placed by the Company at any meeting, if the dividend due on such shares or any part thereof has remained unpaid in respect of an aggregate period of not less than two years preceding the date of commencement of the meeting.

· OCCPS carried a fixed cumulative dividend of 13% p.a. from the date of issue. The holders of OCCPS carry a right to dividend ahead of equity share holders.

· In the event of liquidation, the holders of OCCPS carry preference over equity shareholders in respect of

repayment of capital.

· OCCPS were redeemable at par on March 31, 2003. Of the total Preference Share Capital of ` 687.60 lacs, the holders of 1,74,557 OCCPS of ` 100 par value, aggregating to ` 174.56 lacs, have surrendered their right in the redemption, including the preference dividend thereon for the benefit of the Company. Based on the advise received, pending the availability of funds / distributable profits for the redemption of capital, the beneficial ownership of these OCCPS has already been transferred in favour of a trust of which the Company is the beneficiary. The accounting effect of such waiver (only in respect of these OCCPS) shall be made as and when such shares will be redeemed. For the balance of OCCPS, the right of conversion lapsed on August 22, 2003.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	580.702	580.702	580.702
(b) Reserves & Surplus	1124.937	920.257	(914.600)
(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)	1705.639	1500.959	(333.898)
(3) Non-Current Liabilities
(a) long-term borrowings	378.127	1144.647	1026.603
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	71.160	68.087	63.383
(d) long-term provisions	80.707	80.767	72.515
Total Non-current Liabilities (3)	529.994	1293.501	1162.501
(4) Current Liabilities
(a) Short term borrowings	57.452	57.205	53.978
(b) Trade payables	346.963	359.240	424.831
(c) Other current liabilities	1452.943	1116.072	3224.474
(d) Short-term provisions	36.532	25.173	22.840
Total Current Liabilities (4)	1893.890	1557.690	3726.123
TOTAL	4129.523	4352.150	4554.726
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2477.460	2062.574	2185.287
(ii) Intangible Assets	0.000	3.314	4.275
(iii) Capital work-in-progress	0.000	635.810	772.761
(iv) Intangible assets under development	0.000	6.975	0.000
(b) Non-current Investments	188.019	188.019	188.021
(c) Deferred tax assets (net)	0.000	0.000	320.468
(d) Long-term Loan and Advances	120.939	124.488	112.668
(e) Other Non-current assets	31.878	48.041	42.290
Total Non-Current Assets	2818.296	3069.221	3625.770
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	567.436	666.642	544.629
(c) Trade receivables	161.148	139.346	176.928
(d) Cash and cash equivalents	404.694	341.002	57.717
(e) Short-term loans and advances	141.372	104.915	143.514
(f) Other current assets	36.577	31.024	6.168
Total Current Assets	1311.227	1282.929	928.956
TOTAL	4129.523	4352.150	4554.726

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	5313.624	5379.105	4386.181
		Other Income	46.070	102.582	52.595
		TOTAL (A)	5359.694	5481.687	4438.776
Less	EXPENSES
		Cost of Materials Consumed	368.535	349.564	316.313
		Purchases of Stock-in-Trade	398.382	293.966	161.034
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	30.779	(0.071)	25.079
		Employees benefits expense	300.332	282.427	249.120
		Exceptional items - gain / (loss)	0.000	(1611.529)	0.000
		Other expenses	3632.842	3324.389	3211.472
		TOTAL (B)	4730.870	2638.746	3963.018
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		628.824	2838.644	475.758
Less	FINANCIAL EXPENSES (D)		163.697	333.827	446.990
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		465.127	2504.817	28.768
Less/ Add	DEPRECIATION/ AMORTISATION (F)		258.621	343.960	219.643
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		206.506	2160.857	(190.875)
Less	TAX (H)		0.000	320.468	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		206.506	1840.389	(190.875)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1073.536)	(2913.925)	(2723.050)
	BALANCE CARRIED TO THE B/S		(867.030)	(1073.536)	(2913.925)
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB basis	1375.888	948.481	805.909
	TOTAL EARNINGS		1375.888	948.481	805.909
	IMPORTS
		Components and Spare Parts	17.730	49.411	30.488
		Capital Goods	10.108	2.555	0.000
	TOTAL IMPORTS		27.838	51.966	30.488
	Earnings / (Loss) Per Share (Rs.)		3.86	35.78	3.90

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014
	1^st Quarter	2^nd Quarter
Net Sales	1647.700	1273.800
Total Expenditure	1263.100	1198.400
PBIDT (Excl OI)	384.600	75.400
Other Income	43.100	17.900
Operating Profit	427.700	93.300
Interest	24.900	27.400
Exceptional Items	0.000	0.000
PBDT	402.800	65.900
Depreciation	183.900	33.200
Profit Before Tax	218.900	32.700
Tax	61.900	13.400
Provisions and contingencies	0.000	0.000
Profit After Tax	157.00	19.300
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	157.000	19.300

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.89	34.29	(4.35)
Operating Profit Margin (PBITD/Sales)	(%)	11.83	52.85	10.85
Return on Total Assets (PBT/Total Assets}	(%)	5.24	61.49	(5.83)
Return on Investment (ROI) (PBT/Networth)		0.12	1.44	0.57
Debt Equity Ratio (Total Debt /Networth)		0.26	0.80	(3.24)
Current Ratio (Current Asset/Current Liability)		0.69	0.82	0.25

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	580.702	580.702	580.702
Reserves & Surplus	(914.600)	920.257	1124.937
Net worth	(333.898)	1500.959	1705.639
long-term borrowings	1026.603	1144.647	378.127
Short term borrowings	53.978	57.205	57.452
Total borrowings	1080.581	1201.852	435.579
Debt/Equity ratio	(3.236)	0.801	0.255

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4386.181	5379.105	5313.624
		22.638	(1.217)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4386.181	5379.105	5313.624
Profit	(190.875)	1844.686	206.506
	(4.35%)	34.29%	3.89%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Millions

Particular	31.03.2014	31.03.2013	31.03.2012
Debentures - 12% Non-convertible	89.633	89.633	84.031
Term Loans
From Banks	124.159	82.027	80.283
From Other Parties	537.261	398.005	29.950
Hire Purchase Principal	0.000	0.000	1.774
	751.053	569.665	196.038

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

CHARGES

Borrower name	SAURASHTRA CEMENT LIMITED
Address	Agrima Business Center,N. K. Mehta International House, 3rd Floor, 178, Backbay Reclamation, Mumbai - 400 020, Maharashtra, India
Name of Director Reported by credit Grantors filling the suit :
Sr. No.	Directors Reported By Credit Grantors
SPECIFIED UNDERTAKING OF UNIT OF INDIA
6	M.N.RAO
1	D.N. MEHTA
3	JAY MEHTA
4	M K CHANDUKA – NOMINEE (IFCI)
5	M. N. MEHTA
2	H.D. MEHTA
7	R.K.PODDAR
8	S RAMJEE – NOMINEE (SUU)
9	S V S RAGHAVAN
10	SAVITA V. PITTER
11	STEOHEN POTTER

List of credit grantors to which SAURASHTRA CEMENT LIMITED is defaulter:

Name of Credit Grantors	Branch	Amount
SPECIFIED UNDERTAKING OF UNIT TRUST OF INDIA	Mumbai	Rs.281.500 millions
	Total	Rs.281.500 millions

Borrower name	Guarantors of Saurashtra Cement
Address	Ranavav -360560, Gujarat, India
Name of Director Reported by credit Grantors filling the suit :
Sr. No.	Directors Reported By Credit Grantors
1	D.N. MEHTA
2	JAY MEHTA
3	M. N. MEHTA

List of credit grantors to which Guarantors of Saurashtra Cement is defaulter:

Name of Credit Grantors	Branch	Amount
INDUSIND BANK LTD.	Mumbai Main	Rs.54.100 millions
	Total	Rs.54.100 millions

LITIGATIONS DETAILS

HIGH COURT OF GUJARAT

COMPANY PETITION No. 289 of 2003

Status : PENDING	( Converted from : ST/1815/2003 )	CCIN No : 001058200300289
Last Listing Date	23/07/2007
Coram	HONOURABLE MR.JUSTICE JAYANT PATEL

S.NO.	Name of the Petitioner	Advocate On Record
1	SOUTH EASTERN COALFIEDLS LTD.	MR PK PANCHOLI for: Petitioner(s) 1
S.NO.	Name of the Respondant	Advocate On Record
1	SAURASHTRA CEMENT LTD.	SINGHI & CO for :Respondent(s) 1

Presented On	: 13/11/2003	Registered On	: 16/10/2003
Bench Category	: SINGLE BENCH	District	: JUNAGADH
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 18 times
StageName	: FOR ADMISSION COMPANY MATTERS BOARD NO.II.
Classification	· SJ - OJ - COMPANY APPLICATION - COMPANIES ACT, 1956 - WINDING UP - 433 AND 434
Act	· COMPANIES ACT, 1956

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2003	VAKALATNAMA	MR PK PANCHOLI ADVOCATE for PETITIONER(s) 1	-	MR PK PANCHOLI:1
2	15/08/2003	VAKALATNAMA	SINGHI & CO ADVOCATE for RESPONDENT(s) 1	-	SINGHI & CO:1
3	16/10/2003	VAKALATNAMA	MR PK PANCHOLI ADVOCATE for PETITIONER(s) 1	5	MR PK PANCHOLI:1
4	16/10/2003	MEMO OF APPEAL/PETITION/SUIT	MR PK PANCHOLI ADVOCATE for PETITIONER(s) 1	50	MR PK PANCHOLI:1
5	13/11/2003	MEMO OF APPEAL/PETITION/SUIT	MR PK PANCHOLI ADVOCATE for PETITIONER(s) 1	50	MR PK PANCHOLI:1
6	09/12/2003	VAKALATNAMA	SINGHI & CO ADVOCATE for RESPONDENT(s) 1	5	SINGHI & CO:1
7	10/12/2003	AFFIDAVIT	SINGHI & CO ADVOCATE for RESPONDENT(s) 1	0	SINGHI & CO:1
8	28/11/2005	AFFIDAVIT	SINGHI & CO ADVOCATE for RESPONDENT(s) 1	0	SINGHI & CO:1
9	19/07/2006	AFFIDAVIT	SINGHI & CO ADVOCATE for RESPONDENT(s) 1	0	SINGHI & CO:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	08/12/2003	17	-	FOR ADMISSION COMPANY MATTERS BOARD NO.II.	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.MEHTA
2	17/09/2004	17	-	FOR ADMISSION COMPANY MATTERS BOARD NO.II.	NEXT DATE	· HONOURABLE MR.JUSTICE D.A.MEHTA
3	10/07/2006	17	-	FOR ADMISSION COMPANY MATTERS BOARD NO.II.	NEXT DATE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
4	23/07/2007	17	-	FOR ADMISSION COMPANY MATTERS BOARD NO.II.	NEXT DATE	· HONOURABLE MR.JUSTICE JAYANT PATEL
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	COMPANY PETITION/289/2003	· HONOURABLE MR.JUSTICE MOHIT S. SHAH	14/11/2003	N	ORDER	-	Y
2	COMPANY PETITION/289/2003	· HONOURABLE MR.JUSTICE ANANT S. DAVE	10/07/2006	N	ORDER	-	Y
3	COMPANY PETITION/289/2003	· HONOURABLE MR.JUSTICE M.R. SHAH	15/01/2007	N	ORDER	-	Y
4	COMPANY PETITION/289/2003	· HONOURABLE MR.JUSTICE JAYANT PATEL	01/08/2007	N	ORDER	-	Y

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10230392	12/09/2013 *	1,158,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	B86411105
2	10231444	08/06/2010	1,157,900,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, DENA BANK BUILDING, 1S  T FLOOR 17 HORNIMAN CIRCLE FORT, MUMBAI, Maharashtra - 400023, INDIA	A90583964
3	10145016	21/01/2010 *	2,210,500,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	A79810206
4	10108561	22/05/2008	12,000,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA,86C,TOPSIA ROAD (SOUTH),, KOLKATA, West Bengal - 700046, INDIA	A40746091
5	10029618	08/12/2006	1,340,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA,86C,TOPSIA ROAD (SOUTH),, KOLKATA, West Bengal - 700046, INDIA	A08376246
6	10012975	03/08/2006	1,000,000.00	INDIAN OVERSEAS BANK	SECTOR :16, GH-ROAD, GANDHINAGAE, Gujarat - 382016, INDIA	A03252061
7	80032484	18/03/2008 *	708,100,000.00	CENTRAL BANK OF INDIA LIMITED	CHANDERMUKHI,, NARIMAN POINT,, MUMBAI, Maharashtra - 400020, INDIA	A37615259
8	80043460	19/07/1999	2,500,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	BALLARD ESTATE, MUMBAI, Maharashtra - 400038, INDIA	-
9	80042699	18/03/2008 *	51,600,000.00	CENTRAL BANK OF INDIA LIMITED	M.G.ROAD, PORBANDAR, GUJARAT, Gujarat - 360561, INDIA	A37611191
10	80042413	31/10/2007 *	403,866,000.00	IFCI LIMITED	IFCI TOWER61 NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA	A38152310

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE 1^ST QUARTER ENDED 30^TH SEPTEMBER, 2014

(STANDALONE RESULTS)

S.NO.	PARTICULAR	Standalone
		Quarter Ended		Half yearly Ended
		30.09.2014	30.06.2014	30.09.2014
		Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)	1259.528	1632.430	2891.958
	b. Other Operating Income	14.278	15.266	29.544
	Total Income from Operations (Net)	1273.806	1647.696	2921.502
2	Expenditure
	a. Cost of material Consumed	86.566	166.265	252.831
	b. Purchase of Stock-in trade	56.715	34.559	91.274
	e. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	(3.671)	40.468	36.797
	f. Employees Benefit Expenses	84.003	94.491	178.494
	g. Depreciation and Amortisation Expenses	33.158	183.901	217.059
	f. stores and Repairs Expenses	265.450	131.463	396.913
	h. Freight Expenses	132.322	160.835	293.157
	g. Power and fuel Expenses	355.401	422.593	777.994
	f. Other expenses	221.606	212.395	434.001
	Total Expenses	1231.550	1446.970	2678.520
3	Profit from Operations before Other Income, Interest and Exceptional Items	42.256	200.726	242.982
4	Other Income	17.857	43.104	60.961
5	Profit from ordinary activities before finance cost & exceptional items	60.113	243.830	303.943
6	Finance Costs	27.376	24.933	52.309
7	Profit from ordinary activities after finance costs & exceptional items	32.737	218.897	251.634
8	Exceptional items	--	--	--
9	Profit from ordinary activities before tax	32.737	218.897	251.634
10	Tax Expense	13.430	61.943	75.373
11	Net Profit from ordinary activity after tax	19.307	156.954	176.261
12	Extraordinary Items	--	--	---
13	Net Profit After Tax	19.307	156.954	176.261
14	Paid-up equity share capital (face value of Rs.10 per share)	511.911	511.911	511.911
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year
16	Earning Per Share (of Rs.10 each) (not annualized)
	Basic/ Diluted EPS	0.33	3.02	3.36
A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares	18216204	18216204	18216204
	- Percentage of shareholding	35.58%	35.58%	35.58%
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares	32759283	32759283	32759283
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	99.35%	99.35%	99.35%
	- Percentage of shareholding (as a % of the total share capital of the company)	63.99%	63.99%	63.99%
	b) Non-encumbered
	- No. of shares	215578	215578	215578
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	0.65%	0.65%	0.65%
	- Percentage of shareholding (as a % of the total share capital of the company)	0.43%	0.43%	0.43%

B	Investor Complaints	Pending at the beginning of the quarter	Received during the quarter	Disposed of during the quarter	Remaining unresolved at the end of the quarter
		NIL	NIL	NIL	NIL

SOURCES OF FUNDS	As on 30.09.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	581.702
(b) Reserves & Surplus	1293.770
(2) Minority Interest	0.000
	1875.472
(3) Non-Current Liabilities
(a) long-term borrowings	114.444
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	74.386
(d) long-term provisions	90.573
	279.403
(4) Current Liabilities
(a) Short term borrowings	44.668
(b) Trade payables	306.836
(c) Other current liabilities	1473.710
(d) Short-term provisions	94.442
	1919.656
TOTAL	4073.531
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	2307.997
(b)Goodwill on Consolidation	0.000
(c) Non-current Investments	188.019
(d) Deferred tax assets (net)	12.712
(e) Long-term Loan and Advances	126.073
(f) Other Non-current assets	33.878
	2668.679
(2) Current assets
(a) Current investments	0.000
(b) Inventories	595.311
(c) Trade receivables	186.547
(d) Cash and cash equivalents	437.094
(e) Short-term loans and advances	162.663
(f) Other current assets	23.237
	1404.852
TOTAL	4073.531

FIXED ASSETS

• Freehold land
• Leasehold land
• Buildings
• Jetty – civil works
• Railway siding and weigh bridge
• Water supply installation
• Electric installation
• Plant and machinery
• Rolling stock and locomotives
• Furniture and fixtures
• Office equipments
• Motor cars, trucks etc.
• Air conditioner

NEW

SAURASHTRA CEMENT SOARS 20% SECOND STRAIGHT DAY ON STRONG Q1 EARNINGS

Saurashtra Cement was locked in upper circuit for second day in a row, up 20% at Rs 53.40, after reporting nearly six-fold jump in net profit at Rs 156.900 millions for the first quarter (April-June) of current fiscal, on the back of strong realizations. The company had registered a profit of Rs 27.200 millions in the same quarter last year.

The Gujarat-based company had reported profit of Rs 206.500 millions during the entire previous financial year ended March 31, 2014

Net sales of the company during the quarter under review grew 60% to Rs 1630.000 millions from Rs 1020

00 millions in the corresponding quarter of previous year. Export sales nearly double to Rs 270.000 millions from Rs.140.000millions.

EBIDTA or operating margin improved substantially to 23% from 12% during the recently concluded quarter.

The stock has zoomed 44% in past two trading sessions from Rs 37.10 on August 4, have seen huge trading volumes. Till 1220 hours, around 333,000 shares already changed hands as against an average sub 60,000 shares that were traded daily in past two weeks on BSE. There are pending buy orders for 73,000 shares, data shows.

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.63.63
UK Pound	1	Rs.98.97
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		21

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.