MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	SHREE CEMENT LIMITED
Registered Office :	Bangur Nagar, Bewar – 305901, District Ajmer, Rajasthan, India
Country :	India
Financials (as on) :	30.06.2014
Date of Incorporation :	25.10.1979
Com. Reg. No.:	55 - 001935
Capital Investment / Paid-up Capital :	Rs.348.400 Millions
CIN No.: [Company Identification No.]	L26943RJ1979PLC001935
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	JDHS01295A
PAN No.: [Permanent Account No.]	AACCS8796G
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturing and Marketing of Cement
No. of Employees :	3778 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well – established company having excellent track record. The rating reflects company’s healthy financial risk profile marked by comfortable liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	No Convertible Debenture = AA+
Rating Explanation	High degree of safety and low credit risk.
Date	April 28, 2014

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 DENIED

MANAGEMENT NON – CO – OPERATIVE (91-33-22309601)

LOCATIONS

Registered Office :	Bangur Nagar, Bewar – 305901, District Ajmer, Rajasthan, India
Tel. No.:	91-1462-228101/ 06
Fax No.:	91-1462-228117/ 19
E-Mail :	sclbwr@shreecementltd.com shreebwr@shreecementltd.com
Website :	www.shreecement.in
Corporate Office :	21, Strand Road, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22390601/ 05
Fax No.:	91-33-22434226
E-Mail :	sclcal@shreecementltd.com
Plant Locations :
Integrated Cement Units And Power Plants:
Factory 1 :	Unit I and II Bangur Nagar, Bewar – 305901, District Ajmer, Rajasthan, India
Tel. No.:	91-1462-228101/ 06
Fax No.:	91-1462-228117/ 228119
E-Mail :	shreebwr@shreecementltd.com
Factory 2 :	Unit III to VII Bangur City, Ras, Tehsil jaitaran-306107, District Pali, Rajasthan (India)
Tel. No.:	91-1462-228101-06
Fax No.:	91-1462-228117/ 228119
E-Mail :	shreebwr@shreecementltd.com
Factory 3 :	Khushkhera Cement Grinding Units Plot No. SP 3-II, A-1, RIICO Industrial Area, Khushkhera (Bhiwandi) – 301707, District Alwar, Rajasthan, India
Tel. No.:	91-1493-250521/ 22/23/ 24
Fax No.:	91-1493-517227
Factory 4 :	Suratgarh Cement Grinding Units Near N.H. 15, Udaipur Udasar, Tehsil: Suratgarh, Distt.: Sriganganagar, Rajasthan, India
Factory 5 :	Jobner (Jaipur) Cement Grinding Units Mahela - Jobner Road, Village: Aslapur, Distt.: Jaipur, Rajasthan, India
Factory 6 :	Laksar (Roorkee) Cement Grinding Units Akbarpur – Oud, Distt.: Haridwar, Uttrakhand, India
Factory 7 :	Aurangabad: Industrial Growth Centre, Biada, Near Jasoia More, Post: Mojurahi, Distt.: Aurangabad, Bihar
Projects Under Implementation:
Factory 8:	Baloda Bazar: Village Khapradih, Tehsil- Simga Distt.: Balodabazar, Chhattisgarh - 493 332
Factory 9 :	Bulandshahr: 12, Sikandrabad Industrial Area, Sikandrabad, Distt.: Bulandshahr, Uttar Pradesh - 203 205
Marketing Office :	Shree Ultra Cement 122-123, Hans Bhawan, 1, Bhadur Shah Zafar Marg, New Delhi-110002
Tel. No.:	91-11-23370828/ 23379218/ 23370776
Fax No.:	91-11-23370499
E-Mail:	scldel@shreecementltd.com
Marketing Office :	Bangur Cement 6B, 6 Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi-110001, India
Tel. No.:	91-11-23702794/ 96
E-Mail :	sharmaps@bangurcement.com
Marketing Office :	Rockstrong Cement 10-A, DCM Building, 16 - Barakhamba Road, Connaught Place, New Delhi - 110 001, India
Tel. No.:	91-11-23731084/ 85
Fax No.:	91-11-23731084
Marketing Office :	SB-187, 2nd Floor, Shree Corporate Tower Opp. Rajasthan University, JLN Marg, Jaipur - 302 015, Rajasthan, India
Tel. No.:	91-141-6611200
Fax No.:	91-141-6611219
Marketing Office :	SB-187, 3rd Floor, Shree Corporate Tower Opp. Rajasthan University, JLN Marg, Jaipur - 302 015, Rajasthan, India
Tel. No.:	91-141-6611000/6611322
Fax No.:	91-141-6611315
Marketing Office :	SB-187, 4th Floor, Shree Corporate Tower, Opp. Rajasthan University, JLN Marg, Jaipur - 302 015, Rajasthan, India
Tel. No.:	91-141-6611000
Fax No.:	91-141-6611421

DIRECTORS

As on 30.06.2014

Name :	Mr. B. G. Bangur
Designation :	Executive Chairman
Date of Birth/Age :	80 Years
Qualification :	B. Com
Name :	Mr. H. M. Bangur
Designation :	Managing Director
Date of Birth/Age :	60 Years
Qualification :	Chemical Engineer
Name :	Mr. R. L. Gaggar
Designation :	Director
Date of Birth/Age :	81 Years
Qualification :	B.A. (Hons), L.L.B.
Name :	Mr. O. P. Setia
Designation :	Director
Date of Birth/Age :	76 Years
Qualification :	M.Com, CA.I.I.B
Name :	Mr. Shreekant Somany
Designation :	Director
Date of Birth/Age :	66 Years
Qualification :	B. Sc.
Name :	Mr. Y. K. Alagh
Designation :	Director
Date of Birth/Age :	75 Years
Qualification :	Doctoral and Master Degree in Economics
Name :	Mr. Nitin Desai
Designation :	Director
Date of Birth/Age :	73 years
Qualification :	Master’s degree in Economics
Name :	Mrs. Leena Srivastava
Designation :	Director
Date of Birth/Age :	54 years
Qualification :	Masters in Economics and Doctoral Degree in Energy Economics
Name :	Shri Ramakant Sharma
Designation :	Director
Date of Birth/Age :	70 Years
Qualification :	B. Sc.

KEY EXECUTIVES

Name :	Shri Subhash Jajoo
Designation :	Chief Finance Officer
Name :	Mr. Ashok Bhandari
Designation :	Chief Finance Officer
Name :	Shri S.S. Khandelwal
Designation :	Company Secretary and Chief Risk & Compliance Officer
Name :	Shri Alyque Padamsee
Designation :	Advertising Consultant
SENIOR EXECUTIVES:
Name :	Shri Malay Kumar Paul
Designation :	Vice President (Internal Audit)
Name :	Shri Sanjay Jain
Designation :	Vice President (Operations)
Name :	Shri Anil Shukla
Designation :	Vice President (Purchase)
Name :	Shri S.P. Nema
Designation :	Vice President(Project - Technical)
Name :	Shri Manoj Kumar Mahla
Designation :	Vice President (P&A)
Name :	Mr. Diwarkar Payal
Designation :	President (Marketing)
Name :	Mr. Prakash. Narayan. Chhangani
Designation :	President (Works)
Name :	Mr. Kuldeep Verma
Designation :	Assistant President (Marketing)
Name :	Mr. Shrinath Savoor
Designation :	Senior Vice President (Strategy)
Name :	Mr. Sanjay Mehta
Designation :	Assistant President (Commercial) and Chief Happiness and Friendship Officer
Name :	Mr. K. C. Gandhi
Designation :	Assistant President(Material Management)
Name :	Mr. Surinder Kumar Gupta
Designation :	Senior Vice President (Project)
Name :	Mr. Arvind Khicha
Designation :	Vice President (Commercial)
Name :	Mr. Ravi Kant Tiwari
Designation :	Joint Vice President (Liaison)
Name :	Mr. Himanshu Dewan
Designation :	Vice President ( Marketing)
Name :	Mr. Manmohan Rathi
Designation :	Vice President (Power Plant)
Name :	Mr. Anil Kumar Gupta
Designation :	Assistant Vice President (Project - Civil)
Name :	Mr. Surendra Kumar Soni
Designation :	Assistant Vice President (Sales Accounts)
Name :	Mr. Yogesh Mehta
Designation :	Assistant Vice President (Logistics)
Name :	Mr. Suresh Chandra Maheshwari
Designation :	Assistant Vice President (Operations)
Name :	Mr. Shanti Lal Bhansali
Designation :	Assistant Vice President (Legal)
Name :	Mr. Subhash Chandra Suthar
Designation :	Vice President (Mines)
Name :	Mr. Rakesh Bhargava
Designation :	Vice President (R&D) and Chief Climate & Sustainability Officer
Name :	Mr. Vinay Saxena
Designation :	Joint Vice President [Operations]
Name :	Mr. R. K. Agarwal
Designation :	Joint Vice President (projects)
Name :	Mr. Narip Bajwa
Designation :	Joint Vice President ( Marketing)
Name :	Mr. Rajni Kant Manawat
Designation :	Joint Vice President (Operations and Grinding Units)
Name :	Mr. Surendra Raj Singhvi
Designation :	Vice President (P&A)
Name :	Mr. Anil Kaushik
Designation :	Assistant Vice President ( Marketing)
Name :	Mr. Ram Narayan Dani
Designation :	Assistant Vice President (Costing and MIS)
Name :	Mr. Nemi Chand Jain
Designation :	Assistant Vice President (Finance)
Name :	Mr. Kamlesh Kumar Jain
Designation :	Assistant Vice President (Accounts and Contract Cell)
Name :	Mr. Kamal Kishore Talwar
Designation :	Assistant Vice President (Shree Marketing)
Name :	Mr. Sunil Kumar Gupta
Designation :	Assistant Vice President [Project Accounts (Raipur) ]
Name :	Mr. Arun Kumar Srivastav
Designation :	Assistant Vice President (Project)
Name :	Mr. Sharad Rajvanshi
Designation :	Assistant Vice President (Shree Marketing)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(1) Indian
Individuals / Hindu Undivided Family	1074484	3.08
Bodies Corporate	21495313	61.70
Sub Total	22569797	64.79
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	22569797	64.79
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1937642	5.57
Financial Institutions / Banks	10717	0.06
Insurance Companies	7863	0.02
Foreign Institutional Investors	3704198	10.63
Qualified Foreign Investor	139900	0.40
Sub Total	5800320	16.69
(2) Non-Institutions
Bodies Corporate	1488882	4.32
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	757818	2.85
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	150005	0.43
Any Others (Specify)	133991	10.92
Non-Resident Indians	76443	0.42
Overseas Corporate Bodies	3500	0.01
Foreign Corporate Bodies	0	10.33
Directors & their Relatives & Friends	25	0.00
Clearing Members	24836	0.07
Trusts	29187	0.08
Sub Total	2530696	18.52
Total Public shareholding (B)	8331016	35.21
Total (A)+(B)	30900813	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)	30900813	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Cement

Products :

Product Description	Item Code (ITC Code No.)
Cement	2523.29

Brand Names :

• Shree Ultra
• Bangur Cement
• Rockstrong Cement

Agencies Held :

Not Available

Exports :

Not Applicable

Imports :

Not Applicable

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 :

3778 (Approximately)

Bankers :

· State Bank of Bikaner and Jaipur

· State Bank of India

· ICICI Bank Limited

· Axis Bank Limited

· DBS Bank Limited

· Standard Chartered Bank

· HDFC Bank Limited

· BNP Paribas

· The Bank of Tokyo-Mitsubishi UFJ Limited

· J P Morgan Chase Bank

Facilities :

Secured Loan	30.06.2014 (Rs. in Millions)	30.06.2013 (Rs. in Millions)
Long term Borrowing
Redeemable Non-Convertible Debentures
2,000 (Previous year 2,000 ) 8.42% NCDs of Rs. 1.000 millions	2000.000	2000.000
Term Loans from Banks	2465.200	2430.800
Vehicle Loan from Others	1.600	0.000
Short term Borrowing
Loan Repayable on Demand from Banks	808.400	1108.200
Suppliers Credit from Bank	786.000	0.000
Bank and Book Overdraft	321.600	319.100
Total	6382.800	5858.100

Note:

LONG TERM BORROWING

Non-Convertible Debentures

• These debentures (redeemable at par) are secured by joint equitable mortgage over all the immovable assets and by way of hypothecation of all the movable fixed assets on the first charge basis, pari pasu with other term lenders. These debentures are also secured by a legal mortgage over immovable property of the Company situated at Jamnager (Gujarat).

Term Loans from Banks

• The Term loan is secured by joint equitable mortgage on all the immovable assets and by way of hypothecation of all the movable assets ranking subsequent and subservient to the prior mortgages and charges created/ to be created in favour of banks and institutions for their various term loans and working capital facilities.

• These all Term loans from Banks are secured by joint equitable mortgage on all the immovable fixed assets and by way of hypothecation of all the movable fixed assets of the Company on the first charge basis, pari pasu with other term lenders. The above charge(s) rank pari passu inter-se among these Lenders.

• Secured by Hypothecation of all movable fixed assets of the Company on first charge basis, pari passu with other term lenders.

Vehicle Loan from Others

• Secured by Hypothecation of the vehicle

SHORT TERM BORROWING

• Demand loans and suppliers credit from banks are secured by hypothecation of inventories of stock-in-trade, stores & spares, book-debts and all other current assets of the Company on First charge basis and on whole of movable fixed assets of the Company on second charge basis and also secured by joint equitable mortgage on all the immovable assets of the Company on second charge basis.

• Bank Overdraft is secured against pledge of Fixed Deposits and payable on demand

Auditors :
Name :	B. R Maheswari and Company Chartered Accountant
Address :	M-118, Con Circus, New Delhi – 110 001, India
Tel. No.:	91-11-43402222 / 23416341 / 8130 / 5870
Fax No.:	91-11-23415796
Email :	brmc@brmco.com
Cost Auditors:
Name :	K G Goyal and Associates Chartered Accountant
Address :	Jaipur, India
Internal Auditors:
Name :	P K Ajemera and Company Chartered Accountant
Address :	Ahmedabad, Gujarat, India
Subsidiary Company:	Shree Global Private Limited Katni Industries Private Limited
Enterprises over which Key Management Personnel (KMP) are able to exercise significant influence :	The Kamla Company Limited Shree Capital Services Limited Aqua Infra Project Limited Shri Venkatesh Ayurvedic Aushadhalaya Asish Creations Private Limited Alfa Buildhome Private Limited

CAPITAL STRUCTURE

As on: 30.06.2014

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs. 600.000 Millions
1500000	Cumulative Preference Shares	Rs.100/- each	Rs. 150.000 Millions
	Total		Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34837225	Equity Shares	Rs.10/- each	Rs. 348.400 Millions

Details of shareholders' holding more than 5% shares in the company:

Name of Shareholders	No. of Shares	% Of Holding
Shree Capital Services Limited	8984155	25.79
Digvijay Finlease Limited	4234780	12.16
FLT Limited	3600000	10.33
Mannakrishna Investment Private Limited	2042824	5.86

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Board of Directors, in its meetings held on 27th January, 2014 and 25th August, 2014 declared interim dividend of Rs.10 and Rs.12 per equity share respectively.

As no fresh issue of shares or reduction in capital was made during the current year as well as during the previous year, hence there is no change in the opening and closing capital. Accordingly, reconciliation of share capital has not been given.

The Equity Shares of the Company are listed at Bombay Stock Exchange Limited and National Stock Exchange of India Limited and the annual listing fees has been paid for the year.

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2014	30.06.2013	30.06.2012 (15 Months)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	348.400	348.400	348.400
(b) Reserves & Surplus	46760.300	38088.100	26990.900
(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)	47108.700	38436.500	27339.300
(3) Non-Current Liabilities
(a) long-term borrowings	4466.800	4430.800	8177.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6528.800	4382.300	3696.900
(d) long-term provisions	190.100	181.600	174.100
Total Non-current Liabilities (3)	11185.700	8994.700	12048.400
(4) Current Liabilities
(a) Short term borrowings	6315.900	5343.000	1433.300
(b) Trade payables	1875.300	807.400	5842.900
(c) Other current liabilities	5805.200	7124.200	11282.600
(d) Short-term provisions	996.300	895.400	1779.500
Total Current Liabilities (4)	14992.700	14170.000	20338.300
TOTAL	73287.100	61601.200	59726.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21937.700	17819.400	15205.900
(ii) Intangible Assets	0.000	0.000	4.700
(iii) Capital work-in-progress	7585.000	1333.300	967.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15193.200	15014.600	13352.000
(c) Deferred tax assets (net)	1428.600	937.700	697.400
(d) Long-term Loan and Advances	3823.700	3778.900	2053.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	49968.200	38883.900	32280.300
(2) Current assets
(a) Current investments	7250.700	7018.300	12000.000
(b) Inventories	8097.800	5304.800	5033.200
(c) Trade receivables	2965.900	3146.600	1810.800
(d) Cash and cash equivalents	1592.700	3793.700	4589.700
(e) Short-term loans and advances	3068.500	3161.100	3626.800
(f) Other current assets	343.300	292.800	385.200
Total Current Assets	23318.900	22717.300	27445.700
TOTAL	73287.100	61601.200	59726.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2014	30.06.2013	30.06.2012 (15 Months)
	SALES
		Income	58873.100	55902.500	58981.200
		Other Income	1849.400	1883.300	1627.800
		TOTAL (A)	60722.500	57785.800	60609.000
Less	EXPENSES
		Cost Of Materials Consumed	4638.600	4065.600	5790.400
		Purchases Of Stock-In-Trade	0.000	0.000	1.800
		Changes In Inventories Of Finished Goods, Work-In-Progress And Stock-In-Trade	(163.700)	(159.700)	186.900
		Power And Fuel	13787.000	14793.500	14998.700
		Employees Benefits Expense	3953.000	3380.100	3194.900
		Freight And Forwarding Expenses	11905.400	9150.100	10063.500
		Exertional Item	805.100	10.600	123.400
		Captive Consumption Of Cement	(270.200)	(97.400)	(52.500)
		Other Expenses	11124.800	9161.100	8339.900
		TOTAL (B)	45780.000	40303.900	42647.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14942.500	17481.900	17962.000
Less	FINANCIAL EXPENSES (D)		1291.900	1931.400	2353.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13650.600	15550.500	15608.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5499.100	4356.300	8730.900
	PROFIT BEFORE TAX (E-F) (G)		8151.500	11194.200	6877.500
Less	TAX (I)		279.100	1154.500	692.500
	PROFIT AFTER TAX (G-I) (J)		7872.400	10039.700	6185.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11142.800	10916.100	11390.900
Less	APPROPRIATIONS
		Transferred to General Reserve	5500.000	9000.000	2850.000
		Transferred to Special Reserve	3948.000	0.000	3000.000
		Interim Dividends on Equity Shares	766.500	278.700	418.100
		Tax on Interim Dividends	130.300	45.200	67.800
		Proposed Final Dividend on Equity Shares	0.000	418.100	278.700
		Tax on Final Dividend	0.000	71.000	45.200
		Total (M)	10344.800	9813.000	6659.800
	BALANCE CARRIED TO THE B/S		8670.400	11142.800	10916.100
	IMPORTS
	Raw Materials		24.400	114.900	0.000
	Capital Goods		2312.700	739.300	179.900
	Fuel		10558.000	5412.700	7658.500
	Stores, Spare parts and components		180.400	231.400	172.700
	TOTAL IMPORTS		13075.500	6498.300	8011.100
	Earnings Per Share (Rs.)		225.98	288.19	177.54

.

KEY RATIOS

PARTICULARS		30.06.2014	30.06.2013	30.06.2012 (15 Months)
Net Profit Margin (PAT / Sales)	(%)	13.37	17.96	10.49
Operating Profit Margin (PBIDT/Sales)	(%)	25.38	31.27	30.45
Return on Total Assets (PBT/Total Assets}	(%)	16.61	25.26	15.38
Return on Investment (ROI) (PBT/Networth)		0.17	0.29	0.25
Debt Equity Ratio (Total Debt /Networth)		0.23	0.25	0.35
Current Ratio (Current Asset/Current Liability)		1.56	1.60	1.35

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.06.2012 (15 Months)	30.06.2013	31.06.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	348.400	348.400	348.400
Reserves & Surplus	26990.900	38088.100	46760.300
Net worth	27339.300	38436.500	47108.700
long-term borrowings	8177.400	4430.800	4466.800
Short term borrowings	1433.300	5343.000	6315.900
Total borrowings	9610.700	9773.800	10782.700
Debt/Equity ratio	0.352	0.254	0.229

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.06.2012 (15 Months)	30.06.2013	31.06.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	58981.200	55902.500	58873.100
		(5.220)	5.314

NET PROFIT MARGIN

Net Profit Margin	30.06.2012 (15 Months)	30.06.2013	31.06.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	58981.200	55902.500	58873.100
Profit	6185.000	10039.700	7872.400
	10.49%	17.96%	13.37%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	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

LITIGATION DETAILS:

Date of query	22.12.2014
Time	11:11:27 AM
EXCIA “12” OF 2014 - R	3089/2014
Petitioner	COMMISSIONER CENTRAL EXCISE JAIPUR II
Respondent	SHREE CEMENT LIMITED
Petitioner Advocate	AJAY SHUKLA
Respondent Advocate	ANUROOP SINGHI
Class Code	1304
Registered on	21.06.2014
Bench	DB
Stage	FOR ADMISSION-NOTICE NOT ISSUED
DATE GIVEN BY	PESHI CLERK DATE

MANAGEMENT DISCUSSION AND ANALYSIS:

INDIAN ECONOMY – 2013-14 AND FUTURE OUTLOOK:

Indian economy grew at 4.7% during 2013-14 (April to March) compared to 4.5% growth achieved in 2012-13. Economic growth continued to face challenges in terms of depreciating rupee, persistent inflation and overall uncertain political and economic environment. This adversely impacted the investment climate and overall growth.

Of late, however, a positive environment has started emerging in the country with rising capacity inflows and a feeling of optimism after the formation of new Government with adequate mandate at the Centre. The new Government has indeed shown its resolve and has started taking steps towards economic revival by speeding up project approvals and announcing new investment proposals. The changed economic atmosphere indicates a sense of confidence and a positive turnaround in the economic situation towards high growth albeit in a gradual manner.

The path to economic recovery though is not without challenges, stubbornly high inflation being among the prime concerns. High inflation limits room to ease monetary policy, which is necessary to boost economic revival. Overall weak monsoon in the country till now also adds to the worries even as prospects of Kharif crop are not good. Any drop in agriculture growth may hamper overall growth. The good news is that the Central Government and Reserve Bank of India have shown their resolve to tackle these challenges. One therefore, hopes, with cautious optimism, that year 2014-15 will be the beginning of another period of sustained economic growth for the country.

CEMENT INDUSTRY – DEVELOPMENTS AND OUTLOOK:

Cement industry continued to witness surplus capacity as well as lack of demand momentum during year 2013 14. The cement demand is estimated to have grown at about 3% during April 2013 to March 2014 as against 6% clocked in the same period last year. High interest rates, declining investment in industrial and infrastructure projects and poor real estate demand resulted in slackening growth in cement consumption. On the other hand, new capacity addition still continued thereby increasing the pressure of over-supply situation. The pricing situation which remained subdued in first half of the year improved in the second half. For the year as a whole, price realizations remained almost same as they were in the previous year. The industry also had to deal with increasing transportation cost due to consistent increase in diesel prices. As a result, operating margins were down during the year.

Going forward, the cement demand situation is expected to improve. A stable government at the Centre is expected to bring about a structural change in the economy which is likely to speed up the economic growth. The new Government has displayed its intention of focus on providing affordable housing and rapid development of infrastructure. It has announced development of 100 new smart cities with better facilities, connectivity and environment. There are indications that the Government is considering greater use of cement in highways development. Major capacity additions are behind us and new capacity addition has now slowed down. Further, the per capita consumption of cement in India at 194 Kg is still quite low and provides good scope of improvement. All these factors point towards better prospects for the cement industry, going forward.

POWER SECTOR – CURRENT SCENARIO AND OUTLOOK:

Indian power sector is in a peculiar situation where on one end, many of the power generators face problem of poor offtake while on the other end consumers in many areas face regular power cuts. This is mainly because of two reasons. One, there are severe transmission constraints which restrict flow of power from surplus areas to deficit regions. Second, the poor financial health of the distribution utilities because of which they have a tendency of resorting to power cuts than meeting their supply commitment. There is, therefore, an need to step up investment in the transmission sector to enable congestion free flow of power. Also, Distribution Companies need to be allowed to charge remunerative tariff from the consumers. Although, over last one or two years, many of the state utilities have indeed increased their tariffs, there is more action needed on their part to bridge the gap. Timely release of subsidies from State Government to utilities can enable them to make timely investment on their distribution system thereby reducing their losses as well as enabling them to procure power to meet their supply commitment.

The Company is into power market which is characterized by short term power sale of up to 12 months or less as well as day to day trading on Energy Exchange platform. In view of transmission bottlenecks and lack of buying by power utilities, power prices continued to remain subdued.

The new Central Government has promised to ensure 24 hours supply to all the consumers and has shown its commitment to take necessary actions in this respect. This bodes well for the future of power sector.

PERFORMANCE HIGHLIGHTS:

The Company achieved a respectable growth of 15% in its cement volumes during year 2013-14 as against close to 3% clocked by the industry. Total cement revenue thus grew by 15% during the year. On the cost front, the freight costs per tonne were up by 13% due to increase in diesel prices and railway freight. Raw materials cost per tonne increased marginally by 1%. The power and fuel costs per tonne were however down by 1% during the year. The price realizations were up marginally by around 1% mainly because of competitive market conditions and slack growth in cement demand. The operating profit of the Company remained almost same at Rs.15090.000 Million as against Rs. 14960.000 Million in the previous year.

The Company’s consistent efforts to step up its supplies helped it to increase its all India market share which rose to 5.35% as against 4.95% in the previous year. In order to further enhance its market share, the Company has stepped up its marketing activities in the Eastern India markets. The production from the company’s unit in Chhattisgarh is going to hit the market soon. As such, the higher marketing effort will help the Company shore up its presence in this market.

Power Business:

The total installed power generation capacity of the Company has increased to 597 MW. The Company uses part of the power generated for captive consumption and sells the balance in the market.

Total power generation from all the power plants during the year stood at 2910 Million Units (MUs) as against 3569 MUs during the previous year. The year was a challenging period for power sale. On one hand, there was intense competition from other suppliers in the short term power market and on the other, power distribution utilities reduced power purchases on account of their poor financials. This led to fall in prices in the short term power market, making power sale a difficult proposition. As a result, total power sale came down by 29% from 2610 MUs to 1860 MUs during the year.

Apart from selling power generated from Company’s power plants, the power trading division carries out trading activities for other parties as well. The power trading activities generated an income of Rs.31.800 Million during the year against Rs.31.200 Million in the previous year. Total revenues from power sale and power trading activities came down by 38% from Rs.10460.000 Million in 2012-13 to Rs.6430.000 Million in 2013-14.

NEW PROJECTS:

As a result, total cement capacity of the Company now stands increased from 13.50 Million Tonnes Per Annum (MTPA) to 17.50 MTPA.

The work on setting up an integrated unit (clinkerization cum grinding) of 2.0 MTPA at Baloda Bazar, near Raipur in Chhattisgarh is going on in full swing and is scheduled for completion by March 2015. A Cement Grinding unit of 2.0 MTPA in Bulandshahr of Uttar Pradesh is also being set up which is scheduled to be completed by December 2015. The Company has also planned to manufacture Aerated Autoclave Concrete (AAC) blocks at this site which is a high quality and lightweight building material. This project is a forward integration of its cement plant and will replace the use of red clay bricks used in construction.

The Company intends to add more grinding capacity in Northern and Eastern India and has initiated steps for identifying suitable locations in this regard.

AWARDS AND ACCOLADES:

1. BEST OVERALL SUSTA INABILITY AWARD 2013-14:

The Company was honored with the Best Overall Sustainable Performance Award 2013-14, in recognition of overall sustainability performance of the Company. The award was hosted by World CSR Congress. The award was presented by Dr. Bhaskar Chatterjee, Director General of Indian Institute of Corporate Affairs.

2. “DREAM COMPANY TO WORK FOR” AWARD

The Company has been honoured with this prestigious award in the Infrastructure Section by World HRD Congress. The Award is in recognition of the Company’s inclusive business practices across social, environmental, product responsibility, innovation and sustainability dimension.

3. NATIONAL AWARD FOR QUAL ITY EXCELLENCEFROM NCCBM:

The Company has been awarded the Second Best Quality Excellence award for the year 2011-12 & 2012-13 by National Council for Cement and Building Material (NCCBM), New Delhi for adopting cost effective, efficient and cleaner methods for producing cement such as maximizing the use of alternative fuels, establishing energy efficiency, achieving customer satisfaction, adopting modernized techniques and maintaining transparency in its business approach. The award was presented by Shri Taleen Kumar, Jt. Secretary, Department of Industrial Policy & Promotion and Government of India.

UNSECURED LOAN:

Particulars	30.06.2014 (Rs. in Millions)	30.06.2013 (Rs. in Millions)
Buyers Credit from Banks	4399.900	3915.700
Total	4399.900	3915.700

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10494754	25/06/2014 *	550,000,000.00	JP MORGAN CHASE BANK, N.A.	JP MORGAN TOWER,, OFF CST ROAD, KALINA, SANTACRUZ-EAST, MUMBAI, MAHARASHTRA - 400098, INDIA	C11602018
2	10475537	29/04/2014 *	1,250,000,000.00	BNP PARIBAS	AVANI SIGNATURE OFFICE NO. II, 3RD FLOOR,, 91A/1 PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	C04303442
3	10357416	25/06/2014 *	495,000,000.00	THE BANK OF TOKYO-MITSUBISHI UFJ LIMITED.	3 JEEVAN VIHAR BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	C11198520
4	10287878	14/05/2011	920,000,000.00	STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGE NT)	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B13285408
5	10285091	29/04/2014 *	898,200,000.00	STANDARD CHARTERED BANK	STANDARD CHARTERED BANK, 19, NETAJI SUBHASH ROAD,, ACTING AS SECURITY AGENT OF SCB SINGAPORE, KOLKATA, WEST BENGAL - 700001, INDIA	C04601670
6	10245805	25/06/2014 *	500,000,000.00	DBS BANK LIMITED	4A NANDLAL BASUSARANI,, KOLKATA, WEST BENGAL - 700001, INDIA	C10367373
7	10246602	25/06/2014 *	1,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C10373348
8	10245785	29/04/2014 *	2,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, , PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA	C04466371
9	10208225	03/03/2010	2,000,000,000.00	DEUTSCHE BANK	BROOKE HOUSE, NO. 9, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700071, INDIA	A82021981
10	10205945	29/04/2014 *	1,702,575,000.00	DBS BANK LIMITED	4A NANDLAL BASU SARANI,, KOLKATA, WEST BENGAL - 700001, INDIA	C04568804

* Date of charge modification

Fixed Assets:

· Freehold Land

· Leasehold Land

· Land and Site Development

· Buildings

· Plant and Machinery

· Railway Siding

· Furniture, Fixture and Office Equipments

· Vehicles

· Computer Software

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / SIX MONTH PERIOD ENDED 30^TH SEPTEMBER, 2014

	Quarter Ended		Six Months Ended
PARTICULARS	30.09.2014 (Rs. in Millions) (Reviewed)	30.06.2014 (Rs. in Millions) (Audited)	30.06.2014 (Rs. in Millions) (Audited)
Income From Operations
(a) Net sales / income from operations	16052.500	16513.800	58758.800
(b) Other operating income	28.300	53.400	114.300
Total Income From Operations (net)	16080.800	18567.200	58873.100
Expenses
(a) Cost of material consumed	1374.100	1245.300	4638.600
(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(66.100)	246.300	(163.700)
(c) Employee benefit expenses	1127.500	1014.000	3953.000
(d) Depreciation and amortization expense	2226.500	1538.200	5499.100
(e) Power and fuel	4134.700	3841.600	13787.000
(f) Freight and forwarding expenses	3169.900	3177.200	11905.400
(g) Other expenses	2936.500	2654.600	10854.600
Total expenses	14903.100	13717.200	50474.000
Profit / (Loss) From Operations Before Other Income, Finance Cost and Exceptional Items	1177.700	2850.000	8399.100
Other Income	280.500	514.500	1849.400
Profit / (Loss) From Ordinary Activities Before Finance Cost and Exceptional Items	1458.200	3364.500	10248.500
Finance costs	349.700	307.600	1291.900
Profit / (Loss) From Ordinary Activities Aftear Finance Cost but Before Exceptional Items	1108.500	3056.900	8956.600
Exceptional Items
(a) Impact of decrease in realizable value of inventories	0.000	0.000	0.000
(b) Assets constructed at others Premises W/Off	67.200	19.700	67.800
Profit / (Loss) From Ordinary Activities Before Tax	1041.300	3037.200	8151.500
Tax expense
(a) Current Tax	179.800	700.800	1845.500
(b) Prior Period Tax	0.000	(274.800)	(959.300)
(c) Deferred Tax	(54.700)	(159.000)	(490.900)
(d) MAT Credit Entitlement	(171.900)	0.000	(116.200)
Total	(46.800)	267.000	279.100
Net Profit / (Loss) From Ordinary Activities After Tax	1088.100	2770.200	7872.400
Extraordinary items	0.000	0.000	0.000
Net Profit / (Loss) For The Period	1088.100	2770.200	7872.400
Paid-up Equity Share Capital (Face value Rs. 10 per share)	348.400	348.400	348.400
Reserves excluding Revaluation Reserve as per balance sheet at year ended	0.000	0.000	45750.300
Earnings Per Share
Cash	935.800	1191.100	3697.400
Basic and Diluted	312.300	795.200	2259.800
Debt Service Coverage Ratio
Interest Service Coverage Ratio

SELECT INFORMATION FOR THE QUARTER AND SIX MONTHS ENDED ON 30.09.2014

	Quarter Ended		Six Months Ended
PARTICULARS	30.09.2014 (Rs. in Millions) (Reviewed)	30.06.2014 (Rs. in Millions) (Audited)	30.06.2014 (Rs. in Millions) (Audited)
A. PARTICULARS OF SHAREHOLDING
Public Shareholding
Number of Shares	12267428	12267428	12267428
Percentage of Shareholding	35.21%	35.21%	35.21%
Promoters and Promoter Group Shareholding
(a) Pledged / Encumbered
Number of shares	Nil	Nil	Nil
Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	-	-	-
Percentage of Shares (as a % of the total share capital of the company)	-	-	-
(b) Non-encumbered
Number of Shares	22569997	22569997	22569997
Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
Percentage of Shares (as a % of the total share capital of the company	64.79%	64.79	64.79
B. INVESTOR COMPLAINTS
Pending at the beginning of the quarter	-	-	-
Received during the quarter	2	-	-
Disposed of during the quarter	2	-	-
Remaining unresolved at the end of the quarter	-	-	-

SEGMENT REPORTING

	Quarter Ended		Six Months Ended
PARTICULARS	30.09.2014 (Rs. in Millions) (Reviewed)	30.06.2014 (Rs. in Millions) (Audited)	30.06.2014 (Rs. in Millions) (Audited)
Segment Revenue
a. Cement	14170.700	14896.000	52443.900
b. Power	3482.600	3115.700	12437.000
Total	17653.300	18011.700	64880.900
Less : Inter Segment Revenue	1572.500	1444.500	6007.800
Total Income From Operations (net)	16080.800	16567.200	58873.100
Segment Results (Profit before Finance Cost, Exceptional Items and Taxes)
a. Cement	291.900	2137.000	5213.100
b. Power	923.900	668.400	3476.900
Total	1215.800	2805.400	8689.000
a. Finance Costs	349.700	307.600	1291.900
b. Exceptional Items	67.200	19.700	805.100
c. Other Unallowable expenditure / (Income)	(242.400)	(559.100)	(1559.500)
Profit before tax	1041.300	3037.200	8151.500
Segment Capital Employed
a. Cement	32014.900	30721.600	30721.600
b. Power Unallocated Capital Employed (includes Investments of )	4973.100	5016.300	5016.300
c. Rs. 26183.600 millions as on 31.12.12 (As on 31.12.11 Rs. 14112.000 millions)	23983.100	25370.700	25370.700
Total	60976.100	61108.600	61108.600

NOTES:

1. The above results were taken on record at the meeting of the Board of Directors held on 10^th September 2014. The results have been reviewed by the Statutory Auditors
2. The Board of Director of the Company in Its meeting held on 25^th August, 2014 had declared first interim dividend @RS. 10/- per share on Equity share of Rs. 10 Each for the Year 2014-15. Which was paid to those shareholders who held the share on the record date fixed by Company i.e. 1^st September 2014.
3. The Company has entered into a Business Transfer Agreement with Jai Prakash Associates Limited on 19^th September, 2014 for Acquiring their 1.50 MIPA cement unit satiated at panipal in the state of Haryana on Going concern basis for the consideration of Rs. 3565.000 Millions subject to adjustment for any financial indebtedness and net working capital taken over as of the closing date and obtaining necessary improvable and consent. Both the parties are in the process of obtaining necessary approvals and meeting the conditions precedents.
4. Depreciation and amortization expenses for Cement and Power segment is as under:

	Quarter Ended		Six Months Ended
PARTICULARS	30.09.2014 (Rs. in Millions) (Reviewed)	30.06.2014 (Rs. in Millions) (Audited)	30.06.2014 (Rs. in Millions) (Audited)
Segment Revenue
a. Cement	2073.400	1380.600	4723.600
b. Power	153.100	157.600	775.500
Total	2226.500	1538.200	5499.100

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.63.65
UK Pound	1	Rs.98.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

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.