MIRA INFORM REPORT

Report Date :

22.07.2014

IDENTIFICATION DETAILS

Name :	ULTRATECH CEMENT LIMITED
Registered Office :	B-Wing, 2^nd Floor, Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.08.2000
Com. Reg. No.:	11-128420
Capital Investment / Paid-up Capital :	Rs.2741.800 Millions
CIN No.: [Company Identification No.]	L26940MH2000PLC128420
IEC No.:	27710299627
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03782C/ KLPU00481F/ NGPU01449A/ MUMU05433B
PAN No.: [Permanent Account No.]	AAACL6442L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Cement and Cement Related Products and also Manufacturer of Ready Mix Concrete (RMC).
No. of Employees :	13117 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

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 part of Aditya Birla Group. It is a well-established and reputed company having excellent track record. Financial position of the company appears to be outstanding. Directors are reported as well experienced and knowledgeable businessmen. Trade relations are reported as praiseworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered best for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : “AAA”
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	17.07.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	17.07.2014

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 DECLINED

MANAGEMENT NON CO-OPERATIVE (Tel. No.: 91-22-66917800)

LOCATIONS

Registered Office :

B Wing, 2^nd Floor, Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-66917800

Fax No.:

91-22-66928109

E-Mail :

csutcl@adityabirla.com

sharesutcl@adityabirla.com

brr.utcl@adityabirla.com

Website :

www.ultratechcement.com

www.adityabirla.com

Factory 1 :

Aditya Cement Works

Adityapuram, Sawa - Shambhupura Road, District Chittorgarh, - 312622, Rajasthan, India

Tel. No.:

91-1472-221001-10

Fax No.:

91-1472-221020

Factory 2 :

Gujarat Cement Works

P.O. Kovaya, Taluka: Rajula, District Amreli - 365541, Gujarat, India

Tel. No.:

91-2794-283034

Fax No.:

91-2794-283036

Factory 3 :

Kotpuli Cement Works

V and P O. Mohanpura, Tehsil Kotputli, District Jaipur - 303108, Rajasthan, India

Tel. No.:

91-1421-288666

Fax No.:

91-1421-288665

Factory 4 :

Reddipalayam Cement Works

Reddipalayam PO District Ariyalur - 621704,Tamilnadu, India

Tel. No.:

91-4329-249240

Fax No.:

91-4329-249253

Factory 5 :

White Cement Birla White/ White Cement

Rajashree Nagar, PO. Kharia Khangar, Tehsil Bhopalgarh, District Jodhpur – 342606, Rajasthan, India

Tel. No.:

91-2920-264040- 47

Fax No.:

91-2920-254244/ 264222

Factory 6 :

Andhra Pradesh, Cement Works,

Village: Bhogasamudram, Tadipatri Mandal, District Anantapur - 515413, Andhra Pradesh, India

Tel. No.:

91-8558-288001

Fax No.:

91-8558-288859

Factory 7 :

Hirmi Cement Works

Village and Post Hirmi, Taluka: Simga, District Baloda Bazar – Bhatapara, Chattisgarh - 493195, India

Tel. No.:

91-7726-2811217 / 218 / 221

Fax No.:

91-7726-281572

Factory 8 :

Rajashree Cement Works

Aditya Nagar, Malkhed Road, Tehsil: Sedam, District Gulbarga - 585292, Karnataka, India

Tel. No.:

91-8441-288888

Fax No.:

91-8441-288624/ 288365

Factory 9 :

Vikram Cement Works

Vikram Nagar, P. O. - Khor Tehsil: Jawad, District Neemuch - 458470, Madhya Pradesh, India

Tel. No.:

91-7420-230554/ 230567

Fax No.:

91-7420-235524

Factory 10 :

Awarpur Cement Works

P.O. Awarpur Cement Project, Taluka Korpana, District Chandrapur - 442917, Maharashtra, India

Tel. No.:

91-7173-266323

Fax No.:

91-7173-266339

Factory 11 :

Jafrabad Cement Works

P. B. No. 10, Village: Babarkot, Taluka Jafrabad, District Amreli - 365540, Gujarat, India

Tel. No.:

91-2794-245103

Fax No.:

91-2794-245110

Factory 12 :

Rawan Cement Works

Grasim Vihar Village, PO. Rawan, Tehsil: Simga, District Baloda Bazar, Bhatapara - 493196, Chhattisgarh, India

Tel. No.:

91-7726-288217-20

Fax No.:

91-7726-288215/ 288209

Zonal Office :

Industry House, 5^th Floor, Fair Field Layout, No.45, Race Course Road, Bangalore – 560001, Karnataka, India

Tel. No.:

91-80-22250748/ 22250749/ 22266225

Fax No.:

91-80-22204839

Zonal Offices :

Also located at:

NORTH
Agra	Ajmer	Aligarh	Alwar
Amritsar	Balaghat	Bareilly	Bharatpur
Bhatinda	Bhopal	Bijnore	Bikaner
Chandigarh	Chhindwara	Dehradun	Delhi
Faridabad	Ghaziabad	Guna	Gurgaon
Gwalior	Hanumangarh	Hissar	Indore
Jabalpur	Jaipur	Jalandhar	Jammu
Jhansi	Jhunjhunu	Jodhpur	Kanpur
Karnal	Kashipur	Khandwa	Kota
Ludhiana	Mathura	Meerut	Moradabad
Muzaffarnagar	Narnaul	Neemuch	Nimbahera
Parwanoo	Patiala	Ratlam	Rohtak
Roorkee	Saharanpur	Shajapur	Udaipur
Ujjain
EAST
Ambikapur	Balasore	Bankura	Begusarai
Berhampore	Berhampur	Bhadrak	Bhagalpur
Bhubaneswar	Bilaspur	Burdwan	Cossipore
Cuttack	Dankuni	Darbhanga	Deoghar
Dhanbad	Dhenkanal	Durg	Gaya
Guwahati	Jajpur	Jamshedpur	Jeypore
Katihar	Kesinga	Kharagpur	Koderma
Kolkata	Krishnanagar	Malda	Murshidabad
Muzaffarpur	New Alipore	Patna	Raigarh
Raipur	Ranchi	Rayagada	Rourkela
Saharsa	Sahibganj	Sainthia	Samastipur
Sambalpur	Siliguri
SOUTH
Anantapur	Bangalore	Belgaum	Bellary
Bijapur	Calicut	Chennai	Coimbatore
Davangere	Gulbarga	Hassan	Hubli
Hyderabad	Karimnagar	Kochi	Madurai
Mahabubnagar	Mandya	Mangalore / Udupi	Mapusa
Margao	Mysore	Palakkad	Pondy
Raichur	Salemshimoga / Chickamangalur	Thanjavur	Tirupathi
Trichy	Trivandrum	Tumkur	Vellore
Vijayawada	Visakhapatnam
Anantapur	Bangalore	Belgaum	Bellary
Bijapur	Calicut	Chennai	Coimbatore
Davangere	Gulbarga	Hassan	Hubli
Hyderabad	Karimnagar	Kochi	Madurai
Mahabubnagar	Mandya	Mangalore / Udupi	Mapusa
Margao	Mysore	Palakkad	Pondy
Raichur	Salemshimoga / Chickamangalur	Thanjavur	Tirupathi
Trichy	Trivandrum	Tumkur	Vellore
Vijayawada	Visakhapatnam
WEST
Ahmedabad	Ahmednagar	Akola	Amravati
Anandaur	Angabad	Baroda	Beed
Bhavnagar	Bhayander	Chandrapur	Dhule
Jalgaon	Jalna	Kalyan	Kolhapur
Kutch	Latur	Mehsana	Mumbai
Nagpur	Nanded	Nasik	Navi Mumbai
Panvel	Pune	Rajkot	Ratnagiri
Sangli	Satara	Solapur	Surat
Valsad	Yavatmal

Overseas Offices :

Located at

· United Arab Emirates

Sri Lanka

Bahrain

Bangladesh

DIRECTORS

As on 31.03.2014

Name :	Mr. Kumar Mangalam Birla
Designation :	Chairman
Date of Birth/Age :	14.06.1967
Qualification :	ACA, MBA
Date of Appointment :	14.05.2004
Name :	Mrs. Rajashree Birla
Designation :	Director
Date of Birth/Age :	15.09.1945
Qualification :	B. A.
Date of Appointment :	14.05.2004
Name :	Arun Adhikari
Designation :	Director
Name :	Mr. R. C. Bhargava
Designation :	Director
Date of Birth/Age :	30.07.1934
Qualification :	M.Sc. (Maths), M.A. (Dev. Economics)
Date of Appointment :	06.07.2004
Name :	Mr. G. M. Dave
Designation :	Director
Date of Birth/Age :	12.07.1938
Qualification :	M. Com, LLB, CAIIB
Date of Appointment :	07.07.2006
Name :	Mr. Rajiv Dube
Designation :	Director
Date of Birth/Age :	04.02.1962
Qualification :	B.E.; MBA
Date of Appointment :	29.04.2013
Name :	Mr. Adesh Gupta
Designation :	Director
Name :	Mr. S. B. Mathur
Designation :	Director
Date of Birth/Age:	11.10.1944
Qualification:	B. Com., F.C.A., ICWA Part I, and II London
Date of Appointment:	10.09.2008
Name :	Mr. S. Rajgopal
Designation :	Director
Date of Birth/Age :	17.07.1935
Qualification :	B.A. Hons (Mathematics), M.A. (History)
Date of Appointment :	20.10.2007
Name :	Mr. D. D. Rathi
Designation :	Director
Address :	Flat No. 82, Jolly Maker Apartments-II, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	11.01.1947
Qualification:	B. Com., F.C.A.
Date of Appointment :	06.07.2004
Name :	Mr. O. P. Puranmalka
Designation :	Whole Time Director

KEY EXECUTIVES

Name :	Mr. K. C. Birla
Designation :	Chief Financial Officer
Name :	Mr. S. K. Chatterjee
Designation :	Company Secretary
Name:	R. K. Shah
Designation:	Group Executive President and Chief Manufacturing Officer (Manufacturing and Projects)
Name :	Vivek Agrawal
Designation :	Chief Marketing Officer
Name:	R. Mohnot
Designation:	Unit Head – White Cement
Name :	Gautam Chainani
Designation :	Chief People Officer
Corporate Finance Division
Name :	M. B. Agarwal
Designation :	Executive President
Name :	V. Swaminathan
Designation :	President (Finance)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.06.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	77009	0.03
Bodies Corporate	169200865	62.78
Sub Total	169277874	62.81
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	169277874	62.81
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4834890	1.79
Financial Institutions / Banks	96552	0.04
Central Government / State Government(s)	114196	0.04
Insurance Companies	9394826	3.49
Foreign Institutional Investors	56087489	20.81
Sub Total	70527953	26.17
(2) Non-Institutions
Bodies Corporate	11455698	4.25
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	15872642	5.89
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	124471	0.05
Any Others (Specify)	2252109	0.84
Non Resident Indians	701999	0.26
Foreign Corporate Bodies	1499116	0.56
Foreign Nationals	50994	0.02
Sub Total	29704920	11.02
Total Public shareholding (B)	100232873	37.19
Total (A)+(B)	269510747	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	2744168	0.00
(2) Public	2102614	0.00
Sub Total	4846782	0.00
Total (A)+(B)+(C)	274357529	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cement and Cement Related Products and also Manufacturer of Ready Mix Concrete (RMC).

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Installed Capacity	Actual Production
Grey Cement	(MMTPA)	53.95	--
	(MMT)	--	40.79
White Cement and Putty	(LMT)	13.60	11.67

GENERAL INFORMATION

No. of Employees :

13117 (Approximately)

Bankers :

· Hongkong and Shanghai Banking Corporation Limited, Singapore

DBS Bank Limited, Singapore

HSBC Bank (Mauritius) Limited, Mauritius

Credit Agricole Corporate and Investment Bank, Singapore

Cooperative Central Raiffeisen - Boerenleen bank B.A.

BNP Paribas, Singapore

J P Morgan, Singapore

Mizuho Corporate Bank, Singapore

Sumitomo Mitsui Banking Corporation and Bank of Nova Scotia, Singapore

Axis Bank Limited

HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Non-Convertible Debentures	2590.000	4500.000
Term Loans from Banks:
In Foreign Currency	13359.400	8501.100
In Local Currency	4500.000	4500.000
Sales Tax Deferment Loan	229.800	211.400
SHORT TERM BORROWINGS
Loans repayable on demand:
From Banks - Cash Credits / Working Capital Borrowings (Secured by Hypothecation of Stocks and Book Debts of the Company)	3214.300	3760.900
Total	23893.500	21473.400

Banking Relations :	--
Financial Institution :	International Finance Corporation, Washington
Auditors :
Statutory Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Mumbai, Maharashtra, India
Name :	G. P. Kapadia and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Cost Auditors :
Name :	N. I. Mehta and Company Cost Accountants
Address :	Mumbai, Maharashtra, India
Name :	N. D. Birla and Company Cost Accountants
Address :	Ahmedabad, Gujarat, India
Branch Auditors :
Name :	Haribhakti and Company
Address :	Mumbai, Maharashtra, India
Solicitors :
Name :	Amarchand and Mangaldas and Suresh A. Shroff and Company Advocates and Solicitors
Address :	Mumbai, Maharashtra, India
Holding Company :	Grasim Industries Limited
Wholly Owned Subsidiary :	· Dakshin Cements Limited Harish Cement Limited UltraTech Cement Middle East Investments Limited (UCMEIL) UltraTech Cement SA (PTY) Gotan Limestone Khanij Udyog Private Limited Bhagwati Lime Stone Company Private Limited (BLSCPL) (w.e.f. April 3, 2013)
Subsidiary :	· UltraTech Cement Lanka Private Limited PT UltraTech Mining Indonesia PT UltraTech Investments Indonesia (PTUII)
Subsidiary’s Subsidiary – UCMEIL :	· Star Cement Co. LLC, UAE Star Cement Co. LLC, RAK Ras-Al-Khaimah, UAE Al Nakhla Crusher LLC, Fujairah, UAE Arabian Cement Industry LLC, Abu Dhabi Arabian Gulf Cement Co W.L.L., Bahrain Emirates Power Company Limited, Bangladesh Emirates Cement Bangladesh Limited, Bangladesh UltraTech Cement Mozambique Limitada PT UltraTech Cement Indonesia
Joint Venture :	· Madanpur (North) Coal Company Private Limited Bhaskarpara Coal Company Limited
Fellow Subsidiary :	· Samruddhi Swastik Trading and Investments Limited Grasim Bhiwani Textiles Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
280,000,000	Equity Shares	Rs.10/- each	Rs. 2800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
274,241,387	Equity Shares	Rs.10/- each	Rs. 2742.400 Millions

NOTE

(a) Reconciliation of the Shares Outstanding at the beginning and at the end of the Reporting Period

Particular	No. of Shares	Rs. In Millions
At the beginning of the period	274,179,917	2741.800
Add: Shares allotted out of shares kept in abeyance in terms of the Scheme of Amalgamation of erstwhile Samruddhi Cement Limited (SCL) with the Company	--	--
Add: Shares issued under Employees Stock Options Scheme	61,470	0.600
Outstanding at the end of the period	274,241,387	2742.400

(b) Shares held by Holding Company

Particular	No. of Shares	Rs. In Millions
Grasim Industries Limited	165,335,150	1653.400

(c) List of shareholders holding more than 5% of Paid-up Equity Share Capital

Particular	No. of Shares	% Holding
Grasim Industries Limited	165,335,150	60.29%

Particular	No. of Shares	Rs. In Millions
(d) Equity Shares of Rs.10 each reserved for issue under Employees Stock Option Scheme	388,462	3.900

(e) Aggregate no. of Shares issued for consideration other than cash during the period of five years immediately preceding the reporting date:

Particular	No. of Shares	Rs. In Millions
Equity shares of Rs.10 each issued as fully paid up to the shareholders of erstwhile SCL, pursuant to the Scheme of Amalgamation. {Excluding issue of 8,503 Equity Shares kept in abeyance against shares of Grasim Industries Limited.}	149,533,484	1495.300

Particular	No. of Shares	Rs. In Millions
(f) Equity Shares of Rs.10 each represented by Global Depository Receipts (No Voting Rights)	4,917,286	--

(g) The Company has only one class of Equity Shares having a par value of ` 10 per share. Each shareholder is eligible for one vote per share held. 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, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

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	2742.400	2741.800	2740.700
(b) Reserves & Surplus	168232.700	149606.400	125857.500
(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)	170975.100	152348.200	128598.200
(3) Non-Current Liabilities
(a) long-term borrowings	44935.800	38939.200	36481.900
(b) Deferred tax liabilities (Net)	22958.300	19059.200	17377.700
(c) Other long term liabilities	23.000	18.100	24.000
(d) long-term provisions	1379.400	1340.200	1205.700
Total Non-current Liabilities (3)	69296.500	59356.700	55089.300
(4) Current Liabilities
(a) Short term borrowings	3792.000	5687.600	1619.200
(b) Trade payables	24242.200	21731.400	20394.900
(c) Other current liabilities	20884.100	25613.000	16748.600
(d) Short-term provisions	8350.200	9351.800	7001.700
Total Current Liabilities (4)	57268.500	62383.800	45764.400
TOTAL	297540.100	274088.700	229451.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	157809.200	130740.000	115972.400
(ii) Intangible Assets	909.200	483.600	369.400
(iii) Capital work-in-progress	20384.400	35053.100	18959.900
(iv) Intangible assets under development	31.900	0.600	6.400
(b) Non-current Investments	16623.300	19817.700	11478.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11805.400	9831.700	14623.200
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	207563.400	195926.700	161409.600
(2) Current assets
(a) Current investments	37293.400	31269.500	26409.400
(b) Inventories	23683.600	23504.700	20359.400
(c) Trade receivables	12810.200	10172.400	7659.600
(d) Cash and cash equivalents	2775.000	1426.600	1895.800
(e) Short-term loans and advances	13261.900	11732.200	11635.800
(f) Assets held for Disposal	0.000	0.000	0.000
(g) Other current assets	152.600	56.600	82.300
Total Current Assets	89976.700	78162.000	68042.300
TOTAL	297540.100	274088.700	229451.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	202798.000	201799.600	183098.500
		Other Income	3290.400	3050.000	3718.700
		TOTAL	206088.400	204849.600	186817.200
Less	EXPENSES
		Cost of Raw Materials Consumed	29109.500	27921.200	23777.000
		Purchases of Stock-in-Trade	3093.700	2357.100	1772.900
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	1069.800	(1181.900)	212.600
		Employee Benefits Expense	10146.300	9683.500	8310.400
		Power and Fuel	41354.200	42989.400	43039.700
		Freight and Forwarding Expense	45808.000	42239.900	37398.100
		Other Expenses	34361.700	31485.500	27504.700
		Captive Consumption of Cement	(324.200)	(449.9000	(391.100)
		TOTAL	164619.000	155044.800	141624.300
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		41469.400	49804.800	45192.900
Less	FINANCIAL EXPENSES		3191.700	2097.100	2238.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		38277.700	47707.700	42954.300
Less/ Add	DEPRECIATION/ AMORTISATION		10522.600	9453.700	9025.600
	PROFIT/ (LOSS) BEFORE TAX		27755.100	38254.000	33928.700
Less	TAX		6310.400	11699.700	9466.800
	PROFIT/ (LOSS) AFTER TAX		21444.700	26554.300	24461.900
	EARNINGS IN FOREIGN CURRENCY
		Export of goods {Including Rs. 2838.600 Millions (Previous Year Rs. 3098.600 Millions) on FOB basis}	2874.400	3135.500	3864.800
		Dividend	145.400	50.300	72.900
		Other receipts	377.400	414.000	225.800
	TOTAL EARNINGS		3397.200	3599.800	4163.500
	IMPORTS
		Raw Materials	4285.700	2567.600	2262.100
		Stores & Spares	1204.300	1553.300	936.000
		Capital Goods	489.600	3839.000	2549.000
	TOTAL IMPORTS		5979.600	7959.900	5747.100
	Earnings / (Loss) Per Share (Rs.)
	Basic		78.21	96.87	89.26
	Diluted		78.18	96.85	89.22

QUARTERLY RESULTS

PARTICULARS	30.06.2014
	1^stQuarter
Net Sales	56920.900
Total Expenditure	46416.000
PBIDT (Excl OI)	10504.900
Other Income	2131.100
Operating Profit	12636.000
Interest	1002.200
Exceptional Items	0.000
PBDT	11633.800
Depreciation	2645.000
Profit Before Tax	8988.800
Tax	2733.100
Provisions and contingencies	0.000
Profit After Tax	6255.700
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	6255.700

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	10.41	12.96	13.09
Net Profit Margin (PBT/Sales)	(%)	13.69	18.96	18.53
Return on Total Assets (PBT/Total Assets}	(%)	10.65	17.45	17.05
Return on Investment (ROI) (PBT/Networth)		0.16	0.25	0.26
Debt Equity Ratio (Total Debt/Networth)		0.28	0.29	0.30
Current Ratio (Current Asset/Current Liability)		1.57	1.25	1.49

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	2740.700	2741.800	2742.400
Reserves & Surplus	125857.500	149606.400	168232.700
Net worth	128598.200	152348.200	170975.100
long-term borrowings	36481.900	38939.200	44935.800
Short term borrowings	1619.200	5687.600	3792.000
Total borrowings	38101.100	44626.800	48727.800
Debt/Equity ratio	0.296	0.293	0.285

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	183098.500	201799.600	202798.000
		10.214	0.495

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	183098.500	201799.600	202798.000
Profit	24461.900	26554.300	21444.700
	13.36%	13.16%	10.57%

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	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

CASE DETAILS
BENCH:- BOMBAY PRESENTATION DATE: 02.08.2013
Stamp No:-	WPST/21299/2013		Filing Date:		02/08/2013
Petitioner:-	MAHARASHTRA STATE ELECTRICITY DISTRI	Respondent:-		ULTRATECH CEMENT LIMITED AND ANI
Petn.Adv:-	DSL LEGAL (0)	Resp. Adv.:-		Mr. M. A. Choudhari (0)
District:-	SOLAPUR
Bench:-	SINGLE
Status:-	Pre-Admission	Stage:-
Last Date:-	12/08/2013
Last Coram:-	REGISTRAR (JUDICIAL)
Act:-	Electricity Supplies Act, 1948

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10481065	21/02/2014	3,250,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B97815633
2	10396172	26/11/2012	2,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	8, KHETAN BHAVAN, 5TH FLOOR, 198, J. T. ROAD, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA	B64562762
3	10386199	29/10/2012	1,113,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B61995569
4	10309193	22/09/2011	2,240,000,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, MAURITIUS, - 000000, MAURITIUS	B22126064
5	10226640	18/05/2010	2,000,000,000.00	AXIS BANK LIMITED	01, KAMAL PALACE, Y N ROAD, INDORE, MADHYA PRADESH - 452003, INDIA	A86716214
6	10226642	10/04/2013 *	789,360,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B74416256
7	10226643	18/04/2013 *	1,193,589,283.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B74416991
8	10226645	15/04/2013 *	1,458,265,726.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B74418872
9	10226649	15/04/2013 *	381,885,061.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B74419813
10	10226651	10/01/2014 *	90,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B93791515
11	10226652	15/03/2013 *	2,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B71950612
12	10222850	18/05/2010	2,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE - INDORE, SCHEME NO. 94,, SECTOR B, BEHIND BOMBAY HOSPITAL, RING ROAD, INDORE, MADHYA PRADESH - 452101, INDIA	A87186565
13	10226648	13/05/2013 *	1,639,575,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B76473206
14	10136846	26/09/2013 *	312,420,600.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI  TED	6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, MAURITIUS, MAURITIUS, - 000000, MAURITIUS	B86984754
15	80019051	02/12/2013 *	20,000,000,000.00	STATE BANK OF INDIA	THE CAPITAL, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B92207190

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans from Banks - In Foreign Currency	21104.200	17713.900
Sales Tax Deferment Loan	3152.400	3512.800
SHORT TERM BORROWINGS
From Banks	500.600	1833.600
From Others	77.100	93.100
Total	24834.300	23153.400

OVERVIEW

The year 2013-14 continues to be a challenging year for the global economy which grew at 3% in 2013 as against 3.2% in 2012. The Indian economy was also impacted to some extent due to the global factors.

Domestic growth slowed down to around 4.5% - 5% from the high growth era of 8% to 9%. Although agriculture and allied sectors showed some improvement, performance of the manufacturing sector was muted. The government in a bid to contain fiscal deficit cut down its expenditure which further impacted growth. The government and the RBI took several measures to contain fiscal and current account deficit to stabilise the exchange rate and eventually investor confidence. Although the Cabinet Committee on investments approved large infrastructure projects, implementation and execution remain the key. The pillars for driving growth in the long term viz. favourable demographics and abundant natural resources remains intact. Proper policy measures to leverage on these pillars would drive long term growth. Nevertheless, India’s growth story is attractive as compared to other advanced and emerging economies. With gradual reduction in fiscal deficit and moderating inflation, it is expected that interest rates may soften resulting in stimulating demand in the housing sector.

The Indian cement industry was impacted by these developments. Although the year began with hopes of rise in cement demand on the back of government spending in the run up to the general elections, overall the demand remained sluggish on account of lack of government spending, prolonged monsoon, gloomy political environment

including policy matters, shortage of sand in major cement consuming states and low off-take from the infrastructure and housing sectors.

More capacity addition in the recent past compared to incremental demand continued to plague the industry. This resulted in sector capacity utilisation declining to below 70%. The demand-supply mis-match is expected to stay for some more time. The subdued demand and over-capacity resulted in prices remaining under pressure. Further, logistics and raw material costs continued to rise given the increase in railway freight and HSD prices. Though prices of imported coal softened, the depreciation in rupee negated the benefit.

The outlook in the short term continues to remain challenging, demand growth in the long term is likely to be around 8% on the back of housing and infrastructure spends as outlined in the 12th five year plan (2012-17).The total investment in the infrastructure sector in the 12^th Five year plan is estimated to be USD 1 Trillion. The Company continued its efforts towards cost optimisation and operational efficiencies which to some extent helped in containing costs.

OVERVIEW AND REVIEW OF OPERATIONS

The Indian cement industry was impacted by the developments in the global and domestic economy. Although the year began with expectations of the rise in demand for cement in the hope of government spending in the run up to the general elections, demand remained sluggish. The prolonged monsoon and low offtake from the infrastructure and housing sectors, subdued the demand. This resulted in prices remaining under pressure. On the supply side, overcapacity continued to hurt the industry. The demand-supply mis-match is expected to stay on. Further, logistics and raw material costs continued to rise, driven by the increase in railway freight and high diesel prices.

Although the outlook in the short term continues to remain challenging, demand growth in the long term is likely to be around 8%. Housing and infrastructure spends as outlined in the 12^th five year plan offer much encouragement.

The performance of the Company during the year must therefore be viewed against this backdrop.

The Company produced 40.79 MMT of cement as against 40.13 MMT in the previous year. The effective capacity utilisation was 79% as against 82%. The aggregate sales volume increased by 2% from 40.65 MMT to 41.47 MMT.

The Company’s net turnover stood at Rs. 200780.000 Millions vis-a-vis Rs. 200230.000 Millions achieved in the previous year. Profit before interest and tax was at Rs. 30950.000 Millions as against Rs. 40350.000 Millions.

AWARDS

The Company was the recipient of the following Awards:

- Safety Award 2013 (2013-14) “UNNATHA SURAKSHA PURASKARA AWARD” from National Safety Council, Karnataka Chapter for Rajashree Cement Works (RC);

- 3 Star Rating in appreciation towards Safety Practice for the year 2013 (2013-14) from Confederation of Indian Industry (CII) for RC;

- National Award for Excellence in Energy Management – 2013 “Cement Plant” from CII for Kotputli Cement Works;

- “Golden Peacock Innovation Management Award” (2013) for Birla White;

- “Energy Conservation and Efficiency Award” (2012–13) from the New And Renewable Energy Development Corporation of Andhra Pradesh Ltd. for Andhra Pradesh Cement Works;

- “National Energy Award 2013 (for Power Plant)” from CII for Hirmi Cement Works.

- “IMC Ramakrishna Bajaj National Quality Performance Excellence Trophy 2013” in Manufacturing Category for Vikram CementWorks;

- Top Exporter Award from CAPEXIL for the 17th consecutive year.

FINANCE

The Company has adequate liquidity and a strong balance sheet. CRISIL has re-affirmed the “CRISILAAA/Stable and CRISIL A1+” rating for the Company’s long term borrowings and bank loan facilities respectively. The Company has a debt outstanding of Rs. 51990.000 Millions, treasury investments of Rs. 48410.000 Millions and net debt of Rs. 3580.000 Millions.

The Company has raised long term borrowings of Rs. 5710.000 Millions by way of External Commercial Borrowings (ECBs). These are being utilised for financing the various projects of the Company. All Foreign Currency borrowings outstanding are hedged.

The Company has repaid Long Term borrowings (Non-Convertible Debentures and External Commercial Borrowings) amounting to Rs. 5100.000 Millions during the year.

The Company has not accepted any fixed deposits and, as such, no amount of principal or interest on fixed deposit was outstanding as of the balance sheet date.

CONTINGENT LIABILITIES:

Claims not acknowledged as debts in respect of matters in appeals	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
(a) Sales-tax / VAT Matters	1674.500	1398.000
(b) Excise Duty and Service Tax Matters	4316.100	3743.700
(c) Royalty on Limestone/ Marl	2339.800	2193.000
(d) Customs	1138.200	20.500
(e) Others	2539.300	2293.500
NOTE Cash outflows for the above are determinable only on receipt of judgments pending at various forums / authorities.

FIXED ASSETS

Tangible Assets

· Freehold Land

Leasehold Land

Buildings

Railway Sidings

Plant and Equipment

Office Equipment

Furniture and Fixtures

Jetty

Vehicles

Intangible Assets

· Software

Mining Rights

PRESS RELEASE

ULTRATECH CEMENT LIMITED TO ACQUIRE THE GUJARAT CEMENT UNIT OF 4.8MTPA OF JAYPEE CEMENT CORPORATION LIMITED IN GUJARAT

The Board of Directors of UltraTech Cement Limited at its meeting held today approved the acquisition of the Gujarat Cement Unit of Jaypee Cement Corporation Limited (JCCL), by way of a demerger, comprising of an integrated cement unit at Sewagram and Grinding Unit at Wanakbori. JCCL is a wholly-owned subsidiary of Jaiprakash Associates Limited (JAL).

Comments Mr. Kumar Mangalam Birla, Chairman, UltraTech Cement Limited, "With this acquisition of 4.8mtpa the Company's current capacity increases to 59mtpa. With projects underway, it will stand raised to 70mtpa by 2015. Despite the prevailing muted growth of the industry, we believe the long term fundamentals and growth prospects remain intact. We will add more capacities in coming years."

The enterprise value is Rs.38000.000 Millions besides the actual net working capital at closing. Ultra Tech will take over all the assets and the liabilities of the Unit at Closing and the net amount of enterprise value less liabilities taken over will be the consideration. Such consideration will be discharged by allotment of equity shares of UltraTech to the shareholders of JCCL, subject to a maximum value of such equity shares to be Rs.1500.000 Millions.

The combined capacity of both the divisions of the Gujarat Unit is 4.8mtpa of cement with 57.5 MW Coal based Thermal Power Plant, limestone reserves for over 90 years at current capacity and a captive Jetty at Sewagram. Avers Mr. O. P. Puranmalka, Whole-time Director of the Company, "Besides giving us a stronger production base in Gujarat to serve the local market, it will also bolster our coastal footprint enabling us to cater to other regions of India and exports."

"The transaction will also help us realize logistics gains and be value accretive in the medium term" adds Mr. Kailash Birla, the CFO of UltraTech, The proposed transaction is subject to the approval of shareholders and creditors, sanction of the Scheme of Arrangement by the High Courts, approval of the Competition Commission of India and all other statutory approvals. We anticipate the transaction to close in 7 to 9 months.

Transaction advisor:	Standard Chartered
Independent Fairness Opinion:	Axis Capital Limited
Legal Advisor:	Amarchand and Mangaldas and Suresh A. Shroff and Co.
Valuation Expert:	Bansi S. Mehta and Co.

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.60.19
UK Pound	1	Rs.102.87
Euro	1	Rs.81.48

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		75

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.