MIRA INFORM REPORT

Report Date :

02.06.2014

IDENTIFICATION DETAILS

Name :	ULTRATECH CEMENT LIMITED
Formerly Known As :	ULTRATECH CEMCO LIMITED
Registered Office :	B Wing, 2^nd Floor, Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
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
TIN 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. The Company also manufactures ready mix concrete (RMC).
No. of Employees :	12660 (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. It has achieved better increase in its sales turnover and profits during 2013. 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

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

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

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AAA (Long Term Rating)
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	07.05.2014

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	07.05.2014

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 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

Contact 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

Website :

http://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 - 515415, Andhra Pradesh, India

Tel. No.:

91-8558-288847/ 41

Fax No.:

91-8558-28821/ 59

Factory 7 :

Hirmi , Cement Works,

Village and Post Hirmi, Taluka: Simga, District Baloda Bazar - 493195, Chattisgarh, 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.:

91-7420-230830/ 235557

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 Works, 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, 5th 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 Office :

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

DIRECTORS

(AS ON 31.03.2013)

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 :	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. M. Damodaran
Designation :	Director
Date of Birth/Age :	04.05.1947
Qualification :	B.A. (Economics), LLB.
Date of Appointment :	16.04.2012
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. Nirmalya Kumar
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 – 400 005, 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:	S. N. Jajoo
Designation:	Chief Marketing Officer
Name:	C B Tiwari
Designation:	Chief People Officer
Name:	R. Mohnot
Designation:	Unit Head – White Cement
Corporate Finance Division
Name:	J. Bajaj
Designation:	Executive President (Finance)
Name:	M. B. Agarwal
Designation:	Executive President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.12.2013)

Category of Shareholder	Total No. of Shares	% of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	77009	0.03
Bodies Corporate	169220115	62.83
Sub Total	169297124	62.86
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	169297124	62.86
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3646019	1.35
Financial Institutions / Banks	55519	0.02
Central Government / State Government(s)	81756	0.03
Insurance Companies	9668314	3.59
Foreign Institutional Investors	57459657	21.33
Sub Total	70911265	26.33
(2) Non-Institutions
Bodies Corporate	10251869	3.81
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	16141549	5.99
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	464776	0.17
Qualified Foreign Investor	50	0.00
Any Others (Specify)	2257468	0.84
Non Resident Indians	707358	0.26
Foreign Corporate Bodies	1499116	0.56
Foreign Nationals	50994	0.02
Sub Total	29115712	10.81
Total Public shareholding (B)	100026977	37.14
Total (A)+(B)	269324101	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	2173118	0.00
Sub Total	4917286	0.00
Total (A)+(B)+(C)	274241387	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of cement and cement related products. The Company also manufactures ready mix concrete (RMC).

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Installed Capacity
Clinker	(MMTPA)	39.50
Cement	(MMTPA)	50.90

Particulars	Unit	Actual Production
Clinker	(MMT)	31.76
Cement	(MMT)	40.13

Particulars	Unit	Installed Capacity	Actual Production
White Cement	(LMT)	5.60	5.73

GENERAL INFORMATION

No. of Employees :

12660 (Approximately)

Bankers :

· Axis Bank Limited

· HDFC Bank Limited

· Hongkong and Shanghai Banking Corporation Limited, Singapore

· DBS Bank Limited, Singapore

· HSBC Bank (Mauritius) Limited, Mauritius

· Credit Agricole Corporate and Investment Bank, Singapore

· Standard Chartered Bank, London

· Mizuho Corporate Bank, Singapore

· State Bank of India, Singapore

· Indian Overseas Bank

· ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Non-Convertible Debentures	4500.000	5236.300
Term Loans from Banks:
In Foreign Currency	8501.100	9225.700
In Local Currency	4500.000	4500.000
Sales Tax Deferment Loan	211.400	179.000
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)	3760.900	999.700
Total	21473.400	20140.700

Banking Relations :	--
Auditors :
Statutory Auditors :
Name :	Deloitte Haskins and Sells 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 Chartered Accountants
Address :	Mumbai, Maharashtra, India
Name :	N. D. Birla and Company Chartered 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 (w.e.f. 23.07.2012)
Subsidiary :	· UltraTech Cement Lanka Private Limited · PT UltraTech Mining Indonesia · PT UltraTech Investments Indonesia (PTUII)
Subsidiary – UCMEIL :	· Star Cement Company LLC, UAE · Star Cement Company 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 · UltraTech Cement Indonesia (w.e.f. 16.07.2012)
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: 29.07.2013)

Authorised Capital: Rs.2800.000 Millions

Issued, Subscribed & Paid-up Capital: Rs.2742.414 Millions

(AS ON: 31.03.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
280000000	Equity Shares	Rs.10/- each	Rs.2800.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
274179917	Equity Shares	Rs.10/- each	Rs.2741.800 Millions

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

	No. of Shares	Rs. In Millions
At the beginning of the period	274,065,301	2740.700
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.	15	--
Add: Shares issued under Employees Stock Options Scheme	114,601	1.100
Outstanding at the end of the period	274,179,917	2741.800

(b) Shares held by Holding Company

	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

	No. of Shares	% Holding
Grasim Industries Limited	165,335,150	60.30%

	No. of Shares	Rs. In Millions
(d) Equity Shares of Rs.10 each reserved for issue under Employees Stock Option Scheme	129,963	1.300

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

	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

	No. of Shares	Rs. In Millions
(f) Equity Shares of Rs.10 each represented by Global Depository Receipts	5,405,667	--

(g) 97,142,856 Equity Shares of Rs. 10 each allotted to Grasim Industries Limited in terms of the Scheme of Amalgamation of SCL with the Company are locked in for a period of 3 years from the date of allotment i.e. August 26, 2010.

(h) The Company has one class of Equity Shares having a par value of Rs. 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	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2741.800	2740.700	2740.400
(b) Reserves & Surplus	149606.400	125857.500	103920.000
(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)	152348.200	128598.200	106660.400
(3) Non-Current Liabilities
(a) long-term borrowings	38939.200	36481.900	23146.600
(b) Deferred tax liabilities (Net)	19059.200	17377.700	17300.500
(c) Other long term liabilities	18.100	24.000	22.000
(d) long-term provisions	1340.200	1205.700	1124.000
Total Non-current Liabilities (3)	59356.700	55089.300	41593.100
(4) Current Liabilities
(a) Short term borrowings	5687.600	1619.200	3204.000
(b) Trade payables	21934.300	20394.900	16987.400
(c) Other current liabilities	25409.000	16748.600	26889.600
(d) Short-term provisions	9351.800	7001.700	4610.800
Total Current Liabilities (4)	62382.700	45764.400	51691.800
TOTAL	274087.600	229451.900	199945.300
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130740.000	115972.400	113629.700
(ii) Intangible Assets	483.600	369.400	372.800
(iii) Capital work-in-progress	35053.100	18959.900	6816.900
(iv) Intangible assets under development	0.600	6.400	1.400
(b) Non-current Investments	19817.700	11478.300	2725.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9831.700	14623.200	5617.500
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	195926.700	161409.600	129163.600
(2) Current assets
(a) Current investments	31269.500	26409.400	34577.900
(b) Inventories	23504.700	20359.400	19565.200
(c) Trade receivables	10172.400	7659.600	6022.900
(d) Cash and cash equivalents	1426.600	1895.800	1447.900
(e) Short-term loans and advances	11731.100	11635.800	9044.900
(f) Assets held for Disposal	0.000	0.000	12.200
(g) Other current assets	56.600	82.300	110.700
Total Current Assets	78160.900	68042.300	70781.700
TOTAL	274087.600	229451.900	199945.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	201749.400	183098.500	133125.800
		Other Income	3050.000	3718.700	1554.500
		TOTAL (A)	204799.400	186817.200	134680.300
Less	EXPENSES
		Cost of Raw Materials Consumed	27921.200	23777.000	18037.000
		Purchases of Stock-in-Trade	2357.100	1772.900	1220.500
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(1181.900)	212.600	(618.500)
		Employee Benefits Expense	9683.500	8310.400	6651.600
		Power and Fuel	42989.400	43039.700	31251.700
		Freight and Forwarding Expense	42239.900	37398.100	28802.900
		Other Expenses	31435.300	27504.700	21224.700
		Captive Consumption of Cement	(449.900)	(391.100)	(105.100)
		TOTAL (B)	154994.600	141624.300	106464.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		49804.800	45192.900	28215.500
Less	FINANCIAL EXPENSES (D)		2097.100	2238.600	2725.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47707.700	42954.300	25490.300
Less	DEPRECIATION/ AMORTISATION (F)		9453.700	9025.600	7657.300
	PROFIT BEFORE TAX (E-F) (G)		38254.000	33928.700	17833.000
Less	TAX (H)		11699.700	9466.800	3790.700
	PROFIT AFTER TAX (G-H) (I)		26554.300	24461.900	14042.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	27835.900	27293.700
Less	APPROPRIATIONS
		Proposed Dividend			1644.200
		Corporate Dividend Tax			266.700
		Debenture Redemption Reserve			589.200
		General Reserve			11000.000
	BALANCE CARRIED TO THE B/S		NA	NA	27835.900
	EARNINGS IN FOREIGN CURRENCY
		Export of goods	3135.500	3864.800	3893.700
		Dividend	50.300	72.900	48.500
		Other receipts	414.000	225.800	198.300
	TOTAL EARNINGS		3599.800	4163.500	4140.500
	IMPORTS
		Raw Materials	2567.600	2262.100	1300.100
		Stores & Spares	1553.300	936.000	1021.500
		Capital Goods	3839.000	2549.000	433.800
	TOTAL IMPORTS		7959.900	5747.100	2755.400
	Earnings Per Share (Rs.)
	Basic		96.87	89.26	62.74
	Diluted		96.85	89.22	62.72

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.97	13.09	10.43
Net Profit Margin (PBT/Sales)	(%)	18.96	18.53	13.40
Return on Total Assets (PBT/Total Assets}	(%)	17.45	17.05	9.37
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.17
Debt Equity Ratio (Total Debt/Networth)		0.29	0.30	0.25
Current Ratio (Current Asset/Current Liability)		1.25	1.49	1.37

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	2,740.400	2,740.700	2,741.800
Reserves & Surplus	1,03,920.000	1,25,857.500	1,49,606.400
Net worth	1,06,660.400	1,28,598.200	1,52,348.200
long-term borrowings	23,146.600	36,481.900	38,939.200
Short term borrowings	3,204.000	1,619.200	5,687.600
Total borrowings	26,350.600	38,101.100	44,626.800
Debt/Equity ratio	0.247	0.296	0.293

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	1,33,125.800	1,83,098.500	2,01,749.400
		37.538	10.186

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	1,33,125.800	1,83,098.500	2,01,749.400
Profit	14,042.300	24,461.900	26,554.300
	10.55%	13.36%	13.16%

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

UNSECURED LOANS

Particular	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS
Term Loans from Banks: In Foreign Currency	17713.900	13080.900
Sales Tax Deferment Loan	3512.800	4260.000
SHORT TERM BORROWINGS
From Banks	1833.600	521.800
From Others	93.100	97.700
Total	23153.400	17960.400

OVERVIEW AND REVIEW OF OPERATIONS

The Indian cement industry witnessed challenging times as a result of low growth led by issues such as high fiscal deficit, high inflation and worsening current account balance. The slowdown in the global growth aggravated the sluggishness in the economy. The industry recorded a growth of approximately 5.6% in FY13 as against 7% in FY12.

Apart from the unfavorable demand-supply scenario, the industry has been also reeling under the pressure of rising input costs. The prices of key raw materials have soared. The rise in domestic coal prices and non-availability of low cost linkage coal has hiked the power and fuel cost for cement manufacturers. Though imported

coal has seen some easing in cost pressures due to the decline in the price of imported coal, the benefit of declining prices has been offset to some extent by rupee depreciation. Nonetheless, the government’s focus on infrastructure development, the robust growth potential in rural housing and softening interest rates augur well for the cement industry.

Against this background, the Company has produced 40.13 MMT of cement as against 39.43 MMT in the previous year. The effective capacity utilisation was 84% as against 83%.

The aggregate sales volume remained flat at 40.7 MMT, while for white cement it was 5.66 LMT (5.55 LMT).

The Company’s net turnover stood at Rs.200180.000 Millions vis a vis Rs.181580.000 Millions achieved in the previous year. Profit before interest and tax was at Rs.40350.000 Millions as against Rs.36170.000 Millions.

AWARDS

The Company was the recipient of the following awards during the year:

• “Dun and Bradstreet Award” for the best cement Company in India 2012.

• Top Exporter Award from CAPEXIL for the 16th consecutive year.

• IMC Ramkrishna Bajaj National Quality Award – “Performance Excellence Trophy 2012” for Birla White.

• Greentech Environment Excellence Award 2012 from Greentech for Gujarat Cement Works.

• ‘Subh Karan Sarawagi Environment Award’ from the Federation of Indian Mineral Industries for Rajashree Cement Works.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

For the Indian economy, FY13 was a challenging year. GDP growth declined to 5% from 6.2% in the previous year on account of high fiscal deficit, high inflation, worsening current account deficit and slowdown in global economic growth. During the second half of FY13, the government intervened with some policy reforms to stabilize the economy and also took steps to attract foreign direct investment and market based prices for petro products to improve current account deficit. However, concerns exist over containing the high current account deficit, prevailing supply side constraints and inadequate infrastructure investments. Though the long term prospects of the economy look promising, cautious optimism is the feeling in the short to medium term.

The year 2012-13 was tough for the cement industry also. Demand off-take was weaker than expected due to subdued growth in the infrastructure and housing sector. The industry had to confront rising input and logistics costs due to increase in rail freight and hike in diesel prices and high inflation rates. Although prices of imported coal softened, the depreciation in rupee partially offset the benefit.

Nevertheless, India’s growth story is attractive as compared to other advanced and emerging economies. The policy reforms announced by the Government are expected to show results in time to come. Further, the positive outlook for infrastructure, ensuing state and national elections and easing monetary conditions are also expected to drive growth for the cement sector. Long term prospects for cement demand appear to be bright as the economy grows and government efforts are channelised towards the housing and infrastructure sectors as outlined in the 12th five year plan.

Against this background, the Company continues to maintain its leadership position in the cement industry through capacity enhancement, continued focus on operational efficiency and unrelenting sustainability efforts. With its strategic initiatives, the Company is well positioned to march ahead on its growth path.

PERFORMANCE REVIEW

During the year, the Company commissioned the clinkerisation plant of 3.30 MMTPA at it’s Unit in Rawan, Chhattisgarh resulting in an increase in clinker capacity to 39.50 MMTPA.

After the commissioning of the cement grinding Unit at Hotgi, Maharashtra with capacity of 1.55 MMTPA and upgrading of grinding capacity at Gujarat Cement Works by 0.60 MMTPA, the Company’s cement capacity has increased from 48.75 MMTPA to 50.90 MMTPA.

Clinker production remained almost flat at the previous year levels, while cement production increased marginally by 2% from 39.43 MMT to 40.13 MMT. Capacity utilisation was at 84%.

White cement production increased by 3% from 5.53 LMT to 5.73 LMT. The Company commissioned a wall care putty plant of 4.0 LMT at Katni, Madhya Pradesh which will further support in enhancing the Company’s footprint in the product segment.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	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
2	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
3	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
4	10226640	18/05/2010	2,000,000,000.00	Axis Bank Limited	01, KAMAL PALACE, Y N ROAD, INDORE, MADHYA PRADESH - 452003, INDIA	A86716214
5	10226642	10/04/2013 *	789,360,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI MAHARASHTRA - 400005, INDIA	B74416256
6	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
7	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
8	10226649	15/04/2013 *	381,885,061.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B74419813
9	10226650	15/03/2013 *	2,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B71951768
10	10226651	15/03/2013 *	1,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B71951040
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	10151881	31/03/2009	984,000,000.00	Axis Trustee Services Limited	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	A59814251
15	10136846	10/11/2012 *	625,310,300.00	The Hongkong and Shanghai Banking Corporation Limited	6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, MAURITIUS, MAURITIUS, - 000000, MAURITIUS	B63107809
16	80019051	09/09/2010 *	20,000,000,000.00	State Bank of India	MADAME CAMA ROAD, MUMBAI, MAHARASHTRA - 400021, INDIA	A94402344
17	90243692	13/05/2004	1,900,000,000.00	STATE BANK OF INDIA	CORPROATE ACCOUNTS GROUP BRANCH, VOLTAS HOUSE, MUMBAI, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31^ST MARCH 2014

(Rs. In Millions)

Particulars	Three Months Ended	Three Months Ended	Year Ended
	31.12.2013 (Audited)	30.09.2013 (Unaudited)	31.12.2013 (Audited)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	58318.700	47863.700	200778.800
b) Other operating income	1280.100	314.800	2019.200
Total income from Operations(net)	59598.800	48178.500	202798.000
2.Expenditure
a) Cost of material consumed	8229.600	7198.100	29109.500
b) Purchases of stock in trade	915.000	781.300	3093.700
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	589.000	189.600	1069.800
d) Employees benefit expenses	2352.100	2442.700	10146.300
e) Depreciation and amortization expenses	2784.500	2644.800	10522.600
f) Power and Fuel	11868.600	10023.400	41354.200
g) Freight and Forwarding expenses	13654.700	11192.700	45808.000
h) Other expenditure	9279.400	8394.400	34037.500
Total expenses	49672.900	42867.000	175141.600
3. Profit from operations before other income and financial costs	9925.900	5311.500	27656.400
4. Other income	577.400	681.400	3290.400
5. Profit from ordinary activities before finance costs	10503.300	5992.900	30946.800
6. Finance costs	739.400	904.500	3191.700
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	9763.900	5088.400	27755.100
8. Exceptional item	--	--	--
9. Profit from ordinary activities before tax Expense:	9763.900	5088.400	27755.100
10.Tax expenses	1383.900	1390.800	6310.400
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	8380.000	3697.600	21444.700
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period (11 -12)	8380.000	3697.600	21444.700
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	2742.400	2742.300	2742.400
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year			168232.700
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	30.56	13.49	78.21
(b) Diluted	30.55	13.48	78.18

A. Particulars of shareholding
1. Public Shareholding
- Number of shares	100027	99361	100027
- Percentage of shareholding	36.47	36.23	36.47
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--	--	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--	--	--
Percentage of shares (as a % of total share capital of the company)	--	--	--
b) Non Encumbered
Number of shares	169297	169887	169297
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100	100	100
Percentage of shares (as a % of total share capital of the company)	61.73	61.95	61.73

B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	7
Disposed of during the quarter	7
Remaining unreserved at the end of the quarter	Nil

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

SOURCES OF FUNDS	31.03.2014 (Audited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2742.400
(b) Reserves & Surplus	168232.700
Total Shareholders’ Funds	170975.100
(2) Non-Current Liabilities
(a) long-term borrowings	44935.800
(b) Deferred tax liabilities (Net)	22958.300
(c) Other long term liabilities	23.000
(d) long-term provisions	1379.400
Total Non-current Liabilities (3)
(3) Current Liabilities
(a) Short term borrowings	3792.000
(b) Trade payables	24242.200
(c) Other current liabilities	20884.100
(d) Short-term provisions	8350.200
Total Current Liabilities (4)
	297540.100
TOTAL
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	179134.700
(b) Non-current Investments	16623.300
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	1180.5.400
(e) Other Non-current assets	0.000
Total Non-Current Assets	207563.400
(2) Current assets
(a) Current investments	37293.400
(b) Inventories	23683.600
(c) Trade receivables	12810.200
(d) Cash and cash equivalents	2775.000
(e) Short-term loans and advances	13261.900
(f) Other current assets	152.600
Total Current Assets	89976.700
TOTAL	297540.100

NOTES:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on April 23, 2014.

2. The Board of Directors approved the acquisition of the Gujarat Cement Units of Jaypee Cement Corporation Limited (JCCL), comprising of an integrated cement unit at Sewagram and grinding unit at Wanakbori, at an enterprise value of Rs. 3,800 crores besides actual net working capital at closing. The acquisition is subject to receipt of various statutory approvals.

The transaction has been approved by the Competition Commission of India and the shareholders and the creditors of the Company. The Hon'ble High Court at Bombay and Hon'ble High Court at Allahabad have also by their Order dated April 04, 2014 and April 17, 2014 respectively sanctioned the Scheme of Arrangement between JCCL and the Company and their respective shareholders and creditors ("the Scheme"). The Scheme is now subject to the approval of Securities & Exchange Board of India (SEBI).

3. The Board of Directors has recommended a dividend at the rate of Rs. 9 per share of face value of Rs. 10/- each aggregating Rs. 288.77 crores (including corporate dividend tax of Rs. 41.95 crores) for the year ended March 31, 2014.

4. During the quarter the Company has commissioned :

a) Cement grinding capacity of 1.45 Mn. Mt at Malkhed, Karnataka.

b) Thermal Power Plant of 30 MW at Rawan, Chhattisgarh.

c) Waste Heat Recovery System of 6.50 MW at Awarpur, Maharashtra.

5. The Competition Commission of India (CCI) upheld the complaint of alleged cartelisation against certain cement manufacturing companies including the Company. The CCI has Imposed a penalty of Rs. 11754.900 Millions on the Company. The Company filed an appeal against the Order before the Competition Appellate Tribunal (COMPAT). COMPAT has granted stay on the CCI order on condition that the Company deposit 10% of the penalty, amounting to Rs. 117.55 crores. The same has been deposited by the Company. The Company backed by a legal opinion, continues to believe that it has a good case and accordingly no provision has been made in the accounts.

6. The Company was allocated a coal block jointly with seven other allottees in Madanpur North, Chhattisgarh. During the year, the Ministry of Coal, Government of India issued an order for de-allocation of the coal block. Madanpur (North) Coal Company Private Limited, the joint venture company incorporated by the allottees for mining coal has filed a petition against the de-allocation order. The Delhi high Court has ordered to maintain status-quo after the de-allocation and has also directed the government not to allot the same coal block to anybody or create any third party right till further order.

7. The Company's wholly-owned subsidiary 'UltraTech Cement Middle East Investments Limited' (UCMEIL) has completed the acquisition of the balance equity stake of ETA Star Companies having operations in United Arab Emirates (UAE), Bahrain and Bangladesh. With this, the ETA Star Cement Companies have become wholly owned subsidiaries of UCMEIL.

8. During the Quarter, the Company allotted 11,430 equity shares of Rs. 10/- each to the option grantees pursuant to the exercise of options under the Company's Employees Stock Option Scheme - 2006. As a result of such allotment, the paid-up equity share capital of the Company increased from 274,229,957 equity shares of Rs. 10/- each to 274,241,387 equity shares of Rs. 10/- each.

9. Tax Expenses for three months and year ended March 31, 2014, is net of excess provision reversal related to earlier years of Rs. 955.600 Millions. (Rs. 6.100 Millions and Rs. 38.3 Millions. respectively for three months and twelve months ended March 31, 2013).

10. The Company is exclusively engaged in the business of cement and cement related products.

11. The figures for three months ended March 31, 2014 and March 31, 2013, are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to nine months of the relevant financial year.

12. The Consolidated Financial Results are prepared as per applicable accounting standards.

13. The figures of the previous periods have been regrouped wherever necessary and restated in Rupees in Crores.

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:

WHITE TOPPING CONCRETE FROM ULTRATECH: ENSURING DURABLE AND AESTHETIC ROADS WITH LONGER LIFE SPANS

The team at UltraTech constantly interacts with the media in order to ensure that its stakeholders and the society are well informed about its activities. A lot of these interactions directly lead to press reports. Though the content of the coverage is not under UltraTech’s control, the company ensures that all the right facts are presented to the media in order to enable them to file objective reports.

10^th February, 2014

WHITE TOPPING CONCRETE FROM ULTRATECH: ENSURING DURABLE AND AESTHETIC ROADS WITH LONGER LIFE SPANS

UltraTech Concrete, a division of UltraTech Cement Limited, and India's largest manufacturer of ready-mix concrete recently supplied whitetopping concrete for the Nandi Infrastructure Corridor Enterprise (NICE) Road in Bangalore, Karnataka. The 9.5 Km link road and 4 km peripheral road will connect to the proposed 111 Km Bangalore Mysore Industrial Corridor (BMIC) expressway which is expected to reduce the 3-hour drive between the two cities to an hour.

Whitetopping is the covering of an existing asphalt road with a layer of Portland cement concrete. It can be used on road surfaces where traditional asphalt surfaces have failed due to rutting or general deterioration. White topping concrete is known to improve the performance, durability and ride quality of road surfaces.

While the lifespan of ordinary bitumen roads is 5-10 years, the designed service life of white topping concrete surfaces is around 25 - 30 years, and includes minimum maintenance cost. It ensures faster moving traffic due to improved ride quality and skid resistance. White topping is considered energy efficient as it saves 20 - 30% energy required for illumination due to better reflectivity. This property also helps to reduce accidents, especially during nights. Further, it is 100% recyclable after its service life, making it a green choice.

"Whitetopping concrete represents an important potential application area from a sustainability perspective. With non-renewable resources such as fossil fuels and quarry-aggregates decreasing in availability, it is important to begin making decisions based on sustainability rather than on a first cost basis. White topping concrete overlays/pavements are a cost-effective, sustainable choice for urban roads, state and national highways, and other pavement applications," says Mr O. P. Puranmalka, whole-time director, UltraTech Cement Limited, who has been elected the new President of the Cement Manufacturers' Association.

UltraTech currently operates over 100 RMC plants in 35 cities across India that have world class IT systems, quality control and vehicle tracking systems. UltraTech, a part of the Aditya Birla Group, has an unrelenting focus on safety and quality standards. All of its state-of-the-art automatic plants are capable of producing the entire range of concrete including - UltraTech Concrete Plus, Lite, Duracon, Colourcon, Fibrecon, Thermocon, Hypercon, Pervious, Décor, Freeflow and Stainless.

Apart from supplying concrete through its commercial plants, UltraTech specializes in providing customized solutions to customers through its various operating models. It currently operates RMC units for some of the most prestigious infrastructural projects in India such as Jaipur Metro, Mumbai Monorail, etc. For these projects, UltraTech also supplies custom designed, light weight and architectural concrete.

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. UltraTech 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.

ULTRATECH, AMBUJA, 9 OTHER CEMENT FIRMS ASKED TO PAY RS. 6300.000 MILLIONS IN PENALTY

MAY 17, 2013

The Competition Appellate Tribunal (COMPAT) has asked 11 cement companies, which were together asked to pay a penalty of Rs.60000.000 Millions by the Competition Commission of India in June 2012, to pay Rs.6300.000 Millions or as penalties within the next four weeks.

Rahul Singh, counsel for Trilegal told NDTV that the penalty should be seen as an interim measure (while the case continues) so that parties don't have a perverse incentive to delay the ongoing case. The final hearing in the case will take place in August, 2013, Mr. Singh said.

Eleven of the country's biggest cement companies were handed a record fine by the CCI in June, which found them guilty of colluding to push up prices by underusing their plants and creating artificial shortages. The cement companies had then moved to the COMPAT against the judgement.

UltraTech Cement, part of the diversified Aditya Birla Group, Holcim-controlled ACC and Ambuja Cement, India Cements and the Indian unit of France's Lafarge SA were among those fined (in June 2012) the equivalent of 50 percent of their net profit for the fiscal years ending in March 2010 and March 2011.

Shares in cement companies such as Ambuja Cements pared gains after the ruling. Ambuja Cements was up 1.8 per cent, while ACC traded up 1.3 percent and UltraTech Cement traded 1 per cent higher.

ULTRATECH CEMENT'S COURT CONVENED MEETINGS ON JAN 20, 2014

With reference to the earlier announcement dated September 11, 2013 about the approval granted by the Board of Directors of the Company to the acquisition of the Cement Unit of Jaypee Cement Corporation Limited, (JCCL) located in Gujarat with the Company, UltraTech Cement Limited has now informed BSE that the Competition Commission of India has by an order dated December 20, 2013 (received by the Company on December 23, 2013), passed under section 31(1) of the Competition Act, 2002 approved the proposed combination. Further, court convened meetings of the equity shareholders, secured and unsecured creditors of the Company will be held on January 20, 2014 seeking their approval to the Scheme of Arrangement.

ULTRATECH PLANS TO RAISE BOARD STRENGTH TO 15

Aditya Birla Group firm Ultratech Cement plans to increase the strength of its Board to 15 from 12 now, keeping in Mind Company’s current size of business and its future growth plans.

Also Read: UltraTech Q2 net falls 52% on subdued demand, lower prices

"The maximum permissible limit of the Directors under Articles of Association of the company is 12. "Considering the increase in size of operations of the company and its future growth plans, it is proposed to increase the maximum number of directors from the existing 12 to 15," the company said in a notice to shareholders.

Ultratech Cement thus proposes to alter the existing Article 5 of the Articles of Association of the company. Kumar Mangalam Birla is the Chairman of the Board. The company is the largest cement maker in the country with installed manufacturing capacity of 59 million tonnes. Ultratech Cement, which recently added 4.8 mtpa by acquiring Jaypee Group firm's cement unit in Gujarat, hopes to take the capacity to 70 mtpa by 2015.

Ultratech Cement would take shareholders' view till November 29 and has appointed Nilesh Trivedi, Partner KBNT & Associates as the scrutiniser for conducting the postal ballot voting process.

CEMENT FIRMS REMAIN PESSIMISTIC AFTER BAD RUN IN JULY-SEPT

Cement firms had a bad run during the July-September quarter, with major producers reporting huge dips in net profit as selling prices fell and freight costs rose.

Ultratech Cement, ACC and Ambuja Cements also don't see better days ahead in the remaining period of the current financial year due to challenging macro-economic conditions.

Ultratech, the largest cement maker, reported a 52 per cent drop in profit for the July-September quarter at Rs. 2640.000 Millions. Earnings at Ambuja Cements fell 45.4 per cent to Rs. 1660.000 Millions, while at ACC; they were halved to Rs. 1190.000 Millions. J K Lakshmi Cement's profit declined almost 80 per cent to Rs. 103.000 Millions.

The common reason cited by the cement makers is lower sales amid subdued demand and higher freight costs.

"Cement demand remained sluggish on account of prolonged monsoon and low offtake from the infrastructure and housing sectors," Ultratech said.

The company said the benefit of softening in prices of imported coal was negated by the rupee devaluation. Logistics and raw material costs rose on higher diesel prices.

Both ACC and Ambuja, majority-owned by Swiss building material major Holcim, cited poor realisations for the lower bottom line.

"Reduced profitability during the quarter is attributed to sluggish market conditions and lower realisations. Overall, the macro-environment continued to be dull and characterised by slow industrial and agricultural growth, rising prices and volatile foreign exchange rates," ACC said.

"The cement industry is going through subdued demand on account of overall economic slowdown. Lower realisation and higher logistics cost impacted profitability," Ambuja said.

J K Lakshmi Cement's director Shailendra Chouksey said there had been a negative demand of 3-4 per cent in the north and Gujarat, where the company operates.

"Lower demand then led to lower prices and realisation. These have led to the fall in net profit," he said.

Chennai-based Ramco Cements' profit dipped by a little over 86 per cent to Rs. 182.700 Millions on lower sales. Cement sales generally pick up after the monsoon season, but this time the major producers do not see much hope.

"Overall, the macro-environment continued to be dull and characterised by slow industrial and agricultural growth, rising prices and volatile foreign exchange rates," ACC said.

Its peer Ambuja Cements said, "The outlook continues to remain challenging due to difficult macro-economic condition and resultant subdued demand."

Ultratech said demand for cement may grow 5 per cent during the current fiscal and the key demand drivers will continue to be housing and infrastructure spends.

ULTRATECH, AMBUJA, 9 OTHER CEMENT FIRMS ASKED TO PAY RS.6300.000 MILLIONS IN PENALTY

The Competition Appellate Tribunal (COMPAT) has asked 11 cement companies, which were together asked to pay a penalty of Rs.60000.000 Millions by the Competition Commission of India in June 2012, to pay Rs..6300.000 Millions or as penalties within the next four weeks.

Rahul Singh, counsel for Trilegal told NDTV that the penalty should be seen as an interim measure (while the case continues) so that parties don't have a perverse incentive to delay the ongoing case. The final hearing in the case will take place in August, 2013, Mr. Singh said.

Eleven of the country's biggest cement companies were handed a record fine by the CCI in June, which found them guilty of colluding to push up prices by underusing their plants and creating artificial shortages. The cement companies had then moved to the COMPAT against the judgment.

UltraTech Cement, part of the diversified Aditya Birla Group, Holcim-controlled ACC and Ambuja Cement, India Cements and the Indian unit of France's Lafarge SA were among those fined (in June 2012) the equivalent of 50 percent of their net profit for the fiscal years ending in March 2010 and March 2011.

Shares in cement companies such as Ambuja Cements pared gains after the ruling. Ambuja Cements was up 1.8 per cent, while ACC traded up 1.3 percent and UltraTech Cement traded 1 per cent higher.

ULTRATECH IN TALKS TO BUY JAYPEE’S CEMENT ASSETS IN HIMACHAL

Mumbai : Ultra Tech Cement Limited, India’s largest cement maker, is in talks to buy the Jaypee Group’s cement assets in Solan, Himachal Pradesh, for about Rs.4,000 Millions, two people directly involved with the deal said, only a few months after it bought the debt-laden group’s cement plant in Gujarat.

Two European companies were also in the race to buy the Solan assets—a grinding and blending unit and a cement plant but the talks did not work out, one of the two people, a senior executive at one of the companies, said.

The other person is a banker. Both of them requested anonymity because the talks are still at a preliminary stage.

“Acquiring cement plants is the main strategy UltraTech is adopting to increase their domestic capacity,” the senior executive said, adding that senior executives at both the companies have been meeting regularly and a decision will be made in four-six months.

UltraTech and Jaypee did not reply to emails sent on Wednesday.

The deal-in-the-making is as much a reflection of the consolidation-prone nature of the cement industry as it is of Jaypee’s efforts to cut the debt on its books by selling assets, in part or wholly.

Loaded with debt, several Indian conglomerates, mostly in infrastructure businesses, are looking to sell some of their assets. The list of such groups includes the GMR Group, the Lanco Group, and the Jaypee Group.

UltraTech, the flagship company of the Aditya Birla Group, in September announced it had agreed to buy the Gujarat cement-making unit of Jaypee Cement, a subsidiary of debt-laden Jaiprakash Associates Limited, for Rs.38.000 Millions in stock and assumed debt.

After buying Japyee’s plant in Gujarat on India’s west, UltraTech is scouting for cement assets in the northern and eastern states, the senior executive said. The company will not consider buying assets in South India as the plants there are running at less than 60% of their capacity because of low demand, he added.

UltraTech’s cement manufacturing capacity increased to 59 million tonnes per annum (mtpa), from 54 mtpa earlier, after it bought Jaypee’s Gujarat plant. The company aims to increase its capacity to 70 mtpa by 2015,Kailash Birla, senior executive president and chief financial officer, UltraTech, had said while announcing the acquisition in Gujarat.

The Solan assets, if acquired, will add another 4 mtpa of capacity. The grinding and blending unit and the cement plant in consideration have capacities of 2 mtpa each.

“UltraTech’s intention of buying the assets is solely with the vision to enter a market (North India) where they do not have much presence. Along with the assets, the deal could also get them access to limestone reserves and new markets,” said Nitin Bhasin, an analyst at Ambit Capital Private Limited tracking industrial infrastructure, cement, and engineering and construction.

“For Jaypee, it is beneficial since the proceeds will give them some lifeline to tackle the debt. So the deal is in the right direction for both the companies if it happens,” Bhasin said.

UltraTech is comfortably leveraged and is generating enough cash flows to finance the acquisition, the senior executive mentioned earlier said. The company had a debt of Rs.44.000 Millions as on 30 September, according to data from corporate information provider CapitaLine. Its net debt-equity ratio was 0.3.

For Jaypee, the deal will be another effort towards trimming its huge debt. The company has been on an asset-selling spree lately. In a July press release, Jaypee Associates said that “on consolidated basis, the group’s debt as on 31 March, 2013, was at Rs.530.000 Millions”.

In May 2013, the Jaypee Group sold 300 acres of land in Greater Noida to realty firm Gaursons India Limited for Rs.15.000 Millions. On 21 December, Mintreported that the group was close to selling two of its three operating hydroelectric projects to a consortium led by Abu Dhabi National Energy Co. PJSC for at least $1.5 billion (Rs.93.450 Millions today).

Cement companies in India are struggling to cope with sluggish demand. UltraTech last month warned that the outlook for India’s cement industry remains challenging, after it reported a 38.5% fall in profit for the December quarter.

In fiscal 2013, the Indian cement industry saw a lot of consolidation with deals adding up to around $3.3 billion, according to a January report by India Ratings and Research Private Limited the agency expects the consolidation to continue in fiscal 2015 due to regional imbalances and cost inflations.

“Possible targets include companies which have cost-effective access to raw materials and energy or a locational advantage to optimize freight costs while accessing to markets. Also, cement facilities belonging to business groups may be available for sale, to the extent some of this business groups may make efforts to pare their debt levels,” India Ratings said in its report.

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.38.000 Millions besides the actual net working capital at closing. UltraTech 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.

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.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.35

INFORMATION DETAILS

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

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.