MIRA INFORM REPORT

Report Date :

10.06.2014

IDENTIFICATION DETAILS

Name :	LAFARGE AGGREGATES AND CONCRETE INDIA PRIVATE LIMITED
Registered Office :	1004, ‘B’ Wing, 10^th Floor, Crescenzo, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.10.2007
Com. Reg. No.:	11-175495
Capital Investment / Paid-up Capital :	Rs.16758.415 millions
CIN No.: [Company Identification No.]	U74900MH2007PTC175495
TAN No.: [Tax Deduction & Collection Account No.]	MUML06871E
PAN No.: [Permanent Account No.]	AABCL3845L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and sale of Ready Mixed Concrete and trading and manufacturing of Aggregates.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of France based Lafarge Group, which is globally one of the leading companies in Cement, Aggregates, Concrete and Gypsum. It is an established company having a satisfactory track record. There appear huge accumulated losses recorded by the company. However, the capital base of the company appears to be strong, as it receives good financial as well as managerial support from its holding company. Trade relations are reported to be fair. Business is active. Payments are reported as usually correct. In view of experienced management and strong parent, the subject can be considered for business dealings at usual trade terms and conditions. Note: The company has changed its financial year from 15 months (January 2011 to March 2012) to 12 months (April 2012 to March 2013).

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	ICRA
Rating	Term Loans: A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	November, 2013

Rating Agency Name	ICRA
Rating	Non Fund Based Facility: A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	November, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-22-67692500)

LOCATIONS

Registered Office/ Head Office/ Factory 1 :	1004, ‘B’ Wing, 10^th Floor, Crescenzo, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
Tel. No.:	91-22-66306511/ 67692500
Fax No.:	91-22-66306510/ 67692517
E-Mail :	ajay.singh@in.lafarge.com rachana.bane@in.lafarge.com
Website :	http://www.lafarge-india.com
Factory 2 :	Survey No.37, Hissa No.1 and 2, Village-Bhayenderpada, Near Ovala, Ghodbunder Road, Thane (West), Maharashtra, India
Regional Operations Office – East:	Block D, 4^th Floor, 22, Camac Street, Kolkata – 700 016, West Bengal, India
Tel No.:	91-33-39832100
Fax No.:	91-33-39832133
Regional Sales Office:	Located at: · West Bengal · Chhattisgarh · Jharkhand · Bihar · Odisha · North East

DIRECTORS

AS ON 04.09.2013

Name :

Mr. Vikram Arvind Wagh

Designation :

Managing Director

Address :

G-8, Gulab Baug, A. Soares Road, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

03.01.1966

Qualification :

Graduate

Date of Appointment :

20.09.2012

DIN No.:

00010979

PAN No.:

AAAPW1211F

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74900MH2007PTC175495	LAFARGE AGGREGATES AND CONCRETE INDIA PRIVATE LIMITED	Managing director	20-09-2012	25-05-2012	-	Active	NO

Name :

Ms. Sonal Shrivastava

Designation :

Director

Address :

E-602, 6^th Floor, Rakhee Vasant Utsav, Thkur Village, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

07.06.1970

Qualification :

MBA

Experience :

19 Years

Date of Appointment :

04.09.2013

DIN No.:

06497446

PAN No.:

AXAPS5233J

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74900MH2007PTC175495	LAFARGE AGGREGATES AND CONCRETE INDIA PRIVATE LIMITED	Director	04-09-2013	20-02-2013	-	Active	NO
2	U74899MH2000PTC250063	LI CEMENT PRIVATE LIMITED.	Director	30-08-2013	25-04-2013	-	Active	NO
3	U26942MH2006PTC254531	LI EASTERN PRIVATE LIMITED	Director	30-08-2013	26-04-2013	-	Active	NO
4	U10100MH2005PTC151613	ARASMETA COAL MINING COMPANY PRIVATE LIMITED	Director	30-08-2013	29-04-2013	-	Active	NO

Name :

Mr. Mohit Kapoor

Designation :

Director

Address :

R 565 N, Rajinder Nagar, New Delhi – 110 060, India

Date of Birth/Age :

30.06.1971

Date of Appointment :

04.09.2013

DIN No.:

06669817

Name :

Mr. Binoy Misra

Designation :

Director

Address :

Plot No.2F Block 1 Ceebross, Shyamala Gardens, 136 Arcot Road, Saligramam, Chennai – 600 093, Tamilnadu, India

Date of Birth/Age :

02.11.1967

Date of Appointment :

04.09.2013

DIN No.:

06679592

KEY EXECUTIVES

Name :	Mr. Pawan Kumar Laddha
Designation :	Company Secretary
Address :	D-313, National Garden, Takka, Panvel – 410 206, Maharashtra, India
Date of Birth/Age :	19.09.1979
Date of Appointment :	01.05.2013
PAN No.:	ABJPL5916G
Employed throughout the financial year :
Name :	Mr. Ganesh Naik
Designation :	Senior Vice President
Name :	Jean M. Laye
Designation :	Head-Quality Control
Name :	Andrew East
Designation :	Manufacturing Manager - Aggregates
Name :	Lionel Bourbon
Designation :	Head - CDL
Employed for a part of the financial year :
Name :	Mr. Michael Glover
Designation :	Managing Director-Aggregates Division
Name :	Mr. Robert McCurdy
Designation :	Managing Director-RMX Division
Name :	Frederic Guimbal
Designation :	Managing Director-RMX Division
Name :	Ms. Sonal Shrivastava
Designation :	Chief Finance Officer
Name :	Ms. Aparna Sharma
Designation :	Country Head - HR

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.09.2013

Names of Shareholders	No. of Shares
Uday Khanna	1
Lafarge India Private Limited, India	1675841499
Total	1675841500

AS ON 04.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacture and sale of Ready Mixed Concrete and trading and manufacturing of Aggregates.

Products :

Item Code No. (ITC Code)	38245090
Product Description	Ready Mix Concrete
Item Code No. (ITC Code)	25171090
Product Description	Aggregates

PRODUCTION STATUS (AS ON 31.03.2012):

Particulars	Unit	Installed Capacity	Actual Production
Ready Mix Concrete *	Cum3	9997020	4508034
Aggregates	MT	88800	55880

Note: Licensed capacity for the products manufactured by the company are not mandated and hence not disclosed.

* Installed capacity has been extrapolated for 15 months period.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· The Hongkong and Shanghai Banking Corporation Limited, Plot No.139-140B, Western Express Highway, Sahar Road, Junction, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

· Standard Chartered Bank, Box 725, 90 Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Term loans
Indian rupee loan from banks	66.667	100.000
SHORT-TERM BORROWINGS
Working capital loans from banks	240.000	200.000
Total	306.667	300.000

Notes:

LONG-TERM BORROWINGS

1.) Term Loan is repayable from the date of first drawdown in 3 equal installments at the end of 60^th month, 72^nd month and 84^th month i.e. in October 2013, October 2014 and October 2015, Fixed Rate Loan of Rs.100.000 millions carries interest rate of 12.90%.

2.) During the previous year, the Company had prepaid loans amounting to Rs.2400.000 millions on which the Interest rate was Floating on Weighted Average Prime Lending rate minus the fixed spread of 1.55% payable monthly and which was subject to annual reset annually on 22^nd October. The Company had charged off the unamortized amount of ancillary cost of arranging the borrowing to Statement of Profit and Loss based on the prepayment made of borrowings during the previous year.

3.) The loan is secured by first and exclusive charge on moveable plant and machineries and infrastructure of the Company situated at Pune.

SHORT-TERM BORROWINGS

a) Short term loan from banks are secured by pari-passu charge on the stock and book debts of the Company.

b) Working Capital Demand Loan is repayable on demand and carries interest @ 9.85% to 10.10% p.a.

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	The Ruby, 16^th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400 028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
AS ON 31.03.2013
Holding Company:	Financiere Lafarge, France (holds 85.68% of the equity share capital)
Ultimate Holding Company:	Lafarge SA, France
Fellow Subsidiaries:	· Lafarge India Private Limited, India (holds 14.32% of the equity share capital) (CIN No.: U26940MH1999PTC118229) · Boral Gypsum India Private Limited, India (CIN No.: U28939DL2006PTC150597) · Lafarge Concrete (Malaysia) Sdn Bhd, Malaysia · Lafarge Canada Inc., Canada · Lafarge International Service Singapore Pte Limited, Singapore · Lafarge Mahaweli Cement (Private) Limited, Sri Lanka · Lafarge Granulats Betons Services, France · Lafarge Asia Sdn Bhd, Malaysia · Lafarge Aggregates Sdn Bhd, Philippines · Lafarge Emirates Cement LLC, UAE · Lafarge North America, United States · Lafarge A&C Technical Service (Beijing) Company Limited, China · Batong Angono Aggregates Corporation, Philippines · Lafarge UK Services Limited, UK · Lafarge A&C Egypt, Egypt · Lafarge Angono Batong Corporation, Philippine
Group Company :	· Lafarge Building Materials Limited, UK · Lafarge Betons Vallee De Seine, France · Lafarge Granulates Betons Services, France

CAPITAL STRUCTURE

AS ON 04.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000000	Equity Shares	Rs.10/- each	Rs.18000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1675841500	Equity Shares	Rs.10/- each	Rs.16758.415 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	01.04.2012 to 31.03.2013 (12 Months)	01.01.2011 to 31.03.2012 (15 Months)
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	16758.415	16758.415
(b) Reserves & Surplus	(7571.476)	(5754.649)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	9186.939	11003.766
(3) Non-Current Liabilities
(a) Long-term borrowings	66.667	100.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	30.557	24.201
Total Non-current Liabilities (3)	97.224	124.201
(4) Current Liabilities
(a) Short term borrowings	440.000	200.000
(b) Trade payables	2898.845	2177.740
(c) Other current liabilities	414.661	418.996
(d) Short-term provisions	42.099	42.228
Total Current Liabilities (4)	3795.605	2838.964
TOTAL	13079.768	13966.931
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2407.754	2198.771
(ii) Intangible Assets	6874.539	8242.703
(iii) Capital work-in-progress	217.639	392.496
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	329.215	318.019
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	9829.147	11151.989
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	222.814	207.089
(c) Trade receivables	2496.826	2167.684
(d) Cash and cash equivalents	398.432	303.282
(e) Short-term loans and advances	132.305	136.786
(f) Other current assets	0.244	0.101
Total Current Assets	3250.621	2814.942
TOTAL	13079.768	13966.931

SOURCES OF FUNDS		01.01.2010 to 31.12.2010 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		11358.415
2] Share Application Money		2760.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(3890.991)
NETWORTH		10227.424
LOAN FUNDS
1] Secured Loans		2500.000
2] Unsecured Loans		0.000
TOTAL BORROWING		2500.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		12727.424
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11835.940
Capital work-in-progress		288.690
INVESTMENT		198.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.323
	Sundry Debtors	1582.392
	Cash & Bank Balances	939.259
	Other Current Assets	1.143
	Loans & Advances	343.770
Total Current Assets		2997.887
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2330.503
	Other Current Liabilities	270.366
	Provisions	52.057
Total Current Liabilities		2652.926
Net Current Assets		344.961
MISCELLANEOUS EXPENSES		59.833
TOTAL		12727.424

PROFIT & LOSS ACCOUNT

PARTICULARS		01.04.2012 to 31.03.2013 (12 Months)	01.01.2011 to 31.03.2012 (15 Months)	01.01.2010 to 31.12.2010 (12 Months)
SALES
	Income	12424.000	15409.000	10551.000
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	Office Expenses	NA	NA	NA
	Administrative Expenses
	Advertising Expenses
	TOTAL	NA	NA	NA
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(100.000)	485.000	591.000
INTEREST & FINANCIAL EXPENSES		37.000	308.000	572.000
PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(137.000)	177.000	19.000
DEPRECIATION/ AMORTISATION		1680.000	2041.000	1559.000
PROFIT/ (LOSS) BEFORE TAX		(1817.000)	(1863.000)	(1539.000)
TAX		0.000	0.000	(4.000)
PROFIT/ (LOSS) AFTER TAX		(1817.000)	(1863.000)	(1536.000)
Earnings/ (Loss) Per Share (Rs.)		(1.08)	(1.36)	(1.35)

KEY RATIOS

PARTICULARS		01.04.2012 to 31.03.2013 (12 Months)	01.01.2011 to 31.03.2012 (15 Months)	01.01.2010 to 31.12.2010 (12 Months)
Net Profit Margin (PBT/Sales)	(%)	(14.62)	(12.09)	(14.56)
Return on Total Assets (PBT/Total Assets}	(%)	(14.13)	(13.72)	(10.37)
Return on Investment (ROI) (PBT/Networth)		(0.20)	(0.17)	(0.15)
Debt Equity Ratio (Total Debt/Networth)		0.06	0.03	0.24
Current Ratio (Current Asset/Current Liability)		0.86	0.99	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	16758.415	16758.415
Reserves & Surplus	(5754.649)	(7571.476)
Share Application money pending allotment	0.000	0.000
Net worth	11003.766	9186.939
Long-term borrowings	100.000	66.667
Short term borrowings	200.000	440.000
Total borrowings	300.000	506.667
Debt/Equity ratio	0.027	0.055

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	10551.000	15409.000	12424.000
		46.043	(19.372)

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	10551.000	15409.000	12424.000
Profit	(1536.000)	(1863.000)	(1817.000)
	(14.56%)	(12.09%)	(14.62%)

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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10243950	21/09/2010	150,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	A96354105
2	10234918	24/07/2010	350,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	A92120948
3	10159424	22/05/2012 *	100,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	PLOT NO.139-140B, WESTERN EXPRESS HIGHWAY, SAHAR ROAD JUNCTION, VILLE PARLE (EAST), MUMBAI, MAHARASHTRA - 400057, INDIA	B40315145
4	10151923	25/02/2009	500,000,000.00	STANDARD CHARTERED BANK	BOX 725, 90 MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A59887133

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Working capital loans from banks	200.000	0.000
Total	200.000	0.000

Note:

The registered office of the company has been shifted from 8^th Floor, Hallmark Business Plaza, Sant Dynashewar Marg, Near Gurunanak hospital, Bandra (East), Mumbai – 400 051, Maharashtra, India to the present address w.e.f. 08.09.2011.

NATURE OF OPERATIONS:

The Company was incorporated on October 29, 2007 and is engaged in the business of manufacture and sale of Ready Mixed Concrete and trading and manufacturing of Aggregates.

OVERVIEW AND REVIEW OF OPERATIONS

During the last 12 months company has been primarily engaged in readymix business. The company has started new operations in major cities like Gurgaon in North Zone and in Aarey Colony, Mumbai. In addition the company has also put in new plants in Lodha and Samsung thereby expanding their scope in projects

During the year, the Aggregate business saw heterogeneous growth. The NCR market continued to grow at a rapid pace while Mumbai market has plateaued. The Badlapur market also grew quickly though from a low base and in the low end of the segment where they do not operate. The plants at Badlapur and at Kotputli took time to stabilize. In addition, capacity utilization at Badlapur unit is constrained by the small size of the market available at Badlapur and surrounding markets.

Several steps have been taken to develop the market for Aggregates. In addition, the business has also implemented cost control measures to reduce costs at Badlapur to improve margins. The strategy for the Aggregates product line has been to develop the business in India with minimum capital expenditure through multiple, yet aligned operating models.

The uncertainties in the global economic situation has had a severe adverse impact on India's economy especially the infrastructure and real estate sector. There was significant reduction in new investments and the sector also faced acute liquidity crunch. During the 12 month period, the Company has achieved a turnover of INR 12424.000 Millions (net of excise duty) from the sale of the Ready Mix Concrete and Aggregates. The Company recorded an EBITDA of INR (99.600) Millions compared to INR 479.400 Millions during the previous year. The period is for a period of 12 months, thus the figures for the period are not comparable with the previous year period of 15 month.

FUTURE OUTLOOK:

Readymix- Lafarge provide wide range of products to meet all concrete needs of customers delivered with the assurance of on-time, guaranteed quantity and quality. Lafarge has the unique combination of strategically located plants (backed by assured linkages to good quality cement and aggregates) which are operated through automated operation software that guarantees quality and quantity integrity. The main focus would be on Value Added Products (VAP) to meet specific needs backed by assured production quality. It is targeting to increase the VAP penetration over 30%. In coming years Readymix division is targeting to make a significant improvement in the project volumes and has created separate vertical to have a more focused approach. Lafarge’s focus in India over the next 2 to 3 years is to significantly expand exposure to the infrastructure segment by building better cities with innovative value added products which has been the forte of Lafarge worldwide as a solution provider to construction industry. The focus on project-based plants will facilitate infrastructure development such as High Multistoried - Residential / Commercial and other Infra Projects- Ports, Roads, Dams, Power Plants, Bridges. Delhi Metro project has just been initiated and is expected to pick up in next few months. Many other projects in pipeline are in bidding, negotiation or in final stages. Lafarge has a dedicated technology centre in Mumbai – Construction Development Lab which has started working closely with customers to create innovative products that are not just more efficient, aesthetically superior but also green. Safety remains the top priority in Lafarge.

The Aggregate product line would focus on identifying minor mineral reserves at strategic locations in the country to set up mining activities and stone processing activities to complement their Ready Mix footprint. In addition to setting up its own manufacturing facilities, the business would also follow non-capital intensive models to grow in India.

FIXED ASSETS:

Tangible Assets:

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computers

Intangible Assets:

· Goodwill

· Trade Marks

· Computer Software

· Non-Compete Agreement

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.59.06
UK Pound	1	Rs.99.35
Euro	1	Rs.80.62

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.