MIRA INFORM REPORT

Report No. :	318951
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	GRASIM INDUSTRIES LIMITED (w.e.f. 22.07.1986) GRASIM CELLULOSIC DIVISION - A UNIT OF GRASIM INDUSTRIES LIMITED
Formerly Known As :	GWALIOR RAYON SILK (WEAVING) COMPANY LIMITED
Registered Office :	Birlagram, Nagda, ujjain – 456331, Madhya Pradesh
Tel No.:	91-7366-246760
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.08.1947
Com. Reg. No.:	10-000410
Capital Investment / Paid-up Capital :	Rs.918.400 Million
CIN No.: [Company Identification No.]	L17124MP1947PLC000410
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BPLG00117F/ BPLG00021A/ BPLG01651G
PAN No.: [Permanent Account No.]	AAACG4464B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged primarily in two businesses, Viscose Staple Fibre (VSF) and in Cement. It also produces Rayon Grade Pulp, Caustic Soda and allied Chemicals, which are used in the manufacture of VSF.
No. of Employees :	Not Divulged

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 flagship company of the Aditya Birla Group. It is a well-established company having excellent track and ranks among India’s largest private sector companies. The company possesses a strong financial profile marked by comfortable capital structure and debt coverage indicators along with robust liquidity position with healthy cash accruals and high financial flexibility. Trade relations are trustworthy. Business is active. Payment terms are reported as regular and as per commitments. In view of prominent parentage, the subject can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Bank Facilities = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	04.03.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very Strong degree of safety and lowest credit risk.
Date	04.03.2015

RBI DEFAULTER’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Naresh
Designation :	Treasury Officer
Contact No.:	91-22-24995378
Date :	24.04.2015

LOCATIONS

Registered Office :	Birlagram, Nagda, ujjain – 456331, Madhya Pradesh, India
Tel. No.:	91-7366-246760/ 62/ 64/ 66 / 256556
Fax No.:	91-7366-244114/ 246024
E-Mail :	anil.ladha@adityabirla.com grasimshares@adityabirla.com shares@adityabirla.com
Website :	http://www.grasim.com
Corporate Office :	91, Sakhar Bhavan, 230, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22819520
Fax No.:	91-22-22284629
Administrative Office:	Staple Fiber Division, Century Bhawan, 3rd Floor, Dr. A B Road, Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-24210182-86/ 22025012/ 24210182/ 24303169/ 22043451/ 65991600
Fax No.:	91-22-24220892
Branch Office :	Hub Town Solaris, 5^th Floor, 501A and 502, Prof N S Phadke Marg, Andheri (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-61957700
Fax No.:	91-22-61957702
Plants :	FIBRE, PULP CHEMICAL AND TEXTILES PLANTS Staple Fibre Division Birlagram, Nagda – 456 331, Madhya Pradesh, India Tel. No. 91-7366-246760-246766 Fax No. 91-7366-244114/246024 Harihar Polyfibres and Grasilene Division Harihar, District Haveri, Kumarapatnam – 581 123, Karnataka, India Tel. No. 91-8373-232637-39 Fax No. 91-8373-232465/ 232875 91-8192-247555 Birla Cellulosic Birladham, Kharach, Kosamba 394 120, District Bharuch, Gujarat, India Tel. No. 91-2629-270001/5 Fax No. 91-2629-270010/270310 Grasim Cellulsic Division Plot no.1, GIDC, Vilayat Industrial Estate P. O. Vilayat, Taluka Vagra, District Bharuch – 392012, Gujarat, India Chemical Plants Chemical Division Birlagram 456 331, Nagda, Madhya Pradesh, India Tel No. : 91-7366 245501 – 03 Fax No. : 91-7366 246767 / 245845 Grasim Chemical Division / EPOXY Division Plot No.1, GIDC, Vilayat Industrial Estate P. O. Vilayat, Taluka Vagra, District Bharuch – 392012, Gujarat, India Textile Plant Vikram Woollens GH I to IV, Ghironghi Malanpur–477 117, District Bhind, Madhya Pradesh, India Tel.: 91-7539-283602 / 283603 Fax: 91-7539-283339

DIRECTORS

As on. 31.03.2014

Name :	Mr. Kumar Mangalam Birla
Designation :	Chairman
Name :	Mrs. Rajashree Birla
Designation :	Director
Qualification :	BA
Name :	Mr. Madhav L. Apte
Designation :	Director
Qualification :	BA
Name :	Mr. B. V. Bhargava
Designation :	Director
Qualification :	Commerce Law
Name :	Mr. R. C. Bhargava
Designation :	Director
Qualification :	Mathematics
Name :	Mr. Cyril Shroff
Designation :	Director
Name :	Dr. Thomas M. Connelly
Designation :	Director
Qualification :	PHD Chemical Engineering
Name :	Mr. Shailendra K. Jain
Designation :	Whole Time Director
Name :	Mr. N. Mohan Raj (w.e.f. 21st June, 2012)
Designation :	Director
Name :	Mr. D. D. Rathi
Designation :	Director
Name :	Mr. Mr. Adesh Gupta
Designation :	Whole Time Director
Name :	Mr. K K Maheshwari
Designation :	Managing Director

KEY EXECUTIVES

Name :	Mr. Ashok Malu
Designation :	Company Secretary
Name :	Mr. Adesh Gupta
Designation :	Manager and Chief Financial Officer
	Fibre and Pulp Business
Name :	Mr. K.K. Maheshwari
Designation :	Business Director
Name :	Mr. S.K. Saboo
Designation :	Group Advisor, Chairman’s Office
Name :	Dr. Prakash Maheshwari
Designation :	Chief Operating Officer (India) and Head (Projects)
Name :	Mr. Vijay Kaul
Designation :	Group Executive President (Marketing) and Head-Pulp Operations
Name :	Mr. Vinod Tiwari
Designation :	Chief Operating Officer (Pulp Operations)
Name :	Dr. Aspi Patel
Designation :	Chief Technology Officer
Name :	Mr. Rajeev Gopal
Designation :	Chief Marketing Officer
Name :	Dr. Raju Mistry
Designation :	Chief People Officer
Name :	Mr. Anil Rustogi
Designation :	Dy.CFO and Sr. President
	Cement Business
Name :	Mr. O.P. Puranmalka
Designation :	Business Head
Name :	Mr. R.K. Shah
Designation :	Group Executive President and CMO (Mfg. and Projects)
Name :	Mr. Vivek Agarwal
Designation :	Chief Marketing Officer
Name :	Mr. K.C. Birla
Designation :	Sr. Executive President (Finance)
	Chemical Business
Name :	Mr. Lalit Naik
Designation :	Business Head
Name :	Mr. K.C. Jhanwar
Designation :	Group Executive President
Name :	Mr. G.K. Tulsian
Designation :	Executive President
Name :	Mr.Anil Kumar Sinha
Designation :	Chief People Officer
	Textile Business
Name :	Mr. Thomas Varghese
Designation :	Chief Executive Officer
Name :	Mr. S. Krishnamoorthy
Designation :	President
	Corporate Finance Division
Name :	Mr. Pavan K. Jain
Designation :	Executive President
Name :	Mr. Hemant K. Kadel
Designation :	Executive President
Name :	Mr. Naresh
Designation :	Treasury Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	133372	0.17
Bodies Corporate	23296096	29.65
Sub Total	23429468	29.82
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	23429468	29.82
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7012141	8.93
Financial Institutions / Banks	182354	0.23
Insurance Companies	8364047	10.65
Foreign Institutional Investors	20962850	26.68
Sub Total	36521392	46.49
(2) Non-Institutions
Bodies Corporate	6277852	7.99
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8341422	10.62
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	779330	0.99
Any Others (Specify)	3213945	4.09
Overseas Corporate Bodies	2622613	3.34
Non Resident Indians	591332	0.75
Sub Total	18612549	23.69
Total Public shareholding (B)	55133941	70.18
Total (A)+(B)	78563409	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	4802304	0.00
(2) Public	8486472	0.00
Sub Total	13288776	0.00
Total (A)+(B)+(C)	91852185	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged primarily in two businesses, Viscose Staple Fibre (VSF) and in Cement. It also produces Rayon Grade Pulp, Caustic Soda and allied Chemicals, which are used in the manufacture of VSF.
Products :	--
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Depend

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, Bahrain

· EXIM Bank, USA

· Hongkong Bank, London

· IDBI Bank

· ICICI Bank Limited

· Mashreq Bank, Dubai

· Standard Chartered Grindlays Bank, Dubai

· British Bank of Middle East, Dubai

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee Term Loans From Banks	9644.300	9225.900
Short Term Borrowing		0.000
Loans Repayable on Demand From Bank Working Capital Borrowings		0.000
Foreign Currency Loans	0.000	278.500
Rupee Loans	938.600	723.400
Total	10582.900	10227.800
Note : Secured Long-Term Borrowings a) Rupee Term Loan secured by exclusive charge on certain specific fixed assets of the Company located at Nagda (Staple Fibre Division) and Harihar (Staple Fibre and Pulp Divisions) Quarterly ballooning repayment from October 2007, over 8 year b) Rupee Term Loan secured by first pari passu charge on the fixed assets, both present and future, of the Company located at Nagda (Staple Fibre, Chemical and Engineering & Development Divisions), Kharach (Staple Fibre Division) and Harihar (Staple Fibre and Pulp Divisions) [excluding those specific fixed assets, which are exclusively charged for the loan mentioned in Note (a) above] Quarterly ballooning repayment from April 2010, over 8 years c) Rupee Term Loan secured by first pari passu charge on the Plant and Machinery, both present and future, of the Company located at Vilayat (Staple Fibre Division) Quarterly ballooning repayment from April 2014, over 5 years d) Foreign Currency Loan secured by first pari passu charge on the fixed assets, both present and future, of the Company located at Nagda (Staple Fibre, Chemical and Engineering & Development Divisions), Kharach (Staple Fibre Division) and Harihar (Staple Fibre and Pulp Divisions) [excluding those specific fixed assets, which are exclusively charged for the loan mentioned in Note (a) above] - Repayable after 5 years, bullet repayment in April 2013 Unsecured Long-Term Borrowings: Deferred Sales Tax Loans a) Repayable in six annual instalments starting from 31st May, 2012 b) Repayable after ten years from the respective year in which the actual tax was collected, starting from 14th March, 2011

Auditors :
Statutory Auditors 1 :
Name :	G P Kapadia and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Statutory Auditors 2 :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
Branch Auditors :
Name:	Vidyarthi and Sons Chartered Accountants
Address:	Gwalior
Solicitors:	· Amarchan and Mangaldas and Suresh A Shroff and Company
Wholly Owned Subsidiary :	· Sun God Trading and Investments Limited · Samruddhi Swastik Trading and Investments Limited · Grasim Bhiwani Textiles Limited · Aditya Birla Power Ventures Limited (w.e.f. 29th July, 2011)
Sub-Subsidiaries :	· UltraTech Cement Limited · UltraTech Cement Lanka Private Limited, Sri Lanka · Dakshin Cement Limited · Harish Cement Limited · UltraTech Cement Middle East Investment Limited, Dubai, UAE · Star Cement Company LLC, Dubai, UAE · Star Cement Company. LLC, RAK, UAE · Al Nakhla Crusher LLC, Fujairah, UAE · Arabian Cement Industry LLC, Abu Dhabi, UAE · Arabian Gulf Cement Company. WLL, Bahrain · Emirates Power Company Limited, Bangladesh · Emirates Cement Bangladesh Limited, Bangladesh · PT UltraTech Mining Indonesia, Indonesia (w.e.f. 12th April, 2011) · UltraTech Cement SA (PTY), South Africa (w.e.f. 9th April, 2011) · UltraTech Cement Mozambique Limitada, Mozambique (w.e.f. 22nd February, 2012) · PT UltraTech Investments Indonesia, Indonesia (w.e.f. 26th March, 2012) · PT UltraTech Cement, Indonesia (w.e.f. 16th July, 2012) · Gotan Lime Stone Khanij Udyog Private Limited (w.e.f. 23rd July, 2012) · Bhagwati Lime Stone Company Private Limited (w.e.f. 3rd April, 2013)
Joint Venture:	A V Cell Inc., Canada A V Nackawic Inc., Canada Birla Jingwei Fibres Company Limited, China Birla Lao Pulp and Plantations Company Limited, Laos Bhubaneswari Coal Mining Limited A V Terrace Bay Inc., Canada (w.e.f. 12th July, 2012) Aditya Group AB, Sweden (w.e.f. 1st October, 2012)
Associate :	Aditya Birla Science and Technology Company Limited Associate Idea Cellular Limited Associate Aditya Group AB, Sweden (upto 30th September, 2012)

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
95000000	Equity Shares	Rs.10/- each	Rs.950.000 Million
150000	15% “A” Series - Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.15.000 Million
100000	8.57% “B” Series - Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.10.000 Million
300000	9.30% “C” Series - Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.30.000 Million
	TOTAL		Rs.1005.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
91776533	Equity Shares	Rs.10/- each	Rs.918.300 Million
	Share Capital Suspense 14,879 (14,906) Equity Shares of Rs.10 each to be issued as fully paid-up pursuant to acquiring of Cement Business of Aditya Birla Nuvo Limited under the Scheme of Arrangement without payment being received in cash		Rs.0.100 Million
	Total		Rs.918.400 Million

Reconciliation of the Number of Equity Shares Outstanding (including Share Capital Suspense)

Particular	Number of Shares
Outstanding as at the beginning of the year	91791412
Issued during the year under Employee Stock Option Scheme	50438
Outstanding as at the end of the year	91841850

Aggregate number of Equity Shares allotted as fully paid-up out of Share Capital Suspense Account as aforesaid during the period of five years immediately preceding the reporting date (without payment being received in cash)

378

List of Shareholders holding more than 5% shares in the Equity Share Capital of the Company:

Particular	Number of Shares
Turquoise Investment and Finance Private Limited	5908341
Trapti Trading and Investments Private Limited	5477863
Life Insurance Corporation of India	7696546

Equity Shares of Rs.10 each represented by Global Depository Receipts (No voting rights)

13259243

Rights, Preferences and Restrictions attached to Equity Shares:

The Company has only one class of Equity Shares having a par value of Rs.10 per share. Each holder of Equity Shares is entitled to one vote per share. The Company declares dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

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

282,502 (Previous Year 152,406) Equity Shares of Face Value of Rs. 10 each are reserved for issue under Employee Stock Option Scheme, 2006 (ESOS-2006) (ESOS – 2006) and Employee Stock Option Scheme – 2013 (ESOS – 2013)

Under the ESOS-2006, the Company has granted 306,675 Options to its eligible employees in four tranches, the details of which are given hereunder:

	I	II	III	IV
No. of Options Granted	201,530	16,610	71,297	6,037
Grant Date	23rd Aug,	25th Jan	30th Aug,	2nd June
Grant Price (Rs. Per Share)	1,928	2,885	1,440	1,594
Revised Grant Price*	1,523	2,279	N.A.	N.A.
Market Price on the Date of Grant (Rs.)	2,728	2,885	2,018	2,330
Method of Accounting	Intrinsic Value
Graded Vesting Plan	25% every year, commencing one year from the date of grant
Normal Exercise Period	5 years from the date of vesting

* The Grant Price in respect of Tranche I and II was revised in the Financial Year 2010-11 as per the Scheme of Demerger of Cement Business.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	918.400	917.900	917.200
(b) Reserves & Surplus	107357.400	100300.700	90076.700
(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)	108275.800	101218.600	90993.900
(3) Non-Current Liabilities
(a) long-term borrowings	10043.800	9809.200	5673.400
(b) Deferred tax liabilities (Net)	4620.000	3439.100	2392.400
(c) Other long term liabilities	146.600	129.100	121.200
(d) long-term provisions	423.100	434.400	390.400
Total Non-current Liabilities (3)	15233.500	13811.800	8577.400
(4) Current Liabilities
(a) Short term borrowings	1271.600	1795.800	630.000
(b) Trade payables	4513.900	3456.900	2950.500
(c) Other current liabilities	4819.800	5396.500	2900.600
(d) Short-term provisions	4661.900	4981.200	4308.300
Total Current Liabilities (4)	15267.200	15630.400	10789.400
TOTAL	138776.500	130660.800	110360.700
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53551.900	20702.500	15471.100
(ii) Intangible Assets	0.000	17.100	14.200
(iii) Capital work-in-progress	0.000	24250.900	4769.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	44201.000	45188.100	44744.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4786.000	4394.500	6142.700
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	102538.900	94553.100	71141.900
(2) Current assets
(a) Current investments	11835.400	17056.200	23552.900
(b) Inventories	12122.700	7893.400	6309.100
(c) Trade receivables	6137.900	5053.900	5092.300
(d) Cash and cash equivalents	263.000	162.700	110.200
(e) Short-term loans and advances	5514.900	5675.600	3918.700
(f) Other current assets	363.700	265.900	235.600
Total Current Assets	36237.600	36107.700	39218.800
TOTAL	138776.500	130660.800	110360.700

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations (Net)		56035.000	52550.100	49735.600
		Other Income		3847.900	4345.700	4634.600
		TOTAL (A)		59882.900	56895.800	54370.200
Less	EXPENSES
		Cost of Materials Consumed		29826.100	26094.100	24053.300
		Purchases of Stock-in-Trade		68.000	48.700	157.000
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade		40.500	(265.600)	(1321.000)
		Employee Benefits Expense		3788.000	3717.900	3317.600
		Power and Fuel		8145.800	7143.300	6756.800
		Freight and Handling Expenses		943.200	829.900	679.900
		Other Expenses		4809.200	4398.700	3734.100
Less		Captive Consumption		(199.100)	(298.700)	(225.600)
		TOTAL (B)		47421.700	41668.300	37152.100
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			12461.200	15227.500	17218.100
Less	FINANCIAL EXPENSES (D)			415.200	390.900	358.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			12046.000	14836.600	16859.900
Less	DEPRECIATION/ AMORTISATION (F)			2196.100	1592.100	1442.000
Add	EXCEPTIONAL ITEM			0.000	(2044.300)	0.000
	PROFIT BEFORE TAX (E-F) (G)			9849.900	15288.800	15417.900
Less	TAX (H)			890.000	3028.900	3647.900
	PROFIT AFTER TAX (G-H) (I)			8959.900	12259.900	11770.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			15494.000	6623.400	7037.200
Less	APPROPRIATIONS
			Transfer to General Reserve	7000.000	1226.000	10000.000
			Corporate Dividend Tax	74.800	98.100	120.200
			Proposed Dividend	1928.700	2065.200	2063.600
			Transfer to Debenture Redemption Reserve	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S			15450.400	15494.000	6623.400
	EARNINGS IN FOREIGN CURRENCY
			Export Of Goods On FBO Basis	15006.300	12631.400	11187.800
			Technical Know-how and Service Charges	3.200	2.400	2.100
			Interest and Dividend	64.400	146.600	195.100
			Sale of Fixed Asset	0.000	52.700	0.000
			Others	0.000	11.700	19.300
	TOTAL EARNINGS			15073.900	12844.800	11404.300
	IMPORTS
			Raw Materials	18026.300	11508.300	8364.200
			Stores & Spares	486.200	180.100	162.700
			Capital Goods	1759.400	6374.900	1668.400
	TOTAL IMPORTS			20271.900	18063.300	10195.300
	Earnings Per Share (Rs.)			97.58	133.62	128.33

QUARTERLY RESULTS

PARTICULARS	30.06.2014 1st Quarter	30.09.2014 2nd Quarter	31.12.2014 3rd Quarter
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	14,388.000	15,997.900	1,552.800
Total Expenditure	12,979.700	13,858.600	13,782.100
PBIDT (Excl OI)	1,408.300	2,139.300	1,810.700
Other Income	551.200	2,114.400	307.800
Operating Profit	1,959.500	4,253.700	2,118.500
Interest	56.200	90.100	116.200
Exceptional Items	0.000	0.000	0.000
PBDT	1,903.300	4,163.600	2,002.300
Depreciation	529.100	624.400	628.600
Profit Before Tax	1,374.200	3,539.200	1,373.700
Tax	315.800	545.100	436.900
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	1,058.400	2,994.100	936.800
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	1,058.400	2,994.100	936.800

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Sales	(%)	15.99	23.33	23.67
Net Profit Margin (PBDIT/Sales)	(%)	22.24	28.98	34.62
Return on Total Assets (PBT/Total Assets}	(%)	27.18	42.34	39.31
Return on Investment (ROI) (PBT/Networth)		0.09	0.15	0.17
Debt Equity Ratio (Total Debt/Networth)		0.10	0.11	0.07
Current Ratio (Current Asset/Current Liability)		2.37	2.31	3.63

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	917.200	917.900	918.400
Reserves & Surplus	90076.700	100300.700	107357.400
Net worth	90993.900	101218.600	108275.800
long-term borrowings	5673.400	9809.200	10043.800
Short term borrowings	630.000	1908.200	1271.600
Total borrowings	6303.400	11717.400	11315.400
Debt/Equity ratio	0.069	0.116	0.105

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Revenue From Operation	49,735.600	52,550.100	56,035.000
		5.659	6.632

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Revenue From Operation	49,735.600	52,550.100	56,035.000
Profit	11,770.000	12,259.900	8,959.900
	23.67%	23.33%	15.99%

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

UNSECURED LOAN

(Rs. In Million)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Deferred Sales Tax Loans	399.500	583.300
Short Term Borrowing
Working Capital Borrowings	0.000	543.900
Foreign Currency Loans	310.000	250.000
Rupee Loans	23.000	0.000
Total	732.500	1377.200
Note.: Working Capital Borrowings are secured by hypothecation of stocks and book debts of the Company

OVERVIEW

During the Financial Year 2013-14 (FY 13-14), advanced economies were gradually recovering while Emerging market economies slowed down. They faced the dual challenge of slowing growth and tighter global financial conditions. Currency depreciation accentuated inflationary pressure and most of the emerging economies’ central banks engaged in monetary tightening. Slower economic growth in China also impacted global economic environment.

The Indian economy further slowed down with GDP growth in FY 13-14 estimated to be less than 5%. Industrial growth rate continued to stay weak at 0.5%. Domestic investments declined due to high interest rates and slowdown in capex cycle. Rupee witnessed sharp depreciation during the first half of the year, though it has stabilized since December 2013. With focus on improving macro stability, fiscal deficit has been contained at 4.6% of GDP, current account deficit has come down to 1.7% of GDP and the inflation trend is moderating. This should help in accelerating growth in Indian economy, going forward.

The economic slowdown has impacted the performance of the Company as well. In Viscose Staple Fibre (VSF) business, though demand continued to grow globally, margins contracted given rising raw material prices coupled with subdued realisation in line with the global scenario due to the large surplus capacities in China. The Cement industry witnessed sluggish demand due to the slowdown in infrastructure projects, real estate sector and capex cycle.

STRATEGIC INITIATIVES

In line with its objective of strengthening its leadership position in both VSF and Cement businesses, the Company made considerable progress with its expansion plans:

VSF BUSINESS EXPANSION

The capacity expansion from 334K TPA to 498K TPA is in its final stage of becoming operational. Of this, the Brownfield expansion (36K TPA) at Harihar, Karnataka, has been completed with the commissioning of Power plant in Phase-II in May 2013. In respect of Greenfield project (120K TPA) at Vilayat in Gujarat, trial runs for Line 1 have commenced in April 2014, to be followed by trail runs of Line 2 shortly. The remaining two lines focusing on specialty fiber are expected to be commissioned in the 2nd quarter of the current year. Besides increasing volumes, the plant will augment the Company’s presence in speciality fibres such as Modal and Micro-modal.

CEMENT BUSINESS EXPANSION

Considerable progress has been made in Brownfield expansions under implementation. Clinkerisation plant (3.3 Mn. TPA) along with the grinding capacity (1.45 Mn. TPA) at Malkhed, Karnataka and Jharsuguda, Odisha (1.60 Mn. TPA), was commissioned in FY 13-14. This is in addition to clinkerisation plant at Raipur, Chhattisgarh (3.3 Mn. TPA) and grinding capacity at Hotgi, Maharashtra (1.55 Mn. TPA) already commissioned in FY 12-13. The remaining cement grinding facility of ~4.5 Mn. TPA is slated to goon stream in a phased manner by 2015. Work on the 2.9 Mn. TPA expansion at Aditya Cement in Rajasthan is expected to be commissioned in 2015.

ACQUISITION OF 4.8 MN. TPA CEMENT CAPACITY IN GUJARAT

In September 2013, UltraTech Cement Limited. (UltraTech), the subsidiary of the Company, entered into an agreement to acquire, by way of a demerger, the Gujarat Cement units (4.8 Mn. TPA) comprising of an integrated cement plant at Sewagram and a grinding unit at Wanakbori of Jaypee Cement Corporation Limited (JCCL). The transaction has received the requisite regulatory approvals from Competition Commission of India, shareholders, creditors and Hon’ble High Courts, and is now subject to the approval of Securities and Exchange Board of India.

On completion of the ongoing expansions and the acquisition, UltraTech’s cement capacity will increase to 70 Mn. TPA.

STRENGTHENING OF BACKWARD INTEGRATION THROUGH EXPANSION IN CHEMICAL BUSINESS

The 182,500 TPA Caustic Soda plant at Vilayat, Gujarat, has been commissioned in May 2013. With this, the Company has the largest capacity of 452,500 TPA in the Chlor-alkali segment in India. To expand its portfolio of downstream Value Added Products, a 51,500 TPA Epoxy plant began operations in December 2013.

PERFORMANCE REVIEW

Total textile fibre consumption has been growing at a steady pace of 4% from 2008 to 2012. The rate of growth, going forward, is expected to remain around this level. Against this, world demand for VSF has grown at 12% CAGR (CY 09-CY 13), primarily driven by VSF industry in China (CAGR of 15% in last 5 years).

Despite good growth, the business environment continues to remain challenging. Over the last few years, all the leading VSF manufacturers have actively pursued capacity expansion. This has led to a large over capacity and pressure on realisations. The capacity addition in China has been much faster than the rest of the world, resulting in a 69% capacity utilisation in 2013 against the global average of 79%. The availability of dissolving grade pulp, which was a constraint until last year, has become surplus in the current year, as several paper grade pulp producers have converted their facilities from paper grade to dissolving grade. This too has supplemented overcapacity in VSF.

With a large surplus capacity, Chinese players are aggressively exporting, leading to a decline in global prices. The demand supply imbalance and liquidity crunch in China impacted VSF prices in global markets. The fall in realisations of the Company were much lower compared to global trends, supported by rupee depreciation.

The Company’s production increased by 7% vis-à-vis FY 12-13, with the enhanced capacity at Harihar plant. Despite difficult market conditions, sales volumes grew by 9%. A sharp depreciation of the rupee and a steep increase in pulp and wood prices resulted in a substantial increase in input costs and decline in EBIDTA margins.

Led by better efficiency and realisations, profitability has improved in Pulp JVs. Losses at AV Terrace Bay amounting to `Rs. 790.000 Million (the Company’s share) has affected the consolidated performance, despite the significant improvement in plant efficiency. The performance of the VSF JV in China was affected due to depressed market conditions.

Capex plans of Rs. 2,7250.000 Million are under implementation, including the Greenfield Vilayat project and the

normal capex, of which Rs.18700.000 Million has already been spent as at 31st March, 2014.

SECTOR OUTLOOK

The world economy continues to pass through an uncertain phase with high volatility. Though the US is showing signs of slow and steady recovery, the challenges in the Euro Zone remain. The slowdown in China will pose additional concerns. Margins are likely to remain under pressure in the near term due to overcapacity in China. However, the slowdown of new capacity additions in China should lead to Improvement in industry utilisation.

In the long term, with limitations for growth of cotton production due to competition with other cash crops, growing population, rising prosperity and increasing consumer awareness about the benefits of cellulosic fibre, VSF is well positioned to achieve a larger share of the global fibre pie.

BUSINESS OUTLOOK

The additional capacity from the ongoing Greenfield expansion at Vilayat will push volume growth. The Company will continue to focus on specialty fibres.

The Business is committed to achieve world benchmark quality besides expanding new product offerings by expediting RandD projects as elaborated in the Directors’ Report. Further, the Business will continue to focus on improving its cost competitive position. These measures will ensure the Company maintaining its leadership position.

PERFORMANCE REVIEW

The Chemical business reported a growth of 16Percent and 17Percent in production and sales volume, respectively. Additional volumes from its Vilayat plant and an uninterrupted production at its Nagda plant were the

key drivers. Production at the Vilayat plant was hampered during the third quarter on account of the unprecedented floods. ECU realisation saw a marginal decline in the first half from the peak level witnessed during FY 12-13, even as it recovered during the second half. The operating profit for the business was lower due to the initial losses after the commissioning of Caustic and Epoxy plant at Vilayat.

SECTOR OUTLOOK

Caustic demand in India will benefit from expected high growth in the aluminium industry in India. Demand growth from paper as well as soaps and the detergents segment would be healthy with rising consumption. Chlorine demand will be linked with growth in agrochemicals, dye intermediates, organic intermediates, etc. However, increase in production volume in Western India may impact its demand supply balance.

BUSINESS OUTLOOK

The full benefit of the Chemical complex at Vilayat (Chloro-Alkali, Epoxy and other value added products) will accrue in FY 14-15 with the gradual ramp up in production.

PERFORMANCE REVIEW

The Cement industry was affected by a sluggish demand on account of lower government spending, prolonged monsoon, a gloomy economic environment leading to low off-take from the infrastructure and housing sectors, coupled with the shortage of construction material like sand in some of the major cement consuming states.

Higher capacity addition compared to incremental demand resulted in sector capacity utilisation declining to below 70Percent. The subdued demand and over-capacity resulted in prices remaining under pressure. UltraTech’s domestic cement realisation was at 4,097 per ton as against 4,253 per ton in FY 12-13.

UltraTech continued its efforts towards cost optimization and operational efficiencies, which to some extent helped in containing costs. The overall energy cost at ` 948 per ton eased by 4Percent over the previous year. The gain in cost was achieved with a continuous focus on improving efficiencies in consumption and increasing the usage of pet coke. Although prices of imported coal softened, the depreciation in rupee negated the benefit. Limestone mining cost and landed cost of all major input material have increased, linked to regular hike in HSD prices. The rise in rail freight and diesel prices (more than 20Percent) impacted the logistics cost substantially.

UltraTech has earmarked a capex of Rs.100000.000 Million to be incurred in setting up the grinding units, Brownfield expansion in Rajasthan, cement terminals and other normal capex. These are likely to be commissioned in a phased manner by 2015.

Outlook for Cement Business

Industry is likely to face an oversupply situation till FY 16-17 with the utilisation remaining below 75 Percent. As a result pricing may remain under pressure. The pace of capacity addition is slowing down and an additional ~50 Mn. TPA is expected in next three years.

The demand growth should gradually recover to 8 Percent on improved economic environment. Higher infrastructure spending, robust potential in rural housing and the expected decline in interest rates augur well for the cement industry.

TEXTILES - GRASIM BHIWANI TEXTILES LIMITED (GBTL)

GBTL, the Company’s textile subsidiary, grew on the back of higher volume in the OTC segment in India and better realisation in export markets. Its operating profit at Rs. 367.000 Million improved by 17 Percent with higher margins in export markets. Net profit almost doubled from Rs.91.000 Million in the previous year to ` 181.000 Million.

OUTLOOK

Given the over capacity buildup in China and its consequent impact on prices and margins, the Pulp and Fibre ndustry continues to face a challenging environment in the short term. However, the long-term growth prospects are encouraging. In the Cement Sector, a 6Percent growth with the potential to move to over 8Percent with the economy on a more stable footing, augurs well for the Company.

Having said that, with additional capacities coming on stream in both its Pulp and Fibre business and Cement

business, the Company is well poised to further consolidate its leadership position in these sectors.

CHEMICAL BUSINESS

The Company allied Chemical business has set up a pilot scale plant based on Oxygen Depolarization Cathode (ODC) technology. With this, the energy consumption is lowered by approx. 30Percent as compared to conventional membrane cell technology. It is also planning to set up a pilot lab scale electrolyzer in collaboration with Uhde at ABSTCL, Taloja. This facility will provide it with an opportunity to run the electrolyzer at various current densities with varying electrolyte parameters which will help in optimizing the plant performance. The quality of brine is very critical for optimum performance of Membrane cell plant. It is proposed to install the Pilot brine plant at Nagda to study the conditions/parameters affecting the brine quality and incorporate the same learnings in the main plant to enhance

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Million)

Particular	31.03.2014
Claims/Disputed Liabilities not acknowledged as debt:
Custom Duty	70.600
Sales Tax/Purchase Tax/VAT	0.100
Excise Duty/Cenvat Credit/Service Tax	831.600
Water Cess	176.900
Income Tax	1443.600
Various claims in respect of disputed liabilities of discontinued business in earlier year	342.600
Others	269.500
Out of the above matter disputes pending with Revenue and other Government authorities challenged/appealed by the Company are:
a)Income tax demand raised on completion of assessment for the Financial Year 2009-10	1443.600
b)Excise Duty demanded against Cenvat credit availed in respect of electricity not used for manufacturing	548.200
c)Transfer of Cenvat credit on merger of excise registration of two units disputed by Excise Department	194.400
(d) Custom classification dispute on import of coal	51.100
e)Water charges for water not made available as per agreement	176.900
f)Penalty for not utilising the land within the time limit prescribed as per the sanction document, utilisation of which is delayed due to non-fulfilment of condition by Gujarat Industrial Development Corporation	69.600
Cash outflows for the above are determinable only on receipt of judgements pending at various forums/ authorities.

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2014

(Rs. In Million)

Sr. No	Particulars		Three Months Ended		Nine Months Ended
			31.12.2014	30.09.2014	31.12.2014
			Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		15433.100	15822.800	45492.200
	b. Other Operating Income		159.700	175.100	486.500
	Total Income from Operations (Net)		15592.800	15997.900	45978.700
2	Expenditure
	a. Cost of material Consumed		9398.900	9028.700	26964.000
	b. Purchase of Stock-in trade		15.700	5.700	32.900
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		(824.200)	(221.300)	(1311.700)
	d. Employees Benefit Expenses		1171.300	1167.700	3421.100
	Power and Fuel Cost		2687.100	2688.900	7805.400
	Freight and Handling Expenses		268.200	246.600	732.900
	Depreciation and Amortisation Expenses		628.600	624.400	1782.100
	Other Expenses		1065.100	942.300	2975.800
	Total Expenses		14410.700	14483.000	42402.500
3	Profit from Operations before Other Income, Interest and Exceptional Items		1182.100	1514.900	3576.200
4	Other Income		307.800	2114.400	2973.400
5	Profit from ordinary activities before finance cost & exceptional items		1489.900	3629.300	6549.600
6	Finance Costs		116.200	90.100	262.500
7	Profit from ordinary activities after finance costs & exceptional items		1373.700	3539.200	6287.100
10	Tax Expense		436.900	545.100	1297.800
13	Net Profit After Tax		936.800	2994.100	4989.300
14	Paid-up equity share capital (face value of Rs.10 per share)		918.600	918.600	918.600
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		--	---	--
16	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS		10.20	32.60	54.32
	Diluted EPS		10.19	32.57	54.26
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	55431	55381	55431
		- Percentage of shareholding	60.35	60.30	60.35
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	--	--	--
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	--	--	--
		- Percentage of shareholding (as a % of the total share capital of the company)	--	--	--
		b) Non-encumbered
		- No. of shares	23429	23429	23429
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
		- Percentage of shareholding (as a % of the total share capital of the company)	25.51	25.51
		INVESTORS COMPLAINTS Pending at the beginning of the Quarter Receved during the quarter Disposed during the Quarter Remaining unresolved at the end of the Quarted	-- 4 4 --

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	Three Months Ended		Nine Months Ended
	31.12.2014	30.09.2014	31.12.2014
a. Information about Primary Business Segments	Unaudited	Unaudited	Unaudited
1. Segment Revenue
Viscose Staple Fibre	12034.500	12707.800	35682.600
Chemicals – Caustic Soda and Alied Chemicals	4416.300	4159.900	12711.200
Others	188.500	218.400	669.000
Total	16639.300	17086.100	49062.800
Less : Inter Segment Revenue	(1046.500)	(1088.200)	(3084.100)
Net Operating Income	15592.800	15997.900	45978.700
2. Segment Result
Viscose Staple Fibre	978.900	1134.900	2655.300
Chemicals – Caustic Soda and Alied Chemicals	443.600	549.600	1661.500
Others	4.000	8.600	25.200
Total	1426.500	1693.100	4342.200
Less : Finance Cost	(116.200)	(90.100)	54434.000
Net Unallocable Income (Expenditure	63.400	1936.200	19379.500
Profit From Ordinary Activities Before Tax	1373.700	3539.200	393.700
3. Capital Employed (Segment Assets-Segment Liabilities)
Viscose Staple Fibre	54434.000	52265.700	74207.200
Chemicals – Caustic Soda and Alied Chemicals	19379.500	19460.700	56742.900
Others	393.700	399.200	393.700
Total	74207.200	72125.600	74207.200
Add: Unallocated Corporated Capital Employed	56742.900	57187.600	56742.900
TOTAL CAPITAL EMPLOYED	130950.100	129313.200	130950.100

NOTES:

The Financial Results were reviewed by the Audit Committee and approved by the Board of Directors today.

In Viscose Staple Fibre (VSF) business, 3rd Line with a capacity of 21,900 MT per annum for producing Speciality Fibre has been commissioned at Vilayat, Gujarat in January, 2015.With this total VSF capacity of the Company has increased to 4,76,325 MT per annum.

From 1st April, 2014 as per applicable provisions of the Companies Act, 2013, the depreciation has been provided as per the useful life specified in the Act or as re-assessed by the Company. Based on the current estimates, carrying value of the assets whose useful life is already exhausted as on 1st April, 2014, amounting to Rs.110.900 Million and deferred tax credit of Rs.37.700 Million thereon has been recognised in the opening balance of Retained Earnings.

Had there been no change as stated above, depreciation would have been higher by Rs.120.300 Million and Rs.354.100 Million for the quarter and nine months ended 31st December, 2014 respectively.

Tax expenses for the quarter and nine months ended 31st December, 2014 are net of provisions written back pertaining to earlier years amounting to Rs.22.000 Million and Rs.23.800 Million respectively. For the corresponding quarter and nine months in the previous year, such write back amounted to Rs.26.800 Million and Rs.218.600 Million respectively. For the year ended 31st March, 2014 write back was Rs.290.900 Million.

During the quarter, the Company has allotted 3,022 fully paid up equity shares of Rs.10 each upon exercise of employee stock options.

Previous periods’ figures have been regrouped/rearranged wherever necessary to conform to the current periods’ classification.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10533443	02/12/2014	363,860,000.00	HDFC BANK LIMITED	BANK HOUSE, 3RD FLOOR, BRILLIAN AVENUE, BEHIND BOMBAY HOSPITAL, SCHEME 94, INDORE, MADHYA PRADESH -  452010, INDIA	C35089663
2	10326687	07/01/2012	9,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP BRANCH, NEVILLE HOUS ,JN HEREDIA MARG, MUMBAI, MAHARASHTRA -400001,INDIA	B29015542
3	10108132	18/05/2010 *	3,000,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A86805397
4	80024425	15/12/2005	1,386,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
5	80024325	18/05/2010 *	8,300,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP, VOLTAS HOUSE,, 23, JN HEREDIA MARG,, MUMBAI, MAHARASHTRA - 400001, INDIA	A87144812

* Date of charge modification

FIXED ASSETS

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Railway Sidings
• Computer Software
• Computer and Other Electronic
• Office Equipment

PRESS RELEASES

ADITYA BIRLA CHEMICALS TO MERGE WITH GRASIM INDUSTRIES

FEBRUARY 12, 2015

The swap ratio approved by the board is 1 share of Grasim for every 16 shares of Aditya Birla Chemicals

Mumbai: Grasim Industries Limited, the flagship company of the Aditya Birla Group, has decided to merge Aditya Birla Chemicals (India) Limited, or ABCIL, with the company.

In a filing to stock exchanges, Grasim Industries said its board on Wednesday approved the proposed merger of ABCIL with Grasim. The swap ratio approved by the board is 1 share of Grasim for every 16 shares of ABCIL.

Grasim will issue 1.46 million new shares.

The proposed merger will consolidate Aditya Birla Group’s chlor-alkali business into Grasim and strengthen the existing portfolio of viscose staple fibre, caustic soda and allied chemicals in the stand-alone company, the company said.

“The merger will enable the geographical diversification for Grasim through the addition of ABCIL’s manufacturing facilities spread across the country. It also enables the business to capitalize growth opportunities by bringing in operational and financial synergies, backed by Grasim’s strength,” the statement added.

The consolidation is in line with Aditya Birla Group’s philosophy to unify similar businesses in one company, the statement said.

Grasim is a manufacturer of caustic soda in India, with an installed capacity of 452,500 tonnes per annum. It has plants at Nagda in Madhya Pradesh and a recently-commissioned one at Vilayat in Gujarat.

ABCIL reported a net profit of Rs.34.000 Million in the December ender quarter, against Rs.163.500 Million in the same period a year ago. The company in its statement to BSE said the numbers are not fully comparable due to certain acquisitions made in the last financial year.

The total debt on ABCIL’s books is a little less than Rs.10000.000 Million, which would not be transferred to Grasim’s books. As per Bloomberg data, Grasim Industries Limited consolidated net debt was at Rs.53275.900 Million and standalone was at Rs.390.400 Million as on 30 September 2014.

“ABCIL is held through Hindalco (51%), Renuka Investments (3.31%) and Pilani Investments (1.67%). Grasim does not have a stake currently. At a group level, we see it as a streamlining process and nothing more than that. The move, however, could help improve Hindalco’s books as ABCIL’s debt will be transferred to Grasim,” said an analyst with a domestic brokerage firm. The analyst did not wish to be identified.

Grasim Industries reported a stand-alone net profit of Rs.936.800 Million in the December ended quarter against Rs.1260.900 Million in the same period last year, down by 26%.

Adesh Kumar Gupta, chief financial officer, Grasim Industries, said the merger will raise Grasim’s caustic soda capacity from the current 452,500 tonnes to around 748,000 tonnes. “With certain other capacity addition, the total caustic soda capacity eventually would be around 804,000 tonnes.”

Gupta expects the merger with ABCIL to improve margins for Grasim Industries. “Margins for ABCIL have been in the above 24% range due to a better cost structure, higher than the 18% margins reported by Grasim’s chemicals division,” he said.

Aditya Birla Chemicals India Limited gained 1.59% to close at Rs.223.20 on Wednesday on the BSE, while the benchmark Sensex gained 0.63% to close at 28,533.97 points and shares of Grasim Industries Limited gained 0.48% to close at Rs.2,835.85 per share. The merger was announced after market hours on Wednesday.

GRASIM TO SUSPEND OPERATIONS AT NAGDA PLANT IN MADHYA PRADESH

APRIL 24, 2015

Mumbai: Grasim Industries Limited, a maker of viscose staple fibre, on Friday said it would suspend operations at its staple fibre plant in Madhya Pradesh due to a water shortage.

“Due to water shortage caused by deficient rain last year, the company has started reducing production of staple fibre at its plant located at Nagda (in Madhya Pradesh) in a phased manner,” the company said in a statement to the BSE.

Production at the Nagda plant is likely to be fully suspended by 30 April and would be resumed once water becomes available. Grasim’s Nagda plant can produce 162 kilo tonnes of viscose stable fibre a year.

The company expects its operations at its Chlor Alkali plant in the same location to be affected due to unavailability of water. It plans to continue supply to its customers from its other plants in Gujarat and Karnataka.

On Friday, Grasim Industries closed at Rs3,666.15 a share, flat from its previous close of Rs3,639.10.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
RBI	YES/NO	NO
EPF	YES/NO	NO
TOTAL		75

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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