MIRA INFORM REPORT

Report No. :	336674
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	ULTRATECH CEMENT LIMITED
Registered Office :	B-Wing, 2^nd Floor, Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra
Tel No.:	91-22-66917800
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	24.08.2000
Com. Reg. No.:	11-128420
Capital Investment / Paid-up Capital :	Rs. 2744.000 Million
CIN No.: [Company Identification No.]	L26940MH2000PLC128420
IEC No.:	27710299627
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03782C/ KLPU00481F/ NGPU01449A/ MUMU05433B
PAN No.: [Permanent Account No.]	AAACL6442L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Cement and Cement Related Products and also Manufacturer of Ready Mix Concrete (RMC).
No. of Employees :	13117 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of Aditya Birla Group. It is a well-established and reputed company having excellent track. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	29.07.2015

Rating Agency Name	CRISIL
Rating	Short term rating =A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	29.07.2015

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 31-03-2013.

INFORMATION DECLINED

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

LOCATIONS

Registered Office :

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

Tel. No.:

91-22-66917800

Fax No.:

91-22-66928109

E-Mail :

csutcl@adityabirla.com

sharesutcl@adityabirla.com

brr.utcl@adityabirla.com

Website :

www.ultratechcement.com

www.adityabirla.com

Branch Office:

4th Floor, B Wing Ahura Centre 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-66917800

Head Office:

A Wing, Ahura Center, 1^st Floor Mahakali Road, Near MIDC Andheri (East), MUMBAI - 400009, Maharashtra, India

Tel No.:

91-2266917403

Factory 1 :

Aditya Cement Works

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

Tel. No.:

91-1472-221001-10

Fax No.:

91-1472-221020

Factory 2 :

Gujarat Cement Works

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

Tel. No.:

91-2794-283034

Fax No.:

91-2794-283036

Factory 3 :

Kotpuli Cement Works

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

Tel. No.:

91-1421-288666

Fax No.:

91-1421-288665

Factory 4 :

Reddipalayam Cement Works

Reddipalayam PO District Ariyalur - 621704,Tamilnadu, India

Tel. No.:

91-4329-249240

Fax No.:

91-4329-249253

Factory 5 :

White Cement Birla White/ White Cement

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

Tel. No.:

91-2920-264040- 47

Fax No.:

91-2920-254244/ 264222

Factory 6 :

Andhra Pradesh, Cement Works,

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

Tel. No.:

91-8558-288001

Fax No.:

91-8558-288859

Factory 7 :

Hirmi Cement Works

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

Tel. No.:

91-7726-2811217 / 218 / 221

Fax No.:

91-7726-281572

Factory 8 :

Rajashree Cement Works

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

Tel. No.:

91-8441-288888

Fax No.:

91-8441-288624/ 288365

Factory 9 :

Vikram Cement Works

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

Tel. No.:

91-7420-230554/ 230567

Fax No.:

91-7420-235524

Factory 10 :

Awarpur Cement Works

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

Tel. No.:

91-7173-266323

Fax No.:

91-7173-266339

Factory 11 :

Jafrabad Cement Works

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

Tel. No.:

91-2794-245103

Fax No.:

91-2794-245110

Factory 12 :

Rawan Cement Works

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

Tel. No.:

91-7726-288217-20

Fax No.:

91-7726-288215/ 288209

Zonal Office :

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

Tel. No.:

91-80-22250748/ 22250749/ 22266225

Fax No.:

91-80-22204839

Zonal Office :

Royal Building, 1st Floor No 23, Annasalai, Chennai – 600015, Tamilnadu, India

Tel. No.:

91-44-42328008

Fax No.:

91-44-42328017

Zonal Offices :

Also located at:

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

Overseas Offices :

Located at

· United Arab Emirates

· Sri Lanka

· Bahrain

· Bangladesh

DIRECTORS

As on 31.03.2015

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

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	77009	0.03
Bodies Corporate	169200865	62.76
Sub Total	169277874	62.79
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	169277874	62.79
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9964461	3.70
Financial Institutions / Banks	480218	0.18
Central Government / State Government(s)	104829	0.04
Insurance Companies	8026925	2.98
Foreign Institutional Investors	50830359	18.85
Sub Total	69406792	25.74
(2) Non-Institutions
Bodies Corporate	12459062	4.62
Individuals
Individual shareholders holding nominal share capital up to Rs. 1.000 Million	16033181	5.95
Individual shareholders holding nominal share capital in excess of Rs. 1.000 Million	124560	0.05
Any Others (Specify)	2303794	0.85
Non Resident Indians	753684	0.28
Others	1499116	0.56
Others	50994	0.02
Sub Total	30920597	11.47
Total Public shareholding (B)	100327389	37.21
Total (A)+(B)	269605263	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	2744168	0.00
(2) Public	2057365	0.00
Sub Total	4801533	0.00
Total (A)+(B)+(C)	274406796	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Cement and Cement Related Products and also Manufacturer of Ready Mix Concrete (RMC).
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS (AS ON 31.03.2013)

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

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

13117 (Approximately)

Bankers :

· Hongkong and Shanghai Banking Corporation Limited, Singapore

· DBS Bank Limited, Singapore

· HSBC Bank (Mauritius) Limited, Mauritius

· Credit Agricole Corporate and Investment Bank, Singapore

· Cooperative Central Raiffeisen - Boerenleen bank B.A.

· BNP Paribas, Singapore

· J P Morgan, Singapore

· Mizuho Corporate Bank, Singapore

· Sumitomo Mitsui Banking Corporation and Bank of Nova Scotia, Singapore

· Axis Bank Limited

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
Non-Convertible Debentures	12650.000	2590.000
Term Loans from Banks:
In Foreign Currency	11473.800	13359.400
In Local Currency	3750.000	4500.000
Sales Tax Deferment Loan	258.300	229.800
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)	1433.200	3214.300
Total	29565.300	23893.500

Banking Relations :	--
Financial Institution :	International Finance Corporation, Washington
Auditors :
Statutory Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Indiabulls Finance Centre, Tower 3, 27^th -32^nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400013, Maharashtra, India
Name :	G. P. Kapadia and Company Chartered Accountants
Address :	A Wing, 63-65, Mittal Tower, 210, Nariman Point, Mumbai - 400021, Maharashtra, India
Cost Auditors :
Name :	N. I. Mehta and Company Cost Accountants
Address :	Mumbai, Maharashtra, India
Name :	N. D. Birla and Company Cost Accountants
Address :	Ahmedabad, Gujarat, India
Branch Auditors :
Name :	Haribhakti and Company
Address :	Mumbai, Maharashtra, India
Solicitors :
Name :	Amarchand and Mangaldas and Suresh A. Shroff and Company Advocates and Solicitors
Address :	Mumbai, Maharashtra, India
Holding Company:	Grasim Industries Limited
Wholly Owned Subsidiary:	· Dakshin Cements Limited · Harish Cement Limited · UltraTech Cement Middle East Investments Limited (UCMEIL) · UltraTech Cement SA (PTY) · Gotan Limestone Khanij Udyog Private Limited · Bhagwati Lime Stone Company Private Limited (BLSCPL) (w.e.f. April 3, 2013)
Subsidiary:	· UltraTech Cement Lanka Private Limited · PT UltraTech Mining Indonesia · PT UltraTech Investments Indonesia (PTUII) · PT UltraTech Mining Sumatera (w.e.f. October 14, 2014)
Subsidiary’s Subsidiary – UCMEIL:	· Star Cement Co. LLC, UAE · Star Cement Co. LLC, RAK Ras-Al-Khaimah, UAE · Al Nakhla Crusher LLC, Fujairah, UAE · Arabian Cement Industry LLC, Abu Dhabi · Arabian Gulf Cement Co W.L.L., Bahrain · Emirates Power Company Limited, Bangladesh · Emirates Cement Bangladesh Limited, Bangladesh · UltraTech Cement Mozambique Limitada · PT UltraTech Cement Indonesia · Awam Mineral LLC, Oman (w.e.f. April 25, 2014)
Joint Venture (AS NO 31.03.2014):	· Madanpur (North) Coal Company Private Limited · Bhaskarpara Coal Company Limited
Fellow Subsidiary	· Samruddhi Swastik Trading and Investments Limited · Grasim Bhiwani Textiles Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
274404627	Equity Shares	Rs.10/- each	Rs. 2744.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2744.000	2742.400	2741.800
(b) Reserves & Surplus	185832.800	168232.700	149606.400
(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)	188576.800	170975.100	152348.200
(3) Non-Current Liabilities
(a) long-term borrowings	46137.500	44935.800	38939.200
(b) Deferred tax liabilities (Net)	27920.100	22958.300	19059.200
(c) Other long term liabilities	13.400	23.000	18.100
(d) long-term provisions	1633.600	1379.400	1340.200
Total Non-current Liabilities (3)	75704.600	69296.500	59356.700
(4) Current Liabilities
(a) Short term borrowings	18980.800	3792.000	5687.600
(b) Trade payables	27389.700	24242.200	21731.400
(c) Other current liabilities	30101.100	20884.100	25613.000
(d) Short-term provisions	11396.500	8350.200	9351.800
Total Current Liabilities (4)	87868.100	57268.500	62383.800
TOTAL	352149.500	297540.100	274088.700
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	208786.6000	157809.200	130740.000
(ii) Intangible Assets	688.000	909.200	483.600
(iii) Capital work-in-progress	20688.500	20384.400	35053.100
(iv) Intangible assets under development	48.400	31.900	0.600
(b) Non-current Investments	26857.700	16623.300	19817.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15956.100	11944.700	9831.700
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	273025.300	207702.700	195926.700
(2) Current assets
(a) Current investments	25229.800	37293.400	31269.500
(b) Inventories	27514.100	23683.600	23504.700
(c) Trade receivables	12031.900	12810.200	10172.400
(d) Cash and cash equivalents	2139.400	2775.000	1426.600
(e) Short-term loans and advances	12049.100	13118.300	11732.200
(f) Other current assets	159.900	156.900	56.600
Total Current Assets	79124.200	89837.400	78162.000
TOTAL	352149.500	297540.100	274088.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	229361.700	202798.000	201799.600
		Other Income	3717.800	3290.400	3050.000
		TOTAL	233079.500	206088.400	204849.600
Less	EXPENSES
		Cost of Raw Materials Consumed	32806.200	29109.500	27921.200
		Purchases of Stock-in-Trade	3895.200	3093.700	2357.100
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(1100.600)	1069.800	(1181.900)
		Employee Benefits Expense	12182.900	10146.300	9683.500
		Power and Fuel	47428.900	41354.200	42989.400
		Freight and Forwarding Expense	54003.800	45808.000	42239.900
		Other Expenses	38612.600	34361.700	31485.500
		Captive Consumption of Cement	(417.600)	(324.200)	(449.9000)
		TOTAL	187411.400	164619.000	155044.800
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		45668.100	41469.400	49804.800
Less	FINANCIAL EXPENSES		5474.500	3191.700	2097.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		40193.600	38277.700	47707.700
Less/ Add	DEPRECIATION/ AMORTISATION		11331.100	10522.600	9453.700
	PROFIT/ (LOSS) BEFORE TAX		28862.500	27755.100	38254.000
Less	TAX		8715.200	6310.400	11699.700
	PROFIT/ (LOSS) AFTER TAX		20147.300	21444.700	26554.300
	EARNINGS IN FOREIGN CURRENCY
		Export of goods {Including Rs. 2838.600 Million (Previous Year Rs. 3098.600 Million) on FOB basis}	3013.800	2874.400	3135.500
		Dividend	261.400	145.400	50.300
		Other receipts	283.600	377.400	414.000
	TOTAL EARNINGS		3558.800	3397.200	3599.800
	IMPORTS
		Raw Materials	3375.400	4285.700	2567.600
		Stores & Spares	1405.900	1204.300	1553.300
		Capital Goods	1702.600	489.600	3839.000
	TOTAL IMPORTS		6483.900	5979.600	7959.900
	Earnings / (Loss) Per Share (Rs.)
	Basic		73.44	78.21	96.87
	Diluted		73.39	78.18	96.85

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	22725.500	3265.400	9458.600
Cash generated from operations	42314.900	41348.100	43469.700
Net cash flow from operations	40829.300	32419.900	36175.800

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	8.78	10.57	13.16
Operating Profit Margin (PBIDT/Sales)	(%)	19.91	20.45	24.68
Return on Total Assets (PBT/Total Assets}	(%)	9.48	10.65	17.45
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.25
Debt Equity Ratio (Total Debt/Networth)		0.47	0.30	0.36
Current Ratio (Current Asset/Current Liability)		0.90	1.57	1.25

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.3068.80/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2741.800	2742.400	2744.000
Reserves & Surplus	149606.400	168232.700	185832.800
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	152348.200	170975.100	188576.800
long-term borrowings	38939.200	44935.800	46137.500
Short term borrowings	5687.600	3792.000	18980.800
Total borrowings	44626.800	48727.800	65118.300
Debt/Equity ratio	0.293	0.285	0.345

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	201799.600	202798.000	229361.700
		0.495	13.099

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	201799.600	202798.000	229361.700
Profit	26554.300	21444.700	20147.300
	13.16%	10.57%	8.78%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:-				09/02/2015
	Lodging No.:-	APPL/179/2015	Filing Date:-	09/02/2015

Main Matter

Lodging No.:-

LPETNL/320/2013

Reg No.:-

LPETN/320/2013

Petitioner:-

DALMIA CEMENT BHARAT LTD

Respondent:-LTRATECH CEMENT LTD. AND ANR.

Petn.Adv.:-

Bhagwati Trivedi (I4420)

District:-

OUTSIDE MAHARASHTRA

Bench:-	DIVISION
Status:-	Pre-Admission	Category:-	APPEAL(FINAL JUDGMENT/DECREE-OTHER)

Last Date:-

16/02/2015

Stage:-

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Code of Civil Procedure 1908

OVERVIEW

The global economy grew at 3.4% remaining unchanged over the previous year. Growth in 2014-15 was led by advanced economies, particularly the US. Growth declined in developing economies vis-à-vis the previous year, except India. Key factors which shaped the global economy were decline in oil prices and other commodities, easy monetary policy followed by central banks globally in a bid to risks. Further, uncertainty about the anticipated change in monetary policy stance by the U.S. central bank led to significant volatility in the global financial markets.

On the domestic front, the macroeconomic improvement and the consequent turnaround in investor sentiment were spurred by the Government’s policy actions and reforms which included deregulating diesel prices, reforming the coal sector via auctions and private sector participation, expediting environmental clearances and implementing a program of disinvestments, among others. This has resulted in a GDP growth of 7.3%.

The cement industry’s estimated growth stood at around 3.5% in FY15 due to a slowdown in the rural economy and lack of new capital investment in the private sector. Going forward, with the Government’s focus and policy initiatives to revive the capex cycle and investments in infrastructure development, the country’s GDP is expected to grow at 7.5%. The cement industry generally grows at a pace higher than the GDP.

OUTLOOK

The Government’s focus on infrastructure development, housing sector, smart cities and roads, among others, bodes well for the Company. UltraTech is well positioned across the country to meet the expected rise in demand and actively participate in the country’s next phase of growth.

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

(Rs. In Million)

			Six Month Ended
Sr. No	Particulars		30.06.2015
			Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		60382..100
	b. Other Operating Income		592.700
	Total Income from Operations (Net)		60974.800
2	Expenditure
	a. Cost of material Consumed		8613.100
	b. Purchase of Stock-in trade		1018.000
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		821.600
	d. Employees Benefit Expenses		3127.900
	e. Depreciation and Amortisation Expenses		2826.6000
	f. Power and Fuel		10972.800
	g. Freight and Forwarding Expenses		15526.800
	f. Other expenses		9375.600
	Total Expenses		52282.400
3	Profit from Operations before Other Income, Interest and Exceptional Items		8692.400
4	Other Income		999.400
5	Profit from ordinary activities before finance cost & exceptional items		9691.800
6	Finance Costs		1383.200
7	Profit from ordinary activities after finance costs & exceptional items		-
8	Exceptional items		-
9	Profit from ordinary activities before tax		8308.600
10	Tax Expense		2400.700
11	Net Profit from ordinary activity after tax		5907.900
12	Extraordinary Items		-
13	Net Profit After Tax		5907.900
14	Paid-up equity share capital (face value of Rs.10 per share)		274.41
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		21.53
	Diluted EPS		21.52
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	100327
		- Percentage of shareholding	36.56%
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	Nil
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	Nil
		- Percentage of shareholding (as a % of the total share capital of the company)	Nil
		b) Non-encumbered
		- No. of shares	169278
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00%
		- Percentage of shareholding (as a % of the total share capital of the company)	61.69%

	Particulars	Quarter ended 30.06.2015
B	Investor Complaints
	Pending at the beginning of the quarter	3
	Received during the quarter	2
	Disposed off during the quarter	5
	Remaining unresolved at the end of the quarter	NIL

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 20.07.2015.

2. On account of acquisition of Gujarat units of Jaypee Cement Corporation Limited (JCCL) w.e.f 12.06.2014, the figures for the three months ended 30/06/2015 are strictly not comparable with previous corresponding period.

3. During the quarter the Company has commissioned Waste Heat Recovery Systems (WHRS) of 15 MW.

4. The Competition Commission of India (CCI) upheld the complaint of alleged cartelisation against certai cement manufacturing companies including the Company. The CCI has imposed a penalty of Rs. 11754.900 Million on the Company by its order dated 20.06.2012. 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.

5. The scheme of Arrangement between the Company and Jaiprakash Associates Limited (JAL) and their respective shareholders and creditors for the acquistion of JAL's cement units located at Bela and Siddhi in Madhya Pradesh has been approved by the shareholders and creditors of the Company. The CCI has earlier approved the transaction. The transaction is now pending For approval of the High Courts.

6. During the Quarter, the Company has allotted 2,169 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 274,404,627 equity shares of Rs.

10/- each to 274406796 equity share of Rs. 10/- each.

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

8. The figures for three months ended 31/03/2015, are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto nine months of the relevant financial year.

9. The figures of the previous periods have been regrouped wherever necessary.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10560498	20/03/2015	2,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	C47914981
2	10534339	21/11/2014	2,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, E CUFF PARADE,, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	C35237700
3	10525437	26/09/2014	5,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, E CUFFE PARADE,, COLABA,, MUMBA I, MAHARASHTRA - 400005, INDIA	C25015629
4	10514006	30/07/2014	2,463,200,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE,, 18 CYBER CITY, EBNE, MAU RITIUS, - 000000, MAURITIUS	C15701964
5	10481065	01/08/2014 *	3,250,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	C17408303
6	10396172	26/11/2012	2,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	8, KHETAN BHAVAN, 5TH FLOOR,, 198, J. T. ROAD, CH URCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA	B64562762
7	10386199	29/10/2012	1,113,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	B61995569
8	10309193	22/09/2011	2,240,000,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE,, MA URITIUS, - 000000, MAURITIUS	B22126064
9	10226640	18/05/2010	2,000,000,000.00	AXIS BANK LIMITED	01, KAMAL PALACE, Y N ROAD, INDORE, MADHYA PRADES H - 452003, INDIA	A86716214
10	10226642	10/04/2013 *	789,360,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	B74416256

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
Term Loans from Banks - In Foreign Currency	15266.600	21104.200
Sales Tax Deferment Loan	2738.800	3152.400
SHORT TERM BORROWINGS
From Banks	12441.400	500.600
From Others	106.200	77.100
8.70% NCD (Redeemable at par on November 10, 2015)	5000.000	-
Total	35553.000	24834.300

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

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.64.82
UK Pound	1	Rs.101.00
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		75

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

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

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

RATING EXPLANATIONS

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

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

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