MIRA INFORM REPORT

Report No. :	304232
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	LOK CEMENT LIMITED
Registered Office :	Industrial House, 159 Churchgate Reclamation, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.02.1995
Com. Reg. No.:	11-085677
Capital Investment / Paid-up Capital :	Rs. 10.007 Millions
CIN No.: [Company Identification No.]	U26922MH1995PLC085677
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture of all kinds of cement.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence its commercial operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a company incorporated as on February 16, 1995 and is yet to commence its operations during FY14. Management has reported some pre-operative expenses leading to negating the position of reserves during FY14. However, Business is active. Payment terms are reported as unknown. In view of non-commencement of any commercial activity, the company can be considered for business dealings on a safe and secured 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	Industry House, 159, Churchgate Reclamation, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22048467
Fax No.:	91-22-22043615
E-Mail :	gsharma@birlacorp.com

DIRECTORS

As on: 12.09.2014

Name :

Mr. Govind Jayaraman

Designation :

Director

Address :

Flat No. 4B, Suryalok, 12-A, Mandeville Gardens, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

05.08.1939

Date of Appointment :

13.12.2006

PAN No.:

ACUPJ3004D

Voter ID No.:

LWN2770410

DIN No.:

00929802

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U36994WB1996PLC076677	BUDGE BUDGE FLOORCOVERINGS LTD	Director	29-08-2006	29-08-2006	-	Active	NO
2	U01113WB1950PLC093522	BIRLA JUTE SUPPLY COMPANY LIMITED	Director	15-11-2006	15-11-2006	-	Active	NO
3	U72900WB1995PLC099355	TALAVADI CEMENTS LIMITED	Director	08-12-2006	08-12-2006	-	Active	NO
4	U26922MH1995PLC085677	LOK CEMENT LIMITED	Director	13-12-2006	13-12-2006	-	Active	NO
5	U26941AS2008PLC008653	BIRLA NORTH EAST CEMENT LIMITED	Director	16-04-2008	16-04-2008	-	Dissolved	NO
6	U26940AS2008PLC008652	BIRLA CEMENT (ASSAM) LIMITED	Director	16-04-2008	16-04-2008	-	Active	NO
7	U26940TN2008PLC067382	THIRUVAIYARU INDUSTRIES LIMITED	Director	17-04-2008	17-04-2008	-	Under liquidation	NO
8	U26943WB2008PLC125473	NEW-AGE CEMENT LIMITED	Director	07-05-2008	07-05-2008	-	Dissolved	NO
9	U26959WB1997PTC082661	BIRLA READYMIX PRIVATE LIMITED	Director	08-09-2014	22-03-2014	-	Active	NO

Name :

Mr. Vinod Kumar Hamirwasia

Designation :

Director

Address :

A-1, Sector-1, Birla Cement Works, Madhavnagar, P.O. Cement Factory, Chanderia – 312021, Rajasthan, India

Date of Birth/Age :

14.06.1951

Date of Appointment :

31.03.2006

PAN No.:

AAEPH7730E

Voter ID No.:

RJ/19/124/309401

DIN No.:

00149104

Name :

Mr. Bachh Raj Nahar

Designation :

Additional director

Address :

Flat No. 2-A, 2^nd Floor, 12, Shakespeare, Sarani, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

20.11.1956

Date of Appointment :

05.07.2012

PAN No.:

ADAPN8162B

Voter ID No.:

XYE0993535

DIN No.:

00049895

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74900WB1979PTC136648	BRN COMMODITIES AND TRADING COMPANY PRIVATE LIMITED	Additional director	30-11-2012	11-10-1979	-	Active	NO
2	U74140MH1987PTC042137	MILI CONSULTANTS AND INVESTMENT PVT LTD	Director	07-01-1987	07-01-1987	-	Active	NO
3	U65990MH1979PTC021771	MILI CAPITAL MANAGEMENT PRIVATE LIMITED	Director	01-09-1992	01-09-1992	-	Active	NO
4	U26959WB1997PTC082661	BIRLA READYMIX PRIVATE LIMITED	Director	18-06-2003	18-06-2003	-	Active	NO
5	U17232WB1989PTC046562	BIRLA ODESSA INDUSTRIES PRIVATE LIMITED	Director	04-07-2003	04-07-2003	-	Active	NO
6	U36994WB1996PLC076677	BUDGE BUDGE FLOORCOVERINGS LTD	Director	16-03-2004	16-03-2004	-	Active	NO
7	L31300MP1992PLC007190	BIRLA ERICSSON OPTICAL LIMITED	Director	27-10-2004	27-10-2004	11-05-2009	Active	NO
8	L01132WB1919PLC003334	BIRLA CORPORATION LIMITED	Managing director	03-08-2014	03-08-2006	-	Active	NO
9	U72900WB1995PLC099355	TALAVADI CEMENTS LIMITED	Director	08-12-2006	08-12-2006	-	Active	NO
10	U26941AS2008PLC008653	BIRLA NORTH EAST CEMENT LIMITED	Director	16-04-2008	16-04-2008	-	Dissolved	NO
11	U26940AS2008PLC008652	BIRLA CEMENT (ASSAM) LIMITED	Director	16-04-2008	16-04-2008	-	Active	NO
12	U26940TN2008PLC067382	THIRUVAIYARU INDUSTRIES LIMITED	Director	17-04-2008	17-04-2008	-	Under liquidation	NO
13	U26943WB2008PLC125473	NEW-AGE CEMENT LIMITED	Director	07-05-2008	07-05-2008	-	Dissolved	NO
14	U26922MH1995PLC085677	LOK CEMENT LIMITED	Additional director	05-07-2012	05-07-2012	-	Active	NO
15	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	12-08-2014	19-05-2014	-	Active	NO

KEY EXECUTIVES

Name :	M. Rathi and Company
Designation :	Company Secretaries
Address :	A-4B/2,1, Raja Ram Mohan Roy Road, Kolkata – 700041, West Bengal, India
Mob No.:	91-9831133018/62:
Email :	mrathico@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 12.09.2014

Names of Shareholders	No. of Shares
Lodha Vardhan Harsh and Birla Corporation Limited	100
Birla Corporation Limited and Jayaraman Govind	100
Birla Corporation Limited	1000100
Birla Corporation Limited and Nahar Raj Bachh	100
Daga Kumar Sushil and Birla Corporation Limited	100
Saraogi Aditya and Birla Corporation Limited	100
Agarwal Nand Gaja and Birla Corporation Limited	100
Total	1000700

Equity Share Break up (Percentage of Total Equity)

As on: 12.09.2014

Category	Percentage
Bodies corporate	99.96
Others	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of all kinds of cement.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Not Available

Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	Emerald House, 4^th Floor, 1B, old Post Office Street, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22484573/77
Mobile No.:	91-9836233222
Fax No.:	91-33-22307146
E-Mail :	kolkata@singhico.com
PAN N Income-tax PAN of auditor or auditor's firm :
Memberships :	Not Available
Collaborators :	Not Available
Holding company	Birla Corporation Limited CIN: L01132WB1919PLC003334

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000700	Equity Shares	Rs.10/- each	Rs. 10.007 Millions

Note:

The company has only one class of issued shares i.e. equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share and equal right for dividend. No preference and/or restrictions on distribution of dividend and repayment of capital is attached to the above.

There has been no change/movements in number of shares outstanding at the beginning and at the end of the reporting period and therefore no reconciliation is required.

All Equity Shares of the company are being held by Birla Corporation Limited. - the Holding Company and its nominees No shares have been reserved for issue under options and contracts/ commitments for the sale of shares/disinvestment as at the balance sheet date.

No shares have been allotted or has been bought back by the company during the period of 5 years preceding the date as at which the Balance Sheet is prepared.

No convertible securities has been issued by the company during the year.

No calls are unpaid by any Director and Officer of the Company during the year.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.007	10.007	10.007
(b) Reserves & Surplus	(2.276)	(1.531)	(1.143)
(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)	7.731	8.476	8.864
(3) Non-Current Liabilities
(a) long-term borrowings	21.824	21.196	20.789
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.824	21.196	20.789
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.162	0.027	0.055
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.162	0.027	0.055
TOTAL	29.717	29.699	29.708
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.220	3.220	3.220
(e) Other Non-current assets	26.438	26.438	26.437
Total Non-Current Assets	29.658	29.658	29.657
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.024	0.007	0.016
(e) Short-term loans and advances	0.035	0.034	0.035
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.059	0.041	0.051
TOTAL	29.717	29.699	29.708

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.029	0.000
		TOTAL	0.000	0.029	0.000
Less	EXPENSES
		Other expenses	0.746	0.416	0.000
		TOTAL	0.746	0.416	0.000
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(0.746)	(0.387)	0.000
Less	FINANCIAL EXPENSES		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.746)	(0.387)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX		(0.746)	(0.387)	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX		(0.746)	(0.387)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.536)	(1.149)	(1.149)
	BALANCE CARRIED TO THE B/S		(2.282)	(1.536)	(1.149)
	Earnings/Loss Per Share (Rs.)		(0.75)	(0.39)	0.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(2.51)	(1.30)	0.00
Return on Investment (ROI) (PBT/Networth)		(0.10)	(0.05)	0.00
Debt Equity Ratio (Total Debt /Networth)		2.82	2.50	2.35
Current Ratio (Current Asset/Current Liability)		0.36	1.52	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.007	10.007	10.007
Reserves & Surplus	(1.143)	(1.531)	(2.276)
Net worth	8.864	8.476	7.731
long-term borrowings	20.789	21.196	21.824
Short term borrowings	0.000	0.000	0.000
Total borrowings	20.789	21.196	21.824
Debt/Equity ratio	2.345	2.501	2.823

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans and advances from others	21.824	21.196
Total	21.824	21.196

INDEX OF CHARGES: No Charges Exist for Company

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.