MIRA INFORM REPORT

Report No. :	327902
Report Date :	18.06.2015

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	16.04.2015

Rating Agency Name	CRISIL
Rating	Short term rating: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	16.04.2015

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

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 31.03.2014

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. Adesh Gupta
Designation :	Director
Name :	Mr. S. B. Mathur
Designation :	Director
Date of Birth/Age:	11.10.1944
Qualification:	B. Com., F.C.A., ICWA Part I, and II London
Date of Appointment:	10.09.2008
Name :	Mr. S. Rajgopal
Designation :	Director
Date of Birth/Age :	17.07.1935
Qualification :	B.A. Hons (Mathematics), M.A. (History)
Date of Appointment :	20.10.2007
Name :	Mr. D. D. Rathi
Designation :	Director
Address :	Flat No. 82, Jolly Maker Apartments-II, Cuffe Parade, Mumbai – 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

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 31.03.2015

Names of Shareholders	No. of Shares	Percentage of Holding
(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	7854839	2.91
Financial Institutions / Banks	370754	0.14
Central Government / State Government(s)	126436	0.05
Insurance Companies	7736600	2.87
Foreign Institutional Investors	53003787	19.66
Sub Total	69092416	25.63
(2) Non-Institutions
Bodies Corporate	12777123	4.74
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	16028397	5.95
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	137060	0.05
Any Others (Specify)	2277946	0.84
Non Resident Indians	727636	0.27
Foreign Nationals	50994	0.02
Overseas Corporate Bodies	1499116	0.56
Foreign Banks	200	0.00
Sub Total	31220526	11.58
Total Public shareholding (B)	100312942	37.21
Total (A)+(B)	269590816	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	2069643	0.00
Sub Total	4813811	0.00
Total (A)+(B)+(C)	274404627	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Kumar Mangalam Birla	3,837	0.00
2	Aditya Vikram Kumarmangalam Birla HUF	10,228	0.00
3	Grasim Industries Limited	16,53,35,150	60.25
4	Rajashree Birla	41,701	0.02
5	Neerja Birla	8,011	0.00
6	Vasavadatta Bajaj	13,232	0.00
7	Trapti Trading and Investments Private Limited	7,92,103	0.29
8	Birla Group Holdings Private Limited	1	0.00
9	Turquoise Investments And Finance Private Limited	17,59,626	0.64
10	Hindalco Industries Priate Limited	13,13,748	0.48
11	Rajratna Holdings Private Limited	76	0.00
12	Vaibhav Holdings Private Limited	76	0.00
13	Vikram Holding Private Limited	85	0.00
	Total	16,92,77,874	61.69

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	5965336	2.17
2	Oppenheimer Developing Markets Fund	3881542	1.41
3	Aberdeen Global Emerging Markets Equity Fund	3197711	1.17
4	Aberdeen Emerging Markets Fund	3743118	1.36
	Total	16787707	6.12

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Cement and Cement Related Products and also Manufacturer of Ready Mix Concrete (RMC).
Brand Names :	--
Agencies Held :	--
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		2590.000
Term Loans from Banks:
In Foreign Currency		13359.400
In Local Currency		4500.000
Sales Tax Deferment Loan		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)		3214.300
Total	NA	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 (AS NO 31.03.2014):	Grasim Industries Limited
Wholly Owned Subsidiary (AS NO 31.03.2014):	· 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 (AS NO 31.03.2014):	· UltraTech Cement Lanka Private Limited · PT UltraTech Mining Indonesia · PT UltraTech Investments Indonesia (PTUII)
Subsidiary’s Subsidiary – UCMEIL (AS NO 31.03.2014):	· 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
Joint Venture (AS NO 31.03.2014):	· Madanpur (North) Coal Company Private Limited · Bhaskarpara Coal Company Limited
Fellow Subsidiary (AS NO 31.03.2014):	· Samruddhi Swastik Trading and Investments Limited · Grasim Bhiwani Textiles Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 2744.000 Million

As on 31.03.2014

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
274,241,387	Equity Shares	Rs.10/- each	Rs. 2742.400 Million

NOTE

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

Particular	No. of Shares	Rs. In Million
At the beginning of the period	274,179,917	2741.800
Add: Shares allotted out of shares kept in abeyance in terms of the Scheme of Amalgamation of erstwhile Samruddhi Cement Limited (SCL) with the Company	--	--
Add: Shares issued under Employees Stock Options Scheme	61,470	0.600
Outstanding at the end of the period	274,241,387	2742.400

(b) Shares held by Holding Company

Particular	No. of Shares	Rs. In Million
Grasim Industries Limited	165,335,150	1653.400

(c) List of shareholders holding more than 5% of Paid-up Equity Share Capital

Particular	No. of Shares	% Holding
Grasim Industries Limited	165,335,150	60.29%

Particular	No. of Shares	Rs. In Million
(d) Equity Shares of Rs.10 each reserved for issue under Employees Stock Option Scheme	388,462	3.900

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

Particular	No. of Shares	Rs. In Million
Equity shares of Rs.10 each issued as fully paid up to the shareholders of erstwhile SCL, pursuant to the Scheme of Amalgamation. {Excluding issue of 8,503 Equity Shares kept in abeyance against shares of Grasim Industries Limited.}	149,533,484	1495.300

Particular	No. of Shares	Rs. In Million
(f) Equity Shares of Rs.10 each represented by Global Depository Receipts (No Voting Rights)	4,917,286	--

(g) The Company has only one class of Equity Shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

FINANCIAL DATA

[all figures are in Rupees 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	230211.500	157809.200	130740.000
(ii) Intangible Assets		909.200	483.600
(iii) Capital work-in-progress		20384.400	35053.100
(iv) Intangible assets under development		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	11805.400	9831.700
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	273025.300	207563.400	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	13261.900	11732.200
(f) Other current assets	159.900	152.600	56.600
Total Current Assets	79124.200	89976.700	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	38195.000	34361.700	31485.500
		Captive Consumption of Cement	--	(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}	NA	2874.400	3135.500
		Dividend	NA	145.400	50.300
		Other receipts	NA	377.400	414.000
	TOTAL EARNINGS		NA	3397.200	3599.800
	IMPORTS
		Raw Materials	NA	4285.700	2567.600
		Stores & Spares	NA	1204.300	1553.300
		Capital Goods	NA	489.600	3839.000
	TOTAL IMPORTS		NA	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	NA	3265.400	9458.600
Cash generated from operations	NA	41348.100	43469.700

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}	(%)	8.87	16.26	27.11
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.25
Debt Equity Ratio (Total Debt/Networth)		0.35	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.2774.00/-

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

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	NA	21104.200
Sales Tax Deferment Loan	NA	3152.400
SHORT TERM BORROWINGS
From Banks	NA	500.600
From Others	NA	77.100
Total	NA	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

PRESS RELEASE

HC QUASHED CANCELLATION OF MINE: ULTRATECH CEMENT

March 26, 2015:  

Jaipur, Mar 26 Ultratech Cement today said the Rajasthan High Court has “quashed and set aside” a state government order relating to cancellation of a limestone mine owned by a subsidiary of the company.

“The Rajasthan High Court has by its order dated March 25, 2015 quashed and set aside the order relating to cancellation of the mine and all consequential actions of the Government of Rajasthan and has directed to hand over the possession of mining lease to Gotan Limestone Khanij Udyog Private Limited forthwith, the company said in a filing to the BSE.

The court verdict will enable Gotan Limestone Khanij Udyog, a wholly owned subsidiary of Ultratech Cement, take possession and operate the mines, Ultratech said.

The company had received an order from the Mines Department of the state government in December last year about cancellation of “transfer and mining lease of the limestone mines in the name of ...GKUPL” alleging procedural irregularities.

In August, the Rajasthan Anti—Corruption Bureau also had filed an FIR against the Mines Department, former shareholders of Gotan Limestone Khanij Udyog and directors of UltraTech Cement for alleged illegal transfer of a limestone mine in Gotan area in Nagaur district in 2012.

The Aditya Birla Group firm challenged the order in the Rajasthan High Court which ordered the state government to hand over the possession of mining lease to Gotan Limestone Khanij Udyog.

Shares of Ultratech Cement today jumped by about 1.08 per cent to close at Rs. 2,798 per scrip on the BSE.

ULTRATECH CEMENT MAY CONSIDER BUYING HOLCIM-LAFARGE ASSETS

May 06, 2014

Mumbai: Ultratech Cement Ltd, India’s biggest maker of the material, is looking to buy the local assets of Holcim Ltd and Lafarge SA, according to a person with direct knowledge of the matter.

Kumar Mangalam Birla, who controls Ultratech, is waiting to see what will be on sale as the two European companies prepare to dispose of plants, the person said, asking not to be named because the matter is private. Holcim and Lafarge, which agreed to a merger last month, may divest in Brazil, India, China, Canada and the US, Lafarge chief executive officer Bruno Lafont told investors on 7 April.

“The ready availability of assets may help the Indian firm gain market share without having to build greenfield factories,” said Rashesh Shah, an analyst at ICICI Securities Ltd in Mumbai. Birla’s plan also underscores optimism among investors that a stable government after elections this month will spur a revival in the $1.8 trillion economy as it crawls out of the slowest pace of expansion in a decade.

“Holcim-Lafarge’s asset shedding is a big opportunity for Ultratech to bolster its market share,” said Shah. “Being the largest player in the sector with a healthy balance sheet, it is a natural buyer of good assets on the block.”

India capacity

Jona, Switzerland-based Holcim and Paris-based Lafarge are preparing to sell assets with €5 billion ($6.9 billion) in revenue to win regulatory approval after announcing plans to form the world’s largest cement maker with combined annual sales of $40 billion. The total cement capacity in India held by the two and units is about 62 million tonnes.

Mumbai-based Ultratech plans to add 20 million tonnes to its current 58 million tonnes capacity in the next three years, for which a few buyouts will be necessary, the person said. The company is also scouting for assets and sites to build plants in Indonesia, Thailand, Myanmar, Oman, the Philippines and Malaysia. It is already present in the United Arab Emirates, Sri Lanka, Bangladesh and Bahrain.

Pragnya Ram, group spokeswoman, didn’t respond to an email seeking comments on the company’s plan.

“There’s a huge market interest and we are currently working on the filing and divestment packages,” Eike Christian Meuter, Holcim’s Zurich-based spokesman wrote in an email on Monday, without elaborating. Elodie Woillez, Lafarge’s spokeswoman in Paris, declined to comment.

Jaiprakash unit

Birla, whose net worth is $8.8 billion according to the Bloomberg Billionaires Index, took over as chairman of the $40 billion Aditya Birla group in 1995. He is seeking to boost revenue of the carbon black-to-cellular service conglomerate by 63% to $65 billion by 2015.

In September, Ultratech bought the 4.8 million tonne Gujarat unit of Jaiprakash Associates Limited for an enterprise value of Rs.38000.000 Million in Birla’s biggest acquisition in more than two years.

The company was in talks to buy a second cement unit in Himachal Pradesh from India’s only Formula One track builder, the person said. The negotiations are on hold as Jaiprakash’s plant is awaiting some approvals.

‘Extremely attractive’

Ultratech’s net income increased almost 61% over the past three years and sector analysts expect it to rise by 51% in the next two years, data compiled by Bloomberg show. Shares have advanced 15% this year to Rs.2,030.80, compared with a 6% gain in the benchmark BSE Sensex.

“We have the balance sheet, the wherewithal, the cash flows and knowhow of running a cement unit,” Birla had said in a September interview with Bloomberg TV India, signaling his intent to expand through acquisitions. “Therefore, it is extremely attractive for us to expand in this market.”

His comments contrast those he had made six months earlier to the same television channel, when he said he would rather invest in countries including Brazil and Indonesia as frequent policy changes at home discouraged spending by companies.

Investors are betting elections, set to end 12 May, will herald a new government that will cut red tape and revive projects that are awaiting land acquisition to fuel supply. Most opinion polls show voters will punish the ruling Congress party after it failed to rein in graft and inflation. The surveys predict Narendra Modi’s Bharatiya Janata Party (BJP) winning the most seats in parliament, while falling short of a majority.

Buoying demand

“Brownfield projects are expected to take off in a significant way after elections,” said Deep Narayan Mukherjee, a Mumbai-based director at India Ratings and Research, the local unit of Fitch Ratings Limited. “All this is likely to buoy cement demand in the coming quarters.”

Capacity addition is crucial for Ultratech to retain its leadership position, said Shah. In a $1 billion reorganization of its Indian businesses in July, Holcim said one of its subsidiaries, Ambuja Cements Limited, would buy out the Swiss cement marker’s stake in the other, ACC Limited, effectively bringing both under a single management.

In India, the merger will create the largest market share in the eastern states of West Bengal, Jharkhand and northern Odisha, making these the probable hotspots for asset sales, according to Mukherjee. Unlike southern India that suffers from oversupply, the eastern region has sufficient demand, making these assets among the most lucrative, he said.

Given the way Indian cement industry has been consolidating, it is reasonable to anticipate that the sector leaders will do something, Mukherjee said. The big boys in India will be pushed into action when the Holcim-Lafarge assets come up for sale.

ULTRATECH CEMENT PLANS NEXT PHASE OF GREENFIELD EXPANSION

JAN 16 2015

Firm has plans to set up two greenfield grinding units in Bihar and West Bengal, according to an official

Mumbai : Kumar Mangalam Birla-controlled UltraTech Cement Limited has charted out its next phase of greenfield expansion after a period of aggressive acquisitions over the last two years.

Following its takeover of two cement plants owned by the Jaypee group, UltraTech has plans to set up two greenfield grinding units in Bihar and West Bengal, according to O.P. Puranmalka, managing director of UltraTech. “We will also build a bulk terminal in Maharashtra and increase capacity at our existing plant in Rajasthan,” he said.

While the capacity expansion will strengthen UltraTech’s top spot in the industry, the bulk terminal will help it to cut transport and logistics costs.

The company has an installed capacity of 62 million tonnes per annum (mtpa) of grey cement. It has 12 integrated plants, one clinker plant, 16 grinding units and six bulk terminals.

With the Jaypee acquisition last month, its cement capacity in India will increase to nearly 67 mtpa. The capacity will stand raised to 71 mtpa by 2016 once projects under implementation are completed.

On 23 December, UltraTech said it will buy two cement plants and related power assets owned by Jaiprakash Associates Limited (JAL) in Madhya Pradesh for Rs.54000.000 Million. In September 2013, UltraTech had acquired Jaypee’s Gujarat unit for Rs.38000.000 Million.

Demand for cement has been sluggish in the last few years due to a slowdown in the economy and in the infrastructure sector.

However, cement demand is expected to revive on expectations of a pick up in growth and investment starting fiscal year 2015-16. India is expected to grow at 5.5% in fiscal 2015 after two years of sub-5% growth, the government said in its mid-year economic review 19 December.

Growth in 2015-16 is seen at about 6.5%, according to the Reserve Bank of India’s (RBI) projections. The government is also trying to kick-start stalled infrastructure projects, which could trigger demand for commodities such as cement.

UltraTech’s recent acquisition and expansion will bode well for the company’s volume and profit growth, say analysts.

For the fiscal third-quarter for instance, while the industry volume growth is expected to moderate to 4-5%, UltraTech would lead growth at 9% partly led by new capacities, said a 7 January report by Religare Research.

UltraTech’s plan to construct a bulk terminal in Maharashtra will also help the company control high costs, said analysts. A bulk terminal specialises in handling and storing non-containerized bulk cargo. Transport and logistics costs for the cement industry are as high as 20%, the highest among all major industries, according to property consutant Knight Frank.

“The bulk terminals will help the firm to use their captive modes of warehousing and transportation, rather then using third-party logistics providers which will aid them to cut costs,” said an analyst with a domestic brokerage. He requested anonymity since he is not authorized to speak to the media.

But there may be some downside from the company’s expansion plans as well.

According to Nitin Bhasin and Achint Bhagat, analysts at Ambit Capital Private Limited, while the increased capacity will allow UltraTech capture any increase in demand, the return on capital may be compromised. “...the company has a targeted plan to increase capacities further either organically or inorganically, which could restrict its return on capital employed (ROCE) expansion even though it may enjoy superlative volume growth,” they said in an October report.

Ambit expects the company’s ROCE to improve only marginally and remain at 10-12% in fiscal year 2015 and 2016—lower than the last five-year average of 15% and materially lower than the peak ROCE of 18-25% seen during fiscals 2007 and 2009. ROCE measures how efficiently profits are being extracted from capital investments.

Meanwhile, the firm’s debt levels are the highest since 2009. The recent acquisitions have pushed up the company’s standalone debt to Rs.78120.000 Million, as of 30 September 2014, the highest since March 2009. Debt levels have jumped 78% compared to a year ago.

But the management is not concerned. Puranmalka said the firm’s balance sheet is strongly poised at a comfortable net debt-to-equity ratio of less than 0.5 times and enjoys a “AAA” credit rating. “All of UltraTech’s expansion plans are in full swing and do not pose any threat to the company for financing.”

According to Capitaline, the company’s debt-to-equity ratio, on a standalone basis, as of 30 September, was at 0.43 times.

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.64.11
UK Pound	1	Rs.100.32
Euro	1	Rs.72.17

INFORMATION DETAILS

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

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.