MIRA INFORM REPORT

Report No. :	328223
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	JK LAKSHMI CEMENT LIMITED
Registered Office :	Jayakaypuram, Basantgarh, District Sirohi, Jaykaygram – 307 019, Rajasthan
Tel No.:	91-971-2021363
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	06.08.1938
Com. Reg. No.:	17-019511
Capital Investment / Paid-up Capital :	Rs. 588.500 Million
CIN No.: [Company Identification No.]	L74999RJ1938PLC019511
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JDHJ02087B
PAN No.: [Permanent Account No.]	AAACJ6715G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company Is engaged In Manufacture of Grey Cement.
No. of Employees :	Information Denied by Management

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 :	Clear
Comments :	JK Lakshmi Cement Ltd. (JKLC), a part of JK Group (East) was incorporated in 1938 and is in the business of manufacturing Ordinary Portland Cement (OPC), Blended Cement (PPC), Ready Mix Concrete (RMC) and Autoclaved Aerated Concrete (AAC) Blocks. It is well-established company having long-operational history with fine track record. Rating take into account on company consistent track record of achieving better than industry volume growth, strong operating efficiencies, healthy financial performance. Rating further take consideration on the experienced promoters, strong brand image and presence and comfortable solvency and liquidity profile of the company. The ratings are, however, constrained by cyclicality associated with the cement industry and exposure to volatility in input costs. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitment. In view of good brand image and established market position in cement industry, the company can be considered for business dealings at usual trade 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long Term Bank = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	Feb 2015
Rating Agency Name	CARE
Rating	Short Term Bank = A1+
Rating Explanation	Very strong degree of safety and carry Lowest Credit Risk.
Date	Feb 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 DENIED BY

Name :	Mr. Ramesh Gupta
Designation :	Accounts Department
Tel No.:	91-11-23311112
Date :	18.06.2015

LOCATIONS

Registered Office/Factory 1 :	Jaykaypuram Basantgarh, District Sirohi, Jaykaygram – 307019, Rajasthan, India
Tel. No.:	91-971-2021363
Fax No.:	91-971-222238/ 233682
E-Mail :	geetika@jkmail.com rgupta@jkmail.com
Website :	http://www.jklakshmi.com http://www.jklakshmicement.com http://www.jkorg.in
Administrative Office :	Nehru House, 4, Bahadur Shah Zafar Marg, New Delhi – 110002, India
Tel. No.:	91-11-23311112/ 23318239/ 33001142-12
Fax No.:	91-11-23712680/ 23722251
Factory 2 :	Village Motibhoyan, Taluka Kalol (N.G.), District Gandhinagar – 382721, Gujarat, India
Factory 3 :	Village Bajitpur, P.O. Jhamri, District Jhajjar - 123305, Haryana, India

DIRECTORS

As on 31.03.2014

Name :

Mrs. Vinita Singhania

Designation :

Vice Chairman and Managing Director

Name :

Mr. B.V. Bhargava

Designation :

Director

Name :

Dr. Raghupati Singhania

Designation :

Director

Date of Birth/Age :

65 Years

Qualification :

B.Sc., Honorary Doctorate in Science

Date of Appointment :

04.06.1991

DIN No.:

00036129

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	L67120RJ1951PLC045966	JK Tyre & Industries Limited	Managing director	01/10/2011	29/05/1967	-	Active	NO
2	U25199TN1955PLC000740	FENNER (INDIA) LIMITED	Nominee director	10/09/1987	10/09/1987	-	Amalgamated	NO
3	U91200DL1990NPL041439	JKT&I EMPLOYEES WELFARE ASSOCIATION LIMITED	Director	10/09/1990	10/09/1990	-	Active	NO
4	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Director	04/06/1991	04/06/1991	-	Active	NO
5	U73100RJ1991NPL006245	HARI SHANKAR SINGANIA ELASTOMER AND TYRE RESEARCH INSTITUTE	Director	09/11/1991	09/11/1991	-	Active	NO
6	U74899DL1989PTC035700	RADICAL AGRO PRODUCTS PRIVATE LIMITED	Director	15/01/1992	15/01/1992	-	Active	NO
7	U74899DL1989PTC035595	NIYOJIT PROPERTIES PRIVATE LIMITED	Director	15/01/1992	15/01/1992	04/11/2008	Active	NO
8	U74899DL1995PTC069730	RPS SECURITIES PRIVATE LIMITED	Director	13/06/1995	13/06/1995	-	Active	NO
9	U74899DL1995NPL070915	PUSHPAWATI SINGHANIA RESEARCH INSTITUTE FOR LIVER, RENAL & DIGESTIVE DISEASES	Director	18/07/1995	18/07/1995	-	Active	NO
10	L26941UP1983PLC027278	RADICO KHAITAN LIMITED	Director	30/09/2014	28/01/2003	-	Active	NO
11	L24211DL1993PLC254964	Florence Investech Limited	Director	25/08/2003	25/08/2003	12/02/2013	Active	NO
12	U67120DL2004PTC126956	HARI SHANKAR SINGHANIA HOLDINGS PRIVATE LIMITED	Director	15/06/2004	15/06/2004	-	Active	NO
13	U74999DL1990PLC041398	DCM ENGINEERING LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
14	U25110DL1975NPL234072	AUTOMOTIVE TYRE MANUFACTURERS ASSOCIATION	Director	08/11/2013	19/07/2007	-	Active	NO
15	U24231TN1992PLC062306	J.K. Fenner (India) Limited	Director	30/09/2008	18/10/2007	-	Active	NO
16	L67120DL1947PLC116830	BENGAL & ASSAM COMPANY LIMITED	Director	22/09/2009	02/02/2009	-	Active	NO
17	U74899DL1989PTC035032	TANVI COMMERCIAL PRIVATE LIMITED	Director	21/09/2013	20/02/2013	-	Active	NO
18	L01400WB2000PLC091286	JK Agri Genetics Limited	Director	06/09/2014	30/03/2013	-	Active	NO

Name :

Mr. K.N. Memani

Designation :

Director

Date of Birth/Age :

73 Years

Qualification :

FCA

Date of Appointment :

04.09.2014

DIN No.:

00020696

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	U74140DL2004PTC125551	KNM ADVISORY PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
2	L65190MH2003PLC143249	YES BANK LIMITED	Director	01/04/2004	01/04/2004	11/12/2007	Active	NO
3	U74899DL1992PTC048015	HT CONSULTANCY SERVICES PRIVATE LIMITED	Director	01/04/2004	01/04/2004	08/02/2010	Active	NO
4	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LTD	Director	24/02/2015	30/04/2004	-	Active	NO
5	L23109MP1972PLC008290	HEG LIMITED	Director	30/04/2004	30/04/2004	19/03/2013	Active	NO
6	L22121DL2002PLC117874	HT MEDIA LIMITED	Director	16/09/2014	05/05/2004	-	Active	NO
7	U92113DL2000PTC104336	KALEIDOSCOPE ENTERTAINMENT PRIVATE LIMITED	Director	28/09/2004	11/05/2004	27/08/2008	Active	NO
8	L17124MH1986PLC166615	INDO RAMA SYNTHETICS (INDIA) LIMITED	Director	21/07/2004	21/07/2004	09/07/2008	Active	NO
9	U74140MH2004PTC147603	AEGON INDIA PRIVATE LIMITED	Director	21/07/2004	21/07/2004	06/06/2012	Amalgamated	NO
10	U48985WB1992PLC095301	GREAT EASTERN ENERGY CORPORATION LIMITED	Director	26/10/2004	26/10/2004	16/12/2014	Active	NO
11	U80301HR1998PTC036306	GEMS EDUCATION INDIA PRIVATE LIMITED	Director	06/12/2004	06/12/2004	08/08/2008	Active	NO
12	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	22/06/2005	22/06/2005	12/06/2009	Active	NO
13	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	29/09/2005	29/09/2005	26/09/2008	Active	NO
14	L70101HR1963PLC002484	DLF Limited	Director	29/08/2014	21/04/2006	-	Active	NO
15	L63993WB1983PLC036030	EMAMI LIMITED	Director	09/08/2014	15/05/2006	-	Active	NO
16	U72200MH1989PLC166901	ICICI VENTURE FUNDS MANAGEMENT COMPANY LIMITED	Director	06/09/2007	12/01/2007	-	Active	NO
17	U72900DL2000PLC104989	SPICE DIGITAL LIMITED	Director	29/09/2010	26/01/2008	04/07/2012	Active	NO
18	U66010MH2007PLC169110	AEGON RELIGARE LIFE INSURANCE COMPANY LIMITED	Director	22/07/2008	31/05/2008	-	Active	NO
19	U74899DL1980PTC011082	SPICE TELEVENTURES PRIVATE LIMITED	Director	30/09/2008	28/07/2008	18/06/2009	Amalgamated	NO
20	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Director	04/09/2014	05/08/2008	-	Active	NO
21	U72900DL2008PTC178018	SPICE INNOVATIVE TECHNOLOGIES PRIVATE LIMITED	Additional director	12/03/2009	12/03/2009	12/06/2009	Active	NO
22	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	18/09/2014	21/07/2009	-	Active	NO
23	U93000DL2009PTC194373	KK ADVISORY PRIVATE LIMITED	Additional director	13/02/2010	13/02/2010	02/03/2010	Active	NO
24	L72900UP1986PLC008448	Spice Mobility Limited	Director	22/12/2014	24/04/2010	-	Active	NO
25	U91100DL2009NPL197064	INVEST INDIA	Director	21/12/2010	18/05/2010	-	Active	NO
26	U85110DL1991PTC042646	SAKET CITY HOSPITALS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	19/09/2012	Active	NO
27	U74999DL2012PTC229915	SMART VENTURES Private Limited	Director	30/12/2014	23/02/2014	-	Active	NO

Name :

Mr. N.G. Khaitan

Designation :

Director

Name :

Mr. Raj Kumar Bansal

Designation :

Director

Name :

Mr. Pradeep Dinodia

Designation :

Director

Date of Birth/Age :

58 Years

Qualification :

LLB, FCA

Date of Appointment :

16.03.2009

Name :

Mr. Ravi Jhunjhunwala

Designation :

Independent Director

Name :

Dr. Shailendra Chouksey

Designation :

Whole Time Director

DIN No.:

00040282

Date of Appointment :

01.08.2014

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	U85300DL1983PLC016479	JKLC EMPLOYEES' WELFARE ASSOCIATION LIMITED	Director	28/08/1998	28/08/1998	-	Active	NO
2	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Whole-time director	01/08/2010	20/07/2002	-	Active	NO

Name :

Mr. S.K. Wali

Designation :

Whole Time Director

KEY EXECUTIVES

Name :	Mr. Brijesh K. Daga
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1003260	0.85
Bodies Corporate	53053699	45.09
Sub Total	54056959	45.94
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	54056959	45.94
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7542028	6.41
Financial Institutions / Banks	4286897	3.64
Central Government / State Government(s)	306230	0.26
Insurance Companies	7910421	6.72
Foreign Institutional Investors	15688292	13.33
Any Others (Specify)	4726	0.00
Foreign Bank	4726	0.00
Sub Total	35738594	30.37
(2) Non-Institutions
Bodies Corporate	5162241	4.39
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	12366490	10.51
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	9707928	8.25
Any Others (Specify)	637854	0.54
Non Resident Indians	620789	0.53
Trust & Foundation	17065	0.01
Sub Total	27874513	23.69
Total Public shareholding (B)	63613107	54.06
Total (A)+(B)	117670066	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	117670066	100.00

BUSINESS DETAILS

Line of Business :

The Company Is engaged In Manufacture of Grey Cement.

Products :

Product Description	Item Code No. (ITC Code)
Cement	252329

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information Denied by management

Bankers :

• State Bank
• Punjab National Bank
• IDBI Bank Limited
• Axis Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
Long Term Borrowing
Bonds/Debentures
Redeemable Non- Convertible Debentures		1497.900
Term Loans
From Banks	N.A	11707.600
Short Term Borrowing
Working Capital Borrowing from Banks		198.000
Buyer’s Credit from Bank		217.900
Total		13621.400
Notes: LONG TERM BORROWINGS 1) Secured Redeemable Non-Convertible Debentures (NCDs) are privately placed and consists of: i) 9.85% NCDs Series A of ` Rs.1000.000 Million are redeemable in two equal annual installments at the end of 4th (since Redeemed) and 5th year from the date of allotment i.e. 4th Feb, 2010. ii) 10.05% NCDs Series B-1 of Rs 400.000 Million are redeemable in two equal annual installments at the end of 6th and 7th year from the date of allotment i.e. 4th Feb, 2010. iii) 10.35% NCDs Series B-2 of Rs. 600.000 Million are redeemable in three equal annual installments at the end of 8th, 9th And 10th year from the date of allotment i.e. 4th Feb, 2010. 1a. 9% Secured Redeemable Non-Convertible Debentures ( NCDs) of Rs. 497.900 Million Are redeemable in 3 equal annual Installments, at the end of 6th, 7th and 8th year from the date of allotment, i.e. 20th July 2012. 2) All the NCDs are secured by a mortgage on the Company's immovable properties located in the State of Gujarat and Are also secured by way of a first charge on all the immovable and movable fixed assets pertaining to the Company's Cement Unit situated at Jaykaypuram, Basantgarh, Dist. Sirohi, in the State of Rajasthan, ranking pari-passu with the Charges created on the said fixed assets, subject to the prior charges in favor of Banks on specified assets. 3) Term Loans from Banks aggregating to Rs. 2991.900 Million are secured by way of a first charge on all the immovable and Movable properties pertaining to the Company’s Cement Unit situated at Jaykaypuram, Basantgarh, Distt. Sirohi, in The State of Rajasthan, ranking pari-passu with the charges created on the said assets subject to the prior charges in Favor of Banks on specified assets and Company’s Banks for working capital on specified movables assets. These Term Loans are / shall be repayable as under: a) Term Loans aggregating to Rs. 285.700 Million are repayable in 8 equal quarterly installments. b) Term Loan of Rs. 306.200 Million is repayable in 28 equal quarterly installments . c) Term Loan of Rs. 450.000 Million is repayable in 15 equal quarterly installments. d) Term Loan of Rs. 700.000 Million shall be repayable in 32 equal quarterly installments commencing from 30th June, 2014. e) Term Loan of Rs. 1250.000 Million shall be repayable in 2 equal half yearly installments commencing from 31st January, 2015. 4) Term Loans from Banks aggregating to Rs.1051.600 Million are secured by way of an exclusive charge on certain specified Assets of the Company situated at Jaykaypuram, Basantgarh, Distt. Sirohi, in the State of Rajasthan. These Term Loans Are repayable as under: a) Term Loans aggregating to Rs. 130.000 Million are repayable in 6 equal quarterly installments. b) Term Loan of Rs.109.100 Million is repayable in 8 equal quarterly installments. c) Term Loan of Rs. 375.000 Million is repayable in 12 equal quarterly installments d) Term Loan of Rs.437.500 Million is repayable in 28 equal quarterly installments 5) Term Loan from a Bank of Rs.700.000 Million is secured by way of an exclusive first charge on immovable and movable fixed Assets of the Company's Split Grinding Unit situated at Jhajjar, in the State of Haryana, except charge on the Current Assets. This Term Loan shall be repayable in 32 equal quarterly installments commencing from 30th June 2014. 6) Term Loan from a Bank of Rs.400.000 Million is secured by way of an exclusive first charge on movable assets of the Company's AAC Block Unit situated at Jhajjar, in the State of Haryana, except charge on current assets. This Term Loan Shall be repayable in 32 equal quarterly installments commencing from 30th June 2015. 7) Term Loan from a Bank of Rs. 500.000 Million is secured /to be secured by way of an exclusive first charge on movable and Immovable assets of the Company's 2nd Split Grinding Unit situated at Jhajjar, in the State of Haryana Haryana,except charge On current assets. This Term Loan shall be repayable in 32 quarterly installments commencing from 31st March 2016. 8) Term Loans from Banks aggregating to Rs.7500.000 Million are secured / to be secured by way of first pari passu charge on All the immovable and movable fixed assets of the Company’s Greenfield Cement Plant at Durg in the State of Chattisgarh. These Term Loans shall be repayable in 40 equal quarterly installments commencing from 31st December 2015. Notes: SHORT TERM Working Capital Borrowing from Banks are secured by hypothecation of Stores, Raw Materials, Finished Goods, Stock–in–Process and Book Debts etc. and are further secured by mortgage by way of a second charge on the Moveable and immovable assets pertaining to the Cement Unit of the Company situated at Jaykaypuram, Basantgarh, Distt.Sirohi, in the State of Rajasthan. Buyer's Credit is secured by a charge on the underlying assets and by a second and subservient charge on the moveable assets of the Company situated at Jaykaypuram, Basantgarh. Distt. Sirohi, in the State of Rajasthan.

Auditors :
Name :	Lodha and Company Chartered Accountant
Address :	12, Bhagat Singh Marg, New Delhi - 110001, India
Tel No.:	91-11-23710176/23710177/23364671/2414
Fax No.:	91-11-23345168/23314309
E-mail.:	delhi@lodhaco.com
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Hansdeep Industries and Trading Company Limited Udaipur Cement Works Ltd.(UCWL) w.e.f. 28.03.2014 (Previous year Associate)
Enterprises:	JK Tyre and Industries Limited. (JKTIL) Rockwood Properties Private Limited (RPPL)

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 588.500 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000,000	Equity Shares	Rs. 5/- each	Rs.1250.000 Million
5,000,000	Preference Shares	Rs 100/- each	Rs. 500.000 Million
	Unclassified Shares		Rs. 250.000 Million
	Total		Rs.2000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
117,670,066	Equity Shares	Rs.5/- each	Rs. 588.400 Million
	Add: Forfeited Shares		Rs. 0.100 Million
	Total		Rs.588.500 Million

Notes:

a. Reconciliation of number of share Outstanding

Particulars	31.03.2014
Opening Balance	117,670,066
Shares Issued during the year	-
Shares bought back during the year *	-
Shares Outstanding at the end of the year	117,670,066

b. List of Shareholders holding more than 5% of the equity share capital of the company:

Particulars	31.03.2014
Bengal and Assam Company Limited	27,921,455
Florence Investech Ltd.	13,645,040
JK Fenner (India) Ltd. (Formerly known as Fenner India Ltd.)	10,259,400
HDFC Standard Life Insurance Company Ltd.	6,552,546

c. Terms/ right attached to equity shareholders:

i) The Company has only one class of Equity Shares having a par value of ` 5 per share. Each holder of equity shares is entitled to one vote per share.

ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets Of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

iii) 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.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	588.500	588.500
(b) Reserves & Surplus	12718.500	12443.700
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	13307.000	13032.200
(3) Non-Current Liabilities
(a) long-term borrowings	14370.800	13620.400
(b) Deferred tax liabilities (Net)	1284.400	1225.900
(c) Other long term liabilities	661.600	418.700
(d) long-term provisions	78.700	60.600
Total Non-current Liabilities (3)	16395.500	15325.600
(4) Current Liabilities
(a) Short term borrowings	2331.300	421.800
(b) Trade payables	2183.300	1294.300
(c) Other current liabilities	6260.500	5236.800
(d) Short-term provisions	394.500	353.900
Total Current Liabilities (4)	11169.600	7306.800
TOTAL	40872.100	35664.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29439.600	15695.800
(ii) Intangible Assets	0.000	19.600
(iii) Capital work-in-progress	0.000	9083.600
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1688.100	1088.100
(c) Deferred tax assets (net)	2036.200	0.000
(d) Long-term Loan and Advances	0.000	2668.500
(e) Other Non-current assets	0.000	12.100
Total Non-Current Assets	33163.900	28567.700
(2) Current assets
(a) Current investments	2539.900	3389.200
(b) Inventories	2234.700	1024.300
(c) Trade receivables	704.900	555.200
(d) Cash and cash equivalents	152.900	352.100
(e) Short-term loans and advances	1353.700	1095.000
(f) Other current assets	722.100	681.100
Total Current Assets	7708.200	7096.900
TOTAL	40872.100	35664.600

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	23070.600	20566.000
	Other Income	282.000	442.700
	TOTAL	23352.600	21008.700
Less	EXPENSES
	Cost of Materials Consumed	3986.900	3616.400
	Purchases of Stock-in-Trade	2288.700	1868.600
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(425.100)	26.900
	power and fule	4947.600	4220.200
	transport	5161.500	4568.400
	excep	632.500	185.000
	Employees benefits expense	1461.100	1229.500
	Other expenses	2155.300	2016.400
	TOTAL	20208.500	17731.400
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3144.100	3277.300
Less	FINANCIAL EXPENSES	907.400	771.900
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2236.700	2505.400
Less/ Add	DEPRECIATION/ AMORTISATION	1119.000	1351.700
	PROFIT/ (LOSS) BEFORE TAX	1117.700	1153.700
Less	TAX	161.700	223.700
	PROFIT/ (LOSS) AFTER TAX	956.000	930.000
	Earnings / (Loss) Per Share (Rs.)	8.12	7.90

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2013
Current Maturities of Long term debt	N.A	N.A
Cash generated from operations	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT/Sales)	(%)	4.14	4.52
Operating Profit Margin (PBDIT/Sales)	(%)	13.63	15.94
Return on Total Assets (PBT/Total Assets}	(%)	3.01	4.53
Return on Investment (ROI) (PBT/Networth)		0.08	0.09
Debt Equity Ratio (Total Debt /Networth)		1.26	1.08
Current Ratio (Current Asset/Current Liability)		0.69	0.97

STOCK PRICES

Face Value	Rs.5/-
Market Value	Rs.317/-

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	588.500	588.500
Reserves & Surplus	12443.700	12718.500
Net worth	13032.200	13307.000
long-term borrowings	13620.400	14370.800
Short term borrowings	421.800	2331.300
Total borrowings	14042.200	16702.100
Debt/Equity ratio	1.078	1.255

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	20566.000	23070.600
		12.178

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	20566.000	23070.600
Profit	930.000	956.000
	4.52%	4.14%

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	Yes
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	No
17	Details of sister concerns	Yes
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE

Financial year 2013-14 has been a year of satisfactory performance at the volume front, amidst lackluster growth of cement industry during last four years in succession. Company registered a volume growth of 7% over the previous year as against industry's growth of about 3% and nil growth in the Company's operating zone. Company's sales realizations were lower as compared to previous year as there was a sharp decline in the cement prices in most of its markets. Company's ex-factory realization would have been better but for the brunt of considerable increase in the Railway freight as well as road freight costs consequent to increase in the diesel prices. This fall in the realization has been one of the major reasons for Company's lower profitability despite Improvement in the efficiency parameters and high capacity utilization i.e. 99% against industry average of 72%.

OUTLOOK & STRATEGIC IMPERATIVES

Formation of a new majority Government at Centre has raised considerable expectations for revival of large scale

Construction activities which augurs well for the Cement Industry. Though, it will be too early to predict an inflexion Point in the tapered growth, the very structural and fundamental issues like housing shortage and infrastructure Demand make the long term potential of Indian Cement industry quite promising. While residential and commercial construction will continue to be pivotal in the growth of Cement demand, Industry’s real boost will come from an increase in the pace of Infrastructure creation over the next 10 years. In case of infrastructure sector, which includes roads, irrigation, water supply, power etc., the gap between the requirements and availability is a well-known fact. Higher allocation to this sector including key infrastructure development projects like Dedicated Freight Corridor (DFC) and expediting the tendering process in highway projects have the ability to generate a positive sentiment of economic growth. The share of Infrastructure in the total Cement demand is expected to grow to 40% from present 20% in the course of next decade. These pointers make your Directors confident of the long-term sustainability of the demand for cement Increasing urbanization, increase in number of households due to nuclearization of families and up gradation of NON-PUCCA houses to PUCCA houses would ensure a consistent cement demand from housing sector. In rural areas, the share of PUCCA homes is expected to increase from 46% to 60% and in urban area the share is expected to increase from 68% to 80%. Extending JNURM's (Jawaharlal Nehru Urban Renewal Mission) scope to more cities and incentives for construction of affordable housing would go a long way in favor of Cement Industry. On supply side, the pace of capacity additions has slowed down during the last 2-3 years due to delays in implementation of new projects and brown-field expansions Though with a capacity of approx. 360 million tons PA, the industry still has over 25% surplus capacity, it is expected that the surplus would get reduced gradually in next 3 - 4 years. Improvement in utilization rates will help the Industry to manage its costs better and thereby improve upon its margins. With these hopes the Company expects to achieve higher volumes during the year. Also on the expectation of Improvement in the cement demand by the second half of the financial year 2015, some correction in the prices may take place, which had gone down considerably in FY 14. These developments have the potential to affect the Company's financials positively.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
Long Term Borrowing
Deferred Sales Tax		321.100
Fixed Deposits		94.800
Short Term Borrowing	N.A
Fixed Deposits		05.900
Total		421.800

NOTE:

1) Unsecured Deferred Sales Tax Loan of Rs. 637.800 Million is repayable in 8 quarterly installments.

2) Fixed Deposits represents the Deposits accepted by the Company from Public under its Fixed Deposit Scheme having Maturity of 2 & 3 years from the date of deposits.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10559969	30/03/2015	2,288,000,000.00	Allahabad Bank	Industrial Finance Branch, 2nd Floor, 17, Parliament Street, New Delhi, New Delhi, Delhi - 110001, India	C49429111
2	10552761	06/02/2015	1,150,000,000.00	State Bank of India	Reliance House (2nd Floor), 34, JL Nehru Road, Kolkata, West Bengal - 700071, India	C45418415
3	10539264	30/12/2014	750,000,000.00	Indian Bank	South Extension Branch, A-2, Ring Road, South Extension, Part-1, New Delhi, Delhi - 110049, India	C38379582
4	10532357	23/12/2014 *	400,000,000.00	Axis Bank Limited	148, Barakhamba Road, Statesman House, New Delhi, Delhi - 110001, India	C40214660
5	10520352	05/09/2014	1,000,000,000.00	Axis Bank Limited	148, Barakhamba Road, Statesman House, New Delhi, Delhi - 110001, India	C20994828
6	10486066	15/10/2014 *	900,000,000.00	The Jammu and Kashmir Bank Limited	D-63, Basant Lok, Vasant Vihar, New Delhi, Delhi - 110057, India	C32731317
7	10451773	25/09/2013	400,000,000.00	The Jammu and Kashmir Bank Limited	D-63, Basant Lok, Vasant Vihar, New Delhi, Delhi - 110057, India	B86050762
8	10442603	22/01/2014 *	1,250,000,000.00	State Bank of India	Reliance House, 2nd Floor, 34, JL Nehru Road, Kolkata, West Bengal - 700071, India	B95757233
9	10385525	31/10/2012 *	497,906,800.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba llard Estate,, MUMBAI, Maharashtra - 400001, India	B61917795
10	10337138	18/02/2015 *	8,500,000,000.00	Allahabad Bank	Industrial Finance Branch,, 17, Parliament Street , New Delhi, Delhi - 110001, India	C46532552

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipments
• Vehicles
• Railway Siding
• Computer

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.63.81
UK Pound	1	Rs.101.25
Euro	1	Rs.72.35

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KSH
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

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