MIRA INFORM REPORT

Report No. :	341094
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	AMBUJA CEMENTS LIMITED

Registered Office :	P.O. Ambuja Nagar, Talika Kodinar, Amreli District, Junagadh – 362715, Gujarat
Tel No :	91-2795-237000

Country :	India

Financials (as on) :	31.12.2014

Date of Incorporation :	20.10.1981

Com. Reg. No.:	04-004717

Capital Investment / Paid-up Capital :	Rs. 3099.500 Million

CIN No.: [Company Identification No.]	L26942GJ1981PLC004717

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

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

No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

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

Maximum Credit Limit :	USD 290000000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Not Available

Comments :	Subject is a well-established and reputed company having excellent track. It is among the most efficient cement players in the country. The company’s products are well received in the market. It has strong market position. The company has reported another good financial year performance where it has decent profitability margin of 15.00%. The company has healthy financial risk profile marked by healthy net worth position, low gearing and comfortable liquidity position. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In the view of aforesaid, the company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating AAA
Rating Explanation	Highest degree f safety and carry lowest credit risk.
Date	January 07, 2015

Rating Agency Name	CRISIL
Rating	Short term rating A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	January 07, 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Mahesh Kumar Khandelwal
Designation :	General manager Finance
Contact No.:	91-22-40667000

LOCATIONS

Registered Office/Factory :	P.O. Ambuja Nagar, Talika Kodinar, Amreli District, Junagadh – 362715, Gujarat
Tel. No.:	91-2795-237000
Fax No.:	Not Available
E-Mail :	maheshkumar.khandelwal@ambujacement.com shares@ambujacement.com
Website :	http://www.ambujacement.com

Head Office:	Elegant Business Park, Behind Kotak Mahindra Bank, MIDC Cross Road ‘B’, Off Andheri - Kurla Road, Andheri (East), Mumbai 400 059. Maharashtra, India
Tel No.:	91-22-66167000 / 40667000
Website.:	www.ambujacement.com

Corporate Office :	Elegant Business Park, MIDC Cross Road “B”, Off Andheri – Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Plant :	Located at: Ambuja Nagar, Taluka Kodinar, Dist. Gir Somnath, Gujarat Darlaghat, Dist. Solan, Himachal Pradesh Maratha Cement Works, Dist. Chandrapur, Maharashtra Rabiyawas, Dist. Pali, Rajasthan Bhatapara, Dist. Raipur, Chhattisgarh
Grinding Stations:	Located at: Roopnagar, Punjab Bhathinda, Punjab Sankrail, Dist. Howrah, West Bengal Farakka Dist Murshidabad, West Bengal Roorkee, Dist. Haridwar, Uttaranchal Dadri, Dist. Gautam Budh Nagar, Uttar Pradesh Nalagarh, Dist. Solan, Himachal Pradesh Magdalla, Dist. Surat, Gujarat

Bulk Cement Terminals:	Located at: Muldwarka, Dist Gir, Gujarat Panvel, Dist. Raigarh, Maharashtra Cochin, Kerala Mangalore, Karnataka

DIRECTORS

As on : 31.12.2014

Name :	Mr. Narotam Satyanarayan Sekhsaria
Designation :	Director / Chairman
Address :	Bhagwati Bhavan, 31 B Carmichael Road, Behind Jaslok Hospital, Cumballa Hill, Mumbai - 400026, Maharashtra, India
Date of Appointment :	10.11.1982
DIN No.:	00276351

Name :	Mr. Bernard Terver
Designation :	Vice Chairman / Director

Name :	Mr. Nasser Munje
Designation :	Director
Address :	Benedict Villa, House No.471, Saud Vaddo, Chorao Island, Tiswadi - 403102, Goa, India
Date of Appointment :	16.08.2001
DIN No.:	00010180

Name :	Mr. Rajendra P. Chitale
Designation :	Director
Address :	131/B, Tanna Residency Bayview, Opposite Siddhi, Vinayak Temple, 392, V. S. Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Appointment :	04.07.2006
DIN No.:	00015986

Name :	Mr. Shailesh Haribhakti
Designation :	Director
Address :	10 and 11 Sahil Apartment, S K Barodawala Road, 14 Altamount Road, Cumballa Hill, Mumbai - 400026, Maharashtra, India
Date of Appointment :	03.05.2006
DIN No.:	00007347

Name :	Dr. Omkar Goswami
Designation :	Director
Address :	E-121, Masjid Moth, First Floor, Greater Kailash-III, New Delhi, 110048, India
Date of Appointment :	20.07.2006
DIN No.:	00004258

Name :	Mr. Haigreve Khaitan
Designation :	Director
Address :	1104 Sterling Seaface, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
Date of Appointment :	27.07.2012
DIN No.:	00005290

Name :	Ms. Usha Sangwan (w.e.f. 24.04.2014)
Designation :	Director
Date of Birth:	01.10.1958
Address:	A-5, Jeevan Jyot, Napeansea Road, Mumbai - 400036, Maharashtra, India
Qualification:	Master’s Degree in Economics and a Post Graduate Diploma in Human Resource Management.
Date of Appointment:	24.04.2014
DIN No.:	02609263

Name :	Mr. Bhanwarlal Jivanmal Taparia
Designation :	Director
Date of Birth:	05.07.1950
Address :	301,Saraswati Darshan , Link Road, Bangurnagar ,Goregaon (West), Mumbai - 400090, Maharashtra, India
Qualification:	B.com, LL.B., F.C.S.
Date of Appointment:	01.09.2012
DIN No.:	00016551

Name :	Mr. Ajay Rapur
Designation :	Managing Director
Address :	No. 2, Southlands, S. B. Singh Road, Colaba, Mumbai - 400005, Maharashtra, India
Date of Appointment :	25.07.2013
DIN No.:	03096416

Name :	Eric Carl Olsen
Designation :	Additional Director
Address :	10 Rue Eugene Labiche, Paris, 75116, France
Date of Appointment :	27.07.2015
DIN No.:	07238383

Name :	Bernard Gerard Marcel Terver
Designation :	Nominee Director
Address :	Seestrasse 153A, Kilchberg, 8802, Switzerland
Date of Appointment :	04.12.2013
DIN No.:	06771125

KEY EXECUTIVES

Name :	Mr. Suresh Neotia
Designation :	Chairman Emeritus

Name :	Mr. Sanjeev Churiwala
Designation :	Chief Financial Officer
Address:	"VARSHA" Flat No. B/14-15, The Santacruz Varsha, CHS Limited, Gulmohar Cross Road No. 4, Vile Parle (West), Mumbai - 400049, Maharashtra, India
Date of Appointment :	01.04.2014
PAN No.:	ACSPC9027B

Name :	Mr. Vilas Deshmukh
Designation :	Chief Manufacturing Officer

Name :	Mr. Sanjay Gupta
Designation :	Chief Marketing Officer

Name :	Mr. Vivek Agnihotri
Designation :	Chief Corporate Services

Name :	Ms. Meenakshi Narain
Designation :	Chief HR Officer

Name :	Mr. Henning Sasse
Designation :	Head of Techport

Name :	Mr. Ranjan Sachdeva
Designation :	Chief Central Procurement Officer

Name :	Mr. Rajiv Natvarlal Gandhi
Designation :	Company Secretary
Address:	104 1st Floor ,Park West-4, Kulupwadi Road, Raheja Estate, Borivali (East), Mumbai - 400066, Maharashtra, India
Date of Appointment :	01.08.2012
PAN No.:	AAJPG9845Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	780308553	51.33
Sub Total	780308553	51.33
Total shareholding of Promoter and Promoter Group (A)	780308553	51.33
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	18845774	1.24
Financial Institutions / Banks	12958562	0.85
Insurance Companies	128101996	8.43
Foreign Institutional Investors	408980682	26.90
Foreign Venture Capital Investors	50582928	3.33
Sub Total	619469942	40.75
(2) Non-Institutions
Bodies Corporate	6212951	0.41
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	89041550	5.86
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	9594771	0.63
Any Others (Specify)	15558541	1.02
Non Resident Indians	13743663	0.90
NRIs/Foreign Individuals	3850	0.00
Overseas Corporate Bodies	12870	0.00
Trusts	1798158	0.12
Sub Total	120407813	7.92
Total Public shareholding (B)	739877755	48.67
Total (A)+(B)	1520186308	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	31711113	0.00
Sub Total	31711113	0.00
Total (A)+(B)+(C)	1551897421	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Cement

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Cement
Countries :	Srilanka

Imports :
Products :	Coal Spare part
Countries :	South Africa Indonesia European Countries China

Terms :
Selling :	Cheque and Credit

Purchasing :	Cheque and Credit

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 :

5000 (Approximately)

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	HDFC Bank

Banker Name	Standard Chartered Bank

Banker Name	HSBC Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.12.2014	As on 31.12.2013
LONG TERM BORROWING
Interest free loan from State Government	58.600	58.600
Total	58.600	59.600

NOTE: Secured by bank guarantee and is repayable on 27th February 2020.

Auditors :
Name :	SRBC and Company LLP (Statutory Auditor) Chartered Accountant
Address :	14^TH Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-61920000
Fax No.:	91-22-619210000

Auditors :	P.M. Nanabhoy and Company (Cost Auditor) Chartered Accountants

Holding Company :	Holderind Investment Limited (Louis) (Mauritius) Holcim (India) Private Limited (CIN No.” U26943DL2002PTC116851)

Ultimate Holding Company:	Holcim Limited, Switzerland

Intermediate Holding Company:	Holderfin BV, Netherlands

Subsidiary Company:	Kakinada Cements Limited (CIN No.U26942GJ1997PLC062008) M.G.T Cements Private Limited (CIN No.:U26943GJ1990PTC061530) Chemical Limes Mundwa Private Limited (CIN No.:U14107GJ2007PTC061529) Dang Cement Industries Private Limited, Dirk India Private Limited Holderind Investments Limited, Mauritius Kakinada Cements Limited. M.G.T. Cements Private Limited Chemical Limes Mundwa Private Limited. Dang Cement Industries Private Limted, Nepal Dirk India Private Limited

Fellow Subsidiary Company:	ACC Limited Holcim (India) Private Limited Holcim (Lanka) Limited, Sri Lanka Holcim Group Services Limited, Switzerland. Holcim Technology Limited, Switzerland Holcim Philippines, Inc., Philippines Holcim Services (South Asia) Limited Holcim Services (Asia) Limited, Thailand. Holcim Trading FZCO, UAE Holcim Trading Pte Limited, Singapore. PT Holcim Indonesia Tbk., Indonesia Holcim Cement (Bangladesh) Limited, Bangladesh Holcim (Romania) S.A., Romania

Joint Venture :	Counto Microfines Products Private Limited (CIN No.:U70200GA1996PTC002240) Wardha Vaalley Coal Field Private Limited (CIN No.:U10300DL2010PTC197802)

Joint Venture of fellow subsidiary :	Siam City Cement Public Company Limited, Thailand

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 31.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2500000000	Equity Shares	Rs.2/- each	Rs. 5000.000 Million
150000000	Preference shares	Rs.2/- each	Rs. 300.000 Million
	TOTAL		Rs. 5300.000 Million

Issued

No. of Shares	Type	Value	Amount

1550072306	Equity Shares	Rs.2/- each	Rs. 3100.147 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1549745786	Equity shares	Rs.2/- each	Rs. 3099.491 Million

a) Reconciliation of equity shares outstanding

	As at 31.12.2014
	No. of shares	Rs. in Million
At the beginning of the year	1,545,860,286	3091.700
Add : Issued against Employee Stock Option Schemes (ESOS)	3,885,500	7.800
At the end of the year	1,549,745,786	3099.500

b) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having a par value of ` 2 per share. Each shareholder is entitled to one vote per equity share. 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 of the Company, the equity shareholders are eligible to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.

c) Equity shares held by holding company, ultimate holding company and their subsidiaries

	As at 31.12.2014
	Rs. in Million
i) Holderind Investments Limited, Mauritius (HIL), the holding company (Refer note 48) 629,638,433 (previous year - 629,638,433) Equity shares of ` 2 each fully paid-up.	1259.300
ii) Holcim (India) Private Limited (HIPL), a fellow subsidiary (Refer note 48) 150,670,120 (previous year - 150,670,120) Equity shares of ` 2 each fully paid-up	301.300

d) Details of equity shares held by shareholders holding more than 5% shares in the Company

	As at 31.12.2014
	No. of Shares	% holding
Holderind Investments Limited, Mauritius (Refer note 48)	629,638,433	40.63%
Holcim (India) Private Limited (Refer note 48).	150,670,120	9.72%
Life Insurance Corporation of India	100,206,061	6.47%

As per the of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represent both legal and beneficial ownership of shares.

e) Outstanding employee stock options exercisable into 2,344,400 (previous year - 6,381,625) equity shares of ` 2 each fully paid-up

f) Outstanding tradable warrants and right shares kept in abeyance exercisable into 186,690 (previous year - 186,690) and 139,830 (previous year - 139,830) equity shares of ` 2 each fully paid-up respectively.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3099.500	3091.700	3084.400
(b) Reserves & Surplus	97933.800	91763.700	84966.200
(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)	101033.300	94855.400	88050.600

(3) Non-Current Liabilities
(a) long-term borrowings	190.900	291.500	346.300
(b) Deferred tax liabilities (Net)	5890.400	5643.200	5482.500
(c) Other long term liabilities	92.200	175.800	49.100
(d) long-term provisions	325.700	248.000	208.900
Total Non-current Liabilities (3)	6499.200	6358.500	6086.800

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	6184.900	5572.800	9345.400
(c) Other current liabilities	13528.900	13224.900	6558.700
(d) Short-term provisions	11762.200	9634.300	13089.300
Total Current Liabilities (4)	31476.000	28432.000	28993.400

TOTAL	139008.500	129645.900	123130.800

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	62267.800	60621.600	58619.300
(ii) Intangible Assets	3.300	3.700	4.400
(iii) Capital work-in-progress	6901.700	6948.800	0.000
(iv) Intangible assets under development	0.000	0.000	5201.200
(b) Non-current Investments	1057.300	1045.100	1120.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5933.200	3205.500	2872.700
(e) Other Non-current assets	2893.100	2450.800	2549.100
Total Non-Current Assets	79056.400	74275.500	70366.800

(2) Current assets
(a) Current investments	20670.000	16839.400	15438.300
(b) Inventories	8883.900	9339.400	9839.300
(c) Trade receivables	2279.800	2315.100	2133.700
(d) Cash and cash equivalents	24581.200	23410.900	22537.200
(e) Short-term loans and advances	3083.200	2894.100	2489.800
(f) Other current assets	454.000	571.500	325.700
Total Current Assets	59952.100	55370.400	52764.000

TOTAL	139008.500	129645.900	123130.800

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2014	31.12.2013	31.12.2012
	SALES
	Income	99781.200	91742.600	97303.000
	Other Income	4289.800	3775.100	3488.700
	TOTAL (A)	104071.000	95517.700	100791.700

Less	EXPENSES
	Cost of Materials Consumed	7942.900	6893.700	6717.600
	Purchases of Stock-in-Trade	405.900	7.100	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	159.100	1183.300	(2008.300)
	Power and Fuel	22652.200	20629.200	23290.700
	Freight and forwarding expenses	24388.900	22877.300	22758.500
	Self-Consumption of cement (net of excise duty Rs. 9.900 Million previous year Rs. 8.300 Million)	(80.400)	(69.300)	(67.100)
	Exceptional items-profit on sale of residential flats	0.000	(248.200)	2791.300
	Employees benefits expense	5815.800	5021.700	4785.100
	Other expenses	19212.400	18530.200	17096.800
	TOTAL (B)	80496.800	74825.000	75364.600

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	23574.200	20692.700	25427.100

Less	FINANCIAL EXPENSES (D)	644.800	650.800	756.600

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	22929.400	20041.900	24670.500

Less/ Add	DEPRECIATION/ AMORTISATION (F)	5095.300	4900.700	5652.200

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	17834.100	15141.200	19018.300

Less	TAX (I)	2870.500	2195.500	6047.700

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	14963.600	12945.700	12970.600

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	441.200	542.800	232.700
	Royalty, professional Consultation Fees	12.400	4.800	1.900
	Interest	0.000	0.100	0.000
	Others	49.800	37.700	94.800
	TOTAL EARNINGS	503.400	585.400	329.400

	IMPORTS
	Raw Materials	504.200	231.900	389.800
	Components and Stores parts	453.400	381.600	497.900
	Fuels	3736.300	3409.400	4859.600
	Packing material	0.000	0.000	26.000
	Capital Goods	717.100	1112.900	373.100
	TOTAL IMPORTS	5411.000	5135.800	6146.400

	Earnings / (Loss) Per Share (Rs.)	9.67	8.39	8.43

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	100.600	113.300	81.800
Cash generated from operations	19644.300	17400.300	24998.700
Net cash flow from operating activity	16754.600	12674.600	18599.500

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT/Sales)	(%)	15.00	14.11	13.33

Operating Profit Margin (PBDIT / Sales)	(%)	23.63	22.56	26.13

Return on Total Assets (PBT/Total Assets}	(%)	13.61	12.45	16.28

Return on Investment (ROI) (PBT/Networth)		0.18	0.16	0.22

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.90	1.95	1.82

STOCK PRICES

Face Value	Rs.2.00
Market Value	Rs.207.40

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3084.400	3091.700	3099.500
Reserves & Surplus	84966.200	91763.700	97933.800
Net worth	88050.600	94855.400	101033.300

long-term borrowings	346.300	291.500	190.900
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long-Term Debts	81.800	113.300	100.600
Total borrowings	428.100	404.800	291.500
Debt/Equity ratio	0.005	0.004	0.003

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	97303.000	91742.600	99781.200
		(5.715)	8.762

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	97303.000	91742.600	99781.200
Profit	12970.600	12945.700	14963.600
	13.33%	14.11%	15.00%

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	Yes
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.12.2014	As on 31.12.2013
LONG TERM BORROWING
Sales tax deferment loan	132.300	232.900
Total	132.300	232.900
Note: Sales tax deferment loan is interest free and payable in 10 annual installments starting from April 2007 to April 2016 of varying amounts from `Rs. 15.200 Million to 132.300 Million.

FINACIAL RESULTS:

AT A GLANCE

Cement production increased by 2% to reach 21.430 Million tonnes, from 20.960 Million tonnes while clinker production increased to 14.840 Million tonnes, 4% up from 14.270 Million tonnes in years 2013.

Domestic cement sales volume recorded increase of 3% at 21.46 Million tonnes from 20.94 Million tonnes in year 2013. Cement exports decreased to 0.08 Million tonnes from 0.10 Million tonnes in year 2013. Clinker sales (including exports) were up at 0.61 Million tonnes from 0.56 Million tonnes in 2013.

Net sales at Rs. 99110.000 Million were 9% up than that of previous years Rs. 90790.000 Million. Average sales realization increased by around 7% at Rs. 4,475 per tonne against approx. Rs. 4,208 per tonne in 2013.

Total (operating) expenses for the year 2014 increased by 7% over that of year 2013..

The company achieved an absolute EBITDA of RS. 19280.000 Million. This is higher by 16% over the corresponding Rs. 16670.000 Million of the year 2013.

Profit before tax at 17830.000 was up by 18% over corresponding figure of Rs. 15140.000 Million for the year 2013.

Net profit at Rs. 14960.000 Million was up by 16% over corresponding figure of Rs. 12950.000 Million for the year 2013.

PROJECT:

The Company has participated in the e-auction of coal block conducted by the nominated authority of the Ministry of Coal, Government of India and has successfully secured a coal block at Gare-Palma Sector-IV/8 in the state of Chhattisgarh.

The capex for the development of this coal block is expected to be approx. Rs. 3700.000 Million and the mining operation is expected to commence in the year 2018.

OUTLOOK:

Emphasis on housing and infrastructure development by the Government is likely to push cement demand in the coming quarters. The company will continue to focus on further improving performance.

MANAGEMENT DISCUSSION AND ANALYSIS

INDIAN ECONOMY

Slowing growth, rising inflation and the depreciating rupee marked the onset of 2013 setting in motion a challenging year for the Indian economy. Growth rate continued to slide despite attempts by the government to stem the tide with a host of traditional and innovative measures. Efforts were further constrained due to global headwinds.

To boost investor confidence, the Cabinet Committee on Investments approved infrastructure projects entailing huge investments.

However, given the weak start, we expect that real GDP growth would average at 4.5-5% in 2013-14.

FLAT GROWTH FOR CEMENT INDUSTRY

The cement industry witnessed flat growth in 2013 due to several reasons - a prolonged monsoon that extended until the festive season, natural calamities (floods and cyclone) that hit many parts of India and low demand due to financial crunch and slowdown in realty and infrastructure sectors.

In the first half of 2013, industry demand was slow due to fall in construction activity and a virtual halt in government spending. During the second half, the early arrival of the monsoon compared with the previous year did not augur well.

The cement industry also faced rising costs, high interest rates, land acquisition and clearance issues. An overall weak macro environment and ban on sand mining continued to worry the industry.

Increase in freight rates for several commodities has had a cascading impact on the cement industry. An increase in freight rates for coal and cement drove up transportation cost as well as the landed cost of imported goods. Moreover, the rupee’s weakness against the U.S. dollar and other global currencies prevented India from taking advantage of the decline in commodity prices in the world market.

Over the past few years, the cement industry witnessed huge capacity addition (almost 90 million tones on the available supply basis), which substantially increased the gap between demand and supply and consequently lowered capacity utilization.

We expect demand to gradually revive over 2014 and 2015 with a new government and recovery in construction activity.

OUT LOOK

TANGIBLE POLICY ACTIONS TO FACILITATE

ECONOMIC GROWTH

The bigger picture is looking favorable. To facilitate rapid economic growth, it will be necessary to see big ticket structural reforms, faster approvals on the supply side, with major support of fiscal and monetary policy on the demand side. After nine months plus of the new government in the Centre, tangible policy actions are required to facilitate. Investment and sustained growth.

Medium to long-term economic growth depends on ensuring macroeconomic stability and on creating an enabling environment for the private sector to invest. Fundamentally, India's medium-term growth prospects looks to be promising, and a medium-term trend rate of growth of about 7% to 8% should be within reach in view of favorable tailwinds, both domestic and external, supported by active policy push in all three areas of good governance, fiscal an - monetary management. Despite headwinds of a global slowdown in some parts. of the world, India has the ability to grow faster and be a leading growth engine in the near to medium-term.

AWARDS AND ACCOLADES

· ACF Darlaghat bags NABARD's Best Partnership Award.

· Ambuja bags CII-ITC Sustainability Award- 2014.

· Roorkee Grinding Unit has been awarded with the 'CERTIFICATE of MERIT' for 'Energy Conservation in Cement Sector for the year 2013'.

· Ambuja Cement Foundation - Chirawa has won the UNESCO supported Water Digest Water Award 2013-14.

· Ambuja Cement- bags Bronze at the Flame Awards 2013 for Rural Marketing Initiative.

· Ambuja Cement bagged the 1st runner up award at the ASSOCHAM CSR Excellence award during the 6th Global Corporate Social Responsibility Summit held in Delhi.

· ACES Rabriyawas Unit won the 14th Annual Greentech Environment award in the Gold Category.

· Greentech Environmental Excellence Gold Award 2013.

· Ambuja Cements - Rabriyawas Plant won Productivity Excellence Award 2011-12, presented by ~Rajasthan’ state Productivity Council.

· Ambuja Cement Foundation - Bathinda won the NABARD 'Partnership Excellence Award' in the category of 'Improving productivity of crops'.

Contingent liabilities and commitments (to the extent not provided for)

	As at 31.12.2014
Contingent liabilities and Claims against the Company not acknowledged as debts related to	Rs. in Million
Labour	207.400
and	588.600
Royalty on Limestone	1199.700
Sales tax	2662.700
Excise and Customs	679.400
Demand from Competition Commission of India	11639.100
Others	1402.400

In respect of items above, future cash outflows are determinable only on receipt of judgements / decisions pending at various forums / authorities.

1 Royalty on limestone represents additional royalty, consequent to the order passed by Madhya Pradesh State Mining Department, based on the ratio of 1.6 tonnes of limestone to 1 tonne of cement produced at its factory in Chhattisgarh. The Company holds the view that the payment of royalty on limestone is correctly made based on the actual quantity of limestone extracted from the mining area. The matter is pending before the Hon’ble High Court of Bilaspur.

2 Includes a matter relating to 75% exemption from sales tax granted by Government of Rajasthan (GOR). However, the eligibility of exemption in excess of 25% was contested by the State Government in a similar matter of another Company. In the current year, pursuant to the unfavourable decision of the Supreme Court in that similar matter, the sales tax department has initiated proceedings for recovery of differential sales tax and interest thereon on the ground that the Company had given an undertaking to deposit the differential amount of sales tax, in case the Supreme Court’s decision goes against the matter referred above. Against the total demand of Rs. 2479.700 Million (including interest of Rs. 1344.500 Million), the Company has deposited an amount of Rs.1235.200 Million towards sales tax under protest and filed a Special Leave Petition in the Supreme Court with one of the grounds that the tax exemption was availed by virtue of the order passed by the Board for Industrial and Financial Reconstruction (BIFR) during the relevant period. Subsequent to the balance sheet date, on Company’s petition, the Hon’ble Supreme Court has granted an interim stay on interest, subject to deposit of Rs. 200.000 Million. Based on the advice of external legal counsel, the Company believes that, it has good grounds for a successful appeal. Accordingly, no provision is considered necessary.

3 The Competition Commission of India issued an Order dated 20th June, 2012, imposing penalty on certain cement manufacturers, including the Company, concerning alleged contravention of the provisions of the Competition Act, 2002 and imposed a penalty of Rs. 11639.100 Million on the Company. The Company had filed an appeal against the said Order with the Competition Appellate Tribunal (COMPAT). Pending final disposal of the appeal, the Hon’ble Tribunal, vide its order dated 17th May, 2013, has stayed the penalty with a condition to deposit 10% of the penalty amount, which has been deposited in the form of bank fixed deposit with lien in favour of COMPAT. The fixed deposit has been renewed along with interest of Rs. 147.100 Million. Based on the advice of external legal counsel, the Company believes that it has good grounds for a successful appeal. Accordingly, no provision is considered necessary.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90205358	02/06/1998	150,000,000.00	UTI BANK LTD.	7/1; LORD SINHA ROAD, CALCUTTA, West Bengal - 700071, INDIA	-
2	90202636	22/04/1993 *	105,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER; CUFFE PARADE, COLABA, BOMBAY, Maharashtra - 400005, INDIA	-
3	90201517	20/03/1989	7,000,000.00	HOUSING DEVELOPMENT FINANCE CORPN. LTD.	RAMON HOUSE, 169; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 400020, INDIA	-
4	90202515	20/03/1989 *	633,000.00	LIFE INSURANCE CORPN. OF INDIA	YOGAKSHEMA, JEEVAN BIMA MARG, BOMBAY, Maharashtra - 400021, INDIA	-
5	90202433	22/04/1993 *	2,000,000.00	NEW BANK OF INDIA	CHANDNI CHOWK, DELHI, Delhi - 110006, INDIA	-
6	90202420	22/04/1993 *	4,000,000.00	STATE BANK OF MYSORE	ANTRIKASH BHAWAN, KASTURBA GANDHI MARG, NEW DELHI , Delhi - 110001, INDIA	-
7	90202381	20/03/1989 *	40,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	NARIMAN BHAVAN; 227; VINAY K. SHAH MARG, NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA	-
8	90202364	07/12/1987 *	37,000,000.00	INTERNATIONAL FINANCE CORPN.	1818; H STREET, NEW YORK, , UNITED STATES OF AMERICA	-
9	90202358	01/10/1987 *	12,100,000.00	GENERAL INSURANCE CORPN. OF INDIA	INDUSTRIAL ASSURANCE BUILDING, CHURCHGATE, BOMBAY, Maharashtra - 400020, INDIA	-
10	90206745	29/03/1990 *	6,000,000.00	NEW BANK OF INDIA	CHANDNI CHOWK, DELHI, Delhi - 110006, INDIA	-

* Date of charge modification

FIXED ASSTES:

· Freehold non-mining land

· Freehold mining land

· Leasehold Land

· Building roads and water works

· Marine Structure

· Plant and Machinery

· Railway sidings and locomotive

· Furniture and Fixture

· Office Equipment

· Ships

· Vehicles

· Water Drawing rights

· Computer software

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND QUARTER ENDED 31.03.2015

Standalone statement of profit and loss

(Rs. In Million)

Sr. No	Particulars	Standalone
		Quarter Ended
			3 Months Ended 31.03.2015
			Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		24245.700
	b. Other Operating Income		384.700
	Total Income from Operations (Net)		24630.400
2	Expenditure
	a. Cost of material Consumed		2071.600
	b. Purchase of Stock-in trade		419.000
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		98.000
	d. Employees Benefit Expenses		14.803
	e. Depreciation and Amortization Expenses		1577.600
	f. Power and fuel		5367.800
	g. Freight and Forwarding
	- On finished products		4732.900
	- On internal material transfer		1474.400
	h. Other expenses		4352.200
	Total Expenses		21108.500
3	Profit from Operations before Other Income, Interest and Exceptional Items		3521.900
4	Other Income		951.000
5	Profit from ordinary activities before finance cost & exceptional items		4472.900
	Finance costs		213.600
	Profit from ordinary activities after finance cost & exceptional items		4686.500
9	Exceptional items		0.000
10	Profit from ordinary activities before tax		4259.300
11	Tax Expense		1082.400
14	Net Profit After Tax		3176.900
15	Paid-up equity share capital (face value of Rs.10 per share)		3100.000
16	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		0.000
17	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS		2.05
	Diluted EPS		2.05

A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares		737,534,390
	- Percentage of shareholding		47.59%
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares		0.000
	b) Non-encumbered
	- No. of shares		780,308,553
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)		100.00%
	- Percentage of shareholding (as a % of the total share capital of the company)		50.34%

	Particulars	Quarter Ended
B	Investor Complaints	(31.03.2015)
	Pending at the beginning of the quarter	0
	Received during the quarter	10
	Disposed off during the quarter	10
	Remaining unresolved at the end of the quarter	0

NOTE:

1. The above results have approved and been taken on record by the Board of Director at its meeting held on 29^th April 2015.

2. The Company has opted to submit standalone quarterly financial results during the year 2015.

3. a) Other income includes Rs. Nil for the quarter ended 31^st March, 2015, Rs. 269.700 Million for the year ended 31^st March, 2014, Rs. 882.000 Million for the quarter ended 31^st December 2014 and Rs. 357.900 Million for the year ended 31^st December, 2014, written back towards interest on income tax relating to earlier years.

b) Tax expenses is net of credit relating to earlier years, Rs. Nil for the quarter ended 31^st March, 2015, Rs. 947.500 Million for the quarter ended 31^st march, 2014, Rs. 809.300 Million for the quarter ended 31^st December, 2014, and Rs. 1756.800 Million for the year ended 31^st December, 2014.

4. Pursuant to the enactment of the Companies Act 2013 (‘the Act’) the Company has, effective 1^st January 2015, reviewed and revised the estimated useful lives of fixed assets, as per the life indicated in the Act. Accordingly, as per the transition provisions of the Act, the Company has adjusted Rs. 1066.300 Million (net of tax of Rs. 549.000 Million) in opening balance of “Surplus in the statement of profit and loss” as on 1^st January, 2015. Further, as a result of this change, depreciation for the quarter ended 31^st March, 2015 is higher by Rs. 396.400 Million.

5. During the quarter the Company has participated in the r-auction of local blocks conducted by the Nominated Authority of the Ministry of Coal, Government of India and has successfully secured the block at Gare-Palma Sector-IV/8 in the state of Chhattisgarh.

6. The Competition Commission of India in June 2012 had imposed a penalty of Rs. 11639.100 Million concerning alleged contravention of the provisions of the Competition Act, 2002. On Company’s appeal, Competition Appellate Tribunal had stayed the penalty counsel, the Company believe that it has good grounds for a successful appeal. Accordingly, no provision is considered necessary in the above financial results.

7. The Company has only one business segment “Cementitious Materials”.

8. The figures of the quarter ended 31^st December, 2014 is the balancing figures between audited figures of the financial year ended 31^st December, 2014 is the balancing figures between audited figures of the financial years ended 31^st December, 2014 and the unaudited published year to date figures upto third quarter of the financial year.

9. The figures of the previous period have been regrouped wherever necessary to conform to the current period’s presentation.

10. Limited review for the quarter ended 31^st March, 2015 has been carried out by the statutory auditors.

Standalone financial results for the quarter ended 31^st March, 2015

Ambuja Cements Limited today announced its unaudited financial results for the quarter ended 31^st March 2015

	Jan-March 2015 (Rs. in Million)	Jan-March 2014 (Rs. in Million)	Growth (%)
Sales volume-Cement	5350.000	5880.000	(9.0%)
Net Sales	24250.000	26380.000	(8.1%)
Operating EBITDA	5100.000	5890.000	(13.4%)
Net Profit before tax	4260.000	5830.000	(26.9%)
Net profit after tax	3180.000	5200.000	(38.8%)

The quarter witnessed a muted cement demand. The net sales turnover was lower by 8.1% mainly on account of negative growth in volume by 9% but an improved net cement realization for the quarter.

Improved operational efficiencies restricted the impact of costs increase. However, the same could not be fully mitigated though price increase, This together with lower sales volumes resulted in operating EBITDA for the quarter being lower by 13.4%.

Net profit before tax is down by 26.9% on account of lower operating EBITDA and due to additional depreciation charge of Rs. 400.000 Million on implementation of schedule II of the Companies Act, 2013 with effect 1^st January, 2015.

Net profit after tax is lower at Rs. 3180.000 Million during the quarter as against Rs. 5200.000 Million in the corresponding quarter of previous year, this is due to lower net profit before tax during the current quarter and also due to write back of tax provision in corresponding quarter of previous year.

Project

The company has participated in the e-auction of local blocks conducted by the nominated authority of the Ministry of Coal. Government of India and has successfully secured a coal block at Gare-Palma Sector –IV/8 in the state of Chhattisgarh.

The capex for the development of this coal block is expected to be approx. Rs. 3700.000 Million and the mining operation is expected to commence in the year 2018.

Outlook

Emphasis on housing and infrastructure development by the Government is likely to push cement demand in the coming quarters. The company will continue to focus on further improving performance.

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 records 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.66.43
UK Pound	1	Rs.102.40
Euro	1	Rs.75.04

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	SUM

Report Prepared by :	SUJ

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	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		78

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.