MIRA INFORM REPORT

Report No. :	342989
Report Date :	28.09.2015

IDENTIFICATION DETAILS

Name :	GRASIM INDUSTRIES LIMITED (w.e.f. 22.07.1986)

Formerly Known As :	GWALIOR RAYON SILK (WEAVING) COMPANY LIMITED

Registered Office :	Birlagram, Nagda, ujjain – 456331, Madhya Pradesh
Tel No.:	91-7366-246760

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	25.08.1947

Com. Reg. No.:	10-000410

Capital Investment / Paid-up Capital :	Rs.918.700 Million

CIN No.: [Company Identification No.]	L17124MP1947PLC000410

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	BPLG00117F/ BPLG00021A/ BPLG01651G

PAN No.: [Permanent Account No.]	AAACG4464B

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is engaged primarily in two businesses Manufacture of Viscose Staple Fibre (VSF) and in Cement. It also produces Rayon Grade Pulp, Caustic Soda and allied Chemicals, which are used in the manufacture of VSF.

No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aaa (86)

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

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is the flagship company of the Aditya Birla group. It commenced operations in 1947 as a textile manufacturer. Over the years, it has attained a leadership position in the VSF segment. It is the sole producer of VSF in the domestic market and enjoys 8 per cent share of the global market. For the financial year ended 2015, the company has reported 11.55% growth in its revenue profile and maintained decent profitability margins at 7.91% during the year under a review. Rating takes into consideration its leadership position in the core businesses, viz. Viscose Staple Fibre and cement business supported by its strong financial profile along with comfortable capital structure, adequate debt coverage indicators and robust liquidity position with healthy cash accruals. Trade relations are reported as decent. Payments are reported to be regular and as per commitment. In view of aforesaid, the company regarded as promising business partner for medium to long term business dealings.

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	CARE
Rating	Long term bank facilities: AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	04.03.2015

Rating Agency Name	CARE
Rating	Short term bank facilities: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	04.03.2015

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 :	Ms. Saroj Kumari
Designation :	Manager
Contact No.:	91-7366-246760

LOCATIONS

Registered Office :	Birlagram, Nagda, ujjain – 456331, Madhya Pradesh, India
Tel. No.:	91-7366-246760/ 62/ 64/ 66 / 256556
Fax No.:	91-7366-244114/ 246024
E-Mail :	anil.ladha@adityabirla.com grasimshares@adityabirla.com shares@adityabirla.com
Website :	http://www.grasim.com

Corporate Office :	91, Sakhar Bhavan, 230, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22819520
Fax No.:	91-22-22284629

Marketing Office:	8th Floor, SIDCUF Tower, Race Course Circle, Vadodara, Gujarat, India

Administrative Office:	Staple Fiber Division, Century Bhawan, 3rd Floor, Dr. A B Road, Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-24210182-86/ 22025012/ 24210182/ 24303169/ 22043451/ 65991600
Fax No.:	91-22-24220892

Branch Office :	Hub Town Solaris, 5^th Floor, 501A and 502, Prof N S Phadke Marg, Andheri (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-61957700
Fax No.:	91-22-61957702

Plants :	FIBRE, PULP CHEMICAL AND TEXTILES PLANTS Staple Fibre Division Birlagram, Nagda – 456 331, Madhya Pradesh, India Tel. No. 91-7366-246760-246766 Fax No. 91-7366-244114/246024 Harihar Polyfibres and Grasilene Division Harihar, District Haveri, Kumarapatnam – 581 123, Karnataka, India Tel. No. 91-8373-232637-39 Fax No. 91-8373-232465/ 232875 91-8192-247555 Birla Cellulosic Birladham, Kharach, Kosamba 394 120, District Bharuch, Gujarat, India Tel. No. 91-2629-270001/5 Fax No. 91-2629-270010/270310 Grasim Cellulsic Division Plot no.1, GIDC, Vilayat Industrial Estate P. O. Vilayat, Taluka Vagra, District Bharuch – 392012, Gujarat, India Chemical Plants Chemical Division Birlagram 456 331, Nagda, Madhya Pradesh, India Tel No. : 91-7366 245501 – 03 Fax No. : 91-7366 246767 / 245845 Grasim Chemical Division / EPOXY Division Plot No.1, GIDC, Vilayat Industrial Estate P. O. Vilayat, Taluka Vagra, District Bharuch – 392012, Gujarat, India Textile Plant Vikram Woollens GH I to IV, Ghironghi Malanpur–477 117, District Bhind, Madhya Pradesh, India Tel.: 91-7539-283602 / 283603 Fax: 91-7539-283339

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Krishnakishore Maheshwari
Designation :	Managing director
Address :	Chitrakoot Housing Society, Flat No. 22, Altamount Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	20.05.2010
DIN No.:	00017572

Name :	Mr. Sushil Agarwal
Designation :	Whole-time director
Address :	Ocean Cooperative Housing Society Limited, 301, Ocean View Union Park, Khar West, Mumbai - 400052, Maharashtra, India
Date of Appointment :	01.07.2015
DIN No.:	00060017

Name :	Mr. Bhupendranath Bhargava
Designation :	Director
Address :	B/1201, Gulmohar Apartment, Ceaser Road, Amboli, Andheri (West), Mumbai - 400058, Maharashtra, India
Date of Appointment :	26.03.1997
DIN No.:	00001823

Name :	Mr. Madhav Laxman Apte
Designation :	Director
Address :	24/B Woodlands, Pedder Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	06.05.1987
DIN No.:	00003656

Name :	Mr. Ravindra Chandra Bhargava
Designation :	Director
Address :	220, Sector - 15A, Noida, Ghaziabad - 201301, Uttar Pradesh, India
Date of Appointment :	25.07.2000
DIN No.:	00007620

Name :	Mr. Kumar Mangalam Birla
Designation :	Director
Address :	Mangal Adityayan, 20 Carmichel Road, Behind Jaslok Hosital, Mumbai - 400026, Maharashtra, India
Date of Appointment :	14.10.1992
DIN No.:	00012813

Name :	Cyril Suresh Shroff
Designation :	Director
Address :	Rupam Building,, 67, Worli Sea Face, Mumbai - 400030, Maharashtra, India
Date of Appointment :	25.07.2000
DIN No.:	00018979

Name :	Mr. Shailendra Kumar Jain
Designation :	Director
Address :	Executive Block - 3, Grasim Staff Colony, Birlagram, Nagda - 456331, Madhya Pradesh, India
Date of Appointment :	01.12.2003
DIN No.:	00022454

Name :	Rajashree Birla
Designation :	Director
Address :	Mangal Adityayan, 20 Carmichel Road, Behind Jaslok Hospital, Mumbai - 400026, Maharashtra, India
Date of Appointment :	14.03.1996
DIN No.:	00022995

Name :	Mr. Narendranathan Mohanraj Nair
Designation :	Director
Address :	B-2, Jeevan Jyot, Setalvad Road, Off. Napeansea Road, Mumbai - 400036, Maharashtra, India
Date of Appointment :	21.06.2012
DIN No.:	00181969

Name :	Mr. Thomas Martin Connelly JR
Designation :	Director
Address :	201, Chandler LN, Cherrington, Wilmington De, 198070000, United States Of America
Date of Appointment :	20.08.2010
DIN No.:	03083495

KEY EXECUTIVES

Name :	Mr. Hutoxshi R Wadia
Designation :	Secretary
Address :	23/34 Jamasji Apartments, 32 Sleater Road, Mumbai - 400007, Maharashtra, India
Date of Appointment :	01.03.2015
PAN No:	AADPW3150A

Name :	Mr. Sushil Agarwal
Designation :	Chief Finance Officer
Address :	Ocean Cooperative Hosing Society Limited, Ocean View Union Park, Khar (West), Mumbai - 400052, Maharashtra, India
Date of Appointment :	01.07.2015
PAN No:	AADPA3179R

	Fibre and Pulp Business
Name :	Mr. K.K. Maheshwari
Designation :	Business Director

Name :	Mr. H K Agarwal
Designation :	Chief Operating Officer (Fiber Business)

Name :	Mr. Vinod Tiwari
Designation :	Chief Operating Officer (Pulp Operations)

Name :	Dr. Aspi Patel
Designation :	Chief Technology Officer

Name :	Mr. Rajeev Gopal
Designation :	Chief Marketing Officer

Name :	Mr. Arun Gaur
Designation :	Chief Human Resources Officer

Name :	Mr. Anil Rustogi
Designation :	Dy. CFO and Sr. President

Name :	Mr. S K Saboo
Designation :	Advisor

Name :	Mr. Vijay Kaul
Designation :	Advisor

	Cement Business
Name :	Mr. O.P. Puranmalka
Designation :	Managing Director

Name :	Mr. Dilip Gaur
Designation :	Deputy Managing Director

Name :	Mr. Atul Daga
Designation :	Chief Financial Officer

Name :	Mr. Vivek Agarwal
Designation :	Chief Marketing Officer

	Chemical Business
Name :	Mr. Lalit Naik
Designation :	Business Head

Name :	Mr. K.C. Jhanwar
Designation :	Group Executive President

Name :	Mr. G.K. Tulsian
Designation :	Executive President

Name :	Mr. Ramesh Mitragotri
Designation :	Chief Human Resources Officer

	Textile Business
Name :	Mr. Thomas Varghese
Designation :	Business Head

Name :	Mr. S. Krishnamoorthy
Designation :	Chief Executive Officer

	Corporate Finance Division
Name :	Mr. Pavan K. Jain
Designation :	Executive President

Name :	Mr. Hemant K. Kadel
Designation :	Executive President

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	133372	0.17
Bodies Corporate	23296096	29.51
Sub Total	23429468	29.68
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	23429468	29.68
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7177825	9.09
Financial Institutions / Banks	254715	0.32
Insurance Companies	8705706	11.03
Foreign Institutional Investors	20945518	26.53
Sub Total	37083764	46.98
(2) Non-Institutions
Bodies Corporate	6209342	7.87
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8240208	10.44
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	769892	0.98
Any Others (Specify)	3208674	4.06
Overseas Corporate Bodies	2622613	3.32
Non Resident Indians	586061	0.74
Sub Total	18428116	23.34
Total Public shareholding (B)	55511880	70.32
Total (A)+(B)	78941348	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	4802304	0.00
(2) Public	8109105	0.00
Sub Total	12911409	0.00
Total (A)+(B)+(C)	91852757	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged primarily in two businesses Manufacture of Viscose Staple Fibre (VSF) and in Cement. It also produces Rayon Grade Pulp, Caustic Soda and allied Chemicals, which are used in the manufacture of VSF.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Fiber, Cement
Countries :	China Nepal

Imports :
Products :	Raw Material
Countries :	South Africa

Terms :
Selling :	Credit

Purchasing :	Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

1000 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Bank House, 3rd Floor, Brillian Avenue, Behind Bo Mbay Hospital, Scheme 94, Indore - 452010, Madhya Pradesh, India
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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Rupee Term loans from banks	8347.600	9644.300
SHORT TERM BORROWING	0	0
Loans Repayable on Demand from Bank Working Capital Borrowings Rupee Loans	50.300	938.600
Total	8397.900	10582.900

Auditors :
Name :	G.P. Kapadia and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India

Name :	Deloitee Haskins and Sells LLP
Address :	Mumbai, Maharashtra, India

Solicitors:	Cyril Amarchand Mangaldas

Memberships :	Not Available

Collaborators :	Not Available

Wholly Owned Subsidiary:	Samruddhi Swastik Trading and Investments Limited Graslm Bhiwani Textiles Limited Sun God Trading and Investments Limited Aditya Birla Power Ventures Limited (upto 6th May. 2014)

Subsidiary:	UltraTech Cement Limited

Subsidiary’s Subsidiary	UltraTech Cement Lanka Private Limited, Sri Lanka Dakshln Cement Limited Harish Cement Limited UltraTech Cement Middle East Investment Limited. Dubai. UAE Star Cement Compnay LLC. Dubai. UAE Star Cement Company LLC. RAK. UAE AI Nakhla Crusher LLC. Fujairah. UAE Arabian Cement Industry LLC. Abu Dhabi. UAE Arabian Gulf Cement Company W.L.L. Bahrain Emirates Power Company Limited. Bangladesh Emirates Cement Bangladesh Limited. Bangladesh UltraTech Cement SA (PTY). South Africa PT UltraTech Mining Indonesia. Indonesia UltraTech Cement Mozambique Limltada. Mozambique PT UltraTech Investment Indonesia. Indonesia PT UltraTech Cement. Indonesia Gotan Lime Stone Khanij Udyog Private Limited Awam Minerals LLC. Oman (w.e.f. 25th April. 2014) PT UltraTech Mining Sumatera (w.e.f 14th October. 2014) Bhagwati Limestone Company Private Limited (w.e.f 3rd April. 2013)

Joint Venture:	AV Cell Inc. Canada AV Nackawic Inc. Canada Birla Jingwei Fibres Company Limited. China Birla Lao Pulp and Plantations Company Limited. Laos AV Terrace Bay Inc.. Canada Adltya Group AB. Sweden

Associate:	Adltya Birla Science and Technology Company Private Limited Idea Cellular limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount

95000000	Equity Shares	Rs.10/- each	Rs.950.000 Million
150000	15% Preference Shares	Rs.100 each	Rs.15.000 Million
100000	8.57% Preference Shares	Rs.100 each	Rs.10.000 Million
300000	9.30% Preference Shares	Rs.100 each	Rs.30.000 Million
	Total		Rs.1005.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

91852185	Equity Shares	Rs.10/- each	Rs.918.600 Million
14879	Equity Shares	Rs.10/- each	Rs.0.100 Million
	Total		Rs.918.700 Million

Reconciliation of the Number of Equity Shares Outstanding (including Share Capital Suspense)

Particular	Number of Shares
Outstanding as at the beginning of the year	91791412
Issued during the year under Employee Stock Option Scheme	50438
Outstanding as at the end of the year	91841850

Aggregate number of Equity Shares allotted as fully paid-up out of Share Capital Suspense Account as aforesaid during the period of five years immediately preceding the reporting date (without payment being received in cash)

List of Shareholders holding more than 5% shares in the Equity Share Capital of the Company:

Particular	Number of Shares	% Holding
Turquoise Investment and Finance Private Limited	5908341	6.43%
Trapti Trading and Investments Private Limited	5477863	5.96%
Life Insurance Corporation of India	6762454	7.36%

Equity Shares of Rs.10 each represented by Global Depository Receipts (No voting rights)

13259243

14.47

Rights, Preferences and Restrictions attached to Equity Shares:

The Company has only one class of Equity Shares having a par value of Rs.10 per share. Each holder of Equity Shares is entitled to one vote per share. The Company declares dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

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.

252175 (Previous Year 282502) Equity Shares of Face Value of Rs. 10 each are reserved for issue under Employee Stock Option Scheme, 2006 (ESOS-2006) (ESOS – 2006) and Employee Stock Option Scheme – 2013 (ESOS – 2013)

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	918.700	918.400	917.900
(b) Reserves & Surplus	110910.500	107357.400	100300.700
(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)	111829.200	108275.800	101218.600

(3) Non-Current Liabilities
(a) long-term borrowings	8565.400	10043.800	9809.200
(b) Deferred tax liabilities (Net)	6145.100	4620.000	3439.100
(c) Other long term liabilities	209.800	146.600	129.100
(d) long-term provisions	676.300	423.100	434.400
Total Non-current Liabilities (3)	15596.600	15233.500	13811.800

(4) Current Liabilities
(a) Short term borrowings	742.000	1271.600	1795.800
(b) Trade payables	6289.300	4513.900	3456.900
(c) Other current liabilities	4857.100	4819.800	5396.500
(d) Short-term provisions	4357.900	4661.900	4981.200
Total Current Liabilities (4)	16246.300	15267.200	15630.400

TOTAL	143672.100	138776.500	130660.800

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51819.000	35456.600	20702.500
(ii) Intangible Assets	56.400	20.800	17.100
(iii) Capital work-in-progress	4503.600	18074.500	24250.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	44861.400	44201.000	45188.100
(c) Deferred tax assets (net)	5260.500	4786.000	4394.500
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	106500.900	102538.900	94553.100

(2) Current assets
(a) Current investments	8642.000	11835.400	17056.200
(b) Inventories	14331.500	12122.700	7893.400
(c) Trade receivables	6874.900	6137.900	5053.900
(d) Cash and cash equivalents	531.900	263.000	162.700
(e) Short-term loans and advances	6429.600	5514.900	5675.600
(f) Other current assets	361.300	363.700	265.900
Total Current Assets	37171.200	36237.600	36107.700

TOTAL	143672.100	138776.500	130660.800

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	63325.800	56035.000	52550.100
	Other Income	3480.700	3847.900	4345.700
	TOTAL (A)	66806.500	59882.900	56895.800

Less	EXPENSES
	Cost of Materials Consumed	36223.300	29826.100	26094.100
	Purchases of Stock-in-Trade	211.000	68.000	48.700
	Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(650.400)	40.500	(265.600)
	Employee Benefits Expense	4822.500	3788.000	3717.900
	Power and Fuel	10406.200	8145.800	7143.300
	Freight and Handling Expenses	1066.500	943.200	829.900
	Other Expenses	4597.000	4809.200	4398.700
	Captive Consumption	--	(199.100)	(298.700)
	Exceptional Item	262.400	0.000	(2044.300)
	TOTAL (B)	56938.500	47421.700	39624.000

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	9868.000	12461.200	17271.800

Less	FINANCIAL EXPENSES (D)	393.300	415.200	390.900

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	9474.700	12046.000	16880.900

Less/ Add	DEPRECIATION/ AMORTISATION (F)	2625.500	2196.100	1592.100

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	6849.200	9849.900	15288.800

Less	TAX (H)	1550.200	890.000	3028.900

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	5299.000	8959.900	12259.900

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	75376.900	15494.000	6623.400

	APPROPRIATIONS
	Transfer to General Reserve	2000.000	7000.000	1226.000
	Corporate Dividend Tax	33.700	74.800	98.100
	Proposed Dividend	16969.500	1928.700	2065.200
	Balance Carried to the B/S	20656.900	15450.400	15494.000

	EARNINGS IN FOREIGN CURRENCY
	Export Of Goods On FBO Basis	16054.100	15006.300	12631.400
	Technical Know-how and Service Charges	1.300	3.200	2.400
	Interest and Dividend	30.500	64.400	146.600
	Sale of Fixed Asset	0.000	0.000	52.700
	Others	0.000	0.000	11.700
	TOTAL EARNINGS	16085.900	15073.900	12844.800

	IMPORTS
	Raw Materials	25369.800	18026.300	11508.300
	Components and Stores parts	189.700	486.200	180.100
	Capital Goods	917.500	1759.400	6374.900
	fuels	2255.200	0.000	0.000
	TOTAL IMPORTS	28732.200	20271.900	18063.300

	Earnings / (Loss) Per Share (Rs.)	57.69	97.58	133.62

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	1842.200	1705.400	1235.200
Cash generated from operations	57.900	2500.800	10703.900
Net cash from operating activities	4496.400	622.800	8535.500

QUARTERLY RESULTS

Particulars			30.06.2015 (Unaudited)
			1^st Quarter
Net Sales			16572.200
Total Expenditure			14416.200
PBIDT (Excl OI)			2156.000
Other Income			219.100
Operating Profit			2375.100
Interest			137.200
Exceptional Items			NA
PBDT			2237.900
Depreciation			787.100
Profit Before Tax			1450.800
Tax			393.100
Provisions and contingencies			NA
Profit After Tax			1057.700
Extraordinary Items			NA
Prior Period Expenses			NA
Other Adjustments			NA
Net Profit			1057.700

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	17.73	25.90	28.82

Operating Profit Margin (PBIDT/Sales)	(%)	24.94	32.15	38.36

Return on Total Assets (PBT/Total Assets}	(%)	14.35	21.48	31.98

Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0.18

Debt Equity Ratio (Total Debt /Networth)		0.10	0.12	0.13

Current Ratio (Current Asset/Current Liability)		2.29	2.37	2.31

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.3432.95/-

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	917.900	918.400	918.700
Reserves & Surplus	100300.700	107357.400	110910.500
Net worth	101218.600	108275.800	111829.200

long-term borrowings	9809.200	10043.800	8565.400
Short term borrowings	1795.800	1271.600	742.000
Current maturities of long-term debts	1235.200	1705.400	1842.200
Total borrowings	12840.200	13020.800	11149.600
Debt/Equity ratio	0.127	0.120	0.100

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	52550.100	56035.000	63325.800
		6.632	13.011

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	52550.100	56035.000	63325.800
Profit	15145.500	14513.200	11224.900
	28.82%	25.90%	17.73%

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)	Yes
16	No. of employees	Yes
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 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

PERFORMANCE REVIEW

In VSF, the global weakening of competing fibres (Polyester and Cotton) and the current overcapacity scenario, especially in China, exerted pressure on realizations. The impact was partially offset by lower pulp cost.

In Cement, the prices in the industry were under pressure due to sluggish demand. Input material and logistic costs continued to rise during the year. UltraTech reported net revenue for the year at Rs. 243490.000 Million, which was up by 12%, over the previous year. UltraTech''s PBIDT was up by 10% at Rs. 47760.000 Million, while the increase in finance cost and tax expenses resulted in lower PAT of Rs. 20980.000 Million.

The Company’s consolidated revenue rose by 12% from Rs. 293230.000 Million to Rs. 328470.000 Million. Volumes grew in all the businesses led by expansions and acquisitions. PBIDT grew by 4% at Rs. 56830.000 Million with improved performance from Cement and Chemical businesses. Net profit for the year was Rs. 17440.000 Million as against Rs. 20720.000 Million in the last year as a result of higher interest, depreciation and tax expense.

The Company’s Standalone revenue stood at Rs. 63330.000 Million vis-à-vis Rs. 56040.000 Million in the previous year. Depreciation increased due to commissioning of VSF plant at Vilayat. Tax expense which was lower at Rs. 890.000 Million in the last year due to tax holiday for newly commissioned power plant, increased to Rs. 1550.000 Million during the year. Net profit was at Rs. 5300.000 Million as against Rs. 8960.000 Million.

AWARDS AND ACCOLADES

Some of the significant accolades earned by the Company during the year include:

-SAMMAAN PATRA for remarkable contribution in the category of Customs-Imports in financial year 2014-15 from the Government of India, Ministry of Finance, Department of Revenue, Central, Excise and Service Tax, Gwalior to Staple Fibre Division, Nagda;

-Grasilene Division was awarded the 1st Prize for Best Fuel Efficient Boiler category for adopting the Best Safe Practices in the year 2014, by the Karnataka State Safety Institute, Department of Factories, Boilers, Industrial Safety & Health Bengaluru, and Government of Karnataka;

- Runner-up - Best Project of the Year (Medium) category awarded at PMI (Project Management Institute) India Awards 2014 to the Green Field Epoxy Project, Vilayat.

- Staple Fibre Division, Nagda, was awarded the Amity CSR Conclave 14 Award, conducted under the aegis of the Amity Global Business School, Indore.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW OF THE ECONOMY

The global economy recorded a moderate growth of 3.4% in the calendar year 2014. With economic growth in China slowing down. Prices of commodities, especially crude oil saw a sharp downtrend on account of oversupply and subdued demand. Economies that are net commodity Importers received a boost from lower commodity prices, while net commodity exporters like Russia 'and Brazil, saw a slowdown in economic growth.

India's economy posted a marginal recovery with GOP (revised series) growth estimated at 7.3% in financial year 2014-15 as against 6.9% in financial year 2013-14. Lower commodity prices, especially crude oil, have benefitted India by reducing pressure on inflation, current account and fiscal deficit. This also helped in lower rupee volatility in the last one year compared to other emerging markets. Continued economic and regulatory reforms initiated by the Government and the expected pick up in domestic Investment should help accelerate growth rate In FY 2015-16.

GENERAL INFORMATION

Subject is engaged primarily in two businesses, Viscose Staple Fibre NSF) and in Cement through its subsidiary UltraTech Cement limited. It also produces Rayon Grade Pulp, Caustic Soda and allied Chemicals which are used in the manufacture of VSF. The manufacturing plants of the Company, Its Subsidiaries and Joint Ventures are located in India, Canada, Sweden, China. Middle East, Sri Lanka and Bangladesh. The Company is a public limited company and its shares are listed on the Bombay Stock Exchange (BSE). India, and the National Stock

Exchange (NSEI, India, and the Company's Global Depository Receipts are listed on the Luxembourg Stock Exchange

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Deferred Sales tax loans	217.800	399.500
SHORT TERM BORROWING
Working Capital Borrowings
Foreign Currency Loans	688.500	0.000
Rupee Loans	0.000	310.000
Documentary Demand Bills/ Usance Bills under letter of Credit discounted	03.200	23.000
Total	909.500	732.500

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2015

(Rs. In Million)

Particulars			Three Months Ended ( Unaudited)
			30.06.2015

1. Income from operations
a) Net sales/ Income from operation (net of excise duty)			16347.000
b) Other operating income			225.200
Total income from Operations(net)			16572.200
2.Expenditure
a) Cost of material consumed			8497.000
b) Purchases of stock in trade			35.600
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade			540.500
d) Employees benefit expenses			1224.800
e)Power and Fuel			2473.500
f)Freight and Handling Expenses			339.600
g) Depreciation and amortization expenses			787.100
h) Other expenditure			1305.200
Total expenses			15203.300
3. Profit from operations before other income and financial costs			1368.900
4. Other income			219.100
5. Profit from ordinary activities before finance costs			1588.000
6. Finance costs			137.200
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items			1450.800
8. Exceptional item			--
9. Profit from ordinary activities before tax Expense:			1450.800
10.Tax expenses			393.100
11.Net Profit / (Loss) from ordinary activities after tax (9-10)			1057.700
12.Extraordinary Items (net of tax expense)			--
13.Net Profit / (Loss) for the period (11 -12)			1057.700
14.Paid-up equity share capital (Nominal value Rs.10/- per share)			918.700
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year			--
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic			11.51
(b) Diluted			11.50

Particulars			Three Months Ended ( Unaudited)
			30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares			55512
- Percentage of shareholding			60.44%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares			--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)			--
Percentage of shares (as a % of total share capital of the company)			-

b) Non Encumbered
Number of shares			23429
Percentage of shares (as a % of total shareholding of the promoter and promoter group)			100.00%

Percentage of shares (as a % of total share capital of the company)			25.51%

B. Investor Complaints
Pending at the beginning of the quarter			--
Receiving during the quarter			3
Disposed of during the quarter			3
Remaining unreserved at the end of the quarter			--

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars			Three Months Ended ( Unaudited)
			30.06.2015
1. Segment Revenue
Viscose Staple Fibre and Wood Pulp			12540.700
Chemicals-Caustic Soda and Allied Chemicals			4851.800
Others			252.100
Total			17644.600
Less : Inter Segment Revenue			(1072.400)
Net Sales			16572.200

2. Segment Result (Profit before Interest and Tax)
Viscose Staple Fibre and Wood Pulp			879.100
Chemicals-Caustic Soda and Allied Chemicals			696.000
Others			17.900
Total			1593.000
Less : (i) Interest			(137.200)
(ii) Other un-allocable expenditure net off un-allocable income.			(05.000)

Profit before Tax			1450.800

3. Capital Employed
Viscose Staple Fibre and Wood Pulp			51195.400
Chemicals-Caustic Soda and Allied Chemicals			19490.400
Others			294.000
Total			70979.800
Less :Unallocated Corporate Capital Employed			58871.900
Total capital Employed			129851.700
Notes: 1. The Financial Results were reviewed by the Audit Committee and approved by the Board of Directors on August 07, 2015. 2. The operations of VSF Plant at Nagda which were suspended from April 23, 2015 due to water shortage have resumed from June 22, 2015 with the onset of monsoon. Chemical plant at Nagda is also operating at full capacity now with the availability of water. In the corresponding quarter of last year, these plants operated uninterruptedly. 3. The Scheme of Amalgamation (‘the Scheme’) of Aditya Birla Chemicals (India) Limited (‘ABCIL’) with the Company has been approved by the respective Equity Shareholders and Creditors of the Company and ABCIL. The regulatory approval of the Scheme from Competition Commission of India and approvals of the Hon’ble High Courts of Madhya Pradesh and Jharkhand are in process. Post amalgamation of ABCIL, the Company’s production capacity of Caustic Soda will increase from 452 KTPA to 804 KTPA. The Scheme, upon requisite approvals, will be effective from April 01, 2015. However, the results of the Company for the quarter ended June 30, 2015 do not include results of ABCIL, pending requisite approvals of the Scheme. 4. Exceptional item for the quarter and year ended March 31, 2015 represents provision made towards diminution, other than temporary, in the value of investment in Birla Lao Pulp and Plantation Company Ltd., a JV of the Company. 5. During the quarter, the Company has allotted 1,608 fully paid up equity shares of Rs.10 each upon exercise of employee stock options. 6. The figures for the quarter ended March 31, 2015 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the relevant financial year. 7. Previous periods’ figures have been regrouped / rearranged wherever necessary to conform to the current period’s classification.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10533443	02/12/2014	363,860,000.00	HDFC BANK LIMITED	BANK HOUSE, 3RD FLOOR, BRILLIAN AVENUE, BEHIND BO MBAY HOSPITAL, SCHEME 94, INDORE, MADHYA PRADESH - 452010, INDIA	C35089663
2	10326687	07/01/2012	9,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP BRANCH, NEVILLE HOUSE, J N HEREDIA MARG, MUMBAI, MAHARASHTRA - 400001, INDI A	B29015542
3	10108132	18/05/2010 *	3,000,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA RASHTRA - 400005, INDIA	A86805397
4	80024325	18/05/2010 *	8,300,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP, VOLTAS HOUSE,, 23, JN H EREDIA MARG,, MUMBAI, MAHARASHTRA - 400001, INDIA	A87144812

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Million)

Particular	31.03.2015	31.03.2014
Claims/Disputed Liabilities not acknowledged as debt:
Custom Duty	110.200	70.600
Sales Tax/Purchase Tax/VAT	2.700	0.100
Excise Duty/Cenvat Credit/Service Tax	862.500	831.600
Water Cess	0.000	176.900
Income Tax	1568.800	1443.600
Various claims in respect of disputed liabilities of discontinued business in earlier year	342.600	342.600
Others	329.800	269.500
Out of the above matter disputes pending with Revenue and other Government authorities challenged/appealed by the Company are:
a)Income tax demand raised on completion of assessment for the Financial Year 2009-10	1568.800	1443.600
b)Excise Duty demanded against Cenvat credit availed in respect of electricity not used for manufacturing	589.100	548.200
c)Transfer of Cenvat credit on merger of excise registration of two units disputed by Excise Department	219.700	194.400
(d) Custom classification dispute on import of coal	92.900	51.100
e)Water charges for water not made available as per agreement	0.000	176.900
f)Penalty for not utilising the land within the time limit prescribed as per the sanction document, utilisation of which is delayed due to non-fulfilment of condition by Gujarat Industrial Development Corporation	79.300	69.600
g) Claims arising from disputes of vendors / contractors	76.000	82.600
Cash outflows for the above are determinable only on receipt of judgements pending at various authorities/courts/tribunals etc.

FIXED ASSETS

Freehold Land
Leasehold Land
Buildings
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Railway Sidings
Computer Software
Computer and Other Electronic
Office Equipment

PRESS RELEASES

ADITYA BIRLA CHEMICALS (INDIA) LIMITED TO MERGE WITH GRASIM INDUSTRIES LIMITED

11 FEBRUARY 2015

The Board of Directors of Grasim Industries Limited ("Grasim") approved the proposed merger of Aditya Birla Chemicals (India) Limited ("ABCIL"), an Aditya Birla Group company with Grasim. The swap ratio approved by the Board is 1 (one) share of Rs.10 each of Grasim for every 16 (sixteen) shares of Rs.10 each of ABCIL.

Grasim will issue 146.200 Million new shares, which will increase its share capital to Rs.933.100 Million.

Grasim is a leading manufacturer of caustic soda in India, with an installed capacity of ~ 452,500 tonnes per annum. Its plants are located at Nagda (Madhya Pradesh) and at Vilayat (Gujarat), where a unit was recently commissioned. Caustic soda is inter-alia used as an input in the manufacturing of viscose staple fibre, which is a major business of Grasim.

ABCIL is one of the leading chlor-alkali companies in India with three manufacturing plants located at Rehla (Jharkhand), Renukoot (UP) and Karwar (Karnataka) with an installed capacity of ~293,000 tonnes of caustic soda per annum and 110 MW of captive power plant.

The proposed merger will consolidate Aditya Birla Group's chlor-alkali business into Grasim and strengthen its existing portfolio of viscose staple fibre, caustic soda and allied chemicals in standalone company. The merger will enable the geographical diversification for Grasim through the addition of ABCIL's manufacturing facilities spread across the country. It also enables the business to capitalise growth opportunities by bringing in operational and financial synergies, backed by Grasim's strength. The consolidation is in line with Aditya Birla Group's philosophy to unify similar business in one company.

Scheme of Amalgamation

The proposed merger will be undertaken through a Court approved Scheme of Amalgamation under Sections 391 to 394 of the Companies Act, 1956 read with other applicable provisions of the Companies Act, 1956 and the Companies Act, 2013.

Walker Chandiok and Company LLP has recommended the share exchange ratio, which has been accepted by the Board. Axis Capital Limited has provided a fairness opinion to the Board of Grasim on the share exchange ratio recommended by the independent valuer. Khaitan and Company is the legal advisor to the transaction.

The proposed Scheme of Amalgamation will be subject to the approvals of the High Court, Competition Commission of India, Stock Exchange, Shareholders and lenders/creditors, statutory and other regulatory approvals, if any.

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.66.10
UK Pound	1	Rs.100.89
Euro	1	Rs.73.96

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAR

Report Prepared by :	KVT/ GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	10
--CREDIT LINES	1~10	10
--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	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		86

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit