MIRA INFORM REPORT

Report No. :	499686
Report Date :	23.03.2018

IDENTIFICATION DETAILS

Name :	GRASIM INDUSTRIES LIMITED (w.e.f. 22.07.1986) ADITYA BIRLA INSULATORS (A UNIT OF GRASIM INDUSTRIES LIMITED)
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) :	31.03.2017
Date of Incorporation :	25.08.1947
Com. Reg. No.:	10-000410
Capital Investment / Paid-up Capital :	INR 933.700 Million
CIN No.: [Company Identification No.]	L17124MP1947PLC000410
IEC No.: [Import-Export Code No.]	1188001353
GSTN : [Goods & Service Tax Registration No.]	19AAACG4464B4ZS
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 :	The Company is engaged primarily in three businesses, Viscose Staple Fibre (VSF), Chlor-Alkali Chemicals and in Cement, through its subsidiary UltraTech Cement Limited. It also produces Rayon Grade Pulp and allied Chemicals which are used in the manufacture of VSF. [Registered Activity]
No. of Employees :	8,669 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in the year 1947 and is the flagship company of the Aditya Birla group. It is a manufacturer and seller of viscose staple fibre, cement, chemicals and textile. 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 2017, the company has achieved a decent growth in its revenue profile and has maintained satisfactory profitability margins at 13.86%. Rating takes into consideration its leadership position in the core business, 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. The company has its share price trading at around INR 1091.35 on BSE as on March 22, 2018 as against the Face Value (FV) of INR 2. Trade relations are reported as decent. Business is active. Payment seems to be regular and as per commitment. In view of aforesaid, the company can be considered excellent for normal business dealings at usual trade terms and conditions. NOTE: National Company Law Tribunal has sanctioned the composite Scheme of Arrangement between the Company, ABNL (Aditya Birla Nuvo Limited and Aditya Birla Capital Limited (formerly known as Aditya Birla Financial Services Limited) (ABCL- a wholly owned Subsidiary of ABNL) and their respective shareholders and creditors (‘Scheme’). The Scheme provides for Amalgamation of ABNL with the Company and the subsequent demerger of financial services business into ABFSL and consequent listing of equity shares of ABFSL. Basis the Scheme, the merger of ABNL with and into the Company is effective from 1st July, 2017 and the demerger of financial services business into ABCL is effective from 4th July, 2017. In terms of Scheme, the Company has issued 19,04,62,665 equity shares on 9th July, 2017 to the shareholders of ABNL in the ratio of 15 (fifteen) equity shares of INR 2/- each fully paid up against 10 (ten) equity shares of INR 10/- each fully paid up of ABNL held by them on the record date for this purpose. As a result the company’s paid up share capital has increased from INR 933.8 million to INR 1314.7 million. On account of demerger of financial services business, ABCL will issue its equity shares in the ratio of 7 (seven) equity shares of INR 10 each fully paid-up in respect of 5 (five) equity share of INR each fully paid up of the Company held by the shareholders of the Company on the record date for this purpose. As a result, the holding of the Company in ABCL will be reduced to 55.99%

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Loans= AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	18.01.2017

Rating Agency Name	CARE
Rating	Short Term Loans= A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	18.01.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 23.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management Non-Cooperative (91-7366-246760 / 62 / 64 / 66)

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 www.adityabirla.com
Corporate Office :	A-2, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-24995000 / 66525000
Fax No.:	91-22-24995114, 66525114
Marketing Office :	Birla Cellulose (Marketing Business Division), 11th Floor, 1101 and 1102 Ocean, Opposite Vadodara Central Mall, Vikram Sarabhai Marg, Vadiwadi, Vadodara – 390023, 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 1 :	Hub Town Solaris, 5th Floor, 501A and 502, Prof. N S Phadke Marg, Andheri (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-61957700
Fax No.:	91-22-61957702
Branch Office 2 :	Rishra, P.O. Prabasnagar, Hoogly – 712249, West Bengal, India
PLANT LOCATIONS:
Fibre and Pulp Plants :	Staple Fibre Division Birlagram, Nagda – 456331, Madhya Pradesh, India Tel No. 91-7366-246760-246766 Fax No. 91-7366-244114/246024 Harihar Polyfibres and Grasilene Divisions Harihar, District Haveri, Kumarapatnam – 581123, Karnataka, India Tel No. 91-8373-232637-39 Fax No. 91-8373-232465/ 232875 91-8192-247555 Birla Cellulosic Division Birladham, Kharach, Kosamba, District Bharuch – 394120, Gujarat, India Tel No. 91-2629-270001/5 Fax No. 91-2629-270010/270310 Grasim Cellulosic Division Plot No.1, GIDC, Vilayat Industrial Estate P. O. Vilayat, Taluka Vagra, District Bharuch – 392012, Gujarat, India
Chemical Plants :	Grasim Chemical Division Birlagram – 456331, Nagda, Madhya Pradesh, India Tel No. : 91-7366 245501 – 03 Fax No.: 91-7366 246767 / 245845 Plot No.1, GIDC, Vilayat Industrial Estate P. O. Vilayat, Taluka Vagra, District Bharuch – 392012, Gujarat, India Garhwa Road P. O. Rehla – 822124 District: Palamau, Jharkhand, India Tel No. : 91-6584-262221, 262211 Fax No.: 91-6584-221205 P. O.Binaga – 581 307 Karwar District: Uttar Kannada, Karnataka, India Tel No. : 91-8382-230514, 230174 and 230178 Fax No.: 91-8382-230468 P. O. Renukoot – 231 217 District: Sonebhadra, Uttar Pradesh, India Tel No. : 91-5446-252044, 252055, 252075 Fax No.: 91-5446-253378 P. O. Jayshree – 761025 District: Ganjam, Odisha, India Tel No. : 91-6811-254319, 254336 Fax No.: 91-6811-25438
Epoxy Plant :	Grasim Epoxy Division Plot No. 1, GIDC Vilayat Industrial Estate P. O. Vilayat – 392012 Taluka: Vagra, District: Bharuch Gujarat, India Tel No. : 91-2641-273206
Textile Plant :	Vikram Woollens GH I to IV, Ghironghi Malanpur – 477117, District Bhind, Madhya Pradesh, India Tel No.: 91-7539-283602 / 283603 Fax No.: 91-7539-283339 Jaya Shree Textiles P.O. Prabhas Nagar – 712249, District Hooghly – 712249, West Bengal, India Tel No.: 91-33-26001200
Viscose Filament Yarn Plant :	Indian Rayon Compound Veraval – 362266, Gujarat, India Tel No.: 91-2876-245711/248401
Insulator Plants :	Aditya Birla Insulators, Rishra P.O. Prabhas Nagar, Rishra District: Hoogly – 712249, West Bengal, India Tel No.: 91-33-26723535 Aditya Birla Insulators, Halol P.O. Meghasar Taluka, Halol District. Panchmahal – 389330, Gujarat, India Tel No.: 91-2676-221002
Fertiliser Plant :	Grasim Fertiliser Division Indo Gulf Fertilisers, P.O. Jagdishpur Industrial Area, District. Amethi – 227817, Uttar Pradesh, India Tel No.: 91-5361-270032-38

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Kumar Mangalam Birla
Designation :	Chairman
Address :	Mangal Adityayan, 20 Carmichel Road, Behind Jaslok Hosital, Mumbai – 400026, Maharashtra, India
Date of Birth/ Age :	14.06.1967
Date of Appointment :	14.10.1992
DIN No.:	00012813
Name :	Mr. Dilip Roopsingh Gaur
Designation :	Managing Director
Address :	GEP Bungalow, Birla Copper Township At Po Dahej, Taluka Vagara, Bharuch – 392130, Gujarat, India
Date of Appointment :	01.04.2016
DIN No.:	02071393
Name :	Mr. Madhav Laxman Apte
Designation :	Independent Director
Address :	24/B Woodlands, Pedder Road, Mumbai – 400026, Maharashtra, India
Date of Appointment :	06.05.1987
DIN No.:	00003656
Name :	Mr. Cyril Suresh Shroff
Designation :	Independent Director
Address :	Rupam Building, 67, Worli Sea Face, Mumbai – 400030, Maharashtra, India
Date of Appointment :	25.07.2000
DIN No.:	00018979
Name :	Mr. Om Prakash Rungta
Designation :	Independent Director
Address :	A- 7, 902, Ganga Satellite, S No 69, Wanawadi, Pune – 411040, Maharashtra, India
Date of Appointment :	25.09.2014
DIN No.:	00020559
Name :	Mr. Shailendra Kumar Jain
Designation :	Non-Executive Director
Address :	Executive Block-3, Grasim Staff Colony, Birlagram, Nagda – 456331, Madhya Pradesh, India
Date of Appointment :	01.12.2003
DIN No.:	00022454
Name :	Mrs. Rajashree Birla
Designation :	Non-Executive 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. 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. Narendranathan Mohanraj Nair
Designation :	Nominee Director (LIC)
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. Arun Kannan Thiagarajan
Designation :	Independent Director
Address :	Grace Home, 37 Kanakapura Road, Basavanagudi, Bangalore – 560004, Karnataka, India
Date of Appointment :	07.05.2016
DIN No.:	00292757
Name :	Dr. Thomas Martin Connelly JR
Designation :	Independent Director
Address :	201, Chandler LN, Cherrington, Wilmington De, 198070000, United States of America
Date of Appointment :	20.08.2010
DIN No.:	03083495
Name :	Mr. Bhupendranath Bhargava
Designation :	Independent Director
Address :	B/1201, Gulmohar Apartments, Ceaser Road, Amboli, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Appointment :	26.03.1997
DIN No.:	00001823

KEY EXECUTIVES

Name :	Mrs. Hutoxshi R Wadia
Designation :	President and Company 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. H. K. Agarwal
Designation :	Chief Operating Officer (Fibre 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. Parag Paranjpe
Designation :	Chief Human Resource Officer
Name :	Mr. Anil Rustogi
Designation :	Chief Financial Officer (Pulp and Fibre Business)
Name :	Mr. S. K. Saboo
Designation :	Advisor
Name :	Mr. Vijay Kaul
Designation :	Advisor
CHEMICAL BUSINESS
Name :	Mr. E. R. Raj Narayanan
Designation :	Group Executive President and SBU Head - Chlor Alkali and Viscose Filament Yarn
Name :	Mr. G. K. Tulsian
Designation :	Executive President
Name :	Ms. Chandra Bhattacharjee
Designation :	Chief Human Resource Officer
Name :	Mr. N. M. Patnaik
Designation :	Senior President and Chief Financial Officer (Chemical Sector)
CEMENT BUSINESS (UltraTech Cement Limited)
Name :	Mr. K. K. Maheshwari
Designation :	Managing Director
Name :	Mr. K. C. Jhanwar
Designation :	Deputy Managing Director and Chief Manufacturing Officer
Name :	Mr. Atul Daga
Designation :	Whole-time Director and Chief Financial Officer
Name :	Mr. Vivek Agrawal
Designation :	Group Executive President and Chief Marketing Officer
TEXTILE BUSINESS
Name :	Mr. Thomas Varghese
Designation :	Business Head
Name :	Mr. Manoj Kedia
Designation :	Chief Financial Officer
FINANCIAL SERVICES
Name :	Mr. Ajay Srinivasan
Designation :	Chief Executive Officer
Name :	Mr. Pankaj Razdan
Designation :	Dy. Chief Executive Officer Managing Director and Chief Executive Officer (Birla Sun Life Insurance Co. Limited)
TELECOM
Name :	Mr. Himanshu Kapania
Designation :	Business Head
AGRI / INSULATORS / RAYON
Name :	Mr. Rahul Kohli
Designation :	Chief Executive Officer (Fertiliser Business)
Name :	Mr. Rohit Pathak
Designation :	Chief Executive Officer (Insulators)
CORPORATE FINANCE DIVISION
Name :	Mr. Pavan K. Jain
Designation :	Executive President
Name :	Mr. Hemant K. Kadel
Designation :	Executive President
Name :	Mr. Shriram Jagetiya
Designation :	President

SHAREHOLDING PATTERN

AS ON December 2017

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Promoter & Promoter Group	263605860	40.10
(B) Public	393727685	59.90
Grand Total	657333545	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of Shareholder	No. of Shares	Percentage of Holding
Individuals/Hindu undivided Family	871162	0.13
Kumar Mangalam Birla	36993	0.01
Aditya Vikram Kumarmangalam Birla HUF	89720	0.01
Rajashree Birla	552850	0.08
Vasavadatta Bajaj	118537	0.02
Neerja Birla	73062	0.01
Any Other (specify)	238723178	36.32
Turquoise Investment and Finance Private Limited	42119836	6.41
Trapti Trading and Investments Private Limited	41525217	6.32
TGS Investment & Trade Private Limited	35882075	5.46
IGH Holdings Private Limited	33491293	5.10
Hindalco Industries Limited	28222468	4.29
Umang Commercial Company Private Limited	26746262	4.07
Pilani Investment and Industries Corporation Limited	22624112	3.44
Birla Group Holdings Private Limited	5477270	0.83
Manav Investment and Trading Co. Limited	1198547	0.18
Birla Institute of Technology and Science	661205	0.10
ECE Industries Limited	337094	0.05
Renuka Investments and Finance Limited	242185	0.04
Birla Industrial Finance (India) Limited	87485	0.01
Birla Consultants Limited	87382	0.01
Birla Industrial Investments (India) Limited	18657	0.00
Vikram Holdings Private Limited	750	0.00
Rajratna Holdings Private Limited	670	0.00
Vaibhav Holdings Private Limited	670	0.00
Sub Total A1	239594340	36.45
Any Other (specify)	24011520	3.65
P.T. Indo Bharat Rayon	20004020	3.04
P T Sunrise Bumi Textiles	1268750	0.19
P T Elegant Textile Industry	808750	0.12
Thai Rayon Public Company Limited	1925000	0.29
Surya Kiran Investments Pte Limited	5000	0.00
Sub Total A2	24011520	3.65
A=A1+A2	263605860	40.10

Statement showing shareholding pattern of the Public shareholder

Category of Shareholder	No. of Shares	Percentage of Holding
Mutual Funds/	28569215	4.35
Reliance Capital Trustee Company Limited A/C Reliance Growth Fund	7245334	1.10
Alternate Investment Funds	191414	0.03
Foreign Portfolio Investors	170909769	26.00
Europacific Growth Fund	6884855	1.05
Aberdeen Global Indian Equity Limited	6796004	1.03
Aberdeen Emerging Markets Fund	7825060	1.19
Financial Institutions/ Banks	1350349	0.21
Insurance Companies	46019007	7.00
Life Insurance Corpn of India	38191920	5.81
Any Other (specify)	13509280	2.06
Europacific Growth Fund	10388150	1.58
Sub Total B1	260549034	39.64
Central Government/ State Government(s)/ President of India	7906	0.00
Sub Total B2	7906	0.00
Individual share capital upto INR 0.200 million	61459020	9.35
Individual share capital in excess of INR 0.200 million	2629537	0.40
NBFCs registered with RBI	20613	0.00
Overseas Depositories (holding DRs) (balancing figure)	21753299	3.31
Citibank N.A. New York, Nyadr Department	21753299	3.31
Any Other (specify)	47308276	7.20
Trusts	4641431	0.71
Overseas corporate bodies	13115226	2.00
Clearing Members	689263	0.10
NRI – Non- Repat	1339008	0.20
Bodies Corporate	24227737	3.69
ICICI Prudential Life Insurance Company Limited	6596564	1.00
Foreign Individuals	23680	0.00
NRI – Repat	3271931	0.50
Sub Total B3	133170745	20.26
B=B1+B2+B3	393727685	59.90

BUSINESS DETAILS

Line of Business :

The Company is engaged primarily in three businesses, Viscose Staple Fibre (VSF), Chlor-Alkali Chemicals and in Cement, through its subsidiary UltraTech Cement Limited. It also produces Rayon Grade Pulp and allied Chemicals which are used in the manufacture of VSF. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code
Viscose Staple Fibre	20302
Chemicals	20116

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

8,669 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Rupee Term Loans from Banks	3762.000	6214.900
SHORT TERM BORROWINGS
Loans Repayable on Demand from Banks
Working Capital Borrowings
Rupee Loans	608.100	3660.200
Total	4370.100	9875.100

Auditors :
Name :	G.P. Kapadia and Company Chartered Accountants
Address :	Haman House, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India
Membership No.:	30850
Name :	B S R and Company LLP Chartered Accountants
Address :	Lodha Excelus, 5^th Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Membership No.:	046768
Solicitors :	Cyril Amarchand Mangaldas
Memberships :	Not Available
Collaborators :	Not Available
Wholly Owned Subsidiaries :	· Samruddhi Swastik Trading and Investments Limited · Grasim Bhiwani Textiles Limited Wholly · Sun God Trading and Investments Limited · Aditya Birla Chemicals (Belgium) BVBA
Subsidiary Company :	· UltraTech Cement Limited
Subsidiary’s Subsidiary Company’s :	· Dakshin Cements Limited · Harish Cement Limited · UltraTech Cement Middle East Investments Limited, Dubai, UAE · Star Cement Co. LLC, Dubai, UAE · Star Cement Co. LLC, RAK, UAE · Al Nakhla Crusher LLC, Fujairah, UAE · Arabian Cement Industry LLC, Abu Dhabi, UAE · Arabian Gulf Cement Co. WLL, 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 Limitada, Mozambique · PT UltraTech Investments 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 Lime Stone Company Private Limited
Joint Ventures :	· AV Group NB Inc., Canada · Birla Jingwei Fibres Company Limited, China · Birla Lao Pulp and Plantations Company Limited, Laos · AV Terrace Bay Inc., Canada · Aditya Group AB, Sweden · Aditya Birla Elyaf Sanayi Ve Ticaret Anonim Sirketi, Turkey
Associates :	· Aditya Birla Science and Technology Company Private Limited · Idea Cellular Limited
Post-Employment Benefit Plan :	· Grasim Industries Limited Employees Provident Fund · Grasim (Senior Executives' and Officers) Superannuation Scheme · Grasim Industries Limited Employees Gratuity Fund
Other Related Parties :	· Shailendra Jain and Co. · Prafulla Brothers · Birla Group Holding Private Limited · Shri Suvrat Jain · Shri Devarat Jain · Shardul Amarchand Mangaldas and Co.

CAPITAL STRUCTURE

AFTER 31.03.2017

Authorised Capital : INR 3055.000 Million

Issued, Subscribed & Paid-up Capital : INR 1314.667 Million

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
597500000	Equity Shares	INR 2/- each	INR 1195.000 Million
150000	15% “A” Series Redeemable Cumulative Preference Shares	INR 100/- each	INR 15.000 Million
100000	8.57% “B” Series Redeemable Cumulative Preference Shares	INR 100/- each	INR 10.000 Million
300000	9.30% “C” Series Redeemable Cumulative Preference Shares	INR 100/- each	INR 30.000 Million
50000	11% Redeemable Cumulative Preference Shares	INR 100/- each	INR 5.000 Million
	Total		INR 1255.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
466837110	Equity Shares	INR 2/- each	INR 933.700 Million
	Share Capital Suspense 28,295 Equity Shares of INR 2 each (Previous Year 14,879 Shares of INR 10 each) to be issued as fully paid-up pursuant to acquisition of Cement Business of Aditya Birla Nuvo Limited under Scheme of Arrangement without payment being received in cash		--
	Total		INR 933.700 Million

* INR 0.057 Million

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

Particulars	Number of Shares	INR in Million
Outstanding as at the beginning of the year (Pre-split)	93360985	933.600
Adjustment for Sub-Division of Equity Shares	373443940	--
Outstanding as at the beginning of the year (Post-split)	466804925	933.600
Issued during the year to the Shareholders of ABCIL pursuant to the Scheme of Amalgamation	--	--
Issued during the year under Employee Stock Option Scheme	106580	0.200
Less: Cancellation from Shares Capital Suspense Account	46100	0.100
Outstanding as at the end of the year	466865405	933.700

Rights, Preferences and Restrictions attached to Equity Shares

The Company has only one class of Equity Shares having a par value of INR 2 per share. Each holder of the 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.

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

Name of Shareholder	Number of Shares	% holding
Turquoise Investments and Finance Private Limited	29541705	6.33%
Trapti Trading and Investments Private Limited	27389315	5.87%
Life Insurance Corporation of India	28952784	6.20%
Equity Shares of INR 2 each (Previous Year INR 10 each) represented by Global Depository Receipts (GDRs) (GDR holders have voting rights as per the Deposit Agreement)	48534477	10.40%
Aggregate Number of Equity Shares allotted as fully paid-up during the period of five years immediately preceding the reporting date without payment being received in cash	1461684	--

During the current year, the shareholders of the Company have approved sub-division of equity shares of the Company from one (1) equity share of face value INR 10 each fully paid up to five (5) equity shares of face value INR 2 each fully paid up. Accordingly, Earnings Per Share of previous year has been recasted.

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	933.700	933.600	918.700
(b) Reserves & Surplus	161376.100	137784.900	110910.500
(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)	162309.800	138718.500	111829.200
(3) Non-Current Liabilities
(a) long-term borrowings	3836.800	6333.300	8565.400
(b) Deferred tax liabilities (Net)	6629.800	4941.100	6145.100
(c) Other long term liabilities	321.900	233.900	209.800
(d) long-term provisions	775.100	722.800	676.300
Total Non-current Liabilities (3)	11563.600	12231.100	15596.600
(4) Current Liabilities
(a) Short term borrowings	608.100	9818.500	742.000
(b) Trade payables	11259.300	5932.200	4844.000
(c) Other current liabilities	11919.600	10283.800	6282.400
(d) Short-term provisions	850.600	979.600	4357.900
Total Current Liabilities (4)	24637.600	27014.100	16226.300
TOTAL	198511.000	177963.700	143652.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	68579.800	69448.800	51819.000
(ii) Intangible Assets	288.300	181.700	56.400
(iii) Capital work-in-progress	3754.800	3176.500	4503.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	74240.900	58869.100	44861.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1418.000	1269.400	5260.500
(e) Other Non-current assets	906.900	1560.400	0.000
Total Non-Current Assets	149188.700	134505.900	106500.900
(2) Current assets
(a) Current investments	15723.300	12127.100	8642.000
(b) Inventories	17327.400	16053.700	14331.500
(c) Trade receivables	11895.500	9923.700	6874.900
(d) Cash and cash equivalents	527.400	350.100	531.900
(e) Short-term loans and advances	505.500	653.700	6409.600
(f) Other current assets	3343.200	4349.500	361.300
Total Current Assets	49322.300	43457.800	37151.200
TOTAL	198511.000	177963.700	143652.100

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	112529.500	97784.000	63325.800
	Other Income	4739.300	3584.500	3480.700
	TOTAL	117268.800	101368.500	66806.500
Less	EXPENSES
	Cost of Materials Consumed	46802.700	43896.700	36223.300
	Purchases of Stock-in-Trade	596.800	405.800	211.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	954.700	(68.400)	(650.400)
	Employees benefits expense	6780.000	6173.400	4822.500
	Power and Fuel	14902.600	14037.500	10406.200
	Freight and Handling Expenses	1803.200	1591.300	1066.500
	Excise Duty	9073.000	8091.600	0.000
	Other expenses	10068.800	8877.600	4998.200
	Captive Consumption	0.000	(148.300)	(401.200)
	Exceptional items	0.000	291.900	262.400
	TOTAL	90981.800	83149.100	56938.500
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	26287.000	18219.400	9868.000
Less	FINANCIAL EXPENSES	576.200	1474.000	393.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	25710.800	16745.400	9474.700
Less	DEPRECIATION/ AMORTISATION	4461.400	4448.900	2625.500
	PROFIT/ (LOSS) BEFORE TAX	21249.400	12296.500	6849.200
Less	TAX	5649.400	2590.100	1550.200
	PROFIT/ (LOSS) AFTER TAX	15600.000	9706.400	5299.000
	EARNINGS IN FOREIGN CURRENCY
	Export of Goods on FOB basis	NA	22148.900	16054.100
	Technical Know-how and Service Charges	NA	0.000	1.300
	Interest and Dividend	NA	27.500	30.500
	TOTAL EARNINGS	NA	22176.400	16085.900
	IMPORTS
	Raw Materials	NA	28098.600	25369.800
	Stores & Spares	NA	180.800	189.700
	Capital Goods	NA	830.500	917.500
	Fuels	NA	1092.500	2255.200
	TOTAL IMPORTS	NA	30202.400	28732.200
	Earnings / (Loss) Per Share (INR)
	- Basic	33.42	20.80	57.69
	- Diluted	33.38	20.78	57.63

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	2570.000	2241.700	1842.200
Cash Generated from Operations	24785.600	16618.700	5770.000
Net Cash from Operating Activities	22575.400	13406.900	4476.400

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net sales	29865.300	40372.700	44282.900
Total Expenditure	24312.000	32521.100	35547.900
PBIDT (Excluding Other Income)	5553.300	7851.600	8735.000
Other income	658.100	2687.800	463.400
Operating Profit	6211.400	10539.400	9198.400
Interest	73.300	427.300	295.100
Exceptional Items	NA	(539.600)	NA
PBDT	6138.100	9572.500	8903.300
Depreciation	1102.500	1663.600	1657.900
Profit Before Tax	5035.600	7908.900	7245.400
Tax	1563.700	2163.900	2506.900
Provisions and contingencies	NA	NA	NA
Profit after tax	3471.900	5745.000	4738.500
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	3471.900	5745.000	4738.500

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	38.58	37.04	39.63
Account Receivables Turnover (Income / Sundry Debtors)	9.46	9.85	9.21
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	86.70	48.87	48.53
Inventory Turnover (Operating Income / Inventories)	1.52	1.13	0.69
Asset Turnover (Operating Income / Net Fixed Assets)	0.36	0.25	0.18

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.16	0.20	0.19
Debt Equity Ratio (Total Liability / Networth)	0.04	0.13	0.10
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.15	0.19	0.15
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.45	0.52	0.50
Interest Coverage Ratio (PBIT / Financial Charges)	45.62	12.36	25.09

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	13.86	9.93	8.37
Return on Total Assets ((PAT / Total Assets) * 100)	%	7.86	5.45	3.69
Return on Investment (ROI) ((PAT / Networth) * 100)	%	9.61	7.00	4.74

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.00	1.61	2.29
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.30	1.01	1.41
G-Score Ratio Financial (Networth / Total Assets)	0.82	0.78	0.78
G-Score Ratio Debt (Debts / Equity Capital)	7.51	19.70	12.14
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.00	1.61	2.29

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 2.00/-
Market Value	INR 1091.35/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	918.700	933.600	933.700
Reserves & Surplus	110910.500	137784.900	161376.100
Net worth	111829.200	138718.500	162309.800
Long-Term Borrowings	8565.400	6333.300	3836.800
Short Term Borrowings	742.000	9818.500	608.100
Current Maturities of Long term debt	1842.200	2241.700	2570.000
Total borrowings	11149.600	18393.500	7014.900
Debt/Equity ratio	0.100	0.133	0.043

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	63325.800	97784.000	112529.500
		54.414	15.080

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	63325.800	97784.000	112529.500
Profit/(Loss)	5299.000	9706.400	15600.000
	8.37%	9.93%	13.86%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	933.700	933.600
(b) Reserves & Surplus	312934.400	273359.500
(c) Money received against share warrants	0.000	0.000
(2) Non-Controlling Interest	97019.300	87288.200
Total Shareholders’ Funds (1) + (2)	410887.400	361581.300
(3) Non-Current Liabilities
(a) long-term borrowings	67687.100	55441.700
(b) Trade payables	81.300	83.100
(c) Deferred tax liabilities (Net)	35388.200	30439.800
(d) Other long term liabilities	704.100	322.300
(e) long-term provisions	3702.900	3456.800
Total Non-current Liabilities (3)	107563.600	89743.700
(4) Current Liabilities
(a) Short term borrowings	11578.500	34789.100
(b) Trade payables	30688.200	23955.400
(c) Other current liabilities	64419.400	83202.100
(d) Short-term provisions	2538.800	2683.200
Total Current Liabilities (4)	109224.900	144629.800
TOTAL	627675.900	595954.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	314204.100	309156.700
(ii) Intangible Assets	3719.300	3395.900
(iii) Capital work-in-progress	12963.400	17873.000
(iv) Intangible assets under development	6.300	10.800
(v) Goodwill	29943.900	30155.200
(vi) Equity Accounted Investees	21518.300	20401.800
(b) Non-current Investments	50499.600	49706.200
(c) Deferred tax assets (net)	204.400	190.400
(d) Long-term Loan and Advances	1990.000	2008.300
(e) Other Non-current assets	8042.600	12290.900
Total Non-Current Assets	443091.900	445189.200
(2) Current assets
(a) Current investments	69941.300	35350.900
(b) Equity Accounted Investees	44.600	553.100
(c) Inventories	42314.200	41487.500
(d) Trade receivables	30095.600	30020.100
(e) Cash and cash equivalents	23070.200	23071.500
(f) Short-term loans and advances	1801.600	1752.200
(g) Other current assets	17316.500	18530.300
Total Current Assets	184584.000	150765.600
TOTAL	627675.900	595954.800

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	402471.700	385350.100
	Other Income	9477.800	6616.000
	TOTAL	411949.500	391966.100
Less	EXPENSES
	Cost of Materials Consumed	86888.500	84604.200
	Purchases of Stock-in-Trade	6244.100	5736.300
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1617.500	(318.400)
	Employees benefits expense	22655.900	21278.200
	Power and Fuel	57954.100	60137.000
	Freight and Handling Expenses	60920.900	61419.100
	Excise Duty	41787.700	40475.400
	Other expenses	50769.900	48518.200
	Captive Consumption	(218.200)	(544.400)
	Exceptional items	0.000	278.500
	Share in Profit/(Loss) of Equity Accounted Investees (Net of Tax)	(1294.000)	(1930.200)
	TOTAL	327326.400	319653.900
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	84623.100	72312.200
Less	FINANCIAL EXPENSES	7024.000	7180.900
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	77599.100	65131.300
Less	DEPRECIATION/ AMORTISATION	18075.900	18337.900
	PROFIT/ (LOSS) BEFORE TAX	59523.200	46793.400
Less	TAX	17067.100	12246.000
	PROFIT/ (LOSS) AFTER TAX	42456.100	34547.400
	Earnings / (Loss) Per Share (INR)
	- Basic	67.85	52.88
	- Diluted	67.77	52.84

LEGAL CASES

HIGH COURT OF BOMBAY

Case Details

Bench:-Bombay

Presentation Date:-				09/03/2018
Lodging No.:-	APPL/118/2018	Filing Date:-	09/03/2018

Main Matter

Lodging No.:-

CHSL/2133/2016

Reg No.:-

CHS/1789/2016

Petitioner:-

MANISH COMMERCIAL PREMISES CO. OPERATIVE SOCIETY LTD.

Respondent:-

GRASIM INDUSTRIES LTD.

Petn.Adv.:-

MIHIR JOSHI (I17792)

Resp.Adv.:-

MANILAL KHER AMBALAL AND COMPANY (101)

District:-

MUMBAI

Bench:-	DIVISION
Status:-	Pre-Admission	Category:-	APPEAL(FINAL JUDGMENT/DECREE-S/SS/ADMS)

Last Date:-

16/03/2018

Stage:-

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Code of Civil Procedure 1908

HIGH COURT OF BOMBAY

Case Details

Bench:-Bombay

Presentation Date:-				04/08/2016
Stamp No.:-	CAAST/21661/2016	Filing Date:-	04/08/2016	Reg. No.:-	CAA/1009/2016	Reg. Date:-	22/08/2016

Main Matter

Stamp No.:-

AOST/4904/2016

Petitioner:-

J.G. SHAH FINANCIAL CONSULTANTS PRIVATE LIMITED

Respondent:-

GRASIM INDUSTRIES LIMITED

Petn.Adv.:-

MESSERS PUROHIT AND COMPANY (I6356)

District:-

MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	CONDONATION OF DELAY

Next Date:-

05/04/2018

Stage:-

FOR ORDERS [CIVIL SIDE MATTERS]

Coram:-

HON'BLE MRS. JUSTICE MRIDULA BHATKAR

Act :-

C.P.C.- (Interlocutory Order)

HIGH COURT OF BOMBAY

Case Details

Bench:-Bombay

Presentation Date:-				17/02/2016
Stamp No.:-	AOST/4904/2016	Filing Date:-	17/02/2016

Petitioner:-

J.G. SHAH FINANCIAL CONSULTANTS PRIVATE LIMITED

Respondent:-

GRASIM INDUSTRIES LIMITED

Petn.Adv.:-

MESSERS PUROHIT AND COMPANY (I6356)

District:-

MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission

Last Date:-

25/08/2016

Stage:-

FOR ORDERS

Last Coram:-

REGISTRAR(JUDICIAL II [AO])

Act :-

Indian Contract Act 1872

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

The company is a limited company incorporated and domiciled in India. The address of its registered office and principal place of business are disclosed in the introduction to the annual report.

The Company is engaged primarily in three businesses, Viscose Staple Fibre (VSF), Chlor-Alkali Chemicals and in Cement, through its subsidiary UltraTech Cement Limited. It also produces Rayon Grade Pulp 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 (NSE), India, and the Company’s Global Depository Receipts are listed on the Luxembourg Stock Exchange.

PERFORMANCE REVIEW

The Company recorded Standalone Revenue of INR 112530.000 million, 15% higher from INR 97780.000 million in the previous year. Net Profit for the year at INR 15600.000 million, increased by 60.71 % from INR 9710.000 million in the previous year. With improved performance of all the three businesses, EBIDTA grew by 18% to INR 83330.000 million from INR 70660.000 million in the previous year. The Company’s Consolidated Revenue increased to INR 402470.000 million from INR 385350.000 million in the previous year. Net Profit increased to INR 31670.000 million from INR 24680.000 million in the previous year.

Globally, the demand for Viscose Staple Fibre (VSF) has been growing at a faster rate as compared to other fibres, and is expected to continue to grow at healthy pace. In India, high value currency replacement programme temporarily impacted downstream players in textile value chain. Thus, the demand for VSF witnessed a slowdown, particularly from power loom sector. However, the Company was able to do higher export sales of VSF to mitigate the slowdown in domestic off take.

Sales volume of the Company increased by 6%, led by higher share of speciality fibre, which increased from 33% in FY 16 to 36% in FY 17. Improved productivity at various plants led to reduction in consumption of power, steam and caustic soda. Higher realisation and improvement in operating efficiencies resulted in surge in EBITDA, which went up by 56% from INR 9230.000 million to INR 14390.000 million, negated to some extent by increase in pulp cost. EBITDA margin was 20% in the current financial year as against 15% in the last financial year.

Sustainability is the key focus area for the Company Significant reduction of more than 20% in water consumption was achieved by Quarter 4 compared to average consumption of FY 16.

The Company’s Liva brand for VSF-based products is making strong foothold in women’s wear market. Liva Crème, a premium version of brand Liva, was launched during the year, to cater to the niche market. It has established strong market presence with leading customers, and is helping expand market for speciality fibre in India.

The joint venture companies (JVs) engaged in Pulp and Fibre business, reported considerable improvement in financial performance. As against a PAT (Grasim’s share) of INR 630.000 million in FY 16, these JVs have contributed a PAT of INR 1380.000 million during the current year. Higher pulp realisation and volumes coupled with improvement in consumption norms of various inputs led to rise in operating profit.

Chemical business reported an increase of 11% in sales revenue and EBITDA increased by 13% over the previous year. Capacity utilisation was high at 93%. Sales volume was up by 2%. The impact of higher energy cost was offset by reduction in power consumption and decline in salt and other raw material cost. Steady growth of chlorine derivative products eased the pressure on chlorine offtake to a great extent. The chlorine derivatives business also provides good growth opportunity in the exports market. Business achieved significant progress in the areas of water treatment chemicals, plasticisers and other industrial products.

In Cement business, UltraTech Cement Limited (UltraTech), a subsidiary of the Company, has completed the acquisition of the cement plants of Jaiprakash Associate Ltd. and Jaiprakash Cement Corporation LIMITED, located in Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh, with a total capacity of 21.20 MTPA at an enterprise value of INR 161890.000 million, in June 2017. During the year, cement capacity was augmented to 66.25 MTPA, following the commissioning of the grinding unit at Patliputra in Bihar. Cement production improved marginally from 47.56 MTPA in the previous to 47.91 MTPA. Capacity utilisation clocked 72% on a higher capacity base. Domestic sales volume rose marginally from 47.13 MMT to 47.62 MMT vis-à-vis a marginal dip in industry volume for the year.

COMPOSITE SCHEME OF ARRANGEMENT

Vide its Order dated 1st June 2017, the National Company Law Tribunal, Bench at Ahmedabad (NCLT), has sanctioned the Composite Scheme of Arrangement between the Company and Aditya Birla Nuvo Limited (ABNL) and Aditya Birla Financial Services Limited (now known as Aditya Birla Capital Limited) (ABCL) (Scheme). With effect from 1st July 2017 (the Effective Date 1), ABNL along with its assets, liabilities, contracts, employees, etc., stands amalgamated with and be vested in the Company, as a going concern so as to become the assets, liabilities, etc., of the Company, in the manner provided in the Scheme. With effect from 4th July 2017, (the Effective Date 2), the financial services business of the Company stands transferred to and vested in ABCL.

With the amalgamation becoming effective, ABCL and its subsidiaries have become the subsidiary companies of the Company.

The restructuring, in terms of the Scheme, has enabled the Company to extend its presence to the fast growing sectors such as financial services and telecom, and enhance longterm value for the shareholders. This will also enable ABCL to grow faster under the Company’s strong parentage, and is expected to improve its credit profile and reduce its cost of borrowings, thereby enhancing its competitive positioning. The merger has also led to consolidation of similar businesses of the Company and ABNL.

The Company and ABCL are in the process of completing the formalities relating to allotment of shares of their respective Companies and listing the same.

AWARDS AND ACCOLADES

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

· Oeko-Tex Certificate for Eco-labelling of Fibre by M/s. British Textiles Technology Group, England;

· Frost and Sullivan’s Sustainability 4.0 Awards, 2016, for excellence in Sustainable Development for Safety Excellence and Challengers Category;

· Accreditation from Energy Management System as per EnMS ISO 50001:2011 Standards by TUV Nord, Germany;

· Manufacturing Today Awards – 2016 under the category of “Large - Excellence in Technology”.

· “Certificate of Recognition” by Regulators and Policymakers Retreat under the category of “Innovation – 2016-2017”.

MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT

OVERVIEW

Indian economy continued to be the fastest growing major economy in the world. As per the advance estimates released by the Central Statistical Organization (CSO), India’s GDP grew 7.1% in FY17. Macro-economic fundamentals of the economy were healthy during the year – with moderation of inflation, fiscal deficit and current account deficit.

Although export growth was negative in the first half of the year, it turned positive in the second half and accelerated towards end-FY17. The high value currency replacement programme in November 2016 had a temporary adverse impact on demand and activity in some industries. However, by the end of the year, the economy gathered momentum going by the high-frequency growth indicators.

India is on the cusp of introducing Goods and Services Tax (GST) that will create a common market, improve tax compliance and governance. Medium and long-term growth prospects for India appear to be favourable, on account of the on-going reforms, improving investor confidence and expected growth in infrastructure spending by the Government.

Global economy was somewhat subdued in the calendar year 2016. According to IMF, world economic growth slowed to 3.1% in 2016 from 3.4% in 2015, mainly on account of the slowdown in advanced economies. Growth in emerging market and developing economies remained healthy. Towards the end of 2016 and in early 2017, global economy gained momentum – as reflected in increase in purchasing managers’ indexes, accelerating trade flows and improvement in business and consumer confidence. Commodity prices have firmed up, buoyed by improved growth outlook and supply curtailments. Accordingly, deflationary risks in developed economies have come down considerably. As per IMF, Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing and trade.

STRATEGIC INITIATIVES

Amalgamation of Aditya Birla Nuvo Limited (“ABNL”) into Grasim and the subsequent demerger and listing of its financial services business, viz., Aditya Birla Financial Services Limited (“ABFSL”).

In August 2016, the Board of Directors of the Company approved the merger of Aditya Birla Nuvo Limited (“ABNL”) into Grasim and the subsequent demerger and listing of its financial services business, viz., Aditya Birla Financial Services Limited (“ABFSL”), through a composite scheme of arrangement (“Scheme”). The merger results into consolidation of fast-growing businesses of ABNL with a strong, stable cash flow portfolio of Grasim and value unlocking for shareholders of the merged entity via the listing of financial services.

Following are the highlights of the merger:

· Creates a large combination of manufacturing and service businesses commanding leadership positions across the cement, financial services, telecom, textiles and chemicals sector

· Grasim to have fast-growing sectors such as financial services and telecom under its fold

· Financial Services business to grow faster under Grasim’s strong parentage

· Listing of Financial Services business to unlock value for all the shareholders

· ABNL’s shareholders to participate in Grasim’s steady cash-generating businesses, while enabling its growth businesses to grow at a faster pace

· Consolidates common businesses and investments of Grasim and ABNL

BUSINESS PERFORMANCE REVIEW

VISCOSE STAPLE FIBRE (VSF)

Performance Review

Across the globe, VSF demand has been growing at a faster rate vis-à-vis other fibres driven by growing prosperity in Asian countries and a stagnant demand for cotton. Global VSF demand is expected to continue to grow at a healthy pace. In India, high value currency replacement programme temporarily impacted downstream players in textile value chain. Thus, demand witnessed slowdown, particularly, from power loom sector. However, the Company was able to do higher export sales of VSF to mitigate the slowdown in domestic offtake. The impact of demonetization seems to be over, and situation has started to improve from Q4 onwards.

In China, the biggest market of VSF, stringent environmental norms and compliance created pressure on operating conditions. This, in turn, led to lower supply during FY17, resulting into improvement in prices from Q2 FY17 onwards. On competing fibres front, Polyester Staple Fibre saw strong growth in the last 2 years, helped by lower crude oil prices, but recent announcement of OPEC and Non-OPEC producers on crude output cut has led to upward movement in PSF prices. On the other hand, global cotton production is expected to remain stagnant, and declining ending stock should provide support to prices. All of this augurs well for VSF prices, although rising pulp prices may put some pressure on margin.

Sales volume of the Company increased by 6% led by higher share of speciality fibre, which increased from 33% in FY16 to 36% in FY17. Improved productivity at various plants led to reduction in consumption of power, steam and caustic soda. Higher realisation and improvement in operating efficiencies resulted into surge in EBITDA, which went up by 56% from INR 9230.000 million to INR 14390.000 million, negated to some extent by increase in pulp cost. EBITDA margin was 20% in current financial year as against 15% in the last financial year.

Sustainability is key focus area for the Company. In line with this philosophy, significant reduction of more than 20% in water consumption was achieved by Quarter 4 compared to average consumption of FY16. Pulp and Fibre JVs reported considerable improvement in financial performance. As against a PAT (Grasim Share) of INR 630.000 million in FY16, these JVs have reported a PAT of INR 1380.000 million during the current year. Higher pulp realisation and volumes coupled with improvement in consumption norms of various raw materials led to rise in operating profit.

Sector Outlook

Rising PSF prices and stagnant cotton production augurs well for VSF, although short- term volatility in prices cannot be ruled out. Speciality fibre like Modal, Micro modal and Non-woven category of VSF have good growth potential, and thus provide opportunity for growth. Rising prosperity in emerging markets coupled with increasing population should continue to boost VSF demand.

Business Outlook

The Company is operating at full capacity and is in the process of de-bottlenecking of its plants to meet growing demand. Liva brand is making strong foothold in women’s wear market. The Company has recently launched Liva Crème, a premium version of brand Liva, to cater to the niche market. It has established strong market presence with leading customers and helping expand market for speciality fibre in India. On the manufacturing side, focus continues on key R&D projects towards achieving the world benchmark quality, strengthening the cost competitive position and attaining better environmental standards.

CHEMICALS

Performance Review

Caustic demand was subdued recording a growth of 2% during FY16-17. While consumption of caustic in alumina recorded good growth, the overall consumption was impacted as high value currency replacement programme affected few consuming sectors like textiles, organic/inorganic chemicals, etc. Caustic soda capacity for the Industry grew by 2.55 lakh TPA during FY17. Capacity addition and slow growth in chlorine demand negatively impacted the capacity utilisation of the Industry.

Chemical business reported an increase of 11% in sales revenue. Capacity utilisation was high at 93%. Sales volume was up by 2%. ECU realisation improved, aided by an increase in Caustic prices. This was partially offset by Chlorine prices, which continued to remain under pressure. The impact of higher energy cost was offset by reduction in power consumption and decline in salt and other raw material cost. EBITDA improved by 13% from INR 7470.000 million to INR 8420.000 million with higher sales volume and realisation.

Sector Outlook

The demand for Caustic Soda in India is expected to grow with the rising consumption from alumina and textiles sector. The commissioning of new capacities in the industry may increase supply in the medium term. Pressure on chorine evacuation is expected to continue, and may impact the industry utilisation levels.

Business Outlook

Caustic Soda capacity expansion of 208K TPA through brownfield expansion at Vilayat (Gujarat) and de-bottlenecking at Karwar (Karnataka) and Ganjam (Odisha) is on track. The Company’s total caustic capacity post expansion will be 1,048K TPA by FY18.

Steady growth of chlorine derivative products eased the pressure on chlorine offtake to a great extent. The chlorine derivatives business also provides good growth opportunity in the exports market. Business achieved significant progress in areas of water treatment chemicals, plasticisers and other industrial products. Going forward, the Company will continue to focus on expanding the portfolio of chlorine derivative products. Phosphoric Acid plant of ~29K TPA is being set up at Vilayat (Gujarat) which is likely to be commissioned in Q3 FY18. Post this commissioning, total capacity of Phosphoric Acid will increase to ~53K TPA, which will help in increased captive consumption of Chlorine. The business strives to improve profitability by taking energy conservation measures and higher captive use of Chlorine.

UNSECURED LOANS:

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Deferred Sales Tax Loans	74.800	118.400
SHORT TERM BORROWINGS
Working Capital Borrowings
Foreign Currency Loans	0.000	1658.300
Other Loans
Commercial Papers	0.000	4500.000
Total	74.800	6276.700

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2017

(INR In Million)

Particulars	Quarter Ended		Six months ended
	30.09.2017	30.06.2017	30.09.2017
	[Unaudited]
Income from Operations
a) Net Sales / Income from Operations	40372.700	29865.300	70238.000
b) Other Income	2687.800	658.100	3345.900
Total Income from Operations (net)	43060.500	30523.400	73583.900
Expenditure
Cost of materials consumed	18402.300	13647.800	32050.100
Purchase of stock-in-trade	478.900	44.500	523.400
Changes in inventories of finished goods, work-in-progress and stock-in-trade	145.300	(1053.300)	(908.000)
Employee benefits expense	3017.500	1788.200	4805.700
Finance Cost	427.300	73.300	500.600
Depreciation and amortisation expense	1663.600	1102.500	2766.100
Power and Fuel Charges	5703.800	4088.200	9792.000
Freight and Handling Expenses	669.600	511.900	1181.500
Excise Duty	0.000	2462.400	2462.400
Other Expenses	4103.700	2822.300	6926.000
Total Expenses	34612.000	25487.800	60099.800
Profit before exceptional items and tax	8448.500	5035.600	13484.100
Exceptional items	(539.600)	0.000	(539.600)
Profit before tax	7908.900	5035.600	12944.500
Tax Expenses
- Current Tax	2053.600	1321.200	3374.800
- Deferred Tax	110.300	242.500	352.800
Total Tax Expenses	2163.900	3471.900	3727.600
Net Profit / (Loss) from ordinary activities after tax	5745.000	3471.900	9216.900
Other Comprehensive Income
Items that will not be reclassified to profit or loss	(1875.100)	1660.500	(214.600)
Income Tax relating to items that will not be reclassified to profit or loss	(105.400)	(34.700)	(140.100)
Items that will be reclassified to profit or loss	3.800	4.700	8.500
Income tax relating to items that will be reclassified to profit or loss	(4.100)	(1.100)	(5.200)
Other Comprehensive Income for the period	(1980.800)	1629.400	(351.400)
Total Comprehensive Income for the period	3764.200	5101.300	8865.500
Paid-up equity share capital (Face Value INR 2 per share)	1314.700	93.38	1314.700
Reserve excluding revaluation reserves as at balance sheet date
Earnings per Share of Face Value INR 2 each
Basic	8.97	7.44	16.63
Diluted	8.95	7.43	16.60

STATEMENT OF ASSETS AND LIABILITIES:

SOURCES OF FUNDS	30.09.2017 (Unaudited)
ASSETS
Non-current assets
Property, plant and equipment	93544.300
Capital work-in-progress	6447.600
Other Intangible assets	5228.200
Financial Assets
- Investments	336274.800
- Loans	1042.700
- Other Financial Assets	13.500
Other non-current assets (Net)	459.800
Other non-current assets (Includes Capital Advances)	2062.600
Total Non-Current Assets	445073.500
Current assets
Inventories	23354.100
Financial Assets
- Investments	18389.900
- Trade receivables	23016.400
- Cash and bank balances	530.300
- Bank balance	697.100
- Loans	1134.200
- Other financial assets	1795.000
Current tax assets (Net)	0.000
Other current assets	5103.500
Assets held for disposal	12.900
Total Current Assets	74033.400
TOTAL ASSETS	510106.900
EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital	1314.700
Other equity	440259.000
Total Shareholders’ Funds	441573.700
Non-Current Liabilities
Financial liabilities
- Borrowings	10416.500
- Other financial liabilities	253.600
Provisions	849.700
Deferred tax liabilities (Net)	16139.400
Other non-current liabilities	395.500
Total Non-current Liabilities	28054.700
Current Liabilities
Financial liabilities
- Borrowings	8158.200
- Trade payables	19399.200
- Other financial liabilities	8697.200
Other current liabilities	8356.000
Provisions	1561.600
Current tax liabilities	3306.300
Total current Liabilities	49478.500
TOTAL EQUITY AND LIABILITIES	519106.900

NOTES:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors today. The Statutory Auditors of the Company have carried out limited review as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the related report is being submitted to the concerned stock exchanges.

2.

1. The Composite Scheme of Arrangement ("Scheme") between the Company, Aditya Birla Nuvo Limited

("ABNL") and Aditya Birla Capital Limited (formerly known as Aditya Birla Financial Services Limited) (“ABCL”- a wholly owned Subsidiary of ABNL) and their respective shareholders and creditors, for merger of ABNL with and into the Company has become effective from 1st July, 2017, hence ABNL ceased to exist effective from 1st July 2017. As part of the Scheme, demerger of financial services business into ABCL has become effective from 4th July, 2017.

In terms of the Scheme, the Company has issued 19,04,62,665 equity shares on 9th July, 2017 to the shareholders of ABNL in the ratio of 15 (fifteen) equity Shares of INR 2/- each fully paid up against 10 (ten) equity shares of INR 10/- each fully-paid up of ABNL held by them on the record date for this purpose. As a result the Company’s paid up share capital has increased from INR 933.800 million to INR 1314.700 million.

2. On account of demerger of financial services business, ABCL has issued it's equity shares in the ratio of 7 (seven) equity shares of INR 10 each fully paid-up in respect of 5 (five) equity shares of INR 2 each fully paid up of the Company held by the shareholders of the Company on the record date for this purpose.
   As a result, the holding of the Company in ABCL stands reduced to 55.99%.

3. The results of the Company include the financial results of the businesses of erstwhile ABNL w.e.f. 1st July 2017. Hence, the figures for the three months and six months ended 30th September 2017 are not comparable with the previous corresponding period. As per Ind AS 103 Business Combination, purchase consideration has been allocated on a provisional basis, pending determination of the fair value of the acquired assets and liabilities on merger of ABNL.

4. Further, the Company is in the process of determining the accounting treatment for certain costs to be incurred in respect of the assets to be transferred in the name of the Company, consequent to the merger of ABNL.

3. Exceptional Item include an amount of INR 539.600 million towards loss on sale of 100% equity held by the Company in Grasim Bhiwani Textiles Limited, a wholly owned subsidiary of the Company during the quarter.

4. The equity shares of the Company have been sub- divided from one (1) equity share of face value INR 10 each fully paid up into five (5) equity shares of face value INR 2 each fully paid up effective from 8th October, 2016. The Earnings per share for previous periods' have also been adjusted for the face value of INR 2 each in accordance with Ind AS 33-Earnings Per Share.

5. The Government of India introduced the Goods and Services Tax (GST) w.e.f. 1st July, 2017. GST is collected on behalf of the Government and no economic benefit flows to the entity and does not result in an increase in equity. Consequently, revenue from operation for the three months ended 30th September, 2017 is presented net of GST.

Revenues of earlier periods included Excise duty which is now subsumed in GST. The financial results for six months ended 30th September, 2017 include excise duty upto 30th June, 2017.

6. Additional Information required pursuant to Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

7. During the quarter, the Company has allotted 2,915 fully paid up equity shares of Rs. 2 each upon exercise of employee stock options.

8. The Segment-wise Revenue, Results, Assets and Liabilities have been disclosed in the consolidated financial results for the quarter ended 30th September, 2017.

9. Previous periods figures have been regrouped/rearranged wherever necessary to conform to the current periods.

INDEX OF CHARGES:

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C56213374	10574486	HDFC BANK LIMITED	26/05/2015	-	-	165000000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARG,LOWER PAREL WESTMUMBAIMH400013IN
2	C35089663	10533443	HDFC BANK LIMITED	02/12/2014	-	-	363860000.0	BANK HOUSE, 3RD FLOOR, BRILLIAN AVENUEBEHIND BOMBAY HOSPITAL, SCHEME 94INDOREMP452010IN
3	C32181299	10528977	KOTAK MAHINDRA BANK LIMITED	17/10/2014	-	-	224400000.0	27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMH400051IN
4	C25305962	10523826	STATE BANK OF INDIA	25/09/2014	-	-	420000000.0	NEVILLE HOUSE, 3RD FLOOR, J N HEREDIA MARG,BALLARD ESTATE, MUMBAI- 400001MUMBAIMH400001IN
5	B91200485	10464370	HDFC BANK LIMITED	26/11/2013	-	-	260000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH 400013IN
6	B29015542	10326687	STATE BANK OF INDIA	07/01/2012	-	-	9000000000.0	CORPORATE ACCOUNT GROUP BRANCHNEVILLE HOUSE, J N HEREDIA MARGMUMBAIMH400001IN
7	A86805397	10108132	IDBI BANK LIMITED	06/06/2008	18/05/2010	-	3000000000.0	IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN
8	B78797586	10098182	EXPORT-IMPORT BANK OF INDIA	26/03/2008	14/06/2013	-	350000000.0	CENTRE ONE BUILDING, 21ST FLOOR, WORLD TRADE CENTRCUFFE PARADE,MUMBAIMH400005IN
9	A87144812	80024325	STATE BANK OF INDIA	17/09/1997	18/05/2010	-	8300000000.0	CORPORATE ACCOUNTS GROUP, VOLTAS HOUSE,23, JN HEREDIA MARG,MUMBAIMH400001IN
10	A81569006	80007923	STATE BANK OF INDIA	29/04/1997	19/03/2010	-	17500000000.0	CORPORATE ACCOUNTS GROUP BRANCH,NEVILLE HOUSE, J. N. HEREDIA MARG,MUMBAIMH400001IN

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 RELEASE:

MERGER OF GRASIM AND ADITYA BIRLA NUVO GETS NCLT CLEARANCE

June 06 2017

The merger of Grasim Industries and Aditya Birla Nuvo is expected to create an entity with revenue of INR 548240.000 million and net profit of Rs4,076 crore for FY17

Mumbai: The merger of Grasim Industries Ltd and Aditya Birla Nuvo Ltd will be completed by the beginning of the next quarter, a top executive at the Aditya Birla group said. Separately, the National Company Law Tribunal (NCLT) has approved the restructuring which was announced in August.

“We expect to complete the merger process of Grasim and Nuvo and the separate listing of Aditya Birla Financial Services by the end of the current quarter or latest by the beginning of next quarter” said Sushil Agarwal, group chief financial officer of Aditya Birla group, in an interview.

Earlier in April, shareholders of both Grasim Industries and Aditya Birla Nuvo approved the merger. The union is expected to create an entity with revenue of INR 548240.000 million and a net profit of INR 40760.000 million for fiscal year that ended on 31 March, said the Aditya Birla group.

“All of these businesses have capacity expansion plans to further strengthen their leadership position,” said Kumar Mangalam Birla, group chairman, in an emailed statement.

After the merger, Grasim will be the holding company for the group’s various businesses such as cement, chemicals and textiles. Nuvo was created as a vehicle for the group’s diversification into new areas such as apparel, telecom and financial services. Many of these businesses have since reached a stage where they have been spun off, even listed in some cases (such as Idea Cellular Limited, the group’s telecom company that is now merging with Vodafone India).

“Having built a broad based portfolio and a leadership position in the sector, Aditya Birla Financial Services is well placed to grow rapidly, given the under-penetration of financial products and services in India” Birla said.

As part of the merger, Grasim will issue three shares for every 10 shares of Aditya Birla Nuvo held by investors. Post-merger, Grasim investors will get seven shares of Aditya Birla Financial Services for every one equity share they own. This will ensure that Grasim and Aditya Birla Nuvo investors own 25% of Aditya Birla Financial Services.

Post-merger, the promoter holding in Grasim will rise to 38.8% from 31.3 % and it will have 57.2% in the newly-formed financial services company. Grasim will continue to hold 26 % in the merged entity of Idea Cellular and Vodafone India, which was announced in March.

“There is no decision yet on when Grasim will increase its stake in the merged entity of Idea and Vodafone” Agarwal said. As per the terms of the merger, Vodafone will be a dominant partner with 45.1% stake after it transfers 4.9% to the Aditya Birla Group for INR 38740.000 million. The Aditya Birla group will however have the right to acquire up to another 9.5% stake from Vodafone.

ADITYA BIRLA CAPITAL RECEIVES IN-PRINCIPLE APPROVAL TO SET UP AN ARC

September 26, 2017

Aditya Birla Capital has received in-principle approval from RBI to set up an Asset Reconstruction Company (ARC).

Aditya Birla Capital has received in-principle approval from RBI to set up an Asset Reconstruction Company (ARC), after market hours on Monday. The company’ wholly owned subsidiary to set up an ARC. Shares of Aditya Birla Capital will be focused on Tuesday’s trading session.

The stock of Aditya Birla Capital has been shifted to B group w.e.f. September 15, 2017. Its circuit filter has also been revised to 20%.

Aditya Birla Capital ended at INR 188.55 per share, down by INR 1.75 or 0.92% on Friday, on the BSE.

The listing without an IPO was the culmination of Aditya Birla Nuvo merger with Grasim Industries and the financial services undertaking was demerged into Aditya Birla Capital. Aditya Birla Capital, earlier known as Aditya Birla Financial Services, is the holding company of the financial services businesses of the group.

The amalgamation of Aditya Birla Nuvo with Grasim and demerger and the listing of the financial services business has created a large combination of manufacturing and service businesses commanding leadership positions across the cement, financial services, telecom, textiles and chemicals sectors.

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	INR
US Dollar	1	INR 65.06
UK Pound	1	INR 92.06
Euro	1	INR 80.37

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	NYT
Report Prepared by :	NKT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.