ANNUAL REPORT 2014-15 BOARD of DIRECTORS As on 14.05.2015 Mr

57th ANNUAL REPORT 2014-15 BOARD OF DIRECTORS As on 14.05.2015 Mr. M. N. Mehta Chairman Mr. Jay M. Mehta Executive Vice Chairman Mr. Hemang D. Mehta Mr. M. N. Rao Mr. S. V. S. Raghavan Mr. B. P. Deshmukh Mr. K. N. Bhandari Mr. Jayant N. Godbole Mr. Hemnabh Khatau Mr. Bimal Thakkar Mr. P. K. Behl Mrs. Bhagyam Ramani Mr. Anil Kaul Special Director - BIFR Mr. M. S. Gilotra Managing Director

&KLHI)LQDQFLDO2IÀFHU Mr. Rakesh H. Mehta

9LFH3UHVLGHQW /HJDO &RPSDQ\6HFUHWDU\ Mrs. Sonali Sanas

%DQNHUV Central Bank of India Dena Bank Bank of India Rajkot Nagarik Sahakari Bank Ltd. HDFC Bank Ltd.

$XGLWRUV Messers. Bansi S. Mehta & Co. Chartered Accountants

5HJLVWHUHG2IÀFH :RUNV Near Railway Station, Ranavav 360 560 (Gujarat) Tel. 02801 - 235001/7, 02801 - 304200 Fax: 02801 - 304376, 304384 CIN: L26941GJ1956PLC000840

&RUSRUDWH2IÀFH N. K. Mehta International House, 2nd Floor, 178, Backbay Reclamation, Mumbai 400 020. Tel. 022- 66365444, Fax : 022-66365445

5HJLVWUDUV 7UDQVIHU$JHQW M/s. Link Intime India Pvt Ltd (Unit: Saurashtra Cement Limited) C-13, Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West), Mumbai - 400 078. Tel. 022- 25963838, Fax : 022-25946969

:HEVLWH www.saurashtracementlimited.com 57th

DIRECTORS’ REPORT DEAR MEMBERS, The Directors present the 57th Annual Report, Audited Accounts and Auditors Report for the Financial Year ended on the 31st of March, 2015.

FINANCIAL RESULTS 7KHKLJKOLJKWVRIWKHÀQDQFLDOUHVXOWVIRUWKH)LQDQFLDO\HDUHQGHGVWRI0DUFKDUHJLYHQEHORZ (` in Million) Particulars Standalone Consolidated Current 3UHYLRXV Current 3UHYLRXV Financial Year Financial Year Financial Year Financial Year 2014-2015 2013-14 2014-2015 2013-14 5HYHQXHIURP2SHUDWLRQDQG2WKHU,QFRPH 1HWRI([FLVH 5699.14 5359.69 5700.37 5364.57 3URÀWEHIRUHLQWHUHVWGHSUHFLDWLRQDQGH[FHSWLRQDOLWHPV 965.76 628.82 966.06 631.58 Finance Cost 133.76 163.70 133.76 163.70 3URÀW /RVV EHIRUHGHSUHFLDWLRQ 832.00 465.12 832.30 467.88 'HSUHFLDWLRQ ,PSDLUPHQW 348.62 258.62 348.79 258.84 3URÀW /RVV EHIRUHH[FHSWLRQDOLWHPVDQG'HIHUUHG7D[$VVHWV 483.38 206.50 483.51 209.04 ([FHSWLRQDO,WHP 308.96 1LO 308.96 1LO 7D[([SHQVH (208.52) 1LO (208.57) 0.06 'HIHUUHG7D[$GMXVWPHQW 92.18 1LO 92.18 1LO 3URÀW /RVV DIWHUWD[ 676.00 206.50 676.08 208.98 %URXJKWIRUZDUG3URÀW /RVV IURPHDUOLHU\HDUV (867.03) (1073.53) (887.04) (1096.02) %DODQFHRI3URÀW /RVV FDUULHGWR%DODQFH6KHHW (191.03) (867.03) (210.96) (887.04) THE YEAR UNDER REVIEW 7KHHFRQRP\DQGFHPHQWSURGXFWLRQVKRZHGVLJQVRILPSURYHPHQW7KHFHPHQWSURGXFWLRQGXULQJJUHZE\DERXWSHUFHQW DVDJDLQVWOHVVWKDQSHUFHQWGXULQJWKHSUHYLRXV\HDU 6LPLODUO\FRQVXPSWLRQRIFHPHQWLQRXUKRPHPDUNHWRI*XMDUDWLQFUHDVHGE\DERXWSHUFHQWUHVXOWLQJLQLPSURYHGVDOHVDQGSULFHV SURÀWDELOLW\DVFRPSDUHGWRWKHSUHYLRXV\HDU7KHLQWHUQDWLRQDOSULFHVRIFRDOZHUHORZHUWKDQSUHYLRXV\HDU+RZHYHUWKHWD[HVE\ZD\ RI5R\DOWLHVRQPLQHUDOVH[FLVHGXWLHVDQGVDOHVWD[FRQWLQXHGWREHKLJKDQGIXUWKHULQFUHDVHGLQWKHEXGJHWRI$GGLWLRQDO &XVWRPVGXW\DQG&9'ZDVDOVRLPSRVHGRQFRDOLPSRUWV

PERFORMANCE REVIEW

Production and Sales 7KHSURGXFWLRQRIFOLQNHUIRUWKH\HDUHQGHG0DUFKZDVPLOOLRQWRQQHVZKLFKLVSHUFHQWRIWKHUDWHGFDSDFLW\RIWKH SURGXFWLRQXQLWDQGLVDOVRPRUHWKDQFOLQNHUSURGXFWLRQRIPLOOLRQWRQQHVIRUWKH\HDUHQGHGLQ0DUFK7KHFHPHQWSURGXFWLRQ IRUWKH\HDUHQGHG0DUFKZDVPLOOLRQWRQQHVZKLFKLVKLJKHUE\SHUFHQWWKDQWKHFHPHQWSURGXFWLRQRIPLOOLRQWRQQHV LQWKHSUHYLRXV\HDUHQGHGLQ0DUFK 7KHRYHUDOOVDOH FHPHQWDQGFOLQNHU GXULQJWKH\HDUHQGHG0DUFKZDVPLOOLRQWRQQHVZKLFKLVKLJKHUWKDQWKHRYHUDOOVDOHRI PLOOLRQWRQQHVLQWKHSUHYLRXV\HDUHQGHGLQ0DUFK

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DIVIDEND ,QYLHZRIWKHFDUU\IRUZDUGORVVHV\RXU'LUHFWRUVGRQRWUHFRPPHQGDQ\'LYLGHQGIRUWKH\HDU

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Directors’ Responsibility Statement 7RWKHEHVWRIWKHLUNQRZOHGJHDQGEHOLHIDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVREWDLQHGE\WKHP\RXU'LUHFWRUVPDNHWKH IROORZLQJVWDWHPHQWVLQWHUPVRI6HFWLRQ F RIWKH&RPSDQLHV$FW D WKDWLQWKHSUHSDUDWLRQRIWKHDQQXDOÀQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHGVW0DUFKWKHDSSOLFDEOHDFFRXQWLQJVWDQGDUGV KDGEHHQIROORZHGDORQJZLWKSURSHUH[SODQDWLRQUHODWLQJWRPDWHULDOGHSDUWXUHVLIDQ\ E WKDWWKHDFFRXQWLQJSROLFLHVDVPHQWLRQHGLQ1RWH1RWRWKH)LQDQFLDOVWDWHPHQWVKDYHEHHQVHOHFWHGDQGDSSOLHGFRQVLVWHQWO\DQG MXGJPHQWVDQGHVWLPDWHVKDYHEHHQPDGHWKDWDUHUHDVRQDEOHDQGSUXGHQWVRDVWRJLYHDWUXHDQGIDLUYLHZRIWKHVWDWHRIDIIDLUVRI WKH&RPSDQ\DWWKHHQGRIWKHÀQDQFLDO\HDUDQGRIWKHSURÀWDQGORVVRIWKH&RPSDQ\IRUWKDWSHULRG F WKDW SURSHU DQG VXIÀFLHQW FDUH KDV EHHQ WDNHQ IRU WKH PDLQWHQDQFH RI DGHTXDWH DFFRXQWLQJ UHFRUGV LQ DFFRUGDQFH ZLWK WKH SURYLVLRQVRIWKH&RPSDQLHV$FWIRUVDIHJXDUGLQJWKHDVVHWVRIWKH&RPSDQ\DQGIRUSUHYHQWLQJDQGGHWHFWLQJIUDXGDQG RWKHULUUHJXODULWLHV G WKDWWKHDQQXDOÀQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGDJRLQJFRQFHUQEDVLV H WKDWSURSHULQWHUQDOÀQDQFLDOFRQWUROVZHUHLQSODFHDQGWKDWWKHÀQDQFLDOFRQWUROVZHUHDGHTXDWHDQGZHUHRSHUDWLQJHIIHFWLYHO\DQG I WKDWV\VWHPVWRHQVXUHFRPSOLDQFHZLWKWKHSURYLVLRQVRIDOODSSOLFDEOHODZVZHUHLQSODFHDQGZHUHDGHTXDWHDQGRSHUDWLQJHIIHFWLYHO\

Corporate Governance $VHSDUDWHUHSRUWRQWKH&RPSOLDQFHZLWK&ODXVHRIWKH/LVWLQJ$JUHHPHQWZLWKWKH6WRFN([FKDQJHVRQ&RUSRUDWH*RYHUQDQFHDORQJ ZLWKD&HUWLÀFDWHRI&RPSOLDQFHIURPWKH6WDWXWRU\$XGLWRUVIRUPVDSDUWRIWKLV5HSRUWDVAnnexure B. 7KH&RPSDQ\LVFRPPLWWHGWRPDLQWDLQWKHKLJKHVWVWDQGDUGVRI&RUSRUDWH*RYHUQDQFHDQGDGKHUHWR&RUSRUDWH*RYHUQDQFHUHTXLUHPHQWV VHWRXWE\6(%,7KHUHSRUWRQ&RUSRUDWH*RYHUQDQFHDVVWLSXODWHGXQGHUFODXVHRIWKH/LVWLQJ$JUHHPHQWIRUPVDQLQWHJUDOSDUWRI WKLV5HSRUW$OVRDFHUWLÀFDWHRI&RPSOLDQFHIURPWKH$XGLWRUVRIWKH&RPSDQ\FRQÀUPLQJFRPSOLDQFHZLWKWKHFRQGLWLRQVRI&RUSRUDWH *RYHUQDQFHIRUPVDSDUWRIWKLV5HSRUW$GHFODUDWLRQE\&(2DQG&)2WKDW%RDUGDQGVHQLRUPHPEHUVKDYHFRPSOLHGZLWKWKH&RGHRI &RQGXFWRIWKH&RPSDQ\DOVRIRUPVDSDUWRIWKLV5HSRUW

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2 57th

Particulars of Contracts or Arrangements with Related Parties: 7KHSDUWLFXODUVRIHYHU\FRQWUDFWRUDUUDQJHPHQWVHQWHUHGLQWRE\WKH&RPSDQ\ZLWKUHODWHGSDUWLHVUHIHUUHGWRLQVXEVHFWLRQ RI 6HFWLRQRIWKH&RPSDQLHV$FWLQFOXGLQJFHUWDLQDUPVOHQJWKWUDQVDFWLRQVXQGHUWKLUGSURYLVRWKHUHWRLV$QQH[HGKHUHZLWKDW Annexure CLQ)RUP1R$2&

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DIRECTORS AND KEY MANAGEMENT PERSONNEL

Appointment 'XULQJWKH\HDU,QGLD'HEW0DQDJHPHQW3ULYDWH/LPLWHGQRPLQDWHG0U1DYLQ6DPEWDQL ',1 DVWKHLU1RPLQHHRQWKH%RDUG RIWKH&RPSDQ\ZKRZDVDSSRLQWHGDVD1RPLQHH'LUHFWRUZLWKHIIHFWIURP

Cessation of Directors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

Reappointment of Directors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ÀYH\HDUVIURPVW-DQXDU\WRVW'HFHPEHUDQGUHPXQHUDWLRQ SD\DEOH RYHU D SHULRG RI \HDUV IURP VW -DQXDU\ WR VW 'HFHPEHU VXEMHFW WR WKH DSSURYDO RI WKH 0HPEHUV DQG WKH &HQWUDO*RYHUQPHQW

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Board Evaluation : ,QDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV$FWDQG&ODXVHRIWKH/LVWLQJ$JUHHPHQWWKH%RDUGRI'LUHFWRUVHYDOXDWHG WKHSHUIRUPDQFHRIWKH%RDUGKDYLQJUHJDUGWRYDULRXVFULWHULDVXFKDV%RDUGFRPSRVLWLRQ%RDUGSURFHVVHV%RDUGG\QDPLFVHWF7KH ,QGHSHQGHQW'LUHFWRUVDWWKHLUVHSDUDWHPHHWLQJVDOVRHYDOXDWHGWKHSHUIRUPDQFHRIWKH%RDUGDVDZKROHEDVHGRQYDULRXVFULWHULD7KH %RDUGDQGWKH,QGHSHQGHQW'LUHFWRUVZHUHRIWKHXQDQLPRXVYLHZWKDWSHUIRUPDQFHRIWKH%RDUGRI'LUHFWRUVDVDZKROHZDVVDWLVIDFWRU\ Declaration by Independent directors $OOWKH,QGHSHQGHQW'LUHFWRUVKDYHIXUQLVKHGGHFODUDWLRQVVWDWLQJWKDWWKH\PHHWWKHFULWHULDRILQGHSHQGHQFHDVODLGGRZQXQGHU6HFWLRQ RIWKH&RPSDQLHV$FWDQG&ODXVHRIWKH/LVWLQJ$JUHHPHQW Appointment / Change in Key Management Personnel : 0U06*LORWUD0DQDJLQJ'LUHFWRURIWKH&RPSDQ\ZDVDOVRGHVLJQDWHGDV.H\0DQDJHULDO3HUVRQQHOZLWKHIIHFWIURPVW2FWREHU 0U5DNHVK0HKWDZDVDSSRLQWHGDV&KLHI)LQDQFLDO2IÀFHURIWKH&RPSDQ\ZLWKHIIHFWIURPVW2FWREHU 0V$QXSDPD3DLZDVDSSRLQWHGDV9LFH3UHVLGHQW /HJDO DQG&RPSDQ\6HFUHWDU\RIWKH&RPSDQ\ZLWKHIIHFWIURPVW2FWREHU DQGUHVLJQHGZLWKHIIHFWIURPWK1RYHPEHU 0V6RQDOL6DQDVZDVDSSRLQWHGDV9LFH3UHVLGHQW /HJDO DQG&RPSDQ\6HFUHWDU\RIWKH&RPSDQ\ZLWKHIIHFWIURPQG0DUFK AUDITORS AND AUDITORS REPORT Statutory Auditors: 0V%DQVL60HKWD &R&KDUWHUHG$FFRXQWDQWVWKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\ZKRKROGRIÀFHXSWRWKHFRQFOXVLRQRIWKH HQVXLQJ$QQXDO*HQHUDO0HHWLQJLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV$FWZKRDUHHOLJLEOHIRUUHDSSRLQWPHQWDUH UHFRPPHQGHGIRUUHDSSRLQWPHQWWRDXGLWWKH$FFRXQWVRIWKH&RPSDQ\IRUWKH)LQDQFLDO

DISCLOSURES:

Audit Committee 7KH&RPSDQ\KDVDQ$XGLW&RPPLWWHHDQGGHWDLOVRILWVFRQVWLWXWLRQWHUPVRIUHIHUHQFHDUHVHWRXWLQWKH&RUSRUDWH*RYHUQDQFH5HSRUW

4 57th

Nomination & Remuneration Committee and Policy 7KH &RPSDQ\ KDV D 1RPLQDWLRQ 5HPXQHUDWLRQ &RPPLWWHH DQG KDV DOVR DGRSWHG 1RPLQDWLRQ 5HPXQHUDWLRQ &KDUWHU DQG 5HPXQHUDWLRQ&RPSHQVDWLRQ3ROLF\7KHFRQVWLWXWLRQRIWKH&RPPLWWHHDORQJZLWKWKHWHUPVRIUHIHUHQFHWRWKH&RPPLWWHHDQGDUHVHW RXWLQWKH&RUSRUDWH*RYHUQDQFH5HSRUW

Vigil Mechanism 7KH&RPSDQ\KDVHVWDEOLVKHGD9LJLO0HFKDQLVP:KLVWOH%ORZHU3ROLF\DQGWKHGLUHFWRUVDQGHPSOR\HHVRIWKH&RPSDQ\FDQDSSURDFK WKH$XGLW&RPPLWWHHZKHQWKH\VXVSHFWRUREVHUYHXQHWKLFDOSUDFWLFHVPDOSUDFWLFHVQRQFRPSOLDQFHVRIFRPSDQ\SROLFLHV

Number of Board Meetings 'XULQJWKH\HDUXQGHUUHYLHZIRXUPHHWLQJVRIWKH%RDUGRI'LUHFWRUVZHUHKHOGRQWK0D\WK$XJXVWWK1RYHPEHU DQGWK)HEUXDU\

Energy Conservation, Technology Absorption & Foreign Exchange Earnings and Outgo 7KH SDUWLFXODUV UHODWLQJ WR FRQVHUYDWLRQ RI HQHUJ\ WHFKQRORJ\ DEVRUSWLRQ IRUHLJQ H[FKDQJH HDUQLQJV DQG RXWJR DV UHTXLUHG WR EH GLVFORVHGXQGHU6HFWLRQ RIWKH&RPSDQLHV$FWDUHSURYLGHGLQAnnexure EIRUPLQJDSDUWRIWKLV5HSRUW

Extract of the Annual Return 7KHH[WUDFWRIWKH$QQXDO5HWXUQLQ)RUP1R0*7IRUPVDSDUWRIWKLVUHSRUWDVAnnexure F.

Particulars of Employees 7KHGLVFORVXUHVLQWHUPVRIWKHSURYLVLRQVRI6HFWLRQUHDGZLWKUXOHRI7KH&RPSDQLHV $SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO 3HUVRQQHO 5XOHVIRUPVDSDUWRIWKLVUHSRUWDVAnnexure G.

Sexual Harassment of Women at Work Place (Prevention, Prohibition & Redressal) Act, 2013 7KH&RPSDQ\KDVLQSODFHDIRUPDOSROLF\RQ3URKLELWLRQ3UHYHQWLRQDQG5HGUHVVDORI6H[XDO+DUDVVPHQWRI:RPHQDW:RUNSODFH 'HWDLOHGQRWHLVVHWRXWLQWKH&RUSRUDWH*RYHUQDQFHUHSRUW 7KHUHZHUHQRFDVHVÀOHGXQGHUWKLVDFWGXULQJWKLVÀQDQFLDO\HDU

GENERAL

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3ODFH0XPEDL M. S. Gilotra Jay Mehta 'DWHGWK0D\ Managing Director ([HFXWLYH9LFH&KDLUPDQ

5 ANNEXURE A MANAGEMENT DISCUSSION AND ANALYSIS REPORT Industry Structure and Development 7KH,QGLDQ&HPHQW,QGXVWU\ZLWKDQLQVWDOOHGFDSDFLW\RIDURXQGPLOOLRQWRQQHVKDVUHJLVWHUHGDFXPXODWLYHJURZWKLQSURGXFWLRQDW DURXQGSHUFHQWGXULQJWKHSHULRG$SULOWR0DUFKDVDJDLQVWDURXQGSHUFHQWGXULQJWKHFRUUHVSRQGLQJSHULRGRIODVW\HDU 7KHFXPXODWLYHJURZWKIRUWKHHLJKWFRUHLQGXVWULHVZKLFKFRPSULVHQHDUO\SHUFHQWRIWKHZHLJKWRILWHPVLQWKH,,3 FRDOFUXGHRLO QDWXUDOJDVUHÀQHU\SURGXFWVIHUWLOLVHUVVWHHOFHPHQW HOHFWULFLW\ LVSHUFHQWGXULQJWKHSHULRG$SULOWR0DUFKDVDJDLQVW SHUFHQWGXULQJWKHFRUUHVSRQGLQJSHULRGRIODVW\HDU7KHVXUSOXVFDSDFLW\DYDLODEOHLQWKHVWDWHVRI*XMDUDW 5DMDVWKDQDQGWKHORZHU H[SRUWYROXPHVGXHWRXQUHQXPHUDWLYHSULFHVDUHWKHWZRPDMRUIDFWRUVDIIHFWLQJWKHVXVWDLQHGSURÀWDELOLW\RIFHPHQWFRPSDQLHVLQWKH VWDWHRI*XMDUDW7KHHQWU\RIQHZPDQXIDFWXUHVDQGFRQVROLGDWLRQRIH[LVWLQJSOD\HUVLVUHVXOWLQJLQKLJKSULFHYRODWLOLW\DQGYDULDWLRQVLQ SULFHVDUHH[SHULHQFHGYHU\IUHTXHQWO\LQGLIIHUHQWUHJLRQVDQGGLIIHUHQWSHULRGVRIWLPH

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6 57th

Human Resource Development / Industrial Relations

Corporate Social Responsibility

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M. S. Gilotra Jay Mehta Managing Director ([HFXWLYH9LFH&KDLUPDQ 3ODFH0XPEDL 'DWHGWK0D\

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8 57th

Category No. of Directors Non-Independent Directors - Non Executive (including Chairman) 6 Independent Directors 8 Non-Independent & Executive - EVC & MD 2 Total 16 As required under Section 149(3) of the Companies Act, 2013 and Clause 49 of the Listing Agreement, Mrs. Bhagyam Ramani, a woman Director, was appointed as an Independent Director on the Board on 4.8.2014. 2.1 PROFILE OF DIRECTORS 7KHEULHISURÀOHRIHDFK'LUHFWRULVJLYHQEHORZ (i) Mr. M. N. Mehta (Chairman, Promoter Group, Non-Independent) Mr. M. N. Mehta, aged 83 years, is an Industrialist. Mr. Mehta is a Non Resident Indian. He completed his schooling in India and then joined the family business at the age of 19 in East Africa and has over six decades of entrepreneurial experience. He is the motivating force behind the Group. He is also Chairman of Gujarat Sidhee Cement Limited and subsidiary companies in India. Mr. Mehta was conferred the most prestigious “Pravasi Bharatiya Samman” Award by Hon. President of India, Shri Pranab Mukherjee on 9th January, 2015 at the 13th Pravasi Bharatiya Divas-2015, at Gandhinagar, Gujarat. The Pravasi Bharatiya Samman Award was given to Mr. Mehta for his outstanding contribution to economic and social development of thousands of people in East Africa. Initially, he joined the Board of the Company in October 1974. (ii) Mr. Jay Mehta (Executive Vice Chairman, Promoter Group, Non-Independent) Mr. Jay Mehta, aged 54 years, has graduated in Industrial Engineering from Columbia University in 1983 and has completed MBA from The International Institute of Management Development (IMD) in Lausanne, Switzerland. He has over 3 decades of experience in Cement Industry. He is also Executive Vice Chairman of Gujarat Sidhee Cement Limited and Board member of various subsidiary companies, private and public limited companies in India. Initially, he joined the Board in December 1987. (iii) Mr. Hemang D. Mehta (Non-Executive Director, Promoter Group, Non-Independent) Mr. Hemang D. Mehta, aged 60 years, has graduated with a Bachelor’s degree in Science and Management. He is an Industrialist having more than two decades of experience in cement Industry. He is also Director of private companies in India. Initially, he joined the Board in April 1993. (iv) Mr. Hemnabh R. Khatau (Non-Executive Director, Promoter Group, Non-Independent) Mr. Hemnabh R. Khatau, aged 54 years, has graduated with B. A. (Eng.) from Cambridge University and M.Sc. (UMIST). He KDVWUDFNUHFRUGRIVXFFHVVIXO%RDUGOHYHOOLQHPDQDJHPHQWLQPDQXIDFWXULQJDQGÀQDQFLDOVHUYLFHVVHFWRUV+HKDVZLGH experience in developing and implementing successful strategies for growth and improving performance. He has worked in UK for a decade in various positions in the consulting practices of Capgemini UK, KPMG and Indeco IMC. He is also Director of Gujarat Sidhee Cement Limited and on the Board of subsidiary companies He joined the Board in October, 2008. (v) Mr. Alexander Shaik (Non-Executive Director, IDM Nominee, Non-Independent) Mr. Alexander Shaik, aged 43 years, holds a Bachelor of Arts (Politics & Asian history) and Honours in Law from The University of Melbourne, Australia. He is General Counsel and a Director at ADM Capital. He has over 20 years legal and commercial H[SHULHQFHZRUNLQJRQFRUSRUDWHDQGVWUXFWXUHGÀQDQFHWUDQVDFWLRQV%HIRUHMRLQLQJ$'0&DSLWDOKHZDVHPSOR\HGLQWKH +RQJ.RQJRIÀFHRIWKH86ODZÀUP6LGOH\$XVWLQ%URZQ :RRGDQGKHKDVDOVRZRUNHGZLWKWKH7RN\RRIÀFHRI$OOHQ Overy. He brings valuable structuring, regulatory and legal experience to the ADM Capital team. He is Director of India Debt Management Private Limited. He joined the Board in February, 2006. He ceased to be the Nominee Director of India Debt Management Private Limited (IDM) on the Board w.e.f. 12.5.2015 as nomination was withdrawn by IDM. (vi) Mr. Navin Sambtani (Non-Executive Director, IDM Nominee, Non-Independent) Mr. Navin Sambtani, aged 34 years, is a B. Com. graduate and MBA (Finance) and has around 10 years of experience across investment banking and investment management. He joined the Board in November, 2014. He ceased to be the Nominee Director of India Debt Management Private Limited (IDM) on the Board w.e.f. 12.5.2015 as nomination was withdrawn by IDM.

9 (vii) Mr. Anil Kaul (Non-Executive Director, BIFR Nominee, Non-Independent) Mr. Anil Kaul, aged 65 years, is Post Graduate from the University of Allahabad, India. He has more than 3 decades of experience in the Cement Industry having worked with ACC and Ambuja Cements Ltd. He held position like Member, Board of Governors of National Council for Cement and Building Materials, Development Council for Cement Industry, Chairman, &HPHQW0DQXIDFWXUHUV·$VVRFLDWLRQ&RPPLWWHHIRU([SRUWVDQG9LFH&KDLUPDQRIWKH:HVWHUQ5HJLRQDO&RPPLWWHH&KHPLFDOV and Allied Product Export Promotion Council. He was appointed on the Board as BIFR nominee in April, 2011. (viii) Mr. S. V. S. Raghavan (Non-Executive Director, Independent) Mr. S. V. S. Raghavan, aged 85 years, is IDAS (Retd). He has been awarded Padmashri by Government of India for his excellent services. He was also given the award of the “First Citizen of India” by the President of India. He was the Chairman of BHEL, MMTC, STC, BBIL and retired in the rank of Secretary of the Ministry of Commerce, Government of India, New Delhi. He is the Member of Audit Committee and Chairman of Nomination & Remuneration Committee. Originally, he joined the Board in February 1997. (ix) Mr. M. N. Rao (Non-Executive Director, Independent) Mr. M. N. Rao, aged 78 years, is a Science Graduate and Mechanical Engineer. He has worked with IDBI and has wide experience in Cement Industry. He is the Chairman of Audit Committee and Member of Nomination & Remuneration Committee. Originally, he joined the Board in November, 1984. (x) Mr. B. P. Deshmukh (Non-Executive Director, Independent) 0U%3'HVKPXNKDJHG\HDUVKDVGRQH0&RP//%)&6+HKDVYDULHGH[SHULHQFHLQÀQDQFH+HLVRQWKH%RDUG of EMI Transmission Ltd. He joined the Board in October, 2004. (xi) Mr. K. N. Bhandari (Non-Executive Director, Independent) Mr. K. N. Bhandari, aged 73 years, has done B.A., LL.B. He is the Ex-Chairman-cum-Managing Director of The New India Assurance Company Limited and United India Insurance Company Limited. Mr. Bhandari is having rich experience in the Insurance Industry. He is also on the Board of several public listed companies. He joined the Board in October, 2005. (xii) Mr. Jayant N. Godbole (Non-Executive Director, Independent) 0U-D\DQW1*RGEROHDJHG\HDUVLVD%7HFK +RQV ,,7 0XPEDL DQGKROGV&HUWLÀFDWHRI)LQDQFLDO0DQDJHPHQWIURP Jamnalal Bajaj Institute of Management Studies. He retired as Chairman & Managing Director of IDBI. He has vast knowledge and enriched experience in Finance. He is also on the Board of several public listed companies. He is a Member of Corporate Social Responsibility (CSR) Committee of the Company. He joined the Board in April, 2008. (xiii) Mr. Bimal R. Thakkar (Non-Executive Director, Independent) Mr. Bimal R. Thakkar, aged 50 years, has done B. Com. and Diploma in Export Management and has also done a course in International Business and Marketing from Trade Development Institute of Ireland. He has over two decades of experience and is currently spearheading the ADF Group. He has been instrumental in expansion of the business and promoting the company’s products in international markets, development of Brands and creating new markets for the products in U.K. USA, Gulf, Australia, Europe etc. He is also on the Board of several public listed companies. He is a Member of Corporate Social Responsibility (CSR) Committee of the Company. He joined the Board in April, 2009. (xiv) Mr. P. K. Behl (Non-Executive Director, Independent) Mr. P. K. Behl, aged 72 years, is First Class First Graduate Double Gold Medallist from Jaipur University. He retired as Executive Director (International Operations) from Life Insurance Corporation of India controlling in Sri Lanka, Mauritius, Nepal, U.K. and Bahrain and has vast knowledge on corporate matters. Short listed as Life Member for IRDA. Advisor for Asean University of Insurance and Risk Management (Proposed). He joined the Board in May, 2014. (xv) Mrs. Bhagyam Ramani (Non-Executive Director, Independent) Mr. Bhagyam Ramani, aged 63 years, is a Post Graduate in Economic (Hons) with specialization in Industrial & Monetary Economics and retired as Director & General Manager of General Insurance Corporation of India, a Government of India 8QGHUWDNLQJ6KHKDVPRUHWKDQGHFDGHVH[SHULHQFHLQYDULRXVÀHOGVLQFOXGLQJÀQDQFHDQGDFFRXQWV6KHLVDOVRRQWKH Board of several public listed companies. She joined the Board in May, 2014.

10 57th

(xvi) Mr. M. S. Gilotra (Managing Director, Non-Independent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ÀQDQFLDO\HDUXQGHUUHYLHZ%RDUG0HHWLQJVZHUHKHOGRQWKHWK0D\WK$XJXVWWK1RYHPEHU DQGWK)HEUXDU\7KH'LUHFWRUVDUHDOVRJLYHQDQRSWLRQRIDWWHQGLQJWKHERDUGPHHWLQJWKURXJK9LGHRFRQIHUHQFLQJ7KH ODVW$QQXDO*HQHUDO0HHWLQJ $*0 ZDVKHOGRQWK6HSWHPEHU7KHGHWDLOVRIDWWHQGDQFHDW%RDUG0HHWLQJVDQGDWWKHODVW $QQXDO*HQHUDO0HHWLQJGXULQJWKH\HDUXQGHUUHYLHZDUHDVXQGHU Sr. Name of the Director Category No. of Board Attendance No. Meetings attended of last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es 11. 0U%3'HVKPXNK 1RQ([HFXWLYH,QGHSHQGHQW 3 1R 12. 0U.1%KDQGDUL 1RQ([HFXWLYH,QGHSHQGHQW 4 1R 13. 0U-D\DQW1*RGEROH 1RQ([HFXWLYH,QGHSHQGHQW 4 1R 14. 0U%LPDO7KDNNDU 1RQ([HFXWLYH,QGHSHQGHQW 3 1R 15. 0U3.%HKO 1RQ([HFXWLYH,QGHSHQGHQW 4 Yes $SSRLQWHGZHI 16. 0UV%KDJ\DP5DPDQL 1RQ([HFXWLYH,QGHSHQGHQW 3 1R $SSRLQWHGZHI 17. 0U06*LORWUD 0DQDJLQJ'LUHFWRU1RQ,QGHSHQGHQW 4 Yes Separate Meeting of Independent Directors: $VSHU6FKHGXOH,9RIWKH&RPSDQLHV$FWDQG&ODXVHRIWKH/LVWLQJ$JUHHPHQWDVHSDUDWHPHHWLQJRIWKH,QGHSHQGHQW 'LUHFWRUVRIWKH&RPSDQ\ZDVKHOGRQWK0DUFKWRUHYLHZWKHSHUIRUPDQFHRI1RQ,QGHSHQGHQW'LUHFWRUVDQGWKH%RDUGDV DZKROH7KH,QGHSHQGHQW'LUHFWRUVDOVRDVVHVVHGWKHTXDOLW\TXDQWLW\DQGWLPHOLQHVVRIÁRZRILQIRUPDWLRQQHFHVVDU\IRUWKH%RDUG WRGLVFKDUJHLWVGXWLHVEHWZHHQWKH&RPSDQ\·VPDQDJHPHQWDQGLWV%RDUG

11 Agenda: 7KHDJHQGDSDSHUVEDFNHGE\WKHIROORZLQJLQIRUPDWLRQ H[FHSWIRUWKHSULFHVHQVLWLYHLQIRUPDWLRQZKLFKLVFLUFXODWHGDWWKHPHHWLQJ DUHFLUFXODWHGWRWKH'LUHFWRUVVHYHQGD\VSULRUWRWKH%RDUG0HHWLQJ$GGLWLRQDODJHQGDLQWKHIRUPRI¶2WKHU%XVLQHVVµDUHLQFOXGHG ZLWKWKHSHUPLVVLRQRIWKH&KDLUPDQ Information to the Board of Directors 7KHIROORZLQJLQIRUPDWLRQLVSODFHGEHIRUHWKH%RDUG V $QQXDO5HYHQXH%XGJHWDQG&DSLWDO([SHQGLWXUHSODQV V 4XDUWHUO\DQGDQQXDOÀQDQFLDOUHVXOWVDQGUHVXOWVRIRSHUDWLRQV V %XGJHWDQG)LQDQFLDOSODQVRIWKH&RPSDQ\ V )RUPDWLRQ5HFRQVWLWXWLRQRI%RDUG&RPPLWWHHVDQG7HUPVRI5HIHUHQFHRI%RDUG&RPPLWWHHV V 0LQXWHVRI0HHWLQJVRI$XGLW&RPPLWWHH1RPLQDWLRQ 5HPXQHUDWLRQ&RPPLWWHH)LQDQFH /HJDO&RPPLWWHH6WDNHKROGHUV 5HODWLRQVKLS *ULHYDQFHV&RPPLWWHHDQG6XEVLGLDU\&RPSDQLHV V )DWDORUVHULRXVDFFLGHQWVRUGDQJHURXVRFFXUUHQFHVDQ\PDWHULDOHIÁXHQWRUSROOXWLRQSUREOHPV V $Q\PDWHULDORUGHIDXOWLQPHHWLQJDQ\ÀQDQFLDOREOLJDWLRQWRDQGE\WKH&RPSDQ\RUVXEVWDQWLDOQRQSD\PHQWRIJRRGVVROG VHUYLFHVUHQGHUHGLIDQ\ V $Q\LVVXHZKLFKLQFOXGHVSRVVLEOHSXEOLFRUOLDELOLW\FODLPVRIVXEVWDQWLDOQDWXUHLQFOXGLQJDQ\MXGJPHQWRURUGHULIDQ\ZKLFK PD\KDYHSDVVHGVWULFWXUHVRQWKH&RPSDQ\ V 'HYHORSPHQWVLQUHVSHFWRI+XPDQ5HVRXUFHV V &RPSOLDQFHRU1RQFRPSOLDQFHRIDQ\5HJXODWRU\6WDWXWRU\RU/LVWLQJUHTXLUHPHQWDQG,QYHVWRUVHUYLFHVVXFKDVQRQSD\PHQW RIGLYLGHQGGHOD\LQVKDUHWUDQVIHUHWF Invitees & Proceedings: $SDUW IURP WKH %RDUG PHPEHUV WKH &RPSDQ\ 6HFUHWDU\ DQG &)2 DUH LQYLWHG WR DWWHQG DOO WKH %RDUG 0HHWLQJV 2WKHU VHQLRU PDQDJHPHQWH[HFXWLYHVDUHDOVRLQYLWHGWRSURYLGHLQSXWVIRUWKHLWHPVEHLQJGLVFXVVHGE\WKH%RDUG7KH0DQDJLQJ'LUHFWRUDQG &)2PDNHVSUHVHQWDWLRQRQWKHTXDUWHUO\DQGDQQXDORSHUDWLQJDQGÀ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r. Name of the Director Other Committee Positions No. Directorships Chairman Member 1. 0U010HKWD 6 - - &KDLUPDQ1RQ([HFXWLYH1RQ,QGHSHQGHQW 2. 0U-D\0HKWD 7 1 - ([HFXWLYH9LFH&KDLUPDQ1RQ,QGHSHQGHQW 3. 0U+HPDQJ'0HKWD - - - 1RQ([HFXWLYH1RQ,QGHSHQGHQW 4. 0U+HPQDEK.KDWDX 6 - - 1RQ([HFXWLYH1RQ,QGHSHQGHQW 5. 0U$OH[DQGHU6KDLN - - - 1RQ([HFXWLYH1RQ,QGHSHQGHQW 6. 0U1DYLQ6DPEWDQL - - - ZHI 1RQ([HFXWLYH1RQ,QGHSHQGHQW 7. 0U$QLO.DXO - - - 1RQ([HFXWLYH1RQ,QGHSHQGHQW 8. 0U6965DJKDYDQ 1 1 - 1RQ([HFXWLYH1RQ,QGHSHQGHQW 9. 0U015DR 1 - - 1RQ([HFXWLYH,QGHSHQGHQW

12 57th

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14 57th

'HWDLOVRI1RPLQDWLRQ 5HPXQHUDWLRQ&RPPLWWHH0HHWLQJVDWWHQGHGE\WKH0HPEHUVDUHJLYHQEHORZ Sr. Members of Nomination and Remuneration Committee No. of meetings held No. of meetings attended No. 1. 0U6965DJKDYDQ &KDLUPDQ 3 1 2. 0U015DR 0HPEHU 3 3 3. 0U$QLO.DXO 0HPEHU 3 3 4. 0U6XVKHHO.DN 0HPEHU 3 - &HDVHGWREH0HPEHUZHI 7KHDSSURYHG0LQXWHVRIWKH1RPLQDWLRQ 5HPXQHUDWLRQ&RPPLWWHH0HHWLQJVDUHSHUXVHGDQGQRWHGE\WKH%RDUGRI'LUHFWRUVDW WKHVXEVHTXHQW%RDUG0HHWLQJV Terms of Reference of the Committee are as follows: )RUPXODWHWKHFULWHULDIRUGHWHUPLQLQJTXDOLÀFDWLRQVSRVLWLYHDWWULEXWHVDQGLQGHSHQGHQFHRIDGLUHFWRUDQGUHFRPPHQGWRWKH %RDUGDSROLF\UHODWLQJWRWKHUHPXQHUDWLRQRIWKHGLUHFWRUVNH\PDQDJHULDOSHUVRQQHODQGRWKHUHPSOR\HHV )RUPXODWHRIFULWHULDIRUHYDOXDWLRQRI,QGHSHQGHQWGLUHFWRUVDQGWKH%RDUG 'HYLVHDSROLF\RQ%RDUGGLYHUVLW\ ,GHQWLI\SHUVRQVZKRDUHTXDOLÀ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` 2QHODF3HUPHHWLQJRIWKH%RDUG&RPPLWWHH RUVXFKKLJKHUDPRXQWDVPD\EHSUHVFULEHGE\WKH&HQWUDO*RYHUQPHQWIURPWLPHWRWLPH7KH&RPSDQ\DOVRUHLPEXUVHVWKHRXW RISRFNHWH[SHQVHVLQFXUUHGE\WKH'LUHFWRUVIRUDWWHQGLQJWKHPHHWLQJ Details of Remuneration of Directors paid for the period 2014-15: Executive Directors: Name Salary & Perquisite Contribution to PF/ Total Allowances (` in lacs) Superannuation (` in lacs) (` in lacs) (` in lacs) 0U-D\00HKWD([HFXWLYH9LFH&KDLUPDQ 213.99 1LO 50.48 264.47 0U06*LORWUD0DQDJLQJ'LUHFWRU 107.43 12.44 23.65 143.52 Non Executive Directors 7KH'LUHFWRUVZHUHSDLGVLWWLQJIHHVRI` SHUPHHWLQJXSWRDQGWKHUHDIWHUWKHIHHVZDVLQFUHDVHGWR` SHU PHHWLQJIRUDWWHQGLQJWKHPHHWLQJRIWKH%RDUG$XGLW&RPPLWWHHDQG1RPLQDWLRQ 5HPXQHUDWLRQ&RPPLWWHH7KHVLWWLQJIHHVLV ` SHUPHHWLQJIRU6WDNHKROGHUV 5HODWLRQVKLS*ULHYDQFHV&RPPLWWHH&65&RPPLWWHHRUDQ\RWKHU&RPPLWWHHRIWKH %RDUGDWWHQGHGE\WKHP Sr. Name of the Directors No. of Board No. of Total Amount of No. meeting Committee Sitting fees attended meetings paid attended (`) 1. 0U010HKWD &KDLUPDQ 3 - 3 1,20,000 2. 0U+HPDQJ'0HKWD 4 - 4 1,70,000 3. 0U6965DJKDYDQ 1 2 3 1,50,000 4. 0U015DR 4 7 11 4,90,000 5. 0U%3'HVKPXNK 3 - 3 1,20,000 6. 0U.1%KDQGDUL 4 - 4 1,70,000

15 Sr. Name of the Directors No. of Board No. of Total Amount of No. meeting Committee Sitting fees attended meetings paid attended (`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ÀQDQFLDO\HDUHQGHGRULQ the past. 6. STAKEHOLDERS RELATIONSHIP & GRIEVANCES COMMITTEE 7KH&RPPLWWHHFRPSULVHVRI0U-D\00HKWD([HFXWLYH9LFH&KDLUPDQ0U06*LORWUD0DQDJLQJ'LUHFWRU0U$QLO.DXO 6SHFLDO'LUHFWRU%,)50V6RQDOL6DQDV9LFH3UHVLGHQW /HJDO &RPSDQ\6HFUHWDU\LVGHVLJQDWHGDVWKH&RPSOLDQFH2IÀFHUZKR RYHUVHDVWKHUHGUHVVDORIWKHLQYHVWRUJULHYDQFHV 'XULQJWKH\HDUWKH&RPPLWWHHKDGPHHWLQJVRQDQG'HWDLOVRIWKHPHHWLQJVDWWHQGHG E\WKHPHPEHUVDUHJLYHQEHORZ Sr. Members of Stakeholders Relationship & Grievance No. of meetings held No. of meetings attended No. Committee 1. 0U-D\0HKWD 0HPEHU 4 4 2. 0U06*LORWUD 0HPEHU 4 4 3. 0U$QLO.DXO 0HPEHU 4 4 7KH'HWDLOVRIFRPSODLQWVDWWHQGHGE\WKH&RPSDQ\·V5HJLVWUDUVGXULQJWKH\HDUZDVDVXQGHU

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16 57th

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17 b) Penalties & Strictures L 7KHUHZHUHQRLQVWDQFHVRIQRQFRPSOLDQFHRQDQ\PDWWHUUHODWHGWRWKHFDSLWDOPDUNHWVGXULQJWKHODVWWKUHH\HDUV LL 1RSHQDOWLHVRUVWULFWXUHVKDYHEHHQLPSRVHGRQWKH&RPSDQ\E\6WRFN([FKDQJHRU6(%,RUDQ\VWDWXWRU\DXWKRULW\RQ DQ\PDWWHUUHODWHGWRFDSLWDOPDUNHWV c) Related Party Transactions 7KHGHWDLOVRIDOOWUDQVDFWLRQVZLWKUHODWHGSDUWLHVDUHSODFHGEHIRUHWKH$XGLW&RPPLWWHHDQG%RDUG7KH&RPSDQ\KDVDSROLF\ RQGHDOLQJZLWKWKHUHODWHGSDUW\WUDQVDFWLRQV7KHUHODWHGSDUW\WUDQVDFWLRQVSROLF\LVDYDLODEOHRQWKHZHEVLWHRIWKH&RPSDQ\ 7KHZHEOLQNWRWKHVDPHLVKWWSVFOPHKWDJURXSFRPSROLF\UHODWHGSDUW\WUDQVDFWLRQVSROLF\ d) Policy for determining the Material Subsidiaries: 7KH &RPSDQ\ KDV D SROLF\ IRU GHWHUPLQLQJ WKH ´0DWHULDO 6XEVLGLDULHVµ LQ SODFH 7KH VDLG SROLF\ LV DYDLODEOH DW ZHEOLQNKWWSVFOPHKWDJURXSFRPSROLF\PDWHULDOVXEVLGLDU\SROLF\ e) Disclosure of Accounting Treatment:. ,QSUHSDUDWLRQRI)LQDQFLDO6WDWHPHQWVWKH&RPSDQ\KDVIROORZHGWKH$FFRXQWLQJ6WDQGDUGVDVQRWLÀHGXQGHU&RPSDQLHV $FFRXQWLQJ6WDQGDUGV 5XOHVDVDSSOLFDEOH f) Disclosure on Risk Management: 7KH&RPSDQ\KDVODLGGRZQSURFHGXUHRQWKHULVNDVVHVVPHQWDQGPLQLPL]DWLRQSURFHGXUHVZKLFKLVSHULRGLFDOO\UHYLHZHG E\WKH&RPSDQ\ g) Code of Conduct; 7KH%RDUGKDVIRUPXODWHGD0RGHO&RGHRI&RQGXFWIRUWKH%RDUG0HPEHUVDQG6HQLRU0DQDJHPHQWRIWKH&RPSDQ\7KH %RDUGPHPEHUVDQGVHQLRUPDQDJHPHQWSHUVRQQHOKDYHDIÀUPHGWKHLUFRPSOLDQFHZLWKWKHFRGHDQGDGHFODUDWLRQVLJQHG E\WKHPZDVSODFHGEHIRUHWKH%RDUG$GHFODUDWLRQE\WKH0DQDJLQJ'LUHFWRUWRWKHHIIHFWWKDWWKH%RDUGRI'LUHFWRUVDQGWKH VHQLRUPDQDJHPHQWKDVFRPSOLHGZLWKWKH&RGHRIFRQGXFWIRUPVSDUWRIWKLVUHSRUW K &(2&)2&HUWLÀFDWLRQ $&(2&)2FHUWLÀFDWHRQWKH$XGLWHG8QDXGLWHG)LQDQFLDO6WDWHPHQWVRIWKH&RPSDQ\IRUHDFKTXDUWHUDQGDQQXDOÀQDQFLDO UHVXOWVZHUHSODFHGEHIRUHWKH%RDUG i) Policy on Prohibition, Prevention and Redressal of Sexual Harassment of Women at Workplace 7KH&RPSDQ\KDVLQSODFHDIRUPDOSROLF\RQProhibition, Prevention and Redressal of Sexual Harassment of Women at Workplace WKH3ROLF\ DQGPDWWHUVFRQQHFWHGWKHUHZLWKRULQFLGHQWDOWKHUHWRFRYHULQJDOOWKHDVSHFWVDVFRQWDLQHGXQGHU WKH ´7KH 6H[XDO +DUDVVPHQW RI :RPHQ DW :RUNSODFH 3URKLELWLRQ 3UHYHQWLRQ DQG 5HGUHVVDO $FW µ QRWLÀHG E\ WKH *RYHUQPHQWRI,QGLDYLGH*D]HWWH1RWLÀFDWLRQGDWHGUG$SULO'HWDLOHGPHFKDQLVPKDVEHHQODLGGRZQLQWKHSROLF\IRU UHSRUWLQJRIFDVHVRIVH[XDOKDUDVVPHQWWR‘Internal Complaints Committee’FRPSULVLQJVHQLRURIÀFLDORIWKH&RPSDQ\DQGDQ LQGHSHQGHQWPHPEHUIURP1*2FRQVWLWXWHGXQGHUWKLVSROLF\IRUFRQGXFWLQJRILQTXLU\LQWRVXFKFRPSODLQWVUHFRPPHQGLQJ VXLWDEOHDFWLRQGXULQJWKHSHQGHQF\DQGRUFRPSOHWLRQRIWKHLQTXLU\LQFOXGLQJVWULFWGLVFLSOLQDU\DFWLRQLQFOXGLQJWHUPLQDWLRQ RIWKHVHUYLFHV 11. MEANS OF COMMUNICATION: 7KHTXDUWHUO\KDOI\HDUO\DQG\HDUO\ÀQDQFLDOUHVXOWVRIWKH&RPSDQ\DUHVHQWWRWKH6WRFN([FKDQJHVLPPHGLDWHO\DIWHUWKHVHDUH DSSURYHGE\WKH%RDUG7KHVHUHVXOWVDUHSXEOLVKHGLQ-DLKLQG5DMNRW(GLWLRQLQ*XMDUDWDQGLQ)LQDQFLDO([SUHVV$KPHGDEDG 0XPEDL7KH&RPSDQ\KDVQRWVHQWWKHKDOI\HDUO\UHSRUWWRHDFKKRXVHKROGRIVKDUHKROGHUV7KH&RPSDQ\KDVQRWPDGHDQ\ SUHVHQWDWLRQWRWKH,QVWLWXWLRQDO,QYHVWRUVRU$QDO\VWV7KHVHUHVXOWVDUHVLPXOWDQHRXVO\SRVWHGRQWKHZHEVLWHRIWKH&RPSDQ\DW KWWSVFOPHKWDJURXSFRPLQYHVWRUVÀQDQFLDOVDQG(OHFWURQLF'DWD,QIRUPDWLRQ)LOLQJDQG5HWULHYDOZHEVLWHPDLQWDLQHGE\6(%, 12. GENERAL SHAREHOLDERS INFORMATION: i) Audited results for the current Financial Year ended WK0D\ 31st March 2015. ii) Board Meeting for consideration of unaudited results 4XDUWHU, HQGHG :LWKLQ WKH SHULRG DV VWLSXODWHG 4XDUWHU,, HQGLQJ XQGHUWKH/LVWLQJ$JUHHPHQWZLWK 4XDUWHU,,, HQGLQJ WKH6WRFN([FKDQJHIURPWLPHWR WLPH 4XDUWHU,9 HQGLQJ iii) $QQXDO*HQHUDO0HHWLQJLVSURSRVHGWREHKHOG :HGQHVGD\WKHUG6HSWHPEHU iv) 'DWHRI%RRNFORVXUH 0RQGD\WKHWK6HSWHPEHUWR:HGQHVGD\WKHUG6HSWHPEHU %RWKGD\VLQFOXVLYH

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v) Listing of Equity Shares on Stock Exchange at: S. Name(s) of the Stock Exchange Stock Code No. a) 7KH%RPED\6WRFN([FKDQJH/LPLWHG %6( 3KLUR]H-HHMHHEKR\7RZHUV 502175 'DODO6WUHHW0XPEDL 'HPDW,6,11R,1($ vi) Listing Fees: 7KH&RPSDQ\KDVSDLG/LVWLQJ)HHVIRUWKHÀQDQFLDO\HDUWRWKH%RPED\6WRFN([FKDQJH/WG %6( ZKHUHWKH &RPSDQ\·VVKDUHVDUHOLVWHG vii) Registrar & Share Transfer Agent: 7KH&RPSDQ\KDVDSSRLQWHG0V/LQN,QWLPH,QGLD3YW/WGDV5HJLVWUDUDQG7UDQVIHU$JHQWIRUWUDQVIHURIVHFXULWLHVKHOGLQ SK\VLFDOIRUP7KH5HJLVWUDUDOVRDFFHSWVDQGDWWHQGVWRFRPSODLQWVRIVHFXULW\KROGHUV7KHLUFRPSODLQWVDUHJLYHQWRSSULRULW\ E\WKHPDQGDUHUHSOLHGSURPSWO\ 1RFRPSODLQWUHFHLYHGIURPWKH6KDUHKROGHUV,QYHVWRUVDVRQLVSHQGLQJUHODWLQJWRWUDQVIHURIVHFXULW\ viii) Share Transfer System 7KHVKDUHWUDQVIHULQSK\VLFDOIRUPDUHSURFHVVHGE\WKH5HJLVWUDUVDQG7UDQVIHU$JHQWVDQGWKHVKDUHFHUWLÀFDWHVUHWXUQHG ZLWKLQDSHULRGRIWRGD\VIURPWKHGDWHRIUHFHLSWSURYLGHGWKDWWKHGRFXPHQWVDUHIRXQGWREHLQRUGHU 7KHVKDUHVKHOGLQGHPDWIRUPDUHWUDQVIHUUHGHOHFWURQLFDOO\WKURXJKWKHGHSRVLWRULHVLH&'6/ 16'/ ix) Distribution of Shareholding as on 31.3.2015 :

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3ODFH0XPEDL M. S. Gilotra Jay Mehta 'DWHGWK0D\ Managing Director ([HFXWLYH9LFH&KDLUPDQ

24 57th

ANNEXURE D FORM NO. MR-3 SECRETARIAL AUDIT REPORT >3XUVXDQWWR6HFWLRQ RIWKH&RPSDQLHV$FWDQG5XOHRIWKH&RPSDQLHV $SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO Personnel) Rules, 2014]

FOR THE PERIOD 01-04-2014 TO 31-03-2015 7KH0HPEHUV SAURASHTRA CEMENT LIMITED 1HDU5DLOZD\6WDWLRQ 5DQDYDY *XMDUDW :HKDYHFRQGXFWHGWKH6HFUHWDULDO$XGLWRIWKHFRPSOLDQFHRIDSSOLFDEOHVWDWXWRU\SURYLVLRQVDQGWKHDGKHUHQFHWRJRRGFRUSRUDWH SUDFWLFHV E\ SAURASHTRA CEMENT LIMITED (CIN: L26941GJ1956PLC000840) KHUHLQDIWHU FDOOHG ´WKH &RPSDQ\µ 6HFUHWDULDO $XGLWZDVFRQGXFWHGLQDPDQQHUWKDWSURYLGHGXVDUHDVRQDEOHEDVLVIRUHYDOXDWLQJWKHFRUSRUDWHFRQGXFWVVWDWXWRU\FRPSOLDQFHVDQG H[SUHVVLQJRXURSLQLRQWKHUHRQ

Management’s Responsibility for Secretarial Compliances 7KH&RPSDQ\·VPDQDJHPHQWLVUHVSRQVLEOHIRUSUHSDUDWLRQDQGPDLQWHQDQFHRIVHFUHWDULDOUHFRUGVDQGIRUGHYLVLQJV\VWHPVWRHQVXUH FRPSOLDQFHVZLWKWKHSURYLVLRQVRIDSSOLFDEOHODZVDQGUHJXODWLRQV

Auditors Responsibility 2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHFUHWDULDOUHFRUGVVWDQGDUGDQGSURFHGXUHVIROORZHGE\WKH&RPSDQ\ZLWKUHVSHFWWR VHFUHWDULDOFRPSOLDQFHV :HEHOLHYHWKDWDXGLWHYLGHQFHDQGLQIRUPDWLRQREWDLQHGIURPWKH&RPSDQ\·VPDQDJHPHQWLVDGHTXDWHDQGDSSURSULDWHIRUWRSURYLGHD EDVLVIRURXURSLQLRQ %DVHGRQRXUYHULÀFDWLRQRIWKHSAURASHTRA CEMENT LIMITED ERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQVÀOHGDQGRWKHUUHFRUGV PDLQWDLQHGE\WKH&RPSDQ\DQGDOVRWKHLQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRIÀFHUVDJHQWVDQGDXWKRUL]HGUHSUHVHQWDWLYHVGXULQJ WKHFRQGXFWRI6HFUHWDULDO$XGLW:HKHUHE\UHSRUWWKDWLQRXURSLQLRQWKH&RPSDQ\KDVGXULQJWKHDXGLWSHULRG1st April, 2014 to 31st March, 2015 ´WKHUHSRUWLQJSHULRGµ FRPSOLHGZLWKWKHVWDWXWRU\SURYLVLRQVOLVWHGKHUHXQGHUDQGDOVRWKDWWKH&RPSDQ\KDVSURSHU %RDUGSURFHVVHVDQGFRPSOLDQFHPHFKDQLVPLQSODFHWRWKHH[WHQWLQWKHPDQQHUDQGVXEMHFWWRWKHUHSRUWLQJPDGHKHUHLQDIWHU :HKDYHH[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQVÀOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\IRUWKHSHULRG 1st April, 2014 to 31st March, 2015DFFRUGLQJWRWKHSURYLVLRQVRI L 7KH&RPSDQLHV$FW ´WKH$FWµ DQGWKHUXOHVPDGHWKHUHXQGHU LL 7KH6HFXULWLHV&RQWUDFWV 5HJXODWLRQ $FW ¶6&5$·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ÀFDWHVREWDLQHGE\WKH&RPSDQ\IURPWKH0DQDJHPHQW&RPPLWWHH)XQFWLRQKHDGVEDVHGRQWKHUHSRUW UHFHLYHGIURP'HVLJQDWHG0DQDJHUVDWYDULRXVZRUNVRIÀFHVDQGVDOHVHVWDEOLVKPHQWVWKHUHKDVEHHQGXHFRPSOLDQFHRIDOOODZV

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We further report that: 7KH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\LVGXO\FRQVWLWXWHGZLWKSURSHUEDODQFHRI([HFXWLYH'LUHFWRUV1RQ([HFXWLYH'LUHFWRUVDQG ,QGHSHQGHQW'LUHFWRUV7KHFKDQJHVLQWKHFRPSRVLWLRQRIWKH%RDUGRI'LUHFWRUVWKDWWRRNSODFHGXULQJWKHSHULRGXQGHUUHYLHZ ZHUHFDUULHGRXWLQFRPSOLDQFHZLWKWKHSURYLVLRQVRIWKH$FW $GHTXDWHQRWLFHLVJLYHQWRDOOGLUHFWRUVWRVFKHGXOHWKH%RDUG0HHWLQJVDJHQGDDQGGHWDLOHGQRWHVRQDJHQGDZHUHVHQWDWOHDVW VHYHQGD\VLQDGYDQFHDQGDV\VWHPH[LVWVIRUVHHNLQJDQGREWDLQLQJIXUWKHULQIRUPDWLRQDQGFODULÀFDWLRQVRQWKHDJHQGDLWHPV EHIRUHWKHPHHWLQJDQGIRUPHDQLQJIXOSDUWLFLSDWLRQDWWKHPHHWLQJ 7KHFRQVHQVXVRIWKHPHPEHUVRIWKH%RDUGRI'LUHFWRUVLVREWDLQHGEHIRUHDFFRUGLQJFRQVHQWIRUWKHSDVVLQJRIUHVROXWLRQV We further report thatWKHUHDUHDGHTXDWHV\VWHPVDQGSURFHVVHVLQWKHFRPSDQ\FRPPHQVXUDWHZLWKVL]HDQGRSHUDWLRQVRIWKH &RPSDQ\WRPRQLWRUDQGHQVXUHFRPSOLDQFHZLWKDSSOLFDEOHODZVUXOHVUHJXODWLRQDQGJXLGHOLQHV

3ODFH0XPEDL Mrs. Ragini Chokshi 'DWHWK0D\ For Ragini Chokshi & Co. (Partner) &312 )&612

26 57th

ANNEXURE E

',6&/2685( 2) 3$57,&8/$56 :,7+ 5(63(&7 72 &216(59$7,21 2) (1(5*< 7(&+12/2*< $%62537,21 $1' )25(,*1 (;&+$1*(($51,1*6$1'287*2$65(48,5('81'(56(&7,21 2)7+(&203$1,(6$&7$1')250,1*3$57 2)7+(',5(&7256·5(3257)257+(<($5(1'('

A. CONSERVATION OF ENERGY:

a. ENERGY CONSERVATION MEASURES TAKEN 9DULDEOH)UHTXHQF\'ULYH 9)' LQVWDOOHGDW.:&(0(170,//YHQWIDQ 5HSODFHPHQWRIROGPRWRUVE\KLJKHIÀFLHQF\PRWRUV 8VHRIHQHUJ\HIÀFLHQWODPSVE\UHSODFLQJ6WUHHW/LJKWVZLWK/('ÀWWLQJV 5HSODFHPHQWRI3QHXPDWLFDFWXDWRUVZLWKHOHFWULFDOLQ*&7ZDWHUVSUD\ ,QVWDOODWLRQRI$XWRORDGHULQSDFNHUQR 5HSODFHPHQWRI&0PDLQJHDUER[E\KLJKHUSRZHUDQGVHUYLFHIDFWRUUDWLQJ

b. ADDITIONAL INVESTMENT AND PROPOSALS, IF ANY, BEING IMPLEMENTED FOR REDUCTION OF CONSUMPTION OF ENERGY. 5HHQJLQHHULQJRIFRROHUIDQQRIRULPSURYHPHQWLQHIÀFLHQF\ 6\VWHPDWLF5HSODFHPHQWRIROGPRWRUVE\KLJKHIÀFLHQF\PRWRUV ,QGXFWLRQRIPRUHDXWRORDGHUDW3DFNLQJ3ODQW 5HSODFHPHQWRI5DZ0LOODQGFRDOPLOOVHSDUDWRUZLWKKLJKHIÀFLHQF\

c. IMPACT OF MEASURES AT (a) AND (b) ABOVE FOR REDUCTION OF ENERGY CONSUMPTION AND SUBSEQUENT IMPACT ON THE COST OF PRODUCTION OF GOODS. 5HGXFWLRQLQIXHOFRQVXPSWLRQ 5HGXFWLRQLQSRZHUFRQVXPSWLRQ

d. TOTAL ENERGY CONSUMPTION AND ENERGY CONSUMPTION PER UNIT OF PRODUCTION 'HWDLOVDUHJLYHQLQIRUP$RIWKHDQQH[XUH

B. TECHNOLOGY ABSORPTION. (IIRUWVPDGHLQ7HFKQRORJ\DUHJLYHQLQSUHVFULEHG)RUP%DQQH[HG

C. FOREIGN EXCHANGE EARNINGS AND OUTGO D $FWLYLWLHVUHODWLQJWRH[SRUWVLQLWLDWLYHVWDNHQWRLQFUHDVHH[SRUWVGHYHORSPHQWRIQHZH[SRUWPDUNHWIRUSURGXFWVDQGVHUYLFHV DQGH[SRUWSODQV 7KH&RPSDQ\LVSXUVXLQJYDULRXVDOWHUQDWLYHVWRGHYHORSQHZPDUNHWV7KH&RPSDQ\LVH[SORULQJSRVVLELOLWLHVIRUH[SRUWLQJLWV SURGXFWVLQ(DVW$IULFDQFRXQWULHVDQGUHYLVLW0LGGOH(DVWLIIHDVLEOH

b. Total Foreign Exchange used and earned. Current Year 3UHYLRXV

27 FORM A 6HH5XOH )RUPIRUGLVFORVXUHRISDUWLFXODUZLWKUHVSHFWWRFRQVHUYDWLRQRIHQJHU\ CURRENT YEAR 35(9,286<($5 2014-15 2013-14 A) POWER & FUEL CONSUMPTION 1 Electricity a) Purchased Units (Kwh) LAKHS 19.83 18.44 7RWDO$PRXQW ` ,QODNKV LQFO)L[HGFKDUJHV 337.89 340.18 9DULDEOH&RVW3HU8QLW `) 6.94 6.62

b) Own Generation 1 Through Diesel generator *URVV8QLWV .ZK /DNKV 1.39 1.08 8QLWV/WURI)XUQDFH2LO 3.89 3.82 9DULDEOH7RWDO&RVW3HU8QLWLQ` 14.80 12.57

2 Through Thermal Power Plant 1HW8QLWV .ZK ODNKV 1384.06 1339.62 7RWDO$PRXQW ` LQODNKV 5466.64 5289.35 5DWH8QLW `) (under trial run) 3.95 3.95

3 Coal and Other Fuels 4XDQWLW\ 0LOOLRQ.&DO 1030710 1028490 Total cost (` LQODNKV 10041.28 10320.25 $YHUDJHUDWHPLOOLRQ.FDO `) 974.21 1003.44

4 Furnace Oil 4XDQWLW\ .OWUV 168 138 7RWDODPRXQW ` LQODNKV 63.25 60.50 ` per litre 37.57 43.88

B) CONSUMPTION PER UNIT OF PRODUCTION 1 Electrity .ZK7RI&HPHQW 95.64 97.91

2 Coal /Lignite 8VDJH,Q 12.01 12.18

28 57th

FORM - B

A. RESEARCH & DEVELOPMENT D 6SHFLÀFDUHDVLQZKLFKWKHFRPSDQ\FDUULHGRXW5 ' &KDQJHGWKHJULQGLQJPHGLDSDWWHUQLQDOOFHPHQWPLOOVIRUUHGXFWLRQRISRZHU E %HQHÀWVGHULYHGDVDUHVXOWRIDERYH5 ' 5HOLDELOLW\DQG3RZHUVDYLQJ c. Future plan of action 8VHRIDOWHUQDWLYHZDVWHGHULYHGIXHOVIRU3RZHUJHQHUDWLRQDQG.LOQV ,PSURYHPHQWLQHIÀFLHQF\RIIDQVE\UHHQJLQHHULQJ

B. DETAILS OF TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION. 5HSODFHPHQWRIROGPRWRUVE\KLJKHIÀFLHQF\PRWRUV 8VHRIHQHUJ\HIÀFLHQWODPSVE\UHSODFLQJ7XEHOLJKWVZLWK/('ÀWWLQJV ,QVWDOODWLRQRI9)'·VIRUSRZHUVDYLQJV

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C. FUTURE PLANT UPGRADATION 8SJUDGDWLRQRISODQW3/&,2·VZLWKODWHVWLQSXWRXWSXWV\VWHPFRPSDWLEOHZLWKH[LVWLQJFRQWUROOHU $XWRPDWLRQRI&HPHQW0LOOQR IRUTXDOLW\DQGHQHUJ\HIÀFLHQF\ &OLQNHUVWRUDJHDQGKDQGOLQJV\VWHP 5HSODFHPHQWRIH[LVWLQJPHFKDQLFDOSDFNHUZLWKWKHHOHFWURQLFSDFNHU 5HSODFHPHQWRIWDEOHIHHGHUVZLWKZHLJKIHHGHUVLQFRDOPLOODQG 5HSODFHPHQWRIG\QDPLFVHSDUDWRUVZLWKKLJKHIÀFLHQF\

29 ANNEXURE F FORM NO. MGT 9 EXTRACT OF ANNUAL RETURN $VRQÀQDQFLDO\HDUHQGHGRQ Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, 2014.

I. REGISTRATION & OTHER DETAILS: 1. &,1 /*-3/& 2. Registration Date WK-XQH 3. 1DPHRIWKH&RPSDQ\ 6$85$6+75$&(0(17/,0,7(' 4. &DWHJRU\6XEFDWHJRU\RIWKH&RPSDQ\ &RPSDQ\OLPLWHGE\VKDUHV,QGLDQ1RQ*RYHUQPHQW&RPSDQ\ 5. $GGUHVVRIWKH5HJLVWHUHGRIÀFH FRQWDFWGHWDLOV 1HDU5DLOZD\6WDWLRQ5DQDYDY *XMDUDW 7HO1R (0DLOVFOLQYHVWRUTXHU\#PHKWDJURXSFRP :HEVLWHZZZVDXUDVKWUDFHPHQWOLPLWHGFRP 6. :KHWKHUOLVWHGFRPSDQ\ Yes 7. 1DPH$GGUHVV FRQWDFWGHWDLOVRIWKH5HJLVWUDU /LQN,QWLPH,QGLD3YW/WG 7UDQVIHU$JHQWLIDQ\ &3DQQDODO6LON0LOOV&RPSRXQG /%60DUJ%KDQGXS : 0XPEDL 7HO1R II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY $OOWKHEXVLQHVVDFWLYLWLHVFRQWULEXWLQJRUPRUHRIWKHWRWDOWXUQRYHU RIWKHFRPSDQ\VKDOOEHVWDWHG S. Name and Description of main products / services NIC Code of the Product/ % to total turnover of the No. service company 1 &OLQNHU &HPHQW 3241 III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES - Sr. Name and Address of the Company CIN/GLN Holding/ % of Shares Applicable No Subsidiary/ held Section Associate 1 3UDQD\+ROGLQJV/LPLWHG 80+3/& 6XEVLGLDU\ 100 2 (87) 2 3UDFKLW+ROGLQJV/LPLWHG 80+3/& 6XEVLGLDU\ 100 2 (87) 3 5LD+ROGLQJV/LPLWHG 80+3/& 6XEVLGLDU\ 100 2 (87) 4 5HHWL,QYHVWPHQWV3ULYDWH/LPLWHG 80+3/& 6XEVLGLDU\ 100 2 (87) 5 $JULPD&RQVXOWDQWV,QWHUQDWLRQDO/LPLWHG 80+3/& 6XEVLGLDU\ 100 2 (87) IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) (A) Category-wise Share Holding Category of Shareholders No. of Shares held at the beginning of the No. of Shares held at the end of the year % Change year i.e 01.04.2014 i.e. 31.03.2015 during Demat Physical Total % of Total Demat Physical Total % of Total the year Shares Shares A. Promoter s (1) Indian D ,QGLYLGXDO+8) 24650 190928 215578 0.42 132310 193808 326118 0.64 0.22 E &HQWUDO*RYW 0 0 0 0 0 0 0 0 F 6WDWH*RYW V 0 0 0 0 0 0 0 0 d) Bodies Corp. 149117 0 149117 0.29 11893934 0 11893934 23.24 22.95 H %DQNV), 0 0 0 0 0 0 0 0 I $Q\RWKHU 0 0 0 0 0 0 0 0 Sub - Total (A)(1) 173767 190928 364695 0.71 12026244 193808 12220052 23.88 23.17

30 57th

Category of Shareholders No. of Shares held at the beginning of the No. of Shares held at the end of the year % Change year i.e 01.04.2014 i.e. 31.03.2015 during Demat Physical Total % of Total Demat Physical Total % of Total the year Shares Shares (2) Foreign D 15,V,QGLYLGXDOV 0 0 0 0 0 0 0 0 0 E 2WKHU,QGLYLGXDOV 0 0 0 0 0 0 0 0 0 c) Bodies Corp. 32610166 0 32610166 63.70 20865349 0 20865349 40.76 -22.94 G %DQNV), 0 0 0 0 0 0 0 0 0 H $Q\RWKHU 0 0 0 0 0 0 0 0 0 Sub - Total (A)(2) 32610166 0 32610166 63.70 20865349 0 20865349 40.76 -22.94 Total shareholding of Promoter 32783933 190928 32974861 64.41 32891593 193808 33085401 64.64 0.23 (A)= (A)(1) + (A)(2) B. Public Shareholding 1. Institutions a) Mutual Funds 0 1250 1250 0 0 1250 1250 0 0 E %DQNV), 1005344 850 1006194 1.97 822824 850 823674 1.61 -0.36 F &HQWUDO*RYW 0 0 0 0 0 0 0 0 0 G 6WDWH*RYW V 0 0 0 0 0 0 0 0 0 H 9HQWXUH&DSLWDO)XQGV 0 0 0 0 0 0 0 0 0 I ,QVXUDQFHFRPSDQLHV 669194 410 669604 1.31 190927 410 191337 0.38 -0.93 J ),,V 0 1810 1810 0 0 1810 1810 0 0 K )RUHLJQ9HQWXUH&DSLWDO)XQGV 0 0 0 0 0 0 0 0 0 L 2WKHUV VSHFLI\ 0 0 0 0 0 0 0 0 0 Sub-total (B)(1):- 1674538 4320 1678858 3.28 1013751 4320 1018071 1.99 -1.29 2. Non-Institutions a) Bodies Corp. L ,QGLDQ 1572911 443006 2015917 3.94 2005351 443006 2448357 4.78 0.84 LL 2YHUVHDV 0 0 0 0 0 0 0 0 b) Individuals L ,QGLYLGXDOVKDUHKROGHUV 1622150 369052 1991202 3.89 2540133 360182 2900315 5.66 1.77 KROGLQJQRPLQDOVKDUHFDSLWDO upto ` ODNK LL ,QGLYLGXDOVKDUHKROGHUV 1871299 213384 2084683 4.07 2719240 213384 2932624 5.73 1.66 KROGLQJQRPLQDOVKDUHFDSLWDO LQH[FHVVRI` ODNK c) Others (specify) 1RQ5HVLGHQW,QGLDQV 329328 32150 361478 0.71 82375 31850 114225 0.22 -0.49 2YHUVHDV&RUSRUDWH%RGLHV 109100 0 109100 0.21 109100 0 109100 0.21 0 )RUHLJQ&RPSDQLHV 9920000 0 9920000 19.38 8147884 0 8147884 15.92 -3.46 &OHDULQJ0HPEHUV 54966 0 54966 0.11 435088 0 435088 0.85 0.74 Trusts 0 0 0 0 0 0 0 0 )RUHLJQ,QYHVWRU 0 0 0 0 0 0 0 0 Sub-total (B)(2):- 15479754 1057592 16537346 32.31 16039171 1048422 17087593 33.37 1.06 Total Public Shareholding 17154292 1061912 18216204 35.59 17052922 1052742 18105664 35.36 -0.23 (B)=(B)(1)+(B)(2) C. Shares held by Custodian 0 0 0 0 0 0 0 0 0 for GDRs & ADRs Grand Total (A+B+C) 49938225 1252840 51191065 100.00 49944515 1246550 51191065 100.00 0

31 B) Shareholding of Promoter-

Sr. Shareholder’s Name Shareholding at the beginning of Shareholding at the end of the year % change in No the year shareholding during the No. of % of total % of Shares No. of % of total % of Shares year Shares Shares Pledged / Shares Shares Pledged / of the encumbered of the encumbered company to total company to total shares shares 1. -DJPL,QYHVWPHQWV/LPLWHG 5175000 10.11 10.11 5175000 10.11 10.11 0 2 7KH0HKWD,QWHUQDWLRQDO/LPLWHG 3750 0.01 0.01 3750 0.01 0.01 0 3 $EHU,QYHVWPHQWV/LPLWHG 2544817 4.97 4.97 0 0 0 -4.97 4 &ODUHQFH,QYHVWPHQWV/LPLWHG 12886599 25.17 25.17 3686599 7.20 7.20 -17.97 5 7UDQV$VLD,QYHVWPHQWV 7UDGLQJ/LPLWHG 8000000 15.63 15.63 8000000 15.63 15.63 0 6 6DPSVRQ/LPLWHG 4000000 7.81 7.81 4000000 7.81 7.81 0 7 3DOORU7UDGLQJ&R3YW/WG 25136 0.05 0.05 25136 0.05 0.05 0 8 6DPHWD([SRUW3YW/WG 123531 0.24 0.24 123531 0.24 0.24 0 9 9LOOD7UDGLQJ&R3YW/WG 350 0.00 0.00 11745167 22.95 22.95 22.95 10 *XMDUDW6LGKHH&HPHQW/LPLWHG 100 0.00 0 100 0.00 0 0 11 0DKHQGUDEKDL10HKWD 28480 0.06 0 28480 0.06 0 0 12 'KLUHQGUD10HKWD 5000 0.01 0 5000 0.01 0 0 13 +HPDQJ'0HKWD 51534 0.10 0 51534 0.10 0 0 14 -D\EKDL00HKWD 14630 0.03 0 14630 0.03 0 0 15 6XQD\DQDEHQ00HKWD 6000 0.01 0 6000 0.01 0 0 16 0HGKDYLQL'0HKWD 46184 0.09 0 46184 0.09 0 0 17 8PDGH'0HKWD 15400 0.03 0 15400 0.03 0 0 18 .DPDODNVKL'0HKWD 18400 0.03 0 18400 0.03 0 0 19 -XKL&KDZOD0HKWD 24650 0.05 0 24650 0.05 0 0 20 Radha Mahendra Mehta 5100 0.01 0 5100 0.01 0 0 21 $QLVKD+HPDQJ0HKWD 100 0.00 0 100 0.00 0 0 22 'HYLND+HPDQJ0HKWD 100 0.00 0 100 0.00 0 0 23 1LUPDOD5DQYLU.KDWDX 0 0 0 7660 0.01 0 0.01 24 6XGKLU%DEXODO6KDK 0 0 0 100000 0.20 0 0.20 25 $WXDO&.KDQQD 0 0 0 2880 0.01 0 0.01 TOTAL 32974861 64.41 64.00 33085401 64.64 64.00 0.23

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C) Change in Promoters’ Shareholding (please specify, if there is no change) Sr. Name of the Shareholder Date Particulars Shareholding at the Cumulative No beginning of the year Shareholding during the year No. of % of total No. of % of total shares shares shares shares of the of the company company 1 $EHU,QYHVWPHQWV/LPLWHG 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU 2544817 4.97 2544817 4.97 3URPRWHU,QWHUVH7UDQVIHU -2544817 -4.97 Shares held at the end of the year. 0 0 2 &ODUHQFH,QYHVWPHQWV/LPLWHG 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU 12886599 25.17 12886599 25.17 3URPRWHU,QWHUVH7UDQVIHU - 4400000 -8.60 3URPRWHU,QWHUVH7UDQVIHU -4800000 -9.37 Shares held at the end of the year. 3686599 7.20 3 9LOOD7UDGLQJ&R3YW/WG 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU 350 0.00 350 0.00 3URPRWHU,QWHUVH7UDQVIHU 6944817 13.57 3URPRWHU,QWHUVH7UDQVIHU 4800000 9.38 Shares held at the end of the year. 11745167 22.95 4 1LUPDOD5DQYLU.KDWDX 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU Shares held at the end of the year. 7660 0.01 5 6XGKLU%DEXODO6KDK 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU Shares held at the end of the year. 100000 0.20 6 $WXO&.KDQQD 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU Shares held at the end of the year. 2880 0.01 D) Shareholding Pattern of top ten Shareholders: (Other than Directors, Promoters and Holders of GDRs and ADRs):

Sr. For Each of the Top 10 Shareholders Shareholding at the Cumulative No beginning of the year Shareholding during the 01/04/2014. Year 31/03/2015 No. of % of total No. of % of total shares shares shares shares of the of the company company 1 0DXULWLXV'HEW0DQDJHPHQW/LPLWHG 7450000 14.55 5677884 11.09 2. 7RUR0DQDJHUV/LPLWHG 2470000 4.83 2470000 4.83 3. 3UHPML.5XSDUHO 577730 1.13 577730 1.13 4. ,)&,/LPLWHG 455257 0.89 0 0 5. 'HQD%DQN,QYHVWPHQW 420335 0.82 420335 0.82 6. ,1')LQDQFH 6HFXULWLHV7UXVW3YW/WG 392341 0.77 168732 0.33 7.

33 E) Shareholding of Directors and Key Managerial Personnel: Sr. Name of the Shareholder Date Particulars Shareholding at the Cumulative No beginning of the year Shareholding during the year No. of % of total No. of % of total shares shares shares shares of the of the company company 1 0DKHQGUD10HKWD &KDLUPDQ 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU 28480 0.06 28480 0.06 31-Mar-2015 $WWKHHQGRIWKH\HDU 28480 0.06 2 -D\00HKWD ([HFXWLYH9LFH 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU 14630 0.03 14630 0.03 &KDLUPDQ 31-Mar-2015 $WWKHHQGRIWKH\HDU 14630 0.03 3 +HPDQJ'0HKWD 'LUHFWRU 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU 51534 0.10 51534 0.10 31-Mar-2015 $WWKHHQGRIWKH\HDU 51534 0.10 Key Managerial Personnel 1 0U06*LORWUD 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU 0 0 0 0 (Managing Director) 31-Mar-2015 $WWKHHQGRIWKH\HDU 0 0 2 0U5DNHVK0HKWD &KLHI 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU 0 0 0 0 )LQDQFLDO2IÀFHU 31-Mar-2015 $WWKHHQGRIWKH\HDU 0 0 3 0UV6RQDOL6DQDV 1-Apr-2014 $WWKHEHJLQQLQJRIWKH\HDU 0 0 0 0 9LFH3UHVLGHQW /HJDO 31-Mar-2015 $WWKHHQGRIWKH\HDU 0 0 &R6HFUHWDU\ V) INDEBTEDNESS - ,QGHEWHGQHVVRIWKH&RPSDQ\LQFOXGLQJLQWHUHVWRXWVWDQGLQJDFFUXHGEXWQRWGXHIRUSD\PHQW

(` ,QODFV Secured Unsecured Deposits Total Loans Loans Indebtedness excluding deposits ,QGHEWHGQHVVDWWKHEHJLQQLQJRIWKHÀQDQFLDO\HDU L 3ULQFLSDO$PRXQW 11866.32 0 0 11866.32 LL ,QWHUHVWGXHEXWQRWSDLG 0 0 0 0 LLL ,QWHUHVWDFFUXHGEXWQRWGXH 46.37 0 0 46.37 Total (i+ii+iii) 11912.69 0 0 11912.69 &KDQJHLQ,QGHEWHGQHVVGXULQJWKHÀQDQFLDO\HDU * Addition 0 0 0 0 * Reduction 10674.43 0 0 10674.43 Net Change -10674.43 0 0 -10674.43 ,QGHEWHGQHVVDWWKHHQGRIWKHÀQDQFLDO\HDU L 3ULQFLSDO$PRXQW 1236.59 0 0 1236.59 LL ,QWHUHVWGXHEXWQRWSDLG 0 0 0 0 LLL ,QWHUHVWDFFUXHGEXWQRWGXH 1.67 0 0 1.67 Total (i+ii+iii) 1238.26 0 0 1238.26

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VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL- A. Remuneration to Managing Director, Whole-time Directors and/or Manager: Sr. Particulars of Remuneration Name of MD/WTD/ Manager Total Amount No Mr. Jay M. Mehta Mr. M. S. Gilotra ` lacs (Executive Vice (Managing Director) Chairman) 1-4-2014 to 31-3-2015 1.4.2014 to 31-3-2015 ` lacs ` lacs 1 *URVVVDODU\ D 6DODU\DVSHU3URYLVLRQVFRQWDLQHGLQVHFWLRQ RI 264.47 131.08 395.55 WKH,QFRPHWD[$FW E 9DOXHRISHUTXLVLWHVXV ,QFRPHWD[$FW 0 12.44 12.44 F 3URÀWVLQOLHXRIVDODU\XQGHUVHFWLRQ ,QFRPHWD[$FW 0 0 0 1961 2 6WRFN2SWLRQ 0 0 0 3 6ZHDW(TXLW\ 0 0 0 4 &RPPLVVLRQ 0 0 0 DVRISURÀW RWKHUVVSHFLI\« 5 2WKHUVSOHDVHVSHFLI\ 0 0 0 Total (A) 264.47 143.52 407.99 Ceiling as per the Act* B. Remuneration to other directors Sr. Particulars of Name of Directors Total No Remuneration Amount 1 ,QGHSHQGHQW 0U696 0U01 0U.1 Mr. B. P. 0U-D\DQW 0U%LPDO 0U3. Mrs. ` lacs Directors 5DJKDYDQ Rao Bhandari 'HVKPXNK *RGEROH 7KDNNDU Behl %KDJ\DP 5DPDQL Fee for attending 1.50 4.90 1.70 1.20 1.90 1.40 1.70 1.50 15.80 ERDUGFRPPLWWHH PHHWLQJV &RPPLVVLRQ 0 0 0 0 0 0 0 0 0 2WKHUVSOHDVH 0 0 0 0 0 0 0 0 0 VSHFLI\ Total (1) 1.50 4.90 1.70 1.20 1.90 1.40 1.70 1.50 15.80 2 2WKHU1RQ 0U01 0U+' Mr. Mr. Anil 0U6XVKHHO Mr. 0U1DYLQ ([HFXWLYH Mehta Mehta +HPQDEK .DXO .DN $OH[DQGHU 6DPEWDQL Directors .KDWDX 6KDLN Fee for attending 1.20 1.70 1.20 5.70 0.90 1.20 1.70 13.60 ERDUGFRPPLWWHH PHHWLQJV &RPPLVVLRQ 0 0 0 0 0 0 0 0 2WKHUVSOHDVH 0 0 0 0 0 0 0 0 VSHFLI\ Total (2) 1.20 1.70 1.20 5.70 0.90 1.20 1.70 13.60 Total (B)=(1+2) 29.40 Total Managerial 29.40 5HPXQHUDWLRQ 2YHUDOO&HLOLQJDV per the Act** $VSHUSDUW,,RIWKH6FKHGXOH9RIWKH&RPSDQLHV$FW ** `ODFSHU'LUHFWRUSHUPHHWLQJDWWHQGHG

35 C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD Sr. Particulars of Remuneration Key Managerial Personnel Total Amount No Company Secretary Chief Financial ` lacs 2IÀFHU Mrs. Anupama Mrs. Sonali Mr. Rakesh Pai (For Sanas (For Mehta (For the period the month of the period of 01/10/2014 to 31/03/2015) 01/10/2014 to 30/11/2014 ` lacs 31/03/2015) ` lacs ` lacs 1 *URVVVDODU\ D 6DODU\DVSHUSURYLVLRQVFRQWDLQHGLQVHFWLRQ RI 7.35 2.62 23.43 33.40 WKH,QFRPHWD[$FW E 9DOXHRISHUTXLVLWHVXV ,QFRPHWD[$FW 0 0 3.17 3.17 F 3URÀWVLQOLHXRIVDODU\XQGHUVHFWLRQ ,QFRPHWD[ 0 0 0 0 Act, 1961 2 6WRFN2SWLRQ 0 0 0 0 3 6ZHDW(TXLW\ 0 0 0 0 4 &RPPLVVLRQ DVRISURÀW 0 0 0 0 RWKHUVVSHFLI\ 5 2WKHUVSOHDVHVSHFLI\ 0 0 0 0 Total 7.35* 2.62 26.60 36.57 ,QFOXGHVIXOODQGÀQDOVHWWOHPHQW

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: Type Section of the Brief Details of Penalty / Authority Appeal made, Companies Act Description Punishment/ Compounding [RD / NCLT/ COURT] if any (give Details) fees imposed A. COMPANY 3HQDOW\ 1LO 1LO 1LO 1LO 1LO 3XQLVKPHQW 1LO 1LO 1LO 1LO 1LO &RPSRXQGLQJ 1LO 1LO 1LO 1LO 1LO B. DIRECTORS 3HQDOW\ 1LO 1LO 1LO 1LO 1LO 3XQLVKPHQW 1LO 1LO 1LO 1LO 1LO &RPSRXQGLQJ 1LO 1LO 1LO 1LO 1LO C. OTHER OFFICERS IN DEFAULT 3HQDOW\ 1LO 1LO 1LO 1LO 1LO 3XQLVKPHQW 1LO 1LO 1LO 1LO 1LO &RPSRXQGLQJ 1LO 1LO 1LO 1LO 1LO

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ANNEXURE G The information required under Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are given below: D 7KHUDWLRRIWKHUHPXQHUDWLRQRIHDFK'LUHFWRUWRWKHPHGLDQUHPXQHUDWLRQRIWKHHPSOR\HHVRIWKHFRPSDQ\IRUWKHÀQDQFLDO\HDU ([HFXWLYH'LUHFWRUV 5HPXQHUDWLRQSHUDQQXP (PSOR\HH6DODU\SHU Ratio 3OHDVHUHIHU1RWH DQQXPPHGLDQ 0U-D\0HKWD ` 264.47 lacs ` 3.69 lacs 71.67 0U06*LORWUD ` 143.52 lacs ` 3.69 lacs 38.89 1RWH5HPXQHUDWLRQPHDQVDVGHÀQHGXQGHU6HFWLRQ RIWKH&RPSDQLHV$FW E 7KH SHUFHQWDJH LQFUHDVH LQ UHPXQHUDWLRQ RI HDFK 'LUHFWRU &KLHI )LQDQFLDO 2IÀFHU &KLHI ([HFXWLYH 2IÀFHU &RPSDQ\ 6HFUHWDU\RU0DQDJHULIDQ\LQWKHÀQDQFLDO\HDU 1DPH Designation 2013-14 2014-15 DJHLQFUHDVH (` in lacs) (` in lacs) 0U-D\0HKWD ([HFXWLYH9LFH&KDLUPDQ 87.64 264.47 0U06*LORWUD Managing Director 127.62 143.52 1RWH 6LQFH &KLHI )LQDQFLDO 2IÀFHU DQG &RPSDQ\ 6HFUHWDU\ DUH QHZ DSSRLQWPHW LQ WKH &RPSDQ\ WKH GHWDLOV RI LQFUHDVH RYHU SUHYLRXV\HDUGRHVQRWDULVH F 7KHSHUFHQWDJHLQFUHDVHLQWKHPHGLDQUHPXQHUDWLRQRIHPSOR\HHVLQWKHÀQDQFLDO\HDU 0(',$16$/$5<3$ 2013-14 2014-15 ,QFUHDVH ` 3.31 lacs ` 3.69 lacs ,WLQFOXGHVWKHDFFUXHGVDODULHVRI:DJH%RDUGHPSOR\HHVSD\DEOHDVSHU:DJH%RDUGVHWWOHPHQW d. The number of permanent employees on the rolls of company: 3(50$1(17(03/2<((6 484 e. The explanation on the relationship between average increase in remuneration and company performance: Particulars 2013-14 2014-15 (` in lacs) (` in lacs) 5HYHQXHVIURP2SHUDWLRQV7XUQRYHU 53,136.24 56,270.64 (%,7'$ 6,288.24 12,747.13 (%,7'$DVRI7XUQRYHU PBT 2,065.06 7,923.43 3%7DVRI7XUQRYHU 7KHUHYHQXHVIURPWKHRSHUDWLRQVRIWKH&RPSDQ\IRU)<LQFUHDVHGE\DURXQGFRPSDUHGWRWKHSUHYLRXV\HDU7KH DYHUDJHSHUFHQWDJHLQFUHDVHLQWKHUHPXQHUDWLRQRIHPSOR\HHVLVDURXQG7KLVDOVRLQFOXGHVWKHDFFUXHGVDODULHVRI:DJH %RDUGHPSOR\HHVDVSHU:DJH%RDUGVHWWOHPHQW7KHDYHUDJHLQFUHDVHLQWKHUHPXQHUDWLRQRIHPSOR\HVVZDVLQDFFRUGDQFHZLWK EXVLQHVVSHUIRUPDQFHDQGEHVWLQGXVWU\SUDFWLFH f. Comparison of the remuneration of the Key Managerial Personnel against the performance of the Company: 7KHSURÀWIRU)<EHIRUHH[FHSWLRQDOLWHPVDQGWD[KDYHLQFUHDVHGE\DURXQGRYHUWKHSUHYLRXV\HDU)XUWKHUWKH &RPSDQ\ZDVDEOHWRGLVSRVHRIRIÀQLVKHGPDWHULDODWUHDVRQDEOHUDWHFRPSDUHGWRWKHSUHYLRXV\HDU7KXVWKHLQFUHDVHLQ UHPXQHUDWLRQRIHPSOR\HHVLQFOXGLQJ.03LVLQOLQHZLWKWKH%XVLQHVVSHUIRUPDQFH J 9DULDWLRQVLQWKHPDUNHWFDSLWDOLVDWLRQRIWKH&RPSDQ\SULFHHDUQLQJVUDWLRDVDWWKHFORVLQJGDWHRIWKHFXUUHQWÀQDQFLDO\HDU DQGSUHYLRXVÀQDQFLDO\HDU Particulars March 31, 2014 March 31,2015 &KDQJH 0DUNHW&DSLWDOLVDWLRQ ` crores) 95.11 222.43 133.87 3ULFH(DUQLQJV5DWLR 4.81 3.33 -30.77

37 h. Percentage increase over decrease in the market quotations of the shares of the Company in comparison to the rate at which the Company came out with the last public offer: Particulars March 31,2015 VW2FWREHU &KDQJH ,32 0DUNHW3ULFHSHUVKDUH %6( ` 43.45 ` 90.00 -52 i. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last ÀQDQFLDO\HDUDQGLWVFRPSDULVRQZLWKWKHSHUFHQWLOHLQFUHDVHLQWKHPDQDJHULDOUHPXQHUDWLRQDQGMXVWLÀFDWLRQWKHUHRIDQG point out if there are any exceptional circumstances for increase in the managerial remuneration: 7KHDYHUDJHSHUFHQWDJHLQFUHDVHLQWKHUHPXQHUDWLRQRIHPSOR\HHVLVDURXQG7KLVLQFOXGHVWKHDFFUXHGVDODULHVRI:DJH %RDUGHPSOR\HHVDVSHU:DJH%RDUGVHWWOHPHQW7KHMXVWLÀFDWLRQRILQFUHDVHLQPDQDJHULDOUHPXQHUDWLRQLVSURYLGHGDW I DERYH M &RPSDULVRQRIHDFKUHPXQHUDWLRQRIWKH.H\0DQDJHULDO3HUVRQQHODJDLQVWWKHSHUIRUPDQFHRIWKH&RPSDQ\

0U-D\0HKWD 0U06*LORWUD ([HFXWLYH9LFH&KDLUPDQ Managing Director 5HPXQHUDWLRQLQ)< ` crores) 2.64 1.44 5HYHQXHV ` crores) 562.71 562.71 5HPXQHUDWLRQDVRIUHYHQXH 3URÀWEHIRUH7D[ 3%7 ` crores 79.23 79.23 5HPXQHUDWLRQ DVRI3%7 k. The key parameters for any variable component of remuneration availed by the directors: 1RWDSSOLFDEOH l The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year: 1LO P $IÀUPDWLRQWKDWWKHUHPXQHUDWLRQLVDVSHUWKHUHPXQHUDWLRQSROLF\RIWKHFRPSDQ\ 7KH&RPSDQ\DIÀUPVWKDWWKHUHPXQHUDWLRQLVDVSHUWKHUHPXQHUDWLRQSROLF\RIWKH&RPSDQ\ n. The statement containing particulars of employees as required under Section 197(12) of the Act ready with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is given below.

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38 57th

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39 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SAURASHTRA CEMENT LIMITED

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43 BALANCE SHEET AS AT MARCH 31, 2015 As at $VDW 1RWH March 31, 2015 March 31, 2015 March 31, 2014 ` in lacs ` in lacs ` in lacs EQUITY AND LIABILITIES Shareholders' Funds Share Capital 2 5,807.02 5HVHUYHVDQG6XUSOXV 3 18,009.37 23,816.39 Non-current Liabilities /RQJWHUP%RUURZLQJV 4 Nil 2WKHU/RQJWHUP/LDELOLWLHV 5 773.97 /RQJWHUP3URYLVLRQV 952.99 1,726.96 Current Liabilities Short-term Borrowings 442.35 7UDGH3D\DEOHV 4,565.24 2WKHU&XUUHQW/LDELOLWLHV 9,182.44 6KRUWWHUP3URYLVLRQV 10 864.33 15,054.36 TOTAL 40,597.71 ASSETS Non-current Assets )L[HG$VVHWV 11 7DQJLEOH$VVHWV 17,714.35 ,QWDQJLEOH$VVHWV 85.31 7DQJLEOH&DSLWDO:RUNLQSURJUHVV 5,260.35 23,060.01 1RQFXUUHQW,QYHVWPHQWV 12 1,880.18 'HIHUUHG7D[$VVHWV QHW 13 921.79 1LO /RQJWHUP/RDQVDQG$GYDQFHV 14 1,144.01 2WKHU1RQFXUUHQW$VVHWV 15 80.96 27,086.95 Current Assets Inventories 7,752.60 7UDGH5HFHLYDEOHV 1,936.44 &DVKDQG%DQN%DODQFHV 2,104.42 6KRUWWHUP/RDQVDQG$GYDQFHV 1,546.58 2WKHU&XUUHQW$VVHWV 20 170.72 13,510.76 TOTAL 40,597.71 6LJQLÀFDQW$FFRXQWLQJ3ROLFLHVDQG1RWHVDUH an integral part of the Financial Statements

$VSHURXU5HSRUWRIHYHQGDWHDWWDFKHG For and on Behalf of the Board of Directors )RUBANSI S. MEHTA & CO. M. N. Mehta Chairman &KDUWHUHG$FFRXQWDQWV Jay M. Mehta Executive Vice Chairman )LUP5HJLVWUDWLRQ1R: M. N. Rao Director M. S. Gilotra Managing Director PARESH H. CLERK Rakesh H. Mehta &KLHI)LQDQFLDO2IÀFHU 3DUWQHU Sonali Sanas Vice President (Legal) & Company Secretary 0HPEHUVKLS1R 0XPEDL'DWHG0D\ 0XPEDL'DWHG0D\

44 57th

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2015 For the For the )RUWKH Year ended Year ended Year ended March 31, 2015 March 31, 2015 March 31, 2014 1RWH ` in lacs ` in lacs ` in lacs 5HYHQXHIURP2SHUDWLRQV *URVV 21 62,948.26 /HVV([FLVH'XW\ 6,677.62 5HYHQXHIURP2SHUDWLRQV 1HW 56,270.64 Other Income 22 720.79 Total Revenue 56,991.43 Expenses &RVWRI0DWHULDOV&RQVXPHG 23 4,814.42 3XUFKDVHVRI6WRFNLQWUDGH 24 1,436.22 &KDQJHVLQ,QYHQWRULHVRI)LQLVKHG*RRGV 25 (700.83) :RUNLQSURJUHVVDQG6WRFNLQWUDGH (PSOR\HH%HQHÀWV([SHQVH 3,510.76 )LQDQFH&RVWV 1,337.55 'HSUHFLDWLRQ$PRUWLVDWLRQDQG,PSDLUPHQW 11 3,486.15 /HVV $PRXQW:LWKGUDZQIURP5HYDOXDWLRQ 5HVHUYH Nil 3,486.15 2WKHU([SHQVHV 38,273.29 Total Expenses 52,157.56 3URÀWEHIRUH([FHSWLRQDO,WHPVDQG7D[ 4,833.87 ([FHSWLRQDO,WHPV 3,089.56 1LO 3URÀWEHIRUH7D[ 7,923.43 Tax Expense &XUUHQW7D[ 2,085.20 0$7&UHGLW(QWLWOHPHQW Nil 2,085.20 1LO 'HIHUUHG7D[ 5HIHU1RWH (921.79) 1LO 1,163.41 1LO 3URÀWIRUWKH\HDU 6,760.02 Earnings per equity share of ` 10 par value per share Basic and diluted (` per share) 13.03

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45 CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2015 For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2015 March 31, 2014 ` in lacs ` in lacs ` in lacs CASH FLOW FROM OPERATING ACTIVITIES 3URÀWIRUWKH\HDUEHIRUHWD[ 7,923.43 $GMXVWPHQWVIRU $GG)LQDQFH&RVWV 1,337.55 /RVVRQ6DOHRI$VVHWV&DSLWDO:,3:ULWWHQ2II 28.96 3URYLVLRQIRU'RXEWIXOGHEWV%DG'HEWV:ULWWHQ2II 24.58 'HSUHFLDWLRQ$PRUWLVDWLRQDQG,PSDLUPHQW 3,486.15 4,877.24 /HVV,QWHUHVW,QFRPH 282.57 'LYLGHQGV5HFHLYHG 0.43 ([FHVV3URYLVLRQDQG6XQGU\&UHGLW%DODQFHV:ULWWHQ%DFN 208.45 3URYLVLRQIRU'RXEWIXO'HEWVQRORQJHUUHTXLUHG 34.53 ([FHSWLRQDO,WHPV 3,089.56 1LO (3,615.54) 2SHUDWLQJSURÀWEHIRUHZRUNLQJFDSLWDOFKDQJHV 9,185.12 $GMXVWPHQWVIRULQFUHDVHGHFUHDVHLQ 2WKHU/RQJWHUP/LDELOLWLHVDQG/RQJWHUP3URYLVLRQV 182.11 7UDGH3D\DEOHVDQG2WKHU&XUUHQW/LDELOLWLHV 3,485.30 /RQJWHUP/RDQVDQG$GYDQFHVDQG2WKHU1RQFXUUHQW$VVHWV (43.14) Inventories (2,078.24) 7UDGH5HFHLYDEOHVDQG6KRUWWHUP/RDQVDQG$GYDQFHV (855.69) 2WKHU&XUUHQW$VVHWV 251.28 941.62 Cash generated from operations 10,126.74 $GG'LUHFW7D[HV 3D\PHQWV 5HIXQGV (1,930.13) 1HWFDVKÁRZIURPRSHUDWLQJDFWLYLWLHV 8,196.61

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For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2015 March 31, 2014 ` in lacs ` in lacs ` in lacs CASH FLOW FROM INVESTING ACTIVITIES 3XUFKDVHRI)L[HG$VVHWV&DSLWDO:RUNLQSURJUHVV (1,605.06) 6DOHRI)L[HG$VVHWV 3,219.25 6DOHRI1RQFXUUHQW,QYHVWPHQWV 0.01 1LO Interest Income 226.34 'LYLGHQGV5HFHLYHG 0.43 1HWFDVKÁRZIURP XVHGLQ LQYHVWLQJDFWLYLWLHV 1,840.97 CASH FLOW FROM FINANCING ACTIVITIES 3URFHHGVIURP/RQJWHUP%RUURZLQJV Nil 5HSD\PHQWRI/RQJWHUP%RUURZLQJV (10,497.56) 'XHV )URP 7R6XEVLGLDULHV (1.43) Short-term Borrowings (132.17) 'HSRVLWVKHOGDV0DUJLQ0RQH\ 1,953.91 )LQDQFH&RVWV3DLG (1,348.94) 1HWFDVKÁRZXVHGLQÀQDQFLQJDFWLYLWLHV (10,026.19) Net increase in cash and cash equivalents 11.39 Cash and cash equivalents as at the beginning of the year 1,947.48 Cash and cash equivalents as at the end of the year (Refer 1,958.87 Note 18) &DVK)ORZ6WDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGDVVHWRXWLQ$FFRXQWLQJ6WDQGDUGDVQRWLÀHG XQGHU WKH &RPSDQLHV $FFRXQWLQJ 6WDQGDUGV 5XOHV DV WKH VDPH DUH DSSOLFDEOH LQ WHUPV RI WKH SURYLVLRQV RI 6HFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK5XOHRIWKH&RPSDQLHV $FFRXQWV 5XOHV

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51 As at $VDW March 31, 2015 March 31, 2014 Numbers ` in lacs 1XPEHUV ` in lacs 2 SHARE CAPITAL Authorised (TXLW\6KDUHVRI` 10 par value 130,000,000 13,000.00 130,000,000 3UHIHUHQFH6KDUHVRI` 100 par value 6,000,000 6,000.00 8QFODVVLÀHG6KDUHVRI` 10 par value 5,000,000 500.00 5,000,000 19,500.00 Issued (TXLW\6KDUHVRI` 10 par value 59,095,018 5,909.50 2SWLRQDOO\ &RQYHUWLEOH &XPXODWLYH 687,595 687.60 3UHIHUHQFH6KDUHVRI` 100 par value 6,597.10 Subscribed and Paid Up (TXLW\VKDUHVRI` 10 par value 51,191,065 5,119.11 2SWLRQDOO\ &RQYHUWLEOH &XPXODWLYH 687,595 687.60 3UHIHUHQFH6KDUHVRI` 100 par value 5,806.71 (TXLW\6KDUHVIRUIHLWHG 15,269 0.31 (` 2 per share paid up) 5,807.02

2.1 Reconciliation of the number of shares outstanding and amount of share capital

As at $VDW March 31, 2015 March 31, 2014 Numbers ` in lacs 1XPEHUV ` in lacs a. Equity Shares, of ` 10 par value $WWKHEHJLQQLQJ 5,11,91,065 5,119.11 Changes during the year Nil Nil 1LO 1LO $WWKHHQG 5,11,91,065 5,119.11 b. Preference Shares, of ` 100 par value $WWKHEHJLQQLQJ 6,87,595 687.60 Changes during the year Nil Nil 1LO 1LO $WWKHHQG 6,87,595 687.60

52 57th

2.2 Rights, Preferences and Restrictions a. Equity Shares L 7KH&RPSDQ\KDVRQO\RQHFODVVRIHTXLW\VKDUHVUHIHUUHGWRDVHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`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b. Preference Shares : L 7KH&RPSDQ\KDVRQO\RQHFODVVRISUHIHUHQFHVKDUHVUHIHUUHGWRDV2SWLRQDOO\&RQYHUWLEOH&XPXODWLYH 3UHIHUHQFH6KDUHV 2&&36 KDYLQJDSDUYDOXHRI`7KHVHSUHIHUHQFHVKDUHVGRQRWFDUU\DQ\YRWLQJ ULJKW+RZHYHUDVSHUWKHSURYLVLRQVRIWKH&RPSDQLHV$FWLIWKHGLYLGHQGRQVXFKSUHIHUHQFHVKDUHV KDVQRWEHHQSDLGIRUDSHULRGRIWZR\HDUVRUPRUHWKHKROGHUVRIVXFKSUHIHUHQFHVKDUHVVKDOOKDYHDULJKW WRYRWHRQDOOUHVROXWLRQVSODFHGEHIRUHWKH&RPSDQ\ LL 2&&36FDUULHGDÀ[HGFXPXODWLYHGLYLGHQGRISDIURPWKHGDWHRILVVXH7KHKROGHUVRI2&&36FDUU\ DULJKWWRGLYLGHQGDKHDGRIHTXLW\VKDUHKROGHUV LLL ,QWKHHYHQWRIOLTXLGDWLRQWKHKROGHUVRI2&&36FDUU\SUHIHUHQFHRYHUHTXLW\VKDUHKROGHUVLQUHVSHFWRI UHSD\PHQWRIFDSLWDO LY 2&&36ZHUHUHGHHPDEOHDWSDURQ0DUFK2IWKHWRWDO3UHIHUHQFH6KDUH&DSLWDORI`ODFV WKHKROGHUVRI2&&36RI` 100 par value, aggregating to `ODFVKDYHVXUUHQGHUHGWKHLU ULJKWLQWKHUHGHPSWLRQLQFOXGLQJWKHSUHIHUHQFHGLYLGHQGWKHUHRQIRUWKHEHQHÀWRIWKH&RPSDQ\%DVHG RQWKHDGYLVHUHFHLYHGSHQGLQJWKHDYDLODELOLW\RIIXQGVGLVWULEXWDEOHSURÀWVIRUWKHUHGHPSWLRQRIFDSLWDO WKHEHQHÀFLDORZQHUVKLSRIWKHVH2&&36KDVDOUHDG\EHHQWUDQVIHUUHGLQIDYRXURIDWUXVWRIZKLFKWKH &RPSDQ\LVWKHEHQHÀFLDU\7KHDFFRXQWLQJHIIHFWRIVXFKZDLYHU RQO\LQUHVSHFWRIWKHVH2&&36 VKDOOEH PDGHDVDQGZKHQVXFKVKDUHVZLOOEHUHGHHPHG)RUWKHEDODQFHRI2&&36WKHULJKWRIFRQYHUVLRQODSVHG RQ$XJXVW 2.3 Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

As at $VDW March 31, 2015 March 31, 2014 Numbers % 1XPEHUV % a. Equity Shares 9LOOD7UDGLQJ&RPSDQ\3ULYDWH/LPLWHG 1,17,45,167 22.94% 7UDQV$VLD,QYHVWPHQWV$QG7UDGLQJ/LPLWHG 80,00,000 15.63% 0DXULWLXV'HEW0DQDJHPHQW/LPLWHG 56,77,884 11.09% -DJPL,QYHVWPHQWV/LPLWHG 51,75,000 10.11% 6DPSVRQ/LPLWHG 40,00,000 7.81% 40,00,000 &ODUHQFH,QYHVWPHQWV/LPLWHG 36,86,599 7.20% b. Preference Shares ,QGLD'HEW0DQDJHPHQW3ULYDWH/LPLWHG 5,12,398 74.52% $0)DGLD 7UXVWHH RI 6&/ 3UHIHUHQFH 1,74,557 25.39% 6KDUHV7UXVW>5HIHU1RWH E LY DERYH@ Is not disclosed as below 5%

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 3 RESERVES AND SURPLUS Capital Reserve $VSHUODVW%DODQFH6KHHW 2,607.96 Capital Redemption Reserve $VSHUODVW%DODQFH6KHHW 50.00 Securities Premium Account $VSHUODVW%DODQFH6KHHW 10,566.71 Debenture Redemption Reserve $VSHUODVW%DODQFH6KHHW 2,060.00 Revaluation Reserve $VDWWKHEHJLQQLQJRIWKH\HDU 256.97 /HVV7UDQVIHUUHGWR*HQHUDO5HVHUYH 18.52 1LO /HVV7UDQVIHUUHGWRWKH6WDWHPHQWRI3URÀWDQG/RVVIRU 'HSUHFLDWLRQ Nil $VDWWKHHQGRIWKH\HDU 238.45 General Reserve $VSHUODVW%DODQFH6KHHW 4,377.97 $GG 7UDQVIHUUHGIURP5HYDOXDWLRQ5HVHUYH 18.52 1LO 4,396.49 6XUSOXV 'HÀFLW 'HELWEDODQFHLQWKH6WDWHPHQWRI3URÀWDQG/RVV $VDWWKHEHJLQQLQJRIWKH\HDU 8,670.26 /HVV7UDQVIHUUHGIURPWKH6WDWHPHQWRI3URÀWDQG/RVV 6,760.02 $VDWWKHHQGRIWKH\HDU (1,910.24) 18,009.37 $VSHUWKH*XLGDQFH1RWHRQ7UHDWPHQWRI5HVHUYH&UHDWHGRQ5HYDOXDWLRQRI)L[HG$VVHWVLVVXHGE\WKH,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV RI ,QGLD ,&$, IRU WKH \HDU HQGHG 0DUFK WKH DPRXQW RI GHSUHFLDWLRQ RQ WKH UHYDOXDWLRQRI)L[HG$VVHWVLVWUDQVIHUUHGWRWKH6WDWHPHQWRI3URÀWDQG/RVV+RZHYHUIRUWKH\HDUHQGHG0DUFK DVVXJJHVWHGLQWKH$SSOLFDWLRQ*XLGHRQWKH3URYLVLRQVRI6FKHGXOH,,WR7KH&RPSDQLHV$FWLVVXHGE\ ,&$,WKHDPRXQWRIGHSUHFLDWLRQRQWKHUHYDOXDWLRQLVZLWKGUDZQDQGWUDQVIHUUHGWR*HQHUDO5HVHUYH

54 57th

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 4 LONG-TERM BORROWINGS Secured Debentures 1RQFRQYHUWLEOH'HEHQWXUHV8QGHU&RUSRUDWH'HEW 5HVWUXFWXULQJ &'5 )DFH9DOXH` per 'HEHQWXUH Numbers Particulars Current 3UHYLRXV 17,85,286 3XEOLF 1LO 9,80,246 3XEOLF 2,59,150 3XEOLF 1LO 1,48,905 3XEOLF 9,00,000 3ULYDWH Nil Term Loans )URP%DQNV Nil )URP2WKHUV Nil Nil Nil 4.1 A. 7KHDERYHUHÁHFW1RQFXUUHQWSRUWLRQRQO\RIWKHUHODWHGERUURZLQJVDQGIRUWKHFXUUHQWPDWXULW\WKHUHRIUHIHU1RWH RQ´2WKHU&XUUHQW/LDELOLWLHVµ B. Security and Repayment Terms: As at $VDW March 31, 2015 March 31, 2014 Non-current Current 1RQFXUUHQW Current ` in lacs ` in lacs ` in lacs ` in lacs I. Breakup of borrowings: D 3XEOLF 'HEHQWXUHV WRJHWKHU ZLWK LQWHUHVW remuneration to trustees and other amounts SD\DEOHWKHUHRQ Nil 60.78 E 3ULYDWH 'HEHQWXUHV WRJHWKHU ZLWK LQWHUHVW remuneration to trustees and other amounts SD\DEOHWKHUHRQ Nil 13.50 F 7HUP/RDQVIURP%DQNV8QGHU&'5 Nil 200.40 G 7HUP/RDQVIURP%DQNV2WKHUV Nil Nil 1LO H 7HUP/RDQVIURP2WKHUV)LQDQFLDO,QVWLWXWLRQV 8QGHU &'5 LQFOXGLQJ )XQGHG LQWHUHVW WHUP ORDQVRQ'HEHQWXUHV Nil 103.07 I 7HUP /RDQV IURP 2WKHUV 8QGHU &'5 LQFOXGLQJ )XQGHG LQWHUHVW WHUP ORDQV RQ 'HEHQWXUHV Nil 404.66 J 7HUP/RDQVIURP2WKHUV9HKLFOH Nil 11.83 K 7HUP/RDQVIURP2WKHUV2WKHUV Nil Nil Nil 794.24

55 II. Security: D %RUURZLQJVDWSDUW, D DERYHLVVHFXUHGE\ZD\RISDULSDVVXVHFRQGPRUWJDJHLQIDYRXURIWKH7UXVWHHVRQ WKH&RPSDQ\·VLPPRYDEOHDQGPRYDEOHSURSHUWLHVERWKSUHVHQWDQGIXWXUHVLWXDWHGDW5DQDYDY *XMDUDW VDYHDQGH[FHSWRQWKHHTXLSPHQWPRYDEOHDVVHWVVHFXUHGE\VSHFLÀFFKDUJHRIVXFKRWKHUOHQGHUV ÀQDQFLQJWKHPDQGVKDOOUDQNVXEVHUYLHQWWRH[LVWLQJFKDUJHVFUHDWHGWREHFUHDWHGLQIDYRXURIVSHFLÀF DQGÀUVWFKDUJHKROGHUV7KHVDLGGHEHQWXUHVDUHDOVRVHFXUHGE\SHUVRQDOJXDUDQWHHRIWZR'LUHFWRUVRI WKH&RPSDQ\ E %RUURZLQJVDWSDUW, E F H I DQG K DERYHDUHVHFXUHGE\ZD\RISDULSDVVXÀUVWPRUWJDJHLQIDYRXU RIWKH7UXVWHHVOHQGHUVRQWKH&RPSDQ\·VLPPRYDEOHDQGPRYDEOHSURSHUWLHVERWKSUHVHQWDQGIXWXUH VLWXDWHGDW5DQDYDY *XMDUDW VDYHDQGH[FHSWRQVWRFNVVSDUHVDQGERRNGHEWVIRUVHFXULQJERUURZLQJV IRUZRUNLQJFDSLWDO RQZKLFKWKH\KDYHDVHFRQGFKDUJH DQGRQWKHHTXLSPHQWPRYDEOHDVVHWVVHFXUHG E\VSHFLÀFFKDUJHRIVXFKRWKHUOHQGHUVÀQDQFLQJWKHPDQGVKDOOUDQNVXEVHUYLHQWWRH[LVWLQJFKDUJHV FUHDWHGWREHFUHDWHGLQIDYRXURIVSHFLÀFFKDUJHKROGHUV7KHVHERUURZLQJV>H[FHSW, K @DUHDOVRVHFXUHG E\SHUVRQDOJXDUDQWHHRIWZR'LUHFWRUVRIWKH&RPSDQ\ F %RUURZLQJVDWSDUW, G DQG J DUHJHQHUDOO\UHSD\DEOHLQHTXDWHGPRQWKO\LQVWDOPHQWVFDUU\LQJYDULHG LQWHUHVWIURPWRSD7KHVHORDQVDUHVHFXUHGE\K\SRWKHFDWLRQRIYHKLFOHVÀQDQFHGWKHUHXQGHU G $OOWKHDIRUHPHQWLRQHGERUURZLQJVH[FHSWSDUW, G DQG J DUHIXUWKHUVHFXUHGE\K\SRWKHFDWLRQRI¶+DWKL· EUDQGRQSDULSDVVXÀUVWFKDUJHEDVLVDQGSOHGJHRISURPRWHUVKDUHVLQIDYRXURIWKH7UXVWHHV III. Repayment Terms: D )RU3DUW, D E F H DQG I LQWHUHVWLVSD\DEOHE\WKH&RPSDQ\RQEDOORRQLQJEDVLVUDQJLQJIURP SDWRSDUHVXOWLQJLQWRDQDYHUDJHUDWHRILQWHUHVWRISD)RUWKHFXUUHQW\HDUVXFKLQWHUHVWLV SD\DEOHDQGSURYLGHGDWSD7KHÀUVW\HDULQWHUHVW#KDVEHHQIXQGHGDV)XQGHG,QWHUHVW7HUP /RDQ ),7/,, 7KHUHSD\PHQWRIRXWVWDQGLQJSULQFLSDOZDVWREHPDGHRYHUDSHULRGRI\HDUVLQFOXGLQJ WKHLQLWLDOPRUDWRULXPRIÀ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As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 5 OTHER LONG-TERM LIABILITIES 6HFXULW\'HSRVLWVIURP&XVWRPHUV7UDQVSRUWHUV 773.97 773.97

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 6 LONG-TERM PROVISIONS )RU(PSOR\HH%HQHÀWV*UDWXLW\DQG&RPSHQVDWHGDEVHQFHV 952.99 5HIHU1RWH 952.99

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 7 SHORT-TERM BORROWINGS Secured /RDQV5HSD\DEOHRQ'HPDQGIURP%DQNV Cash Credits 1.03 Others 441.32 442.35 7.1 Security: 7KH:RUNLQJFDSLWDOIDFLOLWLHVDUHVHFXUHGE\ÀUVWFKDUJHE\ZD\RIK\SRWKHFDWLRQRIFXUUHQWDVVHWVQDPHO\VWRFNV RIUDZPDWHULDOVVHPLÀQLVKHGDQGÀQLVKHGJRRGVFRQVXPDEOHVWRUHVDQGVSDUHVELOOVUHFHLYDEOHVERRNGHEWVDQG DOORWKHUPRYDEOHVERWKSUHVHQWDQGIXWXUH,WLVDOVRVHFXUHGE\VHFRQGPRUWJDJHDQGFKDUJHRQWKH&RPSDQ\·V LPPRYDEOHDQGPRYDEOHSURSHUWLHVERWKSUHVHQWDQGIXWXUH7KH\DUHDOVRVHFXUHGE\SHUVRQDOJXDUDQWHHRIWZR 'LUHFWRUVRIWKH&RPSDQ\2IWKHDERYHDFDVKFUHGLWIDFLOLW\IURPDEDQNDJJUHJDWLQJWR`RQO\ 3UHYLRXV

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 8 TRADE PAYABLES $PRXQWV3D\DEOHWRD5HODWHG3DUW\>5HIHU1RWH LY G @ Nil Others 4,565.24 4,565.24 8.1 2WKHUV LQFOXGHV GXHV WR VPDOO DQG PHGLXP HQWHUSULVHV ZKLFK UHTXLUH WKH IROORZLQJGLVFORVXUHLQDFFRUGDQFHZLWK6HFWLRQRI0LFUR6PDOODQG0HGLXP (QWHUSULVHV'HYHORSPHQW$FW L 3ULQFLSDODPRXQWUHPDLQLQJXQSDLGDQGLQWHUHVWWKHUHRQ 1.72 LL ,QWHUHVWSDLGLQWHUPVRI6HFWLRQ Nil 1LO LLL ,QWHUHVWGXHDQGSD\DEOHIRUWKHSHULRGRIGHOD\LQSD\PHQW Nil LY ,QWHUHVWDFFUXHGDQGUHPDLQLQJXQSDLG Nil Y ,QWHUHVWGXHDQGSD\DEOHHYHQLQVXFFHHGLQJ\HDUV 1.07

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57th Nil 2014 $VDW 13.08 21.45 133.40 260.85 719.50 484.42 239.08 in lacs ` 5,909.51 2,508.08 March 31, lock 24,774.58 18,731.67 14,485.21 B 1LO Nil Net 2015 As at 85.31 10.56 21.45 185.60 664.68 398.37 239.08 5,260.35 2,457.09 23,060.01 17,714.35 13,737.52 March 31, 1LO 1LO 1LO Nil Nil Nil 2015 Up to 176.44 271.00 404.74 800.56 845.58 4,419.10 3,808.39 41,895.25 37,299.71 31,169.44 March 31, 1LO 1LO 1LO 1LO 1LO 1LO 1LO Nil Nil Nil Nil Nil Nil Nil 5.84 8.91 64.06 64.06 15.65 33.66 'HGXFWLRQV Adjustments 1LO 1LO 1LO Nil Nil Nil 2.52 Year 71.13 128.66 129.75 151.97 859.33 213.77 For the For 3,486.15 1,929.02 1,486.00 1LO 1LO 1LO Nil Nil Nil 2014 8SWR 105.31 268.48 291.73 704.47 699.45 2,490.08 3,603.53 March 31, Depreciation, Amortisation and Impairment 38,473.16 35,877.77 30,310.11 1LO Nil 2015 As at 21.45 261.75 281.56 590.34 239.08 9,679.45 1,465.24 1,243.95 6,265.48 64,955.26 55,014.06 44,906.96 March 31, 1LO 1LO 1LO 1LO 1LO Nil Nil Nil Nil Nil Nil 22.24 90.63 13.76 96.08 506.18 283.47 222.71 lock Adjustments 'HGXFWLRQV B 1LO 1LO 1LO 1LO Nil Nil Nil Nil 23.04 60.00 73.84 Gross 627.33 131.90 111.64 249.95 2,213.70 1,563.33 $GGLWLRQV Adjustments

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As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 12 NON-CURRENT INVESTMENTS Long-term Investments 9DOXHGDWFRVWOHVVSURYLVLRQIRURWKHUWKDQWHPSRUDU\GLPLQXWLRQ Trade Investments In Equity Instruments of Subsidiaries 8QTXRWHG )XOO\SDLGHTXLW\VKDUHVRI` 10 each) Quantity Investee company 1,00,00,000 3UDQD\+ROGLQJV/LPLWHG 1,000.00 1,00,00,000 3UDFKLW+ROGLQJV/LPLWHG 1,000.00 1,00,00,000 5LD+ROGLQJV/LPLWHG 1,000.00 40,00,000 5HHWL,QYHVWPHQWV/LPLWHG 400.00 4,04,100 $JULPD&RQVXOWDQWV,QWHUQDWLRQDO/LPLWHG 135.68 &RQFRUGH&HPHQW 3YW /LPLWHG 6ULODQNDQ5XSHH 9.19 3,544.87 /HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXH 1,712.50 1,832.37 Other than Trade In Equity Instruments of Others Quoted )XOO\SDLGHTXLW\VKDUHVRI` 10 each) Quantity Investee company 07=,QGXVWULHV/LPLWHG 35.25 30,00,000 07=3RO\ÀOPV/LPLWHG 600.00 200 'HQD%DQN/LPLWHG 0.06 635.31 /HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXH 588.75 46.56 8QTXRWHG Face Value Quantity Investee company ` per share 0 (10) ,/3DOD]]R&+6/LPLWHG 50 2,001 5DMNRW 1DJULN 6DKDNDUL 50 %DQN/LPLWHG 2,500 6DUDVZDW&RRS%DQN/LPLWHG 10 1.25 47.81 4XDQWLW\LQEUDFNHWLQGLFDWHSUHYLRXV\HDUÀJXUH 1,880.18 6ROGGXULQJWKH\HDU$OVR5HIHU1RWH LLL

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs ` in lacs ` in lacs Cost Market Value Cost 0DUNHW9DOXH $JJUHJDWHDPRXQWRITXRWHGLQYHVWPHQWV 635.31 39.61 $JJUHJDWHDPRXQWRIXQTXRWHGLQYHVWPHQWV 3,546.12 Nil 1LO 4,181.43 $JJUHJDWH SURYLVLRQ RQ QRQ FXUUHQW investments 2,301.25

13 ACCOUNTING FOR TAXES ON INCOME $VUHTXLUHGE\$FFRXQWLQJ6WDQGDUGRQ´$FFRXQWLQJIRU7D[HVRQ,QFRPHµWKH&RPSDQ\KDVUHYLHZHGLWV'HIHUUHG 7D[$VVHW '7$ UHFRJQLVHGWLOOODVW\HDU+LWKHUWRWKH&RPSDQ\UHFRJQLVHG'7$RQWKHEDVLVRISUXGHQFHRQO\WR WKHH[WHQWLWZRXOGKDYHVXIÀFLHQWIXWXUHWD[DEOHLQFRPH E\ZD\RIUHGXFWLRQLQXQDEVRUEHGGHSUHFLDWLRQDQGRU FDUULHGIRUZDUGEXVLQHVVORVVHV DJDLQVWZKLFKWKHDJJUHJDWH'7$UHFRJQLVHGDVRQWKH%DODQFH6KHHWGDWHZRXOGEH UHDOLVHG7KH&RPSDQ\DOVRUHFRJQL]HG'7$LQUHVSHFWRIWKHXQDEVRUEHGGHSUHFLDWLRQWRWKHH[WHQWRI'HIHUUHG7D[ /LDELOLW\ '7/ IRUWLPLQJGLIIHUHQFHIRUGHSUHFLDWLRQ'XULQJWKH\HDULQYLHZRIWKHWD[DEOHSURÀWV'7$LVUHFRJQLVHG DQG FDUULHG IRUZDUG WR WKH H[WHQW WKDW WKHUH LV D UHDVRQDEOH FHUWDLQW\ WKDW VXIÀFLHQW IXWXUH WD[DEOH LQFRPH ZLOO EH DYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWFDQEHUHDOLVHG'HWDLOVRI'7$DQG'7/DUHDVXQGHU As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs Deferred Tax Assets L $FFUXHGH[SHQVHVGHGXFWLEOHRQFDVKEDVLV 1,409.75 LL $FFUXHGH[SHQVHVGHGXFWLEOHRQSD\PHQWRI7'6WKHUHRQ 721.16 1LO LLL 3URYLVRQIRU,PSDLUPHQW 1,502.05 &ORVLQJEDODQFH 3,632.96 Deferred Tax Liabilities L 'LIIHUHQFHEHWZHHQ:'9DVSHUWKH,QFRPHWD[$FWDQGWKH&RPSDQLHV 2,711.17 $FW Deferred Tax Assets - Net 921.79 1LO

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 14 LONG-TERM LOANS AND ADVANCES 8QVHFXUHGFRQVLGHUHGJRRG &DSLWDO$GYDQFHV 318.26 6HFXULW\'HSRVLWV 407.68 /RDQVDQG$GYDQFHVWR5HODWHG3DUWLHVWR6XEVLGLDULHV ,QWHUHVWIUHH'HSRVLWV 34.40 2WKHU5HFHLYDEOHV>5HIHU1RWH L D @ 194.99 229.39 2WKHU/RDQVDQG$GYDQFHV 6WDII$GYDQFH 15.63 7D[HV3DLG 1HW RI 3URYLVLRQ RI ` ODFV 3UHYLRXV year `ODFV 173.05 188.68 8QVHFXUHG&RQVLGHUHG'RXEWIXO ,QWHUFRUSRUDWH'HSRVLWV Nil /HVV3URYLVLRQIRU%DGDQG'RXEWIXO'HSRVLWV Nil Nil 1LO 1,144.01

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As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 15 OTHER NON-CURRENT ASSETS Inventories 6WRUHVDQG6SDUH3DUWV Nil 7UDGHUHFHLYDEOHV 2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWH WKH\DUHGXHIRUSD\PHQW &RQVLGHUHG'RXEWIXO 167.27 /HVV3URYLVLRQIRU%DGDQG'RXEWIXO'HEWV 167.27 Nil 1LO 'HSRVLWVZLWK%DQNV 0DWXULW\EH\RQGPRQWKVIURPWKH%DODQFH6KHHW'DWH +HOGDV0DUJLQ0RQH\ 80.96 80.96 6WRUHVDQGVSDUHSDUWVZHUHUHODWHGWR([SDQVLRQ3URMHFW$VVHWVDQGQRWLQYHQWRULHVDQGDFFRUGLQJO\WKHVDPH DUHQRZUHÁHFWHGXQGHU&DSLWDO:RUNLQSURJUHVV>5HIHU1RWH YLL @

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 16 INVENTORIES 5DZ0DWHULDOV 1,077.07 3DFNLQJ0DWHULDOV 139.51 :RUNLQSURJUHVV 1,096.30 )LQLVKHG*RRGV 1,012.22 )XHOV 2,173.15 6WRUHVDQG6SDUH3DUWV 2,237.89 6WRUHVDQG6SDUH3DUWVLQWUDQVLW 16.46 2,254.35 7,752.60

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 17 TRADE RECEIVABLES 8QVHFXUHG&RQVLGHUHG*RRG 2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKH 292.67 GDWHWKH\DUHGXHIRUSD\PHQW Others $PRXQWV5HFHLYDEOHIURPDUHODWHGSDUW\>5HIHU1RWH 8.64 1LO LY G @ Others 1,635.13 1,643.77 1,936.44

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 18 CASH AND BANK BALANCES &DVKDQG&DVK(TXLYDOHQWV %DODQFHVZLWK%DQNV 2Q&XUUHQW$FFRXQWV 855.66 )L[HG'HSRVLWV 2ULJLQDOPDWXULW\XSWRPRQWKV 1,099.00 &DVKRQ+DQG 4.21 1,958.87 2WKHU%DQN%DODQFHV (DUPDUNHG%DODQFHVZLWK%DQNV 0.43 'HSRVLWVZLWK%DQNV 0DWXULW\EHORZPRQWKVIURPWKH%DODQFH6KHHW'DWH +HOG DV 0DUJLQ 0RQH\ 2ULJLQDO PDWXULW\ PRUH WKDQ 145.12 months) Others (Original maturity more than 3 months and upto 12 Nil months) 145.12 2,104.42

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 19 SHORT-TERM LOANS AND ADVANCES 8QVHFXUHGFRQVLGHUHGJRRG 2WKHU/RDQVDQG$GYDQFHV %DODQFHVZLWK6WDWXWRU\*RYHUQPHQW$XWKRULWLHV 481.31 377.91 0$7&UHGLW(QWLWOHPHQW 405.60 538.07 3UHSDLG([SHQVHV 138.43 95.25 $GYDQFHV5HFRYHUDEOHLQFDVKRULQNLQGRUIRUYDOXHWREHUHFHLYHG 76.76 110.21 $GYDQFHV$JDLQVW3XUFKDVHRI6WRUHV 444.48 292.28 1,546.58

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 20 OTHER CURRENT ASSETS 8QVHFXUHG&RQVLGHUHG*RRG ([SRUW%HQHÀWV5HFHLYDEOH 32.62 5HFHLYDEOHRQ6DOHRI'LVFDUGHG$VVHWV Nil ,QWHUHVWDQG2WKHU5HFHLYDEOH 138.10 170.72

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For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 21 REVENUE FROM OPERATIONS 6DOHRI3URGXFWV 0DQXIDFWXUHG*RRGV 61,185.61 7UDGHG*RRGV 1,304.94 62,490.55 2WKHU2SHUDWLQJ5HYHQXHV 6DOHRI3RZHU 144.24 6DOHRI6FUDS 218.89 ([SRUW(QWLWOHPHQWV 94.58 457.71 62,948.26 /HVV([FLVH'XW\ 6,677.62 56,270.64 Details of Products Sold 6DOHRI0DQXIDFWXUHG*RRGV Cement 61,070.46 &OLQNHU 115.15 61,185.61 6DOHRI7UDGHG*RRGV Cement 1,304.94 &OLQNHU Nil 1,304.94

For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 22 OTHER INCOME Interest Income on )L[HG'HSRVLWVZLWK%DQNV 256.99 )L[HGGHSRVLWVZLWKD6WDWH)LQDQFLDO&RUSRUDWLRQ 19.61 Others 5.97 282.57 'LYLGHQGV,QFRPHIURP/RQJWHUP,QYHVWPHQWVRWKHUV 0.43 Miscellaneous Income (including overheads shared) 177.83 Insurance Claims 8.10 %DG'HEWV5HFRYHUHG 8.88 1LO 3URYLVLRQIRU'RXEWIXO'HEWVQRORQJHUUHTXLUHG 34.53 ([FHVV3URYLVLRQ:ULWWHQ%DFN 106.97 6XQGU\&UHGLW%DODQFHV:ULWWHQ%DFN 101.48 720.79

For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 23 COST OF MATERIALS CONSUMED 5DZ0DWHULDOV 2SHQLQJ6WRFNRI5DZ0DWHULDOV 1,023.81 $GG3XUFKDVHV 3,099.86 4,123.67 /HVV&ORVLQJ6WRFNRI5DZ0DWHULDOV 1,077.07 3,046.60 3DFNLQJ0DWHULDOV 2SHQLQJ6WRFNRI3DFNLQJ0DWHULDOV 149.63 $GG3XUFKDVHV 1,757.70 1,907.33 /HVV&ORVLQJ6WRFNRI3DFNLQJ0DWHULDOV 139.51 1,767.82 4,814.42 'HWDLOVRI5DZ0DWHULDOV&RQVXPHG *\SVXP 833.71 )O\$VK 722.42 Iron Ore 237.05 &OLQNHU3XUFKDVHG 1,131.14 Others 122.28 3,046.60

For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 24 PURCHASES OF STOCK-IN-TRADE 3XUFKDVHVRI7UDGHG*RRGV Cement 1,436.22 &OLQNHU Nil 1,436.22

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For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 25 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK- IN-PROGRESS AND STOCK-IN-TRADE 6WRFNVDWWKHHQG )LQLVKHG*RRGV&HPHQW 1,012.22 :RUNLQSURJUHVV5DZ)ORXUDQG&OLQNHU 1,096.30 2,108.52 /HVV 6WRFNVDWWKH%HJLQQLQJ )LQLVKHG*RRGV&HPHQW 866.99 :RUNLQSURJUHVV5DZ)ORXUDQG&OLQNHU 466.07 1,333.06 (775.46) ,QFUHDVHLQ([FLVH'XW\RQ6WRFNV 74.63 (700.83)

For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 26 EMPLOYEE BENEFITS EXPENSE 5HIHU1RWH Salaries, Wages and Bonus 3,002.36 &RQWULEXWLRQWR3URYLGHQWDQG2WKHU)XQGV 167.59 *UDWXLW\([SHQVH 208.76 6WDII:HOIDUH([SHQVHV 132.05 3,510.76

For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 27 FINANCE COSTS ,QWHUHVWH[SHQVH On Borrowings 670.63 2Q&XVWRP'XW\6HUYLFH7D[DQG,QFRPH7D[ 397.73 1LO On Others 266.52 1,334.88 Other Borrowing Costs 2.67 1,337.55

For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 28 OTHER EXPENSES 6WRUHVDQG6SDUH3DUWV&RQVXPHG 3,994.14 3RZHUDQG)XHO 15,469.48 5HQW 228.88 5HSDLUVDQG0DLQWHQDQFH %XLOGLQJVHWF 349.55 Machinery 1,858.58 Others 535.20 2,743.33 Insurance 128.78 5DWHVDQG7D[HV 662.88 5DZ0DWHULDO+DQGOLQJ&KDUJHV>5HIHU1RWH D @ 431.84 /LPHVWRQH0DUO5DLVLQJ&KDUJHV>5HIHU1RWH D @ 1,288.97 5R\DOW\DQG&HVV>5HIHU1RWH D @ 1,196.32 $GYHUWLVHPHQWDQG%XVLQHVV3URPRWLRQ([SHQVHV 1,837.32 )UHLJKWDQG+DQGOLQJ([SHQVHV 7,839.50 Commission 781.26 'LUHFWRUV )HHV 29.40 &KDULW\DQG'RQDWLRQ 21.05 Traveling and Conveyance 228.47 /HJDODQG3URIHVVLRQDO&KDUJHV 397.12 1HW/RVVRQ)RUHLJQ&XUUHQF\7UDQVDFWLRQVDQG7UDQVODWLRQ 54.74 $XGLWRU V5HPXQHUDWLRQ $XGLW)HHV 9.30 7D[$XGLW)HHV Nil )RU2WKHU6HUYLFHV&HUWLÀFDWLRQ:RUN 3.65 12.95 3URYLVLRQIRU'RXEWIXO'HEWV 0.01 %DG'HEWV:ULWWHQ2II 24.57 1LO /RVVRQ6DOHRI$VVHWV 1HW 28.96 &DSLWDO:RUNLQSURJUHVV:ULWWHQ2II Nil ,QWHU&RUSRUDWH'HSRVLWV ,&' :ULWWHQ2II 554.76 1LO 3URYLVLRQIRU'RXEWIXO,&'QRORQJHUUHTXLUHG (554.76) 1LO Nil 1LO 0LVFHOODQHRXV([SHQVHV 932.65 &RVWRI&HPHQW6HOI&RQVXPHG>5HIHU1RWH E @ (59.32) 38,273.29 28.1 Notes D (PSOR\HH%HQHÀW([SHQVHV 1RWH DQG2WKHU([SHQVHV 1RWH DVLQFXUUHGRQFRVWRIUDLVLQJDQGWUDQVSRUWLQJ OLPHVWRQHPDUODUHDVXQGHU Salaries, Wages and Bonus 60.00 6WRUHVDQG6SDUH3DUWV&RQVXPHG 386.53 5HSDLUVDQG0DLQWHQDQFHWR0DFKLQHU\ 67.04 5DZ0DWHULDO+DQGOLQJ&KDUJHV 338.83 /LPHVWRQH0DUO5DLVLQJ&KDUJHV 1,288.97 5R\DOW\DQG&HVV 1,008.53 3,149.90 E &RVWRIFHPHQWVHOIFRQVXPHGDOVRLQFOXGHVRWKHUPDWHULDOFRVWVDQGGHSUHFLDWLRQ

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For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 29 EXCEPTIONAL ITEMS 3URÀWRQ6DOHRI5HVLGHQWLDO)ODWV 3,089.56 1LO 3,089.56 1LO

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 30 CONTINGENT LIABILITIES AND COMMITMENTS L &RQWLQJHQWOLDELOLWLHV WRWKHH[WHQWQRWSURYLGHGIRU D &ODLPV DJDLQVW WKH &RPSDQ\ QRW DFNQRZOHGJHG DV GHEW PDWWHUV XQGHUGLVSXWHVDSSHDOV L 6DOHV7D[OLDELOLWLHV 435.67 LL ([FLVH'XW\ 297.40 LLL 6HUYLFH7D[ 46.49 LY 5R\DOW\ 15.12 Y &XVWRPV'XW\ 23.25 Y 5RDG7D[ Nil YLL &ODLPVÀOHGE\ZRUNPHQRUWKHLUXQLRQDJDLQVWWKH&RPSDQ\ 210.75 YLLL 2QDFFRXQWRI3RZHU6XSSO\ 440.99 L[ 5HIHU1RWH LLL ZKHUHLQWKHDJJUHYLHGEX\HUKDVGLVSXWHGWKH VDOHRIDÁ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ÀOOWKHREOLJDWLRQRISDFNLQJDPLQLPXPRIRIFHPHQWLQMXWHEDJV IURP0DUFKRUSD\SHQDOW\XQGHU6HFWLRQ RIWKH-XWH3DFNLQJ0DWHULDOV &RPSXOVRU\ XVHLQ3DFNLQJ&RPPRGLWLHV $FWLVSUHVHQWO\VWD\HGE\&DOFXWWD+LJK&RXUWWKHDPRXQWRI ZKLFKLVQRWDVFHUWDLQDEOH LL 7KHLPSDFWRXWFRPHRIUHFRPSHQVHFODXVHDVGHWDLOHGLQ1RWH % ,,, F LL LQUHVSHFWRIWKH UHVWUXFWXUHGORDQVRQWKH&RPSDQ\LVSUHVHQWO\XQDVFHUWDLQDEOH LL &RPPLWPHQWV D (VWLPDWHG DPRXQW RI FRQWUDFWV UHPDLQLQJ WR EH H[HFXWHG RQ FDSLWDO 848.98 DFFRXQW QHWRIDGYDQFHVRI`ODFVSUHYLRXV\HDU`ODFV E 2WKHU&RPPLWPHQWV Nil 1LO

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For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 33 ADDITIONAL INFORMATION TO THE STATEMENT OF PROFIT AND LOSS L 9DOXHRILPSRUWVFDOFXODWHGRQ&,)EDVLV D 5DZPDWHULDOV 522.26 1LO E )XHO 1,194.51 1LO F &RPSRQHQWVDQG6SDUH3DUWV 369.09 G &DSLWDO*RRGV Nil LL ([SHQGLWXUHLQ)RUHLJQ&XUUHQF\ D 7UDYHOLQJ([SHQVHV 12.45 E 6HD)UHLJKWDQG'HPXUUDJH Nil F 3URIHVVLRQDO)HHV 6.09 G /LFHQVH5HJLVWUDWLRQRI7UDGH0DUN)HHV 0.52 H 2WKHUV 3.99 For the Year ended )RUWKH

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As at $VDW As at $VDW March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 ` in lacs ` in lacs ` in lacs ` in lacs Compensated Absences Gratuity 34 EMPLOYEE BENEFITS i. Changes in Present Value of Obligations: 3UHVHQW9DOXHRI2EOLJDWLRQDWWKHEHJLQQLQJ 294.84 729.25 Current Service Cost 20.38 30.67 Interest Cost 27.27 67.46 $FWXDULDO *DLQ /RVVRQREOLJDWLRQV 24.33 107.78 %HQHÀWVSDLG (49.64) (78.78) 3UHVHQWYDOXHRI2EOLJDWLRQDVDWWKHHQG 317.18 856.38 ii. Changes in Fair Value of Plan Assets : )DLUYDOXHRI3ODQ$VVHWVDWWKHEHJLQQLQJ Not Applicable 6.43 ([SHFWHGUHWXUQRQ3ODQ$VVHWV Not Applicable 0.56 &RQWULEXWLRQV Not Applicable 76.50 %HQHÀWVSDLG Not Applicable (78.77) $FWXDULDO*DLQ /RVV RQ3ODQ$VVHWV Not Applicable (0.56) )DLUYDOXHRI3ODQ$VVHWVDVDWWKHHQG Not Applicable 4.16 iii. The amount recognised in Balance Sheet *URVVYDOXHRISUHVHQW2EOLJDWLRQDWWKHHQG 317.18 856.39 )DLU9DOXHRI3ODQ$VVHWVDWWKHHQG Nil 1LO 4.16 1HW /LDELOLW\ UHFRJQLVHGLQ%DODQFHVKHHW 317.18 852.23 iv. $PRXQWUHFRJQLVHGLQWKH6WDWHPHQWRI3URÀW and Loss Current Service Cost 20.38 30.67 Interest Cost 27.27 67.46 ([SHFWHGUHWXUQRQ3ODQ$VVHWV Nil 1LO (0.56) 1HWDFWXDULDO *DLQ /RVVUHFRJQLVHGLQWKH\HDU 24.33 108.34 ([SHQVHV5HFRJQLVHGLQWKHVWDWHPHQWRI3URÀW DQG/RVV 71.98 205.91 v. Category of Assets ,QVXUHU0DQDJHG)XQGV Not Applicable 4.16 vi. Assumptions 0RUWDOLW\ 7DEOH ,QGLDQ $VVXUHG /LIH 0RUWDOLW\ 'LVFRXQW5DWH 7.95% 7.95% 5DWHRILQFUHDVHLQFRPSHQVDWLRQOHYHOV 5.00% 5.00% ([SHFWHG5HWXUQRQ3ODQ$VVHWV Not Applicable 7.95% $WWULWLRQ5DWH 2.00% 2.00% vii. 7KHHVWLPDWHRIUDWHRIHVFDODWLRQLQVDODU\FRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHVLQWRDFFRXQWLQÁDWLRQVHQLRULW\ SURPRWLRQDQGRWKHUUHOHYDQWIDFWRUVLQFOXGLQJVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW viii. 7KH&RPSDQ\H[SHFWVWRFRQWULEXWHDVXPRI`ODFV 3UHYLRXV\HDU`ODFV WRZDUGVJUDWXLW\GXULQJ WKH\HDUHQGHG0DUFK

ix. 7KHH[SHFWHGUHWXUQRQSODQDVVHWVLVGHWHUPLQHGFRQVLGHULQJVHYHUDODSSOLFDEOHIDFWRUVPDLQO\WKHFRPSRVLWLRQ RIWKHSODQDVVHWVKHOGDQGKLVWRULFDOUHWXUQRQWKHSODQDVVHWV7KHVDPHDUHGLVFORVHGKHUHXQGHUWRWKHH[WHQW DYDLODEOH As at $VDW $VDW $VDW March 31, 2015 March 31, 2014 March 31, 2013 March 31, 2012 Particulars - Gratuity ` in lacs ` in lacs ` in lacs ` in lacs ([SHULHQFH$GMXVWPHQWV 2QSODQOLDELOLW\ JDLQ ORVV 53.55 2QSODQDVVHWVJDLQ ORVV (0.56) 3UHVHQWYDOXHRIEHQHÀWREOLJDWLRQ 856.38 )DLUYDOXHRISODQDVVHWV 4.16 ([FHVVRIREOLJDWLRQRYHUSODQDVVHWV 852.23

As at $VDW March 31, 2015 March 31, 2014 ` in lacs ` in lacs 35 SEGMENT REPORTING 7KH &RPSDQ\ KDV RQO\ RQH EXVLQHVV VHJPHQW ¶FHPHQW FOLQNHU· DV SULPDU\ VHJPHQW7KHVHFRQGDU\VHJPHQWLVJHRJUDSKLFDOVHJPHQWZKLFKLVJLYHQEHORZ 'RPHVWLFUHYHQXHV QHWRIH[FLVHGXW\ 48,030.73 ([SRUWV,QWHUQDWLRQDOPDUNHWV 7,782.20 Total 55,812.93 $OOWKHDVVHWVRIWKH&RPSDQ\DUHLQ,QGLDRQO\

36 RELATED PARTY DISCLOSURES 36.1 List of related parties: i. Enterprises under control, or are controlled by, or under common control, with the reporting enterprise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ii. Subsidiary Companies : D $JULPD&RQVXOWDQWV,QWHUQDWLRQDO/LPLWHG G 5LD+ROGLQJV/LPLWHG E 3UDQD\+ROGLQJV/LPLWHG H 5HHWL,QYHVWPHQWV/LPLWHG F 3UDFKLW+ROGLQJV/LPLWHG I &RQFRUGH&HPHQW3/LPLWHG iii. Key Management Personnel : D 0U-D\00HKWD²([HFXWLYH9LFH&KDLUPDQ E 0U06*LORWUD0DQDJLQJ'LUHFWRU iv. Relatives of Key Management Personnel with whom Transactions have taken place: D 0U0DKHQGUD10HKWD)DWKHURI0U-D\00HKWD E 0UV1DULQGHU.DXU:LIHRI0U06*LORWUD F 0U$PDQGHHS6LQJK*LORWUD6RQRI0U06*LORWUD

For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 36.2 Transactions with related parties: i. Transactions and Balances with subsidiary companies: D $PRXQW5HFHLYDEOHIURPVXEVLGLDULHV L $JULPD&RQVXOWDQWV,QWHUQDWLRQDO/LPLWHG 186.14 LL 3UDFKLW+ROGLQJV/LPLWHG 2.20 LLL 3UDQD\+ROGLQJV/LPLWHG 0.10 1LO LY 5LD+ROGLQJV/LPLWHG 0.10 1LO Y 5HHWL,QYHVWPHQWV/LPLWHG 6.45 E 'HSRVLWVZLWK5HHWL,QYHVWPHQWV/LPLWHG 34.40 F ([SHQVHVUHLPEXUVHPHQWVWR L D L DERYH 13.48 ii. Payments to Key Managerial Personnel: D 5HPXQHUDWLRQWR0U-D\00HKWD 264.47 E 5HPXQHUDWLRQWR0U06*LORWUD 143.52 iii. Payments to relatives of Key Managerial Personnel: D 'LUHFWRUVVLWWLQJIHHVWR0U0DKHQGUD10HKWD 1.20 E 'HSRVLWVZLWK0UV1DULQGHU.DXUDQG0U$PDQGHHS6LQJK*LORWUD 130.00 F 5HQWWR0UV1DULQGHU.DXU 9.00 iv. Transactions with Gujarat Sidhee Cement Limited D 3XUFKDVHRIJRRGVDQGPDWHULDOV 2,857.25 E 6DOHRIJRRGVDQGPDWHULDOV 132.42 F ([SHQVHV 5HFRYHU\ IRUVHUYLFHV QHW (112.57) G $PRXQW UHFHLYDEOH SD\DEOHDWWKH\HDUHQG (8.64)

For the )RUWKH Year ended Year ended March 31, 2015 March 31, 2014 ` in lacs ` in lacs 37 EARNINGS PER SHARE :HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRI` 10 each 5,11,91,065 1HW3URÀWIRUWKH\HDU 6,760.02 /HVV'LYLGHQGSD\DEOHWR2&&36KROGHUV>5HIHU1RWH E @ 89.39 1HW3URÀWDYDLODEOHWRHTXLW\VKDUHKROGHUV 6,670.63 %DVLFDQGGLOXWHGHDUQLQJVSHUVKDUH LQ5XSHHV 13.03

38 FINANCIAL INSTRUMENTS: DISCLOSURES 'HWDLOVRIIRUHLJQFXUUHQF\H[SRVXUHVWKDWDUHQRWKHGJHGE\DQ\GHULYDWLYHLQVWUXPHQWRURWKHUZLVHDUH As at $VDW March 31, 2015 March 31, 2014 US Dollars ` in lacs 86'ROODUV ` in lacs $GYDQFHVIURP&XVWRPHUV Nil Nil

39 3UHYLRXV

57th

Independent Auditor’s Report To the Members of Saurashtra Cement Limited Report on the Consolidated Financial Statements

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CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2015 As at $VDW March 31, 2015 March 31, 2015 0DUFK 1RWH ` in lacs ` in lacs ` in lacs EQUITY AND LIABILITIES Shareholders' Funds 6KDUH&DSLWDO 5,807.02 5HVHUYHVDQG6XUSOXV 17,816.82 23,623.84 Non-current Liabilities /RQJWHUP%RUURZLQJV Nil 2WKHU/RQJWHUP/LDELOLWLHV 5 774.02 /RQJWHUP3URYLVLRQV 6 952.99 1,727.01 Current Liabilities 6KRUWWHUP%RUURZLQJV 7 442.35 7UDGH3D\DEOHV 4,570.82 2WKHU&XUUHQW/LDELOLWLHV 9,186.34 6KRUWWHUP3URYLVLRQV 864.33 15,063.84 TOTAL 40,414.69 ASSETS Non-current Assets )L[HG$VVHWV 7DQJLEOH$VVHWV 17,720.32 ,QWDQJLEOH$VVHWV 85.31 7DQJLEOH&DSLWDO:RUNLQSURJUHVV 5,260.35 23,065.98 1RQFXUUHQW,QYHVWPHQWV 1,499.42 'HIHUUHG7D[$VVHWV QHW 921.79 1LO /RQJWHUP/RDQVDQG$GYDQFHV 1,320.03 2WKHU1RQFXUUHQW$VVHWV 80.96 26,888.18 Current Assets ,QYHQWRULHV 7,752.60 7UDGH5HFHLYDEOHV 1,938.69 &DVKDQG%DQN%DODQFHV 2,117.73 6KRUWWHUP/RDQVDQG$GYDQFHV 1,546.77 2WKHU&XUUHQW$VVHWV 170.72 13,526.51 TOTAL 40,414.69

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57th

CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2015

For the For the )RUWKH Year ended Year ended Year ended March 31, 2015 March 31, 2015 0DUFK 1RWH ` in lacs ` in lacs ` in lacs 5HYHQXHIURP2SHUDWLRQV *URVV 62,948.26 /HVV([FLVH'XW\ 6,677.62 5HYHQXHIURP2SHUDWLRQV 1HW 56,270.64 2WKHU,QFRPH 733.01 Total Revenue 57,003.65 Expenses &RVWRI0DWHULDOV&RQVXPHG 4,814.42 3XUFKDVHVRI6WRFNLQWUDGH 1,436.22 &KDQJHVLQ,QYHQWRULHVRI)LQLVKHG*RRGV (700.83) :RUNLQSURJUHVVDQG6WRFNLQWUDGH (PSOR\HH%HQHÀWV([SHQVH 3,510.76 )LQDQFH&RVWV 1,337.55 'HSUHFLDWLRQ$PRUWLVDWLRQDQG,PSDLUPHQW 3,487.85 /HVV$PRXQW:LWKGUDZQIURP5HYDOXDWLRQ5HVHUYH Nil 3,487.85 2WKHU([SHQVHV 38,282.50 Total Expenses 52,168.47 3URÀWEHIRUH([FHSWLRQDO,WHPVDQG7D[ 4,835.18 ([FHSWLRQDO,WHPV 3,089.56 1LO 3URÀWEHIRUH7D[ 7,924.74 Tax Expense &XUUHQW7D[ 2,085.71 0$7&UHGLW(QWLWOHPHQW Nil 2,085.71 'HIHUUHG7D[ 5HIHU1RWH (921.79) 1LO 1,163.92 3URÀWIRUWKH\HDU 6,760.82 Earnings per equity share of ` 10 par value per share %DVLFDQGGLOXWHG `SHUVKDUH 13.03

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CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2015 For the For the )RUWKH Year ended Year ended Year ended March 31, 2015 March 31, 2015 0DUFK ` in lacs ` in lacs ` in lacs CASH FLOW FROM OPERATING ACTIVITIES 3URÀWIRUWKH\HDUEHIRUHWD[ 7,924.74 $GMXVWPHQWVIRU $GG )LQDQFH&RVWV 1,337.55 /RVVRQ6DOHRI$VVHWV&DSLWDO:,3:ULWWHQ2II 28.96 3URYLVLRQIRU'RXEWIXOGHEWV%DG'HEWV:ULWWHQ2II 24.58 'HSUHFLDWLRQ$PRUWLVDWLRQDQG,PSDLUPHQW 3,487.85 4,878.94 /HVV ,QWHUHVW,QFRPH 282.76 'LYLGHQGV5HFHLYHG 0.46 ([FHVV3URYLVLRQDQG6XQGU\&UHGLW%DODQFHV:ULWWHQ%DFN 208.45 3URYLVLRQIRU'RXEWIXO'HEWVQRORQJHUUHTXLUHG 34.53 ([FHSWLRQDO,WHPV 3,089.56 1LO (3,615.76) 2SHUDWLQJSURÀWEHIRUHZRUNLQJFDSLWDOFKDQJHV 9,187.91 $GMXVWPHQWVIRULQFUHDVHGHFUHDVHLQ 2WKHU/RQJWHUP/LDELOLWLHVDQG/RQJWHUP3URYLVLRQV 182.11 7UDGH3D\DEOHVDQG2WKHU&XUUHQW/LDELOLWLHV 3,483.83 /RQJWHUP/RDQVDQG$GYDQFHVDQG2WKHU1RQFXUUHQW$VVHWV (43.15) ,QYHQWRULHV (2,078.24) 7UDGH5HFHLYDEOHVDQG6KRUWWHUP/RDQVDQG$GYDQFHV (856.30) 2WKHU&XUUHQW$VVHWV 251.28 939.53 Cash generated from operations 10,127.44 $GG'LUHFW7D[HV 3D\PHQWV 5HIXQGV (1,932.55) 1HWFDVKÁRZIURPRSHUDWLQJDFWLYLWLHV 8,194.89

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For the For the )RUWKH Year ended Year ended Year ended March 31, 2015 March 31, 2015 0DUFK ` in lacs ` in lacs ` in lacs CASH FLOW FROM INVESTING ACTIVITIES 3XUFKDVHRI)L[HG$VVHWV&DSLWDO:RUNLQSURJUHVV (1,605.06) 6DOHRI)L[HG$VVHWV 3,219.25 6DOHRI1RQFXUUHQW,QYHVWPHQWV 0.01 1LO ,QWHUHVW,QFRPH 226.53 'LYLGHQGV5HFHLYHG 0.46 1HWFDVKÁRZIURP XVHGLQ LQYHVWLQJDFWLYLWLHV 1,841.19 CASH FLOW FROM FINANCING ACTIVITIES 3URFHHGVIURP/RQJWHUP%RUURZLQJV Nil 5HSD\PHQWRI/RQJWHUP%RUURZLQJV (10,497.56) 6KRUWWHUP%RUURZLQJV (132.17) 'HSRVLWVKHOGDV0DUJLQ0RQH\ 1,953.91 )LQDQFH&RVWV3DLG (1,348.94) 1HWFDVKÁRZXVHGLQÀQDQFLQJDFWLYLWLHV (10,024.76) Net increase in cash and cash equivalents 11.32 Cash and cash equivalents as at the beginning of the year 1,960.86 Cash and cash equivalents as at the end of the year 1,972.18 (Refer Note 18) Deposits with banks 145.55 Cash and bank balances as at the end of the year (Refer Note 18) 2,117.73

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As at $VDW March 31, 2015 0DUFK Numbers ` in lacs 1XPEHUV ` in lacs 2 SHARE CAPITAL Authorised (TXLW\6KDUHVRI`SDUYDOXH 130,000,000 13,000.00 3UHIHUHQFH6KDUHVRI`SDUYDOXH 6,000,000 6,000.00 8QFODVVLÀHG6KDUHVRI`SDUYDOXH 5,000,000 500.00 19,500.00 Issued (TXLW\6KDUHVRI`SDUYDOXH 59,095,018 5,909.50 2SWLRQDOO\ &RQYHUWLEOH &XPXODWLYH 3UHIHUHQFH6KDUHVRI`SDUYDOXH 687,595 687.60 6,597.10 Subscribed and Paid Up (TXLW\VKDUHVRI`SDUYDOXH 51,191,065 5,119.11 2SWLRQDOO\ &RQYHUWLEOH &XPXODWLYH 3UHIHUHQFH6KDUHVRI`SDUYDOXH 687,595 687.60 5,806.71 (TXLW\6KDUHVIRUIHLWHG 15,269 0.31 (`SHUVKDUHSDLGXS 5,807.02 2.1 Reconciliation of the number of shares outstanding and amount of share capital

As at $VDW March 31, 2015 0DUFK Numbers ` in lacs 1XPEHUV ` in lacs a. Equity Shares, of ` 10 par value $WWKHEHJLQQLQJ 51,191,065 5,119.11 &KDQJHVGXULQJWKH\HDU Nil Nil 1LO 1LO $WWKHHQG 51,191,065 5,119.11 b. Preference Shares, of ` 100 par value $WWKHEHJLQQLQJ 687,595 687.60 &KDQJHVGXULQJWKH\HDU Nil Nil 1LO 1LO $WWKHHQG 687,595 687.60

57th

2.2 Rights, Preferences and Restrictions a. Equity Shares L 7KH+ROGLQJ&RPSDQ\KDVRQO\RQHFODVVRIHTXLW\VKDUHVUHIHUUHGWRDVHTXLW\VKDUHVKDYLQJDSDUYDOXH RI`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b. Preference Shares : L 7KH+ROGLQJ&RPSDQ\KDVRQO\RQHFODVVRISUHIHUHQFHVKDUHVUHIHUUHGWRDV2SWLRQDOO\&RQYHUWLEOH &XPXODWLYH 3UHIHUHQFH 6KDUHV 2&&36 KDYLQJ D SDU YDOXH RI ` 7KHVH SUHIHUHQFH VKDUHV GR QRW FDUU\DQ\YRWLQJULJKW+RZHYHUDVSHUWKHSURYLVLRQVRIWKH&RPSDQLHV$FWLIWKHGLYLGHQGRQVXFK SUHIHUHQFHVKDUHVKDVQRWEHHQSDLGIRUDSHULRGRIWZR\HDUVRUPRUHWKHKROGHUVRIVXFKSUHIHUHQFH VKDUHVVKDOOKDYHDULJKWWRYRWHRQDOOUHVROXWLRQVSODFHGEHIRUHWKH+ROGLQJ&RPSDQ\ LL 2&&36FDUULHGDÀ[HGFXPXODWLYHGLYLGHQGRISDIURPWKHGDWHRILVVXH7KHKROGHUVRI2&&36FDUU\ DULJKWWRGLYLGHQGDKHDGRIHTXLW\VKDUHKROGHUV LLL ,QWKHHYHQWRIOLTXLGDWLRQWKHKROGHUVRI2&&36FDUU\SUHIHUHQFHRYHUHTXLW\VKDUHKROGHUVLQUHVSHFWRI UHSD\PHQWRIFDSLWDO LY 2&&36ZHUHUHGHHPDEOHDWSDURQ0DUFK2IWKHWRWDO3UHIHUHQFH6KDUH&DSLWDORI`ODFV WKHKROGHUVRI2&&36RI`SDUYDOXHDJJUHJDWLQJWR`ODFVKDYHVXUUHQGHUHGWKHLU ULJKWLQWKHUHGHPSWLRQLQFOXGLQJWKHSUHIHUHQFHGLYLGHQGWKHUHRQIRUWKHEHQHÀWRIWKH+ROGLQJ&RPSDQ\ %DVHGRQWKHDGYLVHUHFHLYHGSHQGLQJWKHDYDLODELOLW\RIIXQGVGLVWULEXWDEOHSURÀWVIRUWKHUHGHPSWLRQRI FDSLWDOWKHEHQHÀFLDORZQHUVKLSRIWKHVH2&&36KDVDOUHDG\EHHQWUDQVIHUUHGLQIDYRXURIDWUXVWRIZKLFK WKH+ROGLQJ&RPSDQ\LVWKHEHQHÀFLDU\7KHDFFRXQWLQJHIIHFWRIVXFKZDLYHU RQO\LQUHVSHFWRIWKHVH 2&&36 VKDOOEHPDGHDVDQGZKHQVXFKVKDUHVZLOOEHUHGHHPHG)RUWKHEDODQFHRI2&&36WKHULJKWRI FRQYHUVLRQODSVHGRQ$XJXVW 2.3 Details of shares held by shareholders holding more than 5% of the aggregate shares in the Holding Company

As at $VDW March 31, 2015 0DUFK Numbers % 1XPEHUV a. Equity Shares 9LOOD7UDGLQJ&RPSDQ\3ULYDWH/LPLWHG 11,745,167 22.94% 7UDQV$VLD,QYHVWPHQWV$QG7UDGLQJ/LPLWHG 8,000,000 15.63% 0DXULWLXV'HEW0DQDJHPHQW/LPLWHG 5,677,884 11.09% -DJPL,QYHVWPHQWV/LPLWHG 5,175,000 10.11% 6DPSVRQ/LPLWHG 4,000,000 7.81% &ODUHQFH,QYHVWPHQWV/LPLWHG 3,686,599 7.20% b. Preference Shares ,QGLD'HEW0DQDJHPHQW3ULYDWH/LPLWHG 512,398 74.52% $0)DGLD7UXVWHHRI6&/3UHIHUHQFH6KDUHV 174,557 25.39% 7UXVW>5HIHU1RWH E LY DERYH@ ,VQRWGLVFORVHGDVEHORZ

As at $VDW March 31, 2015 0DUFK ` in lacs ` in lacs 3 RESERVES AND SURPLUS Capital Reserve $VSHUODVW%DODQFH6KHHW 2,614.72 Capital Redemption Reserve $VSHUODVW%DODQFH6KHHW 50.00 Securities Premium Account $VSHUODVW%DODQFH6KHHW 10,566.71 Debenture Redemption Reserve $VSHUODVW%DODQFH6KHHW 2,060.00 Revaluation Reserve $VDWWKHEHJLQQLQJRIWKH\HDU 256.97 /HVV 7UDQVIHUUHGWR*HQHUDO5HVHUYH 18.52 1LO /HVV 7UDQVIHUUHG WR WKH 6WDWHPHQW RI 3URÀW DQG /RVV IRU 'HSUHFLDWLRQ Nil $VDWWKHHQGRIWKH\HDU 238.45 General Reserve $VSHUODVW%DODQFH6KHHW 4,377.97 $GG 7UDQVIHUUHGIURP5HYDOXDWLRQ5HVHUYH 18.52 1LO 4,396.49 6XUSOXV 'HÀFLW 'HELWEDODQFHLQWKH6WDWHPHQWRI3URÀWDQG/RVV $VDWWKHEHJLQQLQJRIWKH\HDU 8,870.37 /HVV7UDQVIHUUHGIURPWKH6WDWHPHQWRI3URÀWDQG/RVV 6,760.82 $VDWWKHHQGRIWKH\HDU (2,109.55) 17,816.82 $VSHUWKH*XLGDQFH1RWHRQ7UHDWPHQWRI5HVHUYH&UHDWHGRQ5HYDOXDWLRQRI)L[HG$VVHWVLVVXHGE\WKH ,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD ,&$, IRUWKH\HDUHQGHG0DUFKWKHDPRXQWRIGHSUHFLDWLRQ RQWKHUHYDOXDWLRQRI)L[HG$VVHWVLVWUDQVIHUUHGWRWKH&RQVROLGDWHG6WDWHPHQWRI3URÀWDQG/RVV+RZHYHUIRU WKH\HDUHQGHG0DUFKDVVXJJHVWHGLQWKH$SSOLFDWLRQ*XLGHRQWKH3URYLVLRQVRI6FKHGXOH,,WR7KH &RPSDQLHV$FWLVVXHGE\,&$,WKHDPRXQWRIGHSUHFLDWLRQRQWKHUHYDOXDWLRQLVZLWKGUDZQDQGWUDQVIHUUHG WR*HQHUDO5HVHUYH

57th

As at $VDW March 31, 2015 0DUFK ` in lacs ` in lacs 4 LONG-TERM BORROWINGS 6HFXUHG Debentures 1RQFRQYHUWLEOH'HEHQWXUHV8QGHU&RUSRUDWH'HEW 5HVWUXFWXULQJ &'5 )DFH9DOXH` per 'HEHQWXUH Numbers Particulars Current 3UHYLRXV 3XEOLF 1LO 3XEOLF 3XEOLF 1LO 3XEOLF 3ULYDWH Nil Term Loans )URP%DQNV Nil )URP2WKHUV Nil Nil Nil 4.1 A. 7KHDERYHUHÁHFW1RQFXUUHQWSRUWLRQRQO\RIWKHUHODWHGERUURZLQJVDQGIRUWKHFXUUHQWPDWXULW\WKHUHRIUHIHU1RWH RQ´2WKHU&XUUHQW/LDELOLWLHVµ B. Security and Repayment Terms: As at $VDW March 31, 2015 0DUFK Non-current Current 1RQFXUUHQW &XUUHQW ` in lacs ` in lacs ` in lacs ` in lacs I. Breakup of borrowings: D 3XEOLF 'HEHQWXUHV WRJHWKHU ZLWK LQWHUHVW remuneration to trustees and other amounts SD\DEOHWKHUHRQ Nil 60.78 E 3ULYDWH 'HEHQWXUHV WRJHWKHU ZLWK LQWHUHVW remuneration to trustees and other amounts SD\DEOHWKHUHRQ Nil 13.50 F 7HUP/RDQVIURP%DQNV8QGHU&'5 Nil 200.40 G 7HUP/RDQVIURP%DQNV2WKHUV Nil Nil 1LO H 7HUP/RDQVIURP2WKHUV)LQDQFLDO,QVWLWXWLRQV 8QGHU &'5 LQFOXGLQJ )XQGHG LQWHUHVW WHUP ORDQVRQ'HEHQWXUHV Nil 103.07 I 7HUP /RDQV IURP 2WKHUV 8QGHU &'5 LQFOXGLQJ )XQGHG LQWHUHVW WHUP ORDQV RQ 'HEHQWXUHV Nil 404.66 J 7HUP/RDQVIURP2WKHUV9HKLFOH Nil 11.83 K 7HUP/RDQVIURP2WKHUV2WKHUV Nil Nil Nil 794.24

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As at $VDW March 31, 2015 0DUFK ` in lacs ` in lacs 5 OTHER LONG-TERM LIABILITIES 6HFXULW\'HSRVLWVIURP&XVWRPHUV7UDQVSRUWHUV 773.97 /RDQIURPD'LUHFWRU8QVHFXUHG 7HUPVRIUHSD\PHQWQRWVSHFLÀHG 0.05 774.02

As at $VDW March 31, 2015 0DUFK ` in lacs ` in lacs 6 LONG-TERM PROVISIONS )RU(PSOR\HH%HQHÀWV*UDWXLW\DQG&RPSHQVDWHGDEVHQFHV 952.99 5HIHU1RWH 952.99

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As at $VDW March 31, 2015 0DUFK ` in lacs ` in lacs 30 CONTINGENT LIABILITIES AND COMMITMENTS L &RQWLQJHQWOLDELOLWLHV WRWKHH[WHQWQRWSURYLGHGIRU D &ODLPV DJDLQVW WKH +ROGLQJ &RPSDQ\ QRW DFNQRZOHGJHG DV GHEW PDWWHUVXQGHUGLVSXWHVDSSHDOV L 6DOHV7D[OLDELOLWLHV 435.67 LL ([FLVH'XW\ 297.40 LLL 6HUYLFH7D[ 46.49 LY 5R\DOW\ 15.12 Y &XVWRPV'XW\ 23.25 Y 5RDG7D[ Nil YLL &ODLPVÀOHGE\ZRUNPHQRUWKHLUXQLRQDJDLQVWWKH+ROGLQJ&RPSDQ\ 210.75 YLLL 2QDFFRXQWRI3RZHU6XSSO\ 440.99 L[ 5HIHU1RWH LLL ZKHUHLQWKHDJJUHYLHGEX\HUKDVGLVSXWHGWKH VDOHRIDÁDWWRDQRWKHUSHUVRQ7KHVDLGPDWWHULVXQGHUGLVSXWH DQGWKHRXWFRPHLPSDFWRIZKLFKRQWKH+ROGLQJ&RPSDQ\LV SUHVHQWO\XQDVFHUWDLQDEOH [ Other demands and claims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ÀOO WKH REOLJDWLRQ RI SDFNLQJ D PLQLPXP RI RI FHPHQW LQMXWHEDJVIURP0DUFKRUSD\SHQDOW\XQGHU6HFWLRQ RIWKH-XWH3DFNLQJ0DWHULDOV &RPSXOVRU\XVHLQ3DFNLQJ&RPPRGLWLHV $FWLVSUHVHQWO\VWD\HGE\&DOFXWWD+LJK&RXUWWKH DPRXQWRIZKLFKLVQRWDVFHUWDLQDEOH LL 7KHLPSDFWRXWFRPHRIUHFRPSHQVHFODXVHDVGHWDLOHGLQ1RWH % ,,, F LL LQUHVSHFWRIWKH UHVWUXFWXUHGORDQVRQWKH+ROGLQJ&RPSDQ\LVSUHVHQWO\XQDVFHUWDLQDEOH LL &RPPLWPHQWV D (VWLPDWHG DPRXQW RI FRQWUDFWV UHPDLQLQJ WR EH H[HFXWHG RQ FDSLWDO 848.98 DFFRXQW QHWRIDGYDQFHVRI`ODFVSUHYLRXV\HDU`ODFV E 2WKHU&RPPLWPHQWV Nil 1LO

31 7KHDFFXPXODWHGDUUHDUVRISUHIHUHQFHGLYLGHQGXQSURYLGHGIRUWKHSHULRGIURP1RYHPEHUWLOOWKHEDODQFHVKHHW date amounted to ÒDFV 3UHYLRXV\HDUÒDFV LQFOXGLQJÒDFV 3UHYLRXV\HDUÒDFV IRU WKH\HDU

32 &RQVLGHULQJWKHLPSOHPHQWDWLRQRIWKHVFKHPHIRUPXODWHGDQGVDQFWLRQHGIRUDVLFNFRPSDQ\DQGWKDWWKHQHWZRUWK RIWKH+ROGLQJ&RPSDQ\LVSRVLWLYHLWQRORQJHUEHLQJD6LFN,QGXVWULDO&RPSDQ\WKHDFFRXQWVRIWKH*URXSDUH SUHSDUHGRQDJRLQJFRQFHUQEDVLV

For the )RUWKH Year ended Year ended March 31, 2015 0DUFK ` in lacs ` in lacs 33 ADDITIONAL INFORMATION TO THE CONSOLIDATED STATEMENT OF PROFIT AND LOSS L 9DOXHRILPSRUWVFDOFXODWHGRQ&,)EDVLV D 5DZPDWHULDOV 522.26 1LO E )XHO 1,194.51 1LO F &RPSRQHQWVDQG6SDUH3DUWV 369.09 G &DSLWDO*RRGV Nil LL ([SHQGLWXUHLQ)RUHLJQ&XUUHQF\ D 7UDYHOLQJ([SHQVHV 12.45 E 6HD)UHLJKWDQG'HPXUUDJH Nil F 3URIHVVLRQDO)HHV 6.09 G /LFHQVH5HJLVWUDWLRQRI7UDGH0DUN)HHV 0.52 H Others 3.99 For the Year ended )RUWKH

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As at $VDW As at $VDW March 31, 2015 0DUFK March 31, 2015 0DUFK ` in lacs ` in lacs ` in lacs ` in lacs Compensated Absences Gratuity 34 EMPLOYEE BENEFITS i. Changes in Present Value of Obligations: 3UHVHQW9DOXHRI2EOLJDWLRQDWWKHEHJLQQLQJ 294.84 729.25 &XUUHQW6HUYLFH&RVW 20.38 30.67 ,QWHUHVW&RVW 27.27 67.46 $FWXDULDO *DLQ /RVVRQREOLJDWLRQV 24.33 107.78 %HQHÀWVSDLG (49.64) (78.78) 3UHVHQWYDOXHRI2EOLJDWLRQDVDWWKHHQG 317.18 856.38 ii. Changes in Fair Value of Plan Assets : )DLUYDOXHRI3ODQ$VVHWVDWWKHEHJLQQLQJ Not Applicable 6.43 ([SHFWHGUHWXUQRQ3ODQ$VVHWV Not Applicable 0.56 &RQWULEXWLRQV Not Applicable 76.50 %HQHÀWVSDLG Not Applicable (78.77) $FWXDULDO*DLQ /RVV RQ3ODQ$VVHWV Not Applicable (0.56) )DLUYDOXHRI3ODQ$VVHWVDVDWWKHHQG Not Applicable 4.16 iii. The amount recognised in Consolidated Balance Sheet *URVVYDOXHRISUHVHQW2EOLJDWLRQDWWKHHQG 317.18 856.39 )DLU9DOXHRI3ODQ$VVHWVDWWKHHQG Nil 1LO 4.16 1HW /LDELOLW\ UHFRJQLVHG LQ &RQVROLGDWHG %DODQFHVKHHW 317.18 852.23 iv. Amount recognised in the Consolidated 6WDWHPHQWRI3URÀWDQG/RVV &XUUHQW6HUYLFH&RVW 20.38 30.67 ,QWHUHVW&RVW 27.27 67.46 ([SHFWHGUHWXUQRQ3ODQ$VVHWV Nil 1LO (0.56) 1HWDFWXDULDO *DLQ /RVVUHFRJQLVHGLQWKH\HDU 24.33 108.34 ([SHQVHV 5HFRJQLVHG LQ WKH &RQVROLGDWHG 6WDWHPHQWRI3URÀWDQG/RVV 24.33 107.78 v. Category of Assets ,QVXUHU0DQDJHG)XQGV Not Applicable 4.16 vi. Assumptions 0RUWDOLW\ 7DEOH ,QGLDQ $VVXUHG /LIH 0RUWDOLW\ 'LVFRXQW5DWH 7.95% 7.95% 5DWHRILQFUHDVHLQFRPSHQVDWLRQOHYHOV 5.00% 5.00% ([SHFWHG5HWXUQRQ3ODQ$VVHWV Not Applicable 7.95% $WWULWLRQ5DWH 2.00% 2.00% vii. 7KHHVWLPDWHRIUDWHRIHVFDODWLRQLQVDODU\FRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHVLQWRDFFRXQWLQÁDWLRQVHQLRULW\ SURPRWLRQDQGRWKHUUHOHYDQWIDFWRUVLQFOXGLQJVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW

viii. 7KH +ROGLQJ &RPSDQ\ H[SHFWV WR FRQWULEXWH D VXP RI ` ODFV 3UHYLRXV \HDU ` ODFV WRZDUGV JUDWXLW\GXULQJWKH\HDUHQGHG0DUFK ix. 7KHH[SHFWHGUHWXUQRQSODQDVVHWVLVGHWHUPLQHGFRQVLGHULQJVHYHUDODSSOLFDEOHIDFWRUVPDLQO\WKHFRPSRVLWLRQ RIWKHSODQDVVHWVKHOGDQGKLVWRULFDOUHWXUQRQWKHSODQDVVHWV7KHVDPHDUHGLVFORVHGKHUHXQGHUWRWKHH[WHQW DYDLODEOH As at $VDW $VDW $VDW March 31, 2015 0DUFK 0DUFK 0DUFK Particulars - Gratuity ` in lacs ` in lacs ` in lacs ` in lacs ([SHULHQFH$GMXVWPHQWV 2QSODQOLDELOLW\ JDLQ ORVV 53.55 2QSODQDVVHWVJDLQ ORVV (0.56) 3UHVHQWYDOXHRIEHQHÀWREOLJDWLRQ 856.38 )DLUYDOXHRISODQDVVHWV 4.16 ([FHVVRIREOLJDWLRQRYHUSODQDVVHWV 852.23

As at $VDW March 31, 2015 0DUFK ` in lacs ` in lacs 35 SEGMENT REPORTING 7KH +ROGLQJ &RPSDQ\ KDV RQO\ RQH EXVLQHVV VHJPHQW ¶FHPHQW FOLQNHU· DV SULPDU\ VHJPHQW 7KH VHFRQGDU\ VHJPHQW LV JHRJUDSKLFDO VHJPHQW ZKLFK LV JLYHQEHORZ 'RPHVWLFUHYHQXHV QHWRIH[FLVHGXW\ 48,030.73 ([SRUWV,QWHUQDWLRQDOPDUNHWV 7,782.20 Total 55,812.93 $OOWKHDVVHWVRIWKH+ROGLQJ&RPSDQ\DUHLQ,QGLDRQO\

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ii. Subsidiary Companies : D &RQFRUGH&HPHQW3/LPLWHG iii. Key Management Personnel : D 0U-D\00HKWD²([HFXWLYH9LFH&KDLUPDQ E 0U06*LORWUD0DQDJLQJ'LUHFWRU iv. Relatives of Key Management Personnel with whom Transactions have taken place: D 0U0DKHQGUD10HKWD)DWKHURI0U-D\00HKWD E 0UV1DULQGHU.DXU:LIHRI0U06*LORWUD F 0U$PDQGHHS6LQJK*LORWUD6RQRI0U06*LORWUD

For the )RUWKH Year ended Year ended March 31, 2015 0DUFK ` in lacs ` in lacs 36.2 Transactions with related parties: i. Balances with promoter companies: 'HSRVLWZLWK6DPHWD([SRUWV3ULYDWH/LPLWHG 308.66 ii. Payments to Key Managerial Personnel: D 5HPXQHUDWLRQWR0U-D\00HKWD 264.47 E 5HPXQHUDWLRQWR0U06*LORWUD 143.52 iii. Payments to relatives of Key Managerial Personnel: D 'LUHFWRUVVLWWLQJIHHVWR0U0DKHQGUD10HKWD 1.20 E 'HSRVLWVZLWK0UV1DULQGHU.DXUDQG0U$PDQGHHS6LQJK*LORWUD 130.00 F 5HQWWR0UV1DULQGHU.DXU 9.00 iv. Transactions with Gujarat Sidhee Cement Limited D 3XUFKDVHRIJRRGVDQGPDWHULDOV 2,857.25 E 6DOHRIJRRGVDQGPDWHULDOV 132.42 F ([SHQVHV 5HFRYHU\ IRUVHUYLFHV QHW (112.57) G $PRXQW UHFHLYDEOH SD\DEOHDWWKH\HDUHQG (8.64)

For the )RUWKH Year ended Year ended March 31, 2015 0DUFK ` in lacs ` in lacs 37 EARNINGS PER SHARE :HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRI`HDFK 51,191,065 1HW3URÀWIRUWKH\HDU 6,760.82 /HVV'LYLGHQGSD\DEOHWR2&&36KROGHUV>5HIHU1RWH E @ 89.39 1HW3URÀWDYDLODEOHWRHTXLW\VKDUHKROGHUV 6,671.43 %DVLFDQGGLOXWHGHDUQLQJVSHUVKDUH LQ5XSHHV 13.03

38 FINANCIAL INSTRUMENTS: DISCLOSURES 'HWDLOVRIIRUHLJQFXUUHQF\H[SRVXUHVWKDWDUHQRWKHGJHGE\DQ\GHULYDWLYHLQVWUXPHQWRURWKHUZLVHDUH As at $VDW March 31, 2015 0DUFK US Dollars ` in lacs 86'ROODUV ` in lacs $GYDQFHVIURP&XVWRPHUV Nil Nil

39 DISCLOSURE BY WAY OF ADDITIONAL INFORMATION AS REQUIRED FOR THE PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS UNDER SCHEDULE III TO THE COMPANIES ACT, 2013 : Name of the entity in the Group Net Assets, i.e., total assets 6KDUHLQ3URÀWRU /RVV minus total liabilities As % of As % of Consolidated ` in lacs consolidated ` in lacs Net Assets 3URÀWRU /RVV 1 2 3 4 5 3DUHQW 6DXUDVKWUD&HPHQW/LPLWHG 91.95% 21,722.69 100.17% 6,772.04 6XEVLGLDULHV,QGLDQ 3UDQD\+ROGLQJV/LPLWHG 2.53% 596.65 0.00% (0.23) 3UDFKLW+ROGLQJV/LPLWHG 2.50% 591.49 0.00% (0.23) 5LD+ROGLQJV/LPLWHG 2.52% 594.30 -0.01% (0.67) 5HHWL,QYHVWPHQWV/LPLWHG 0.22% 51.06 0.00% (0.21) 5 $JULPD&RQVXOWDQWV,QWHUQDWLRQDO/LPLWHG 0.29% 67.65 -0.15% (9.88)

0LQRULW\,QWHUHVW 1LO 1LO 1LO 1LO Current Year 100.00% 23,623.84 100.00% 6,760.82 Previous Year

40 3UHYLRXV

57th LQODFV 6 ` Ltd. ( Concorde Cement Pvt. 5 Agrima Consultants International Limited Vice President (Legal) & Company Secretary Chairman Executive Vice Chairman Director Managing Director &KLHI)LQDQFLDO2IÀFHU 4 Reeti Limited Investments AOC-I 3 M. N. Mehta Jay M. Mehta M. N. Rao M. S. Gilotra Rakesh H. Mehta Sonali Sanas 0XPEDL'DWHG0D\ For and on Behalf of the Board Directors For Limited Ria Holdings ORM F 2 Prachit Limited Holdings 1 Pranay Limited Holdings 6WDWHPHQWFRQWDLQLQJVDOLHQWIHDWXUHVRIWKHÀQDQFLDOVWDWHPHQWRIVXEVLGLDULHV 3XUVXDQWWRÀUVWSURYLVRWRVXEVHFWLRQ RIVHFWLRQUHDGZLWKUXOHRI&RPSDQLHV $FFRXQWV 5XOHV Sl. No. Name of the subsidiary 6KDUHFDSLWDO 5HVHUYHV VXUSOXV 7RWDO$VVHWV 7RWDO/LDELOLWLHV ,QYHVWPHQWV Turnover 3URÀW taxation /RVV EHIRUH 3URYLVLRQIRUWD[DWLRQ 3URÀW /RVV DIWHUWD[DWLRQ 3URSRVHG'LYLGHQG RIVKDUHKROGLQJ

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BOARD OF DIRECTORS As on 14.05.2015 Mr. M. N. Mehta Chairman Mr. Jay M. Mehta Executive Vice Chairman Mr. Hemang D. Mehta Mr. M. N. Rao Mr. S. V. S. Raghavan Mr. B. P. Deshmukh Mr. K. N. Bhandari Mr. Jayant N. Godbole Mr. Hemnabh Khatau Mr. Bimal Thakkar Mr. P. K. Behl Mrs. Bhagyam Ramani Mr. Anil Kaul Special Director - BIFR Mr. M. S. Gilotra Managing Director

&KLHI)LQDQFLDO2IÀFHU Mr. Rakesh H. Mehta

9LFH3UHVLGHQW /HJDO &RPSDQ\6HFUHWDU\ Mrs. Sonali Sanas

%DQNHUV Central Bank of India Dena Bank Bank of India Rajkot Nagarik Sahakari Bank Ltd. HDFC Bank Ltd.

$XGLWRUV Messers. Bansi S. Mehta & Co. Chartered Accountants

5HJLVWHUHG2IÀFH :RUNV Near Railway Station, Ranavav 360 560 (Gujarat) Tel. 02801 - 235001/7, 02801 - 304200 Fax: 02801 - 304376, 304384 CIN: L26941GJ1956PLC000840

&RUSRUDWH2IÀFH N. K. Mehta International House, 2nd Floor, 178, Backbay Reclamation, Mumbai 400 020. Tel. 022- 66365444, Fax : 022-66365445

:HEVLWH www.saurashtracementlimited.com 57th ANNUAL REPORT 2014-15