MIRA INFORM REPORT
|
Report Date : |
03.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
AMBUJA
CEMENTS LIMITED (w. e. f. 05.04.2007) |
|
|
|
|
Formerly Known
As : |
GUJARAT
AMBUJA CEMENTS LIMITED |
|
|
|
|
Registered
Office : |
Ambuja Nagar P.O. Taluka Kodinar, Amreli District,
Junagadh-362715, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
20.10.1981 |
|
|
|
|
Com. Reg. No.: |
04-004717 |
|
|
|
|
Capital Investment/
Paid-up Capital: |
Rs.3068.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942GJ1981PLC004717 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Cement. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 322800000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA (Long Term Rating) |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
10.04.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+(Short Term Debt) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
10.04.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Ambuja Nagar P.O. Taluka Kodinar, Amreli District,
Junagadh - 362715, |
|
Tel. No.: |
91 - 2795 - 221137/232065 |
|
Fax No.: |
91 - 2795 -232629 |
|
E-Mail : |
shares@ambujacement.com |
|
Website : |
|
|
|
|
|
Corporate
Office : |
Elegant |
DIRECTORS
|
Name : |
Mr. N S Sekhsaria |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Paul Hugentobler |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Markus Akermann |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.L. Bhakta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajendra P. Chitale |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Omkar Goswami |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bernard Fontana |
|
Designation : |
Director |
|
Date of Appointment: |
10.02.2012 |
|
|
|
|
Name : |
Mr. Onne Van Der Weijde |
|
Designation : |
Director
|
KEY EXECUTIVES
|
Name : |
Mr. B. L. Taparia |
|
Designation : |
Company Secretary and Corporate
Sustainability Officer |
|
|
|
|
Name : |
Mr. Sanjeev Churiwala |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Business Heads |
Mr. J.C. Toshniwal (North) Mr. Ajay Kapur (West & South) Mr. S.N. Toshniwal (East) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
771703110 |
51.53 |
|
|
771703110 |
51.53 |
|
Total shareholding of Promoter and Promoter Group (A) |
771703110 |
51.53 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
29915999 |
2.00 |
|
|
420055 |
0.03 |
|
|
160570551 |
10.72 |
|
|
403663576 |
26.95 |
|
|
594570181 |
39.70 |
|
|
|
|
|
|
7891871 |
0.53 |
|
|
|
|
|
|
98025730 |
0.65 |
|
|
92060799 |
0.62 |
|
|
|
|
|
|
12870 |
0.00 |
|
|
16012271 |
1.07 |
|
|
204308 |
0.01 |
|
|
13104849 |
8.77 |
|
Total Public shareholding (B) |
725978030 |
48.47 |
|
Total (A)+(B) |
1497681140 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
(1) Promoter and
Promoter Group |
8605443 |
0.00 |
|
(2) Public |
31862128 |
0.00 |
|
Sub Total |
40467571 |
0.00 |
|
Total (A)+(B)+(C) |
1538148711 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Cement. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity (a) |
Installed
Capacity(b) |
Actual
Production |
|
|
|
(Rs. in millions) |
||
|
Cement (excluding Trial Run production of Nil; previous year
7,422 MT) |
MT |
|
27350000 |
20968883 |
|
|
|
|
|
|
(a) The Company’s product is exempt from Licensing requirements under New Industrial Policy in terms of Notification no. S.O.477(E) dated 25th July 1991.
(b) Annual Capacity as certified by the management and,
being a technical matter, accepted by the Auditors
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
Bank of · Dena Bank ·
Bank of · Punjab National Bank · ANZ Grindlays Bank Plc ·
The Hong Kong and ·
Credit |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountant |
|
|
|
|
Name: |
P. M. Nanabhoy and Company (Cost Auditors) Chartered Accountant |
|
|
|
|
Ultimate Holding
Company : |
·
|
|
|
|
|
Intermediate
Holding Company : |
·
|
|
|
|
|
Holding Company : |
·
Holderind Investments |
|
|
|
|
Subsidiary |
·
·
M.G.T. Cements Private ·
Chemical Limes Mundwa Private ·
Dang Cement Industries Private ·
Dirk |
|
|
|
|
Step down
subsidiary |
·
DirkPozzocrete (MP) Private Limited, |
|
|
|
|
Fellow
Subsidiary |
·
ACC Concrete ·
ACC ·
Ambuja Cement ·
Bulk Cement Corporation ( ·
Holcim (Lanka) Limited., Srilanka * ·
Holcim ( ·
Holcim ( ·
Holcim Environment Services, SA ·
Holcim Group Support ·
Holcim Philippines Inc. * ·
Holcim Services (South Asia) ·
Holcim Trading FZCO, ·
Holcim Trading ·
Holcim Trading S A, ·
Jurong Cements ·
PT Holcim ·
Siam City Cement Public Company |
CAPITAL STRUCTURE
As on 09.02.2012
Authorised Capital : Rs.6500.000 Millions
Issued, Subscribed & Paid-up Capital :3079.939
Millions
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000000 |
Equity Shares |
Rs.2/- each |
Rs.5000.000 millions |
|
150000000 |
Preference Shares |
Rs.10/- each |
Rs.1500.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.6500.000 millions
|
Issued Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1534695781 |
Equity Shares |
Rs.2/- each |
Rs.3069.400
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1534369261 |
Equity Shares |
Rs.2/- each |
Rs.3068.700 |
|
|
|
|
|
Note:
1) Out of above Equity Shares :
a) 973,157,405 (31.12.2010-973,157,405) Equity Shares of Rs. 2 each have
been issued as fully paid-up Bonus Shares by way of capitalisation of Securities
Premium and Capital Redemption Reserve.
b) 24,719,490 (31.12.2010-24,719,490) Equity Shares of Rs. 2 each fully
paid-up have been issued against exercise of Tradable Warrants attached to
18.5% Secured Redeemable Non- Convertible Debentures.
c) 13,312,370 (31.12.2010-13,312,370) Equity Shares of Rs. 2 each fully
paid-up have been issued to the Shareholders of the amalgamating company Ambuja
Cements Rajasthan Limited (ACRL) pursuant to the scheme of amalgamation as
approved by the Board of Industrial and Financial Reconstruction (BIFR) without
payment being received in cash.
d) 153,961,356 (31.12.2010-153,961,356) Equity Shares of Rs. 2 each
fully paid-up issued to the Shareholders of the amalgamating company Ambuja
Cement Eastern Limited (ACEL) without payment being received in cash.
e) 621,032,990 (31.12.2010-544,723,597) and 150,670,120
(31.12.2010-150,670,120) Equity Shares of Rs. 2 each fully paid-up are held by
Holderind Investments Limited, Mauritius (HIL), the holding company and Ambuja
Cement India Private Limited (ACIPL) (subsidiary of HIL, since amalgamated with
Holcim India Private Limited) respectively. HIL and ACIPL are subsidiaries of
Holcim Limited,
2) a) Outstanding Employee stock options exercisable into 18,591,025
(31.12.2010-24,915,750) Equity Shares of Rs. 2 each fully paid-up (Refer Note
10 (b)).
b) Outstanding tradable warrants and right shares kept in abeyance
exercisable into 186,690 (31.12.2010-186,690) and 139,830 (31.12.2010-139,830)
Equity Shares of Rs. 2 each fully paid-up respectively.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3068.700 |
3059.700 |
3047.400 |
|
|
2] Share Application Money |
0.100 |
0.000 |
0.000 |
|
|
3]Employee stock option |
321.100 |
13.400 |
2.400 |
|
|
4]] Reserves & Surplus |
77304.500 |
70227.900 |
61659.200 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
80694.400 |
73301.000 |
64709.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
1000.000 |
|
|
2] Unsecured Loans |
493.600 |
650.300 |
657.000 |
|
|
TOTAL BORROWING |
493.600 |
650.300 |
1657.000 |
|
|
DEFERRED TAX LIABILITIES |
6436.000 |
5308.800 |
4858.400 |
|
|
|
|
|
|
|
|
TOTAL |
87624.000 |
79260.100 |
71224.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
61864.600 |
56277.500 |
34400.400 |
|
|
Capital work-in-progress |
5319.900 |
8036.500 |
25648.200 |
|
|
Advances against capital expenditure
|
452.900 |
1270.500 |
1496.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
8643.100 |
6259.500 |
7270.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9249.700 |
9018.600 |
6832.400
|
|
|
Sundry Debtors |
2408.500
|
1281.800 |
1522.000
|
|
|
Cash & Bank Balances |
20712.300
|
16481.700 |
8806.800
|
|
|
Other Current Assets |
236.600
|
165.700 |
101.700
|
|
|
Loans & Advances |
5676.100
|
4405.500 |
2530.500
|
|
Total
Current Assets |
38283.200
|
31353.300 |
19793.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13428.200
|
11061.100 |
9222.800
|
|
|
Other Current Liabilities |
2453.100
|
1915.000 |
1447.700
|
|
|
Provisions |
11061.100
|
10965.700 |
6740.400
|
|
Total
Current Liabilities |
26942.400
|
23941.800 |
17410.900 |
|
|
Net Current Assets |
11340.800
|
7411.500 |
2382.500
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.700 |
4.600 |
27.100 |
|
|
|
|
|
|
|
|
TOTAL |
87624.000 |
79260.100 |
71224.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
85145.200 |
73902.100 |
70768.700 |
|
|
|
Other Income |
3188.200 |
2476.000 |
2558.400 |
|
|
|
TOTAL (A) |
88333.400 |
76378.100 |
73327.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other expenses |
66151.800 |
55779.500 |
52293.200 |
|
|
|
Self consumption of clinker, cement and limestone (net off
excise duty Rs. 06.100 Millions; 31.12.2010-Rs. 12.700 Millions ) |
(67.400) |
(113.600) |
(193.300) |
|
|
|
TOTAL |
66084.400 |
55665.900 |
52099.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
22249.000 |
20712.200 |
21227.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
526.300 |
486.900 |
224.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
21722.700 |
20225.300 |
21002.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4451.500 |
3871.900 |
2969.900 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
(242.500) |
265.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
17028.700 |
16618.700 |
18033.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4741.100 |
3982.600 |
5849.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
12288.600 |
12636.100 |
12183.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3253.500 |
3492.300 |
3585.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
0.000 |
(250.000) |
0.000 |
|
|
|
General Reserve |
7000.000 |
8500.000 |
8000.000 |
|
|
|
Distribution Tax written back |
(8.300) |
(7.100) |
0.000 |
|
|
|
Interim Dividend On Equity Shares |
2145.000 |
1830.400 |
1827.400 |
|
|
|
Dividend Distribution Tax on above |
348.000 |
304.100 |
310.600 |
|
|
|
Proposed Final Dividend On Equity Shares |
2761.900 |
2141.800 |
1828.500 |
|
|
|
Dividend Distribution Tax on above |
448.000 |
355.700 |
310.700 |
|
|
BALANCE CARRIED
TO THE B/S |
2847.500 |
3253.500 |
3492.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
765.700 |
972.700 |
1719.800 |
|
|
|
Other Earnings |
36.100 |
12.300 |
128.000 |
|
|
TOTAL EARNINGS |
801.800 |
985.000 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
387.400 |
347.300 |
1805.400 |
|
|
|
Fuels |
4904.700 |
3677.000 |
0.000 |
|
|
|
Spares |
571.300 |
622.200 |
546.700 |
|
|
|
Capital Goods |
573.100 |
514.300 |
2415.500 |
|
|
|
Others |
0.000 |
0.000 |
2452.900 |
|
|
TOTAL IMPORTS |
6436.500 |
5160.800 |
7220.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
8.02 |
8.28 |
8.00 |
|
|
|
Diluted |
8.00 |
8.26 |
8.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2012 |
30.06.2012 |
|
|
|
1st
Quarter |
2nd Quarter |
|
Net sales |
|
26609.300 |
25784.500 |
|
Total Expenditure |
|
18888.400 |
18436.100 |
|
PBIDT (Excl OI) |
|
7720.900 |
7348.400 |
|
Other Income |
|
870.800 |
783.100 |
|
Operating Profit |
|
8591.700 |
8131.500 |
|
Interest |
|
168.000 |
180.400 |
|
Exceptional terms |
|
(2791.300) |
0.000 |
|
PBDT |
|
5632.400 |
7951.100 |
|
Depreciation |
|
1208.900 |
1215.100 |
|
PROFIT BEFORE TAX |
|
4423.500 |
6736.100 |
|
Tax |
|
1301.300 |
2047.100 |
|
Provision and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
3122.200 |
4689.000 |
|
Extra ordinary items |
|
0.000 |
0.000 |
|
Prior Period Expense |
|
0.000 |
0.000 |
|
Net Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
3122.200
|
4689.000 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
13.91 |
16.54 |
16.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.99 |
22.49 |
25.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.00 |
18.96 |
33.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.19 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.34 |
0.34 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.31 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
No |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
TWENTY FIVE
EVENTFUL YEARS
The year 2011 is a year of great significance to the Company
as it records completion of 25 years of operations. In October 1986, the first
cement bag rolled out from the packer belt to the truck. The journey of 25
years has been very satisfying and full of pride. The Company has grown from
0.7 million tonne Cement Grinding capacity to 27.35 million tonnes. The net
worth of the Company has multiplied from Rs. 170.000 Millions to over Rs.
80000.000 Millions and the market capitalisation from Rs. 180.000 Millions to
around Rs. 275000.000 Millions during this period of 25 years. A salute to the
visionary, dedicated and committed team who have made this happen!
YEAR 2011:
SUSTENANCE IN TURBULENT TIMES
Indian economy facing
short term headwinds
corporate competitiveness and increased infrastructure.
While these structural factors are unlikely to change in the long-run, they do
see a slowdown in the near-term growth.
GDP, after a healthy growth of 7.7% during Apr-Jun 2011
period, fell sharply to 6.9% in the subsequent July – Sept 2011 quarter due to
high inflation, lower rate of growth of manufacturing, slower growth in
government spending, and an uncertain global outlook especially the Euro zone
concerns.
Industrial growth took the biggest hit, mainly due to poor
performance of manufacturing and mining sector. Services sector growth
moderated too, but remained above 9%. On the demand-side, total business
spending on fixed assets and capital formation contracted due to high interest
rates and policy log-jam.
Inflation during the year continued to remain high. In
addition, the recent sharp depreciation in rupee of around 14% further
increased the imported component of inflation. Domestic fuel price hikes, which
are expected to continue, are likely to exert additional upward pressures on
overall inflation numbers. The RBI with its continuous
efforts and tight monetary policy, managed to arrest
inflation at an average of 9% for 2011. Overall, the GDP is most likely to grow
at around 7% for 2011-12.
While challenges do remain, it is encouraging that the
reform agenda is moving in the right direction and the Company, on the back of
sustainable economic growth, would be well positioned to attain a high growth
trajectory.
CEMENT INDUSTRY
Year 2011 began with an expectation of brighter outlook and
double digit growth for the Indian cement industry but this could not be realised
due to slow pace of housing / infrastructure development and global slowdown.
Demand trends in first half of 2011 remained below expectations. Channel checks
suggest that the construction activity picked up in many pockets of the country
during the second half of 2011. Overall cement industry grew by 6% on year on
year basis for entire 2011. Export market continued its slowdown, mostly due to
global macro economic slowdown.
On the supply side, the pace of capacity additions has
slowed down in 2011, though overcapacity is still a major concern for the
industry. The lower than expected demand growth resulted in lower capacity
utilisation in the industry.
On the cost front,
Despite all the odds and challenges, the Company with its
inherent potentials and strong financials has maintained its market position.
FINANCIAL RESULTS
2011
At a glance (Stand
alone results):
·
Cement
production increased by 4% to reach 20.97 million tonnes from 20.13 million
tonnes. Clinker production increased to 14.70 million tones with a modest
growth of 4.7% over 14.05 million tonnes in the year 2010.
·
Cement
Sales volume growth remained sluggish at 4.5% to reach 20.91 million
tonnes from 20.00 million tonnes. Clinker sale (including exports) was up by
58% at 0.54 million tonne from 0.34 million tonne. Total cement exports were
down by 27% to 0.37 million tonne. Thus, total volume increased from 20.34
million tonnes to 21.45 million tonnes, i.e. an increase of 5.45%.
·
Net
sales were 15% higher, at Rs. 85150.000 Millions partly due to
increased volumes and partly due to improved realisation. Average sales
realization improved by around 10%, to Rs. 3960 per to tone versus Rs. 3600 per
tonne in 2010.
·
Total
operating costs in 2011 increased by 18% over that of year 2010.
·
EBITDA
improved by 2.23%, at Rs. 19940.000 Millions vis-àvis Rs. 19510.000 Millions in
the year 2010.
·
Net
Profit ended up lower by 2.75% at Rs. 12290.000 Millions against
Rs. 12640.000 Millions during the previous year, due to higher tax incidence.
MARKET
DEVELOPMENTS
Against this, the Company’s domestic cement sales grew by
5.4% to 20.54 million tonnes as compared to 19.49 million tonnes achieved in
2010. Total cement sales (including exports) increased by 4.5% on YoY basis to
20.91 million tonnes as compared to 20.00 million tonnes achieved in 2010. The
Company’s clinker sales grew by 58% on YoY basis to 0.54 million tonne as
compared to 0.34 million tonne achieved in 2010.
The Company has maintained its market share of around 9.5 %
on pan-India basis, despite the prevalent challenging environment.
In the North region, domestic cement sales of the Company grew by 4.7%
to 8.07 million tonnes as compared to 7.71 million tonnes achieved in 2010.
Clinker sales during the year 2011 were 0.12 million tonne.
In the East region, their Company sold 3.95 million tones in domestic
market, higher than 3.72 million tonnes in 2010 by 6.2%. Clinker sales growth
was at 39%, i.e. from 0.30 million tonne in 2010 to 0.42 million tonne in 2011.
In the West / South region, Company’s domestic cement sales grew by 5.7%
to 8.52 million tonnes as compared
to 8.06 million tonnes achieved in 2010.
Cement exports declined by 27.5% to 0.37 million tonne in 2011 as
compared to 0.51 million tonne achieved in
2010.
The Company has built a large network of over 7,800 dealers and 25,000
retailers across 24 states in
reach and penetration helps the Company to manage the last mile
connectivity across their markets and gives us
a strong position in their core rural and semi-urban markets.
Along with strong brand equity, Ambuja has evolved a unique model of channel
management, based on values of trust and relationships. The strong bond between
the dealer network and the Company has helped the Company to withstand severe
competition for more than two decades. With the added support of Holcim’s rich
experience of operating in 70 countries, Ambuja has now added sophisticated IT
tools and global channel management tools to its traditional Indian model. This
has enhanced their capability to face the stiff competition resulting from a
scenario of substantial oversupply.
The Company’s network of port, bulk terminals and bulk cement ships on
the West coast has supported a sustainable strong market position in Mumbai,
strengthen this position from third quarter of 2012, when it is expected
to commence its commercial operations
COST DEVELOPMENTS
Most of the costs moved up in line with prevailing stubborn
inflation and hike in taxes. Demand constraints in some regions and consequent
excessive inventory build-up during third quarter forced the Company to take measures which
resulted in lower plant utilisation at an average of 78% vis-a-vis previous
year’s average of 80%.
New plants, Nalagarh and Dadri, are still in the process of achieving
full capacity potential.
Major cost movements:
·
Cost of major raw materials, namely, Fly ash and
Gypsum increased by 11% and 20% respectively on per tonne basis on the back of
costlier transportation and excise burden on Fly Ash which was introduced in
the Union Budget 2011. Overall raw material costs reduced marginally compared
to the previous year, mainly on account of substituting own produced clinker
for purchased clinker. Clinker purchase in the year 2011 was negligible at
around 0.04 million tonne, mainly to meet some exigencies.
·
Power and Fuel
costs continued its upward trend in 2011 with 18% increase in terms of
absolute costs over last year.
·
Coal costs for kiln use and
power plant increased 23% and 9% respectively on average basis over year 2010.
This increase is even more, if considered at year end prevailing rates which
are as high as 30% YoY in some cases. Non-availability of linkage coal
commensurate with increase in production capacity, inordinate delay in
conversion of allotted linkages into Fuel Supply Agreements (FSA) and
deteriorating local coal quality has necessitated increasing reliance on higher
quality but expensive imported coal. Recent depreciation in Indian currency
made imported coal further costlier.
·
Grid power cost also
increased 14% per kwh year on year. More of power requirements were met from
grid power in view of relatively costlier coal based power, resulting in 62%
increase in variable portion of grid power costs over that of year 2010 in
absolute terms. Captive power generation supported only around 70% of total
power requirements of the Company in 2011 as against close to 80% in 2010.
·
Freight forwarding
costs put additional burden of 20% in absolute terms over year 2010.fact that they expanded to new markets while diesel prices
pushed per tonne freight cost by close to 10%.
·
Railway
freight cost moved up due to hike in development surcharge from 2% to 5%
and ‘busy season rail load’ from 7% to 10%, both from mid October 2011.
·
Packing
material cost went up during 2011, as heavier and better quality bags
were introduced to meet market expectations coupled with increase in PP granule
prices in line with oil price increase.
Cost mitigation/
Efficiency improvement measures:
i) The Company continued to focus on production of fly ash based
PPC and maintained an average blending ratio of approximately 1.43.
ii) The Company has taken up ambitious project named ‘Geo20’
in collaboration with Holcim to substitute costlier traditional fossil fuels by
Alternative Fuels (AF) to support cost cutting measures besides being
environment friendly. In the year 2011, the Company met higher thermal energy
requirements from AF than in year 2010, i.e. 0.59% in 2011 against only 0.13%.
This, coupled with continuous efficiency improvement in utilisation of fuels
resulted in improved energy consumption with average consumption rate reducing
from 750 kcal per kg in 2010 to 739 kcal per kg in 2011.
iii) To address the problem of costlier but still inferior
quality gypsum, coupled with dwindling supplies, the Company took up a project
of manufacturing ‘Synthetic Gypsum’ at its Rabriyawas Plant in Rajasthan which
promises cheaper, high purity and environment friendly Synthetic Gypsum. iv) A
new shorter sea route to BCT Surat, the Dumas Channel, was explored for sea
transportation for effective savings in coastal freight.
EXPANSION PROJECTS
and NEW INVESTMENTS
The Company has taken up several projects to maintain its
market position in the industry besides focusing on various other efficiency
improvements and pro-environment efforts.
Capacity expansion projects:
i) Northern Region:
Capacities added in the year 2010 were in optimisation
stages and no new capacities came up in the region.
Manufacturing Process Review (MPR), conducted by Holcim,
recommended capital expenditure to improve efficiency and remove capacity
related bottlenecks. One such project is currently under progress at Rabriyawas
plant. On its completion by the end of first quarter of 2012, clinker
production capacity at Rabriyawas plant would increase to 2.01 million tonnes
from current 1.86 million tonnes.
Bhatinda grinding unit in Punjab has been consistently
producing higher than its declared installed capacity, thus, the same has been increased by 0.1
million tonne to reach at 0.6 million tonne.
ii) Eastern
Region:
A new cement mill started commercial production during the year at a
cost of approx Rs. 185 crores at Bhatapara plant in the third quarter. This
mill has a cement grinding capacity of 1.1 million tonnes. Farraka grinding
unit in West Bengal has been consistently producing higher than its declared
installed capacity, thus, the same has been revised upwards by 0.25 million
tonne to reach at 1.25 million tonnes.
iii) West and
South Region:
A new cement mill of 0.9 million tonne cement grinding capacity was
commissioned at Maratha Cement Works plant during second quarter of year 2011
at a cost of approx Rs. 610.000 Millions. In Kutch,
With the above additions, the Company has achieved cement grinding
capacity of 27.35 million tonnes as at 31st December 2011.
Efficiency improvement
measures:
i) Waste Heat Recovery System (WHRS) project has been taken up at a cost
of Rs. 350.000 Millions at Rabriyawas to bring efficiency in fuel utilisation
and optimise power costs.
ii) In order to develop logistics capability, while one of the railway
siding projects at Bhatinda is progressing as per schedule and is expected to
complete shortly, other projects are also in an advanced stage of planning,
land acquisition or execution.
iii) To further strengthen cost effective coastal transportation,
pioneered in
UPCOMING CAPACITIES
and INVESTMENTS:
i) To expand their footprints in southern markets of
ii) A new brown field expansion project has been initiated at Sankrail
Grinding Unit in the Eastern region comprising of a roller press and related
logistics. This would add 0.8 million tonne grinding
capacity to the unit.
iii) An agreement was signed with the Rajasthan State Industrial
Development and Investment Corporation in October 2010 to set up a 2.2 million
tones clinkerisation unit in Nagaur district. Feasibility Study of the project
is completed and environmental clearance has been
obtained. Technical offers for Plant and Machinery have been received and are
being evaluated. Project Execution would start once mining land is acquired
which is in progress. The Company is also under process of tying up water
sources required for construction and operations.
iv) The Company along with IST Steel and Power Limited.
(IST) and Lafarge
clearance, forest clearance etc. The opening of the mine and
coal production is expected to commence from the first quarter of the year
2015. The estimated cost of the project is Rs. 3500.000 Millions in which the
Company’s share will be about Rs. 950.000 Millions.
Around Rs. 18000.000 Millions worth of capital expenditure
is planned during the years 2012 and 2013. The entire plan is proposed to be
financed by internal accruals.
New Investments and
initiatives:
i) Strategic investments were made in Dang Cement Industries
Private. Limited,
ii) Investments were made in Dirk
iii) A joint venture was entered into during the year for
speciality cement manufacturing facility in
OUTLOOK
Economic revival much
awaited
Economic outlook for the years to come is expected to remain
modest, with growth being slightly higher than during this year. It is widely believed
that the real GDP would grow at an annual average of around 7% in the medium
term on the backdrop of
Efforts to push structural economic and significant
financial reforms may get delayed due to a shift in government’s focus, which
is to tackle immediate problems like high inflation. The Reserve Bank of India
has put in immense efforts to tame the 9% plus inflation, which is now
beginning to show results and is expected to come down to 6-7% in the medium
term.
The concept of inclusive growth is expected to remain
central to the economic policies, as well as for the stabilisation of the
public finances. Fiscal slippages during 2011-12 may complicate the task of
aggregate demandmanagement. Fiscal reforms, including the Direct Tax Code and the Goods
and Services Tax are, therefore, needed to contain deficits.
The Planning Commission’s 12th Five Year Plan document states that the
two segments that are most important to India’s construction activity are
infrastructure and housing, and since the Infrastructure spending is expected
to go up to around 9% of GDP or approx. US$ One Trillion for the plan period,
this should translate into a double digit growth of the demand segment. Housing
and construction activities are expected to grow at over 8% over the next few
years. Overall, demand is set to continue the growth trajectory seen over the
last years at a robust pace of 8-9% per annum in the medium term.
Two events influencing the near term economy and markets would be the
upcoming state elections and FY 2012-13 Union Budget in March 2012. Elections
would determine the shape of policy decisions while Budget document would
clarify fiscal measures of the Government in the area of fiscal consolidation,
revenue raising, subsidy containment, structural reforms, particularly in the
infrastructure/ agriculture space, etc.
Growth prospects for
Cement Industry
Cement demand emanates from four key segments namely: Housing, which
accounts for 67% of cement demand, Infrastructure – 13%, Commercial
Construction – 11% and industrial – 9%. Residential cement demand in the years
to come will be driven by 5 key factors – Increase in per capita income,
nucleus family, urbanization rate, change in population growth, and Government
stimulus to various rural and affordable housing schemes, whereas the commercial
demand will be driven by an increase in industrial, retail and office segments.
Long-term growth prospects for cement demand are favourable riding on
the back of strong economic growth fundamentals and the impetus provided to the
housing and infrastructure construction activities in the 12th Five- Year Plan
period (2012-17).
Rising input costs, particularly energy, raw material and distribution,
will remain a key challenge for the cement
industry. Cost escalation is being mitigated through measures such as
increased use of alternative fuels and higher production of blended cement. The
Company will continuously strive to improve its solid operational platform to
manage cost pushes, remain competitive and create value-addition for
stakeholders with a longterm perspective.
AWARDS AND
ACCOLADES
(a) Their mines continued to be adjudged among the best
mines in their respective regions by the Director General of Mines on various
parameters such as mine working, maintenance, innovations, health and safety,
training, environment protection etc.
(b) Ministry of Water Resources conferred Bhumijal Smvardhan
Purskar – 2009 for ground water augmentation at Ambujanagar plant.
(c) The Company bagged Confederation of Indian Industry
(CII) National Award on Sustainability in the category ‘Commendation for Strong
Commitment for Sustainable Development”.
(d) The CII conferred “National Award for Excellence in
Water Management” to their Rabriyawas plant in ‘Beyond the Fence’ Category.
(e) National Council for Cement and Building Materials (a government
institution for research and development) awarded the Ambujanagar plant for
Best Environmental Performance in Plant Operations and for Best Environmental
Performance in Limestone Mines for the Year 2010-11.
(f) The Ambujanagar and MCW plants received the “Environment Award –
2011 - Gold Category” by Greentech Foundation,
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF :
Rs.
in Millions
|
|
31.03.2011 |
31.03.2010 |
|
(i) Guarantees given on behalf of a Joint Venture Company |
36.700 |
36.700 |
|
(ii) Claims against the Company not acknowledged as debts |
172.500 |
384.600 |
|
(a) Disputed liability relating to labour matters |
647.700 |
373.300 |
|
(b) For acquisition of land ... |
647.700 |
373.300 |
|
(c) Others |
195.600 |
41.800 |
|
(iii) Tax matters |
|
|
|
(a) Disputed liability in respect of Income-tax demands (including interest)
- matters under appeal |
654.900 |
575.300 |
|
(b) Disputed Sales-tax demands (including interest and penalty) |
163.100 |
122.600 |
|
(c) Disputed Excise demands - matters under appeal. |
239.700 |
76.100 |
|
(d) Disputed Customs demands - matters under appeal . |
5.200 |
5.200 |
|
(e) Disputed liability of RTO tax on mining machinery |
8.000 |
8.000 |
|
(f) Disputed Land tax demands |
163.800 |
129.200 |
|
(iv) Disputed liabilities relating to railway freight on cement -
matter once decided in favour of the Company by the Honourable High Court of
Gujarat was remanded back by the Honourable Supreme Court pursuant to an
Special Leave Petition filed by the railways |
73.800 |
55.100 |
|
(v) Disputed liabilities relating to coal claims - matter pending in
the Honourable High Court : |
|
|
|
(a) Railway freight on coal . |
16.000 |
16.0002. |
|
(b) Penal freight on excess weight of coal |
2.400 |
2.400 |
|
(c) Interest on premium on coal |
32.900 |
32.900 |
|
(vi) Others |
56.100 |
|
|
|
|
|
In respect of items above, future cash outflows in respect of contingent
liabilities are determinable only on receipt of judgements / decisions pending at
various forums / authorities.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER YEAR ENDED AND SIX MONTHS
ENDED 30th JUNE 2012
Rs.in Millions
|
Particulars |
|
|
|
|
|
3 Months ended |
Preceding 3
months ended |
Year to date for
previous period ended |
|
|
30.06.2012 |
31.03.2012 |
30.06.2012 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
1(a) Net Sales/ Income from Operations |
25659.500 |
26333.100 |
51992.600 |
|
. (b) Other Operating Income |
125.000 |
206.700 |
331.700 |
|
Total Income
From operations |
25784.500 |
26539.80 |
52324.300 |
|
2. Expenditure |
|
|
|
|
a. Cost of Raw Materials consumed |
|
|
|
|
- Clinker purchased |
- |
4.400 |
4.400 |
|
-Others |
1745.1000 |
185.350 |
3598.600 |
|
b. Changes in inventories of finished goods , work in progress and
stock in trade |
(584.100) |
(204.200) |
(788.300) |
|
c. Employee benefit expenses |
1237.100 |
1030.300 |
2267.400 |
|
d. Depreciation and amortisation expense |
1215.100 |
1208.900 |
2423.900 |
|
e. Power and Fuel |
5990.800 |
6268.800 |
12259.600 |
|
f. Fright
and Forwarding |
|
|
|
|
- on Finished
products |
4386.800 |
4555.500 |
8942.300 |
|
- on Internal material transfer |
1484.400 |
1461.100 |
2945.800 |
|
|
5871.200 |
6016.900 |
11888.100 |
|
g. Other Expenditure |
19651.100 |
20087.000 |
34000.200 |
|
Total
Expenditure |
|
|
|
|
3. Profit from Operations
before Other Income, Interest and Exceptional Items (1-2) |
6133.400 |
6452.800 |
12586.200 |
|
4. Other Income |
|
|
|
|
a) Interest income |
644.800 |
671.700 |
1316.500 |
|
b) Other Income |
138.300 |
258.300 |
396.600 |
|
|
783.100 |
930.00 |
1713.100 |
|
5. Profit before Interest and Tax
|
6916.500 |
7382.800 |
14299.300 |
|
6. Interest |
180.400 |
168.000 |
348.40 |
|
7. Profit from Ordinary
Activities before Tax and exceptional
items |
6736.100 |
7214.800 |
13950.900 |
|
8. Exceptional items |
- |
(2791.300) |
(2791.300) |
|
9. Profit from Ordinary
Activities before Tax but before
exceptional items |
6736.100 |
4423.500 |
11159.600 |
|
10. Tax Expenses |
2047.100 |
1301.300 |
3348.400 |
|
11. Net profit/(loss) for the
period |
4689.000 |
3122.200 |
7811.200 |
|
12. Paid-up Equity Share Capital (face value Rs.2 per share) |
3076.300 |
3070.100 |
3076.300 |
|
13. Reserves excluding revaluation reserve as per balance sheet of
previous accounting year |
- |
- |
- |
|
14. Earning Per Share |
|
|
|
|
a. Basic |
3.05 |
2.03 |
5.09 |
|
b. Diluted |
3.04 |
2.03 |
5.06 |
|
15. Public shareholding |
|
|
|
|
- No. of shares |
725978030 |
722778014 |
725978030 |
|
- % of holding (to total shareholding) |
47.20 |
47.08 |
47.84 |
|
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered |
|
|
|
|
-Number of Shares |
- |
- |
- |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
- |
- |
- |
|
-% of Shares (as a % of the total share capital of the Company) |
- |
- |
- |
|
b) Non Encumbered |
|
|
|
|
- Number of Shares |
771703110 |
771703110 |
771703110 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
100 |
100 |
100 |
|
-% of Shares (as a % of the total share capital of the Company) |
50.17 |
50.17 |
50.17 |
Notes:
·
Other
operating income includes sale of power for the quarter ended 30th June, 2012
Rs. 33.900 Millions (30th June, 2011 Rs. 40.400 Millions), for the half-year
ended 30th June, 2012 Rs. 59.600 Millions (30th June 2011 Rs. 405 Millions),
for the quarter ended 31st March, 2012 Rs. 25.700 Millions and for the year
ended 31st December, 2011 Rs. 130.900 Millions.
·
During
the quarter ended 31st March 2012, the Company had retrospectively changed its
method of providing depreciation on fixed assets pertaining to its Captive
Power Plants from the 'Straight Line' to the 'Written Down Value' at the rates
prescribed in Schedule XIV to the Companies Act, 1956. This change results in
more appropriate presentation and gives a systematic basis of depreciation
charge, representative of the time pattern in which the economic benefits flow
to the Company. Accordingly depreciation relating to earlier years upto 31 st
December 2011 of Rs. 2791.300 Millions has been recognized as an exceptional
item in the quarter ended 31st March, 2012 and half-year ended 30th June, 2012.
The additional depreciation charge for quarter ended 31st March, 2012 is Rs.
99.500 Millions, quarter ended 30th June, 2012 is Rs. 98.700 Millions and
half-year ended 30th June, 2012 is Rs. 198.200 Millions.
·
Had
the Company continued to use the earlier method of depreciation, the profit
after tax for the quarter ended 31st March, 2012, for the quarter ended 30th
June, 2012 and for the half-year ended 30th June, 2012 would have been higher
by Rs. 1952.900 Millions, Rs. 66.700 Millions and Rs. 2019.600 Millions,
respectively.
·
Exceptional
Items for the year ended 31st December, 2011 includes Rs. 242.500 Millions
towards Employee Compensation Cost on account of change in accounting policy,
during the previous year, for method of measurement of compensation cost
relating to employee stock option from intrinsic value method to fair value
method (Black Scholes) for all outstanding unvested employee stock option at
the beginning of the previous year.
·
Tax
expense is stated net of credit relating to earlier years, for the quarter
ended 31st March, 2012 and half-year ended 30th June, 2012 Rs. 9.200 Millions
and for the year ended 31st December, 2011 Rs. 672.800 Millions.
·
The
Competition Commission of India issued an Order dated 20th June, 2012, imposing
penalty on certain cement manufacturers, including the Company, concerning
alleged contravention of the provisions of the Competition Act, 2002, and
imposed a penalty of Rs. 11639.100 Millions on the Company. The Company is taking
steps to file an appeal against the Order with the appropriate authority. Based
on the advice of external legal counsel, as well as its own assessment, the
Company believes it has good grounds for a successful appeal. Accordingly, no
provision is considered necessary in the above financial results.
|
INVESTOR COMPLAINTS |
31.03.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
7 |
|
Disposed if during the quarter |
7 |
|
Remaining unresolved the end of the quarter |
Nil |
Earning per share on
profit before exceptional items (net of taxes) are as under
|
|
3 Months ended |
Preceding 3
months ended |
Year to date for
previous period ended |
|
|
30.06.2012 |
31.03.2012 |
30.06.2012 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Earning per share in Rs. (of Rs.2 each) (not annualized) |
|
|
|
|
a) Basic |
3.05 |
3.26 |
6.31 |
|
b)Diluted |
3.04 |
3.25 |
6.29 |
STATEMENT OF ASSETS
AND LIABILITIES
Rs.in Millions
|
Particular |
30.06.2012 |
|
|
Unaudited |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
3076.300 |
|
(b) Reserves and surplus |
83346.500 |
|
Sub-total - Shareholders' funds |
86422.800 |
|
|
|
|
Share
application money, pending allotment |
105.700 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
346.300 |
|
(b) Other long-term liabilities |
5533.700 |
|
(c) Long-term provisions |
202.700 |
|
Sub-total
- Non-current liabilities |
6082.700 |
|
|
|
|
Current
liabilities |
|
|
(a) Trade payables |
8942.700 |
|
(b) Other current liabilities |
6245.300 |
|
(c) Short-term provision |
12863.400 |
|
Sub-total - Current
liabilities |
28060.400 |
|
TOTAL - EQUITY AND
LIABILITIES |
120671.600 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
63762.200 |
|
(b) Non-current investments |
1067.200 |
|
(c) Long-term loans and advances |
6466.100 |
|
(d) Other
non-current assets |
101.400 |
|
Sub-total
- Non-current assets Current assets |
71396.900 |
|
Current assets |
|
|
(a) Current
investments |
9791.700 |
|
(b) Inventories |
11091.600 |
|
(c )Trade receivables |
2808.500 |
|
(d) Cash and cash equivalents |
22989.800 |
|
(e) Short-term loans and advances |
2317.300 |
|
(f) other current assets |
275.800 |
|
Sub-total
- Current assets |
49274.700 |
|
TOTAL
- ASSETS |
120671.600 |
·
The
Company has only one business segment "Cementitious Materials".
·
The
Board has declared interim dividend @ Rs. 1.40 per Equity Share.
·
The
figures for the previous periods have been regrouped wherever necessary to
conform to the current period's presentation.
·
The
above results have been approved and taken on record by the Board of Directors
at its meeting held on 26th July, 2012.
·
Limited
review of the financial results for the quarter ended 30th June, 2012 has been
carried out by the Auditors.
FIXED ASSETS:
·
·
· Buildings, Roads and Water Works
· Marine Structures
· Plant and Machinery
· Electrical Installations
· Railway Sidings and Locomotives
· Railway wagons given on lease
· Furniture, Fixtures and Office Equipments
· Ships
· Vehicles
· Power Lines
Intangible Assets:
· Water Drawing Rights
· Computer Software
Press Release
AMBUJA
CEMENTS LIMITED BAGS FICCI GOLD
Safety Excellence Systems Awards 2012 presented by Union Minister M
Kharge
24 September, 2012, New Delhi: Ambuja Cements Limited’s (ACL) integrated
plant unit at Chandrapur, (Maharashtra), the Maratha Cement Works (MCW) bagged
the gold award for the best safety systems under the Large size category of the
FICCI Safety Excellence System Awards 2012 held in the capital recently.
The award was presented by Shri Mallikarjun Kharge, Hon’ble Union
Minister for Labour and Employment to MCW President (Unit Head) Sushil Thakur,
Deputy General Manager (Occupational Health and Safety) Mahipati Sarawale and
Senior Manager (Safety) Sachidanand Jha.
Congratulating the winning team, Mr Ajay Kapur, CEO of Ambuja Cements
Limited said, “We are delighted at receiving this award from the FICCI Safety
Excellence Systems. Needless to add, this award further reiterates the high
regard ACL holds for following and maintaining safety norms that are reinforced
in all our 13 units across the country. ACL’s safety objectives are aligned
with this Awards’ focus on providing outstanding safety systems in a
manufacturing unit.”
ACL’s unit, Maratha Cement Works led the pack from among 115 contenders
across the country in sectors ranging from automotive to electronics, heavy
engineering, textiles, cement and steel, among others. The Awards’ focus is
more on the presence of robust safety systems in the organization rather than
on performance.
About FICCI
Excellence Awards:
These awards were shortlisted after a rigorous three stage process of
evaluating safety:
application forms, on-site audit and finally the Hon’ble Jury’s wisdom.
The Jury consisted of Dr. R Chidambaram, Principal Scientific Advisor to Govt.
of
Awards were given in three industry categories namely: Large (turnover
over Rs 5000.000 Millions);
Medium (turnover between Rs 1000.000-5000.000 Millions ); and Small
(turnover less than Rs 1000.000 Millions). The objective of these awards is to
encourage manufacturers to adopt best safety practices and build robust safety
systems in their organization.
About ACL:
Ambuja Cements Limited. (ACL) is one of the leading cement manufacturing
companies in
the Company later became Ambuja Cements Limited. In 2006, global cement
major Holcim, acquired management control of the Company. Today, Holcim holds a
little over 50% equity in ACL.
ACL has grown manifold over the past decade. Its current cement capacity
is 27.25 million tonnes. The Company has 5 integrated cement manufacturing
plants and 8 cement grinding units across the country. ACL enjoys a reputation
of being one of the most efficient cement manufacturers in the world. Its
environment protection measures are considered to be on par with the finest in
the country. It is also one of the most profitable and innovative cement
companies in
Media Release
Standalone results for quarter ended 30th June 2012
Ambuja Cements Limited (ACL) today announced its financial results for the quarter ended 30"
June 2012.
|
Particulars |
Values |
Qtr. Apr - Jun 2012 |
Qtr Apr - Jun 2011 |
Growth (%) |
|
Sales Volume - Cement |
Million tonnes |
5.54 |
5.16 |
7.3% |
|
Net Sales |
Rs./ Million |
25660.000 |
21760.000 |
17.9% |
|
EBITDA |
Rs./ Million |
7350.000 |
5980.000 |
22.8% |
|
Profit Before Tax and Exceptional Items |
Rs./ Million |
6740.000 |
5320.000 |
26.6% |
|
Net Profit |
Rs./ Million |
4690.000 |
3480.000 |
34.9% |
For the quarter ended 30 June 2012:
Cement production increased by 7.3% compared to
the previous year - to 5.58 million tonnes.
Cement sales, by volume, increased by 7.3% to
5.54 million tonnes.
Net sales rose by 17.9% to Rs. 25660.000
Millions
Absolute EBITDA increased by 22.8% to Rs.
7350.000 Millions
Increase in realisation was barely sufficient
to make up for cost increase. The profit margin still improved due to higher
sales volumes and improved operational efficiencies.
Net Profit increased by 34.9% to Rs. 4690.000
Millions
Dividend
The board of Directors has recommended an
interim dividend of Rs. 1.40 Per share ( 70 %)
Outlook
With steep increase in cost driven by
increase in raw material cost, coal cost, distribution cost and freight on
internal movement of clinker, profit margins are expected to be under pressure.
ACL would continue its thrust in improving productivity and operational
efficiency to partly mitigate these pressures. Cement demand is expected to be low during the
monsoons
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.79 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
74 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial and operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.