MIRA
INFORM REPORT
|
Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ACC LIMITED (w.e.f. 01.09.2006) |
|
|
|
|
Formerly Known
As : |
THE ASSOCIATED CEMENT COMPANIES LIMITED |
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|
|
|
Registered
Office : |
Cement House, 121, |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.12.2012 |
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|
|
|
Date of
Incorporation : |
01.08.1936 |
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|
Com. Reg. No.: |
11-002515 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.1879.500
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
l26940mh1936plc002515 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
mumt00130e |
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|
|
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PAN No.: [Permanent Account No.] |
aaact1507C |
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|
Legal Form : |
Public Limited Liability Company. The Company's shares are listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and seller of Cement
and Ready Mix Concrete. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 300000000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is the oldest and largest cement company in India. It is a
well established and reputed company having a good track record. There appears
slight dip in profitability during the current year. However, general financial position of the company appears to be
strong. Performance capability is high. Liquidity seems to be good. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitment. In view of experience promoters, the company can be considered for
normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
LONG TERM RATING = AAA |
|
Rating Explanation |
Highest credit quality and lowest credit risk. |
|
Date |
09.10.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
SHORT TERM RATING = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
09.10.2013 |
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.
INFORMATION DECLINED
Management Non-Cooperative (91-22-33024321)
LOCATIONS
|
Registered Office/ Corporate Office : |
Cement House, 121, |
|
Tel. No.: |
91-22-33024321 |
|
Fax No.: |
91-22-66317440 |
|
E-Mail : |
Feedback and Assistance: gulnaz.nensey@acclimited.com Enquiries For requirements in For requirements in
Kolkata : sanjay.roy@accconcrete.com Mumbai: vishal.tandon@accconcrete.com Chennai: ramchander.rao@accconcrete.com Vendor Queries: mahendrakumar.swami@acclimited.com Shareholder queries: sujata.chitre@acclimited.com
Investor Grievances: ACC-InvestorSupport@acclimited.com Waste Management: Ulhas.parlikar@acclimited.com Media Queries: nand.kumar@acclimited.com |
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Website : |
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CEMENT PLANTS : |
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Factory 1 : |
Cement Nagar, PO Bardol, District Bargarh - 768
038, |
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Tel. No.: |
91-6646-246189/ 90 |
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Fax No.: |
91-6646-246430 |
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Factory 2 : |
P.O. Jhinkpani, District (West) Singhbhum - 833 215, |
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Tel. No.: |
91-6589-235300/ 391 |
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Fax No.: |
91-6589-235250 |
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Factory 3 : |
P.O. Cementnagar, District Chandrapur - 442 502, |
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Tel. No.: |
91-7172-285026 |
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Fax No.: |
91-7172-285165 |
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Factory 4 : |
Madhukunda, P.O. Sunuri, District Purulia - 723 121, West |
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Tel. No.: |
91-3251-272224 |
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Fax No.: |
91-3251-272202 |
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Factory 5 : |
P.O. Barmana, District Bilaspur - 174 013, |
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Tel. No.: |
91-1978-244069/ 31 |
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Fax No.: |
91-1978-244067 |
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Factory 6 : |
P.O. Jamul Cement Works, District Durg - 490 024, |
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Tel. No.: |
91-788-2285081-83 |
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Fax No.: |
91-788-2282585 |
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Factory 7 : |
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Factory 8 : |
P.O. Kymore, District Katni - 483 880, |
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Tel. No.: |
91-7626-272301/ 865 |
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Fax No.: |
91-7626-272303 |
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Factory 9 : |
P.O. Lakheri, District Bundi - 323 603, |
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Tel. No.: |
91-7438-261642 |
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Fax No.: |
91-7438-261504 |
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Factory 10 : |
P.O. Madukkarai, District |
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Tel. No.: |
91-422-2622282 |
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Fax No.: |
91-422-2622282 |
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Factory 11 : |
P.O. ACC Colony, District Dhanbad - 828 124, |
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Tel. No.: |
91-326-2245120/ 054 |
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Fax No.: |
91-326-2245515 |
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Factory 12 : |
P.O. Wadi, District |
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Tel. No.: |
91-8476-202239 |
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Fax No.: |
91-8476-202190 |
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Factory 13 : |
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Tel. No.: |
91-8155-288802 |
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Fax No.: |
91-8155-288682 |
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Techport : |
ACC Thane Complex, L.B.S. Marg, Thane (West) - 400 604, |
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Tel. No.: |
91-22-33028000, 39248200 |
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Regional Office
: |
Located at: v
Eastern
Region (Kolkata) v
Northern
Region ( v
South and
Western Region (Pune) |
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Training Centres
: |
Located at: v
v
ACC Cement Technology Institute, Jamul v
Sumant Moolgaokar Technical Institute, Kymore v
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|
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|
Located at: v
v Chennai v v Dehradun v
Hubli v
v
v
v
v |
DIRECTORS
As on 31.12.2012
|
Name : |
|
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
21.09.1949 |
|
Qualification : |
Bachelor of Chemical Engineering from Bombay University |
|
Date of Appointment : |
27.12.1999 |
|
|
|
|
Name : |
Mr. Paul Hugentobler |
|
Designation : |
Deputy Chairman |
|
Date of Birth/ Age : |
14.02.1949 |
|
Qualification : |
Degree in Civil
Engineering from ETH, |
|
Date of Appointment : |
06.05.2005 |
|
|
|
|
Name : |
Mr. Kuldip Kaura |
|
Designation : |
Chief Executive
Officer and Managing Director |
|
Qualification : |
BE |
|
Date of Appointment : |
05.08.2010 |
|
|
|
|
Name : |
Mr. S.M. Palia |
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Designation : |
Director |
|
Date of Birth/ Age : |
25.04.1938 |
|
Qualification : |
B.Com.; LL.B;
CAIIB; CIIB ( |
|
Date of Appointment : |
25.01.2002 |
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|
|
|
Name : |
Mr. Naresh Chandra |
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Designation : |
Director |
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|
Name : |
Mr. Bernard Fontana |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. M.L. Narula |
|
Designation : |
Director |
|
Date of Birth/ Age : |
25.10.1940 |
|
Qualification : |
B.Sc.;
Engineering (Electrical) from |
|
Date of Appointment : |
01.04.2007 |
|
|
|
|
Name : |
Mr. R.A. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Director |
|
Date of Birth/ Age : |
12.03.1956 |
|
Qualification : |
FCA; FICWA |
|
Date of Appointment : |
17.02.2006 |
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|
|
|
Name : |
Mr. Aidan Lynam |
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Designation : |
Director |
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|
|
|
Name : |
Mr. Sushil Kumar Roongta |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ashwin Dani |
|
Designation : |
Director |
|
Date of Birth/ Age : |
24.10.1942 |
|
Qualification : |
BSc (Honours); B.Sc
(Tech) (Pigments Paints and Varnishes); Masters Degree in Polymer Science ( |
|
Date of Appointment : |
15.12.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Burjor Dorab Nariman |
|
Designation : |
Company Secretary and Head Compliance |
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|
|
|
Name : |
Mr. Rajesh Kanode |
|
Designation : |
General Manager (Finance) |
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|
|
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Audit Committee : |
Mr. Shailesh Haribhakti, Chairman Mr. S.M. Palia Mr. Naresh Chandra Mr. Paul Hugentobler Mr. Sushil Kumar Roongta |
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|
|
|
Shareholders’/
Investors’ Grievance Committee : |
Mr. Paul Hugentobler, Chairman Mr. M.L. Narula Mr. Kuldip Kaura |
|
|
|
|
Compensation Committee : |
Mr. Paul Hugentobler Mr. Shailesh Haribhakti |
|
|
|
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Compliance Committee : |
Mr. R A Shah, Chairman Mr. Naresh Chandra Mr. Shailesh Haribhakti Mr. Paul Hugentobler Mr. Kuldip Kaura |
|
|
|
|
CAPEX Committee : |
Mr. Paul Hugentobler, Chairman Mr. S.M. Palia Mr. M.L. Narula Mr. Aidan Lynam Mr. Sushil Kumar Roongta Mr. Kuldip Kaura |
|
|
|
|
Managing Committee : |
Mr. Kuldip Kaura, Chairman Mr. Sunil Nayak Mr. J. Datta Gupta Mr. Rajiv Prasad Mr. Vivek Chawla Mr. Shakti Arora Mr. P N Iyer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
93888120 |
50.01 |
|
|
93888120 |
50.01 |
|
|
|
|
|
|
541000 |
0.29 |
|
|
541000 |
0.29 |
|
Total shareholding of Promoter and Promoter Group (A) |
94429120 |
50.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3640938 |
1.94 |
|
|
18449734 |
9.83 |
|
|
287815 |
0.15 |
|
|
39238160 |
20.90 |
|
|
61616647 |
32.82 |
|
|
|
|
|
|
5525869 |
2.94 |
|
|
|
|
|
|
21437025 |
11.42 |
|
|
3193855 |
1.70 |
|
Qualified Foreign
Investors |
50 |
0.00 |
|
|
1542790 |
0.82 |
|
|
850 |
0.00 |
|
|
788694 |
0.42 |
|
|
85255 |
0.05 |
|
|
279451 |
0.15 |
|
|
2575 |
0.00 |
|
|
385965 |
0.21 |
|
|
31699589 |
16.88 |
|
Total Public shareholding (B) |
93316236 |
49.70 |
|
Total (A)+(B) |
187745356 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
187745356 |
0.00 |
(1)
Indian
Bodies
Corporate
Individual
shareholders holding nominal share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and seller of Cement
and Ready Mix Concrete. |
||||
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|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed/Rated
Capacity |
Actual
Production |
|
Cement |
Lakh Tonnes |
286.83 |
234.60 |
Licensed Capacity per
annum not indicated due to the abolition of Industrial Licences as per
Notification No.477 (E) dated July 25, 1991 issued under The Industries
(Development and Regulation) Act, 1951.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||
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|
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|
Bankers : |
v
State Bank of v
Citibank, N.A. v
The Hongkong and Shanghai Banking Corporation
Limited v
Banking Corporation Limited v
HDFC Bank Limited v
ICICI Bank Limited |
||||||||||||
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|
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|
Facilities : |
i) 8.45% Debentures are redeemable at par at the end of five years from the date of allotment, viz 07, October 2009. These debentures are secured by a charge on all movable and immovable assets under the Debenture Trust Deed. During the year, the Company has bought back 2,180 debentures of Rs.2180.000 Millions, which have been extinguished during the year / subsequent to the year end. ii) 11.30% Debentures are redeemable at par at the end of five years from the date of allotment, viz 09, December 2008. These debentures are secured by a charge on all movable and immovable assets under the Debenture Trust Deed. During the year, the Company has bought back 1,250 debentures of Rs.1250.000 Millions, which have been extinguished during the year. |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000000 |
Equity Shares |
Rs.10/- each |
Rs.2250.000 millions |
|
100000000 |
Preference Shares |
Rs.10/- each |
Rs.1000.000 millions |
|
|
Total |
|
Rs.3250.000
millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
188793243 |
Equity Shares |
Rs.10/- each |
Rs.1887.900
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
187745356 |
Equity Shares |
Rs.10/- each |
Rs.1877.500
millions |
|
|
Add: 384060 Equity Shares of Rs.10 each Forfeited - Amount Paid |
|
Rs.2.000
millions |
|
|
Total |
|
Rs.1879.500 millions |
a) Reconciliation of number of equity shares outstanding
|
Particulars |
31.03.2012 |
|
|
|
No. of shares |
Rs. In Millions |
|
Equity Shares at the beginning of the year |
18,77,45,356 |
1877.500 |
|
Equity Shares at the end of the year |
18,77,45,356 |
1877.500 |
|
|
|
|
b) Terms / rights attached to equity shares
The company has only
one class of equity shares having par value of ` 10 per share. Each holder of equity shares is entitled to
one vote per share. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend.
c) Equity shares held by
holding company / ultimate holding and their subsidiaries
|
Particulars |
Rs. In Millions |
|
Holcim (India) Private Limited, the Holding Company 9,38,88,120 (Previous Year - 9,38,88,120) Equity shares Rs.10 each fully paid |
938.900 |
|
Holderind Investments Ltd., Mauritius, Holding Company of Holcim (India) Private Limited 5,41,000 (Previous Year - 5,41,000) Equity shares Rs.10 each fully paid |
5.400 |
Both these
Companies are subsidiaries of Holcim Limited, Switzerland, the ultimate holding
Company
d) The Company
has issued total 1,20,938 (Previous Year - 3,04,110) Equity shares ` 10 each fully paid during the period of five years immediately
preceding the reporting date on exercise of options granted under the employee
stock option plan, for which, only exercise price has been recovered in cash.
e) Details of shareholders
holding more than 5% shares in the Company
|
Particulars |
31.03.2012 |
|
|
|
No. of shares |
% of Holdings |
|
Holcim (India) Private Limited |
9,38,88,120 |
50.01 |
|
Life Insurance Corporation of India |
1,34,97,566 |
7.19 |
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
EQUITY AND
LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1879.500 |
1879.500 |
|
(b) Reserves & Surplus |
|
71948.500 |
70043.200 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
73828.000 |
71922.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
850.300 |
5060.800 |
|
(b) Deferred tax liabilities (Net) |
|
5169.200 |
5183.600 |
|
(c) Other long term liabilities |
|
3810.900 |
3722.600 |
|
(d) long-term provisions |
|
1572.100 |
1230.600 |
|
Total Non-current
Liabilities (3) |
|
11402.500 |
15197.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
6604.900 |
7102.600 |
|
(c) Other current liabilities |
|
15158.100 |
15170.600 |
|
(d) Short-term provisions |
|
12268.800 |
10499.400 |
|
Total Current
Liabilities (4) |
|
34031.800 |
32772.600 |
|
|
|
|
|
|
TOTAL |
|
119262.300 |
119892.900 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
58588.600 |
62062.600 |
|
(ii) Intangible Assets |
|
50.100 |
12.700 |
|
(iii) Capital work-in-progress |
|
3113.000 |
3656.300 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1946.700 |
4451.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
5642.000 |
4478.800 |
|
(e) Other Non-current assets |
|
1658.400 |
561.400 |
|
Total Non-Current
Assets |
|
70998.800 |
75222.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
23588.800 |
11798.500 |
|
(b) Inventories |
|
11335.500 |
10995.400 |
|
(c) Trade receivables |
|
3034.500 |
1877.400 |
|
(d) Cash and cash equivalents |
|
6783.800 |
16525.600 |
|
(e) Short-term loans and advances |
|
3232.900 |
3323.200 |
|
(f) Other current assets |
|
288.000 |
150.000 |
|
Total Current
Assets |
|
48263.500 |
44670.100 |
|
|
|
|
|
|
TOTAL |
|
119262.300 |
119892.900 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1879.500 |
|
|
2] Share Application Money, pending allotment |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
62815.400 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
64694.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
5099.300 |
|
|
2] Unsecured Loans |
|
|
138.900 |
|
|
TOTAL BORROWING |
|
|
5238.200 |
|
|
DEFERRED TAX LIABILITIES |
|
|
3615.300 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
73548.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
50824.400 |
|
|
Capital work-in-progress (including Capital Advances) |
|
|
15628.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
17026.700 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
9149.800 |
|
|
Sundry Debtors |
|
|
1782.800 |
|
|
Cash & Bank Balances |
|
|
9800.300 |
|
|
Other Current Assets |
|
|
561.200 |
|
|
Loans & Advances |
|
|
6239.400 |
|
Total
Current Assets |
|
|
27533.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
16163.800 |
|
|
Other Current Liabilities |
|
|
6341.700 |
|
|
Provisions |
|
|
14958.700 |
|
Total
Current Liabilities |
|
|
37464.200 |
|
|
Net Current Assets |
|
|
(9930.700) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
73548.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
113579.600 |
96602.900 |
79757.800 |
|
|
|
Other Income |
2648.200 |
1919.100 |
984.800 |
|
|
|
TOTAL (A) |
116227.800 |
98522.000 |
80742.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
16055.200 |
11403.000 |
|
|
|
|
Purchase of stock-in-trade |
1587.500 |
1697.800 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
200.200 |
(943.900) |
|
|
|
|
Employee benefits expense |
6166.500 |
5330.100 |
|
|
|
|
Power and fuel |
23822.600 |
21833.000 |
|
|
|
|
Freight and forwarding expense |
22333.600 |
18944.400 |
|
|
|
|
Other expenses |
21458.200 |
19131.300 |
|
|
|
|
Exceptional item |
3353.800 |
0.000 |
|
|
|
|
TOTAL (B) |
94977.600 |
77395.700 |
61633.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21250.200 |
21126.300 |
19109.100 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
EXPENSES (D) |
1146.500 |
969.100 |
567.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20103.700 |
20157.200 |
18541.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5588.800 |
4753.000 |
3926.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
14514.900 |
15404.200 |
14614.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3903.000 |
2151.600 |
3414.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
10611.900 |
13252.600 |
11200.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
38215.400 |
33814.100 |
32038.500 |
|
|
|
|
|
|
|
|
|
Add / (Less) |
ADJUSTMENT
PURSUANT TO AMALGAMATION |
(2162.900) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
2065.200 |
2065.200 |
1877.500 |
|
|
|
Proposed Final Dividend |
3567.200 |
3191.700 |
3848.800 |
|
|
|
Dividend Distribution Tax |
913.700 |
852.800 |
951.000 |
|
|
|
Previous Year Dividend Distribution Tax |
0.000 |
(14.900) |
(9.300) |
|
|
|
Transfer to General Reserve |
1500.000 |
2500.000 |
2500.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
250.000 |
250.000 |
|
|
|
Transfer to Amortisation Reserve |
0.000 |
6.500 |
6.500 |
|
|
BALANCE CARRIED
TO THE B/S |
38618.300 |
38215.400 |
33814.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consultancy Services and Others |
0.000 |
138.400 |
518.300 |
|
|
TOTAL EARNINGS |
0.000 |
138.400 |
518.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1030.000 |
1050.700 |
1340.900 |
|
|
|
Stores & Spare Parts |
1075.000 |
764.500 |
545.000 |
|
|
|
Coal |
4025.200 |
2001.300 |
2906.000 |
|
|
|
Capital Goods |
510.000 |
213.800 |
294.100 |
|
|
TOTAL IMPORTS |
6640.200 |
4030.300 |
5086.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
56.52 |
70.59 |
59.66 |
|
|
|
- Diluted |
56.38 |
70.42 |
59.52 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
30.06.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
281.539 |
247.392 |
317.956 |
295.607 |
285.099 |
|
Total Expenditure |
212.700 |
200.951 |
278.170 |
246.431 |
236.173 |
|
PBIDT (Excl OI) |
68.839 |
46.441 |
39.786 |
49.176 |
48.926 |
|
Other Income |
7.815 |
5.462 |
6.608 |
10.257 |
3.501 |
|
Operating Profit |
76.654 |
51.903 |
46.394 |
59.433 |
52.427 |
|
Interest |
3.005 |
2.571 |
2.727 |
1.081 |
1.786 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
73.649 |
49.332 |
43.667 |
58.352 |
50.641 |
|
Depreciation |
13.563 |
13.521 |
15.750 |
13.829 |
13.872 |
|
Profit Before Tax |
60.086 |
35.811 |
27.917 |
44.523 |
36.769 |
|
Tax |
18.293 |
10.944 |
3.995 |
0.753 |
10.860 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
41.793 |
24.867 |
23.922 |
43.770 |
25.909 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
41.793 |
24.867 |
23.922 |
43.770 |
25.909 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
9.13
|
13.45
|
13.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.78
|
15.95
|
18.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.71
|
13.78
|
18.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.21
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.07
|
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.36
|
0.73 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
DETAILS OF UNSECURED LOANS
(Rs. In Millions)
|
Particulars |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
Deferred payment liability |
16.200 |
32.600 |
|
Deferred sales tax loans |
14.100 |
28.200 |
|
Total |
30.300 |
60.800 |
|
Note: Deferred payment liability is payable to the Industrial Development Corporation of Orissa Limited (IDCOL) in eight equal annual installments of Rs.16.200 Millions beginning from 2007 without interest or penalty. Deferred sales tax loan is interest-free and payable in 12 yearly installments of Rs.14.100 Millions each beginning from 2003. |
||
FOREWORD
The Indian economy experienced a slowdown in the year 2012, consequent to a deceleration in global economic growth. As a result, two important drivers of economic growth viz. infrastructure and industrial projects performed below expectations. Higher inflation and a depreciating rupee lead to a fall in domestic savings and consumption. The Company faced these challenges with a new focus to achieve cost leadership and enhance value. This was enabled by planning for all-round improvements and innovativeness in productivity and profitability, leadership development and capability enhancement of its employees. In the process, many favourable trends were established.
The Company closed the year by starting ground work on the next phase of the Company's expansion programme.
ECONOMIC SCENARIO AND
OUTLOOK
The global economy experienced a slowdown especially noticed in developed economies, which had its impact on India as well. The Indian economy had to contend with high inflation in the year 2012 and increased lending rates. The tightening of the monetary policy further slowed the growth of the economy which affected all sectors including the cement industry.
There are signs that indicate the possibility of a revival in consumption and government spending in 2013. Coupled with expectations of a normal monsoon, this augurs well for the economy in the coming year.
CEMENT INDUSTRY
OUTLOOK AND OPPORTUNITIES
In 2012, the cement industry added ~34 million tonnes of capacity taking its installed capacity to ~360 million tonnes. The first half of the calendar year witnessed high demand for cement at 10% YoY. This demand fell in the second half of the year following a slowdown in the construction sector.
Cement Industry is expected to gather momentum driven by a revival in the general investment climate and by reduction in interest rates which will positively impact demand from housing, infrastructure and industry segments. We, therefore expect a favourable rate of growth in cement consumption. At the same time, there is a likelihood of mounting pressure on costs mainly arising out of increases in the cost of coal, diesel, rail freight and exchange rate fluctuations.
Institutionalizing
Excellence
In the beginning of 2012, the Company launched a new programme designed to deliver superior value to their customers while simultaneously seeking cost leadership through improvements in manufacturing, sales and marketing, logistics and procurement of major inputs. The programme called "Institutionalizing Excellence" is designed to further strengthen these processes so as to deliver and sustain enhanced performance levels. Built essentially around five pillars of core processes of the Organization, the overall objective of the programme is to achieve excellence in the functions comprising manufacturing, logistics, sales and marketing, people processes and certain strategic procurement projects.
The manufacturing excellence pillar includes efforts to reduce production cost through improvements in clinker factor, plant performance, thermal and electrical energy efficiencies. The sales and marketing teams aim to strengthen the Company's brand advantage, sustain market share and strive for top-line growth. In logistics, the plan is to achieve best-in-class performance in terms of cost-to-serve and time-to-serve. The Company has deployed emerging technologies like RFID (Radio Frequency Identification) and GPS (Global Positioning Systems) for the first time in the Indian Cement Industry, to enable easy tracking of road transport vehicles in their plants and in transit to the end-consumer. The Institutionalizing Excellence journey has already shown signs of improvement across the Company with traction in all areas covered by it.
EXPANSION CAPEX
Preliminary work on the new Jamul expansion project has commenced with ground-breaking at site and ordering out major plant equipment. Scheduled for completion in a phased manner in 2015, the project comprises a new clinkering line of 2.79 million tonnes capacity and grinding facility of 1.10 million tonnes at Jamul. In addition, it also includes the establishment of two other grinding plants in Eastern India, which will together enhance their capacity by 5 million tonnes of cement per annum. The total estimated cost of this expansion is Rs.33000.000 Millions and shall be funded through internal accruals.
READY MIXED CONCRETE
(RMX)
During the year, the sales volume of RMX fell by 16%, mainly on account of a slowdown in the construction industry. Steps have been initiated to consolidate the Company's RMX business through increased volumes from its existing assets. Vigorous efforts are being made to extend the customer base and leveraging the Company's vast cement network.
The outlook for the construction sector in 2013 remains stable. Maximum demand for RMX is expected from Mumbai, Gurgaon and Bengaluru\ which are likely to attract larger investments in real estate and infra projects. They expect pricing to remain under pressure next year as a result of competition.
SUBSIDIARY COMPANIES
ACC Mineral Resources
Limited (AMRL)
The wholly owned Company, AMRL, is a Special Purpose Vehicle which looks into the development of the four coal blocks allotted by the Madhya Pradesh State Mining Corporation Limited (MPSMC) through four companies incorporated jointly by MPSMC and AMRL pursuant to a joint venture agreement.
In January 2013, the Company received notice of de-allocation of one of the Coal Blocks from the Ministry of Coal, Government of India, on the grounds of non-receipt of forest and environmental clearances from the Ministry of Environment and Forests, in view of the block's proximity to the National Tiger Reserve at Bandhavgarh. MPSMC along with the concerned Joint Venture Company, have together filed a writ petition in the Jabalpur High Court for relief in the matter.
During the year, the preliminary and pre-development activities in the other three coal blocks are in progress. The Bicharpur Coal Block in Shahdol District is in an advanced stage of development. AMRL does not have any commercial activity or earnings from investments and therefore no income.
Bulk Cement
Corporation (India) Limited (BCCI)
During the year, BCCI handled cement volumes of 9.20 lakh tonnes in 2012, as against 9.34 lakh tonnes in 2011. The Profit after tax for the year 2012 is Rs.17.981 Millions, as against Rs.6.835 Millions in the year 2011.
Singhania Minerals
Private Limited
This Company was acquired in August 2012. Being wholly owned Company, the said acquisition will help the Company in augmenting its limestone reserves.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
(Rs.
In Millions)
|
Particulars
|
31.12.2012 |
31.12.2011 |
|
|
|
|
|
a)
Claims not acknowledged by the Company |
|
|
|
Sales
tax |
301.400 |
284.700 |
|
Claim
by Suppliers |
367.900 |
367.900 |
|
Labour
related |
234.200 |
200.600 |
|
Others |
202.400 |
157.100 |
|
|
|
|
|
In respect of above matters, future cash outflows in
respect of contingent liabilities are determinable only on receipt of
judgments pending at various forums / authorities. |
|
|
|
b)
Guarantee given on behalf of subsidiary company |
0.000 |
0.800 |
|
c) Indemnity,
Guarantee/s given to Banks/Financial Institutions, Government Bodies and
others |
2161.900 |
1779.100 |
|
d)
Bills discounted |
132.500 |
0.000 |
e) The Company had filed petitions against the orders / notices of various authorities demanding Rs.1936.000 Millions (Previous Year – Rs.1697.500 Millions) towards payment of additional Royalty on Limestone based on the ratio of 1.6 tonnes of Limestone to 1 tonne of Cement produced at its factories in Madhya Pradesh and Chattisgarh and on cement produced vis a vis consumption of limestone at its factory in Tamil Nadu. The Company holds the view that the payment of royalty on limestone is correctly made based on the actual quantity of limestone extracted from the mining area.
In view of above demand being legally unjustifiable, the Company does not expect any liability in above matter.
f) The Competition Commission of India issued an Order dated June 20, 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.11475.900 Millions on the Company. The Company has filed an appeal against the Order before the Competition Appellate Tribunal, which is pending for disposal. Based on the advice of external legal counsel, the Company believes it has good grounds for a successful appeal. Accordingly, no provision is considered necessary.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30.06.2013
Rs. In Millions
|
|
Particulars |
3 Months ended 30.06.2013 |
Preceding 3 Months ended 31.03.2013 |
Year to date figures for current
period ended 30.06.2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from
operations |
|
|
|
|
|
a) Net sales / income from operations {Net of excise duty) |
27952.300 |
29111.100 |
57063.400 |
|
|
b) Other operating income |
557.600 |
449.600 |
1007.200 |
|
|
Total income from
operations (net) |
28509.900 |
29560.700 |
58070.600 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
4111.500 |
4318.900 |
8430.400 |
|
|
(b) Purchases of stock-in-trade |
612.900 |
502.900 |
1115.800 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
55.100 |
(478.300) |
(423.200) |
|
|
(d) Employee benefits expense |
1722.000 |
1614.400 |
3336.400 |
|
|
(e) Depreciation and amortisation expense |
1387.200 |
1382.900 |
2770.100 |
|
|
(f) Power and Fuel |
5911.500 |
6495.500 |
12407.000 |
|
|
g) Freight and Forwarding expense |
5775.800 |
6165.800 |
11941.600 |
|
|
h) Other expenses |
5428.500 |
6023.900 |
11452.400 |
|
|
Total expenses |
25004.500 |
26026.000 |
51030.500 |
|
3 |
Profit from
operations before other income, finance costs and exceptional items (1-2) |
350.100 |
3534.700 |
7040.100 |
|
4 |
Other income |
350.100 |
1025.700 |
1375.800 |
|
5 |
Profit from ordinary
activities before finance costs and exceptional items (3+4) |
3855.500 |
4560.400 |
8415.900 |
|
6 |
Finance costs (net) |
178.600 |
108.100 |
286.700 |
|
7 |
Profit from
ordinary activities after finance costs but before exceptional items (5-6) |
3676.900 |
4452.300 |
8129.200 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit from
ordinary activities before tax (7-8) |
3676.900 |
4452.300 |
8129.200 |
|
10 |
Tax expense |
1086.000 |
75.300 |
1161.300 |
|
11 |
Net Profit from ordinary
activities after tax (9-10) |
2590.900 |
4377.000 |
6967.900 |
|
12 |
Extraordinary items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit for the
period/year (11-12) |
2590.900 |
4377.000 |
6967.900 |
|
14 |
Paid-up equity share capital (Face value of the share Rs. 10 each) |
1879.500 |
1879.500 |
1879.500 |
|
15 |
Paid-up Debt Capital |
-- |
-- |
580.600 |
|
16 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
- |
- |
- |
|
17 |
Earnings Per Share of Rs.10 each (not annualised) |
|
|
|
|
|
- Basic |
13.80 |
23.31 |
37.11 |
|
|
- Diluted |
13.77 |
23.25 |
37.02 |
|
|
|
|
|
|
|
18 |
Debt Equity Ratio |
|
|
0.01 |
|
19 |
Debt Service Coverage Ratio |
|
|
10.29 |
|
20 |
Interest Service Coverage Ratio |
|
|
302.21 |
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
Number of shares |
9,33,16,236 |
9,33,16,236 |
9,33,16,236 |
|
|
Percentage of shareholding |
49.70% |
49.70% |
49.70% |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged /
encumbered |
|
|
|
|
|
Number of shares |
- |
- |
- |
|
|
Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group) |
- |
- |
- |
|
|
Percentage of shares (as a % of the total share capital of the Company) |
- |
- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
Number of shares |
9,44,29,120 |
9,44,29,120 |
9,44,29,120 |
|
|
Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
Percentage of shares (as a % of the total share capital of the Company) |
50.30% |
50.30% |
50.30% |
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
- |
|
|
|
|
Received during the quarter |
8 |
|
|
|
|
Disposed of during the quarter |
8 |
|
|
|
|
Remaining unresolved at the end of the quarter |
- |
|
|
SEGMENT WISE
RESULT AND CAPITAL EMPLOYED
Rs. In
Millions
|
PARTICULARS |
3 Months Ended |
Year to date figures for
current period |
|
|
|
30.06.2013 |
31.03.2013 |
30.06.2013 |
|
1. Segment Revenue |
|
|
|
|
a) Cement |
27174.700 |
28200.300 |
55375.000 |
|
b) Ready Mix Concrete |
1648.900 |
1701.800 |
3350.700 |
|
Total |
28823.600 |
29902.100 |
58725.700 |
|
Less: Inter-segment Revenue |
313.700 |
341.400 |
655.100 |
|
Sales/Income from
Operations (Net) |
28509.900 |
29560.700 |
58070.600 |
|
2. Segment Results (Segment Revenue - Segment Expenses) |
|
|
|
|
a) Cement |
3486.200 |
3563.300 |
7049.500 |
|
b) Ready Mix Concrete |
(2.200) |
7.600 |
5.400 |
|
Total |
3484.000 |
3570.900 |
7054.900 |
|
Less : i) Finance Cost |
178.600 |
108.100 |
286.700 |
|
ii) Unallocated Corporate Expenses |
(134.500) |
(209.000) |
(343.500) |
|
Add : Unallocated Income |
237.000 |
780.500 |
1017.500 |
|
Total Profit Before Exceptional Items and Tax |
3676.900 |
4452.300 |
8129.200 |
|
Less: Exceptional Items |
-- |
-- |
-- |
|
Total Profit Before
Tax |
3676.900 |
4452.300 |
8129.200 |
|
3. Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
a) Cement |
66104.800 |
65644.200 |
66104.600 |
|
b) Ready Mix Concrete |
1247.400 |
1164.900 |
1247.400 |
|
c) Unallocated (Assets - Liabilities) |
10999.900 |
11396.000 |
10999.900 |
|
Total |
78352.100 |
78205.100 |
78352.100 |
STATEMENT OF ASSETS
AND LIABILITIES
Rs. In Millions
|
Particulars |
As at current half year end 30-06-2013 UNAUDITED |
|
|
|
|
A EQUITY AND LIABILITIES |
|
|
|
|
|
1) Shareholders'
Funds |
|
|
(a) Share capital |
1879.500 |
|
(b) Reserves and surplus |
76472.600 |
|
Sub-total -
Shareholders' funds |
78352.100 |
|
|
|
|
2) Non-Current
liabilities |
|
|
(a) Long-term borrowings |
350.300 |
|
(b) Deferred tax liabilities (net) |
5424.400 |
|
(c) Other long term liabilities |
4016.900 |
|
(d) Long-term provisions |
1745.200 |
|
Sub-total -
Non-current liabilities |
11536.800 |
|
|
|
|
3) Current
liabilities |
|
|
(a) Trade payables |
6720.500 |
|
(b) Other current liabilities |
14331.400 |
|
(c) Snort- torn) provisions |
8500.700 |
|
Sub-total - Current
liabilities |
29552.600 |
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
119441.500 |
|
|
|
|
B ASSETS |
|
|
|
|
|
1) Non-current
assets |
|
|
(a) Fixed assets |
61542.600 |
|
(b) Non-current investments |
1946.700 |
|
(c) Long-term loans and advances |
7609.300 |
|
(d) Other non-current assets |
2318.700 |
|
Sub-total -
Non-current assets
•" |
73417.300 |
|
|
|
|
2) Current assets |
|
|
(a) Current Investments |
17018.300 |
|
(b) Inventories |
13675.900 |
|
(c) Trade receivables |
5056.300 |
|
(d) Cash and cash equivalents* |
6420.000 |
|
(e) Short-term loans and advances |
3672.200 |
|
(f) Other current assets |
181.500 |
|
Sub-total - Current
assets |
46024.200 |
|
|
|
|
TOTAL - ASSETS |
119441.500 |
Note:
1. The above results have been reviewed by the Audit Committee and approved by the Board of directors at its meeting held on July 25, 2013. The Statutory Auditors have carried out the limited review of the above results.
2. During the quarter ended December 31, 2012, ACC Concrete Limited and Encore Cement and Additives Private Limited, the wholly owned subsidiaries were amalgamated with the Company, Consequently, results of these companies from January 01, 2012 to December 31, 2012 were included in the quarter ended December 31, 2012 and hence results for the current quarter and period ended June 30, 2013 are not strictly comparable with the respective corresponding periods.
3. Tax expense for the quarter ended March 31, 2013 and the period ended June 30, 2013 includes adjustment of credit of Rs.1408.300 Millions arising from reversal of tax provision related to earlier assessment year.
4. 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.11475.900 Millions on the Company. The Company had filed an appeal against the said Order with Competition Appellate Tribunal ("CAT"). Pending final disposal of the appeal, the CAT has stayed the penalty with a condition to deposit 10% of the penalty amount, which has been deposited in the form of bank fixed deposit with lien in favour of CAT. Based on the advice of external legal counsel, the Company believes that it has good grounds for a successful appeal. Accordingly, no provision is considered necessary in the above financial results.
5. Exceptional item represents additional depreciation charge on account of change in method of providing depreciation on fixed assets pertaining to Captive Power Plants from the 'Straight Line' to the 'Written Down Value'
6. Ratios have been computed as follows :-
Interest Service Coverage Ratio = Earnings before Finance cost, Depreciation and Tax / Interest on debt
Debt Service Coverage Ratio = Earnings before Finance cost, Depreciation and Tax;' (Interest on debt + Principal repayment)
Debt comprises long-term borrowings and current maturities of long-term borrowings.
7. Figures for the previous periods have been restated / reclassified wherever necessary.
8. The Board of Directors of the Company have recommended Interim Dividend of Rs.11 per share
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10192504 |
27/11/2009 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
A76338987 |
|
2 |
10145237 |
29/07/2009 * |
2,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
A67783993 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets:
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Roads, Bridges and Fences
·
Railway Sidings
·
Rolling Stock
·
Furniture, Fixtures and Equipments
·
Vehicles
Intangible Assets:
·
Computer Software
·
Mining Right
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
No |
|
--EPF |
YES/NO |
No |
|
TOTAL |
|
70 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.