MIRA INFORM REPORT
|
Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
AMBUJA
CEMENTS LIMITED (w. e. f. 05.04.2007) |
|
|
|
|
Formerly Known
As : |
GUJARAT
AMBUJA CEMENTS LIMITED |
|
|
|
|
Registered
Office : |
P.O. Ambuja Nagar, Taluka Kodinar, Amreli District,
Junagadh - 362715, Gujarat |
|
|
|
|
Country : |
India |
|
|
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|
Financials (as
on) : |
31.12.2013 |
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|
|
|
Date of
Incorporation : |
20.10.1981 |
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|
|
|
Com. Reg. No.: |
04-004717 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3091.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942GJ1981PLC004717 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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|
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|
Line of Business
: |
Manufacturing and Marketing of Cement. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 370000000 |
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|
|
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Matter converted to SCA/5079/2011sss |
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Comments : |
Subject is a well-established company having excellent track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Directors are reported to be experienced and
respectable businessmen. Trade relations reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered good for business dealing 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 PARTED BY
|
Name : |
Mr. Mahesh Khandelwal |
|
Designation : |
Treasury department head |
|
Contact No.: |
91-22-66167000 |
LOCATIONS
|
Registered Office : |
P.O. Ambuja Nagar, Taluka Kodinar, Amreli District,
Junagadh - 362715, Gujarat, India |
|
Tel. No.: |
91-2795 - 237000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
shares@ambujacement.com |
|
Website : |
|
|
|
|
|
Corporate Office : |
Elegant Business Park, MIDC Cross Road, ‘B’, Off. Andheri-Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
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Integrated Cement Plants : |
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Grinding Stations: |
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Bulk Cement Terminals: |
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DIRECTORS
As on: 31.12.2013
|
Name : |
Mr. Suresh Neotia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. N S Sekhsaria |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Paul Hugentobler |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Bernard Fontana |
|
Designation : |
Director |
|
Date of
Appointment: |
10.02.2012 |
|
|
|
|
Name : |
Mr. Bernard Terver |
|
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. Haigreve Kjaitan |
|
Designation : |
Director |
|
Date of Appointment : |
27.07.2012 |
|
|
|
|
Name : |
Mr. B.L. Taparia |
|
Designation : |
01.09.2012 |
|
|
|
|
Name : |
Mr. Onne Van Der Weijde |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Kapur |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Sanjeev Churiwala |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Rajiv Gandhi |
|
Designation : |
Company Secretary |
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|
|
|
Business Heads |
Mr. J.C. Toshniwal (North) Mr. Vilas Deshmukh (West and South) Mr. Vivek Agnihotri (East) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
780308553 |
51.27 |
|
|
780308553 |
51.27 |
|
Total shareholding
of Promoter and Promoter Group (A) |
780308553 |
51.27 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
7707342 |
0.51 |
|
|
1274935 |
0.08 |
|
|
135637855 |
8.91 |
|
|
473032918 |
31.08 |
|
|
150 |
0.00 |
|
|
617653200 |
40.58 |
|
|
|
|
|
|
6873453 |
0.45 |
|
|
|
|
|
|
91326691 |
6.00 |
|
|
10173958 |
0.67 |
|
|
15632493 |
1.03 |
|
|
14623272 |
0.96 |
|
|
930668 |
0.06 |
|
|
12870 |
0.00 |
|
|
65683 |
0.00 |
|
|
124006595 |
8.15 |
|
Total Public
shareholding (B) |
741659795 |
48.73 |
|
Total (A)+(B) |
1521968348 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
24294613 |
0.00 |
|
|
24294613 |
0.00 |
|
Total (A)+(B)+(C) |
1546262961 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Cement. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
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 Divulged |
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Bankers : |
Not Available |
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||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S R Batliboi and Associates Chartered Accountants |
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|
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Cost Auditors : |
P. M. Nanabhoy and Company Chartered Accountants |
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|
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Ultimate Holding Company : |
Holcim Limited, Switzerland |
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|
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Intermediate Holding Company : |
Holderfin BV, Netherlands |
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Holding Company : |
Holderind Investments Limited, Mauritius |
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Subsidiary : |
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Joint Venture : |
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|
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Step down subsidiary : |
Dirk Pozzocrete (MP) Private Limited, India |
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|
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|
Fellow Subsidiary : |
|
CAPITAL STRUCTURE
As on: 31.12.2013
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 |
|
|
|
|
|
|
1546186806 |
Equity Shares |
Rs.2/- each |
Rs.3092.400
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1545860286 |
Equity Shares |
Rs.2/- each |
Rs.3091.700
Millions |
|
|
|
|
|
a) Reconciliation of
equity shares outstanding
|
Particular |
No. of shares |
Rs. In Millions |
|
At the beginning of the year |
1542184436 |
3084.400 |
|
Add : Issued against Employee Stock Option Schemes (ESOS) . |
3675850 |
7.300 |
|
At the end of the year |
1545860286 |
3091.700 |
b) Rights,
preferences and restrictions attached to equity shares
The Company has one class of equity shares having a par value of Rs.2 per share. Each shareholder is entitled to one vote per equity 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. In the event of liquidation of the Company, the equity shareholders are eligible to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.
c) Equity shares held
by holding company, ultimate holding company and their subsidiaries
|
Particular |
As at 31.12.2013 Rs. In Millions |
|
i) Holderind Investments Limited, Mauritius (HIL), the holding company 629,638,433 (previous year - 629638433) equity shares of Rs.2 each fully paid-up. |
1259.300 |
|
ii) Holcim India Private Limited (HIPL) 150,670,120 (previous year - 150,670,120) equity shares of Rs.2 each fully paid-up |
301.300 |
d) Details of equity
shares held by shareholders holding more than 5% shares in the Company
|
Sr. No. |
Particular |
No. of shares |
% holding in the class |
|
i) |
Holderind Investments Limited, Mauritius |
629,638,433 |
40.73% |
|
ii) |
Holcim India Private Limited |
150,670,120 |
9.75% |
|
iii) |
Life Insurance Corporation of India |
92,665,449 |
5.99% |
As per the of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represent both legal and beneficial ownership of shares.
Outstanding employee stock options exercisable into 6,381,625 (previous year - 10,165,025) equity shares of Rs. 2 each fully paid up (Refer note 32 (b)).
Outstanding tradable warrants and right shares kept in abeyance exercisable into 186,690 (previous year - 186,690) and 139,830 (previous year - 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 |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3091.700 |
3084.400 |
3068.700 |
|
(b) Reserves & Surplus |
91763.700 |
84966.200 |
77625.600 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.100 |
|
Total
Shareholders’ Funds (1) + (2) |
94855.400 |
88050.600 |
80694.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
291.500 |
346.300 |
428.000 |
|
(b) Deferred tax liabilities
(Net) |
5643.200 |
5482.500 |
6436.000 |
|
(c) Other long term
liabilities |
175.800 |
49.100 |
38.200 |
|
(d) long-term provisions |
248.000 |
208.900 |
179.100 |
|
Total
Non-current Liabilities (3) |
6358.500 |
6086.800 |
7081.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
9745.200 |
9345.400 |
9511.600 |
|
(c) Other current liabilities |
7923.900 |
6558.700 |
6397.700 |
|
(d) Short-term provisions |
10762.900 |
13089.300 |
11733.400 |
|
Total
Current Liabilities (4) |
28432.000 |
28993.400 |
27642.700 |
|
|
|
|
|
|
TOTAL |
129645.900 |
123130.800 |
115418.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
60621.600 |
58619.300 |
61846.100 |
|
(ii) Intangible Assets |
3.700 |
4.400 |
18.500 |
|
(iii) Capital work-in-progress |
6948.800 |
5201.200 |
4868.200 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1045.100 |
1120.100 |
953.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3205.500 |
2872.700 |
5067.600 |
|
(e) Other Non-current assets |
2450.800 |
2549.100 |
21.500 |
|
Total
Non-Current Assets |
74275.500 |
70366.800 |
72775.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
16839.400 |
15438.300 |
7689.400 |
|
(b) Inventories |
9339.400 |
9839.300 |
9249.700 |
|
(c) Trade receivables |
2315.100 |
2133.700 |
2408.500 |
|
(d) Cash and cash equivalents |
23410.900 |
22537.200 |
20690.800 |
|
(e) Short-term loans and
advances |
2894.100 |
2489.800 |
2365.100 |
|
(f) Other current assets |
571.500 |
325.700 |
239.300 |
|
Total
Current Assets |
55370.400 |
52764.000 |
42642.800 |
|
|
|
|
|
|
TOTAL |
129645.900 |
123130.800 |
115418.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
91603.500 |
97303.000 |
85542.600 |
|
|
|
Other Income |
3936.200 |
3488.700 |
2478.700 |
|
|
|
TOTAL (A) |
95539.700 |
100791.700 |
88021.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
6461.700 |
6717.600 |
5773.800 |
|
|
|
Purchases of Stock-in-Trade |
7.100 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
1183.300 |
(2008.300) |
570.000 |
|
|
|
Employee benefits expense |
5024.100 |
4785.100 |
4332.00 |
|
|
|
Power and fuel |
20629.200 |
23290.700 |
20013.700 |
|
|
|
Freight and forwarding |
23617.700 |
22758.500 |
19333.600 |
|
|
|
Other expenses |
18241.400 |
17096.800 |
15816.600 |
|
|
|
Self-consumption of cement |
(69.300) |
(67.100) |
(67.400) |
|
|
|
Exceptional items |
(248.200) |
2791.300 |
242.500 |
|
|
|
TOTAL (B) |
74847.000 |
75364.600 |
66014.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20692.700 |
25427.100 |
22006.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
650.800 |
756.600 |
526.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20041.900 |
24670.500 |
21480.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4900.700 |
5652.200 |
4451.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
15141.200 |
19018.300 |
17028.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2195.500 |
6047.700 |
4740.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12945.700 |
12970.600 |
12288.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7370.100 |
2847.500 |
3253.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
1500.000 |
2000.000 |
7000.000 |
|
|
|
Distribution Tax written back |
0.000 |
0.000 |
(8.300) |
|
|
|
Interim Dividend On Equity Shares |
5563.400 |
5548.000 |
4906.900 |
|
|
|
Dividend Distribution Tax on above |
945.500 |
900.000 |
796.000 |
|
|
BALANCE CARRIED
TO THE B/S |
12306.900 |
7370.100 |
2847.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
542.800 |
232.700 |
765.700 |
|
|
|
Royalty |
4.800 |
1.900 |
2.800 |
|
|
|
Interest |
0.100 |
0.000 |
0.000 |
|
|
|
Other Earnings |
37.700 |
94.800 |
33.300 |
|
|
TOTAL EARNINGS |
585.400 |
329.400 |
801.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
231.900 |
389.800 |
371.900 |
|
|
|
Packing material |
0.000 |
26.000 |
15.500 |
|
|
|
Fuels |
3409.400 |
4859.600 |
4904.700 |
|
|
|
Spares |
381.600 |
497.900 |
571.300 |
|
|
|
Capital goods |
1112.900 |
373.100 |
573.100 |
|
|
TOTAL IMPORTS |
5135.800 |
6146.400 |
6436.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
8.39 |
8.43 |
8.02 |
|
|
|
Diluted |
8.37 |
8.41 |
8.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
13.55 |
12.87 |
13.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.53 |
19.55 |
19.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.45 |
16.28 |
15.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.22 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95 |
1.82 |
1.54 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
3068.700 |
3084.400 |
3091.700 |
|
Reserves & Surplus |
77625.600 |
84966.200 |
91763.700 |
|
Share Application money
pending allotment |
0.100 |
0.000 |
0.000 |
|
Net
worth |
80694.400 |
88050.600 |
94855.400 |
|
|
|
|
|
|
long-term borrowings |
428.000 |
346.300 |
291.500 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
428.000 |
346.300 |
291.500 |
|
Debt/Equity
ratio |
0.005 |
0.004 |
0.003 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
85542.600 |
97303.000 |
91603.500 |
|
|
|
13.748 |
(5.857) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
85542.600 |
97303.000 |
91603.500 |
|
Profit |
12288.600 |
12970.600 |
12945.700 |
|
|
14.37% |
13.33% |
14.13% |
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 |
No |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
No |
|
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 |
No |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.12.2013 |
As on 31.12.2012 |
|
Long-term
borrowings |
|
|
|
Sales tax deferment loan** |
232.900 |
346.300 |
|
|
|
|
|
Total |
232.900 |
346.300 |
|
Note:
** Sales tax deferment loan is interest free and payable in 10 annual installments starting from April 2007 to April 2016 of varying amounts from Rs. 15.200 millions to Rs.132.300 millions. |
||
FINANCIAL RESULTS
2013
AT A GLANCE (STAND
ALONE RESULTS)
Cement production decreased by 3% to reach 20.96 million tonnes, from 21.620 million tonnes while clinker production decreased to 14.270 million tonnes, 10% down from 15.81 million tonnes in year 2012.
Domestic cement sales volume continued with sluggish demand by recording a decrease of 2% at 20.940 million tonnes from 21.310 million tonnes in year 2012. Cement exports decreased to 0.100 million tonnes from 0.120 million tonnes in year 2012. Clinker sales (including exports) were up at 0.560 million tonnes from 0.550 million tonnes in 2012.
Net sales at Rs. 9,087.000 millions were 6% lower than that of previous year’s Rs. 9,675.000 millions. Average sales realisation decreased by around 4% at Rs. 4,208 per tonne against approx Rs. 4,400 per tonne in 2012.
Total (operating) expenses for the year 2013 increased by 2% over that of year 2012.
The Company achieved an absolute EBITDA of Rs. 1651.000 millions in year 2013. This is lower by 33% over the corresponding Rs. 2473.000 millions of the year 2012.
Profit before tax at Rs. 1,514.000 millions was down by 20% over corresponding figure of Rs. 1902.000 millions for year 2012.
Net Profit at Rs. 1,295.000 millions was down by 0.2% over corresponding figure of Rs. 1297.000 millions for the year 2012.
MARKET DEVELOPMENTS
The Company’s domestic cement sales in 2013 declined by 1.7% to 20.940 million tonnes as compared to 21.31 million tonnes achieved in 2012. Total cement sales (including exports) declined by 1.8% to 21.040 million tonnes as compared to 21.430 million tonnes achieved in 2012.
REGION-WISE SALES
VOLUME / GROWTH
In the North region, domestic cement sales of the Company declined by 1.7% to 8.640 million tonnes in 2013 compared to 8.790 million tonnes in 2012.
In the East region, the Company achieved sales of 4.210 million tonnes of cement in the domestic market, registering a decline of 0.2% over the previous year sales of 4.220 million tonnes.
In the West and South region, the Company’s domestic cement sales in 2013 declined by 2.5% to 8.090 million tonnes as compared to 8.300 million tonnes achieved in 2012.
Cement exports in 2013 reduced further to 0.100 million tonnes as compared to 0.120 million tonnes in 2012.
COST DEVELOPMENTS
During the year 2013, the economy witnessed upward movement in overall cost structure and volatile foreign exchange rates. However, the Company implemented cost optimisation initiatives which helped in containing inflationary impact to some extent.
MAJOR COST MOVEMENTS
Cost of major raw material, fly ash, increased by 7% on per tonne basis. However, strategy to change in mix of gypsum resulted in cost decrease by 2% on per tonne basis. Overall, the absolute raw material cost decreased by approx. 6% over the previous year including the impact of lower volumes.
Power and fuel costs account for approximately 26% of the total operating cost of the Company. Coal cost for kiln and captive power plants reduced by 8% and 10% respectively, due to reduced usage of imported coal and also substitution of high cost coal by pet coke usage. Besides, there was increased usage of Alternate fuels by 3% over the usage for the year 2012.
Cost of grid power continued its upward movement with per kwh rate increasing by approximately 22% over the previous year. In 2013, captive power generation which supports 66% of the total power requirements of the Company, reduced by 10%.
Overall, the reduction in dependence on grid, increase usage of captive power and reduction in fuel prices have helped the Company in registering a decrease of 11% in absolute cost of power and fuel as compared to the year 2012.
Freight and forwarding cost works out to 30% of total operating costs. During the year, the same hardened by 6% on per tonne basis over the year 2012 due to an increase in diesel prices.
The cost of packing bags went up by around 14%, driven by increase in PP granule prices.
EXPANSION PROJECTS
AND NEW INVESTMENTS
The Company took up several projects to serve its customers in a more efficient, cost-effective, reliableand environment-friendly manner, while bolstering its market position in the industry.
CAPACITY EXPANSION
DURING THE YEAR
The new Bulk Cement Terminal (BCT) at Mangalore commissioned this year will help the Company expand its footprint in the southern markets of India.
EFFICIENCY
IMPROVEMENT MEASURES
GETTING BETTER AT
BEING THE BEST
The Company focused on consolidation and optimisation of its existing capacities in all the three regions. Capital investments kept flowing in during the year, to ensure the highest standards of safety in order to meet the Company policies of ‘Zero Harm’, clean and energy efficient infrastructure, cost efficient and environment friendly material handling systems and process optimisation.
OUTLOOK
REFORMS FOR AN
ECONOMIC REVIVAL
THE ECONOMIC OUTLOOK
Economic growth accelerated to 4.8% in the second fiscal quarter from 4.4% in the first due to higher output in both industry and agriculture and a rebound in exports. However, it is less likely that they will see a complete turnaround in the economy as the domestic demand remains weak and both consumption and investment continue to grow sluggishly. They expect growth to remain soft in the first quarter of year 2014 owing to delayed investment announcements in the run-up to general elections. Further, it is expected to be supported by export recovery and likely sustained growth in capital expenditure after the second quarter of FY2014, once political stability has been re-established.
They expect the Indian economy to grow at 5% during year 2014 and driven by India’s strong economic fundamentals - high saving and investment rates, rapid workforce growth, a quickly expanding middle class, and the start of a shift from low-productivity agriculture to high productivity manufacturing. However, given the country’s large external financing needs, domestic expansion will be affected by the global availability of capital.
Economic growth could exceed their forecasts if the Administration’s reform efforts are sustained, infrastructural development accelerates and the government enjoys success in its bid to develop a labour-intensive manufacturing sector in India.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 31/03/2014
(Rs. In Millions)
|
|
Particulars |
Quarter
Ended |
|
31.03.2014 |
||
|
1 |
Income from operations |
|
|
|
(a) Net sales/income from operations (net of excise duty) |
26398.000 |
|
|
(b) Other operating income |
95.200 |
|
|
Total income from operations (net) |
26493.200 |
|
2 |
Expenses |
|
|
|
a) Cost of materials consumed |
2016.800 |
|
|
b) Purchases of stock-in-trade |
7.700 |
|
|
c) Changes in inventories of finished goods, work-in-
process and stock-in-trade |
534.700 |
|
|
d) Employee benefits expense |
1290.800 |
|
|
e) Depreciation and amortisation expense |
1197.400 |
|
|
f) Power and Fuel |
5783.200 |
|
|
g) Freight and distributors expenses |
|
|
|
On finished products |
5141.600 |
|
|
On internal material transfer |
1517.900 |
|
|
|
6659.500 |
|
|
h) Other expenses |
4329.000 |
|
|
Total expenses |
21819.100 |
|
3 |
Profit from operations before other income, finance costs
and exceptional items (1-2) |
4674.100 |
|
4 |
Other income |
|
|
|
Interest income |
622.400 |
|
|
Other |
696.500 |
|
|
Total other income |
1318.900 |
|
5 |
Profit before finance costs and exceptional items (3+4) |
5993.000 |
|
6 |
Finance costs |
161.000 |
|
7 |
Profit after finance costs but before exceptional items
(5-6) |
5832.000 |
|
8 |
Exceptional items |
0.000 |
|
9 |
Profit before tax (7+8) |
5832.000 |
|
10 |
Tax expense |
631.900 |
|
11 |
Net Profit after tax (9-10) |
5200.100 |
|
14 |
Paid-up equity share capital (Face value-7l per equity
share) |
3092.500 |
|
16 |
Reserves (excluding revaluation reserves) as per Balance
Sheet of previous accounting year |
|
|
18 |
Earnings per share (of 71 each) (for the period - not
annualised) |
|
|
|
Basic |
3.36 |
|
|
Diluted |
3.36 |
|
|
|
|
|
A |
Particulars of Shareholding |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
741659795 |
|
|
- Percentage of shareholding |
47.97% |
|
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 |
780308553 |
|
|
-Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
100.00% |
|
Percentage of shares (as a % of the total share capital of |
50.46% |
|
|
Particulars |
31.03.2014 |
|
|
Investor
Complaints |
|
|
|
Pending at the beginning of the quarter |
- |
|
|
Received during the quarter |
7 |
|
|
Disposed off during the quarter |
7 |
|
|
Remaining unresolved at the end of the quarter |
- |
Note:
1.The above results have been approved and taken on record by the Board of Directors at its meeting held on April 24, 2014.
2. The Company has opted to submit standalone quarterly financial results
during the year 2014.
3.a. Other income includes Rs. 269.700 millions for the quarter ended March 31,
2014, Rs. 278.400 millions for the quarter ended March 31, 2013, Rs. 43.500
millions for the quarter ended December 31, 2013 and Rs. 321.900 millions for
the year ended December 31, 2013 written back towards interest on income tax
relating to earlier years.
b. Tax expense is net of credit relating to earlier years. Rs. 947.500 millions
for the quarter ended March 31, 2014. Rs. 1171.700 millions for the quarter
ended March 31, 2013, Rs. 1002.600 millions for the quarter ended December 31,
2013 and Rs. 2407.500 millions for the year ended December 31, 2013.
4. During the quarter, Hon'ble High Courts of Gujarat and New Delhi have
approved the Scheme of Amalgamation of Holcim India Private Limited with the
Company. The effect of the Scheme in the result will be given on fulfilment of
certain conditions precedent specified therein.
5. The Competition Commission of India had imposed a penalty of Rs.11639.100
millions in June 2012, concerning alleged contravention of the provisions of
the Competition Act, 2002. On Company's appeal, Competition Appellate Tribunal
had stayed the penalty with a condition to deposit 10% of penalty amount, which
was deposited. 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.
6. The Company has only one business segment "Cementitious
Materials".
7. The figures of the quarter ended December 31, 2013 are the balancing figures
between audited figures of the full financial year ended December 31, 2013 and
the unaudited year-to-date figures upto third quarter of the financial year.
8. The figures for the previous periods have been regrouped wherever necessary
to conform to the current period's presentation.
9. Limited review of the financial results for the quarter ended March 31, 2014 has been carried out by the statutory 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 MARKS ANOTHER
MILESTONE WITH ACCREDITATION BY NATIONAL BOARD FIRST-EVER CEMENT COMPANY TO
ACHIEVE THIS TARGET
Mumbai, 13 May 2014: Ambuja Cements Ltd’s Mumbai-based Concrete Futures Laboratory (CFL) has received accreditation for tests in concrete from National Accreditation Board for Testing and Calibration Laboratories (NABL), an autonomous body under the Department of Science & Technology, Government of India.
Ambuja is the first cement company in the country to achieve this accreditation for it lab. The company received accreditation for 13 tests.
“We deeply value this recognition by NABL. Ambuja Cements’ focus and commitment in customer services and focus on quality has helped the company immensely in improving customer experience. The NABL accreditation is proof of that commitment,” Managing Director & Chief Executive Officer Ajay Kapur said.
This accreditation will further strengthen Ambuja’s resolve towards excellence in customer services, Mr Kapur said.
Government of India has authorized NABL as the accreditation body for Testing and Calibration Laboratories. It has been set up with the aim to provide government, industry associations and industry with a scheme for third-party assessment of the quality and technical competence of testing and calibration laboratories.
NABL follows principles of quality management – Customer Focus, Leadership, Involvement of Personnel, Process Approach, System approach, Continual Improvement, Factual Data based decision making, Mutually beneficial to organization and customer.
NABL accreditation system complies with ISO/IEC 17011:2004 and Asia Pacific Laboratory Accreditation Cooperation (APLAC) MR001. Based on evaluation of NABL operations by APLAC in 2000, NABL has been granted signatory member status by APLAC and International Laboratory Accreditation Cooperation (ILAC) under their Mutual Recognition Arrangements (MRAs). Under these MRAs, the reports issued by NABL accredited laboratories are considered to be equivalent to reports issued by laboratories accredited by (currently) 76 accreditation bodies in 64 economies.
In Mumbai, demand from the B2B segment has been on an upward trend. It contributes about 70% of the total demand. Concrete is the largest material used in this segment. With the growing need of B2B, materials used in concrete has also changed over the last few years.
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. 59.34 |
|
|
1 |
Rs. 99.18 |
|
Euro |
1 |
Rs. 80.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & 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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 &
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.