MIRA INFORM REPORT
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Report No. : |
316840 |
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Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
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Name : |
ACC LIMITED (w.e.f. 01.09.2006) |
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Formerly Known
As : |
THE ASSOCIATED CEMENT COMPANIES LIMITED |
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Registered
Office : |
Cement House, 121, Maharshi Karve Road, Mumbai – 400 020, Maharashtra |
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Tel. No. : |
91-22-33024321 |
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Country : |
India |
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Financials (as
on) : |
31.12. 2014 |
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Date of
Incorporation : |
01.08.1936 |
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Com. Reg. No.: |
11-002515 |
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Capital
Investment / Paid-up Capital : |
Rs. 1879.500 Million |
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CIN No.: [Company Identification
No.] |
l26940mh1936plc002515 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
mumt00130e |
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PAN No.: [Permanent Account No.] |
aaact1507C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is engaged in the manufacturing and selling of Cement and
Ready mix concrete |
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No. of Employees
: |
9028 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (79) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is India’s oldest and largest cement company having excellent
track. The company possesses a strong financial profile marked by healthy networth
base and capital structure with zero leverage in its books, leading to
favourable debt protection metrics and sound financial flexibility. Management has witnessed healthy revenue base as well as net
profitability during FY14, resulting in strong cash accruals. Moreover, the rating are further strengthen on account of a decent
liquidity profile as well, owing to huge liquid funds at the firms disposal. The ratings also take into consideration, the hike in the excise duty
and freight charges in the recent budget which would harm the input prices
inturn may affect the margins. Subsequently, the sector is under pressure with a sluggish economy,
though corporate confidence has improved it is yet to translate into activity
on the ground. Further, weak demand, below average monsoon, falling prices and over
capacity are some of the issues the sector has been grappling with. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitments. In view of experienced promoters large marketing infrastructure, pan
India presence along with established brand and market position, strengthened
by synergies generated from operational linkages with Ambuja, the company can
be considered good for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating = AAA |
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Rating Explanation |
Highest degree of safety and lowest credit risk. |
|
Date |
07.01.2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
07.01.2015 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Arvind |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9004476311 |
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Date : |
08.04.2015 |
LOCATIONS
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Registered Office/ Corporate Office : |
Cement House, 121, |
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Tel. No.: |
91-22-33024321 |
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Mobile No.: |
91-7389945055 (Mr. Ashish Soni) |
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Fax No.: |
91-22-66317440 |
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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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Sales Offices 1: |
Paryawas Bhawan, 2nd Floor, Block No.1, Area Hills, Jail Road, Bhopal
- 462001, Madhya Pradesh, India |
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Located at: v v Chennai v v Dehradun v
Hubli v
v
v
v
v |
DIRECTORS
As on 31.12.2014
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Name : |
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Designation : |
Chairman |
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Date of Birth/ Age : |
21.09.1949 |
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Qualification : |
Bachelor of Chemical Engineering from Bombay University |
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Date of Appointment : |
27.12.1999 |
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Name : |
Mr. Harish Badami |
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Designation : |
Chief Executive
Officer and Managing Director |
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Name : |
Mr. Kuldip Kaura |
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Designation : |
Chief Executive
Officer and Managing Director |
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Qualification : |
BE |
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Date of Appointment : |
05.08.2010 |
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Name : |
Mr. Vijay Kumar Sharma |
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Designation : |
Director |
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Name : |
Mr. Farrokh K Kavarana |
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Designation : |
Director |
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Name : |
Mr. Bernard Fontana |
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Designation : |
Director |
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Name : |
Mr. Sunkumar Ramanlal Gandhi |
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Designation : |
Director |
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Name : |
Mr. Bernard Terver |
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Designation : |
Director |
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Name : |
Mr. Shailesh Haribhakti |
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Designation : |
Director |
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Date of Birth/ Age : |
12.03.1956 |
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Qualification : |
FCA; FICWA |
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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 |
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Designation : |
Director |
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Name : |
Mr. Ashwin Dani |
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Designation : |
Director |
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Date of Birth/ Age : |
24.10.1942 |
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Qualification : |
BSc (Honours);
B.Sc (Tech) (Pigments Paints and Varnishes); Masters Degree in Polymer
Science ( |
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Date of Appointment : |
15.12.2011 |
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Name : |
Mrs. Falguni Nayar |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Burjor Dorab Nariman |
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Designation : |
Company Secretary and Head Compliance |
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Name : |
Mr. Rajesh Kanode |
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Designation : |
General Manager (Finance) |
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Audit Committee : |
Mr. Arunkumar Gandhi, Chairman Mr. Bernard Terver Mr. Ashwin Dani Mr. Farrokh K Kavarana Mr. Sushil Kumar Roongta |
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Stakeholders’ Relationship Committee : |
Mr. Bernard Terver, Chairman Mr. Harish Badami Mr. Shailesh Haribhakti |
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Nomination
And Remuneration Committee : |
Mr. Ashwin Dani, Chairman Mr. N S Sekhsaria Mr. Bernard Terver Mr. Farrokh K Kavarana |
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Corporate Social
Responsibility Committee : |
Mr. Shailesh Haribhakti, Chairman Mr. Farrokh K Kavarana Mr. Harish Badami |
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Risk Management Committee
: |
Mr. Shailesh Haribhakti, Chairman Mr. Harish Badami Mrs. Falguni Nayar Mr. Harish Badami |
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Compliance
Committee : |
Mr. Farrokh K Kavarana, Chairman Mr. Bernard Terver Mr. Harish Badami Mr. Shailesh Haribhakti |
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Capex Committee : |
Mr. Bernard Terver, Chairman Mr. Harish Badami Mr. Aidan Lynam Mr. Sushil Kumar Roongta Mr. Shailesh Haribhakti |
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Executive Committee
: |
Mr. Harish Badami, Chairman Mr. sunil Nayak Mr. J Dattagupta Mr. Rajiv Prasad Mr. P N Iyer Mr. Joydeep Mukherjee Mr. Ranjan Sachdeva Mr. Behram Sherdiwala |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
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|
93888120 |
50.01 |
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|
93888120 |
50.01 |
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|
541000 |
0.29 |
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|
541000 |
0.29 |
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Total shareholding of
Promoter and Promoter Group (A) |
94429120 |
50.30 |
|
(B) Public
Shareholding |
||
|
|
|
|
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|
9011258 |
4.80 |
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|
21009818 |
11.19 |
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|
287815 |
0.15 |
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|
29273954 |
15.59 |
|
|
59582845 |
31.74 |
|
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|
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|
4757100 |
2.53 |
|
|
|
|
|
|
20462375 |
10.90 |
|
|
2707830 |
1.44 |
|
|
5806086 |
3.09 |
|
|
1250 |
0.00 |
|
|
797964 |
0.43 |
|
|
87421 |
0.05 |
|
|
1029368 |
0.55 |
|
|
385965 |
0.21 |
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|
1961 |
0.00 |
|
|
3502157 |
1.87 |
|
|
33733391 |
17.97 |
|
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 |
|
Total (A)+(B)+(C) |
187745356 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl.No. |
Name of the shareholder |
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
1 |
Holcim (India) Private Limited |
9,38,88,120 |
50.01 |
|
2 |
Holderind Investments Limited |
5,41,000 |
0.29 |
|
|
Total |
9,44,29,120 |
50.30 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
Sl.No. |
Name of the shareholder |
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
1 |
Life Insurance Corporation of India |
18471326 |
9.84 |
|
2 |
JP Morgan SICAV Investment Company (Mauritius) Limited |
2482292 |
1.32 |
|
3 |
Aberdeen Global Indian Equity Mauritius Pte Limited |
3768936 |
2.01 |
|
|
Total |
24722554 |
13.17 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category “Public” and holding more than 5%
of the total number of shares of the company
|
Sl.No. |
Name of the shareholder |
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
1 |
Life Insurance Corporation of India |
18471326 |
9.84 |
|
|
Total |
18471326 |
9.84 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in the manufacturing and selling of Cement and
Ready mix concrete |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
9028 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar
(West), Mumbai - 400028, Maharashtra, India |
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Tel. No.: |
91-22-61920000 |
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Fax No.: |
91-22-61921000 |
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Cost Auditor : |
N.I. Mehta and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
Company : |
Holcim Limited |
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Holding Company
of Holcim ( |
Holderind Investments Limited |
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Holding Company
: |
Holcim (India) Private Limited |
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Associates/Subsidiaries : |
v
Bulk Cement Corporation (India) Limited v
ACC Mineral Resources Limited v
Lucky Minmat Limited v
National Limestone Company Private Limited v
Singhania Minerals Private Limited v
Alcon Cement Company Private Limited v
Asian Concretes & Cements Private Limited v
Aakaash Manufacturing Company Private Limited |
|
|
|
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Fellow Subsidiaries : |
v
Ambuja Cements Limited v
Holcim Group Services Limited v
Holcim Group Support Limited (Merged with Holcim Technology Ltd w.e.f
January 01, 2013) v
Holcim (Singapore) Pte Limited v
Holcim Trading FZCO v
Holcim (Lanka) Limited v
P T Holcim Indonesia Tbk v
Holcim Services (South Asia) Limited v
Holcim (Bangladesh) Limited v
Holcim (Vietnam) Limited v
Holcim (Malaysia) SDN BHD v
Holcim (US) INC v
Holcim Foundation v
Holcim Services Asia Bangkok v
Holcim Services (Asia) Limited v
Holcim Technology Limited v
Holcim Trading Pte Limited v
AL Jabor Cement Industries Co. v
Holcim Trading S. A. v
Holcim (Australia) PTY Limited |
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Associate Company of
Fellow Subsidiary w.e.f January 01, 2013 : |
Siam
City Cement Public Company Limited |
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Associate Company of Fellow Subsidiary : |
National
Cement Factory |
CAPITAL STRUCTURE
As on 31.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000000 |
Equity Shares |
Rs.10/- each |
Rs.2250.000 Million |
|
100000000 |
Preferences Shares |
Rs.10/- each |
Rs.1000.000 Million |
|
|
TOTAL
|
|
Rs.3250.000 Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
188793243 |
Equity Shares |
Rs.10/- each
|
Rs.1887.900
Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
187745356 |
Equity Shares |
Rs.10/- each
|
Rs.1877.500
Million |
|
|
Add: Forfeited Equity Shares |
|
Rs.2.000
Million |
|
|
TOTAL
|
|
Rs.1879.500 Million |
i)
Reconciliation
of number of equity shares outstanding
|
Particular
|
No. of Shares |
Rs. In Million |
|
Equity Shares at the beginning of the year |
187745356 |
1877.500 |
|
Equity Shares at the end of the year |
187745356 |
1877.500 |
Ii) Terms / rights attached to equity shares The company has only one class of equity shares having par value of Rs.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.
iii) Equity shares
held by holding company / ultimate holding and their subsidiaries
|
Particular
|
As on 31.12.2014 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
Limited, 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 Ltd., Switzerland, the ultimate
holding Company
The Company has issued
total 63,537 (Previous Year -
1,20,938) Equity shares Rs. 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, wherein part consideration was received
in form of employee services.
v) Details of shareholders holding more than 5% shares in the
Company
|
PARTICULAR |
AS ON 31.12.2014 |
|
|
|
No. of Shares |
% Holding |
|
Holcim
(India) Private Limited |
93888120 |
50.01 |
|
Life
Insurance Corporation of India |
17971429 |
9.57 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
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I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1879.500 |
1879.500 |
1879.500 |
|
(b) Reserves & Surplus |
80476.600 |
76368.900 |
71948.500 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
82356.100 |
78248.400 |
73828.000 |
|
|
|
|
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|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
850.300 |
|
(b) Deferred tax liabilities
(Net) |
5355.700 |
5072.700 |
5169.200 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
3810.900 |
|
(d) long-term provisions |
1159.400 |
1061.400 |
923.600 |
|
Total
Non-current Liabilities (3) |
6515.100 |
6134.100 |
10754.000 |
|
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(4) Current Liabilities |
|
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|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
7502.300 |
6392.000 |
6604.900 |
|
(c) Other current liabilities |
20967.100 |
19524.400 |
15158.100 |
|
(d) Short-term provisions |
9372.700 |
10637.000 |
12917.300 |
|
Total
Current Liabilities (4) |
37842.100 |
36553.400 |
34680.300 |
|
|
|
|
|
|
TOTAL |
126713.300 |
120935.900 |
119262.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
55977.500 |
55031.300 |
58628.500 |
|
(ii) Intangible Assets |
6.400 |
8.300 |
10.200 |
|
(iii) Capital work-in-progress |
19146.300 |
8196.100 |
3113.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2909.000 |
1768.100 |
1946.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8555.600 |
8668.300 |
5642.000 |
|
(e) Other Non-current assets |
3607.100 |
3082.400 |
1658.400 |
|
Total
Non-Current Assets |
90201.900 |
76754.500 |
70998.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
12820.800 |
20172.100 |
23588.800 |
|
(b) Inventories |
12555.900 |
11214.700 |
11335.500 |
|
(c) Trade receivables |
4107.100 |
3972.200 |
3034.500 |
|
(d) Cash and cash equivalents |
3043.000 |
5033.800 |
6783.800 |
|
(e) Short-term loans and
advances |
3839.200 |
3593.900 |
3232.900 |
|
(f) Other current assets |
145.400 |
194.700 |
288.000 |
|
Total
Current Assets |
36511.400 |
44181.400 |
48263.500 |
|
|
|
|
|
|
TOTAL |
126713.300 |
120935.900 |
119262.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
SALES |
|
|
|
|
|
Income |
117382.100 |
111496.100 |
113579.600 |
|
|
Other Income |
2682.800 |
2856.700 |
2648.200 |
|
|
TOTAL
(A) |
120064.900 |
114352.800 |
116227.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
17883.100 |
16088.000 |
15514.700 |
|
|
Purchases of Stock-in-Trade |
1943.300 |
1611.000 |
1587.500 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(112.800) |
65.300 |
200.200 |
|
|
Employees benefits expense |
7465.900 |
6612.700 |
6166.500 |
|
|
Other expenses |
24905.100 |
24057.400 |
22120.600 |
|
|
Power and fuel |
24418.200 |
23759.700 |
23822.600 |
|
|
Freight and Forwarding
Expenses |
25983.300 |
23088.700 |
22211.700 |
|
|
Self-Consumption of cement |
(176.600) |
(74.600) |
0.000 |
|
|
Exceptional Item |
0.000 |
0.000 |
3353.800 |
|
|
TOTAL
(B) |
102309.500 |
95208.200 |
94977.600 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
17755.400 |
19144.600 |
21250.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
827.600 |
1135.500 |
1146.500 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16927.800 |
18009.100 |
20103.700 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
5575.800 |
5739.500 |
5588.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
11352.000 |
12269.600 |
14514.900 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(330.900) |
1312.000 |
3903.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
11682.900 |
10957.600 |
10611.900 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
1300.000 |
1200.000 |
1500.000 |
|
|
Dividend |
3567.200 |
3567.200 |
3567.200 |
|
|
Tax on Dividend |
1191.800 |
957.200 |
913.700 |
|
|
Total
(M) |
6059.000 |
5724.400 |
5980.900 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
18.500 |
7.800 |
0.000 |
|
|
TOTAL
EARNINGS |
18.500 |
7.800 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1110.700 |
611.700 |
1030.000 |
|
|
Components and Stores parts |
529.200 |
536.500 |
1075.000 |
|
|
Capital Goods |
1914.700 |
1043.500 |
510.000 |
|
|
Coal |
5120.200 |
2444.100 |
4025.200 |
|
|
TOTAL
IMPORTS |
8674.800 |
4635.800 |
6640.200 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.)/(Basic) |
62.23 |
58.36 |
56.52 |
|
|
Earnings
/ (Loss) Per Share (Rs.)/(Diluted) |
62.06 |
58.23 |
56.38 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
9.95 |
9.83 |
9.34 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
15.13 |
17.17 |
18.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.85 |
11.06 |
12.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.16 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
1.21 |
1.39 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1879.500 |
1879.500 |
1879.500 |
|
Reserves & Surplus |
71948.500 |
76368.900 |
80476.600 |
|
Net
worth |
73828.000 |
78248.400 |
82356.100 |
|
|
|
|
|
|
long-term borrowings |
850.300 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
850.300 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.012 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
113579.600 |
111496.100 |
117382.100 |
|
|
|
(1.834) |
5.279 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
113579.600 |
111496.100 |
117382.100 |
|
Profit |
10611.900 |
10957.600 |
11682.900 |
|
|
9.34% |
9.83% |
9.95% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Million
|
Particular |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
320.000 |
780.3000 |
|
|
|
|
|
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
COMPANY OVERVIEW
Subject is a public
limited company domiciled and headquartered in India and incorporated under the
provision of Companies Act, 1913. Its shares are listed on two stock exchanges
in India. The Company is engaged in the manufacturing and selling of Cement and
Ready mix concrete. The Company caters mainly to the domestic market.
ECONOMIC SCENARIO AND
OUTLOOK
Indian economic growth in 2014 rose to ~5.2% from 4.7% last year as a result of the improving macro-economic situation. The wholesale and consumer price inflation has fallen to ~4.2% and 7.4% from last year’s 6.3% and 10.1% on the back of a strong base effect. Falling oil prices, lower food and commodity prices and the proactive
measures taken by the Government helped in containing inflation in 2014. Contrary to expectations, agricultural growth was strong at ~4.5% in 2014. However, the slow pace of reforms, lack of impetus for infrastructure projects, high interest rates and tightening of fiscal policies adversely impacted the capital goods sector. Industrial production / output was also sluggish. The low economic growth appears to have bottomed out and a gradual increase in economic activity is expected in 2015. The medium term to long term growth prospects look positive in view of the Government’s determination to bring in reforms. For the year 2015, the economy is expected to grow at a higher rate than in 2014. The long term prospects for the economy is optimistic.
CEMENT INDUSTRY
OUTLOOK AND OPPORTUNITIES
The Indian Cement Industry has an installed capacity of ~360 million tonnes and the domestic consumption in the calendar year 2014 was 264 million tonnes. Cement consumption grew at the rate of ~6% in the calendar year 2014. The overall cement demand is estimated to grow at the rate of 6% in 2015. The consumption growth may go beyond 6% if investment is made in the infrastructure segment. With the gradual reduction in fiscal deficits and Consumer Price Index, it is expected that the interest rates would gradually come down which would stimulate demand in the housing sector. The Company’s continued focus on cost reduction, its thrust on increasing the sale of premium products and various other customer excellence initiatives should help in presenting an improved performance.
AWARDS
The Company received many awards and felicitations conferred by reputable organizations for achievements in different areas such as Safety, Manufacturing Excellence and Environment Management. ACC ranked as “India’s Most Admired Companies” in Cement Sector in a Fortune India - Hay Group Survey for the second consecutive year. The Company’s Annual Report for 2013 won the Gold Shield from the prestigious Institute of Chartered Accountants of India for “Excellence in Financial Reporting”.
|
LITIGATION DETAILS |
|||||||||
|
|
|||||||||
|
Bench:- Bombay |
|||||||||
|
PRESENTATION DATE : 05.03.2015 |
|||||||||
|
Stamp No:- |
ITXAL/298/2015 |
Failing Date:- |
05.03.2014 |
Reg. No.:- |
ARBP/273/2015 |
Reg. Date:- |
17.02.2015 |
||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX LARGE TAXPAYER UNIT |
Respondent:- |
ACC LIMITED |
||||||
|
Petn.Adv:- |
SURESH KUMAR(i2100) |
Resp. Adv: |
MINT AND CONFRERES (837) |
||||||
|
District:- |
MUMBAI |
||||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||||
|
Status:- |
Pre-Admission |
Stage:- |
|||||||
|
Last Date :- |
12.03.2015 |
|
|
||||||
|
|
RREGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
||||||||
|
-Act:- |
Income Tax Act, 1961 |
Under Section : |
260A |
||||||
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 - 400001, MAHARASHTRA, 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 - 400001, MAHARASHTRA, 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
WEBSITE DETAILS
Press Release
CCI gives green
signal for the Holcim-Lafarge merger deal
Fair trade watchdog CCI has given its green signal for the Holcim-Lafarge merger deal that would create the world's largest cement group, while directing Lafarge to sell its two plants in India to address anti-competition concerns.
The USD 40 billion-deal, which a few weeks ago was on the verge of even falling apart, was also the second instance where the CCI sought public comments to assess the anti-competition nature of the transaction.
After an intense scrutiny, CCI has ordered Lafarge to divest its plants in Jharkhand and Chhattisgarh in order to effectively eliminate "appreciable adverse effect on competition" due to the proposed deal.
Swiss major Holcim and French entity Lafarge have presence in the country through their indirect subsidiaries. The Competition Commission of India's (CCI) approval has come after the first notice was given by the two companies in July 2014.
The Jojobera plant has a cement grinding capacity of 4.6 MTPA (million tonnes per annum) while the unit at Sonadih in Chhattisgarh has a cement grinding capacity of 0.55 MTPA besides a clinker capacity of 3.10 MTPA.
In the process of deciding on the divestiture proposal, the Commission considered various combinations of plants located in Jharkhand, West Bengal and Chhattisgarh forming part of the relevant market.
To assess the deal, the Commission identified the relevant markets for grey cement and RMC (ready mix concrete). With regard to grey cement, CCI considered Eastern region -- comprising the states of Chhattisgarh, Odisha, West Bengal, Bihar and Jharkhand -- as the relevant geographic market.
The Commission found that "the proposed combination is likely to have an appreciable adverse effect on competition in India in the relevant market for grey cement in the Eastern region", the order dated March 30 and released on Wednesday said.
According to the Commission, the divesture of Jojobera and Sonadih plants would create a credible competitor who could pose a significant competitive constraint in the relevant market.
The Commission, did not find any evidence to suggest that the vertical relationships between the two companies with respect to RMC would result in unfair business practices.
Among others, the divestment of the plants would not be complete unless CCI approves the terms of the final and binding sale and purchase agreement, the purchaser and transitional agreements, if any.
Holcim, which is a producer of cement and other construction materials, has presence in India through its two indirect subsidiaries -- ACC and Ambuja Cements. Besides it is present in the RMC and aggregates segments.
Lafarge, which is
also into similar business, is present in the product segments of cement, RMC
and aggregates in India through its indirect subsidiaries -- Lafarge India
Private Limited and Lafarge Aggregates & Concrete India Private
Limited.
Crash temporary, policy execution key to life mkt : Experts
It was a ‘Terrible Thursday’ for the market which crashed over 2 percent on geopolitical tensions and March F&O expiry. The Sensex plunged 654.25 points to close at 27457.58 and the Nifty fell 188.65 points to 8342.15.
N Jayakumar, President, Prime Securities , feel the hope rally is long over and thinks the markets lack conviction due to some uncertainties. “Little things like the coal block allocation, which is fantastic, very openly done, transparently done, big revenue collection, but then you hear that 2 or 3 of them are sort of getting called back. I don’t know if at the end of the day there is a method in this entire thing, I am really hoping there is because with one level of transparency and governance what has added on the other side is huge cost to the Indian corporate space,” he said.
According to Jayakumar, March is a peculiar month for Indian markets. “Whether we like it or not, there is lot of private funding that goes on in the market place which gets pulled out,” he said. He expects to see some relief in April “but it will be result-focused”.
Jayakumar feels the markets are displaying some amount of maturity. “The markets have been scaling new highs -- the number of new lows on a daily basis has almost kept pace with the number of new highs. Markets are ruthlessly banishing stocks they don’t like,” he said.
Anil Singhvi, Chairman, Ican Investment Advisors, too feels that the momentum which started last May seemed to be now almost getting over. “The hangover is over and people are coming back to the reality,” he said.
“We were ahead of the times but hoping that things will correct, hoping that we started with discounting FY15 earnings, then started discounted FY16 earnings then we started discounting FY17 earnings but at the end of the day the fundamentals have not changed at all,” Singhvi said.
He feels the situation on the ground remains as bad or as good as it was 8-9 months back. Thus the stock markets are correcting themselves instead of talking about FY17 which is looking far too off now.
“It is time when you take stock of the situation. Global markets are not looking up so well -- look at the global growth, currency issues. So, when you are having all these issues which have really confronted us in the last three or four months, things are working out,” he said.
According to Ajay Srinivasan, CEO, Aditya Birla Corp, there is no real trigger for the market at this point, and thus it may drift till it gets a direction.
“People are not expecting great quarterly earnings for March. I don’t think internationally there are any great positive triggers that are coming. The FOMC is out of the way; whatever has to happen will happen. So, it is going to take a while for the market to kind of find feet and go forward,” he said.
Srinivasan expects the markets to find a new direction in the next six months. “I think you have got to start seeing signs from Budget. The government push has to start translating into stuff so you have got to start seeing the infrastructure spend on the ground, you have got to see tenders being set out – I think that sign will be good enough for the market,” he said.
P Phani Sekhar from Karvy Stock Broking is not concerned with the market fall as he feels it is predominantly coming out of FII selling. “We have seen so many times in the past when there are no structural concerns to the construct of the market and when it arises out of a technical issue of FII selling and that too because of a Yemenese problem which I am sure nobody till yesterday was talking about,” he said.
Sekhar expects the problem to resolve itself because fundamentally compared to where the markets were at say 30,000, things are now improving. “You had a couple of ordinances turn into legislations; you had a successful coal auction, you had a successful telecom auction so, I do not think one should be too much seriously concerned and from the top we have lost 8 percent. Of course some high EBITDA stocks have corrected by their very nature by 12-15 percent but that should be okay for a longer-term investor,” he added.
Sudarshan Sukhani of s2analytics.com thinks the Nifty has come to a very strong support zone. One has to take profits now and should short it. “Do not carry positions from today onwards. At least we will see then how the markets then will pan out. The downtrend is not over but at least a pause is quite possible,” he said. He advises three stocks to go ahead and trade for a BTST -- Oil and Natural Gas Corporation ( ONGC )
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.26 |
|
|
1 |
Rs.92.49 |
|
Euro |
1 |
Rs.66.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
79 |
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.