MIRA INFORM REPORT

Report No. :	309504
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	ACC LIMITED (w.e.f. 01.09.2006)
Formerly Known As :	THE ASSOCIATED CEMENT COMPANIES LIMITED
Registered Office :	Cement House, 121, Maharshi Karve Road, Mumbai – 400 020, Maharashtra
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	01.08.1936
Com. Reg. No.:	11-002515
Capital Investment / Paid-up Capital :	Rs.1879.500 Millions
CIN No.: [Company Identification No.]	l26940mh1936plc002515
TAN No.: [Tax Deduction & Collection Account No.]	mumt00130e
PAN No.: [Permanent Account No.]	aaact1507C
Legal Form :	Public Limited Liability Company. The Company's shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller of Cement and Ready Mix Concrete.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an old and well established company having excellent track record. Fundamentals of the company are decent. Financial position of the company is strong and healthy. Rating also takes into consideration strong market position in the cement industry. Trade relation 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AAA
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	07.01.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
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 DECLINED BY

Name :	Mr. Ashish Soni
Designation :	Manager
Contact No.:	91-7389945055
Date :	24.02.2015

LOCATIONS

Registered Office/ Corporate Office :	Cement House, 121, Maharshi Karve Road, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-33024321
Mobile No.:	91-7389945055 (Mr. Ashish Soni)
Fax No.:	91-22-66317440
E-Mail :	jer.dhondy@acclimited.com Feedback and Assistance: gulnaz.nensey@acclimited.com Enquiries Cement For requirements in Eastern India : kurian.chandapillai@acclimited.com Northern India: Joydeep.mukherjee@acclimited.com Western India: rajivkumar.bimalchand@acclimited.com Southern India: panchanathan.iyer@acclimited.com Ready Mixed Concrete For requirements in Delhi: anil.kulkarni@accconcrete.com Kolkata : sanjay.roy@accconcrete.com Bangalore:prashant.pawar@accconcrete.com Hyderabad: navneet.ghai@accconcrete.com Mumbai: vishal.tandon@accconcrete.com Chennai: ramchander.rao@accconcrete.com Vendor Queries: mahendrakumar.swami@acclimited.com Shareholder queries: sujata.chitre@acclimited.com Krishnan.chidambaram@acclimited.com Investor Grievances: ACC-InvestorSupport@acclimited.com Waste Management: Ulhas.parlikar@acclimited.com Media Queries: nand.kumar@acclimited.com
Website :	http://www.acclimited.com
CEMENT PLANTS :
Factory 1 :	Cement Nagar, PO Bardol, District Bargarh - 768 038, Orissa, India
Tel. No.:	91-6646-246189/ 90
Fax No.:	91-6646-246430
Factory 2 :	P.O. Jhinkpani, District (West) Singhbhum - 833 215, Jharkhand, India
Tel. No.:	91-6589-235300/ 391
Fax No.:	91-6589-235250
Factory 3 :	P.O. Cementnagar, District Chandrapur - 442 502, Maharashtra, India
Tel. No.:	91-7172-285026
Fax No.:	91-7172-285165
Factory 4 :	Madhukunda, P.O. Sunuri, District Purulia - 723 121, West Bengal, India
Tel. No.:	91-3251-272224
Fax No.:	91-3251-272202
Factory 5 :	P.O. Barmana, District Bilaspur - 174 013, Himachal Pradesh, India
Tel. No.:	91-1978-244069/ 31
Fax No.:	91-1978-244067
Factory 6 :	P.O. Jamul Cement Works, District Durg - 490 024, Chhattisgarh, India
Tel. No.:	91-788-2285081-83
Fax No.:	91-788-2282585
Factory 7 :	Kurugodu Road, P.O. Kudithini, District: Bellary - 583 115, Karnataka, India
Factory 8 :	P.O. Kymore, District Katni - 483 880, Madhya Pradesh, India
Tel. No.:	91-7626-272301/ 865
Fax No.:	91-7626-272303
Factory 9 :	P.O. Lakheri, District Bundi - 323 603, Rajasthan, India
Tel. No.:	91-7438-261642
Fax No.:	91-7438-261504
Factory 10 :	P.O. Madukkarai, District Coimbatore - 641 105, Tamilnadu, India
Tel. No.:	91-422-2622282
Fax No.:	91-422-2622282
Factory 11 :	P.O. ACC Colony, District Dhanbad - 828 124, Jharkhand, India
Tel. No.:	91-326-2245120/ 054
Fax No.:	91-326-2245515
Factory 12 :	P.O. Wadi, District Gulbarga - 585 225, Karnataka, India
Tel. No.:	91-8476-202239
Fax No.:	91-8476-202190
Factory 13 :	Madugiri Road, Thondebhavi, Gauribidannur Taluk, District Chikballapur 561 213, Karnataka, India
Tel. No.:	91-8155-288802
Fax No.:	91-8155-288682
Techport :	ACC Thane Complex, L.B.S. Marg, Thane (West) - 400 604, Maharashtra, India
Tel. No.:	91-22-33028000, 39248200
Regional Office :	Located at: v Eastern Region (Kolkata) v Northern Region (New Delhi) v South and Western Region (Pune)
Training Centres :	Located at: v ACC ACL Leadership Academy, Thane v ACC Cement Technology Institute, Jamul v Sumant Moolgaokar Technical Institute, Kymore v ACC School for Technical Skill Development, Wadi
Sales Offices 1:	Paryawas Bhawan, 2nd Floor, Block No.1, Area Hills, Jail Road, Bhopal - 462001, Madhya Pradesh, India
Sales Offices 2:	Located at: v Asansol v Bangalore v Chennai v Bhubaneswar v Chandigarh v Cochin v Dehradun v Hubli v Mumbai v Nagpur v Pune v Kanpur v Lucknow v New Delhi v Kolkata v Patna v Raipur v Ranchi v Secunderabad

DIRECTORS

AS ON 31.12.2013

Name :	Mr. N.S. Sekhsaria
Designation :	Chairman
Date of Birth/ Age :	21.09.1949
Qualification :	Bachelor of Chemical Engineering from Bombay University
Date of Appointment :	27.12.1999
Name :	Mr. Paul Hugentobler
Designation :	Deputy Chairman
Date of Birth/ Age :	14.02.1949
Qualification :	Degree in Civil Engineering from ETH, Zurich; Degree in Economic Science from University of St. Gallen
Date of Appointment :	06.05.2005
Name :	Mr. Kuldip Kaura
Designation :	Chief Executive Officer and Managing Director
Qualification :	BE
Date of Appointment :	05.08.2010
Name :	Mr. S.M. Palia
Designation :	Director
Date of Birth/ Age :	25.04.1938
Qualification :	B.Com.; LL.B; CAIIB; CIIB (London)
Date of Appointment :	25.01.2002
Name :	Mr. Farrokh K Kavarana
Designation :	Director
Name :	Mr. Bernard Fontana
Designation :	Director
Name :	Mr. M.L. Narula
Designation :	Director
Date of Birth/ Age :	25.10.1940
Qualification :	B.Sc.; Engineering (Electrical) from Punjab University; Fellow, Institute of Engineers
Date of Appointment :	01.04.2007
Name :	Mr. Bernard Terver
Designation :	Director
Name :	Mr. Shailesh Haribhakti
Designation :	Director
Date of Birth/ Age :	12.03.1956
Qualification :	FCA; FICWA
Date of Appointment :	17.02.2006
Name :	Mr. Aidan Lynam
Designation :	Director
Name :	Mr. Sushil Kumar Roongta
Designation :	Director
Name :	Mr. Ashwin Dani
Designation :	Director
Date of Birth/ Age :	24.10.1942
Qualification :	BSc (Honours); B.Sc (Tech) (Pigments Paints and Varnishes); Masters Degree in Polymer Science (USA); Diploma in Colour Science (USA)
Date of Appointment :	15.12.2011

KEY EXECUTIVES

Name :	Mr. Burjor Dorab Nariman
Designation :	Company Secretary and Head Compliance
Name :	Mr. Rajesh Kanode
Designation :	General Manager (Finance)
Audit Committee :	Mr. Shailesh Haribhakti, Chairman Mr. S.M. Palia Mr. Naresh Chandra Mr. Paul Hugentobler Mr. Sushil Kumar Roongta
Shareholders’/ Investors’ Grievance Committee :	Mr. Paul Hugentobler, Chairman Mr. M.L. Narula Mr. Kuldip Kaura
Compensation Committee :	Mr. N.S. Sekhsaria, Chairman Mr. Paul Hugentobler Mr. Shailesh Haribhakti
Compliance Committee :	Mr. R A Shah, Chairman Mr. Naresh Chandra Mr. Shailesh Haribhakti Mr. Paul Hugentobler Mr. Kuldip Kaura
CAPEX Committee :	Mr. Paul Hugentobler, Chairman Mr. S.M. Palia Mr. M.L. Narula Mr. Aidan Lynam Mr. Sushil Kumar Roongta Mr. Kuldip Kaura
Managing Committee :	Mr. Kuldip Kaura, Chairman Mr. Sunil Nayak Mr. J. Datta Gupta Mr. Rajiv Prasad Mr. Vivek Chawla Mr. Shakti Arora Mr. P N Iyer

Name :	Mr. Ashish Soni
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	93888120	50.01
Sub Total	93888120	50.01
(2) Foreign
Bodies Corporate	541000	0.29
Sub Total	541000	0.29
Total shareholding of Promoter and Promoter Group (A)	94429120	50.30
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7829222	4.17
Financial Institutions / Banks	21191370	11.29
Central Government / State Government(s)	287815	0.15
Foreign Institutional Investors	31345292	16.70
Sub Total	60653699	32.31
(2) Non-Institutions
Bodies Corporate	6612661	3.52
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	20709359	11.03
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2858517	1.52
Any Others (Specify)	2482000	1.32
Foreign Nationals	900	0.00
NRIs/OCBs	801156	0.43
Clearing Members	214940	0.11
Trusts	717789	0.38
Custodian	385965	0.21
Limited Liability Partnership	3086	0.00
Foreign Port Folio Investor Corporate	358164	0.19
Sub Total	32662537	17.40
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	187745356	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Cement and Ready Mix Concrete.

Products :

Item Code No. (ITC Code)	252300
Product Description	Cement

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS [AS ON 31.12.2011]

Particulars	Unit	Installed/Rated Capacity	Actual Production
Cement	Lakh Tonnes	286.83	234.60

Licensed Capacity per annum not indicated due to the abolition of Industrial Licences as per Notification No.477 (E) dated July 25, 1991 issued under The Industries (Development and Regulation) Act, 1951.

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

v State Bank of India

v Citibank, N.A.

v The Hongkong and Shanghai Banking Corporation Limited

v Banking Corporation Limited

v HDFC Bank Limited

v ICICI Bank Limited

Facilities :

Secured Loan	As on 31.12.2013 [Rs. in Millions]	As on 31.12.2012 [Rs. in Millions]
Long Term Borrowings
Privately placed Non-Convertible Debentures	0.000	820.000
320 (Previous Year - 820) 8.45% Non-Convertible Debentures of Rs. 10,00,000 each	0.000	0.000
TOTAL	0.000	820.000
NOTES: i) 8.45% Debentures are redeemable at par at the end of five years from the date of allotment, viz 07 October 2009. These debentures are secured by a charge on all movable and immovable assets under the Debenture Trust Deed. During the year, the Company has bought back 500 debentures (Previous year - 2,180) of Rs. 500.000 Millions (Previous year - Rs. 2180.000 Millions). ii) 11.30% Debentures were redeemable at par at the end of five years from the date of allotment, viz 09, December 2008. These debentures were secured by a charge on all movable and immovable assets under the Debenture Trust Deed. During the year, the Company has bought back 550 debentures (Previous year - 1,250) of Rs. 550.000 Millions (Previous year - Rs. 1250.000 Millions) and redeemed 200 Debentures (Previous year - Rs. Nil) of Rs. 200.000 Millions (Previous year - Rs. Nil). iii) Deferred Payment Liability is payable to the Industrial Development Corporation of Orissa Limited (IDCOL) in eight equal annual installments of Rs. 16.200 Millions beginning from 2007 without interest or penalty. iv) Deferred sales tax loan is interest-free and payable in 12 yearly installments of Rs. 14.100 Millions each beginning from 2003.

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	14^th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028, Maharashtra, India
Tel. No.:	91-22-61920000
Fax No.:	91-22-61921000
Cost Auditor :	N.I. Mehta and Company Chartered Accountants
Ultimate Holding Company :	Holcim Limited
Holding Company of Holcim (India) Private Limited :	Holderind Investments Limited
Holding Company :	Holcim (India) Private Limited
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
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
Associate Company of Fellow Subsidiary w.e.f January 01, 2013 :	Siam City Cement Public Company Limited
Associate Company of Fellow Subsidiary :	National Cement Factory

CAPITAL STRUCTURE

AS ON 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
225000000	Equity Shares	Rs.10/- each	Rs.2250.000 Millions
100000000	Preferences Shares	Rs.10/- each	Rs.1000.000 Millions
	TOTAL		Rs.3250.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
188793243	Equity Shares	Rs.10/- each	Rs.1887.900 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
187745356	Equity Shares	Rs.10/- each	Rs.1877.500 Millions
	Add: Forfeited Equity Shares		Rs.2.000 Millions
	TOTAL		Rs.1879.500 Millions

NOTES:

TERMS / RIGHTS 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.

EQUITY SHARES HELD BY HOLDING COMPANY / ULTIMATE HOLDING AND THEIR SUBSIDIARIES

Particular	As on 31.12.2013 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.

DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY

PARTICULAR	AS ON 31.12.2013
	No. of Shares	% Holding
Holcim (India) Private Limited	93888120	50.01
Life Insurance Corporation of India	15392891	8.20

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	1879.500	1879.500	1879.500
(b) Reserves & Surplus	76368.900	71948.500	70043.200
(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)	78248.400	73828.000	71922.700
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	850.300	5060.800
(b) Deferred tax liabilities (Net)	5072.700	5169.200	5183.600
(c) Other long term liabilities	4067.500	3810.900	3722.600
(d) long-term provisions	890.900	923.600	1230.600
Total Non-current Liabilities (3)	10031.100	10754.000	15197.600
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	6392.000	6604.900	7102.600
(c) Other current liabilities	15456.900	15158.100	15170.600
(d) Short-term provisions	10807.500	12917.300	10499.400
Total Current Liabilities (4)	32656.400	34680.300	32772.600
TOTAL	120935.900	119262.300	119892.900
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55031.300	58628.500	62062.600
(ii) Intangible Assets	8.300	10.200	12.700
(iii) Capital work-in-progress	8196.100	3113.000	3656.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1768.100	1946.700	4451.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8668.300	5642.000	4478.800
(e) Other Non-current assets	3082.400	1658.400	561.400
Total Non-Current Assets	76754.500	70998.800	75222.800
(2) Current assets
(a) Current investments	20172.100	23588.800	11798.500
(b) Inventories	11214.700	11335.500	10995.400
(c) Trade receivables	3972.200	3034.500	1877.400
(d) Cash and cash equivalents	5033.800	6783.800	16525.600
(e) Short-term loans and advances	3593.900	3232.900	3323.200
(f) Other current assets	194.700	288.000	150.000
Total Current Assets	44181.400	48263.500	44670.100
TOTAL	120935.900	119262.300	119892.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	111689.400	113579.600	96602.900
		Other Income	2237.900	2648.200	1919.100
		TOTAL (A)	113927.300	116227.800	98522.000
Less	EXPENSES
		Cost of material consumed	16214.800	15514.700	11403.000
		Purchase of stock-in-trade	2328.600	1587.500	1697.800
		Employee Benefits expenses	6616.800	6166.500	5330.100
		Power and fuel	23823.400	23822.600	21833.000
		Freight and Forwarding expense	23161.100	22211.700	18944.400
		Other expenses	23191.500	22120.600	19131.300
		Exceptional items	0.000	3353.800	0.000
		Changes in inventories of finished goods, work in progress and stock in trade	65.300	200.200	(943.900)
		TOTAL (B)	95401.500	94977.600	77395.700
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18525.800	21250.200	21126.300
Less	FINANCIAL EXPENSES (D)		516.700	1146.500	969.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18009.100	20103.700	20157.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5739.500	5588.800	4753.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		12269.600	14514.900	15404.200
Less	TAX (H)		1312.000	3903.000	2151.600
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		10957.600	10611.900	13252.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38618.300	38215.400	33814.100
Add / (Less)	ADJUSTMENT PURSUANT TO AMALGAMATION		0.000	(2162.900)	0.000
Less	APPROPRIATIONS
		Interim Dividend	2065.200	2065.200	2065.200
		Proposed Final Dividend	3567.200	3567.200	3191.700
		Tax on Equity Dividends	957.200	913.700	852.800
		Previous Year Dividend Distribution Tax	27.600	0.000	(14.900)
		Transfer to General Reserve	1200.000	1500.000	2500.000
		Transfer to Debenture Redemption Reserve	0.000	0.000	250.000
		Transfer to Amortization Reserve	0.000	0.000	6.500
	BALANCE CARRIED TO THE B/S		41758.700	38618.300	38215.400
	EARNINGS IN FOREIGN CURRENCY		7.800	0.000	0.000
	IMPORTS
		Raw Materials	560.700	1030.000	1050.700
		Stores & Spare Parts	536.500	1075.000	764.500
		Coal	2094.400	4025.200	2001.300
		Capital Goods	1043.500	510.000	213.800
	TOTAL IMPORTS		4235.100	6640.200	4030.300
	Earnings / (Loss) Per Share (Rs.)
	- Basic		58.36	56.52	70.59
	- Diluted		58.23	56.38	70.42

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
PAT / Total Income	(%)	9.62	9.13	13.45
Net Profit Margin (PBT/Sales)	(%)	10.99	12.77	15.95
Return on Total Assets (PBT/Total Assets}	(%)	11.05	12.70	13.78
Return on Investment (ROI) (PBT/Networth)		0.15	0.20	0.21
Debt Equity Ratio (Total Debt/Networth)		0.00	0.01	0.07
Current Ratio (Current Asset/Current Liability)		1.35	0.14	1.36

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1879.500	1879.500	1879.500
Reserves & Surplus	70043.200	71948.500	76368.900
Net worth	71922.700	73,828.000	78248.400
long-term borrowings	5060.800	850.300	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	5060.800	850.300	0.000
Debt/Equity ratio	0.070	0.012	0.000

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	96602.900	113579.600	111689.400
		17.574	(1.664)

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	96602.900	113579.600	111689.400
Profit	13252.600	10611.900	10957.600
	13.72%	9.34%	9.81%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

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

LITIGATION DETAILS
Bench:- Bombay
PRESENTATION DATE : 02.01.2015
Stamp No:-	ARBPL/8/2015	Failing Date:-	02.01.2015		Reg. No.:-	ARBP/273/2015		Reg. Date:-	17.02.2015
Petitioner:-	L AND T FINANCE LIMITED		Respondent:-		ACC LIMITED
Petn.Adv:-	S.I. JOSHI AND COMPANY (50)		Resp. Adv:		0 (0)
District:-	MUMBAI
Bench:-	SINGLE		Category:-		ARBITRATION ACT
Status:-	Pre-Admission		Stage:-
Act:-	Arbitration and Conciliation Act 1996			Under Section :			9

UNSECURED LOAN

Particulars	As on 31.12.2013 [Rs. in Millions]	As on 31.12.2012 [Rs. in Millions]
Long Term Borrowings
Deferred payment liability	0.000	16.200
Deferred sales tax loans	0.000	14.100
TOTAL	0.000	30.300

COMPANY OVERVIEW

Subject is a public limited company domiciled and headquartered in India and incorporated under the provision of Companies Act, 1956. 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 2013 had slowed down to 4.5%-5% which is the lowest in a decade. The high borrowing cost to combat inflation coupled with lower private consumption, low investment in infrastructure and other sectors were responsible for this. Although agriculture and allied sectors had shown improvement following a good monsoon and exports grew due to the depreciation in the value of the Indian Rupee, the economic growth was mainly pulled down by the contraction of the manufacturing sector. The low economic growth appears to have bottomed out and a gradual increase in economic activity is expected from the middle of 2014.

FINANCE:

The Company’s cash and cash equivalent as at December 31, 2013 was Rs. 26210.000 Millions. The Company continues to focus on judicious management of its working capital. Receivables, inventories and other working capital parameters are kept under strict check through continuous monitoring. The Company’s debt programme continues to enjoy an “AAA” rating from CRISIL. During the year under review, the Company had given an option of premature redemption of Non-Convertible Debentures to the holders of its Privately Placed Debentures.

Non-Convertible Debentures of the aggregate value of Rs. 1050.000 Millions, stand prematurely redeemed whilst debentures of the aggregate value of Rs. 200.000 Millions, stand redeemed on maturity as on December 31, 2013. As on date, Non-Convertible Debentures aggregating Rs. 320.000 Millions remain outstanding.

STATEMENT OF STANALONE AUDITED RESULT FOR THE QUARTER AND YEAR ENDED 31.12.2014

(Rs. In Millions)

Particulars	3 Months Ended	Preceding 3 Months Ended	Current Year Ended
	31.12.2014	30.09.2014	31.12.2014
	Audited	Unaudited	Audited
Part - I
1. Income from Operations
(a) Net Sales/Income from Operations (Net of Excise Duty)	27630.500	27418.700	114810.500
(b) Other Operating Income	746.400	725.900	2571.600
Total Income from Operation	28376.900	28144.600	117382.100
2. Expenses
Cost of materials consumed	4604.800	4303.100	17883.100
Purchases of Stock in Trade	510.800	572.600	1943.300
Changes in inventories of finished goods, work-in-progress and stock-in-trade	55.800	(757.000)	(112.800)
Employee benefits expense	1923.500	1915.200	7465.900
Depreciation and amortization expense	1439.900	1393.300	5575.800
Power and Fuel	5866.300	6252.800	24418.200
Freight and forwarding expense	6592.400	5960.600	25983.300
Other expenses	6288.800	6111.800	24728.500
Total Expenses	27282.300	25752.400	107885.300
3. Profit/(Loss) from Operations before Other Income, finance cost* and Exceptional Items (1-2)	1094.600	2392.200	9496.800
4. Other income	429.300	488.300	2682.800
6. Profit/(Loss) from ordinary activities before finance costs and exceptional Items (3+4)	1523.900	2880.500	12179.600
6. Finance Costs	131.000	157.100	827.600
7. Profit/(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	1392.900	2723.400	11352.000
8. Exceptional Hems	0.000	0.000	0.000
9. Profit/(Loss) from ordinary activities before tax (7-8)	1392.900	2723.400	11352.000
10. Tax Expense	(1843.400)	674.300	(330.900)
11. Net Profit/(Loss) for the period (9-10)	3236.300	2049.100	11682.900
12. Paid-up Equity Share Capital (Pace Value per share : Rs.10/-	1879.500	1879.500	1879.500
Paid-up Debt Capital
13. Reserves excluding Revolution Reserve as per balance sheet of previous accounting year	--	--	80476.600
14. Earning* per share of Rs.10/- each (Not Annualised):
Basic and Diluted EPS before Extraordinary items	17.24	10.91	62.23
Basic and Diluted EPS after Extraordinary items	17.19	10.89	62.06
Debt Equity Ratio	--	--	--
Debt service coverage ratio	--	--	47.78
Interest service coverage ratio	--	--	833.59
A. PARTICULARS OF SHAREHOLDING
Public shareholding
Number of shares	93316236	93316236	93316236
Percentage of Shareholding	49.70	49.70	49.70
Promoters and Promoter Group Shareholding
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)	--	--	--
Non-encumbered
Number of shares	94429120	94429120	94429120
Percentage of shares (as a % of the total shareholding of promoter and promoter group]	100.00	100.00	100.00
Percentage of shares (as a % of the total share capital of the company)	50.30	50.30	50.30

B	INVESTOR COMPLAINTS :	3 months Ended 31.12.2014
	Pending at the beginning of the quarter	--
	Received during the quarter	7
	Disposed of during the quarter	4
	Remaining unresolved at the end of the quarter	3

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Sr. No.	Particular	3 Months Ended	Preceding 3 Months Ended	Current Year Ended
		31.12.2014	30.09.2014	31.12.2014
		Audited	Unaudited	Audited
1.	Segment Revenue
	Cement	26647.200	26450.000	110912.000
	Ready Mix Concrete	2044.500	2009.500	7785.800
	TOTAL	28691.700	28459.500	118697.800
	Less: Inter Segment Revenue	314.800	314.900	1315.700
	Net Sales/Income From Operations	28376.900	28144.600	117382.100
1.	Segment Revenue
	Cement	1131.500	2360.900	9413.700
	Ready Mix Concrete	34.800	30.500	161.700
	TOTAL	1166.300	2391.400	9575.400
	Less:
	Less : Finance cost	131.000	157.100	827.600
	Other Un-allocable Expenditure net off Un-allocable income	24.300	(86.400)	(335.900)
	Add : Interest Income	381.900	402.700	2268.300
	TOTAL PROFIT BEFORE TAX	1392.900	2723.400	11352.000
3.	CAPITAL EMPLOYED
	(Segment Assets-Segment Liabilities)
	Cement	73730.200	74646.300	73730.200
	Ready Mix Concrete	1213.600	1175.300	1213.600
	Unallocated	7412.300	7578.600	7412.300
	TOTAL	82356.100	83400.200	82356.100

STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	Current Year Ended
	31.12.2014
	Audited
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1879.500
(b) Reserves & Surplus	80476.600
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	82356.100
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	1159.400
(c) Other long term liabilities	0.000
(d) long-term provisions	5355.700
Total Non-current Liabilities (3)	6515.100
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	7502.300
(c) Other current liabilities	20967.100
(d) Short-term provisions	9372.700
Total Current Liabilities (4)	37842.100
TOTAL	126713.300
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75130.200
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	2909.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	8555.600
(e) Other Non-current assets	3607.100
Total Non-Current Assets	90201.900
(2) Current assets
(a) Current investments	12820.800
(b) Inventories	12555.900
(c) Trade receivables	4107.100
(d) Cash and cash equivalents	3043.000
(e) Short-term loans and advances	3839.200
(f) Other current assets	145.400
Total Current Assets	36511.400
TOTAL	126713.300

NOTE :

1. The above results have been reviewed by the Audit Committee and approved by the Board of directors at its meeting held on February 03, 2015.

2. (a) Other income includes Rs. 693.700 Millions for the year ended December 31, 2014 (Rs. 399.000 Millions for the previous year) and Rs. 133.600 Millions for the current quarter ended December 31, 2014, written back towards interest on income tax relating to earlier years.

(b) Tax expense is net of credit relating to earlier years, Rs. 3092.300 Millions for the year ended December 31, 2014 (Rs. 2167.400 Millions for the previous year) and Rs. 1964.700 Millions for the quarter ended December 31, 2014 (Rs. 759.100 Millions for the Corresponding quarter).

3. ACC Mineral Resources Limited (‘AMRL’), a wholly owned subsidiary of the Company, had participated in four Joint Ventures with the Madhya Pradesh State Mining Corporation Limited (‘MPSMCL’) for development and mining of four coal blocks allocated to MPSMCL. The Company had applied for the development and mining operations through a competitive bidding process, consequent to which the JVs were effected, in which AMRL and MPSMCL hold 49% and 51% shares respectively. As of December 31, 2014, the amount incurred, invested and advanced (including deposits to MPSMCL and other parties) by the Company in this regard is approximately Rs. 1537.900 Millions.

The Hon’ble Supreme Court, vide it's decision of September 24, 2014, held that allocation of various coal blocks, including those allocated to MPSMCL, is arbitrary and illegal, and hence liable to be cancelled. Subsequently, the Government promulgated The Coal Mines (Special Provisions) Ordinance, 2014, which intends to take appropriate action to deal with the situation arising pursuant to the Hon’ble Supreme Court’s decision.

The management, based on its understanding of it's contractual rights under its JV agreements, its interpretation of the Ordinance and on the basis of legal advice, believes that the financial loss or operational impact if any, will not be significant.

4. Pursuant to the Supreme Court striking down the “deemed renewal” provisions under the Mines and Minerals (Development and Regulations) Act (MMDRA) in mid 2014, the Company had to stop mining operations in two of its units on receipt of notice of suspension of operations (Chaibasa & Bargarh). The Company had filed writs in the Jharkhand & Orissa High Court for directions to the Government to issue express orders for renewal of two mining leases and, pending such orders, permitting resumption of mining.

However, in January, 2015, the Government of India issued and gave effect to the MMRDA Ordinance. This Ordinance provides that the leases for captive mines stand automatically renewed to the later of (i) 50 year period from the grant of the original lease and (ii) upto the year 2030. After expiry of this period, however, the leases shall be re-auctioned.

Pursuant to this Ordinance, the mining leases operating under deemed mining basis stands regularised for now the commencement of mining operations in the two plants is expected soon.

5. The Competition Commission of India had imposed a penalty of Rs. 11475.900 Millions in June 2012, concerning alleged contravention of the provisions of the Competition Act, 2002. On Company’s appeal, Competition Appellate Tribunal (COMPAT) 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. Ratios have been computed as follows :-

Interest Service Coverage Ratio = Earnings before Finance cost, Depreciation and Tax / Interest on debt

Debt Service Coverage Ratio = Earnings before Finance cost, Depreciation and Tax / (Interest on debt + Principal repayment)

Debt comprises long-term borrowings and current maturities of long-term borrowings.

7. Figures for the previous periods have been regrouped / reclassified wherever necessary.

8. The Board of Directors of the Company have recommended Final Dividend of Rs. 19 per share, total Dividend Rs. 34 per Share including interim Dividend of Rs. 15 per Share.

9. The figures of the quarter ended December 31, 2014 and December 31, 2013 are the balancing figures between audited figures in respect of the full financial year ended, December 31, 2014 and December 31, 2013 and the unaudited published year-to-date figures up to the third quarter of the respective financial year.

FIXED ASSETS:

Tangible Assets:

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Roads, Bridges and Fences
• Railway Sidings
• Rolling Stock
• Furniture, Fixtures and Equipments
• Vehicles

Intangible Assets:

• Computer Software
• Mining Right

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.62.28
UK Pound	1	Rs.96.21
Euro	1	Rs.70.60

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	Yes
--LITIGATION	YES/NO	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		73

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.