MIRA INFORM REPORT

Report No. :	329906
Report Date :	01.07.2015

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
Tel. No.:	91-22-33024321
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	01.08.1936
Com. Reg. No.:	11-002515
Capital Investment / Paid-up Capital :	Rs. 1879.500 Million
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 :	Subject is engaged in the manufacturing and selling of Cement and Ready mix concrete
No. of Employees :	9028 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (80)

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 :	Clear
Comments :	Subject is India’s oldest cement company and it manufacturer’s ready-mix concrete and has 48 plants across India. It is a well-established company having excellent track record. For the financial year ended 2014, company has reported healthy operational performance and maintained profitability margins at 9.72%. Rating also takes into consideration company’s strong market position in the cement industry backed by rich experience of promotors in cement industry. Rating also takes into consideration company’s strong financial risk profile supported by adequate net worth base and healthy liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 carry lowest credit risk.
Date	07.01.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = “A1+”
Rating Explanation	Very strong degree of safety and carry 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Arvind
Designation :	Finance Department
Contact No.:	91-9004476311

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 31.12.2014

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. Arvind
Designation :	Finance Department

MAJOR SHAREHOLDERS / 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
(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	8964532	4.80
Financial Institutions / Banks	20947653	11.19
Central Government / State Government(s)	56475	0.15
Foreign Institutional Investors	29257279	15.59
Sub Total	59225939	31.74
(2) Non-Institutions
Bodies Corporate	4623789	2.53
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	14129067	10.90
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2040636	1.44
Any Others (Specify)	5211531	3.09
Foreign Nationals	1250	0.00
NRIs/OCBs	589374	0.43
Clearing Members	87421	0.05
Trusts	1029368	0.55
Custodian	0	0.21
Limited Liability Partnership	1961	0.00
Foreign Port Folio Investor Corporate	3502157	1.87
Sub Total	26005023	17.97
Total Public shareholding (B)	85230962	49.70
Total (A)+(B)	179660082	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)	179660082	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling of Cement and Ready mix concrete

Products :

Item Code No.	Product Description
252300	Cement

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

9028 (Approximately)

Bankers :

• State Bank of India
• Citibank, N.A.
• The Hongkong and Shanghai Banking Corporation Limited
• Banking Corporation Limited
• HDFC Bank Limited
• ICICI Bank Limited

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
Memberships :	Not Available
Collaborators :	Not Available
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 31.12.2014

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

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 31.12.2014 Rs. In Million
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 31.12.2014
	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 Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
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
(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
(4) Current Liabilities
(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 items	0.000	0.000	33538
	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 (H)	(330.900)	1312.000	3903.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	11682.900	10957.600	10611.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	41758.700	38618.300	38215.400
Add / (Less)	ADJUSTMENT PURSUANT TO AMALGAMATION	0.000	0.000	(2162.900)
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
	Interim Dividend	2816.200	2065.200	2065.200
	Previous Year Dividend Distribution Tax	0.000	27.600	0.000
	Total (M)	8875.200	7817.200	8046.100
	Balance Carried to the B/S (J+K+L-M)	44566.400	41758.700	38618.300
	EARNINGS IN FOREIGN CURRENCY	18.500	7.800	0.000
	IMPORTS
	Raw Materials	1110.700	560.700	1030.000
	Components and Stores parts	529.2000	536.500	1075.000
	Coal	5120.200	2094.400	4025.200
	Capital Goods	1914.700	1043.500	510.000
	TOTAL IMPORTS	8674.800	4235.100	6640.200
	Earnings / (Loss) Per Share (Rs.)	62.23	58.36	56.52

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	0.000	350.000	780.3000
Cash generated from operations	15670.800	15056.300	17832.800

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	9.95	9.83	9.34
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	0.02
Current Ratio (Current Asset/Current Liability)		0.96	1.21	1.39

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.1449.55

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
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
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

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

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 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 o 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.

FINANCE

Cash and cash equivalent as at December 31, 2014 was Rs.1,6860.000 Million. The Company continues to focus on judicious management of its working capital. Receivables, inventories and other working capital parameters were kept under strict check through continuous monitoring.

Non Convertible Debentures

During the year, the Non-Convertible Debentures aggregating Rs.320.000 Million were redeemed (Rs.1250.000 Million were bought back / redeemed in 2013). Accordingly all the debentures stand extinguished.

Deposits

The Company had discontinued its fixed deposit scheme in the financial year 2001- 02. Despite efforts to identify and repay unclaimed deposits the total amount of fixed deposits matured and remaining unclaimed with the Company as on December 31, 2014 was Rs. 20.000 Million. The Company has not accepted deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014.

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

STATEMENT OF STANALONE AUDITED RESULT FOR THE QUARTER AND YEAR ENDED 31.03.2015

(Rs. In Million)

Particulars	3 Months Ended	3 Months Ended	Previous Year Ended
	31.03.2015	31.12.2014	31.12.2014
	Unaudited	Audited	Audited
Part - I
1. Income from Operations
(a) Net Sales/Income from Operations (Net of Excise Duty)	28854.400	27630.500	114810.500
(b) Other Operating Income	1946.900	746.400	2571.600
Total Income from Operation	30801.300	28376.900	117382.100
2. Expenses
Cost of materials consumed	4637.000	4604.800	17883.100
Purchases of Stock in Trade	360.100	510.800	1943.300
Changes in inventories of finished goods, work-in-progress and stock-in-trade	(733.400)	55.800	(112.800)
Employee benefits expense	1709.600	1923.500	7465.900
Depreciation and amortization expense	1698.300	1439.900	5575.800
Power and Fuel	6213.900	5866.300	24418.200
Freight and forwarding expense	6859.000	6592.400	25983.300
Other expenses	5671.700	6288.800	24728.500
Total Expenses	26416.200	27282.300	107885.300
3. Profit/(Loss) from Operations before Other Income, finance cost* and Exceptional Items (1-2)	4385.100	1094.600	9496.800
4. Other income	590.900	429.300	2682.800
6. Profit/(Loss) from ordinary activities before finance costs and exceptional Items (3+4)	4976.000	1523.900	12179.600
6. Finance Costs	226.300	131.000	827.600
7. Profit/(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	4749.700	1392.900	11352.000
8. Exceptional Hems	1531.700	0.000	0.000
9. Profit/(Loss) from ordinary activities before tax (7-8)	3218.000	1392.900	11352.000
10. Tax Expense	812.500	(1843.400)	(330.900)
11. Net Profit/(Loss) for the period (9-10)	2405.500	3236.300	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	12.81	17.24	62.23
Basic and Diluted EPS after Extraordinary items	12.78	17.19	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%	100%	100%
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 31.03.2015
	Pending at the beginning of the quarter	3
	Received during the quarter	11
	Disposed of during the quarter	12
	Remaining unresolved at the end of the quarter	2

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Sr. No.	Particular	3 Months Ended	3 Months Ended	Current Year Ended
		31.03.2015	31.12.2014	31.12.2014
		Unaudited	Audited	Audited
1.	Segment Revenue
	Cement	28837.000	26647.200	110912.000
	Ready Mix Concrete	2463.600	2044.500	7785.800
	TOTAL	31300.600	28691.700	118697.800
	Less: Inter Segment Revenue	499.300	314.800	1315.700
	Net Sales/Income From Operations	30801.300	28376.900	117382.100
1.	Segment Revenue
	Cement	4404.400	1131.500	9413.700
	Ready Mix Concrete	62.100	34.800	161.700
	TOTAL	4466.500	1166.300	9575.400
	Less:
	Less : Finance cost	226.300	131.000	827.600
	Other Un-allocable Expenditure net off Un-allocable income	9.800	24.300	(335.900)
	Add : Interest Income	519.300	381.900	2268.300
	TOTAL PROFIT BEFORE TAX	3218.000	1392.900	11352.000
3.	CAPITAL EMPLOYED
	(Segment Assets-Segment Liabilities)
	Cement	79813.700	73730.200	73730.200
	Ready Mix Concrete	1176.700	1213.600	1213.600
	Unallocated	3771.100	7412.300	7412.300
	TOTAL	84761.5	82356.100	82356.100

Note:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on April 14, 2015. The Statutory Auditors have carried out a limited review of the above results.
   
   
2. (a) Other income includes Rs. Nil for the current quarter ended March 31, 2015 ( Rs. 5,60.100 Million for the corresponding Quarter) and Rs. 1,33.600 Lakh and Rs. 6,93.700 Million for the quarter and year ended December 31, 2014 respectively, written back towards interest on income tax relating to earlier years.
   (b) Tax expense is net of credit relating to earlier years, of Rs. 11.800 Million for the quarter ended March 31, 2015 (Rs. 11,275 Million for the corresponding quarter) and Rs. 19,647 Million for the quarter ended December 31, 2014 and Rs. 30,92.300 Million for the year ended December 31, 2014.

3. ACC Mineral Resources Limited. (AMRL), a wholly-owned subsidiary of the Company, through its joint-venture had secured development and mining rights for four coal blocks allotted to Madhya Pradesh State Mining Corporation Ltd. These allocations stand cancelled pursuant to the order of the Supreme Court ruling that allocation of various coal blocks, including these, was arbitrary and illegal.The Government of India has commenced auctioning process for all such blocks in a phased manner. The auctioning for Bicharpur, being one of the four blocks, is completed, with the block being awarded to the successful bidder. Pursuant to a vesting order in this regard, possession of the coal mine has been handed over to the successful bidder, with which the Company is in discussions for transfer of remaining assets. In respect of other three blocks, auctioning dates have not yet been announced.

4. The Division Bench of the Jharkhand High Court, vide order dated February 24, 2015, decided entirely in the Company’s favour, disputes related to incentives which were committed by the State, but denied thereafter. Based on the order of the Court, deciding the matter in the Company's favour, the Company has accrued an additional amount of Rs. 13,97.400 Million during the quarter ended March 31, 2015 pertaining to the period August 2005 to March 2015.

5. Pursuant to provisions of Schedule II of the Companies Act, 2013, becoming applicable to the Company w.e.f. January 01, 2015, the Company has reviewed and where necessary, revised estimates of useful lives of fixed assets, as per the life indicated in the said Schedule, as they more appropriately reflect useful life. Accordingly, an additional charge of Rs. 15,31.700 Million, being the carrying amount as of January 01, 2015 of fixed assets with no remaining useful life (as revised) as of that date, is recognized in the quarter and disclosed as an exceptional item.

Had this change in the useful life of fixed assets not been made, depreciation for the quarter ended March 31, 2015 would have been lower by Rs. 3,37.000 Million and the profit before tax would have been higher by Rs. 18,68.700 Million.

6. The Competition Commission of India had imposed a penalty of Rs. 1,14,75.900 Million in June 2012, concerning alleged contravention of the provisions of the Competition Act, 2002. On Company’s appeal, the Competition Appellate Tribunal 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.

7. Figures for the previous periods have been regrouped / reclassified wherever necessary to conform to the current period’s presentation.

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

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Claims not acknowledged by the Company
Sales tax	314.300
Customs demand	309.700
Claim by Suppliers	367.900
Labour related	295.700
Claims for mining Lease rent	734.600
Others	231.400
Total	2253.600

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.63.75
UK Pound	1	Rs.100.12
Euro	1	Rs.71.20

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		80

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.