MIRA INFORM REPORT

 

 

Report No. :

500863

Report Date :

29.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ULTRATECH CEMENT LIMITED

 

 

Registered Office :

B Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra

Tel. No.:

91-22-66917800

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

24.08.2000

 

 

Com. Reg. No.:

11-128420

 

 

Capital Investment / Paid-up Capital :

INR 2745.100 Million

 

 

CIN No.:

[Company Identification No.]

L26940MH2000PLC128420

 

 

IEC No.:

0304009547

 

 

GST No.:

27AAACL6442L1ZA [Nagpur]

 

 

TIN No.:

27710299627

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACL6442L

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing and Selling of Cement and Cement Related Products. (Registered Activity)

 

 

No. of Employees :

14240 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A++

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a flagship company of Aditya Birla Group. It was incorporated in the year 2000 and has excellent track records.

 

The company was formed when Grasim Industries Limited acquired majority ownership and management control in L&T Cement Limited. The company is one of the leading manufacturers of cement and cement related products.

 

For the financial year 2017, the company has reported fair growth in its revenue compared to its previous year along with good profitability margin of 9.67%.

 

Rating takes into consideration, the healthy financial profile on back of low financial leverage with favourable capital structure and comfortable liquidity position.

 

Ratings further takes into account the company’s strong track record, operational synergies, superior brand presence along with favourable cement demand outlook and have significance operational linkages and a common management.

 

As per third quarter results of December 2017, the revenue of the company stood at 7,8970 million as compared to corresponding period of previous year along with fair profit margin of 5.77% in Q3 FY-17.

 

Further, the company is listed on BSE and NSE. Price quoted in BSE is at INR 3945.25 against it face value of INR 10.

 

However, ratings weakness is partially offset by exposure to risk arising from commodities and cyclical nature of cement industry thus leading to decline in operating rates and volatility in cement prices.

 

Payments are seems to be regular and as per commitments.

 

In view of aforesaid, the company can be considered best 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.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Bank Facilities=AAA

Rating Explanation

Highest degree of safety and carry lowest credit risk

Date

31.07.2017

 

Rating Agency Name

CRISIL

Rating

Short Term non convertible debenture=A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

31.07.2017

 

 

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 31-03-2016.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 29.03.2018.

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(CONTACT NO: 91-22-66917800/ 29267800)

 

 

LOCATIONS

 

Registered/ Head Office :

B Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-66917800/ 29267800

Fax No.:

91-22-66928109

E-Mail :

csutcl@adityabirla.com

ultratech.care@adityabirla.com

sharesutcl@adityabirla.com

sharesutcl@adityabirla.com

brr.utcl@adityabirla.com

Website :

www.ultratechcement.com

www.adityabirla.com

 

 

PLANT LOCATIONS

Integrated Plants:

Aditya Cement Works

Adityapuram Sawa – Shambhupura Road, District: Chittorgarh– 312 622, Rajasthan, India

 

Andhra Pradesh Cement Works

Bhogasamudram, Tadipatri Mandal, District: Ananthapur, Andhra Pradesh, India

 

Awarpur Cement Works

P.O. Awarpur Taluka : Korpana, District: Chandrapur, Maharashtra – 442 917, India

 

Gujarat Cement Works

P.O. Kovaya, Taluka: Rajula, District: Amreli– 365 541, Gujarat, India

 

Hirmi Cement Works

Village & Post: Hirmi Taluka: Simga, Bhatapara, District: Baloda Bazar, Raipur– 493195, Chhattisgarh, India

 

Jafarabad Cement Works

P. B. No. 10, Village: Babarkot, Taluka: Jafarabad, District: Amreli– 365 540, Gujarat, India

 

Kotpuli Cement Works

V & P. O. Mohanpura, Tehsil: Kotputli District: Jaipur- 303 108, Rajasthan, India

 

Rajashree Cement Works

Aditya Nagar, Malkhed Road, Tehsil: Sedam, District: Kalaburagi-585292, Karnataka, India

 

Rawan Cement Works

Grasim Vihar, Village & P.O. Rawan, District: Baloda Bazar– 493196, Chhattisgarh, India

 

Reddipalayam Cement Works

Reddipalayam PO, District: Ariyalur– 621 704, Tamilnadu, India

 

Sewagram Cement Works

Village : Vayor, Taluka Abdasa– 370511, District: Kutch, Gujarat, India

 

Vikram Cement Works

Vikram Nagar, P.O.- Khor, Tehsil – Jawad, District: Neemuch-458 470, Madhya Pradesh, India

 

White Cement

Birla White Rajashree Nagar, P.O. Kharia Khangar, Tehsil: Bhopalgarh, District: Jodhpur– 342 606, Rajasthan, India

 

 

Grinding Plants:

Aligarh Cement Works

Village: Kasimpur, Tehsil: Koel, District: Aligarh– 202127, Uttar Pradesh, India

 

Arakkonam Cement Works

Chitteri post, Arakkonam, District: Vellore– 631 003, Tamilnadu, India

 

Bathinda Cement Works

Lehra Mohabbat, Tehsil – Rampuraphul, District: Bathinda- 151111, Punjab, India

 

Dadri Cement Works

Village Ranuali Latiffpur, Post Vidyutnagar, Tehsil: Dadri, District: Gautambudh Nagar – 201 008, Uttar Pradesh, India

 

Dankuni Cement Works

JL -80, Village: Panchghara, Mouza: Panchghara Bazar, District: Hoogly– 712306, West Bengal, India

 

Ginigera Cement Works

Gangavathi Road, Ginigera, District: Koppal– 583 228, Karnataka, India

 

Hotgi Cement Works

Near Railway Station, Hotgi, District: Solapur- 413 215, Maharashtra, India

 

Jhajjar Cement Works

Village: Jharli, Tehsil: Matanhail, District: Jhajjar– 124 106, Haryana, India

 

Jharsuguda Cement Works

P.O. Arda, Near Dhutra Railway Station, District: Jharsuguda– 768 202, Odisha, India

 

Magdalla Cement Works

Magdalla Port, Dumas Road, Surat– 395 007, Gujarat, India

 

Nagpur Cement Works

Village: Tarsa, Tehsil: Mauda, District: Nagpur– 441 106, Maharashtra, India

 

Panipat Cement Works

Village: Karad, Israna Paradana Road, Israna, Panipat–132107, Haryana, India

 

Patliputra Cement Works

Next To Sigariyawan Station, Near Daniyawana Village, Shajahnapur, Patna – 801305, Bihar, India

 

Ratnagiri Cement Works

MIDC Indl. Estate, Zadgaon Block, Ratnagiri– 415 639, Maharashtra, India

 

Wanakbori Cement Works

Village: Sangol, Post. Sonipur, Taluka: Thasra, District: Kheda– 388 245, Gujarat, India

 

West Bengal Cement Works

Near EPIP Plot, Muchipara, Durgapur– 713 212, West Bengal, India

 

 

Bulk Terminals:

Birla Super Bulk Terminal

Near Railway Station, Veerapura P.O., District: Dodballapur, Bangalore – 561 203, Karnataka, India

 

Mangalore Bulk Terminal

Beach Road, Panambur, Mangalore – 575 010, Karnataka, India

 

Navi Mumbai Bulk Terminal

Sector 1, Dronagiri Indl. Area Uran, Navi Mumbai – 400 707, Maharashtra, India

 

Pune Bulk Terminal

Tah-Haveli, Village: Peth(Naygaon), District: Pune– 412 110, Maharashtra, India

 

Shankarpalli Bulk Terminal

Village: Fathepur, Shankarpalli Mandal, District: Rangareddy– 501203, Telangana, India

 

Cochin Bulk Terminal

Survey No. 2578/4 Indira Gandhi Road, Willingdon Island, Cochin - 682 003, Kerala, India

 

 

Factories :

·         Baga Cement Works

Village Baga, P.O. Kandhar, Tehsil Arki, Solan, Himachal Pradesh, India

 

·         Balaji Cement Works

Survey No. 99, Village Budawada, Mandal-Jaggiyapet, 521175, Krishna (Andhra Pradesh), India

 

·         Dalla Cement Works

Dalla 231207, Sonebhadra, Uttar Pradesh, India

 

·         Sidhi Cement Works

Jaypee Vihar, Majhigawan, P.O. Bharatpur, Sidhi-486776, Madhya Pradesh, India  

 

 

Branch Office :

East Zone

502-504, Ashiana Tower, Exhibition Road, Patna 800001, Bihar, India

 

 

Regional Office :

3rd Floor, Oasis Trade Center, 20/22, Y.N. Road, Indore – 452003, Madhya Pradesh, India

 

 

Other Regional Offices :

Located at:

 

East

 

·         Balasore

·         Berhampur

·         Bhadrak

·         Bhubaneswar

·         Cuttack

·         New Alipore

·         Dankuni

·         Cossipore

·         Berhampore

·         Sahibgunj

·         Dhanbad

·         Deoghar

·         Daltonganj

·         Koderma

·         Ranchi

·         Jamshedpur

·         Bhagalpur

·         Kaithar

·         Saharsa

·         Begusarai

·         Samastipur

·         Darbhanga

·         Muzaffarpur

·         Gaya

·         Siwan

·         Patna

·         Sainthia

·         Guwahati

·         Siliguri

·         Sainthia

·         Krishnanagar

·         Malda

·         Kolkata

·         Kharagpur

·         Durgapur

·         Burdwan

·         Murshidabad

·         Bankura

·         Durg

·         Raipur

·         BILASPUR

·         Raigarh

·         Jaipur

·         Jeypore

·         Kesinga

·         Rayagada

·         Rourkela

·         Ambikapur

·         Sambalpur

·         Dhenkanal

 

North

 

·         Delhi

·         Faridabad

·         Gurgaon

·         Hissar

·         Karnal

·         Narnaul

·         Rohtak

·         Balaghat

·         Bhopal

·         Chhindwara

·         Guna

·         Gwalior

·         Jabalpur

·         Khandwa

·         Ratlam

·         Neemuch

·         Shajapur

·         Ujjain

·         Amritsar

·         Ajmer

·         Alwar

·         Bhatinda

·         Chandigarh

·         Jammu

·         Ludhiana

·         Patiala

·         Parwanoo

·         Bharatpur

·         Bikaner

·         Hanumangarh

·         Jaipur

·         Jhunjhunu

·         Kota

·         Nimbahera

·         Udaipur

·         Agra

·         Aligarh

·         Bareilly

·         Bijnore

·         Ghaziabad

·         Jhansi

·         Kanpur

·         Mathura

·         Meerut

·         Dehradun

·         Moradabad

·         Muzaffarnagar

·         Saharanpur

·         Kashipur

·         Jalandhar

·         Roorkee

 

South

 

·         Chennai

·         Salem

·         Vellore

·         Coimbatore

·         Madurai

·         Pondy

·         Trichy

·         Thanjavur

·         Tricy

·         Bangalore

·         Palakkad

·         Trivandrum

·         Calicut

·         Kochi

·         Karimnagar

·         Vishakhapatnam

·         Vijayawada

·         Tirupathi

·         Anantapur

·         Hyderabad

·         Mahabubnagar

·         Mapusa

·         Margao

·         Belary

·         Devangere

·         Hubli

·         Belgaum

·         Raichur

·         Bijapur

·         Gulbarga

·         Shimoga/ Chichmangalpur

·         Mangalore Udupi

·         Mysore

·         Tumkur

·         Hassan

·         Mandya

 

West

 

·         Ahmednagar

·         Akola

·         Amravati

·         Aurangabad

·         Beed

·         Bhayanader

·         Dhule

·         Chandrapur

·         Jalgaon

·         Jalna

·         Kalyan

·         Kolhapur

·         Latur

·         Mumbai

·         Nanded

·         Nashik

·         Nagpur

·         Navi Mumbai

·         Panvel

·         Pune

·         Ratnagiri

·         Sangli

·         Satara

·         Solapur

·         Yavatmal

·         Mehsana

·         Ahmedabad

·         Rajkot

·         Kutch

·         Bhavnagar

·         Baroda

·         Anand

·         Surat

·         Valsad

·         Ahmedabad

 

 

DIRECTORS

 

AS ON: 31.03.2017

 

Name :

Mr. Omprakash Puranmalka

Designation :

Managing Director

Address:

701 / 702, Vimal Residency, Corner of 7th and 11th Road , Khar (West), Mumbai - 400052, Maharashtra, India

Date of Appointment :

16.01.2010

DIN No.:

00062212

 

 

Name :

Mrs. Alka Marezban Bharucha

Designation :

Director

Address:

7E, Harbour Heights, N. A. Sawant Marg, Colaba, Mumbai-400005, Maharashtra, India

Date of Appointment :

09.06.2016

DIN No.:

00114067

 

 

Name :

Mr. Dwarka Dass Rathi

Designation :

Director

Address:

82, 8th Floor, Jolly Maker Appartment. No. II, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Date of Appointment :

06.07.2004

DIN No.:

00012575

 

 

Name :

Mr. Kumar Mangalam Birla

Designation :

Director

Address:

Mangal Adityayan, 20 Carmichel Road, Behind Jaslok Hosital, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

14.06.1967

Qualification :

ACA, MBA

Date of Appointment :

14.05.2004

DIN No.:

00012813

 

 

Name :

Mrs. Rajashree Birla

Designation :

Director

Address:

Mangal Adityayan, 20 Carmichel Road, Behind Jaslok Hospital, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

15.09.1945

Date of Appointment :

14.05.2004

DIN No.:

00022995

 

 

Name :

Mr. Arun Kumar Adhikari

Designation :

Director

Address:

903 A Wing, 9th Floor, Vivarea, Sane Guruji Marg, Mahalaxmi (East), Mumbai - 400011, Maharashtra, India

Date of Appointment :

03.12.2013

DIN No.:

00591057

 

 

Name :

Mr. Ravindra Chandra Bhargava

Designation :

Director

Address:

220, Sector – 15A, Noida, Ghaziabad - 201301, Uttar Pradesh, India

Date of Birth/Age :

30.07.1934

Date of Appointment :

06.07.2004

DIN No.:

00007620

 

 

Name :

Mr. Girish Mohanlal Dave

Designation :

Director

Address:

Dave And Girish And Company Advocates, 1st Floor, Sethna Bldg, 55 Maharshi Karve Road, Marine Lines, Mumbai - 400002, Maharashtra, India

Date of Birth/Age :

12.07.1938

Date of Appointment :

07.07.2006

DIN No.:

00036455

 

 

Name :

Mr. Sunil Behari Mathur

Designation :

Director

Address:

Plot No. 10, A-10 Vasant Vihar, New Delhi-110057, India

Date of Birth/Age:

11.10.1944

Date of Appointment:

10.09.2008

DIN No.:

00013239

 

 

Name :

Mr. Krishnakishore Maheshwari

Designation :

Additional Director

Address:

Chitrakoot Housing Society, Flat No. 22 Altamount Road, Mumbai-400026, Maharashtra, India

Date of Appointment :

01.04.2016

DIN No.

00017572

 

 

Name :

Ms. Renuka Ramnath

Designation :

Independent Director

Address:

D-4701/2, Floor: 47, Ashok Tower, 63/74, Dr. S. S. Rao Marg, Parel, Mumbai - 400012, Maharashtra, India

Date of Appointment :

11.10.2014

DIN No.

00147182

 

 

Name :

Mr. Sukanya Anand Kripalu

Designation :

Director

Address :

1703 / 17th Floor, Vivarea Tower B-1, Sane Guruji, Marg, Hindustan Spinning And Wire Compdr, Mahalaxmi Mumbai - 400011, Maharashtra, India

Date of Appointment :

11.10.2014

DIN No.:

06994202

 

 

Name :

Mr. Atul Daga

Designation :

Whole-time Director

Address:

B-201, Rising Sun, 11/12 Juhu Tara Road, Mumbai - 400049, Maharashtra, India

Date of Appointment:

09.06.2016

PAN No.:

06416619

 

 

KEY EXECUTIVES

 

Name:

Mr. Sanjeeb Kumar Chatterjee

Designation:

Company Secretary

Address:

D-411, Sai Jyote, Lallubhai Park, Vile Parle (West), Mumbai, 400052, Maharashtra, India

Date of Appointment:

06.09.2004

PAN No.:

ADJPC3137G

 

 

EXECUTIVES:

Name:

Mr. K. C. Jhanwar

Designation:

Deputy Managing Director and Chief Manufacturing Officer

 

 

Name:

Mr. Vivek Agrawal

Designation:

Group Executive President and Chief Marketing Officer

 

 

Name:

Mr. Sanjay Mathur

Designation:

CEO – Ready Mix Concrete, Key Accounts and Aggregates

 

 

Name:

Mr. Sunil Kulwal

Designation:

CEO – White Cement

 

 

Name:

Mr. Pramod Rajgaria

Designation:

President – International Operations

 

 

Name:

Mr. Ramesh Mitragotri

Designation:

Chief Human Resource Officer

 

 

Name:

Mr. Paresh Thacker

Designation:

General Counsel

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.12.2017

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Promoter & Promoter Group

170351257

62.05

Public

104200664

37.95

 

 

 

Total

274551921

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)

A1) Indian

0.00

 

Individuals/Hindu undivided Family

77,009

0.03

 

Shri Kumar Mangalam Birla

3,837

0.00

 

Aditya Vikram Kumarmangalam Birla HUF

10,228

0.00

 

Smt. Rajashree Birla

41,701

0.02

 

Smt. Neerja Birla

8,011

0.00

 

Smt. Vasavadatta Bajaj

13,232

0.00

 

Any Other (specify)

16,75,30,080

61.02

 

Grasim Industries Limited

16,53,35,150

60.22

 

Trapti Trading & Investments Pvt. Limited

6,67,541

0.24

 

Birla Group Holdings Pvt. Limited

1

0.00

 

Turquoise Investment And Finance Pvt. Ltd.

2,68,636

0.10

 

Hindalco Industries Limited

12,58,515

0.46

 

Rajratna Holdings Pvt. Limited

76

0.00

 

Vaibhav Holdings Pvt. Limited

76

0.00

 

Vikram Holding Pvt. Limited

85

0.00

 

Sub Total A1

16,76,07,089

61.05

 

A2) Foreign

0.00

 

Any Other (specify)

1.00

 

PT. Indo Bharat Rayon

0.83

 

PT. Sunrise Bumi Textiles

0.05

 

PT. Elegant Textile Industry

0.03

 

Thai Rayon Public Co. Ltd.

0.08

 

Surya Kiran Investments Pte. Ltd.

0.00

 

Sub Total A2

1.00

 

A=A1+A2

16,76,07,089

62.05

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)

 

 

 

B1) Institutions

0.00

 

Mutual Funds/

70,57,641

2.57

 

Foreign Portfolio Investors

6,09,39,685

22.20

 

Europacific Growth Fund

28,38,999

1.03

 

Oppenheimer Developing Markets Fund

45,76,730

1.67

 

Financial Institutions/ Banks

2,99,705

0.11

 

Insurance Companies

82,18,779

2.99

 

LIC of India Pension Plus Mixed Fund

63,95,609

2.33

 

Sub Total B1

7,65,15,810

27.87

 

B2) Central Government/ State Government(s)/ President of India

0.00

 

Central Government/ State Government(s)/ President of India

85,215

0.03

 

Sub Total B2

85,215

0.03

 

B3) Non-Institutions

0.00

 

Individual share capital upto INR 0.200 Million

1,51,27,295

5.51

 

Individual share capital in excess of INR 0.200 Million

66,487

0.02

 

NBFCs registered with RBI

9,128

0.00

 

Overseas Depositories (holding DRs) (balancing figure)

17,75,751

0.65

 

Any Other (specify)

1,06,20,978

3.87

 

NRI – Non- Repat

1,21,161

0.04

 

Clearing Members

6,226

0.00

 

Bodies Corporate

82,87,666

3.02

 

NRI – Repat

4,67,134

0.17

 

NRI

1,90,034

0.07

 

Overseas corporate bodies

14,98,852

0.55

 

Foreign Individuals

49,905

0.02

 

Sub Total B3

2,75,99,639

10.05

 

B=B1+B2+B3

10,42,00,664

37.95

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Selling of Cement and Cement Related Products. (Registered Activity)

 

 

Brand Names :

‘’ULTRATECH‘’

‘’BIRLA WHITE YUVARATNA AWARDS‘’

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS: (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

Customers :

 

Reference:

Not Divulged

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

No. of Employees :

14240 (Approximately)

 

 

Bankers :

·         State Bank of India

Corporate Accounts Group Branch, The Capital,16th Floor, Bandra Kurla Complex, Bandra (East)Mumbai-40005, Maharashtra, India

 

·         State Bank of India

Madame Cama Road, Mumbai-400021, Maharashtra, India

 

·         ICICI Bank Limited

Ground Floor, Zenith House, Keshavrao Khadye Marg, Mahalaxmi, Mumbai-400034, Maharashtra, India

 

·         Indian Overseas Bank

·         Axis Bank Limited

·         HDFC Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2017

(INR In Million)

31.03.2016

(INR In Million)

LONG-TERM BORROWINGS

 

 

Non-Convertible Debentures

19250.000

6500.000

Term Loans from Banks:

 

 

In Foreign Currency

2594.000

6909.400

In Local Currency

3000.000

4000.000

Sales Tax Deferment Loan

0.000

205.900

 

 

 

SHORT TERM BORROWINGS

 

 

Loans repayable on demand:

 

 

From Banks - Cash Credits / Working Capital Borrowings (Secured

by Hypothecation of Stocks and Book Debts of the Company)

0.000

2461.300

 

 

 

Total

 

24844.000

20076.600

 

Financial Institution:

 

·         Sbicap Trustee Company Limited

202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

 

 

Statutory Auditors 1:

 

 

Name :

BSR and Company LLP

Chartered Accountants

Address :

Lodha Excelus, 5th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India

Tel No :

91-22-43455300

Fax No :

91-22-43455399

 

 

Statutory Auditors 2:

 

 

Name :

Khimji Kunverji and Company

Chartered Accountants

Address :

Sunshine Tower, Level 19, Senapati Bapat Marg, Elphinstone, Mumbai-400013, Maharashtra, India

Tel No :

91-22-61437333

Fax No :

91-22-61437300

 

 

Cost Auditors 1 :

 

 

Name :

D. C. Dave and Company

Cost Accountants

Address :

Mumbai, Maharashtra, India

 

 

Cost Auditors 2 :

 

Name :

N. D. Birla and Company

Cost Accountants

Address :

Ahmedabad, Gujarat, India

 

 

Solicitors :

 

Name :

Cyril Amarchand and Mangaldas

Advocates and Solicitors

Address :

Mumbai, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

Grasim Industries Limited

 

 

Associate :

Madanpur (North) Coal Company Private Limited (MNCCPL)

 

 

Wholly Owned Subsidiary : 

·         Dakshin Cements Limited

·         Harish Cement Limited

·         UltraTech Cement Middle East Investments Limited (UCMEIL)

·         UltraTech Cement SA (PTY)

·         Gotan Limestone Khanij Udyog Private Limited

·         Bhagwati Lime Stone Company Private Limited (BLSCPL)

 

 

Subsidiary Companies :

 

·         Dakshin Cements Limited

·         UltraTech Cement Lanka Private Limited

·         Harish Cement Limited

·         PT UltraTech Mining Indonesia

·         PT UltraTech Investments Indonesia

·         UltraTech Cement SA (PTY)

·         UltraTech Cement Middle East Investments Limited (UCMEIL)

·         Star Cement Co. LLC, Dubai*

·         Star Cement Co. LLC, Ras-Al-Khaimah*

·         Al Nakhla Crusher LLC, Fujairah*

·         Arabian Cement Industry LLC, Abu Dhabi*

·         Arabian Gulf Cement Co W.L.L, Bahrain*

·         Emirates Power Company Limited, Bangladesh*

·         Emirates Cement Bangladesh Limited, Bangladesh*

·         Bhagwati Lime Stone Company Private Limited (BLCPL)

·         Awam Minerals LLC, Oman *

·         UltraTech Cement Mozambique Limitada, Mozambique*

·         Gotan Limestone Khanij Udyog Private Limited

·         PT UltraTech Cement Indonesia#

·         PT UltraTech Mining Sumatera #

 

 

Joint Venture:

Bhaskarpara Coal Company Limited (BCCL)

 

 

Fellow Subsidiaries :

 

·         Samruddhi Swastik Trading and Investments Limited

·         Grasim Bhiwani Textiles Limited

 

Notes:

! 4% Shareholding of UCMEIL.

& 5% Shareholding of UCMEIL.

* Subsidiaries of UCMEIL.

$ 51% held by nominee as required by local law for beneficial interest of the Company.

^ 1 share held by employee as nominee for the beneficial interest of the Company.

@ 90% Shareholding of UCMEIL.

# Subsidiary of PT UltraTech Investments Indonesia.

 

 

CAPITAL STRUCTURE

 

AFTER 31.03.2017

 

Authorised Capital : INR 18000.000 Million

 

Issued, Subscribed & Paid-up Capital : INR 12747.107 Million

 

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

280000000

Equity Shares

INR 10/- each

INR 2800.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

274507906

Equity Shares

INR 10/- each

INR 2745.100 Million

 

 

 

 

 

Reconciliation of the Shares Outstanding at the beginning and at the end of the year

 

Particulars

31.03.2017

 

No. of Shares

INR in Million

Outstanding at the beginning of the year

274,431,377

2744.300

Add: Shares issued under Employees Stock Options Scheme (ESOS)

76,529

0.800

Outstanding at the end of the year

274,507,906

2745.100

 

Shares held by Holding Company

 

Particulars

31.03.2017

 

No. of Shares

INR in Million

Grasim Industries Limited

165335150

1653.400

 

List of shareholders holding more than 5% of Paid-up Equity Share Capital

 

Particulars

31.03.2017

 

No. of Shares

% Holding

Grasim Industries Limited

165335150

60.23%

 

Particulars

31.03.2017

 

No. of Shares

INR in Million

Equity Shares of INR 10 each reserved for issue

under ESOS

251577

2.500

 

Aggregate number of Shares issued for consideration other than cash during the period of five years immediately preceding the reporting date

 

 

Particulars

31.03.2017

 

No. of Shares

INR in Million

Equity Shares of INR 10 each issued as fully paid up to the shareholders of JCCL, pursuant to the Scheme of Arrangement

141643

1.400

 

The Company has only one class of Equity Shares having a par value of INR 10 per share. Each shareholder is eligible for one vote per share held except for Global Depository Receipts. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.


 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

I.      EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2745.100

2744.300

2744.000

(b) Reserves & Surplus

236665.000

213574.000

192658.600

(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)

239410.100

216318.300

195402.600

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

42001.200

26678.900

50009.200

(b) Deferred tax liabilities (Net)

27735.600

24319.900

21274.000

(c) Other long term liabilities

372.700

79.800

789.600

(d) long-term provisions

2707.300

2527.300

2317.900

Total Non-current Liabilities (3)

72816.800

53605.900

74390.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

10158.400

23387.500

18980.800

(b) Trade payables

17138.000

15814.600

15468.300

(c) Other current liabilities

51693.300

72160.800

49383.400

(d) Short-term provisions

1594.300

1618.600

1579.600

Total Current Liabilities (4)

80584.000

112981.500

85412.100

 

 

 

 

TOTAL

392810.900

382905.700

355205.400

 

 

 

 

II.    ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

228982.300

223767.100

208834.600

(ii) Intangible Assets

3335.300

3108.300

1965.800

(iii) Capital work-in-progress

8777.600

14144.800

20688.500

(iv) Intangible assets under development

6.300

10.800

48.400

(b) Non-current Investments

20027.200

34332.000

28692.100

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

555.300

658.900

667.600

(e) Other Non-current assets

6376.400

9529.300

14641.100

Total Non-Current Assets

268060.400

285551.200

275538.100

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

54059.500

23599.800

27790.800

(b) Inventories

22249.900

22776.100

26428.400

(c) Trade receivables

12761.700

14148.900

12031.900

(d) Cash and cash equivalents

22177.400

22352.000

2005.700

(e) Short-term loans and advances

1239.500

1189.900

1204.500

(f) Other current assets

12262.500

13287.800

10206.000

Total Current Assets

124750.500

97354.500

79667.300

 

 

 

 

TOTAL

392810.900

382905.700

355205.400

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

 

Revenue from Operations

271624.200

269471.400

229271.900

 

 

Other Income

6599.500

4806.600

3717.800

 

 

TOTAL                                     (A)

278223.700

274278.000

232989.700

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

34678.200

35508.800

32806.200

 

 

Purchases of Stock-in-Trade

4835.600

4396.800

3895.200

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

731.300

(178.100)

(1100.600)

 

 

Employees benefits expense

14134.400

13430.200

12182.900

 

 

Power and Fuel

39265.500

42408.100

47428.900

 

 

Freight and Forwarding Expense

58452.200

59349.000

53932.900

 

 

Excise Duty

32709.900

32383.500

0.000

 

 

Exceptional Items - Impairment in value of Investments

136.900

0.000

0.000

 

 

Captive Consumption of Cement

(190.100)

(363.500)

(417.600)

 

 

Other expenses

37317.700

36270.600

38593.700

 

 

TOTAL                                     (B)

222071.600

223205.400

187321.600

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

56152.100

51072.600

45668.100

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

5713.900

5116.600

5474.500

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

50438.200

45956.000

40193.600

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

12678.700

12970.400

11331.100

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

37759.500

32985.600

28862.500

 

 

 

 

 

Less

TAX                                                                  (H)

11482.300

9284.000

8715.200

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

26277.200

23701.600

20147.300

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods {Including INR 2838.600 Million (Previous Year INR 3098.600 Million) on FOB basis}

3013.800

 

 

Dividend

 

 

261.400

 

 

Other receipts

 

 

283.600

 

TOTAL EARNINGS

NA

NA

3558.800

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

 

3375.400

 

 

Stores & Spares

 

 

1405.900

 

 

Royalty and Cess

 

 

151.977

 

 

Capital Goods

 

 

1702.600

 

TOTAL IMPORTS

NA

NA

6483.900

 

 

 

 

 

 

Earnings Per Share (INR)

 

 

 

 

Basic

95.74

86.37

73.44

 

Diluted

95.70

86.32

73.39

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

10244.700

32429.200

8727.400

 

 

 

 

Cash Generated from Operations

54519.100

51898.700

42314.900

 

 

 

 

Net Cash Generated from Operating Activities

47212.500

43544.000

40829.300

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2017

30.09.2017

Type

 

1st Quarter

2nd Quarter

Net Sales

 

75202.800

65713.100

Total Expenditure

 

59602.100

52200.100

PBIDT (Excl OI)

 

15600.700

13513.000

Other Income

 

1651.700

1680.400

Operating Profit

 

17252.400

15193.400

Interest

 

1284.900

3758.500

Exceptional Items

 

0.000

0.000

PBDT

 

15967.500

11434.900

Depreciation

 

3097.900

4987.600

Profit Before Tax

 

12869.600

6447.300

Tax

 

3963.400

2134.900

Provisions and contingencies

 

0.000

0.000

Profit After Tax

 

8906.200

4312.400

Extraordinary Items

 

0.000

0.000

Prior Period Expenses

 

0.000

0.000

Other Adjustments

 

0.000

0.000

Net Profit

 

8906.200

4312.400

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

17.15

19.16

19.15

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

21.28

19.05

19.06

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

158.31

144.65

153.83

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

2.52

2.24

1.73

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.23

0.21

0.20

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.34

0.45

0.41

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.26

0.38

0.40

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.34

0.52

0.44

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

1.01

1.11

1.18

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

9.83

9.98

8.34

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

9.67

8.80

8.79

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

6.69

6.19

5.67

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

10.98

10.96

10.31

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.55

0.86

0.93

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.27

0.66

0.62

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.61

0.56

0.55

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

22.73

30.06

28.32

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.55

0.86

0.93

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/-

 

 

Market Value

INR 3945.25/-

 

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

2744.000

2744.300

2745.100

Reserves & Surplus

192658.600

213574.000

236665.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

195402.600

216318.300

239410.100

 

 

 

 

long-term borrowings

50009.200

26678.900

42001.200

Short term borrowings

18980.800

23387.500

10158.400

Current Maturities of Long term debt

8727.400

32429.200

10244.700

Total borrowings

77717.400

82495.600

62404.300

Debt/Equity ratio

0.398

0.381

0.261

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

229271.900

269471.400

271624.200

 

 

17.534

0.799

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

229271.900

269471.400

271624.200

Profit

20147.300

23701.600

26277.200

 

8.79%

8.80%

9.67%

 


ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

 

31.03.2017

31.03.2016

I.      EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

2745.100

2744.300

(b) Reserves & Surplus

 

241171.100

216712.000

(c) Money received against share warrants

 

0.000

0.000

(d) Non Controlling Interest

 

97.100

154.500

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

244013.300

219610.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

63708.400

48965.900

(b) Deferred tax liabilities (Net)

 

27823.700

24410.800

(c) Other long term liabilities

 

454.000

162.900

(d) long-term provisions

 

2895.100

2700.300

Total Non-current Liabilities (3)

 

94881.200

76239.900

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

10791.800

24757.900

(b) Trade payables

 

18572.700

17172.500

(c) Other current liabilities

 

52244.000

72564.800

(d) Short-term provisions

 

1683.500

1687.200

Total Current Liabilities (4)

 

83292.000

116182.400

 

 

 

 

TOTAL

 

422186.500

412033.100

 

 

 

 

II.    ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

244763.200

238818.200

(ii) Intangible Assets

 

14279.700

14276.000

(iii) Capital work-in-progress

 

9208.500

14680.100

(iv) Intangible assets under development

 

6.300

10.800

Goodwill on consolidation

 

12795.000

27301.200

(b) Non-current Investments

 

97.900

102.000

(c) Deferred tax assets (net)

 

2474.400

4547.500

(d)  Long-term Loan and Advances

 

5315.400

6958.700

(e) Other Non-current assets

 

288940.400

306694.500

Total Non-Current Assets

 

 

 

 

 

 

 

(2) Current assets

 

54110.100

23650.600

(a) Current investments

 

24006.400

24545.800

(b) Inventories

 

17570.900

19282.100

(c) Trade receivables

 

22487.900

22669.600

(d) Cash and cash equivalents

 

5080.100

7182.500

(e) Short-term loans and advances

 

9923.700

7863.500

(f) Other current assets

 

67.000

144.500

Total Current Assets

 

133246.100

105338.600

 

 

 

 

TOTAL

 

422186.500

412033.100

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

 

Revenue from Operations

 

286459.300

283915.900

 

 

Other Income

 

6481.200

4638.000

 

 

TOTAL                                     (A)

 

292940.500

288553.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

 

39118.200

39829.100

 

 

Purchases of Stock-in-Trade

 

5050.800

4532.100

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

756.900

-186.100

 

 

Employees benefits expense

 

15223.400

14449.700

 

 

Power and fuel

 

42719.800

45792.500

 

 

Fright and forwarding expenses

 

59031.000

59739.300

 

 

Excise duty

 

32709.900

32383.500

 

 

captive consumption of cement

 

(190.100)

(363.500)

 

 

Share in profit of associate and joint venture

 

(0.100)

(0.100)

 

 

Other expenses

 

39915.000

38729.600

 

 

TOTAL                                     (B)

 

234334.800

234906.100

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)       (C)

 

58605.700

53647.800

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

6401.000

5663.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

52204.700

47984.800

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

13484.100

13771.700

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

 

38720.600

34213.100

 

 

 

 

 

Less

TAX                                                                  (H)

 

11585.500

9416.900

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

 

27135.100

24796.200

 

 

 

 

 

 

Earnings Per Share (INR)

 

 

 

 

Basic

 

98.92

90.30

 

Diluted

 

98.88

90.25

 

 

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

No

8

Designation of contact person

No

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

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

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

Litigations that the firm/promoter involved in

--

32

Market information

--

33

Payments terms

No

34

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

INDEX OF CHARGES

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

G48219463

100109111

SBICAP TRUSTEE COMPANY LIMITED

13/07/2017

-

-

102484733183.0

202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN

2

G34375824

100075866

SBICAP TRUSTEE COMPANY LIMITED

16/01/2017

-

-

3000000000.0

202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMa400005IN

3

G13760657

100054244

SBICAP TRUSTEE COMPANY LIMITED

23/09/2016

-

-

3000000000.0

202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMa400005IN

4

G14846307

100054602

SBICAP TRUSTEE COMPANY LIMITED

23/09/2016

-

-

5000000000.0

202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMa400005IN

5

G14826515

100054556

SBICAP TRUSTEE COMPANY LIMITED

23/09/2016

-

-

1750000000.0

202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMa400005IN

6

G14837835

100054557

SBICAP TRUSTEE COMPANY LIMITED

23/09/2016

-

-

2500000000.0

202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMa400005IN

7

C79255907

10620575

State Bank of India

09/02/2016

-

-

3000000000.0

Corporate Accounts Group Branch, The Capital,16th Floor, Bandra Kurla Complex, Bandra (East)MumbaiMH400051IN

8

G05133566

10624429

SBICAP TRUSTEE COMPANY LIMITED

05/02/2016

24/05/2016

-

2000000000.0

202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMa400005IN

9

C62357934

10587460

SBICAP TRUSTEE COMPANY LIMITED

11/08/2015

-

-

4815100000.0

202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN

10

G05133244

10582517

SBICAP TRUSTEE COMPANY LIMITED

14/07/2015

24/05/2016

-

2000000000.0

202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMa400005IN

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2017

(INR In Million)

31.03.2016

(INR In Million)

LONG-TERM BORROWINGS

 

 

Non-Convertible Debentures

6500.000

0.000

Term Loans from Banks:

 

 

In Foreign Currency

7874.600

6625.400

Sales Tax Deferment Loan

2782.600

2438.200

 

 

 

SHORT TERM BORROWINGS

 

 

Loans repayable on demand:

From Banks - Cash Credits / Working Capital Borrowings

368.000

0.000

Others

 

 

From Banks (includes commercial paper)

9790.400

6053.200

From Others (commercial paper)

0.000

14873.000

 

 

 

Total

 

27315.600

29989.800

 

 

COMPANY OVERVIEW:

 

UltraTech Cement Limited (the Company) is a Public Limited Company incorporated in India having its registered office at Mumbai, Maharastra, India. The Company is engaged in the manufacturing and selling of Cement and Cement related products.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

OVERVIEW AND THE STATE OF THE COMPANY’S AFFAIRS

 

The year witnessed a marginal growth in the world economy attributable to a feeble pace of global investment, dwindling world trade, flagging productivity and high levels of debt. Conflicts and geopolitical tensions continued to weigh on economic prospects in several regions. The investment growth in many major developed and developing economies as well as many economies in transition was significantly slow. The World Bank has predicted only a moderate pick-up in global economic growth during 2017, driven mainly by improvements in emerging markets and developing economies.

 

India’s GDP grew about 7.1%. This was primarily on the back of improving agricultural sector with good monsoons and Government’s public spending program. The manufacturing and service sectors registered a weak growth. India’s GDP growth is expected to remain stable during FY18. The Government’s stimulus for improving overall business sentiments will be the major growth drivers. Implementation of GST will have a positive impact, going forward.

 

The cement industry registered the lowest volume growth during the past 15 years. Though the industry started the year on a positive note, achieving decent growth during the first six months of the year, the second half witnessed muted cement demand from the housing segment, the largest cement driver. The year saw the industry adding another 12 mtpa new capacity, taking the total installed capacity in the country to ~420 mtpa. With the new additions coupled with contraction in demand, industry capacity utilisation declined to ~65% (LY 67%). Cement prices have not shown any improvement over the last year and escalation in fuel prices has resulted in higher operating costs.

 

Cement demand is expected to pick-up gradually. The Government sponsored affordable housing program, interest rate subvention scheme on housing loans, continuing infrastructure spending, improving demand sentiments in the markets of South India and revival in rural housing demand, backed by improved cash flow, are expected to be the key factors for cement demand growth. On the flip side, demand from the urban housing and private sector capex is still not showing any signs of recovery.

 

Against this background, the performance of the Company during 2016-17 is as indicated:

 

 

AWARDS

 

The Company’s efforts in various areas of its operations continue to receive accolades. Some of the prestigious

awards conferred on your Company during the year are:

 

- “Gold Award” under CSR Category in the cement sector for excellent contribution under CSR : Vikram Cement Works;

 

- National Awards for Manufacturing Competitiveness (NAMC) 2015-16 in Building Material & Cement Sector:

Aditya Cement Works;

 

-Golden Peacock Award for CSR: Birla White;

 

- Appreciation plaque by FICCI for commendable work in the field CSR: Hirmi Cement Works;

 

- Certificate of Merit for achieving zero accident frequency rate by National Safety Council: Ratnagiri Cement Works;

 

- GreenCo Gold Rating by CII: Reddipalayam Cement Works;

 

- Frost & Sullivan Sustainability 4.0 awards: Reddipalayam Cement Works.

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

 

(INR IN MILLION)

 

Particulars

Three Months ended

31.12.2017

Three Months ended

30.09.2017

Nine Months ended

31.12.2017

 

 

 

 

 

1.

Revenue from Operation operations

75898.600

65713.100

216814.500

2.

Other Income

1555.700

1680.400

4887.800

3.

Total Income

77454.300

67393.500

221702.300

 

 

 

 

 

4.

Expenses

 

 

 

 

Cost materials consumed

10033.100

8960.000

28033.100

 

Purchase of traded goods

2232.100

1781.300

5201.100

 

Changes in inventories of finished goods,  work-in-progress and traded goods

1045.200

(1588.000)

(1223.900)

 

Employee benefits expense

4628.400

4439.700

12870.600

 

Finance Costs

3472.000

3758.500

8515.400

 

Depreciation and amortisation expense

4744.300

4987.600

12829.800

 

Power and fuel

15093.400

13347.800

40614.800

 

Freight and forwarding expenses

18633.700

15552.600

50066.000

 

Excise Duty

---

---

8938.300

 

Other expenses

11541.400

9706.700

30509.500

 

Total Expenses

71423.600

60946.200

196354.700

 

 

 

 

 

5.

Profit before Exceptional Items and Tax (3-4)

6030.700

6447.300

25347.800

6.

Exceptional Items - Impairment in value of Investments

---

---

---

7.

Profit before tax (5+6)

6030.700

6447.300

25347.800

8.

Tax Expense

 

 

 

 

Current Tax

1260.000

1067.500

5147.300

 

Deferred tax

556.000

1067.400

2767.000

9.

Net Profit for the period (7-8)

4214.700

4312.400

17433.300

10.

Other comprehensive income

 

 

 

 

Items that will not be reclassified to profit or loss

---

---

---

 

Items that will be reclassified to profit or loss

108.800

(92.800)

(58.700)

11.

Total comprehensive income for the period (9+10)  [Comprising Profit and Other Comprehensive Income for the Period]

4323.500

4219.600

17374.600

12.

Paid - up Equity Share Capital

(Face value of INR 10/- per share)

2745.500

2745.300

2745.500

13.

Other Equity

 

 

 

14.

Earnings per share (of INR 10/- each) EPS (not annualised)

 

 

 

 

Basic

15.36

15.71

63.50

 

Diluted

15.35

15.70

63.48

 

NOTES:

 

1. The results include the financial results for the cement plants acquired from Jaiprakash Associates Limited and Jaypee Cement Corporation Limited on 29/06/2017 and hence the figures for the three months and nine months ended 31/12/2017 are not comparable with the previous corresponding periods. As per Ind AS 103, purchase consideration has been allocated on a provisional basis, pending determination of the fair value of the acquired assets and liabilities. Further, the Company is in the process of determining the accounting treatment for certain costs incurred/ to be incurred for these assets.


2. The Company has filed appeals with the Competition Appellate Tribunal (“COMPAT") against two orders of the Competition Commission of India ("CCI") dated 31/08/2016 and 19/01/2017 respectively, and as per the directions of COMPAT, deposited INR 1175.500 Million, being 10% of the penalty imposed by CCI under its order dated 31/08/2016. COMPAT has granted a stay on both the CCI orders. Hearing has since begun in the matters. The Company, backed by legal opinion, believes that it has a good case and accordingly no provision has been made in the accounts.


The Government has made changes in the constitution and operations of Tribunals, under which all matters with COMPAT have been transferred to the National Company Law Appellate Tribunal.


3. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 18/01/2018.


4. Effective 01/07/2017, sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which formed part of expenses. Hence, revenue from operations for the three months and nine months ended 31/12/2017 are not comparable with previous period corresponding figures.


5. Other income includes reversal of earlier years provision of INR 1037.900 Million related to contribution towards District Mineral Fund (DMF) under the Mines and Mineral (Development and Regulation) Amendment Act 2015, on the basis of Supreme Court Judgment dated 13/10/2017.


6. During the quarter, the Company has allotted 18,126 equity shares of INR 10/- each to the option grantees pursuant to the exercise of options and restricted stock units under the Company's Employees Stock Option Scheme - 2006 and Employees Stock Option Scheme - 2013. As a result of such allotment, the paid-up equity share capital of the Company Increased from 274,533,795 equity shares of INR 10/- each to 274,551,921 equity shares of INR 10/- each.


7. The Company is exclusively engaged in the business of cement and cement related products.


8. The figures for the previous periods have been regrouped wherever necessary.

 

 

CONTINGENT LIABILITIES:

 

(a) Claims against the Company not acknowledged as debt:

 

Particulars

31.03.2017

(INR In Million)

31.03.2016

(INR In Million)

Sales-tax / VAT Matters

3433.800

3164.600

Excise Duty and Service Tax Matters

10061.700

8780.600

Royalty on Limestone/ Marl / Shale

2015.400

3141.000

Customs

1684.400

1256.900

Others

5310.800

5143.300

 

(b) The Company, has filed an appeal with Competition Appellate Tribunal (“COMPAT”) against two orders of the Competition Commission of India (“CCI”) dated August 31, 2016 & January 19, 2017 respectively and as per the directions of COMPAT, has deposited INR 1175.500 Million, being 10% of the penalty imposed by CCI under its order dated August 31, 2016. COMPAT has since granted a stay on both the CCI orders. The Company, backed by a legal opinion, believes that it has a good case and accordingly no provision has been made in the accounts.

 

FIXED ASSETS:

 

Tangible Assets

 

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Railway Sidings

·         Plant and Equipment

·         Office Equipment

·         Furniture and Fixtures

·         Vehicles

 

 

PRESS RELEASE:

 

HOW ULTRATECH CEMENT IS PLANNING TO REDUCE ITS DEBT

 

Mar 26 2018

Mumbai: India’s largest cement maker, UltraTech Cement Ltd, aims to aggressively cut its debt over the next two years to help prepare for more acquisitions.

UltraTech, controlled by billionaire Kumar Mangalam Birla, plans to prepay some loans through its internal cash accruals, according to chief financial officer Atul Daga. It targets to cut the ratio of its net debt to earnings before interest, taxes, depreciation and amortization to 1 time by 2020, from 2.3 times currently, Daga said in an interview Thursday in Mumbai.

The company is pushing ahead with further dealmaking, even as it challenges the outcome of Binani Cement Ltd’s sale after being bested by a rival bidder. UltraTech boosted its offer for insolvent Binani Cement to about Rs69 billion ($1.1 billion) after the bidding closed and later approached the National Company Law Tribunal with complaints on the transparency of the auction process.

“It is our pride,” Daga said when asked why UltraTech was contesting the outcome. “Somebody is playing mischief. We will not tolerate that.”

UltraTech is looking to purchase additional capacity in India, where it sees the most demand, according to Daga. It will look at more stressed cement assets being auctioned under India’s new bankruptcy law, as well as other companies that come up for sale, he said. UltraTech needs to maintain its market share in the growing Indian cement sector, Daga said.

‘Big shocker’

Binani Cement creditors earlier this month picked an offer from a consortium led by Dalmia Bharat Ltd, a domestic rival of UltraTech. The Dalmia Bharat bid, which had backing from Bain Capital Credit, was chosen as the best proposal and submitted to the NCLT for approval. UltraTech has since made its latest offer, valued at Rs72.7 billion including working capital commitments, directly to Binani Cement’s parent, conditional on the building material producer being taken out of insolvency proceedings.

Daga said UltraTech had expected to be called for further negotiations after submitting its initial offer. It had kept some money on the table to allow for further increases of its bid, but the resolution professional overseeing the sale made a decision based on the level of the bids that were submitted, he said.

“One fine day, we got an email that you are not the highest bidder,” Daga said. “That was a big shocker for us.”

UltraTech’s proposal may have won if the resolution professional overseeing the sale had not deemed the company less likely to get Indian antitrust approval for a deal, according to Daga. The region where Binani operates has 18 active cement producers and intense price competition, leaving little room for UltraTech to exercise any dominance of the market, he said.

“The whole bidding process was not transparent,” Daga said.

 

ULTRATECH CEMENT COMPLETES ACQUISITION OF CEMENT PLANTS OF JAIPRAKASH ASSOCIATES LIMITED

 

Mumbai, 29th June, 2017

 

The Scheme Implementation Committee of the Board of Directors of UltraTech Cement Limited, an Aditya Birla Group company, at its meeting held today, have made effective the Scheme of Arrangement between UltraTech, Jaiprakash Associates Limited (JAL), Jaypee Cement Corporation Limited (JCCL) and their respective shareholders and creditors, (“Scheme”) for the acquisition of their six integrated cement plants and five grinding units, spread across the states of Himachal Pradesh, Uttar Pradesh, Uttarakhand, Madhya Pradesh, and Andhra Pradesh, with a capacity of 21.2 million tons. Consequently, the acquired cement plants of JAL and JCCL stand transferred to UltraTech.

 

Says Mr. Kumar Mangalam Birla, Chairman, UltraTech – “This move is essentially for geographic market expansion, enabling UltraTech’s entry into the high growth markets of India where it needed greater reinforcement. The operations will be strengthened by the process and technological upgradation and also by enhancement in capacity utilization. Creating synergies in manufacturing, distribution and logistics offer many advantages. Furthermore, economies of scale and reduced lead-time to markets, will be achieved. These will enhance competitiveness, benefit consumers, and, in turn, create value for all our stakeholders”.

 

This transaction valued at INR 161890.000 Million ($ 2.5 bn) is the largest deal to be concluded so far, involving a major financial restructuring program, conducted by the ICICI led consortium of lenders to JAL. Alongside, SBI and Axis Bank actively supported this program.

 

After the acquisition, UltraTech has 18 Integrated Plants, 1 clinkerisation unit, 25 Grinding Units and 7 bulk terminals, augmenting its Grey Cement manufacturing capacity to 93 mtpa. With this UltraTech becomes the 4th largest cement player globally (excluding the Chinese players) and the largest player in India by an even larger margin.

 

The expanse of its presence in the country gives UltraTech the strategic ability to support and participate in the economic growth agenda of the Government of India

 

 

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 records 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

INR

US Dollar

1

INR 65.04

UK Pound

1

INR 92.28

Euro

1

INR 80.62

 

 

INFORMATION DETAILS

 

Information Gathered by :

PUJ

 

 

Analysis Done by :

NIS

 

 

Report Prepared by :

IND

 

 

SCORE FACTORS

 

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

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.