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15Introduction
16Scope of this report
17Income statement
18Acc’s:-
19Report card
20UltraTech Cement Ltd
21Report card
22Annual results in brief
23Balance sheet
24Profit loss account
25Cash flow
26Dividend
27Capital Structure
28Ratios
29Comparison of both cement companies
India Cement Report
Introduction:-
India is the second largest producer of cement in the world behind
China (1.06 billion tones) and the Indian cement industry
contributes approximately 6% of the overall global production.
This position has been achieved because of India’s sustained
growth at an average rate of 8.1% per year between 1981 and
2004-05. The booming demand for cement, both in India and
abroad, has attracted global majors to India. Within a short span of
2005-06, four of the top-5 cement companies in the world have
entered India through mergers, acquisitions, joint ventures or
Greenfield projects.
ACC’s:-
ACC Limited is an India-based company whose operations
predominantly relate to the manufacture of cement. The Company
caters mainly to the needs of the domestic market. During the year
ended December 31, 2007, the production and sale of cement
totaled 19.92 million tons and 19.97 million tons respectively. In
2007, its clinkering capacity and cement grinding capacity crossed
14 million tons and 22 million tons, respectively. Effective January
1, 2008, the Company hived off its ready mixed concrete business
to a subsidiary, ACC Concrete Limited. In 2007, the Company
acquired Lucky Minmat Private Limited, which holds lime stone
mines in the Sikar District of Rajasthan. In 2007, ACC Limited
divested its entire stake in its engineering subsidiary, ACC Nihon
Castings Ltd.
EPS Rs.19.70
Report card
Mar '04 Mar '05 Dec '05 Dec '06 Dec '07
Income
Expenditure
Raw Materials 1,210.32 1,511.25 1,078.84 1,513.55 1,843.65
Mar '04 Mar '05 Dec '05 Dec '06 Dec '07
Mar '04 Mar '05 Dec '05 Dec '06 Dec '07
Sources Of Funds
177.40
178.74
184.72
187.48
187.83
Equity Share Capital
177.40
178.74
184.72
187.48
187.83
0.54
0.49
0.82
0.28
0.10
0.00
0.00
0.00
0.00
0.00
Reserves
1,175.79
1,418.45
1,951.21
2,955.16
3,964.78
Revaluation Reserves
0.00
0.00
0.00
0.00
0.00
Networth
1,353.73
1,597.68
2,136.75
3,142.92
4,152.71
Secured Loans
1,040.13
1,141.07
950.12
720.96
266.03
Unsecured Loans
287.11
266.66
121.30
50.20
40.38
Total Debt
1,327.24
1,407.73
1,071.42
771.16
306.41
Total Liabilities
2,680.97
3,005.41
3,208.17
3,914.08
4,459.12
Mar '04
Mar '05
Dec '05
Dec '06
Dec '07
12 mths
12 mths
9 mths
12 mths
12 mths
Application Of Funds
Gross Block
3,789.75
4,074.86
4,628.64
4,816.25
5,464.07
1,414.14
1,565.69
1,722.29
1,893.76
2,149.35
Net Block
2,375.61
2,509.17
2,906.35
2,922.49
3,314.72
Capital Work in Progress
116.10
388.24
290.95
558.42
649.19
Investments
375.74
326.69
333.80
543.09
844.81
Inventories
378.01
542.38
600.95
624.13
730.86
Sundry Debtors
182.37
190.54
199.17
213.96
289.29
35.17
54.94
100.60
152.98
78.87
Total Current Assets
595.55
787.86
900.72
991.07
1,099.02
435.21
443.33
533.54
569.21
544.31
Fixed Deposits
4.34
2.38
2.19
467.19
664.61
1,035.10
1,233.57
1,436.45
2,027.47
2,307.94
Deferred Credit
0.00
0.00
0.00
0.00
0.00
Current Liabilities
1,086.39
1,224.51
1,449.02
1,596.50
1,991.27
Provisions
170.11
248.46
316.77
541.83
666.27
1,256.50
1,472.97
1,765.79
2,138.33
2,657.54
-221.40
-239.40
-329.34
-110.86
-349.60
Miscellaneous Expenses
34.92
20.71
6.41
0.94
0.00
Total Assets
2,680.97
3,005.41
3,208.17
3,914.08
4,459.12
Contingent Liabilities
157.86
144.16
282.42
341.56
890.62
76.37
89.46
115.76
167.81
221.33
Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04
Excise - - - - -
Expenses capitalised - - - - -
Balance sheet
Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04 Mar ' 03
Sources of funds
Owner's fund
Loan funds
Uses of funds
Fixed assets
Current assets, loans & advances 972.13 781.95 850.78 745.21 1.98
Less : current liabilities & provisions 1,327.40 1,142.44 1,034.14 1,121.25 0.21
Notes:
Number of equity shares outstanding (Lacs) 1244.86 1243.99 1243.99 1243.99 300.00
Profit loss account
Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04
Income:
Expenses
Expenses capitalized - - - -
Preference dividend - - - -
Cash flow
Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04 Mar ' 03
Net cash used in investing activity -1,046.25 -357.24 -87.18 -163.04 -0.09
Net inc/dec in cash and equivalent 27.99 3.37 14.43 41.80 -0.02
Cash and equivalent begin of year 61.60 58.23 41.83 0.03 0.05
Cash and equivalent end of year 89.59 61.60 56.26 41.83 0.03
Dividend
2008 Apr 50
2007 Mar 40
2006 Jul 18
2005 Apr 8
004 Sep 5
Capital Structure
Authorized Paid Up Shares Paid Up Face
From Year To Year Class Of Share Issued Capital Paid Up Capital
Capital (Nos) Value
Ratios
Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04 Mar ' 03
Book value (excl rev res) per share (Rs) 141.69 83.46 85.78 85.16 0.99
Book value (incl rev res) per share (Rs.) 141.69 83.46 85.78 85.16 0.99
Net operating income per share (Rs) 394.35 265.23 215.52 182.01 -
Free reserves per share (Rs) 116.03 60.27 63.37 62.75 -0.01
Profitability ratios
Leverage ratios
Liquidity ratios
Payout ratios
Material
cost
Cash earnings retention ratio 94.35 94.25 component 17.74 23.42 23.49 20.93
(%
earnings)
Coverage ratios
Adjusted cash flow time total debt 1.57 3.36 5.08 6.84 -
Long term assets / total Assets 0.79 0.78 0.76 0.79 0.37
05 06 07 08
Tech
COMPA 04 04 05 05 06 06 07 07 08 08
NY Debt
Equit Debt Equit Debt Equit Equit Debt Equit Debt
y y y y y
Acc’s 1353.7 1327.2 1597.6 1407.7 2136.7 1071.4 3142.9 771.16 4152.7 306.47
3 4 8 3 3 2 2 1
Ultra tech 950.14 1554.0 942.73 1531.8 913.78 1451.8 1639.2 1578.6 1740.2 1698.6
8 3 3 9 3 4 3