ambuja cements ltd one stop report

OneSource One-Stop Report

Ambuja Cements Ltd.

17 February 2012

Ambuja Cements Ltd.

122, Maker Chambers III Nariman Point Mumbai, 400 021 India Tel: 91-22-66597300 Fax: 91-22-22846270 www.ambujacement.com

Employees: 4,412 Company Type: Public Subsidiary Corporate Family: 651 Companies

Ultimate Parent: Holcim Ltd Traded: National Stock

Exchange of India:

AMBUJACEM

Incorporation Date: 1986

Auditor: S.R. BATLIBOI & ASSOCIATES

Financials in: USD (mil)

Fiscal Year End: 31-Dec-2010 Reporting Currency: Indian Rupee Annual Sales: 1,670.4 1 Net Income: 276.2 Total Assets: 2,322.5 2 Market Value: 5,397.3

(03-Feb-2012)

Business Description

Ambuja Cements Ltd (ACL) is a cement manufacturing company in India. The Company has one business segment Cement as primary segment. During the year ended December 31, 2010, its cement capacity was about 25 million tons. The Company has five integrated cement manufacturing plants and eight cement grinding units. During 2010, ACL had subsidiaries, including Kakinada Cements Limited, M.G.T Cements (Private) Limited and Chemical Limes Mundwa (Private) Limited. During 2010, commercial production commenced at two new 2.2 million ton clinker production lines, at Bhatapara (Chattisgarh) and Rauri (Himachal Pradesh), as well as two new 1.5 million ton cement grinding facilities, at Dadri (Uttar Pradesh) and Nalagarh (Himachal Pradesh). In addition, a 33 megawatt captive power unit was commissioned at Bhatapara. In June 2011, the Company acquired Dang Cement Industries Pvt. Ltd. In September 20111, it acquired 60% interest in Dirk India Pvt. Ltd. For the fiscal year ended 31 December 2010, Ambuja Cements Ltd.'s revenues increased 4% to RS76.38B. Net income increased 4% to RS12.63B. Results reflects an increase in income from operation and higher other operating income. Ambuja Cements Ltd, formerly Gujarat Ambuja Cements Ltd, is a cement company. The company operates through cement and other segment. Others segment comprises Construction, Hotel and Finance Activity.Source: Reuters

Industry

Industry Construction - Raw Materials ANZSIC 2006: 2031 - Cement and Lime Manufacturing NACE 2002: 2651 - Manufacture of cement NAICS 2002: 32731 - Cement Manufacturing UK SIC 2003: 2651 - Manufacture of cement US SIC 1987: 3241 - Cement, Hydraulic

Key Executives

Name Title SourceDavid Atkinson Chief Financial Officer ReutersB. L. Taparia Compliance Officer, Company Secretary, Head - Corporate Services ReutersAjay A. Kapur Business Head - West, South ReutersN. P. Ghuwalewala Co-Executive Director infoUSA

Shakti Arora Central Purchase Officer Graham & Whiteside

Significant Developments

Topic #* Most Recent Headline Date

Mergers & Acquisitions 3 Ambuja Cements Ltd. Announces Acquisition Of Controlling Stake In Dirk India Pvt. Ltd. 14-Sep-2011

Expansion / New Markets / New Units 1 India Environment Panel Gives OK For Ambuja Cements Ltd.'s INR15

Billion Cement Plant-DJ 13-Apr-2011

Dividends 3 Ambuja Cements Ltd. Recommends Final Dividend 9-Feb-2012

* number of significant developments within the last 12 months

OneSource One-Stop Reports for Ambuja Cements Ltd.

News

Title DateAmbuja Cements, ACC fail to impress Mint (384 Words) 10-Feb-2012

Markets likely to start on a cautious note on subdued global cues Accord Fintech (India) (1138 Words) 10-Feb-2012

Ambuja Cements Q4 net profit up 17 pc to Rs 302 cr Press Trust of India (337 Words) 9-Feb-2012

Cognizant guidance could boost IT stocks Mint (512 Words) 9-Feb-2012

Announces Q4 & FY 11 Results & Results Press Release for the quarter ended on Dec 31, 2011 Accord Fintech (India) (267 Words) 9-Feb-2012

Financial Summary

As of 31-Dec-2006

Key Ratios Company IndustryNet Profit Margin (TTM) %

28.59 -1.38

Source: Reuters

Stock Snapshot

Traded: National Stock Exchange of India: AMBUJACEM As of 3-Feb-2012 Financials in: INR

Recent Price 172.50 EPS 8.0752 Week High 173.20 Price/Sales 3.4752 Week Low 111.60 Dividend Rate 2.80Avg. Volume (mil) 1.94 Price/Earnings 15.23Market Value (mil) 264,815.70 Price/Book 3.60

Beta 0.80

Price % Change Rel S&P 500%4 Week 12.23% 1.15%13 Week 7.01% 6.75%52 Week 37.78% 44.39%Year to Date 11.04% -2.52%

Source: Reuters

1 - Profit & Loss Item Exchange Rate: USD 1 = INR 45.72441 2 - Balance Sheet Item Exchange Rate: USD 1 = INR 44.715

Key IDSM Number: 177022

© 1983-2012 Reuters Research Inc. All Rights Reserved.© Copyright 2012, infoUSA. All Rights Reserved.Copyright © 2012 Graham & Whiteside Limited

© 2012 GlobalData. All Rights Reserved.


Published by OneSource Information Services, Inc., 2012


Ambuja Cements Ltd. Corporate Overview

Location 122, Maker Chambers III Nariman Point Mumbai, 400 021 India

Tel: 91-22-66597300Fax: 91-22-22846270www.ambujacement.com

Quote Symbol - ExchangeAMBUJACEM - National Stock Exchange of

IndiaSales INR(mil): 76,377.8Assets INR(mil): 103,850.4Employees: 4,412Fiscal Year End: 31-Dec-2010

KeyIDSM: 177022Industry: Construction - Raw Materials

Incorporation Date: 1986Company Type: Public SubsidiaryQuoted Status: Quoted

Previous Name: Gujarat Ambuja Cements Ltd

Managing Director, WholeTime Director:

Onne Vander van der Weijde

Company Web LinksCompany Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

ContentsIndustry Codes


Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:2033 - Ready-Mixed Concrete Manufacturing

2031 - Cement and Lime Manufacturing

NACE 2002 Codes:2651 - Manufacture of cement

2663 - Manufacture of ready-mixed concrete

NAICS 2002 Codes:327320 - Ready-Mix Concrete Manufacturing

32731 - Cement Manufacturing

US SIC 1987:3273 - Ready-Mixed Concrete

3241 - Cement, Hydraulic

UK SIC 2003:2651 - Manufacture of cement

2663 - Manufacture of ready-mixed concrete


Ambuja Cements Ltd (ACL) is a cement manufacturing company in India. The Company has one business segment Cement as primary segment. During the year ended December 31, 2010, its cement capacity was about 25 million tons. The Company has five integrated cement manufacturing plants and eight cement grinding units. During 2010, ACL had subsidiaries, including Kakinada Cements Limited, M.G.T Cements (Private) Limited and Chemical Limes Mundwa (Private) Limited. During 2010, commercial production commenced at two new 2.2 million ton clinker production lines, at Bhatapara (Chattisgarh) and Rauri (Himachal Pradesh), as well as two new 1.5 million ton cement grinding facilities, at Dadri (Uttar Pradesh) and Nalagarh (Himachal Pradesh). In addition, a 33 megawatt captive power unit was commissioned at Bhatapara. In June 2011, the Company acquired Dang Cement Industries Pvt. Ltd. In September 20111, it acquired 60% interest in Dirk India Pvt. Ltd. For the fiscal year ended 31 December 2010, Ambuja Cements Ltd.'s revenues increased 4% to RS76.38B. Net income increased 4% to RS12.63B. Results reflects an increase in income from operation and higher other operating income. Ambuja Cements Ltd, formerly Gujarat Ambuja Cements Ltd, is a cement company. The company operates through cement and other segment. Others segment comprises Construction, Hotel and Finance Activity.

Source: Reuters


More Business Descriptions

Ambuja Cements Limited is an Indian based company and is principally engaged in the manufacture and distribution of cement and clinker in India. The company principally sells its products in India and also exports its products in international markets. The operations of the company include 5 cement plants, 8 grinding stations and 3 bulk cement terminals. The company’s plants are located in Gujarat, Himachal Pradesh, Rajasthan, Chhattisgarh, and Maharashtra. The company has production capacity of 25 million tones of cement and produced 20.01 million tones of cement in 2010. The company has one reportable segment, Cement Segment. On the basis of geography, the company's operation can be classified into within India and outside India. The within India segment contributed 97.57% and outside India segment contributed 2.43% to the company’s sales in 2009. The cement plants of the company are located in Junagadh, Gujarat; Solan, Himachal Pradesh; Chandrapur, Maharashtra; Pali, Rajasthan; and Raipur, Chhattisgarh. Its grinding stations are located in Roopnagar and Bathinda, Punjab; Howrah and Murshidabad, West Bengal; Surat, Gujarat; and Haridwar, Uttaranchal. The cement terminals are located in Junagadh, Gujarat; Surat, Gujarat; Raigad, Maharashtra and Cochin, Kerala.The company has three subsidiaries including, Kakinada Cements Ltd., Chemical Limes Mundwa Pvt. Ltd., and M.G.T. Cements Pvt. Ltd.Source: Global Data Ambuja Cements Limited is principally engaged in the manufacture and distribution of cement in India. The product portfolio of the company includes cement and clinker. The company markets its products in India and International markets. The operations of the company include 5 cement plants, 8 grinding stations and 3 bulk cement terminals. The company’s plants are located in Gujarat, Himachal Pradesh, Rajasthan, Chhattisgarh, and Maharashtra. The company has production capacity of 25 million tones of cement and produced 20.00 million tones of cement in 2010. The company is headquartered at Mumbai, Maharashtra in India.The company reported revenues of (Rupee) INR 76,377.80 million during the fiscal year ended December 2010, an increase of 4.16% over 2009. The operating profit of the company was INR 16,612.30 million during the fiscal year 2010, a decrease of 7.80% from 2009. The net profit of the company was INR 12,629.70 million during the fiscal year 2010, an increase of 3.79% over 2009.Source: Global Data Production and distribution of Portland cement.Source: Graham & Whiteside Cement Manufacturing Source: infoUSA

Financial Data

Financials in: INR(mil)

Revenue: 76,377.8

Net Income: 12,629.7

Assets: 103,850.4

Long Term Debt: 565.0

Total Liabilities: 30,584.9

Working Capital: 4.2

Date of Financial Data: 31-Dec-2010

1 Year Growth4.2%

3.8%

16.8%

Market Data

Quote Symbol: AMBUJACEM

Exchange: National Stock Exchange of India

Currency: INR

Stock Price: 172.5

Stock Price Date: 02-03-2012

52 Week Price Change %: 37.8

Market Value (mil): 264,815,696.0

SEDOL: B09QQ11

ISIN: INE079A01024

Equity and Dept Distribution:04/2007, Company name changed from Gujarat Ambuja Cements Limited.

Subsidiaries

Company Percentage Owned CountryMGT Cements (Private) Ltd 100% INDIA

Chemical Limes Mundwa (Private) Limited 100% INDIA


Kakinada Cements Limited 100% INDIA

Shareholders

Major ShareholdersHolcim Group (Switzerland) (45.6%)

Key Corporate Relationships

Auditor: S.R. BATLIBOI & ASSOCIATES

Bank: Bank of Baroda, Bank of India, HSBC, Standard Chartered Grindlays Bank, Dena Bank

Auditor: S.R. BATLIBOI & ASSOCIATES, S R Batliboi & Associates

© 1983-2012 Reuters Research Inc. All Rights Reserved.

Copyright © 2012 Graham & Whiteside Limited

© 2012 GlobalData. All Rights Reserved.

© Copyright 2012, infoUSA. All Rights Reserved.


Ambuja Cements Limited (Ambuja) is one of the leading cement producers in India. It is engaged in the production of cement and clinker. The company's enjoys a market leading position in the industry. Its strong dealer network enables the company to strengthen its position in its core rural and semi-urban markets. However, the company's inability to control its cost has affected its profitability. Ambuja is likely to benefit from its expansion projects and the growing cement industry in India. However, intense competition in the indsutry and increasing governemnt intervention in the cement industry could affect the company's growth prospects.

Ambuja registered a current ratio of 1.3 in 2010 as against a current ratio of 1.1 in 2009. In addition, the company's quick and cash ratios also improved from 0.7 and 0.5 in 2009 to 0.9 and 0.7 in 2010 respectively. The company's improved liquidity position can be attributed to an increase in its cash position, which improved from INR1168.6m in 2009 to INR1985.1m in 2010. Ambuja's total current assets improved from INR19793.3m in 2009 to INR31353.2m in 2010, an increase of 58.4%. Its total current liabilities increased from INR17437.2m in 2009 to INR24056.2m in 2010, an increase of 38%. As a result, the company's working capital improved from INR2356.1m in 2009 to INR7297m in 2010, an improvement of 208%. Improved liquidity position helps the company in carrying out its expansion activities.

Ambuja enjoys a leading market position that helps it attract and serve a diverse customer base. Besides being the most profitable cement company in India, it is also one of the world’s lowest cost producers of cement. The company has grown significantly in the last decade. With a total cement capacity of 25 million tonnes, Ambuja operates some of the world’s most efficient plants. Its focus on environmental protection is at par with some of the best in the industry. The pollution levels at all its cement plants are lower than the rigorous Swiss standards of 100 mg/NM3. Recognizing its environmentally friendly work practices, the company’s original plant at Ambujanagar was awarded the highest quality award, the 'National Award for Environmental Excellence in the Indian Cement Industry' for 2008-09 by the National Council for Cement and Building Materials. It was also the first to be accredited with the ISO 9002 quality certification. This leading market position helps the company reduce the risks associated with the cyclical nature of most of these markets and gives it an advantage over its rivals while expanding its product lines.

Ambuja has formed a strong dealer network, spread all over India, which gives it an edge over its competitors. The company has formed a large network of more than 7,500 dealers and 20,000 retailers across 18 states in India. It follows a unique model of channel management, which is based on trust and relationships. This strong bond between the company and its dealer network has enabled it in maintaining its market position in the face of severe competition. Ambuja enjoys a market share of 16.5% in its primary markets, and around 10% on an all-India basis. It has built a network of port, bulk terminals, and bulk cement ships on the West coast, which has giveb the company a strong market position in Mumbai, Surat, and now Cochin. Such wide reach and penetration gives the company a strong position in its core rural and semi-urban markets.

Ambuja Cements Ltd.

Strengths/Weaknesses (SWOT)

Helpful to achieving the objective

Harmful to achieving the objective

Internal Origin (attributes of the organization)

Strengths

● Improved Liquidity Position ● Market Leading Position ● Strong Dealer Network

Weaknesses

● Weak Profitability Indicators ● Cost Control

External Origin (attributes of the environment)

Opportunities

● Expansion Projects ● PFI and PPP Initiatives ● Markets with Growth Potential ● Growing Indian Cement

Industry

Threats

● Government Intervention in Cement Industry

● Increasing Competitive Pressures

Overview

Strengths

Improved Liquidity Position

Market Leading Position

Strong Dealer Network

Weaknesses


The company reported an increase in its operating expenses, which improved from INR55309.1m in 2009 to INR59765.5m in 2010. Its operating income declined from INR18017.7m in 2009 to INR16612.3m in 2010. As a result its operating margin came down from 24.5% in 2009 to 21.8% in 2010. In fiscal ended December, 2010, the company reported a decline in its profitability ratios such as return on equity, return on capital employed, return on assets, return on fixed assets and return on working capital, which deteriorated from 18.8%, 25.2%, 13.7%, 26.1% and 764.7% in 2009 to 17.2%, 20.8%, 12.2%, 22.9% and 227.7% respectively in 2010. Deteriorating profitability ratios indicate that the company has been underperforming and is not in a position to deliver the value as expected by its shareholders.

The company's operating costs as a percentage of its sales increased from 75.4% in 2009 to 78.3% in the fiscal year ended December, 2010. Its administration costs as a percentage of its sales reported a sharp increase from 25.7% in 2009 to 66.9% in 2010. The company's selling, general, and administrative expenses went up from INR18874.2m in 2009 to INR51068.8m in 2010, an increase of 170.6%. This shows that the increase in the company's operating costs surpassed the increase in its revenue, which grew by 4.4% during the fiscal 2010. The company’s inability to control its cost has affected its profitability.

The company's expansion projects offer it new opportunties for increasing its production. The company started commercial production at its two new 2.2 million tons clinker production lines at Bhatapara (Chattisgarh) and Rauri (HP). It also started production at two new new 1.5 million tons cement grinding facilities, at Dadri (UP) and Nalagarh (HP). The company also commissioned a 33 MW captive power unit at Bhatapara. Such projetcs strengthen the company's position in the northern and eastern markets. Ambuja also commissioned an additional 30 MW captive power unit at Ambujanagar (Gujarat), which takes its total captive power capacity to more than 400 MW. It is also involved in a wind power project, which is the first investment of the company in the field of renewable energy sources. Relating to the logistics, the company procured one of the three new ships for western coastal transportation in 2010. The remaining two will be delivered during 2011. The company has cement grinding capacity additions totalling around 2 million tons under construction at the Bhatapara (CG) and Maratha (MH) units. After completion of these projects, the company's total installed cement capacity will increase to approximately 27 million tons. Besides, the company also signed an agreement with the Rajasthan State Industrial Development and Investment Corporation for setting up a 2.2 million tons clinkerisation unit in Nagaur district. This project will help the company in maintaining its market share at around 10%.

Ambuja can benefit from the various PFI (Private Finance Initiatives) and PPP (Public Private Partnerships) projects being undertaken. Many countries across Europe are taking up PFI and PPP initiatives to improve their infrastructure by announcing stimulus packages in an effort to revive their economy and boost demand. These packages are inclusive of investment in infrastructure (roads, bridges, airports, and railroads), renewable energy, electric transmission, water and transportation. Increased attention regarding quality and efficiency of infrastructure has led to the formation of PPP across the globe. Continuation of this trend will lead to an increase in demand for cement in these areas.

The increasing demand for cement in India and China is likely to offer the company immense potential for growth in the future. India is the world’s second largest producer of cement after China, with an industry capacity of over 200 million tons. The Indian government plans to undertake various infrastructure projects and as a result growth in the cement consumption is anticipated in the coming years. China along with the United Arab Emirates, Poland, Vietnam and Egypt are fast growing construction markets. It is estimated that by 2013, China and Eastern Europe could consume 42.9, 31.4, and 22.5 million tons of cement, respectively. Although the company has an established presence in India, it can leverage its leading market position and brand recognition to establish market leadership in most of these markets.

Ambuja can capitalize on the growing market opportunities in the Indian Cement industry to sustain its leadership position. With the government of India providing increased budgetary allocation for various infrastructure projects, roads under National Highways Development Project (NHDP), and housing facilities, it is estimated by the Minister of State, Ministry of Commerce and Industry that the cement production capacities will increase from 231 metric tons (September 2009) to 262.61 metric tons at the end of fiscal year 2012. According to the ICRA Industry Monitor, the total installed capacity was expected to increase to 241 MTPA by the end of fiscal year 2010. The domestic cement demand has grown at a CAGR of 9.3% during 2006-2010. During the fiscal 2010, the domestic demand for cement grew at a rate of 6%. The demand for cement in the Northern India has grown at a CAGR of 8.5%. The company holds a substantial market presence in states such as Punjab, Himachal Pradesh and Jammu & Kashmir. In the East region, the demand for cement grew at a CAGR of 10.1% during 2006-2010. In the West/South region, cement demand grew at a CAGR of 9.7% in the last five years. In 2010, the demand grew at 9.9% in this region. This growing demand for cement in the country will offer the company an opprtunity to increase its revenue by increasing its production.

Weak Profitability Indicators

Cost Control

Opportunities

Expansion Projects

PFI and PPP Initiatives

Markets with Growth Potential

Growing Indian Cement Industry


Government intervention in cement sector in India poses challenges for the company. The Government’s continuing efforts to rein in cement prices by freeing imports and banning exports could artificially disable the normal market price mechanisms for determining the price. This reduces the margins for cement companies as prices are restricted from following market norms. When the demand comes down and prices fall, companies need to fend for themselves. As a result, they do not have the buffer to reap profits during the period of high demand. Considering the cyclical nature of the construction industry, Government interventions such as these will deprive profits that would have acted as a great cushion during the demand contraction period.

The construction industry is highly competitive. Ambuja faces stiff competition from many big companies in the local markets, as well as internationally. The Indian cement industry is highly consolidated, with about 20 companies accounting for as much as 70% of the total cement production in India. The ongoing M&A activities in the Indian cement industry is a matter of growing concern for the company, as its competitors may gain competitive advantage in terms of production scale and business operations. Besides, some of the major players in the Indian construction industry, such as Reliance Cementation, Jaiprakash Associates Ltd, Dalmia Cement and Reliance Infrastructure are planning to make huge investments to complement their existing production capabilities. For instance, Jaiprakash Associates Ltd plans to invest $973.07m to increase its cement manufacturing capacity from 20 MTPA to 33 MTPA by 2012 and Dalmia Cement is investing more than $652.6m to further improve its production capabilities by 10 MT over the next 2-3 years. Besides, Reliance Infrastructure plans to invest $2.1 billion to establish cement plants with a total capacity of 20 MTPA over the next five years. The highly competitive market can adversely affect the company’s revenue growth and earnings, if it fails to retain and attract clients and customers. In case of a price war, the company may be forced to reduce operating costs and close down many facilities.

Threats

Government Intervention in Cement Industry

Increasing Competitive Pressures

© 2012 GlobalData. All Rights Reserved. Published by OneSource Information Services, Inc., Feb. 2012


Corporate Family Corporate Structure News: Holcim Ltd

Ambuja Cements Ltd.

Ambuja Cements Ltd. Total Corporate Family Members: 651

Excluded Small Branches and/or Trading Addresses: 245 (Available via export)

Company Name Company Type

Location Country Industry Sales (USD mil)

Employees Source

Holcim Ltd Parent Jona Switzerland Construction - Raw Materials

20,767.1 82,432 RT

ACC Limited Subsidiary Mumbai India Construction - Raw Materials

1,885.1 9,557 RT

Acc Machinery Co Ltd Subsidiary Nagpur, Maharashtra

India Miscellaneous Capital Goods

499 ACP

Bulk Cement Corporation (India) limited

Subsidiary Maharashtra India Construction - Raw Materials

GW

Aggregate Industries UK Ltd. Subsidiary Markfield United Kingdom

Construction - Raw Materials

1,661.3 4,549 EXP

Foster Yeoman Ltd. Subsidiary Purfleet United Kingdom


384 EXP

Foster Yeoman Contracting Ltd.

Subsidiary Gravesend United Kingdom

Construction Services

35 RM

Alan C Bennett & Sons Ltd. Subsidiary Markfield United Kingdom

Water Transportation

2.2 10 EXP

Foster Yeoman Jetties Ltd. Subsidiary Markfield United Kingdom


0.0 EXP

Spade Oak Group Ltd. Subsidiary High Wycombe United Kingdom

Nonclassifiable Industries

RM

Spade Oak Construction Co. Ltd.

Subsidiary High Wycombe United Kingdom

Business Services

49.6 135 EXP

Spade Oak Duracourt Ltd.

Subsidiary High Wycombe United Kingdom


RM

Foster Yeoman (Dulcote) Ltd. Subsidiary Markfield United Kingdom


RM

Yeoman (Morvern) Ltd. Subsidiary Oban United Kingdom


RM

Capital Asphalt Ltd. Subsidiary Markfield United Kingdom


RM

Morvern Shipping Agency Ltd.

Subsidiary Markfield United Kingdom


RM

Foster Yeoman Recycling Ltd. Subsidiary Markfield United Kingdom


RM

Kennedy Asphalt Ltd. Subsidiary Manchester United Kingdom


100 RM

Aggregate Industries South West Ltd.

Subsidiary Bodmin United Kingdom


38.9 66 RM

London Concrete Ltd. Subsidiary Brentford United Kingdom


94.4 61 EXP

Brooke Concrete Products Ltd. Subsidiary Sheffield United Kingdom


30 RM

Bardon Contracting Subsidiary St Neots United Kingdom


30 ML

G. Skinner & Sons Ltd. Subsidiary Markfield United Kingdom


30 RM

Bayford Tarmacadam Ltd.



RM

Skinners Foundation Products Ltd.

Subsidiary Hertford United Kingdom


30 RM

Brown And Potter Ltd. Subsidiary Ripon United Kingdom


20 RM

Brown And Potter (Readymix) Ltd.



RM

Quarrypak Ltd. Subsidiary Matlock United Kingdom


18 RM


Bardon Aggregates Ltd. Subsidiary Newton Abbot United Kingdom


14 RM

Sparkes Bros, Ltd. Subsidiary Markfield United Kingdom


RM

Aggregate Supplies Ltd. Subsidiary Burton-On-Trent United Kingdom

Miscellaneous Capital Goods

12 RM

Aggs Uk Ltd. Subsidiary Markfield United Kingdom


2 RM

Aggregate Supplies (Southern) Ltd.



RM

Witherley Services Ltd. Subsidiary Kettering United Kingdom

Personal Services

10 RM

Hartigan Trading Ltd. Subsidiary Newport Pagnell United Kingdom


7 RM

Mid Essex (Asphalt) Ltd. Subsidiary Chelmsford United Kingdom


5 RM

Roller Compacted Concrete Co. Ltd.

Subsidiary Bourne United Kingdom


3 RM

Sheerness Aggregates Ltd. Subsidiary Sheerness United Kingdom


1.4 2 EXP

Ejs Landscape Supplies Ltd. Subsidiary Markfield United Kingdom

Investment Services

0.4 2 EXP

Aggregate Carriers Ltd. Subsidiary Markfield United Kingdom

Water Transportation

1.1 RM

Reputation Ready-Mix Ltd. Subsidiary Markfield United Kingdom

Business Services

0.7 EXP

Peterborough Quarries, Ltd. Subsidiary Markfield United Kingdom


RM

Sure-Mix Ltd. Subsidiary Stoke On Trent United Kingdom


RM

London Minimix Ltd. Subsidiary Markfield United Kingdom


RM

Carbon Zero Consulting Ltd Subsidiary Derby United Kingdom


RM

Kernow Concrete Ltd. Subsidiary Markfield United Kingdom


RM

Bardon Esh Recycling Ltd. Subsidiary Markfield United Kingdom

Waste Management Services

RM

J. Tonks (Transport) Ltd. Subsidiary Durham United Kingdom

Waste Management Services

2.7 15 EXP

Ash Solutions Ltd. Subsidiary Markfield United Kingdom

Business Services

RM

Cumbria Concrete Ltd. Subsidiary Markfield United Kingdom


RM

Tendley Concrete Ltd. Subsidiary Markfield United Kingdom


RM

Cotswold Concrete Ltd. Subsidiary Markfield United Kingdom


RM

John Fyfe Ltd. Subsidiary Shotts United Kingdom


RM

Cruden Bay Brick & Tile Co. Ltd.

Subsidiary Shotts United Kingdom


RM

Sutherland Bricks Ltd. Subsidiary Shotts United Kingdom


RM

Natcon Ltd. Subsidiary Shotts United Kingdom


RM

Aggregate Industries (Scotland) Ltd.

Subsidiary Shotts United Kingdom


RM

Evered Bardon Quarry Products Ltd.

Subsidiary Solihull United Kingdom


RM

Bardon Fyfe Natural Stone Ltd.



RM

Paul Hammond (Holdings) Ltd. Subsidiary London United Kingdom


RM

Rail Freight Services Ltd. Subsidiary London United Nonclassifiable 7.4 67 RM


Kingdom IndustriesYeoman Aggregates Ltd. Subsidiary London United

KingdomNonclassifiable Industries

31 RM

Yeoman Transport Ltd. Subsidiary London United Kingdom


1.8 16 RM

Yeoman Bulk Cargoes Ltd. Subsidiary Great Yarmouth United Kingdom


0.4 1 RM

Alexander Property Developments Ltd.



RM

Douglas Concrete Holdings Ltd Subsidiary Markfield United Kingdom


RM

Douglas Concrete Ltd. Subsidiary Burton On Trent United Kingdom


RM

Elite Readymix Ltd. Subsidiary Markfield United Kingdom


RM

Douglas Truck Mixer Services Ltd.


RM

W. J. Ladd (Concrete Products) Ltd.

Subsidiary Redruth United Kingdom


RM

Sitebatch Ltd. Subsidiary Bourne United Kingdom


RM

Sitebatch Technologies Ltd. Subsidiary Bourne United Kingdom


27 RM

Moxon Traffic Management Ltd. Subsidiary Markfield United Kingdom


RM

Three Counties Concrete Ltd. Subsidiary Cannock United Kingdom


RM

Htb Holdings Ltd. Subsidiary Markfield United Kingdom


RM

Bradwell Aggregates Ltd. Subsidiary Markfield United Kingdom


RM

Atlantic Aggregates Ltd. Subsidiary St Austell United Kingdom

Non-Metallic Mining

EXP

London Roadstone Ltd. Subsidiary Brentford United Kingdom


RM

Stone Haul Ltd. Subsidiary Markfield United Kingdom

Non-Metallic Mining

EXP

Concrete Developments Ltd. Subsidiary Birmingham United Kingdom

Commercial Banks

RM

Ely Concrete Products Ltd. Subsidiary Ely United Kingdom


30 RM

Middleproperty Developments Ltd


Commercial Banks

RM

Middleproperty Farms Ltd


Real Estate Operations

RM

Teeside Concrete Products Ltd.

Subsidiary Bedlington United Kingdom


19 RM

Fairford Concrete Ltd. Subsidiary Fairford United Kingdom


15 RM

Melton Concrete Products Ltd Subsidiary Chippenham United Kingdom


RM

Bespoke Precast Ltd. Subsidiary Barnsley United Kingdom


RM

Ashton Concrete Floors Ltd. Subsidiary New Milton United Kingdom


RM

Express Concrete Floors Ltd. Subsidiary Derby United Kingdom


RM

Newark Concrete Floors Ltd. Subsidiary Markfield United Kingdom


RM

Beever Investments Ltd. Subsidiary Markfield United Kingdom


RM

Trafford Concrete Floors Ltd. Subsidiary Markfield United Kingdom


RM

Sw Concrete Products Ltd. Subsidiary Markfield United Kingdom


RM

Dynacrete Ltd. Subsidiary United Construction RM


Kingdom ServicesRebastone Masonry Ltd. Subsidiary Bath United

KingdomConstruction - Supplies and Fixtures

RM

Stoneflair Ltd. Subsidiary Markfield United Kingdom


RM

Pms Concrete Products Ltd. Subsidiary Worcestershire United Kingdom


RM

Paving Developments Ltd. Subsidiary Tenbury Wells United Kingdom


RM

Midpave Ltd. Subsidiary Southampton United Kingdom


RM

Site Services I. W. Ltd. Subsidiary Isle Of Wight United Kingdom


RM

Border Stone Co. Ltd. Subsidiary Markfield United Kingdom


RM

Bardon Surfacing Ltd. Subsidiary Grays United Kingdom


RM

Bln Routecare Ltd. Subsidiary Markfield United Kingdom


RM

Landrec Ltd. Subsidiary Markfield United Kingdom


RM

Ai Mineral Products Ltd. Subsidiary Markfield United Kingdom


RM

Blacktop Ltd. Subsidiary Markfield United Kingdom


RM

Castor Praxis Consulting Ltd. Subsidiary Alcester United Kingdom

RM

Aggregate Industries (England) Ltd.



RM

Peterborough (Roadstone) Ltd.



RM

Ogden Minerals Ltd. Subsidiary Markfield United Kingdom


RM

Ogden Roadstone Ltd. Subsidiary Markfield United Kingdom


RM

Ogden Roadstone (Northern) Ltd.



RM

Camas Uk Ltd. Subsidiary Markfield United Kingdom


RM

Euston Holdings Ltd. Subsidiary Gloucestershire United Kingdom


0.0 RM

Cnl Minerals Ltd. Subsidiary Markfield United Kingdom


RM

Cnl Asphalt Ltd. Subsidiary Markfield United Kingdom

Coal RM

Ivonbrook Quarries Ltd. Subsidiary Markfield United Kingdom


RM

Rowecast Ltd. Subsidiary Middlesbrough United Kingdom


RM

Ejs Concrete Products Ltd. Subsidiary Markfield United Kingdom


RM

Fosseway Business Services Ltd. Subsidiary Markfield United Kingdom

Business Services

RM

Needham And Cullen Road Services Ltd.



RM

Stoneflair Northern Ltd. Subsidiary Markfield United Kingdom


RM

Rand Road Surfacing Ltd. Subsidiary Markfield United Kingdom


RM

Lytag Holdings Ltd. Subsidiary Markfield United Kingdom

Commercial Banks

RM

Lytag Ltd. Subsidiary York United Kingdom


3.0 9 EXP

Bardon Solent Ltd. Subsidiary Markfield United Kingdom


RM


Ambuja Cements Ltd. Subsidiary Mumbai India Construction - Raw Materials

1,670.4 4,412 RT

Ambuja Cements Limited Branch Mumbai India Construction - Raw Materials

1.0 250 IUSA

Ambuja Cement Eastern Ltd Subsidiary Raipur, Raipur India Construction - Supplies and Fixtures

ACP

Holcim Apasco, S.A. de C.V. Subsidiary México DF Mexico Construction - Raw Materials

1,338.7 3,965 GW

Cementos Apasco, S.A. de C.V. Subsidiary México, D.F. Mexico Construction - Raw Materials

2,750 GW

Holcim Australia Subsidiary Chatswood, NSW Australia Construction Services

1,362.2 3,500 INC

Holcim Canada Inc Subsidiary Concord, ON Canada Construction - Raw Materials

1,279.0 3,500 IUSA

Holcim Canada Inc Branch Joliette, QC Canada Construction - Raw Materials

211.1 250 IUSA

Holcim Canada Inc Branch Mississauga, ON Canada Construction - Raw Materials

166.0 200 IUSA

Holcim Canada Inc Branch Longueuil, QC Canada Construction - Raw Materials

120.7 150 IUSA

Demix Beton & Agregats Subsidiary Longueuil, QC Canada Construction - Raw Materials

150 IUSA

Demix Aggregates Branch Vaudreuil-Dorion, QC

Canada Construction Services

17.2 80 IUSA

Demix Beton Branch Laval, QC Canada Construction Services

16.1 40 IUSA

Demix Beton Branch Longueuil, QC Canada Retail (Home Improvement)

12.0 35 IUSA

Demix Béton Branch Québec, QC Canada Construction - Raw Materials

35 IUSA

Demix Beton Branch Saint-Eustache, QC

Canada Retail (Home Improvement)

10.3 30 IUSA

Demix Agregats Branch Laval, QC Canada Retail (Home Improvement)

10.3 30 IUSA

Demix Beton Branch Lasalle, QC Canada Retail (Home Improvement)

10.0 30 IUSA

Demix Agregats Branch Laval, QC Canada Retail (Home Improvement)

9.3 27 IUSA

Demix Agregats Branch Mirabel, QC Canada Retail (Home Improvement)

8.6 25 IUSA

Demix Beton Branch Sherbrooke, QC Canada Retail (Home Improvement)

6.9 20 IUSA

Demix Beton Branch Drummondville, QC

Canada Retail (Home Improvement)

6.9 20 IUSA

Dufferin Construction Co Subsidiary Oakville, ON Canada Construction Services

65 IUSA

TCG Asphalt & Construction Inc

Subsidiary London, ON Canada Construction - Supplies and Fixtures

120 IUSA

Cayuga Asphalt & Construction

Subsidiary Cayuga, ON Canada Construction - Supplies and Fixtures

100 IUSA

Dufferin Construction Branch Hamilton, ON Canada Construction Services

17.9 40 IUSA

Dufferin Concrete Subsidiary Concord, ON Canada Construction - Raw Materials

60 IUSA

Dufferin Concrete Branch Etobicoke, ON Canada Construction Services

11.0 50 IUSA

Dufferin Concrete Branch Toronto, ON Canada Retail (Home Improvement)

13.7 40 IUSA

Dufferin Concrete Branch Scarborough, ON Canada Retail (Home Improvement)

13.3 40 IUSA

Dufferin Concrete Branch Maple, ON Canada Retail (Home Improvement)

7.7 23 IUSA

Dufferin Concrete Branch Bowmanville, ON Canada Retail (Home Improvement)

6.7 20 IUSA


Dufferin Concrete Branch Bradford, ON Canada Retail (Home Improvement)

6.7 20 IUSA

Dufferin Concrete Branch Georgetown, ON Canada Construction Services

4.4 20 IUSA

Dufferin Aggregates Subsidiary Concord, ON Canada Non-Metallic Mining

60 IUSA

Dufferin Aggregates Branch Milton, ON Canada Construction - Raw Materials

50.2 80 IUSA

Dufferin Aggregates Branch Acton, ON Canada Construction - Raw Materials

43.9 70 IUSA

Dufferin Aggregates Branch Cambridge, ON Canada Construction - Raw Materials

32.0 50 IUSA

Dufferin Aggregates Branch Orono, ON Canada Construction - Raw Materials

12.4 20 IUSA

Dufferin Aggregates Branch Ajax, ON Canada Construction - Supplies and Fixtures

0.3 1 IUSA

Holcim (Australia) Holdings Pty Ltd Subsidiary Chatswood, NSW Australia Construction - Raw Materials

3,337 GW

Holcim Indonesia Tbk, PT Subsidiary Jakarta Indonesia Construction Services

3,308 BMI

Holcim France Benelux SAS Subsidiary Neuilly Sur Seine France Construction - Raw Materials

3,130 GW

Holcim (France) Subsidiary Neuilly Sur Seine France Construction - Raw Materials

495.8 1,750 D&B

Holcim Betons (France) Subsidiary Neuilly Sur Seine France Construction - Raw Materials

412.4 749 D&B

Sa Beton Rapid Subsidiary Ecole Valentin France Construction - Raw Materials

13.9 14 D&B

Holcim Granulats France Subsidiary Neuilly Sur Seine France Construction - Raw Materials

91.6 270 D&B

Dijon Beton Soc Subsidiary St Apollinaire France Construction - Raw Materials

37.5 149 D&B

Holcim Beton Subsidiary Thionville Cedex France Construction - Raw Materials

22.5 IUSA

Holcim (Belgique) - Holcim (Belgie)

Subsidiary Nivelles Belgium Construction - Raw Materials

254.5 375 EDB

Holcim Betons (Belgique) - Holcim Beton (Belgie)

Subsidiary Nivelles Belgium Construction - Raw Materials

131.0 324 EDB

Fiege Subsidiary Antwerpen Belgium Trucking 36.0 184 EDB Holcim Granulats (Belgique) Subsidiary Nivelles Belgium Construction -

Raw Materials94.3 168 EDB

Carrieres De Leffe Subsidiary Nivelles Belgium Construction - Raw Materials

3.7 15 EDB

In Advance Subsidiary Bruxelles Belgium Construction Services

42.6 120 EDB

Spx Cooling Technologies Belgium

Subsidiary Bruxelles Belgium Miscellaneous Capital Goods

80.2 65 EDB

Holcim European Services Subsidiary Obourg Belgium Commercial Banks

22.5 64 EDB

Geocycle Subsidiary Obourg Belgium Waste Management Services

26.2 46 EDB

Sorest-Depoitre Subsidiary Ath Belgium Restaurants 1.5 13 EDB Faconnable Waterloo Subsidiary Bruxelles Belgium Apparel and

Accessories1.7 7 EDB

Dorpex Subsidiary Ath Belgium Retail (Grocery)

0.0 6 EDB

Serena Software Benelux Subsidiary Berchem-Antwerpen

Belgium Business Services

4.8 5 EDB

Silver Fern Farms Subsidiary Aalst Belgium Food Processing

25.8 4 EDB

Comeurotex Subsidiary Bruxelles Belgium Apparel and Accessories

0.0 4 EDB

Stera - Gas Subsidiary Zemst Belgium Natural Gas Utilities

53.6 3 EDB


Holcim Concrete Products Subsidiary Obourg Belgium Construction - Raw Materials

7.1 2 EDB

Krantenshop Rob Subsidiary Betekom Belgium Retail (Specialty)

0.8 2 EDB

Azuriet Reizen Subsidiary Oostende Belgium Personal Services

0.0 2 EDB

Leenaerts Jan Subsidiary Meerle Belgium Fish and Livestock

1.2 1 EDB

Electro Sim Subsidiary Deurne Belgium Retail (Specialty)

1.1 1 EDB

Hellings Subsidiary Nivelles Belgium Construction - Raw Materials

1.4 EDB

Agma Novobloc Subsidiary Obourg Belgium Construction - Raw Materials

0.0 EDB

Immobiliere Des Veterinaires Subsidiary Bruxelles Belgium Real Estate Operations

0.0 EDB

Holcim Nederland BV Subsidiary Capelle aan den IJssel

Netherlands Construction - Raw Materials

180.3 350 GW

Holcim Benelux S.A. Subsidiary Obourg Belgium Construction - Raw Materials

500.8 IUSA

PT Holcim Indonesia Tbk Subsidiary South Jakarta Indonesia Construction - Raw Materials

656.2 2,728 RT

Semen Nusantara Pt Subsidiary Jakarta, Jakarta Indonesia Construction - Supplies and Fixtures

1,100 ACP

Holcim Philippines, Inc. Subsidiary Makati City Philippines Construction - Raw Materials

525.0 1,747 RT

Holcim Philippines Manufacturing Corporation

Subsidiary Makati City Philippines Construction - Raw Materials

24.9 550 GW

Cement Australia Pty Limited Subsidiary Milton, QLD Australia Construction - Raw Materials

368.7 1,345 GW

Melcann Ltd Subsidiary Melbourne, VIC Australia Construction - Raw Materials

150 ACP

Holcim (Romania) SA Subsidiary Bucharest Romania Construction - Raw Materials

544.5 1,226 GW

Holcim (Costa Rica) S.A. Subsidiary San Rafael de Alajuela

Costa Rica Construction - Raw Materials

209.1 1,200 GW

Holcim (Nicaragua) S.A. Subsidiary Managua Nicaragua Construction - Raw Materials

123 GW

Productos de Concreto S.A. Subsidiary San Rafael de Alajuela

Costa Rica Construction - Raw Materials

40.0 1,200 GW

Holcim Ecuador SA Subsidiary GUAYAQUIL Ecuador Construction - Raw Materials

362.3 1,000 RT

Construmercado S.A. Subsidiary Guayaquil, Guayas

Ecuador Construction - Raw Materials

438.6 GW

Holcim Argentina SA Subsidiary Buenos Aires Argentina Construction - Raw Materials

393.8 860 RT

Holcim (New Zealand) Limited Subsidiary Christchurch New Zealand


242.7 756 GW

Mcdonald's Lime Ltd Subsidiary Waikato, Waikato

New Zealand

Chemical Manufacturing

90 ACP

Cemento Polpaico SA Subsidiary Las Condes, Santiago

Chile Construction - Raw Materials

150.0 750 BMI

Sociedad Pétreos S.A. Subsidiary Las Condes Chile Construction - Raw Materials

155.4 IUSA

Holcim (Bulgaria) AD Subsidiary Sofia Bulgaria Metal Mining 150.0 750 BMI Holcim Venezuela CA Subsidiary Los Cortijos de

Lourdes, Caracas

Venezuela Construction - Raw Materials

173.0 700 BMI

Holcim Hungária Zrt Subsidiary Labatlan Hungary Construction Services

184.3 697 BMI

Holcim El Salvador S.A. de C.V. Subsidiary La Libertad El Salvador Construction - Raw Materials

675 GW

Holcim (Bulgaria) AD Subsidiary Sofia Bulgaria Construction - Raw Materials

60.0 670 GW

Holcim Gruppo (Italia) SpA Subsidiary Merone, CO Italy Miscellaneous Financial

369.2 663 GW


ServicesHolcim (Italia) SpA Subsidiary Milano Italy Construction -

Raw Materials209.6 GW

Holcim -España- Sa Subsidiary Madrid Spain Construction - Raw Materials

249.3 648 AX

Holcim Aridos Sl Subsidiary Madrid Spain Construction - Raw Materials

46.3 230 AX

Gravera El Puente Sl Subsidiary Seseña, Toledo Spain Construction - Raw Materials

15.4 21 AX

Holcim Logistica Sl Subsidiary L' Hospitalet De Llobregat, Barcelona

Spain Trucking 24.8 59 AX

Holcim Morteros Sa Subsidiary Madrid Spain Construction - Supplies and Fixtures

11.8 58 AX

Geocycle -España- Sa Subsidiary Madrid Spain Waste Management Services

11.9 56 AX

Holcim Hungária Zrt. Subsidiary Lábatlan Hungary Construction - Raw Materials

192.5 633 IUSA

Holcim (Lanka) Limited Subsidiary Colmbo Sri Lanka Construction - Raw Materials

113.5 630 GW

Holcim (Bangladesh) Ltd Subsidiary Dhaka Bangladesh Construction - Raw Materials

603 GW

Ambuja Cement Rajasthan Ltd. Subsidiary Pali India Construction - Raw Materials

53.8 585 RT

Holcim Hungária Cementipari Zrt Subsidiary Budapest Hungary Construction - Raw Materials

116.6 567 GW

Holcim (Slovensko) a.s. Subsidiary Rohozník Slovakia Construction - Raw Materials

137.1 559 GW

Cemento Polpaico S.A. Subsidiary Santiago Chile Construction - Raw Materials

245.3 545 RT

Compañía Minera Polpaico Ltda. Subsidiary Santiago Chile Construction - Raw Materials

150 GW

Holcim (Colombia) S.A. Subsidiary Bogota, Bogota Colombia Construction Services

0.1 500 GUIA

Holcim (Liban) SAL Subsidiary Beirut Lebanon Construction - Raw Materials

228.2 440 GW

Societe Libanaise Des Ciments Blancs

Subsidiary Chekka Lebanon Construction - Raw Materials

13.3 93 RT

Holcim (Cesko) A.S. Subsidiary Prahovice Czech Republic


97.4 423 GMD

Holcim (Srbija) d.o.o. Subsidiary Belgrade Serbia Construction - Raw Materials

414 GW

Holcim Maroc SA Subsidiary Rabat Morocco Construction - Raw Materials

432.8 413 RT

Holcim (Italia) SpA Subsidiary Merone, Como Italy Construction - Raw Materials

164.6 352 D&B

Holcim Aggregati Calcestruzzi SRL

Subsidiary Merone, Como Italy Construction - Raw Materials

100.2 151 D&B

F.Lli Manara & Co. SRL Subsidiary Milano, Milano Italy Construction - Raw Materials

6.0 7 D&B

Eurofuels SpA Subsidiary Tradate, Varese Italy Waste Management Services

2.6 11 D&B

Holcim (Hrvatska) d.o.o. Subsidiary Koromacno Croatia Construction - Raw Materials

113.7 335 GW

Holcim (Liban) SAL Subsidiary Beirut Lebanon Construction Services

81.0 280 BMI

Steetley Ibéria S.A. Subsidiary Madrid Spain Construction - Raw Materials

75.0 245 IUSA

Société Ivoirienne de Ciments et Matériaux

Subsidiary Abidjan Cote d'Ivoire


100.5 217 GW

Holcim (Süddeutschland) GmbH Subsidiary Dotternhausen, Baden-Württemberg

Germany Construction - Raw Materials

88.0 215 D&B

Holcim Kies und Beton GmbH Subsidiary Dotternhausen, Germany Construction - 118 D&B


Baden-Württemberg

Raw Materials

Glaser Sand- und Kieswerke GmbH & Co. KG

Subsidiary Malsch, Baden-Württemberg


25 D&B

Holcim US Inc Subsidiary Dundee, MI United States


1,750.0 200 IUSA

Holcim Trading Inc Branch Waltham, MA United States


144.0 300 IUSA

Holcim Trading Inc Branch Holly Hill, SC United States


127.0 200 IUSA

Holcim Trading Inc Branch Clarksville, MO United States


96.0 200 IUSA

Holcim Trading Inc Branch Midlothian, TX United States


114.3 180 IUSA

Holcim Trading Inc Branch Theodore, AL United States


111.1 175 IUSA

Holcim Trading Inc Branch Mason City, IA United States


109.2 172 IUSA

Holcim Trading Inc Branch Catskill, NY United States


67.7 141 IUSA

Holcim Trading Inc Branch Hagerstown, MD United States


56.6 118 IUSA

Holcim Trading Inc Branch Artesia, MS United States


73.0 115 IUSA

Holcim Trading Inc Branch Three Forks, MT United States


53.3 84 IUSA

Holcim Trading Inc Branch Florence, CO United States


36.0 75 IUSA

Holcim Trading Inc Branch Chicago, IL United States


17.1 27 IUSA

Holcim Trading Inc Branch Crystal River, FL United States


13.3 21 IUSA

Holcim Trading Inc Branch Houston, TX United States


12.7 20 IUSA

Cementos Progreso S.A. Subsidiary Guatemala City Guatemala Construction - Raw Materials

40.0 IUSA

Holcim Indonesia Tbk, PT Subsidiary Surabaya Indonesia Construction Services

2.0 200 BMI

Holcim (Colombia) S.A. Subsidiary Bogotá DC Colombia Construction - Raw Materials

254.0 150 GW

Jurong Cement Limited Subsidiary Singapore Singapore Construction - Raw Materials

43.5 142 GMD

Ciments de Guinée SA Subsidiary Conakry Guinea Construction - Raw Materials

135 GW

Holcim (Schweiz) AG Subsidiary Würenlingen, Aargovia

Switzerland Engineering Consultants

757.1 130 KMPS

Holcim (Cham) AG Subsidiary Cham Switzerland Construction - Raw Materials

1,228 IUSA

Holcim (Malaysia) Sdn Bhd Subsidiary Johor Bahru, Johor

Malaysia Construction - Raw Materials

57.8 130 BMI

Holcim Belgique S.A. Subsidiary La Hulpe Belgium Construction Services

100 IUSA

Holcim Trading Sa Subsidiary Madrid Spain Construction - Raw Materials

598.7 52 AX

Holcim(Singapore) Pte Ltd Subsidiary Singapore Singapore Construction - Raw Materials

50.0 52 KMPS

Holcim Trading Pte Ltd Subsidiary Singapore Singapore Construction - Raw Materials

294.3 20 DPI

Holcim (Vorarlberg) GmbH Subsidiary Bludenz, Vorarlberg

Austria Construction - Raw Materials

19.2 15 KMPS

Aggregate Industries Holdings Ltd. Subsidiary Lancaster United Kingdom

Commercial Banks

2 EXP

Aggregate Industries Subsidiary Dorchester, MA United States

Retail (Home Improvement)

45.2 175 IUSA

Aggregate Industries Subsidiary Crofton, MD United States


72.0 150 IUSA


Aggregate Industries Mgmt Inc Subsidiary Rockville, MD United States


150 IUSA

Aggregate Industries Branch Greenbelt, MD United States


13.4 120 IUSA

Lattimore Materials Co LP Subsidiary Addison, TX United States

Construction - Supplies and Fixtures

250.3 100 IUSA

Lattimore Materials Branch Venus, TX United States


20.6 80 IUSA

Lattimore Materials Branch Roanoke, TX United States


15.2 75 IUSA

Lattimore Materials Branch Dallas, TX United States


10.0 30 IUSA

Lattimore Materials Branch Rockwall, TX United States


8.4 25 IUSA

Lattimore Materials Inc Branch Lewisville, TX United States


5.2 20 IUSA

Aggregate Industries Branch Littleton, MA United States


48.0 100 IUSA

Aggregate Industries Branch Golden, CO United States


38.0 100 IUSA

Aggregate Industries Asphalt Branch Capitol Heights, MD

United States


30.1 100 IUSA

Aggregate Industries Branch Rockville, MD United States


25.8 100 IUSA

Aggregate Industries Northeast

Branch Saugus, MA United States


20.6 80 IUSA

Frehner Construction Co Inc

Subsidiary North Las Vegas, NV

United States


84.0 45 IUSA

Aggregate Industries Branch Saugus, MA United States


19.4 75 IUSA

Aggregate Industries Branch Raymond, NH United States


16.8 65 IUSA

Aggregate Industries Branch Eagan, MN United States


20.0 50 IUSA

Aggregate Industries Branch Everett, MA United States


12.9 50 IUSA

Aggregate Industries Branch Washington, DC United States


12.9 50 IUSA

Meyer Material Co Subsidiary Des Plaines, IL United States


50 IUSA

Meyer Material Co Branch Streamwood, IL United States


13.0 39 IUSA

Meyer Material Co Branch Naperville, IL United States


12.3 35 IUSA

Meyer Material Co Branch Milwaukee, WI United States


11.7 35 IUSA

Meyer Material Co Branch Oak Creek, WI United States


9.0 35 IUSA

Meyer Material Co Branch Kenosha, WI United States


14.4 30 IUSA

Paveloc Industries Inc Branch Marengo, IL United States


9.2 30 IUSA

Meyer Material Co Branch Carol Stream, IL United States


7.2 28 IUSA

Meyer Material Co Branch Lake Bluff, IL United States


5.4 21 IUSA

Bassett Ready Mix Co Inc Branch Burlington, WI United States


6.7 20 IUSA

Meyer Material Co Branch South Elgin, IL United States


5.2 20 IUSA

Aggregate Industries Branch La Plata, MD United States


23.0 48 IUSA

Aggregate Industries Branch Kalamazoo, MI United States


10.3 40 IUSA

Aggregate Industries Branch Moorhead, MN United States


7.7 30 IUSA


Aggregate Industries Branch Hudson, NH United States


8.4 25 IUSA

Aggregate Industries Branch Grand Forks, ND United States


5.2 20 IUSA

Aggregate Industries Subsidiary Goshen, IN United States


10.2 100 IUSA

Aggregate Industries Subsidiary Harpers Ferry, WV

United States


18.1 70 IUSA

Aggregate Industries Subsidiary North Grafton, MA

United States


12.9 50 IUSA

Aggregate Industries Subsidiary Greeley, CO United States


8.5 50 IUSA

Aggregate Industries Subsidiary Zeeland, MI United States


10.3 40 IUSA

Aggregate Industries Subsidiary Littleton, CO United States


9.0 35 IUSA

Aggregate Industries Subsidiary Laurel, MD United States


225.0 30 IUSA

Aggregate Industries Subsidiary Elkhart, IN United States


7.7 30 IUSA

Merit Concrete Of Virginia Subsidiary Manassas, VA United States


7.7 30 IUSA

Aggregate Industries Subsidiary Manchester, NH United States


6.5 25 IUSA

Aggregate Industries Subsidiary Waltham, MA United States


9.6 20 IUSA

Aggregate Industries Subsidiary Portsmouth, NH United States


9.6 20 IUSA

Aggregate Industries Subsidiary Sutton, MA United States


5.2 20 IUSA

Aggregate Industries Subsidiary Taunton, MA United States


5.2 20 IUSA

Gowan Construction Inc Subsidiary Sheyenne, ND United States


6.7 14 IUSA

Woodhall Spa Sand & Gravel Ltd.

Subsidiary Woodhall Spa United Kingdom


10 RM

Aggregate Industries Ltd. Subsidiary Markfield United Kingdom

Business Services

76.3 EXP

Aggregate Industries Management Ltd.


Commercial Banks

14.6 29 EXP

Cherry Park Investments Ltd.



0.4 EXP

Anglo American Quarries Ltd.



RM

Camas Ltd. Subsidiary Cheltenham United Kingdom


RM

Camas Holdings Ltd. Subsidiary Markfield United Kingdom


EXP

Bardon Concrete Ltd. Subsidiary Carnforth United Kingdom


5 RM

Ai Properties Ltd. Subsidiary Markfield United Kingdom

Real Estate Operations

0.7 EXP

A I Overseas Investments Ltd.



RM

Bradstone International Ltd.



RM

Restored Properties Ltd.



RM

Premier Masonry Ltd. Subsidiary Markfield United Kingdom


RM

Aggregates Group Ltd.



RM

Anglo American Aggregates Ltd.



RM

Camas Aggregates Ltd.



RM


Bradstone Building Products Ltd.



RM

Bradstone Ltd. Subsidiary Markfield United Kingdom


RM

Safeticurb Ltd. Subsidiary Markfield United Kingdom


RM

Holcim Ltd. Subsidiary Markfield United Kingdom


RM

Camas Building Materials Ltd.

Subsidiary Cullompton United Kingdom


RM

London And Northern Group Ltd.


Business Services

EXP

Northumbria Investments Ltd.



0.0 RM

Lnjr Ltd. Subsidiary Markfield United Kingdom

Business Services

RM

Castleton Sand & Gravel Quarries, Ltd.



RM

Hickmans Contractors Ltd.



RM

J. H. Fisher (Properties) Ltd.

Subsidiary West Midlands United Kingdom


RM

E. Fletcher (Stoke) Ltd. Subsidiary Markfield United Kingdom


RM

Alfred Robinson (Builders & Contractors) Ltd.



RM

Thomas Langley Group Ltd. (The)



RM

Baldwin Nominees Ltd. Subsidiary Markfield United Kingdom

Business Services

RM

E. Fletcher (Builders) Cannock Ltd.



RM

High Moor Quarries Ltd. Subsidiary Markfield United Kingdom


RM

Aggregates Ltd. Subsidiary Markfield United Kingdom


RM

Evered Ltd. Subsidiary Markfield United Kingdom


EXP

Bardon Vectis Ltd. Subsidiary Newport United Kingdom


30 RM

Philglow Ltd. Subsidiary Markfield United Kingdom


RM

International Aggregates Ltd. Subsidiary Markfield United Kingdom

Commercial Banks

EXP

Lodelane Investments Subsidiary Markfield United Kingdom

Business Services

RM

Aggregate Industries Quest Trustee Ltd.



RM

Stone Industries Ltd. Subsidiary Markfield United Kingdom


RM

H. J. Baldwin & Co. Ltd. Subsidiary Markfield United Kingdom


RM

Amg (1974) Ltd. Subsidiary Markfield United Kingdom


RM

Vectis Stone Ltd. Subsidiary Markfield United Kingdom


RM

Fletcher Holdings Ltd. Subsidiary Newcastle Upon Tyne

United Kingdom


RM

E. Fletcher Builders Ltd. Subsidiary Chesterfield United Kingdom


RM

Kingswinford Properties Ltd.



RM

Bardon Investments Ltd. Subsidiary Markfield United Kingdom


EXP

W. H. Rankin Ltd. Subsidiary Shotts United Kingdom


RM


Cowal Quarry Co. Ltd. Subsidiary Shotts United Kingdom


RM

Aggregate Industries Slas Ltd. Subsidiary Markfield United Kingdom


RM

Aggregate Industries Charcon Trustee Ltd.

Affiliates Markfield United Kingdom


RM

Simpson-Mclaren Ltd. Subsidiary Aberdeen United Kingdom


RM

Holcim (Schweiz) AG Subsidiary Zurich Switzerland Construction - Raw Materials

625.0 IUSA

Holcim (Deutschland) AG Subsidiary Hamburg Germany Construction - Raw Materials

469.9 1,285 RT

Holcim (Brasil) S.A. Subsidiary São Paulo, SP Brazil Construction - Raw Materials

1,050.9 2,160 GW

Holcim Beton und Zuschlagstoffe GmbH

Subsidiary Hamburg, Hamburg


314 D&B

Vereinigte Transport-Betonwerke, Gesellschaft mit beschränkter Haftung & Co. Kommanditgesell

Subsidiary Aurich, Niedersachsen


140 D&B

VETRA Betonfertigteilwerke GmbH

Subsidiary Oldenburg, Niedersachsen


107 D&B

VETRA Betonfertigteilwerk GmbH & Co. KG

Subsidiary Neubrandenburg, Mecklenburg-Vorpommern


37 D&B

Heide Transportbeton GmbH

Subsidiary Soltau, Niedersachsen


40 D&B

Hannoversche Silo-Gesellschaft mit beschränkter Haftung

Subsidiary Hannover, Niedersachsen

Germany Miscellaneous Capital Goods

10.2 95 D&B

Rollbeton GmbH Subsidiary Hamburg, Hamburg


20 D&B

Holcim Kieswerk Zeithain GmbH & Co. KG

Subsidiary Zeithain, Sachsen


18 D&B

Baustoffe Dresden GmbH Subsidiary Dresden, Sachsen

Germany Business Services

1 D&B

La Cemento Nacional C.A. Subsidiary Guayaquil Ecuador Construction - Raw Materials

75.0 IUSA

Alpha Cement Joint Stock Company Subsidiary Moscow Russian Federation


18.7 GW

Holcim (Vietnam) Ltd Joint Venture

Ho Chi Minh City Viet Nam Construction Services

BMI

Holcim (Mauritius) Ltd Subsidiary Port Louis Mauritius Construction - Raw Materials

GW

Data Noted as Source: RT, © 1983-2012 Reuters Research Inc. All Rights Reserved.

Data Noted as Source: ACP, Copyright© 2012 Asian Company Profiles Ltd. All Rights Reserved.Data Noted as Source: GW, Copyright © 2012 Graham & Whiteside Limited

Data Noted as Source: EXP, © 2012 Experian Ltd. All rights reserved.Data Noted as Source: RM, © 2012 RM Online, Ltd. All Rights Reserved

Data Noted as Source: ML, © 2012 118 Information. All Rights Reserved.Data Noted as Source: IUSA, © Copyright 2012, infoUSA. All Rights Reserved.

Data Noted as Source: INC, Copyright © 2012 Mezzo Business Databases Pty Ltd. All Rights Reserved.Data Noted as Source: BMI, Copyright © 2012 Business Monitor International Ltd. All rights reserved.

Data Noted as Source: D&B, © 2012 Dun & Bradstreet, Inc. All rights reserved.Data Noted as Source: EDB, Copyright© 2012 Coface Euro DB. All Rights Reserved.

Data Noted as Source: AX, Copyright © 2012 by Infotel Información y Telecomunicaciones SA. All Rights Reserved.Data Noted as Source: GUIA, Copyright © Guia Senior. All Rights Reserved.

Data Noted as Source: GMD, © 2012 GlobalData. All Rights Reserved.Data Noted as Source: KMPS, © 2012 Kompass USA. Inc. All Rights Reserved.

Data Noted as Source: DPI, Copyright © 2012 DP Information Group Ltd. All Rights Reserved

Corporate linkage data:


© Copyright 2012, infoUSA. All Rights Reserved.Copyright © 2012 Business Monitor International Ltd. All rights reserved.

Copyright© 2012 Coface Euro DB. All Rights Reserved.Copyright© 2012 Asian Company Profiles Ltd. All Rights Reserved.

Copyright © 2012 by Infotel Información y Telecomunicaciones SA. All Rights Reserved.Published by OneSource Information Services, Inc., 2012


Ambuja Cements Ltd.

Competitors Report

CompanyName Location Employees Ownership ACC Limited Mumbai, India 9,557 Public Birla Corporation Limited KOLKATA, India 9,818 Public India Cements Limited CHENNAI, India 3,220 Public JK Lakshmi Cement Limited New Delhi, India 1,288 Public Shree Cement Limited Kolkata, India 3,645 Public UltraTech Cement Ltd. Mumbai, India 11,509 Public

© 1983-2012 Reuters Research Inc. All Rights Reserved. © 2012 GlobalData. All Rights Reserved.

Published by OneSource Information Services, Inc.,Feb, 2012


Ambuja Cements Ltd.Mumbai, , India, Tel: 91-22-66597300, URL: http://www.ambujacement.com/, Executives Page

Executives Report

Board of Directors

Name Title Function Source

G.P Hinduja Co-Chairman Chairman OSX Suresh Kumar Neotia Chairman Emeritus Chairman GW N. S. Sekhsaria Chairman Chairman OSX

Reuters Biography (Ambuja Cements Ltd.)Mr. Narotam S. Sekhsaria has been appointed as Non-Independent Non-Executive Chairman of the Board of Ambuja Cements Limited effective from September 23, 2009. In a career spanning over 30 years, he has introduced new standards in manufacturing, management, marketing efficiency and corporate social responsibility to an industry he has helped transform. A first generation industrialist, Mr. Sekhsaria, holds a Bachelor’s Degree with honours and distinction in Chemical Engineering, from the University of Bombay. As a founder promoter of Ambuja Cement he was the Chief Executive & Managing Director of the Company since its inception in April 1983 till January 2006. Education (Source: OSX )B Chemical Engineering, University of Mumbai

Paul Heinz Hugentobler Non-Independent Non-Executive Vice Chairman of the Board Vice-Chairman RT

Reuters Biography (Ambuja Cements Ltd.)Mr. Paul Heinz Hugentobler serves as Non-Independent Non-Executive Director of Ambuja Cements Limited and has been appointed this position effective from September 24, 2009. Mr. Hugentobler obtained a degree in economic science from the University of St. Gallen. He joined Holcim Group Support Limited in 1980 as Project Manager and in 1994 was appointed Area Manager for Holcim Limited. During 1999-2000, he served as CEO of Siam City Cement, Bangkok, Thailand. He has been a Member of the Executive Committee of Holcim since January 2002 with responsibility for South Asia and ASEAN excluding Philippines. He joined the Board in May 2006. In September 2009 he was made Non-executive Vice Chairman. Education (Source: RT )Economic Sciences, Universitaet St. Gallen Civil Engineering, Swiss Federal Institute of Technology

Markus Akermann Non-Independent Non-Executive Director Director/Board Member RT

Reuters Biography (Ambuja Cements Ltd.)Mr. Markus Akermann serves as Non-Independent Non-Executive Director of Ambuja Cements Ltd. Mr. Akermann obtained a degree in business economics from the University of St. Gallen in 1973 and studied economic and social sciences at the University of Sheffield, UK. He began his professional career in 1975 with the former Swiss Bank Corporation. In 1978, he moved to Holcim where he was active in a number of roles including Area Manager for Latin America and Holcim Trading. In 1993, he was appointed to the Executive Committee with responsibility for Latin America and international trading activities. He was appointed CEO of Holcim Limited in 2002. He joined the Board in May 2006. Education (Source: RT )Business and Economics, Universitaet St. Gallen

Mansingh L. Bhakta Non-Executive Independent Director Director/Board Member RT

Reuters Biography (Ambuja Cements Ltd.)Shri. Mansingh L. Bhakta serves as Non-Executive Independent Director of Ambuja Cements Ltd. He is a Senior Partner of Messrs Kanga & Company, a firm of Advocates and Solicitors in Mumbai. He has been in practice for over 50 years and has experience in the legal field and particularly on matters relating to corporate laws, banking and taxation. He has served on the Board of a number of companies and is presently a Director of Reliance Industries Limited. He is recipient of Rotary Centennial Service Award for Professional Excellence from Rotary International. He is listed as one of the lawyers of Asia for five consecutive years from 2006 to 2010 by Asialaw, Hong Kong. He is on the Board of several corporates. He joined the Board in September 1985. Education (Source: RT )B Law, Government Law College

Naresh Chandra Non-Executive Independent Director Director/Board Member RT Reuters Biography (Ambuja Cements Ltd.)Shri. Naresh Chandra serves as Non-Executive Independent Director of Ambuja Cements Ltd. Mr. Naresh Chandra is a postgraduate in mathematics from Allahabad University. He was a distinguished member of the Indian


Administrative Service (IAS) & former Cabinet Secretary to the Government of India and has held various important positions including that of Governor of the State of Gujarat and India’s Ambassador to the United States of America. He was also the Chairman of Corporate Governance Committee instituted by the Government of India. In the year 2007, he was honoured with Padma Vibhushan by the Government of India. He is a Director on the Board of ACC and several other reputed companies. He joined the Board in July 2008. Education (Source: RT )M Mathematics, Allahabad University

Rajendra Prabhakar Chitale Non-Executive Independent Director Director/Board Member RT

Reuters Biography (Ambuja Cements Ltd.)Shri. Rajendra Prabhakar Chitale serves as Non-Executive Independent Director of Ambuja Cements Ltd. Mr. Chitale, an eminent Chartered Accountant, is the Managing Partner of M/s M. P. Chitale & Associates, a boutique international structuring, tax and legal advisory firm. He is a member of the Insurance Advisory Committee of the Insurance and Regulatory Authority of India, and has served as a member of the Company Law Advisory Committee, Government of India, the Takeover Panel of the Securities & Exchange Board of India, the Advisory Committee on Regulations of the Competition Commission of India, and the Maharashtra Board for Restructuring of State Enterprises, Government of Maharashtra. He has served on the board of Life Insurance Corporation of India, Unit Trust of India, Small Industries Development Bank of India, National Stock Exchange of India Ltd., and SBI Capital Markets Ltd. He is on the Board of several corporates. He joined the Board in July 2002.

Omkar Goswami Non-Executive Independent Director Director/Board Member RT

Reuters Biography (Ambuja Cements Ltd.)Dr. Omkar Goswami serves as Non-Executive Independent Director of Ambuja Cements Ltd. Dr. Goswami, a professional economist, did his Master’s in Economics from the Delhi School of Economics and his D. Phil (Ph.D.) from Oxford University. He taught and researched economics for 19 years at Oxford, Delhi School of Economics, Harvard, Tufts, Jawaharlal Nehru University, Rutgers University and the Indian Statistical Institute, New Delhi. During his career spanning over 30 years, he has been associated as advisor to several Government committees and international organizations like the World Bank, the OECD, the IMF and the ADB. He has also served as the Editor of “Business India”, one of India’s prestigious business magazines and as the Chief Economist of the Confederation of Indian Industry. Dr. Goswami is the Founder and Executive Chairman of CERG Advisory Pvt. Ltd., a company engaged in corporate advisory and consulting services for companies in India and abroad. He is also on the Board of several corporates. He joined the Board in July 2006. Education (Source: RT )PHD Economics, University of Oxford MA Economics, University of Delhi B Economics, University of Calcutta

Shailesh V. Haribhakti Non-Executive Independent Director Director/Board Member RT

Reuters Biography (Ambuja Cements Ltd.)Mr. Shailesh V. Haribhakti serves as Non-Executive Independent Director of Ambuja Cements Ltd. A Fellow Chartered Accountant, Mr. Shailesh Haribhakti is the Executive Chairman of BDO Consulting Private Ltd. He is the Managing Partner of Haribhakti & Co - Chartered Accountants, which is the Indian Member firm of the accountancy network - BDO International. He served on the Standards Advisory Council of the International Accounting Standards Board. He is a Committee Member of Futures & Options segment of National Stock Exchange of India and a Member of the SEBI Committee on Disclosures and Accounting Standards. He serves as member of Managing Committees of ASSOCHAM and IMC, and Corporate Governance Committees of ASSOCHAM and CII and is Chairman of the Global Warming Committee of IMC. He is on the Board of Directors of several listed and private companies. He has been awarded “The Best Non-Executive Independent Director - 2007” award by The Asian Centre for Corporate Governance. He is the Chairman of Audit Committee of ACC Ltd., which was recognized as the “Best Audit Committee of 2008” by the Asian Centre for Corporate Governance. He joined the Board in May 2006. Education (Source: RT )M , University of Mumbai

Nasser M. Munjee Non-Executive Independent Director Director/Board Member RT Reuters Biography (Ambuja Cements Ltd.)Shri. Nasser M. Munjee serves as Non-Executive Independent Director of Ambuja Cements Ltd. Mr. Munjee holds a Bachelor’s and Master’s degree from the London School of Economics, U.K. His journey in creating financial institutions began with HDFC, whom he has been assisting since its inception in February 1978. In March 1993, he joined the Board of HDFC as Executive Director on which he continues to be along with 14 other companies. Mr. Munjee has a deep interest for rural development, housing finance, urban issues, specially the development of modern cities and humanitarian causes. He is also Chairman of Development Credit Bank and of two other Aga Khan institutions in India. He was the President of the Bombay Chamber of Commerce and Industry – the city’s oldest Chamber of Commerce and he has served on numerous Government Task Forces on Housing and Urban Development. He has been awarded as the “Best Non-Executive Independent Director 2009 by Asian Centre for Corporate Governance (ACCG). He joined the Board in August 2001.


Education (Source: RT )MS Economics, London School of Economics B Electronics, London School of Economics BS , University of Chicago

Meenakshi Narain Executive Committe Member Director/Board Member RT Onne Vander van der Weijde Managing Director, WholeTime Director Director/Board Member RT

Reuters Biography (Ambuja Cements Ltd.)Mr. Onne van der Weijde serves as Managing Director, WholeTime Director of Ambuja Cements Ltd. He holds a Bachelors’ degree in Economics & Accounting from Rotterdam, the Netherlands and a Master’s degree in Business Administration from the University of Bradford, UK. In the year 1996 he joined Holcim and after holding various positions, he was appointed Director and General Manager for Holcim (India) Pvt. Ltd. in March 2005. He was the CFO of ACC for around 2 years during 2006-2008. He possesses more than 15 years of experience in cement industry including 6 years in Indian cement industry. He joined the Board in January 2009. Education (Source: RT )M Business Administration, University of Bradford B Accounting and Economics, Erasmus Universiteit Rotterdam Compensation/Salary: 22,585,820

Onne Vander Weijde Director Director/Board Member IUSA

Executives

Name Title Function Source

N. P. Ghuwalewala Co-Executive Director Chief Executive Officer IUSA R. R. Darak President - Accounts & IT Division Head Executive RT Onne Vander van der Weijde Managing Director, WholeTime Director Managing Director RT

Reuters Biography (Ambuja Cements Ltd.)Mr. Onne van der Weijde serves as Managing Director, WholeTime Director of Ambuja Cements Ltd. He holds a Bachelors’ degree in Economics & Accounting from Rotterdam, the Netherlands and a Master’s degree in Business Administration from the University of Bradford, UK. In the year 1996 he joined Holcim and after holding various positions, he was appointed Director and General Manager for Holcim (India) Pvt. Ltd. in March 2005. He was the CFO of ACC for around 2 years during 2006-2008. He possesses more than 15 years of experience in cement industry including 6 years in Indian cement industry. He joined the Board in January 2009. Education (Source: RT )M Business Administration, University of Bradford B Accounting and Economics, Erasmus Universiteit Rotterdam Compensation/Salary: 22,585,820

B. L. Taparia Compliance Officer, Company Secretary, Head - Corporate Services Company Secretary RT

Reuters Biography (Ambuja Cements Ltd.)Mr. B. L. Taparia serves as Compliance Officer, Company Secretary, Head - Corporate Services of Ambuja Cements Limited. Mr. Taparia is a Commerce and a Law graduate and a Member of the Institute of Company Secretaries of India. He has over 37 years of experience. He joined the Company in 1983 as Deputy Company Secretary. After working in different positions in the Company, he was appointed as Whole-time Director in May 1999. He resigned as Director of the company on April 30, 2009. Compensation/Salary: 5,552,836

David Atkinson Chief Financial Officer Finance Executive RT

Ghassan Broummana Head of Technical Support Services Engineering/Technical Executive GW

Shakti Arora Central Purchase Officer Purchasing Executive GW Ajay A. Kapur Business Head - West, South Other RT P B Kulkarni Director Other GMD S. N. Toshniwal Business Head, East Other RT Jagdish Chandra Toshniwal Business Head, North Other RT

Data Noted as Source: OSX , © 2012 OneSource Information Services, Inc. All Rights Reserved. Data Noted as Source: IUSA , © Copyright 2012, infoUSA. All Rights Reserved.

Data Noted as Source: GMD , © 2012 GlobalData. All Rights Reserved. Data Noted as Source: GW , Copyright © 2012 Graham & Whiteside Limited


Data Noted as Source: RT , © 1983-2012 Reuters Research Inc. All Rights Reserved.

Published by OneSource Information Services, Inc., Feb, 2012


Ambuja Cements Ltd.

Significant Developments

Ambuja Cements Ltd. Recommends Final Dividend Feb 09, 2012 Ambuja Cements Ltd. announced that the Board of Directors of the Company at its meeting held on February 09, 2012, inter alia, have recommended a final dividend on Equity Shares at the rate of INR1.80 per share. With the interim dividend of INR1.40 per share paid during the year, the total dividend for the Corporate Financial Year ended 2011 works out to INR3.20 per share. The Company in the previous year had paid dividend @ INR2.60 per share which included interim dividend INR1.30 per share.

Ambuja Cements Ltd. Announces Acquisition Of Controlling Stake In Dirk India Pvt. Ltd. Sep 14, 2011 Ambuja Cements Ltd. announced that it has acquired 60% equity shares from the existing promoters of Dirk India Pvt. Ltd. for a consideration of INR16.51 crores (INR165.1 million). Dirk India Pvt. Ltd. is a Company incorporated in Maharashtra and is the first processed fly ash manufacturing and marketing company in India with a capacity of 2500 TPD. With this acquisition, Dirk India Pvt. Ltd. and Dirk Pozzocrete (MP) Pvt. Ltd. have become subsidiaries of the Company.

Ambuja Cements Ltd. Fixes Record Date For Interim Dividend Jul 28, 2011 Ambuja Cements Ltd. announced that August 9, 2011, has been fixed as the Record Date for the purpose of Payment of Interim Dividend.

Ambuja Cements Ltd. Declares Interim Dividend Jul 28, 2011 Ambuja Cements Ltd. announced that the Board of Directors of the Company at its meeting held on July 28, 2011, inter alia, has approved payment of interim dividend of 70% on equity shares of the Company i.e. INR1.40 per share.

Ambuja Cements Ltd. Buys 85% In Nepal's Dang Cement For INR191.3 Million-DJ Jun 06, 2011 Dow Jones reported that Ambuja Cements Ltd. said it acquired an 85% stake in Nepal's Dang Cement Industries Pvt. Ltd. for INR191.3 million. Ambuja Cements Ltd. is also in the process of acquiring an additional 5% stake for INR11.3 million. Dang Cement holds a limestone mining lease in Nepal and currently doesn't have any business activity.

Holcim Ltd. Ups Stake Above 50% In ACC Limited And Ambuja Cements Ltd.-WSJ May 04, 2011 The Wall Street Journal reported that Holcim Ltd. increased its stake to 50.1% in ACC Limited and 50.01% in Ambuja Cements Ltd. through open market purchases last week. The Company bought a 0.8% stake in ACC Ltd., or 1.5 million shares, at INR1,100 a share. That puts the purchase cost was between $35 million to $40 million. The Company bought an additional 3.5% stake in Ambuja Cements for $195 million.

India Environment Panel Gives OK For Ambuja Cements Ltd.'s INR15 Billion Cement Plant-DJ Apr 13, 2011 Dow Jones reported that an Indian Ministry of Environment and Forests panel has approved Ambuja Cements Ltd.'s proposed INR15 billion cement plant in the north-western state of Rajasthan. Ambuja Cements plans to set up a factory with production capacity of 4.5 million tons a year. The environment panel said that Ambuja will have to spend 5% of the total project cost on community development in the area.


Ambuja Cements, ACC fail to impress

Mint 10 February 2012

[What follows is the full text of the news story.]

MUMBAI, Feb. 10 -- ACC Ltd and Ambuja Cements Ltd, both majority-owned by Holcim Group, have reported decent earnings for the December quarter.

ACC posted a robust 27.8% year-on-year (y-o-y) jump in net sales to Rs2,502.73 crore for the December quarter. Growth, as expected, was driven by an increase in price realization. Cement prices have been rising since April in most regions, leading to a 21% increase in average price realizations in the December quarter. Volumes grew 6% y-o-y.

In Ambuja's case, net sales grew 30% over the year-ago period to Rs2,329.1 crore on the back of 11% higher sales volume. Realization per tonne of cement sold rose 17% from the year-ago period.

But unlike UltraTech Cement Ltd, whose results beat revenue and profit expectations, the improvement in profitability of ACC and Ambuja was subdued. In ACC's case, while power, fuel and freight costs rose, it was offset by a reduction in other expenditure. Thus, the company's operating margin was flat at year-ago levels of 17.7%. Operating profit, however, rose 29% to Rs441.8 crore, almost in line with the rise in revenue.

In Ambuja's case, too, costs spiralled compared with a year ago. As a result, operating margin rose by only 110 basis points y-o-y to 19.3% for the quarter, despite a sharp rise in price realizations. One basis point is one-hundredth of a percentage point.

In UltraTech's case, operating margin rose to as much as 23% last quarter from 16.7% in the year-ago period. This was in spite of a 16% rise in variable cost, mainly on account of energy. For the full year ended December, Ambuja's operating profit rose by a mere 2.2% to Rs1,994 crore. This was in spite of 15.2% growth in net sales to Rs8,515 crore. According to a company statement, the lower operating profit growth in comparison with sales growth was due to a substantial increase in clinker cost, fuel and freight charges compared with the previous fiscal. Given the relative underperformance compared with UltraTech, investors are unlikely to be enthused by the results of ACC and Ambuja. Published by HT Syndication with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]

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Markets likely to start on a cautious note on subdued global cues

Accord Fintech (India) 10 February 2012


India, Feb. 10 -- The Indian markets staged a smart recovery in late hours of trade in last session and managed to outperform all its Asian and European counterparts by the end. The supportive global cues and encouraging earnings announcements lead to the recovery in late trade. Today, the markets are likely to start on a cautious note as sentiments across Asia appear subdued since European leaders held back a bailout for Greece. Investors will also be keenly awaiting the Indian industrial production (IIP) numbers which economists at large


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expect to expand at 2.7% versus 5.9%, on month-on-month basis. Meanwhile, the external affairs ministry has opposed any amendment to the Indo-Mauritius tax treaty as any removal of the capital gains exemption could hurt India geo-political interests in Mauritius. Investors will keep a close eye on index heavyweight Reliance Industries after its $1bn bond issue was 8 times over- subscribed with an order book aggregating $7.8 bn. Also Tata Steel will remain in investors' focus in the session after it registered an unexpected quarterly loss in third quarter while ADA group stocks like R Com and R Capital are likely to announce their third quarter earnings later in the session. Apart from this there will be lots of scrip specific actions to keep the markets buzzing. Apollo Hospital, Aurobindo Pharma, Great Eastern Shipping, Essar Oil, DLF, IDFC, JSW Steel, Pantaloon Retail, Pipavav Defence, Sun TV Network, Tata Chemicals, Tata Power and Shriram Transport Finance are among the many to announce their numbers today.The US markets managed to snap yet another session with marginal gains and furthered the gaining streak for third straight session on Thursday. The headway in Greece along with better than expected weekly jobless claims data prevented the downfall for the markets there. The Asian markets though are not showing any kind of enthusiasm and are trading on a sedate note as the deal in Greece failed to convince investors in the region while European finance ministers too have demanded more steps and a parliamentary seal of approval before providing the aid. Barring two indices which are trading with marginal gains, all other indices in Asia are trading on a weak note. Back home, after squandering for most part of the session around the previous closing levels, the domestic benchmark equity indices staged a smart comeback in the last leg of trade and snapped Thursday's session with about a percent gains. In its northbound journey, the 50-share Nifty not only extended its gaining streak for second straight session but also retraced the psychological 5,400 levels, which were last seen only on August 3, 2011. The frontline indices have vivaciously rallied close to twenty percentage points since the lows hit in December 2011 and have even outperformed most major markets across the globe thanks to the relentless buying by foreign funds who have poured in $3.6 billion in local equities so far this year. A day after being outclassed by the global markets, the frontline indices smartly bounced back in the session and across the board hefty position build up, helped the gauges to outperform all its Asian as well as European counterparts. Sentiments got support after global rating agency Fitch affirmed that India is facing cyclical slowdown rather than a structural downturn. Fitch stated that this may further ease inflation, which appears to have passed its peak and thereby giving room to RBI to move to a more accommodative monetary policy, after recent increases in policy rates. On the earnings front, heavyweight Hindaclo succeeded in trimming a large part of its losses in the session after announcing third quarter earnings numbers, which were not as bad as the street had expected. Also stocks like Apollo Tyres and Ambuja Cements got commended for reporting encouraging quarterly results. Earlier on the Dalal Street, the benchmark got off to a negative opening as the indices drifted lower since investors largely remained influenced by the pessimistic sentiments prevailing in Asian markets. After trading with moderate cuts through the morning session, the lethargic equity indices gradually crawled sideways without any fervor through the afternoon trades. However, a sudden revival in sentiments was witnessed in the last leg of trade as stocks from Metal and Banking counters rebounded to provide the much needed support. Eventually the benchmarks managed to regain the key 5,400 (Nifty) and 17,800 (Sensex) levels and snap the session around high point of the day. On the BSE sectoral space, Metal counter remained top gainer in the space with gains of two percent while the rate sensitive Realty and Bankex sectors too finished with handsome gains. Finally, the BSE Sensex gained 123.43 points or 0.70% to settle at 17,830.75, while the S&P CNX Nifty rose by 44.20 points or 0.82% to close at 5,412.35.The US markets closed higher for a third day in a row on Thursday, as Greek politicians agreed on austerity plans needed to qualify for international aid and US jobless claims decreased. In Athens, Greek Prime Minister Lucas Papademos stated that the government's talks with international creditors had concluded successfully. This program accompanies the new loan agreement to finance Greece with 130 billion euros. In US, the Labor Department's count of Americans filing initial claims for jobless benefits dropped by 15,000 last week to 358,000. The four-week moving average fell to 366,250, its lowest since April 2008. The Dow Jones Industrial Average closed higher by 6.51 points, or 0.05 percent, at 12,890.50. The S&P 500 was up by 1.99 points, or 0.15 percent, at 1,351.95, while the Nasdaq closed up 11.37 points, or 0.39 percent, at 2,927.23.Crude oil prices soared over a percent and extended the winning streak for third straight session on Thursday as investors cheered the Greek agreement on new austerity cuts demanded by its international creditors to release a 130 billion euro bailout. The oil prices also got a lift after encouraging US jobs data spurred optimism since initial jobless claims fell 15,000 to 358,000, brightening labor market picture. The depreciation in American Greenback to a fresh two month low against the euro on the back of Greek deal too aided sentiments. Benchmark crude for March delivery surged $1.13 or 1.14% to settle at $99.84 a barrel after trading as high as $100.18 as low as 98.66 a barrel on the New York Mercantile Exchange. In London, March delivery Brent crude jumped $1.39 or 1.2% to end at $118.59 a barrel. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]

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Ambuja Cements Q4 net profit up 17 pc to Rs 302 cr

Press Trust of India 09 February 2012


Mumbai, Feb 9 (PTI) Ambuja Cements today reported over 17 per cent rise in net profit at Rs 302.40 crore for the fourth quarter ended December 2011, on account of higher sales.

It had registered a net profit of Rs 258.12 crore in the same quarter last year.

Net sales of the company in which Swiss major Holcim has majority stake, rose to Rs 2,329.11 crore in quarter under review against Rs 1,788.47 crore in the year-ago period.

For the full year, Ambuja Cements' net profit was down by 2.8 per cent to Rs 1,229 crore against Rs 1,264 crore in 2010.

"Profit after tax stood at Rs 1,229 crore, marginally lower by 2.8 per cent year-on-year, mainly on account of one time charge arising out of change in method of valuation of ESOP cost and due to increased tax charge," the company said in a statement.

The company had recently changed the measurement method of compensation cost relating to employees stock option from intrinsic value to fair-value method for all outstanding ESOPs at the beginning of the year. This costed the company Rs 33.21 crore.

Net sales of the company rose to Rs 8,515 crore compared to Rs 7,390 crore a year ago.

Ambuja Cements sold 20.91 million tonnes cement in 2011, which is 4.5 per cent more than what it had sold in 2010. It produced 20.97 million tonnes cement during the year.

It said government's thrust on infrastructure along with expected policy reforms, lower inflation and interest rates might boost demand in the current year.

"Cost pressure due to rising cost of energy, logistics and raw materials may continue to impact margins. ACL as a company is focused on improving operational efficiency and productivity to mitigate cost pressures," it said.

Prices are expected to remain volatile in the short-term due to demand supply imbalances, it added. PTI SSR YB NS YB 02091729

(THROUGH ASIA PULSE)

09-02 2012


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Cognizant guidance could boost IT stocks

Mint 09 February 2012


Mumbai, Feb. 9 -- Finance minister Pranab Mukherjee is losing sleep over the rising subsidy bill. While it is certain that the government will miss the 4.6% fiscal deficit target, the minister will do well to keep a tight leash on next year's expenses.

Cues from global markets are not that encouraging. Stock markets in Asia fell in opening deals after Greek policymakers failed to reach an agreement on the terms required to secure the bailout package. The talks are reportedly stuck on one issue: pension cuts. The Nikkei at 8,953 is down 0.68%.

US stocks, though, closed marginally higher. Buying in technology and financial services stocks helped the S&P 500 gain 0.22% to 1,349.

Crude oil, meanwhile, climbed to its highest level in more than a week. Prices rose after US crude stockpiles increased less than forecast. Brent crude at $117.5 is up 0.26%.

Back home, credit growth is steadily losing steam. For the fortnight ended January 27, outstanding loans of the banks declined by Rs 3,148 crore to Rs 43,513 crore. In the previous fortnight it had shrunk by Rs 11,167 crore, reports the Business Standard.

The department of telecommunications is in favour of auctioning spectrum freed up after the Supreme Court cancelled the previous 2G allocations. According to the Business Standard, the telecom department has prepared a cabinet note recommending the auction of spectrum.

Keep an eye on information technology stocks. Cognizant Technology Solutions Corp. has given a robust forecast for the current year. The company expects its revenues to rise by 23% this year. The robust guidance, despite the slowing global economy, points to strong demand for IT services.

Thomas Cook Group Plc is selling its Indian unit Thomas Cook (India). The company has reportedly received a number of unsolicited informal expressions of interest from third parties. Thomas Cook Group Plc holds 77.1% stake in Thomas Cook (India).

Ceat is planning to set up a tyre manufacturing plant in Bangladesh. The company, which aims to start production by end-2013, is looking to invest Rs 250 crore in the new facility.

Tech Mahindra reported a 15% sequential rise in December quarter profits. While revenues rose 8.4%, low depreciation and tax provisions helped the company.

GMR Infrastructure reported a 47% jump in December quarter sales. Robust topline growth, though, did not translate into profits. The company reported a consolidated net loss of Rs 108 crore due to interruption in fee collection at the airport and high interest costs.

ACC, Adani Enterprises, Ambuja Cements, Anant Raj Industries, Apollo Tyres, Cummins India, Gammon India, GTL, Hindalco Industries, HPCL, Moser Baer, MRF and Tata Steel will declare their earnings today.

Finally, here is an interesting profile by The Guardian on the Uttar Pradesh chief minister Mayawati. The profile talks about Mayawati's early life, how she got into politics and her political journey till now. Published by HT Syndication with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at

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Announces Q4 & FY 11 Results & Results Press Release for the quarter ended on Dec 31, 2011



India, Feb. 09 -- Ambuja Cements Ltd has announced the following results for the quarter & year ended December 31, 2011:The Unaudited results for the Quarter ended December 31, 2011The Company has posted a net profit of Rs. 3024.00 million for the quarter ended December 31, 2011 as compared to Rs. 2581.20 million for the quarter ended December 31, 2010. Total Income has increased from Rs. 18652.10 million for the quarter ended December 31, 2010 to Rs. 24227.90 million for the quarter ended December 31, 2011.The Audited results for the year ended December 31, 2011The Company has posted a net profit of Rs. 12288.60 million for the year ended December 31, 2011 as compared to Rs. 12636.10 million for the year ended December 31, 2010. Total Income has increased from Rs. 76378.10 million for the year ended December 31, 2010 to Rs. 88333.40 million for the year ended December 31, 2011.The Consolidated Results are as follows:The Audited consolidated results for the year ended December 31, 2011The Group has posted a net profit of Rs. 12277.40 million for the year ended December 31, 2011 as compared to Rs. 12629.70 million for the year ended December 31, 2010. Total Income has increased from Rs. 76377.80 million for the year ended December 31, 2010 to Rs. 88499.50 million for the year ended December 31, 2011. Published by HT Syndication with permission from ACCORD FINTECH BSE. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]


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Ambuja Cements board recommends final dividend



India, Feb. 09 -- Ambuja Cements has informed that the board of directors of the company at its meeting held on February 09, 2012 has recommended a final dividend on equity shares at the rate of Rs 1.80 per share. With the interim dividend of Rs 1.40 per share paid during the year the total dividend for the corporate financial year ended 2011 works out to Rs 3.20 per share. The company in the previous year had paid dividend Rs 2.60 per share which included interim dividend Rs 1.30 per share. The above information is part of company's filing submitted to the BSE. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]


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Indian benchmarks convalesce in late trade; Nifty re-conquers 5,400 levels



India, Feb. 09 -- After squandering for most part of the session around the previous closing levels, the domestic benchmark equity indices staged a smart comeback in the last leg of trade and snapped Thursday's session with about a percent gains. In its northbound journey, the 50-share Nifty not only extended its gaining streak for second straight session but also retraced the psychological 5,400 levels, which were last seen only on August 3, 2011. The frontline indices have vivaciously rallied close to twenty percentage points since the lows hit in December 2011 and have even outperformed most major markets across the globe thanks to the relentless buying by foreign funds who have poured in $3.6 billion in local equities so far this year. A day after being outclassed by the global markets, the frontline indices smartly bounced back in the session and across the board hefty position build up, helped the gauges to outperform all its Asian as well as European counterparts. Sentiments got support after


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global rating agency Fitch affirmed that India is facing cyclical slowdown rather than a structural downturn. Fitch stated that this may further ease inflation, which appears to have passed its peak and thereby giving room to RBI to move to a more accommodative monetary policy, after recent increases in policy rates. Meanwhile, investors overlooked India's trade data which showed that exports grew by about 10.1% y-o-y in January while imports increased by 20.3%, thus widening India's trade deficit to $14.7 billion as against $12.8 billion in December 2011. On the earnings front, heavyweight Hindaclo succeeded in trimming a large part of its losses in the session after announcing third quarter earnings numbers, which were not as bad as the street had expected. Also stocks like Apollo Tyres and Ambuja Cements got commended for reporting encouraging quarterly results. On the global front, Asian equity indices settled on a mixed note after disappointing Chinese inflation reading for January while weak Japan's core machinery orders data too, raised concerns over global growth outlook. European markets though are trading on a positive note as well received earnings from Daimler spurred buying in Auto sector stocks while investors awaited further developments on Greece.Earlier on the Dalal Street, the benchmark got off to a negative opening as the indices drifted lower since investors largely remained influenced by the pessimistic sentiments prevailing in Asian markets. After trading with moderate cuts through the morning session, the lethargic equity indices gradually crawled sideways without any fervor through the afternoon trades. However, a sudden revival in sentiments was witnessed in the last leg of trade as stocks from Metal and Banking counters rebounded to provide the much needed support. Eventually the benchmarks managed to regain the key 5,400 (Nifty) and 17,800 (Sensex) levels and snap the session around high point of the day. The NSE's 50-share broadly followed index Nifty, surged about a percent to settle above the crucial 5,400 support level while Bombay Stock Exchange's Sensitive Index or Sensex garnered over a hundred points and ended above the psychological 17,800 mark. Moreover, the optimism in broader markets remained intact through the day, which helped the indices settle on a strong note with over a percent gains, outperforming their larger peers. On the BSE sectoral space, Metal counter remained top gainer in the space with gains of two percent while the rate sensitive Realty and Bankex sectors too finished with handsome gains. The markets climbed on strong volumes of over Rs 1.48 lakh core while the turnover for NSE F&O segment remained on the lower side as compared to that on Wednesday at over Rs 1.12 lakh crore. The market breadth remained optimistic through the day as there were 1,828 shares on the gaining side against 1,057 shares on the losing side while 125 shares remained unchanged.Finally, the BSE Sensex gained 123.43 points or 0.70% to settle at 17,830.75, while the S&P CNX Nifty rose by 44.20 points or 0.82% to close at 5,412.35. The BSE Sensex touched a high and a low of 17,879.46 and 17,609.43 respectively. The BSE Mid cap and Small cap indices were up by 1.27% and 1.18% respectively. The major gainers on the Sensex were Sterlite Industries up 4.59%, Jindal Steel up 3.81%, Tata Power up 3.38%, Bajaj Auto up 3.30% and HDFC Bank up 2.79%. While, Sun Pharma down 1.36%, Hindalco down 1.31%, DLF down 1.15%, Bharti Airtel down 1.13% and L&T down 1.01%, were the major losers on the index. The top gainers on the BSE sectoral space were Metal up 2.05%, Realty up 1.95%, Bankex up 1.85%, Auto up 1.78% and Consumer Durables (CD) up 1.28%, while Oil & Gas down 0.24%, Capital Goods (CG) down 0.11% and Health Care (HC) down 0.03% were top losers on the sectoral space. Meanwhile, exports continued to grow, but on a moderate basis by about 10.1% y-o-y in January 2012 to $25.4 billion, while imports increased by 20.3% at $40.1 billion widening India's trade deficit to $14.7 billion in January 2012 as against $12.8 billion in December 2011. Commerce Secretary, Rahul Khullar, citing provisional data, has said that Indian exports which stood at $25 billion in December 2011 and have grown to $25.4 billion in January 2012. Imports are up from $37.7 billion in December 2011 to $40.1 billion in January 2012. Cumulative exports for the period April- January reached $242.8 billion. Imports on the other hand grew by 29.4% to $391.5 billion during the April-January period. The trade deficit stood at $ 148.7 billion for the period.Khullar further stated that though India's trade deficit has increased in January 2012, it is not a worrisome number and can be expected to narrow down over the next two months. India's exports for the fiscal year through March are expected to be between $295 billion and $305 billion with imports totaling $460 billion, while the trade gap is seen around $160 billion in FY12.The S&P CNX Nifty touched a high and low of 5,423.40 and 5,338.90 respectively. The top gainers on the Nifty were RPower up 5.20%, BPCL up 4.61%, Tata Power up 4.40%, Sterlite Industries up 4.07% and Jindal Steel up 3.88%. On the flip side, Sun Pharma down 1.92%, DLF down 1.44%, Grasim down 1.27%, Hindalco down 1.09% and GAIL down 0.97% were the top losers on the index. The European markets were trading in green as France's CAC 40 was up 0.38%, Britain'sFTSE 100 up 0.18% and Germany's DAX up by 0.52%.Asian stocks snapped the day's trade mostly in the negative terrain on Thursday after data showed inflation in China was heating up again, complicating efforts by Beijing to stimulate the world's No. 2 economy. But the losses remained capped as investors bet on a positive outcome to Greek reform talks needed for a fresh bailout. Japanese Nikkei pulled back from a three-month high and ended with a cut of over half a percent on Thursday after Japanese core machinery orders for December 2011 fell by 7.1 percent on a seasonally adjusted basis. The figure, which excludes the volatile shipping and electric power industries, marked a downturn from a 14.8 percent expansion in November. Hong Kong shares ended with marginal cut after stronger than expected Chinese inflation data. Investor sentiments hit a hurdle after

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China released data showing consumer prices had risen 4.5 percent in January over a year earlier, up from the previous month's 4.1 percent. Food prices jumped 10.5 percent, driven by a 25 percent gain in the cost of pork, the staple meat in China. However, Chinese shares ended flat, with strength in property developers outweighing losses in financial and resources sectors. Asian Indices Last Trade Change in Points Change in % Shanghai Composite 2,349.59 2.06 0.09 Hang Seng 21,010.01 -8.45 -0.04 Jakarta Composite 3,978.99 -9.71 -0.24 Nikkei 225 9,002.24 -13.35 -0.15 Straits Times 2,981.17 -1.03 -0.03 Seoul Composite 2014.62 10.89 0.54 Taiwan Weighted 7,910.78 40.87 0.52 Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]

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Updates on Q4 & FY11 results



India, Feb. 09 -- With reference to the earlier announcement dated February 09, 2012 regarding announces Q4 & FY 11 results, Ambuja Cements Ltd has now informed BSE that the results sent for the last quarter in fact were audited results. The caption, however, due to typographical error mentioned the same as "Unaudited".In this regard, the Company has submitted to BSE the corrected copy of the same. The said announcement should be read as follows:"Ambuja Cements Ltd has announced the following results for the quarter & year ended December 31, 2011:The "Audited" results for the Quarter ended December 31, 2011The Company has posted a net profit of Rs. 3024.00 million for the quarter ended December 31, 2011 as compared to Rs. 2581.20 million for the quarter ended December 31, 2010. Total Income has increased from Rs. 18652.10 million for the quarter ended December 31, 2010 to Rs. 24227.90 million for the quarter ended December 31, 2011.The Audited results for the year ended December 31, 2011The Company has posted a net profit of Rs. 12288.60 million for the year ended December 31, 2011 as compared to Rs. 12636.10 million for the year ended December 31, 2010. Total Income has increased from Rs. 76378.10 million for the year ended December 31, 2010 to Rs. 88333.40 million for the year ended December 31, 2011.The Consolidated Results are as follows:The Audited consolidated results for the year ended December 31, 2011The Group has posted a net profit of Rs. 12277.40 million for the year ended December 31, 2011 as compared to Rs. 12629.70 million for the year ended December 31, 2010. Total Income has increased from Rs. 76377.80 million for the year ended December 31, 2010 to Rs. 88499.50 million for the year ended December 31, 2011." Published by HT Syndication with permission from ACCORD FINTECH BSE. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]


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BRIEFING - ASIA INFRASTRUCTURE - FEB 3, 2012

Asia Pulse Businesswire 03 February 2012


An executive briefing on infrastructure for Feb 3, 2012, prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities.

VIETNAM TRANSPORT MINISTRY EYEING OVER 30 PROJECT COMPLETIONS

HANOI - Vietnam'sTransport Ministry is targeting the completion of more than 30 major projects this year to make a milestone in transport infrastructure development. Last year, hundreds of projects were delayed due to the Government's public investment cutting policy.

The projects include a road network to Phong Nha- Ke Bang Culture Heritage and Khe Gat Airport in central Quang Binh Province, Ngoc Thap Bridge in northern Phu Tho Province, Dam Cung Bridge in southernmost Ca Mau Province, Ha Long-Cai Lan Railway, An Thoi Port in southern Kien Giang Province and Da Nang Airport Terminal.

SAMSUNG ENGINEERING WINS US$160MLNUAE INDUSTRIAL PLANT DEAL

SEOUL - Samsung Engineering Co. (KSE:028050), a leading South Korean industrial plant builder, said Friday it has won a US$160 million contract for a nitrogen gas injection facility in the United Arab Emirates (UAE).

The contract placed by the UAE's state-run GASCO calls for the plant to be built in Mirfa in the central part of the oil-rich Middle East country, with Samsung responsible for the engineering, procurement, construction and commissioning of the project on a lump turnkey basis.

CHINA'S SOLAR PV INDUS MAY BE AIDED BY ENERGY SAVING DRAFT PLAN

BEIJING - The draft plan for promoting energy saving in buildings across China during 2011-2015 recently unveiled by the Ministry of Housing and Urban-Rural Development to solicit public opinion might give another boom to the wounded solar PV industry, reported China Securities Journal on Wednesday.

Under the plan, China aims to develop energy saving in buildings equivalent to 116 million tonnes of standard coal by the end of 2015, and flags up plans to expand the utilization of renewable energies in buildings, particularly solar energy, by some 2.5 billion square meters during the 2011-2015 period, compared to the 40 million square meters added in the previous five years.

INDIAN CO AMBUJA CEMENTS' SALES UP 4% TO 1.91 MT IN JAN

NEW DELHI - Indian company Ambuja Cements (BSE:500425) Thursday reported a little over 4 per cent rise in January sales at 1.91 million tonnes over the same month last year.


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The company had sold 1.84 million tonnes cement in January last year, Ambuja Cements said in a statement.

INDIAN GOVT PLANS USE OF NATURAL RUBBER IN ROAD CONSTRUCTION

NEW DELHI - The Indian government has formulated a plan to use natural rubber in roads, as recommended by experts.

The use of natural rubber-modified bitumen has been specified by the Ministry of Road Transport & Highways for binder courses and wearing courses laid on National Highways, an official statement said here on Wednesday.

SRI LANKA TO EXTEND SOUTHERN EXPRESSWAY

COLOMBO - Sri Lanka's southern expressway linking the capital Colombo with the south is to be extended to link the eastern port town of Trincomalee, Sri Lanka Ports Authority chairman Priyath Wickrama said.

The move is part of a plan to improve the transport infrastructure to give manufacturers fast connectivity, he told a tea convention in Colombo.

SAMSUNG C&T NET PROFIT SOARS IN Q4

SEOUL - Samsung C&T Corp. (KSE:000830), a South Korean trading and construction company, said Thursday that its fourth-quarter earnings soared 645.6 per cent from a year earlier due to foreign sales gains.

Net income came to 92.2 billion won (US$82.3 million) in the October-December period, compared with 13.0 billion won a year earlier, the company said in a provisional regulatory filing.

KOREA'S GS ENGINEERING SEES EARNINGS JUMP IN Q4

SEOUL - GS Engineering & Construction Corp. (KSE:006360), South Korea's third-largest builder, said Thursday that its fourth-quarter earnings jumped 111.5 per cent from a year earlier due to strong sales.

Net income came to 78.4 billion won (US$70 million) in the October-December period, compared with 37 billion won a year earlier, the builder said in a provisional regulatory filing.

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INDIAN CO AMBUJA CEMENTS' SALES UP 4% TO 1.91 MT IN JAN


Asia Pulse Businesswire 03 February 2012


NEW DELHI, Feb 3Asia Pulse - Indian company Ambuja Cements (BSE:500425) Thursday reported a little over 4 per cent rise in January sales at 1.91 million tonnes over the same month last year.

The company had sold 1.84 million tonnes cement in January last year, Ambuja Cements said in a statement.

Ambuja Cements' production during the month also went up to 1.9 million tonnes compared to 1.84 million tonnes in the year ago period.

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Ambuja Cements Jul-Sep net profit up by 12.5% at Rs 1.71bln

India Public Sector News 02 November 2011

[What follows is the full text of the article.]

New Delhi: India-based cement manufacturing company Ambuja Cements Ltd (ACL), which follows January-December as accounting year, has posted a 12.5% rise in net profit at Rs 1.71 billion in the third quarter (July-September) ended September 30, in fiscal year 2011.

Ambuja Cements had posted a net profit of Rs 1.52 billion in the same period of the previous year, the company said in a statement.

During the July-September quarter, the company's net sales rose to Rs 18.05 billion as compared to Rs 15.64 billion in the same period a year-ago. This rise in net sales was mainly because of 7.6% rise in sales volume at 4.69 million tonne.

"The lower rate of growth in earnings before interest, taxes, depreciation and amortization compared to net sales was on account of substantial increase in the costs of raw material [up 11% year-on-year], power and fuel [up 12% YoY] and freight and forwarding expenses [up 21% YoY]," the company said in a statement.

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INDIA,SWITZERLAND : Ambuja Cements acquires 60 % stake in Dirk India

TendersInfo News 16 September 2011


Swiss major Ambuja Cements has acquired 60 per cent stake in processed fly ash maker Dirk India. The value of the deal was Rs 16.51 crore.

Ambuja stated, With this acquisition, Dirk India and Dirk Pozzocrete have become subsidiaries of the company. Dirk Pozzocrete is the subsidiary of the Maharashtra- based company.

According to Ambuja Cements, the company purchased the stake from the promoters of Dirk India. The company has 2,500 tonnes processed fly ash manufacturing capacity per day.

Ambuja added, During the financial year 2010-11, the company (Dirk) generated sales revenue of Rs 55.40 crore and earned EBITDA of Rs 6.8 crore.

Earlier in 2001, a 30-year contract had been secured by Dirk India for the exclusive recycling of all Pulverised Fuel Ash. The contract was awarded by Nashik Thermal Power Station of the Maharashtra State Electricity Board.

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COPYRIGHT 2011 TendersInfo News

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Ambuja Cements acquires 60% equity stake in Dirk India for $3.5mln


India Public Sector News 15 September 2011


Mumbai: India's one of the leading cement makers Ambuja Cements Ltd announced that it has acquired a 60% equity stake in fly ash maker Dirk India Pvt Ltd for Rs 165.1 million ($3.5 million), Reuters reported.

Ambuja Cement (BOM:500425), which was formerly known as Gujarat Ambuja Cement Limited, said that after the transaction is completed Dirk and its subsidiary Dirk Pozzocrete will become units of the company.

It should be noted that Fly Ash, which is produced by burning coal, plays an important role in cement manufacture and in the construction industry. One tonne of cement requires an input of 0.2 tonne of fly ash.

The cost of cement produced from fly ash significantly lowered by 5% to 10% when compared to cement produced in the traditional way.

Ambuja Cement, in which Swiss cement manufacturer Holcim holds 46% stake, had a cement capacity of about 25 million tons in calender year 2010. Ambuja has five integrated cement manufacturing plants and eight cement grinding units in India.

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Ambuja Cement buys 60% in Dirk India for Rs 16.5 crore

Realty Plus 15 September 2011


Ambuja Cements Ltd has acquired 60 per cent stake in fly ash maker Dirk India Pvt Ltd from its existing promoters for Rs 16.51 crore, according to the company disclosure to the Bombay Stock Exchange on Wednesday.

Based in Maharashtra, Dirk India is into fly ash manufacturing and marketing, with a capacity of 2,500 TPD. The company also has a subsidiary, Dirk Pozzocrete (MP) Pvt Ltd, which operates in the same space. Fly ash is an industrial products residue, used as a relatively low-cost input for cement manufacturing.

Post-acquisition, Dirk India and Dirk Pozzocrete will become subsidiaries of Ambuja Cements.

Copyright 2011 Mediasset Holdings, distributed by Contify.com

COPYRIGHT 2011 Realty Plus

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INDIA,NEPAL : Ambuja Cements buys 85-per cent controlling stake in Nepalese Dang Cement Industries in a deal valuing Rs19.13 crore

TendersInfo News 10 June 2011

[What follows is the full text of the article.] Related Geographies


Ambuja Cements Ltd, formerly known as Gujarat Ambuja Limited is a major Cement producing company in India has recently gained an 85-per cent interest in Nepals Dang Cement Industries in a deal valuing Rs19.13 crore. With the acquisition, Dang Cement Industries turns out to be an offshoot of Ambuja Cements.

Reportedly Dang Cement holds limestone mining lease for cement grade limestone deposit situated in the hill ranges of Mahabharat in the adjoining area of the Purandhara Village Development Committee (VDC) of Dang district and the Kavra and Laxmipur VDCs of Sallyan district in the Mid - western development region of Nepal. Dang Cement Industries holds a limestone mining lease in Nepal. Limestone is a key raw material for manufacturing of cement.

Currently, Dang Cement intends to install and run a 1. 2-million tonne per annum capacity cement plant in two phases near the foothill of the deposit at Purandhara in Dang valley.

"At present, the company (Dang) is not carrying out any business activity," the Ambuja statement said. The domestic cement maker stated in a stock exchange filing that, it was also underway of taking on a further 5-per cent venture in the Nepalese company for Rs1.13 crore.

Copyright 2011 Euclid Infotech Pvt. Ltd., distributed by Contify.com

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Ambuja Cements May output at 17.36 lakh tone

Realty Plus 02 June 2011


Cement manufacturer Ambuja Cements said that its production in May stood at 17.36 lakh tonne, as against 19.04 lakh tonne in the year-ago period.

The company's despatches in May stood at 17.64 lakh tonne, as against 18.88 lakh tonne in the year-ago period, a press release issued here stated.

For the January-May period this year, its production stood at 91.38 lakh tonne as against 91.48 lakh tonne in the year ago, while its despatches for the same period stood at 93.32 lakh tonne as against 91.70 lakh tonne in the corresponding period of the last year, the release said.

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Ambuja Cements Ltd. Mumbai, India, Tel: 91-22-66597300, URL: http://www.ambujacement.com/

Annual Income Statement

Financials in: USD (mil)Except for share items (millions) and per share items (actual units)

Financial Glossary

31-Dec-2010 31-Dec-2009 31-Dec-2008 31-Dec-2007 31-Dec-2006Period Length 12 Months 12 Months 12 Months 12 Months 18 Months

UpdateType/Date Updated Normal 31-Dec-2010

Updated Normal 31-Dec-2009

Reclassified Normal

31-Dec-2009

Restated Normal

31-Dec-2008

Reclassified Special

31-Dec-2007 Filed Currency INR INR INR INR INR

Exchange Rate (Period Average) 45.724414 48.413551 43.518449 41.348599 45.26652

Auditor S.R. BATLIBOI & ASSOCIATES

S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

Dalal & Shah

Auditor Opinion Unqualified Unqualified Unqualified Unqualified Unqualified

Net Sales - - - - 1.8

Gross Revenue 1,805.8 1,594.9 1,632.1 1,568.0 1,575.9

Excise Tax Receipts -189.6 -133.1 -196.5 -185.0 -164.0

Revenue 1,616.3 1,461.8 1,435.6 1,383.0 1,413.7 Interest Income, Non-Bank 26.3 17.2 32.1 18.9 -

Other Revenue 27.9 35.7 16.5 28.0 21.0

Other Revenue, Total 54.1 52.8 48.5 46.9 21.0Total Revenue 1,670.4 1,514.6 1,484.1 1,429.9 1,434.7

Cost of Revenue 100.0 685.2 626.1 516.5 558.7

Cost of Revenue, Total 100.0 685.2 626.1 516.5 558.7Gross Profit 1,516.3 776.5 809.5 866.6 855.0

Selling/General/Administrative Expense

1,023.3 321.2 331.1 323.1 329.2

Labor & Related Expense 75.2 56.4 61.3 49.6 52.8

Advertising Expense 18.4 12.3 12.4 - -

Total Selling/General/Administrative Expenses

1,116.9 389.9 404.8 372.7 382.0

Depreciation 84.7 61.4 59.8 57.4 72.4

Depreciation/Amortization 84.7 61.4 59.8 57.4 72.4 Interest Expense - Operating 10.6 4.6 7.5 - 25.7

Interest Capitalized - Operating - 0.0 0.0 - -

Interest Expense - Net Operating 10.6 4.6 7.5 - 25.7

Investment Income - Operating 0.0 0.0 -62.3 -113.7 -

Interest/Investment Income - Operating

0.0 0.0 -62.3 -113.7 -

Interest Expense (Income) - Net Operating

- - - 18.6 -

Interest Expense (Income) - Net Operating Total

10.7 4.6 -54.8 -95.1 25.7

Loss (Gain) on Sale of Assets - Operating

0.7 1.3 -1.5 -77.0 -

Other Unusual Expense (Income) -5.8 0.0 - - -6.8

Unusual Expense (Income) -5.1 1.3 -1.5 -77.0 -6.8

Total Operating Expense 1,307.1 1,142.4 1,034.2 774.4 1,032.1


Operating Income 363.3 372.2 449.8 655.5 402.6

Investment Income - Non-Operating

- - - 19.1 40.2

Interest/Investment Income - Non-Operating

- - - 19.1 40.2

Interest Income (Expense) - Net Non-Operating Total

- - - 19.1 40.2

Income Before Tax 363.3 372.2 449.8 674.6 442.8

Total Income Tax 87.1 120.8 130.5 228.1 75.0

Income After Tax 276.2 251.3 319.3 446.5 367.8

Minority Interest - - - - -0.1

Net Income Before Extraord Items 276.2 251.3 319.3 446.5 367.8Net Income 276.2 251.3 319.3 446.5 367.8

Preferred Dividends - - - - -0.1

Miscellaneous Earnings Adjustment - - - - 5.5

Total Adjustments to Net Income - - - - 5.5Income Available to Common Excl Extraord Items

276.2 251.3 319.3 446.5 373.2

Income Available to Common Incl Extraord Items

276.2 251.3 319.3 446.5 373.2

Basic/Primary Weighted Average Shares

1,525.3 1,522.9 1,522.5 1,520.3 1,509.9

Basic EPS Excl Extraord Items 0.18 0.17 0.21 0.29 0.25

Basic/Primary EPS Incl Extraord Items 0.18 0.17 0.21 0.29 0.25

Dilution Adjustment 0.0 0.0 0.0 0.0 -

Diluted Net Income 276.2 251.3 319.3 446.5 373.2

Diluted Weighted Average Shares 1,529.5 1,524.5 1,523.2 1,523.5 1,514.5

Diluted EPS Excl Extraord Items 0.18 0.16 0.21 0.29 0.25

Diluted EPS Incl Extraord Items 0.18 0.16 0.21 0.29 0.25

Dividends per Share - Common Stock Primary Issue

0.06 0.05 0.05 0.08 0.07

Gross Dividends - Common Stock 86.8 75.5 77.0 128.8 101.9

Stock Based Compensation 7.1 3.1 3.5 - -

Net Income After Stock Based Compensation

269.1 24.8 315.9 - -

Basic EPS After Stock Based Compensation

0.18 0.16 0.21 - -

Diluted EPS After Stock Based Compensation

0.18 0.16 0.21 - -

Interest Expense, Supplemental 10.6 4.6 7.4 18.1 2.4

Interest Capitalized, Supplemental - 0.0 0.0 -1.2 -2.2

Depreciation, Supplemental 81.5 59.6 60.0 57.5 72.2

Total Special Items -8.1 1.1 -1.7 -77.5 -6.8

Normalized Income Before Tax 355.2 373.2 448.1 597.1 436.0

Effect of Special Items on Income Taxes

-1.9 0.3 -0.5 -26.2 -1.2

Inc Tax Ex Impact of Sp Items 85.2 121.2 130.0 201.9 73.8

Normalized Income After Tax 270.1 252.1 318.1 395.2 362.2


Normalized Inc. Avail to Com. 270.1 252.1 318.1 395.2 367.6

Basic Normalized EPS 0.18 0.17 0.21 0.26 0.24

Diluted Normalized EPS 0.18 0.17 0.21 0.26 0.24

Amort of Intangibles, Supplemental 3.6 3.3 - - 0.4

Rental Expenses 4.8 4.5 4.2 2.3 2.4

Advertising Expense, Supplemental 18.4 12.3 12.4 10.1 10.9

Research & Development Exp, Supplemental

0.1 0.3 0.1 5.9 0.6

Normalized EBIT 365.9 377.9 393.3 482.9 421.5

Normalized EBITDA 451.0 440.7 453.3 540.4 494.0

Current Tax - Domestic 77.3 98.9 128.8 178.2 86.7

Current Tax - Other - - - - -13.7

Current Tax - Total 77.3 98.9 128.8 178.2 73.0

Deferred Tax - Domestic 9.9 21.7 0.5 - 0.1

Deferred Tax - Other - - - -0.2 0.7

Deferred Tax - Total 9.9 21.7 0.5 -0.2 0.8

Other Tax -0.1 0.2 1.2 50.1 1.2

Income Tax - Total 87.1 120.8 130.5 228.1 75.0

Interest Cost - Domestic 1.0 0.8 0.8 0.5 -

Service Cost - Domestic 1.1 1.2 0.9 0.6 -

Expected Return on Assets - Domestic -1.0 -0.8 -0.7 -0.4 -

Actuarial Gains and Losses - Domestic 0.8 -2.8 3.8 1.4 -

Other Pension, Net - Domestic - - - 0.6 -

Domestic Pension Plan Expense 1.9 -1.6 4.8 2.7 -

Interest Cost - Post-Retirement 0.1 0.0 0.0 0.0 -

Service Cost - Post-Retirement 0.1 0.0 0.0 0.0 -

Actuarial Gains and Losses - Post-Retir.

-0.1 0.4 0.2 0.0 -

Post-Retirement Plan Expense 0.1 0.4 0.2 0.0 -

Defined Contribution Expense - Domestic

11.1 5.5 11.7 10.2 0.9

Total Pension Expense 13.1 4.3 16.7 12.9 0.9

Discount Rate - Domestic 8.30% 8.25% 5.90% 8.50% -

Expected Rate of Return - Domestic 7.50% 7.50% 7.50% 7.50% -

Compensation Rate - Domestic 7.00% 7.00% 7.00% 7.00% -

Total Plan Interest Cost 1.1 0.8 0.8 0.5 -

Total Plan Service Cost 1.2 1.2 0.9 0.6 -

Total Plan Expected Return -1.0 -0.8 -0.7 -0.4 -

Total Plan Other Expense - - - 0.6 -

Annual Balance Sheet


Financial Glossary

31-Dec-2010 31-Dec-2009 31-Dec-2008 31-Dec-2007 31-Dec-2006UpdateType/Date Updated Normal

31-Dec-2010Updated Normal

31-Dec-2009Reclassified

Normal 31-Dec-2009



Filed Currency INR INR INR INR INR

Exchange Rate 44.715 46.535 48.72 39.415 44.26

Auditor S.R. BATLIBOI & S.R. Batliboi & S.R. Batliboi & S.R. Batliboi & Dalal & Shah


ASSOCIATES Co. Co. Co.


Cash 44.4 25.1 25.5 29.3 85.7

Short Term Investments 346.6 164.2 149.4 133.9 0.0

Cash and Short Term Investments 391.0 189.3 174.9 163.2 85.7 Accounts Receivable - Trade, Gross

2.4 2.3 2.2 2.5 -

Provision for Doubtful Accounts -1.9 -1.8 -1.8 -2.3 -

Trade Accounts Receivable - Net 0.5 0.5 0.4 0.3 18.7

Notes Receivable - Short Term 75.8 53.5 59.0 52.1 66.7

Other Receivables 31.7 33.8 49.8 34.1 -

Total Receivables, Net 107.9 87.8 109.2 86.4 85.4 Inventories - Finished Goods 16.8 11.4 16.0 14.0 10.5

Inventories - Work In Progress 51.3 26.5 30.3 21.8 10.4

Inventories - Raw Materials 11.7 10.4 11.6 13.4 10.1

Inventories - Other 121.9 98.5 134.8 99.6 62.9

Total Inventory 201.7 146.8 192.7 148.7 93.9Prepaid Expenses 0.3 0.8 2.5 - -

Other Current Assets 0.3 0.6 0.9 3.4 1.3

Other Current Assets, Total 0.3 0.6 0.9 3.4 1.3Total Current Assets 701.2 425.3 480.2 401.8 266.3

Buildings 259.0 174.4 146.2 165.0 123.5

Land/Improvements 92.0 66.8 49.5 56.6 32.4

Machinery/Equipment 1,577.2 1,066.0 952.3 1,094.3 866.0

Construction in Progress 179.7 551.2 320.4 129.4 122.5

Leases 19.8 16.1 10.5 10.7 5.3

Property/Plant/Equipment - Gross 2,127.8 1,874.4 1,478.8 1,456.0 1,149.8

Accumulated Depreciation -692.1 -589.8 -511.1 -574.2 -463.5

Property/Plant/Equipment - Net 1,435.7 1,284.7 967.7 881.8 686.3 Goodwill - Gross 0.9 0.8 0.8 - -

Accumulated Goodwill Amortization 0.0 0.0 0.0 - -

Goodwill, Net 0.9 0.8 0.8 1.0 0.0 Intangibles - Gross 15.0 14.1 12.7 4.8 2.9

Accumulated Intangible Amortization

-12.3 -8.3 -4.7 -2.7 -0.9

Intangibles, Net 2.7 5.8 8.1 2.1 2.0 LT Investment - Affiliate Companies 0.0 0.0 - - -

LT Investments - Other 138.9 155.2 67.3 375.6 345.7

Long Term Investments 138.9 155.2 67.3 375.6 345.7 Deferred Charges 0.1 0.6 0.9 1.6 1.7

Deferred Income Tax - Long Term Asset

14.6 6.3 5.9 7.0 2.8

Other Long Term Assets 28.4 32.1 79.3 47.4 21.0

Other Long Term Assets, Total 43.2 39.1 86.1 56.0 25.6Total Assets 2,322.5 1,910.9 1,610.2 1,718.3 1,325.9

Accounts Payable 0.0 0.5 0.1 146.3 100.5

Accrued Expenses 0.1 1.2 1.1 1.6 4.0

Notes Payable/Short Term Debt 1.9 0.0 0.0 0.0 0.0

Dividends Payable 51.5 42.4 33.8 41.4 29.8

Customer Advances - - - - 0.0

Security Deposits 38.5 26.3 20.7 20.8 13.9


Income Taxes Payable 174.9 85.5 45.9 67.6 -

Other Payables 248.0 198.3 181.2 - -

Other Current Liabilities 23.0 20.5 20.0 18.8 11.1

Other Current liabilities, Total 535.9 373.0 301.6 148.5 54.8Total Current Liabilities 538.0 374.7 302.8 296.4 159.2

Long Term Debt 12.6 35.6 59.3 85.9 195.5

Total Long Term Debt 12.6 35.6 59.3 85.9 195.5Total Debt 14.5 35.6 59.3 85.9 195.5

Deferred Income Tax - LT Liability 133.4 110.7 84.0 103.0 89.5

Deferred Income Tax 133.4 110.7 84.0 103.0 89.5Minority Interest - - - 0.1 0.1

Total Liabilities 684.0 521.0 446.1 485.5 444.3

Common Stock 68.4 65.5 62.5 77.2 68.5

Common Stock 68.4 65.5 62.5 77.2 68.5Additional Paid-In Capital 308.3 284.7 270.4 333.9 290.3

Retained Earnings (Accumulated Deficit)

1,261.8 1,039.8 831.2 822.9 523.9

Translation Adjustment - 0.0 0.0 -1.2 -1.3

Other Equity, Total - 0.0 0.0 -1.2 -1.3

Total Equity 1,638.5 1,389.9 1,164.1 1,232.8 881.6

Total Liabilities & Shareholders’ Equity

2,322.5 1,910.9 1,610.2 1,718.3 1,325.9

Shares Outstanding - Common Stock Primary Issue

1,529.9 1,523.7 1,522.6 1,522.4 1,516.8

Total Common Shares Outstanding 1,529.9 1,523.7 1,522.6 1,522.4 1,516.8Employees - - - - 4,412

Number of Common Shareholders - 246,686 256,659 238,159 278,327

Accumulated Goodwill Amortization Suppl.

0.0 0.0 0.0 - 0.0

Accumulated Intangible Amort, Suppl. 12.3 8.3 4.7 2.7 0.9

Deferred Revenue - Current - - - - 0.0

Total Long Term Debt, Supplemental 1.5 1.6 - 21.7 0.8

Long Term Debt Maturing within 1 Year 1.5 1.6 - 21.7 0.8

Long Term Debt Matur. in Year 6 & Beyond

0.0 0.0 - 0.0 0.0

Pension Obligation - Domestic 14.7 12.4 13.1 10.9 -

Post-Retirement Obligation 1.1 0.9 0.5 0.3 -

Plan Assets - Domestic 15.0 12.9 10.3 10.2 -

Plan Assets - Post-Retirement 0.0 0.0 0.0 0.0 -

Funded Status - Domestic 0.3 0.4 -2.9 -0.7 -

Funded Status - Post-Retirement -1.1 -0.9 -0.5 -0.3 -

Total Funded Status -0.8 -0.5 -3.3 -1.1 -




Accrued Liabilities - Domestic -0.1 -0.1 -2.9 -0.7 -5.0

Accrued Liabilities - Post-Retirement -1.1 -0.9 -0.5 -0.3 -

Other Assets, Net - Domestic 0.5 0.6 - - -

Net Assets Recognized on Balance Sheet

-0.8 -0.5 -3.3 -1.1 -5.0


Equity % - Domestic 100.00% 100.00% 100.00% 100.00% -

Total Plan Obligations 15.8 13.4 13.6 11.3 -

Total Plan Assets 15.0 12.9 10.3 10.2 -

Annual Cash Flows


Financial Glossary




Restated Normal

31-Dec-2009

Restated Normal

31-Dec-2008





S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

Dalal & Shah


Net Income/Starting Line 363.3 372.2 449.8 674.6 442.8

Depreciation 84.7 61.4 59.8 57.4 72.4

Depreciation/Depletion 84.7 61.4 59.8 57.4 72.4 Unusual Items -15.5 -0.1 -69.9 -196.2 0.4

Equity in Net Earnings (Loss) - - - -19.1 -40.2

Other Non-Cash Items 5.8 -13.6 -4.6 6.3 13.7

Non-Cash Items -9.7 -13.8 -74.5 -209.0 -26.1

Accounts Receivable -12.4 24.1 -42.1 -25.7 -4.7

Inventories -61.2 52.8 -80.1 -41.2 2.4

Other Liabilities 68.8 20.7 61.9 39.2 22.5

Other Operating Cash Flow -23.8 -77.6 -150.7 -121.7 -102.7

Changes in Working Capital -28.5 20.0 -211.0 -149.5 -82.5

Cash from Operating Activities 409.8 439.8 224.1 373.5 406.7

Purchase of Fixed Assets -186.1 -278.3 -378.7 -192.1 -176.0

Capital Expenditures -186.1 -278.3 -378.7 -192.1 -176.0

Acquisition of Business - - 0.0 -0.4 0.0

Sale of Business - 0.0 0.1 240.5 18.2

Sale of Fixed Assets 3.6 2.4 4.6 65.9 22.6

Sale/Maturity of Investment 51.9 10.8 133.5 - -

Investment, Net -1.8 -0.4 6.1 -175.4 -3.3

Purchase of Investments -4.9 0.0 -1.4 - -

Other Investing Cash Flow 21.9 18.5 26.3 22.2 8.4

Other Investing Cash Flow Items, Total

70.8 31.3 169.1 152.8 45.8

Cash from Investing Activities -115.3 -247.1 -209.7 -39.3 -130.1

Other Financing Cash Flow -17.4 -4.2 -14.0 -11.9 -27.2

Financing Cash Flow Items -17.4 -4.2 -14.0 -11.9 -27.2

Cash Dividends Paid - Common -79.6 -80.6 -89.7 -141.0 -105.7

Total Cash Dividends Paid -79.6 -80.6 -89.7 -141.0 -105.7

Sale/Issuance of Common 12.1 1.5 0.3 7.8 10.6

Common Stock, Net 12.1 1.5 0.3 7.8 10.6


Issuance (Retirement) of Stock, Net

12.1 1.5 0.3 7.8 10.6

Long Term Debt Issued 12.9 10.3 22.3 13.9 180.3

Long Term Debt Reduction -31.4 -23.5 -33.6 -139.1 -271.8

Long Term Debt, Net -18.6 -13.2 -11.3 -125.2 -91.5

Issuance (Retirement) of Debt, Net

-18.6 -13.2 -11.3 -125.2 -91.5

Cash from Financing Activities -103.5 -96.4 -114.7 -270.3 -213.7

Net Change in Cash 191.0 96.3 -100.2 63.8 62.9

Net Cash - Beginning Balance 309.6 196.1 318.4 91.8 21.6

Net Cash - Ending Balance 500.6 292.4 218.2 155.6 84.5

Cash Interest Paid 4.2 4.2 13.9 8.2 19.6

Cash Taxes Paid 8.0 63.1 132.2 109.1 99.8

© 1983-2012 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., February, 2012.








Reclassified Normal

31-Dec-2009

Restated Normal

31-Dec-2008





S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

BATLIBOI & PUROHIT


Sales 1,805.8 1,594.9 1,632.1 1,568.0 1,574.5

Interest Income 15.7 14.9 19.1 18.4 -

Profit/Loss on sale of Investment 7.5 1.5 3.3 - -

Dividend income 0.0 0.5 9.4 - -

Other Income 27.9 35.7 16.5 28.0 21.0

Share in Joint Venture - - - - 1.4

Excise Duty Paid -189.6 -133.1 -196.5 -185.0 -164.0

Services - - - - 1.8

Gain on Sale of Assets 3.0 0.3 0.2 0.5 -

Total Revenue 1,670.4 1,514.6 1,484.1 1,429.9 1,434.7

Variation in Stocks -28.0 10.2 -15.0 -12.5 -0.2

Raw Materials Consumed 130.4 679.0 645.9 531.3 561.3

Employees Cost 75.2 56.4 61.3 49.6 52.8

Share in joint venture 0.0 0.0 - - -

Loss on Assets sold 0.7 1.3 1.0 1.7 -

Advertisement Expenses 18.4 12.3 12.4 - -

Administrative, Selling & Other Expenses

1,023.3 321.2 331.1 323.1 329.2

Interest Expenses 10.6 4.6 7.5 - 25.7

Depreciation and Amortization 84.7 61.4 59.8 57.4 72.4

Self Consumption of Cement -2.5 -4.0 -4.9 -2.3 -2.4

Exceptional Items -5.8 0.0 - - -6.8

Profit on sale of Investment - 0.0 -67.2 -113.7 -

Exchange rate difference - 0.0 4.9 - -

Interest & Finance Costs - - - 18.6 - Interest Capitalised - 0.0 0.0 - -

Depreciation Share in Joint Venture - - - - 0.0

Profit on sale of property - 0.0 -2.5 -78.7 -


Share of Profit in Associates - - - 19.1 40.2

Net Income Before Taxes 363.3 372.2 449.8 674.6 442.8

Provision for Income Taxes 87.1 120.8 130.5 228.1 75.0


Net Income After Taxes 276.2 251.3 319.3 446.5 367.8


Net Income Before Extra. Items 276.2 251.3 319.3 446.5 367.8Net Income 276.2 251.3 319.3 446.5 367.8

Preferred Dividend - - - - -0.1

Miscellaneous Adjustment - - - - 5.5

Income Available to Com Excl ExtraOrd

276.2 251.3 319.3 446.5 373.2

Income Available to Com Incl ExtraOrd

276.2 251.3 319.3 446.5 373.2

Basic Weighted Average Shares 1,525.3 1,522.9 1,522.5 1,520.3 1,509.9

Basic EPS Excluding ExtraOrdinary Items

0.18 0.17 0.21 0.29 0.25

Basic EPS Including ExtraOrdinary Item

0.18 0.17 0.21 0.29 0.25




Diluted EPS Excluding ExtraOrd Items 0.18 0.16 0.21 0.29 0.25

Diluted EPS Including ExtraOrd Items 0.18 0.16 0.21 0.29 0.25

DPS-Equity Shares 0.06 0.05 0.05 0.08 0.07


Normalized Income Before Taxes 355.2 373.2 448.1 597.1 436.0


Normalized Income After Taxes 270.1 252.1 318.1 395.2 362.2




Interest Expense 10.6 4.6 7.4 18.1 2.4

Depreciation 81.5 59.6 60.0 57.5 72.2

Research & Development 0.1 0.3 0.1 5.9 0.6

Amortisation 3.6 3.3 - - 0.4

Rental Expense 4.8 4.5 4.2 2.3 2.4

Advertising Expenses 18.4 12.3 12.4 10.1 10.9

Interest Capitalized - 0.0 0.0 -1.2 -2.2

Proforma Stock Based Compensation 7.1 3.1 3.5 - -

Basic EPS after Stock Based Compensation

0.18 0.16 0.21 - -

Diluted EPS after Stock Based Compensati

0.18 0.16 0.21 - -

Net Income after Stock Based Comp. 269.1 24.8 315.9 - -

Current Tax 77.3 98.9 128.8 178.2 86.7

Mat Credit Tax - - - - 0.0

Current Tax-Share in JV - - - - -13.7


Deferred Tax 9.9 21.7 0.5 - 0.1

Deferred Tax-Share in JV - - - -0.2 0.7



Income Tax for Earlier Year - - - 48.9 0.0

Fringe Benefit Tax -0.1 0.2 1.2 1.2 1.2

Income Tax - Total 87.1 120.8 130.5 228.1 75.0

Service Cost - Gratuity 1.1 1.2 0.9 0.6 -

Interest Cost - Gratuity 1.0 0.8 0.8 0.5 -

Expected Return on Plan Assets - Gratuit

-1.0 -0.8 -0.7 -0.4 -

Actuarial Gain / Loss - Gratuity 0.7 -2.7 3.8 1.5 -

Losses on Acquisition - Gratuity - - - 0.6 -

Service Cost - UF 0.0 0.0 0.0 0.0 -

Interest Cost - UF 0.0 0.0 0.0 0.0 -

Actuarial Gain / Loss - UF 0.0 0.0 0.0 0.0 -


Service Cost - PRMS 0.1 0.0 0.0 0.0 -

Interest Cost - PRMS 0.1 0.0 0.0 0.0 -

Actuarial Gain / Loss - PRMS -0.1 0.4 0.2 0.0 -


Contribution to Provident Funds & Other

7.2 2.2 8.8 5.7 0.9

Defined Contribution Plans 3.9 3.3 2.9 4.5 -


Discount Rate 8.30% 8.25% 5.90% 8.50% -

Expected Rate of Return on Plan Assets

7.50% 7.50% 7.50% 7.50% -

Compensation Rate 7.00% 7.00% 7.00% 7.00% -






Normal 31-Dec-2009




Exchange Rate 44.715 46.535 48.72 39.415 44.26


S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

BATLIBOI & PUROHIT


Coal & Fuel 121.9 98.5 134.8 99.2 62.7

Raw Materials 11.7 10.4 11.6 13.4 10.1

Material in Process 51.3 26.5 30.3 21.8 10.4

Finished Goods 16.8 11.4 16.0 14.0 10.5

Food & Beverages - - - - 0.0

Work in Progress - - - - 0.0

Equity Shares - - - - 0.0

Construction - - - 0.1 0.1

Scrapped Assets - - - 0.3 0.1

Venture Inventory - - - - 0.0

Sundry Debtors 2.4 2.3 2.2 2.5 -

Provision -1.9 -1.8 -1.8 -2.3 -

Other Debtors 28.2 32.2 45.7 34.1 -


Sundry Debtors - - - - 18.7

Cash & Bank Balances 44.4 25.1 25.5 29.3 85.7

Fixed Deposits 346.6 164.2 149.4 133.9 -


Other Current Assets - - - 3.4 1.3

Interest accrued on Investments 0.2 0.3 0.7 - -

Other Interest receivable 2.9 1.2 3.8 - -

Sundry Receivables 0.6 0.4 0.3 - -

Scrapped assets awaiting disposal, 0.0 0.3 0.2 - -

Loans & Advances 75.8 53.5 59.0 52.1 66.7

Balance with Central Excise, Customs,

0.3 0.8 2.5 - -

Total Current Assets 701.2 425.3 480.2 401.8 266.3

Freehold Land 92.0 66.8 49.5 56.6 32.4

Leasehold Land 19.8 16.1 10.5 10.7 5.3

Buildings, Roads & Water Works 259.0 174.4 146.2 165.0 123.5

Marine Structures 21.4 20.5 19.6 24.3 21.6

Plant & Machinery 1,323.2 879.7 789.3 910.7 719.3

Electrical Installations 131.1 80.3 69.8 80.5 58.1

Railway Sidings & Locomotives 14.7 15.2 12.5 14.2 12.6

Railway Wagons 1.4 1.4 1.3 1.6 1.5

Furnitures, Fixtures & Office Equipments

29.8 26.3 22.8 21.9 16.9

Ships 35.5 24.2 23.1 28.6 25.4

Vehicles 11.6 11.1 6.9 7.5 6.1

Power Lines 8.3 7.3 7.0 5.0 4.5

Share of Venture - - - - 0.0

Accum. Depreciation -692.1 -589.8 -511.1 -574.2 -463.5

Goodwill on consolidation - - - 1.0 0.0 Goodwill 0.9 0.8 0.8 - -

Accum. Goodwill Amortn. 0.0 0.0 0.0 - -

Water Drawing Rights 1.4 1.3 1.3 1.6 1.4

Computer Software 13.7 12.7 11.5 3.3 1.5

Accum. Intangible Amortn. -12.3 -8.3 -4.7 -2.7 -0.9

Work in Progress 179.7 551.2 320.4 129.4 122.5

Joint Venture 0.0 0.0 - - -

Advances against Capital Expenditure

28.4 32.1 79.3 47.4 21.0

Investments 138.9 155.2 67.3 375.6 345.7

Miscellaneous Expenses 0.1 0.6 0.9 1.6 1.7

Deferred Tax Assets 14.6 6.3 5.9 7.0 2.8

Total Assets 2,322.5 1,910.9 1,610.2 1,718.3 1,325.9

Sundry Creditors 0.0 0.5 0.1 146.3 100.5

Other Creditors 248.0 198.3 181.2 - -

Unclaimed Dividend 3.6 3.1 2.5 2.7 2.4

Unclaimed Application money 0.0 0.0 0.0 0.0 0.0

Unclaimed Interest 0.0 - - - -

Unclaimed sale proceeds 0.7 0.6 0.6 0.8 0.7


Interest Accrued 0.0 1.1 1.1 1.4 3.7

Customer Advance - - - - 0.0



Provision for Wealth Tax 0.1 0.1 0.1 0.1 0.1

Provision for Fringe Benefit Tax 0.0 0.1 0.0 0.0 0.2

Proposed Dividend 47.9 39.3 31.3 38.6 27.4

Dividend Tax 8.0 6.7 5.3 6.6 3.8

Provision for Gratuity 1.2 1.0 3.4 1.2 5.0

Provision for Compensated absence 10.6 10.0 8.6 8.2 -

Provision for Mine Reclamation 2.6 2.2 2.0 2.1 1.6

Provision for Income tax 174.9 85.5 45.9 67.6 -

Short term loans 1.9 0.0 - - -

Share of Joint Venture 0.0 - - - 0.0

Total Current Liabilities 538.0 374.7 302.8 296.4 159.2

Secured Loans 0.0 21.5 20.5 27.5 71.8

Unsecured Loans 12.6 14.1 38.7 58.5 123.7

Total Long Term Debt 12.6 35.6 59.3 85.9 195.5

Minority Interest - - - 0.1 0.1

Deferred Taxes 133.4 110.7 84.0 103.0 89.5


Share Capital 68.4 65.5 62.5 77.2 68.5

Share Application 0.0 0.0 - 0.0 0.0

Options Outstanding 0.3 0.1 0.1 0.1 0.2

Subsidies 1.1 0.4 0.4 0.5 0.4

Capital Reserve 29.6 28.4 27.2 33.6 29.9

Capital Redemption Reserve 2.2 2.1 2.0 2.5 2.2

Capital Reserve on Consolidation - - - - 0.0

Securities Premium 278.4 256.2 243.2 300.3 260.2

Debenture Redemption 0.0 5.4 5.1 6.3 12.4

Unrealised Gain - 0.0 0.0 47.2 107.5

General Reserve 1,115.2 888.9 684.9 592.8 281.1

Exchange Reserve - 0.0 0.0 -1.2 -1.3

Reserve Fund - - - - 0.0

Profit & Loss Account 143.3 142.9 138.7 173.5 119.9

Share of Joint Venture -0.1 0.0 - 0.0 0.4

Total Equity 1,638.5 1,389.9 1,164.1 1,232.8 881.6

Total Liabilities & Shareholders' Equity

2,322.5 1,910.9 1,610.2 1,718.3 1,325.9

S/O-Equity Shares 1,529.9 1,523.7 1,522.6 1,522.4 1,516.8

Total Common Shares Outstanding 1,529.9 1,523.7 1,522.6 1,522.4 1,516.8Deferred Revenue - Current - - - - 0.0

Accum. Goodwill Amortn. 0.0 0.0 0.0 - 0.0

Accum. Intangible Amortn. 12.3 8.3 4.7 2.7 0.9

Full-Time Employees - - - - 4,412


Current maturities 1.5 1.6 - 21.7 0.8


PV of Defined Obligation 14.6 12.3 13.0 10.8 -

FV of Plan Assets 15.0 12.9 10.3 10.2 -

Funded Status 0.5 0.6 -2.7 -0.6 -

PV of Defined Obligation - PRMS 1.1 0.9 0.5 0.3 -

FV of Plan Assets - PRMS 0.0 0.0 0.0 0.0 -


Funded Status - PRMS -1.1 -0.9 -0.5 -0.3 -

PV of Defined Obligation - Others 0.1 0.1 0.2 0.2 -

Funded Status - Others -0.1 -0.1 -0.2 -0.2 -


Discount Rate 8.30% 8.25% 5.90% 8.05% -


7.50% 7.50% 7.50% 7.50% -


Post Retirement Medical Benefits -1.1 -0.9 -0.5 -0.3 -

Gratuity - Funded - - -2.7 -0.6 -5.0

Gratuity - Funded 0.5 0.6 - - -

Gratuity - Others -0.1 -0.1 -0.2 -0.2 -


-0.8 -0.5 -3.3 -1.1 -5.0

Insurance 100.00% 100.00% 100.00% 100.00% -

Annual Cash Flows





Restated Normal

31-Dec-2009

Restated Normal

31-Dec-2008





S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

BATLIBOI & PUROHIT


Net Income 363.3 372.2 449.8 674.6 442.8

Depreciation 84.7 61.4 59.8 57.4 72.4

Share in Associates - - - -19.1 -40.2

Gain on Asset Sale -3.0 -0.3 -0.2 -0.5 -3.0

Exceptional Items -5.8 0.0 -69.7 -192.4 -

Loss on Asset Sale 0.7 1.3 1.0 1.7 2.7

Capital spares consumed 0.6 - - - -

Write-off Deferred Expenditure 0.1 0.3 0.4 0.1 0.2

Diminution in Value of Investment - - - 0.2 -

Advertisement Expenses Written Back

- - - - 0.0

Profit on Sale of Investment -7.5 -1.5 -3.3 -5.7 -

Interest & Finance Charges 10.6 4.6 7.5 18.6 17.7

Interest Income -15.7 -14.9 -19.1 -18.4 -

Non moving spares 3.3 0.0 - - -

Abandoned Capital Project - 0.0 1.9 0.6 0.5

Exchange Rate Difference - -0.4 2.1 -8.2 3.3

Discounting income on sales tax -3.0 -12.2 -2.5 - -

Sales tax -0.4 - - - -

Unrealized gain -0.1 - - - -

Gain on Investment Sale - - - - -7.9



Dividend 0.0 -0.5 -9.4 -5.5 -0.9

Share of JV in Dividend - - - - -0.1

Doubtful Advances - - - - 0.0

Provision For Doubtful Debts 0.1 0.1 -0.1 0.6 -

Provisions no longer required -5.9 -5.5 -2.6 - -

Bad Debts 0.6 0.2 0.3 0.5 1.5

Write-back Provision - - - - 0.0

Wealth Tax 0.0 0.0 0.1 0.1 0.1

Diminution Investment Written Back - - - - 0.0

Diminution Investment - - - - 0.0

Trade & Other Receivables -12.4 24.1 -42.1 -25.7 -4.7

Inventories -61.2 52.8 -80.1 -41.2 2.4

Current liabilities 68.8 20.7 61.9 39.2 22.5

Direct Taxes Paid -8.0 -63.1 -132.2 -109.1 -99.8

Miscellaneous Expenditure - 0.0 -0.1 -0.2 -0.5

Exchange Rate Difference - 0.4 0.7 6.0 -2.4




Sale of Investments 44.4 9.3 130.2 - -

Investments, Net - - - -175.4 -3.3

Investment in Subsidiary -4.9 0.0 -1.4 - -

Profit on sale of investment in mutual f

7.5 1.5 3.3 - -

Acquisition of subsidiaries - - 0.0 -0.4 -

Loans & Advances, Net - - - - 0.1

Unclimed sale of shares 0.0 - - - -

Proceeds of deposits matured -1.8 -0.4 6.1 - -

Interest Received 14.2 18.0 16.8 16.7 7.2

Income tax received 7.7 - - - -

Dividend Income 0.0 0.5 9.4 5.5 1.0

Disposal of Subsidiaries - 0.0 0.1 240.5 15.7

Liquidation of Subsidiaries - - - - 2.4

Acquisition of Maratha Cement - - - - 0.0


Issue of Shares 12.1 1.5 0.3 7.8 10.6

Proceeds from Borrowings 12.9 10.3 22.3 13.9 180.3

Repayment of Borrowings -31.4 -23.5 -33.6 -139.1 -271.8

Interest & Finance Charges -4.2 -4.2 -13.9 -8.2 -19.6

Swap Interest - - -0.1 -3.7 -6.6

Subsidy received 0.1 0.0 - - -

Premium on Redemption - - - - 0.0

Exchange Rate Difference - - - - -0.9

Unclaimed Sale Proceeds - 0.0 0.0 0.0 -0.1

Dividend distribution tax -13.3 0.0 0.0 0.0 -

Subsidy Received - - - - 0.1

Dividend Paid -79.6 -80.6 -89.7 -141.0 -105.7







Cash Taxes Paid 8.0 63.1 132.2 109.1 99.8




Financial Health


Key Indicators USD (mil)

Total Revenue1 (?) 412.4 134.48% 1,670.4 4.16% 8.91% 19.20%Operating Income1 (?) 132.6 364.67% 363.3 -7.80% -15.06% 22.58%Income Available to Common Excl Extraord Items1 (?) 112.1 315.11% 276.2 3.79% -11.89% 19.51%Basic EPS Excl Extraord Items1 (?) 0.05 145.95% 0.18 3.63% -11.98% 16.58%Capital Expenditures2 (?) - - 186.1 -36.86% 2.32% 27.01%Cash from Operating Activities2 (?) - - 409.8 -11.98% 6.66% 20.77%Free Cash Flow (?) - - 228.8 30.90% 10.91% 16.74%Total Assets3 (?) - - 2,322.5 16.78% 15.31% 18.75%Total Liabilities3 (?) - - 684.0 26.14% 16.92% 8.90%Total Long Term Debt3 (?) - - 12.6 -65.90% -44.95% -45.37%Total Common Shares Outstanding3 (?) - - 1,529.9 0.40% 0.16% 2.50%1-ExchangeRate: INR to USD Average for Period 44.966688 45.724414 2-ExchangeRate: INR to USD Average for Period 45.724414 3-ExchangeRate: INR to USD Period End Date 44.715000

Utility Industry Specific USD (mil)

Deferred Charges3 (?) 0.1 0.6 0.9 1.6 1.73-ExchangeRate: INR to USD Period End Date 44.715000 46.535000 48.720000 39.415000 44.260000

Key Ratios

Profitability Gross Margin (?) 93.82% 53.12% 56.39% 62.66% 60.48%Operating Margin (?) 21.75% 24.57% 30.31% 45.84% 28.06%Pretax Margin (?) 21.75% 24.57% 30.31% 47.18% 30.87%Net Profit Margin (?) 16.54% 16.59% 21.52% 31.22% 26.01%

Financial Strength Current Ratio (?) 1.30 1.14 1.59 1.36 1.67Long Term Debt/Equity (?) 0.01 0.03 0.05 0.07 0.22Total Debt/Equity (?) 0.01 0.03 0.05 0.07 0.22Interest Coverage (?) - - - 36.16 -

Management Effectiveness Return on Assets (?) 13.10% 14.54% 19.01% 29.21% 32.44%Return on Equity (?) 18.31% 20.05% 26.39% 42.14% 53.61%

Efficiency Receivables Turnover (?) 17.14 15.59 14.80 16.46 22.89

Quarter Ending

31-Dec-2006

Quarter Ending Yr Ago

Annual Year End

31-Dec-2010 1 Year Growth

3 Year Growth

5 Year Growth

31-Dec-2010 31-Dec-2009 31-Dec-2008 31-Dec-2007 31-Dec-2006



Inventory Turnover (?) 0.58 4.09 3.57 4.26 6.58Asset Turnover (?) 0.79 0.88 0.88 0.94 1.27

Market Valuation USD (mil)

P/E (TTM) (?) 18.69 . Enterprise Value2 (?) 5,602.9Price/Sales (TTM) (?) 5.28 . Enterprise Value/Revenue (TTM) (?) 3.25Enterprise Value/EBITDA (TTM) (?) 11.81 . Market Cap1 (?) 5,397.31-ExchangeRate: INR to USD on 3-Feb-2012 49.0647402-ExchangeRate: INR to USD on 31-Dec-2006 44.260000




Annual Ratios


Financial StrengthCurrent Ratio (?) 1.30 1.14 1.59 1.36 1.67Quick/Acid Test Ratio (?) 0.93 0.74 0.94 0.84 1.07Working Capital1 (?) 163.2 50.6 177.4 105.4 107.1Long Term Debt/Equity (?) 0.01 0.03 0.05 0.07 0.22Total Debt/Equity (?) 0.01 0.03 0.05 0.07 0.22Long Term Debt/Total Capital (?) 0.01 0.03 0.05 0.07 0.18Total Debt/Total Capital (?) 0.01 0.03 0.05 0.07 0.18Interest Coverage (?) - - - 36.16 -Payout Ratio (?) 31.40% 30.04% 24.10% 28.82% 29.49%Effective Tax Rate (?) 23.97% 32.46% 29.01% 33.82% 16.93%Total Capital1 (?) 1,653.0 1,425.5 1,223.3 1,318.8 1,077.1

EfficiencyAsset Turnover (?) 0.79 0.88 0.88 0.94 1.27Inventory Turnover (?) 0.58 4.09 3.57 4.26 6.58Days In Inventory (?) 632.97 89.23 102.15 85.63 55.50Receivables Turnover (?) 17.14 15.59 14.80 16.46 22.89Days Receivables Outstanding (?) 21.30 23.42 24.66 22.18 15.94Revenue/Employee2 (?) - - - - 332,570Operating Income/Employee2 (?) - - - - 93,325EBITDA/Employee2 (?) - - - - 110,139

ProfitabilityGross Margin (?) 93.82% 53.12% 56.39% 62.66% 60.48%Operating Margin (?) 21.75% 24.57% 30.31% 45.84% 28.06%EBITDA Margin (?) 26.85% 28.72% 34.35% 51.17% 33.12%EBIT Margin (?) 21.75% 24.57% 30.31% 47.15% 28.06%Pretax Margin (?) 21.75% 24.57% 30.31% 47.18% 30.87%Net Profit Margin (?) 16.54% 16.59% 21.52% 31.22% 26.01%COGS/Revenue (?) 5.98% 45.24% 42.18% 36.12% 38.94%SG&A Expense/Revenue (?) 66.86% 25.74% 27.27% 26.06% 26.63%

Management EffectivenessReturn on Assets (?) 13.10% 14.54% 19.01% 29.21% 32.44%Return on Equity (?) 18.31% 20.05% 26.39% 42.14% 53.61%

ValuationFree Cash Flow/Share2 (?) 0.15 0.11 -0.09 0.12 0.16Operating Cash Flow/Share 2 (?) 0.27 0.30 0.13 0.26 0.271-ExchangeRate: INR to USD Period End Date 44.715 46.535 48.72 39.415 44.262-ExchangeRate: INR to USD Average for Period 44.715 46.535 48.72 39.415 44.26



Current Market MultiplesMarket Cap/Revenue (TTM) (?) 5.28Market Cap/EBIT (TTM) (?) 16.23Market Cap/EBITDA (TTM) (?) 14.25Enterprise Value/Revenue (TTM) (?) 4.94Enterprise Value/EBIT (TTM) (?) 15.20Enterprise Value/EBITDA (TTM) (?) 13.34





Standardized


Financial Glossary




Reclassified Normal

31-Dec-2009

Restated Normal

31-Dec-2008





S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

Dalal & Shah


Net Sales - - - - 1.8

Gross Revenue 1,805.8 1,594.9 1,632.1 1,568.0 1,575.9


Revenue 1,616.3 1,461.8 1,435.6 1,383.0 1,413.7 Interest Income, Non-Bank 26.3 17.2 32.1 18.9 -

Other Revenue 27.9 35.7 16.5 28.0 21.0

Other Revenue, Total 54.1 52.8 48.5 46.9 21.0Total Revenue 1,670.4 1,514.6 1,484.1 1,429.9 1,434.7

Cost of Revenue 100.0 685.2 626.1 516.5 558.7

Cost of Revenue, Total 100.0 685.2 626.1 516.5 558.7Gross Profit 1,516.3 776.5 809.5 866.6 855.0


1,023.3 321.2 331.1 323.1 329.2


Advertising Expense 18.4 12.3 12.4 - -


1,116.9 389.9 404.8 372.7 382.0

Depreciation 84.7 61.4 59.8 57.4 72.4

Depreciation/Amortization 84.7 61.4 59.8 57.4 72.4 Interest Expense - Operating 10.6 4.6 7.5 - 25.7

Interest Capitalized - Operating - 0.0 0.0 - -

Interest Expense - Net Operating 10.6 4.6 7.5 - 25.7

Investment Income - Operating 0.0 0.0 -62.3 -113.7 -

Interest/Investment Income - Operating

0.0 0.0 -62.3 -113.7 -

Interest Expense (Income) - Net Operating

- - - 18.6 -


10.7 4.6 -54.8 -95.1 25.7

Loss (Gain) on Sale of Assets - Operating

0.7 1.3 -1.5 -77.0 -

Other Unusual Expense (Income) -5.8 0.0 - - -6.8

Unusual Expense (Income) -5.1 1.3 -1.5 -77.0 -6.8





- - - 19.1 40.2


- - - 19.1 40.2


- - - 19.1 40.2


Total Income Tax 87.1 120.8 130.5 228.1 75.0

Income After Tax 276.2 251.3 319.3 446.5 367.8



Preferred Dividends - - - - -0.1

Miscellaneous Earnings Adjustment - - - - 5.5

Total Adjustments to Net Income - - - - 5.5Income Available to Common Excl Extraord Items

276.2 251.3 319.3 446.5 373.2


276.2 251.3 319.3 446.5 373.2


1,525.3 1,522.9 1,522.5 1,520.3 1,509.9









0.06 0.05 0.05 0.08 0.07


Stock Based Compensation 7.1 3.1 3.5 - -

Net Income After Stock Based Compensation

269.1 24.8 315.9 - -

Basic EPS After Stock Based Compensation

0.18 0.16 0.21 - -

Diluted EPS After Stock Based Compensation

0.18 0.16 0.21 - -

Interest Expense, Supplemental 10.6 4.6 7.4 18.1 2.4

Interest Capitalized, Supplemental - 0.0 0.0 -1.2 -2.2


Total Special Items -8.1 1.1 -1.7 -77.5 -6.8


Effect of Special Items on Income Taxes

-1.9 0.3 -0.5 -26.2 -1.2







Amort of Intangibles, Supplemental 3.6 3.3 - - 0.4

Rental Expenses 4.8 4.5 4.2 2.3 2.4

Advertising Expense, Supplemental 18.4 12.3 12.4 10.1 10.9

Research & Development Exp, Supplemental

0.1 0.3 0.1 5.9 0.6

Normalized EBIT 365.9 377.9 393.3 482.9 421.5


Current Tax - Domestic 77.3 98.9 128.8 178.2 86.7

Current Tax - Other - - - - -13.7


Deferred Tax - Domestic 9.9 21.7 0.5 - 0.1

Deferred Tax - Other - - - -0.2 0.7


Other Tax -0.1 0.2 1.2 50.1 1.2

Income Tax - Total 87.1 120.8 130.5 228.1 75.0

Interest Cost - Domestic 1.0 0.8 0.8 0.5 -

Service Cost - Domestic 1.1 1.2 0.9 0.6 -

Expected Return on Assets - Domestic -1.0 -0.8 -0.7 -0.4 -

Actuarial Gains and Losses - Domestic 0.8 -2.8 3.8 1.4 -

Other Pension, Net - Domestic - - - 0.6 -


Interest Cost - Post-Retirement 0.1 0.0 0.0 0.0 -

Service Cost - Post-Retirement 0.1 0.0 0.0 0.0 -

Actuarial Gains and Losses - Post-Retir.

-0.1 0.4 0.2 0.0 -


Defined Contribution Expense - Domestic

11.1 5.5 11.7 10.2 0.9





Total Plan Interest Cost 1.1 0.8 0.8 0.5 -

Total Plan Service Cost 1.2 1.2 0.9 0.6 -

Total Plan Expected Return -1.0 -0.8 -0.7 -0.4 -

Total Plan Other Expense - - - 0.6 -




Interim Income Statement

Standardized


Financial Glossary

31-Dec-2006 30-Sep-2006 30-Jun-2006 31-Mar-2006 31-Dec-2005Period Length 3 Months 3 Months 3 Months 3 Months 3 Months


Updated Normal 30-Sep-2006

Updated Normal 30-Jun-2006

Updated Normal 31-Mar-2006




Gross Revenue 448.4 238.4 281.3 240.2 200.4


Revenue 402.9 217.0 254.3 213.4 176.0 Other Revenue 9.5 5.4 -2.2 9.9 -1.5

Other Revenue, Total 9.5 5.4 -2.2 9.9 -1.5

Total Revenue 412.4 222.4 252.1 223.3 174.6

Cost of Revenue 30.5 9.5 15.8 13.8 7.1

Cost of Revenue, Total 30.5 9.5 15.8 13.8 7.1Gross Profit 372.4 207.5 238.6 199.6 169.0


82.1 86.0 95.7 82.8 74.9



94.6 95.0 103.9 92.0 82.3

Depreciation 17.0 10.8 11.0 11.5 11.2

Depreciation/Amortization 17.0 10.8 11.0 11.5 11.2 Interest Expense (Income) - Net Operating

1.6 1.8 2.6 2.4 4.4


1.6 1.8 2.6 2.4 4.4

Other Operating Expense 136.0 36.0 37.1 34.9 41.2

Other Operating Expenses, Total 136.0 36.0 37.1 34.9 41.2Total Operating Expense 279.8 153.1 170.3 154.6 146.2



-0.4 8.0 12.4 6.0 6.6


-0.4 8.0 12.4 6.0 6.6


-0.4 8.0 12.4 6.0 6.6


Total Income Tax 25.6 16.9 14.9 3.4 8.0

Income After Tax 106.6 60.4 79.3 71.3 26.8


Minority Interest 0.0 0.0 0.0 0.0 0.0


Preferred Dividends -0.1 - - - -

Miscellaneous Earnings Adjustment 5.5 - - - -

Total Adjustments to Net Income 5.5 - - - -Income Available to Common Excl Extraord Items

112.1 60.4 79.3 71.2 26.8


112.1 60.4 79.3 71.2 26.8


2,289.0 1,353.6 1,353.6 1,356.2 1,356.2








0.07 0.00 0.00 0.00 0.00









Normalized EBIT 134.2 71.1 84.4 71.1 32.8




Deferred Tax - Total -7.4 -0.3 -2.3 -1.1 -0.6


Other Tax 0.1 0.1 0.1 0.2 0.2

Income Tax - Total 25.6 16.9 14.9 3.4 8.0





Standardized


Financial Glossary




Normal 31-Dec-2009




Exchange Rate 44.715 46.535 48.72 39.415 44.26


S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

Dalal & Shah


Cash 44.4 25.1 25.5 29.3 85.7

Short Term Investments 346.6 164.2 149.4 133.9 0.0

Cash and Short Term Investments 391.0 189.3 174.9 163.2 85.7 Accounts Receivable - Trade, Gross

2.4 2.3 2.2 2.5 -

Provision for Doubtful Accounts -1.9 -1.8 -1.8 -2.3 -

Trade Accounts Receivable - Net 0.5 0.5 0.4 0.3 18.7

Notes Receivable - Short Term 75.8 53.5 59.0 52.1 66.7

Other Receivables 31.7 33.8 49.8 34.1 -

Total Receivables, Net 107.9 87.8 109.2 86.4 85.4 Inventories - Finished Goods 16.8 11.4 16.0 14.0 10.5

Inventories - Work In Progress 51.3 26.5 30.3 21.8 10.4

Inventories - Raw Materials 11.7 10.4 11.6 13.4 10.1

Inventories - Other 121.9 98.5 134.8 99.6 62.9

Total Inventory 201.7 146.8 192.7 148.7 93.9Prepaid Expenses 0.3 0.8 2.5 - -

Other Current Assets 0.3 0.6 0.9 3.4 1.3

Other Current Assets, Total 0.3 0.6 0.9 3.4 1.3Total Current Assets 701.2 425.3 480.2 401.8 266.3

Buildings 259.0 174.4 146.2 165.0 123.5

Land/Improvements 92.0 66.8 49.5 56.6 32.4

Machinery/Equipment 1,577.2 1,066.0 952.3 1,094.3 866.0

Construction in Progress 179.7 551.2 320.4 129.4 122.5

Leases 19.8 16.1 10.5 10.7 5.3

Property/Plant/Equipment - Gross 2,127.8 1,874.4 1,478.8 1,456.0 1,149.8

Accumulated Depreciation -692.1 -589.8 -511.1 -574.2 -463.5

Property/Plant/Equipment - Net 1,435.7 1,284.7 967.7 881.8 686.3 Goodwill - Gross 0.9 0.8 0.8 - -

Accumulated Goodwill Amortization 0.0 0.0 0.0 - -

Goodwill, Net 0.9 0.8 0.8 1.0 0.0 Intangibles - Gross 15.0 14.1 12.7 4.8 2.9

Accumulated Intangible Amortization

-12.3 -8.3 -4.7 -2.7 -0.9

Intangibles, Net 2.7 5.8 8.1 2.1 2.0 LT Investment - Affiliate Companies 0.0 0.0 - - -


LT Investments - Other 138.9 155.2 67.3 375.6 345.7

Long Term Investments 138.9 155.2 67.3 375.6 345.7 Deferred Charges 0.1 0.6 0.9 1.6 1.7

Deferred Income Tax - Long Term Asset

14.6 6.3 5.9 7.0 2.8

Other Long Term Assets 28.4 32.1 79.3 47.4 21.0

Other Long Term Assets, Total 43.2 39.1 86.1 56.0 25.6Total Assets 2,322.5 1,910.9 1,610.2 1,718.3 1,325.9

Accounts Payable 0.0 0.5 0.1 146.3 100.5

Accrued Expenses 0.1 1.2 1.1 1.6 4.0

Notes Payable/Short Term Debt 1.9 0.0 0.0 0.0 0.0

Dividends Payable 51.5 42.4 33.8 41.4 29.8

Customer Advances - - - - 0.0


Income Taxes Payable 174.9 85.5 45.9 67.6 -

Other Payables 248.0 198.3 181.2 - -

Other Current Liabilities 23.0 20.5 20.0 18.8 11.1

Other Current liabilities, Total 535.9 373.0 301.6 148.5 54.8Total Current Liabilities 538.0 374.7 302.8 296.4 159.2

Long Term Debt 12.6 35.6 59.3 85.9 195.5

Total Long Term Debt 12.6 35.6 59.3 85.9 195.5Total Debt 14.5 35.6 59.3 85.9 195.5

Deferred Income Tax - LT Liability 133.4 110.7 84.0 103.0 89.5

Deferred Income Tax 133.4 110.7 84.0 103.0 89.5Minority Interest - - - 0.1 0.1


Common Stock 68.4 65.5 62.5 77.2 68.5

Common Stock 68.4 65.5 62.5 77.2 68.5Additional Paid-In Capital 308.3 284.7 270.4 333.9 290.3

Retained Earnings (Accumulated Deficit)

1,261.8 1,039.8 831.2 822.9 523.9

Translation Adjustment - 0.0 0.0 -1.2 -1.3

Other Equity, Total - 0.0 0.0 -1.2 -1.3

Total Equity 1,638.5 1,389.9 1,164.1 1,232.8 881.6

Total Liabilities & Shareholders’ Equity

2,322.5 1,910.9 1,610.2 1,718.3 1,325.9

Shares Outstanding - Common Stock Primary Issue

1,529.9 1,523.7 1,522.6 1,522.4 1,516.8

Total Common Shares Outstanding 1,529.9 1,523.7 1,522.6 1,522.4 1,516.8Employees - - - - 4,412


Accumulated Goodwill Amortization Suppl.

0.0 0.0 0.0 - 0.0

Accumulated Intangible Amort, Suppl. 12.3 8.3 4.7 2.7 0.9

Deferred Revenue - Current - - - - 0.0


Long Term Debt Maturing within 1 Year 1.5 1.6 - 21.7 0.8

Long Term Debt Matur. in Year 6 & Beyond

0.0 0.0 - 0.0 0.0


Pension Obligation - Domestic 14.7 12.4 13.1 10.9 -

Post-Retirement Obligation 1.1 0.9 0.5 0.3 -

Plan Assets - Domestic 15.0 12.9 10.3 10.2 -

Plan Assets - Post-Retirement 0.0 0.0 0.0 0.0 -

Funded Status - Domestic 0.3 0.4 -2.9 -0.7 -

Funded Status - Post-Retirement -1.1 -0.9 -0.5 -0.3 -





Accrued Liabilities - Domestic -0.1 -0.1 -2.9 -0.7 -5.0

Accrued Liabilities - Post-Retirement -1.1 -0.9 -0.5 -0.3 -

Other Assets, Net - Domestic 0.5 0.6 - - -


-0.8 -0.5 -3.3 -1.1 -5.0

Equity % - Domestic 100.00% 100.00% 100.00% 100.00% -

Total Plan Obligations 15.8 13.4 13.6 11.3 -

Total Plan Assets 15.0 12.9 10.3 10.2 -




Interim Balance Sheet


No Financial Data for Ambuja Cements Ltd.



Annual Cash Flows

Standardized


Financial Glossary




Restated Normal

31-Dec-2009

Restated Normal

31-Dec-2008





S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

Dalal & Shah


Net Income/Starting Line 363.3 372.2 449.8 674.6 442.8

Depreciation 84.7 61.4 59.8 57.4 72.4

Depreciation/Depletion 84.7 61.4 59.8 57.4 72.4 Unusual Items -15.5 -0.1 -69.9 -196.2 0.4

Equity in Net Earnings (Loss) - - - -19.1 -40.2

Other Non-Cash Items 5.8 -13.6 -4.6 6.3 13.7

Non-Cash Items -9.7 -13.8 -74.5 -209.0 -26.1

Accounts Receivable -12.4 24.1 -42.1 -25.7 -4.7

Inventories -61.2 52.8 -80.1 -41.2 2.4

Other Liabilities 68.8 20.7 61.9 39.2 22.5

Other Operating Cash Flow -23.8 -77.6 -150.7 -121.7 -102.7

Changes in Working Capital -28.5 20.0 -211.0 -149.5 -82.5


Purchase of Fixed Assets -186.1 -278.3 -378.7 -192.1 -176.0


Acquisition of Business - - 0.0 -0.4 0.0

Sale of Business - 0.0 0.1 240.5 18.2


Sale/Maturity of Investment 51.9 10.8 133.5 - -

Investment, Net -1.8 -0.4 6.1 -175.4 -3.3

Purchase of Investments -4.9 0.0 -1.4 - -

Other Investing Cash Flow 21.9 18.5 26.3 22.2 8.4

Other Investing Cash Flow Items, Total

70.8 31.3 169.1 152.8 45.8


Other Financing Cash Flow -17.4 -4.2 -14.0 -11.9 -27.2

Financing Cash Flow Items -17.4 -4.2 -14.0 -11.9 -27.2

Cash Dividends Paid - Common -79.6 -80.6 -89.7 -141.0 -105.7

Total Cash Dividends Paid -79.6 -80.6 -89.7 -141.0 -105.7

Sale/Issuance of Common 12.1 1.5 0.3 7.8 10.6

Common Stock, Net 12.1 1.5 0.3 7.8 10.6

Issuance (Retirement) of Stock, Net

12.1 1.5 0.3 7.8 10.6


Long Term Debt Issued 12.9 10.3 22.3 13.9 180.3

Long Term Debt Reduction -31.4 -23.5 -33.6 -139.1 -271.8

Long Term Debt, Net -18.6 -13.2 -11.3 -125.2 -91.5

Issuance (Retirement) of Debt, Net

-18.6 -13.2 -11.3 -125.2 -91.5






Cash Taxes Paid 8.0 63.1 132.2 109.1 99.8





As Reported





Reclassified Normal

31-Dec-2009

Restated Normal

31-Dec-2008





S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

BATLIBOI & PUROHIT


Sales 1,805.8 1,594.9 1,632.1 1,568.0 1,574.5

Interest Income 15.7 14.9 19.1 18.4 -

Profit/Loss on sale of Investment 7.5 1.5 3.3 - -

Dividend income 0.0 0.5 9.4 - -

Other Income 27.9 35.7 16.5 28.0 21.0

Share in Joint Venture - - - - 1.4

Excise Duty Paid -189.6 -133.1 -196.5 -185.0 -164.0

Services - - - - 1.8

Gain on Sale of Assets 3.0 0.3 0.2 0.5 -

Total Revenue 1,670.4 1,514.6 1,484.1 1,429.9 1,434.7

Variation in Stocks -28.0 10.2 -15.0 -12.5 -0.2

Raw Materials Consumed 130.4 679.0 645.9 531.3 561.3

Employees Cost 75.2 56.4 61.3 49.6 52.8


Loss on Assets sold 0.7 1.3 1.0 1.7 -

Advertisement Expenses 18.4 12.3 12.4 - -

Administrative, Selling & Other Expenses

1,023.3 321.2 331.1 323.1 329.2

Interest Expenses 10.6 4.6 7.5 - 25.7

Depreciation and Amortization 84.7 61.4 59.8 57.4 72.4

Self Consumption of Cement -2.5 -4.0 -4.9 -2.3 -2.4

Exceptional Items -5.8 0.0 - - -6.8

Profit on sale of Investment - 0.0 -67.2 -113.7 -

Exchange rate difference - 0.0 4.9 - -

Interest & Finance Costs - - - 18.6 - Interest Capitalised - 0.0 0.0 - -

Depreciation Share in Joint Venture - - - - 0.0

Profit on sale of property - 0.0 -2.5 -78.7 -


Share of Profit in Associates - - - 19.1 40.2







Preferred Dividend - - - - -0.1

Miscellaneous Adjustment - - - - 5.5


276.2 251.3 319.3 446.5 373.2


276.2 251.3 319.3 446.5 373.2



0.18 0.17 0.21 0.29 0.25

Basic EPS Including ExtraOrdinary Item

0.18 0.17 0.21 0.29 0.25














Interest Expense 10.6 4.6 7.4 18.1 2.4

Depreciation 81.5 59.6 60.0 57.5 72.2

Research & Development 0.1 0.3 0.1 5.9 0.6

Amortisation 3.6 3.3 - - 0.4

Rental Expense 4.8 4.5 4.2 2.3 2.4

Advertising Expenses 18.4 12.3 12.4 10.1 10.9

Interest Capitalized - 0.0 0.0 -1.2 -2.2

Proforma Stock Based Compensation 7.1 3.1 3.5 - -

Basic EPS after Stock Based Compensation

0.18 0.16 0.21 - -

Diluted EPS after Stock Based Compensati

0.18 0.16 0.21 - -

Net Income after Stock Based Comp. 269.1 24.8 315.9 - -

Current Tax 77.3 98.9 128.8 178.2 86.7

Mat Credit Tax - - - - 0.0

Current Tax-Share in JV - - - - -13.7


Deferred Tax 9.9 21.7 0.5 - 0.1

Deferred Tax-Share in JV - - - -0.2 0.7



Income Tax for Earlier Year - - - 48.9 0.0

Fringe Benefit Tax -0.1 0.2 1.2 1.2 1.2

Income Tax - Total 87.1 120.8 130.5 228.1 75.0

Service Cost - Gratuity 1.1 1.2 0.9 0.6 -

Interest Cost - Gratuity 1.0 0.8 0.8 0.5 -

Expected Return on Plan Assets - Gratuit

-1.0 -0.8 -0.7 -0.4 -

Actuarial Gain / Loss - Gratuity 0.7 -2.7 3.8 1.5 -

Losses on Acquisition - Gratuity - - - 0.6 -

Service Cost - UF 0.0 0.0 0.0 0.0 -

Interest Cost - UF 0.0 0.0 0.0 0.0 -

Actuarial Gain / Loss - UF 0.0 0.0 0.0 0.0 -


Service Cost - PRMS 0.1 0.0 0.0 0.0 -

Interest Cost - PRMS 0.1 0.0 0.0 0.0 -

Actuarial Gain / Loss - PRMS -0.1 0.4 0.2 0.0 -


Contribution to Provident Funds & Other

7.2 2.2 8.8 5.7 0.9

Defined Contribution Plans 3.9 3.3 2.9 4.5 -


Discount Rate 8.30% 8.25% 5.90% 8.50% -


7.50% 7.50% 7.50% 7.50% -





Interim Income Statement

As Reported


31-Dec-2006 30-Sep-2006 30-Jun-2006 31-Mar-2006 31-Dec-2005Period Length 3 Months 3 Months 3 Months 3 Months 3 Months


Updated Normal 30-Sep-2006

Updated Normal 30-Jun-2006

Updated Normal 31-Mar-2006




Sales 448.4 238.4 281.3 240.2 200.4

Excise Duty -45.5 -21.4 -27.0 -26.8 -24.3

Other Income 9.5 5.4 -2.2 9.9 -1.5

Total Revenue 412.4 222.4 252.1 223.3 174.6

Stock 2.8 -1.1 0.5 -0.6 -2.3

Clinker Purchased 6.1 0.0 2.6 3.0 0.0

Consumption of Material 21.6 10.6 12.7 11.3 9.4

Staff Cost 12.5 9.0 8.2 9.2 7.4

Power & Fuel 67.0 41.3 44.0 42.9 40.9

Freight & Forwarding - 38.3 45.6 34.8 28.3

Inter-Units Freight 15.1 6.4 6.1 5.1 5.7

Other Expenditure 136.0 36.0 37.1 34.9 41.2

Interest, Net 1.6 1.8 2.6 2.4 4.4 Depreciation 17.0 10.8 11.0 11.5 11.2

Total Operating Expense 279.8 153.1 170.3 154.6 146.2

Share in Associates -0.4 8.0 12.4 6.0 6.6




Minority Interest 0.0 0.0 0.0 0.0 0.0


Preferred Dividends -0.1 - - - -

Miscellaneous Adjustment 5.5 - - - -


112.1 60.4 79.3 71.2 26.8


112.1 60.4 79.3 71.2 26.8



0.05 0.04 0.06 0.05 0.02

Basic EPS Including ExtraOrdinary 0.05 0.04 0.06 0.05 0.02


Item













Depreciation 17.0 10.8 11.0 11.5 11.2

Current Tax 32.9 17.0 17.0 4.4 8.4


Deferred Tax -7.4 -0.3 -2.3 -1.1 -0.6


Income Tax for Earlier Year -0.1 0.0 0.0 0.0 0.0

Fringe Benefit Tax 0.3 0.1 0.1 0.2 0.2

Income Tax - Total 25.6 16.9 14.9 3.4 8.0





As Reported





Normal 31-Dec-2009




Exchange Rate 44.715 46.535 48.72 39.415 44.26


S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

BATLIBOI & PUROHIT


Coal & Fuel 121.9 98.5 134.8 99.2 62.7

Raw Materials 11.7 10.4 11.6 13.4 10.1

Material in Process 51.3 26.5 30.3 21.8 10.4

Finished Goods 16.8 11.4 16.0 14.0 10.5

Food & Beverages - - - - 0.0

Work in Progress - - - - 0.0

Equity Shares - - - - 0.0

Construction - - - 0.1 0.1

Scrapped Assets - - - 0.3 0.1

Venture Inventory - - - - 0.0

Sundry Debtors 2.4 2.3 2.2 2.5 -

Provision -1.9 -1.8 -1.8 -2.3 -

Other Debtors 28.2 32.2 45.7 34.1 -

Sundry Debtors - - - - 18.7

Cash & Bank Balances 44.4 25.1 25.5 29.3 85.7

Fixed Deposits 346.6 164.2 149.4 133.9 -


Other Current Assets - - - 3.4 1.3

Interest accrued on Investments 0.2 0.3 0.7 - -

Other Interest receivable 2.9 1.2 3.8 - -

Sundry Receivables 0.6 0.4 0.3 - -

Scrapped assets awaiting disposal, 0.0 0.3 0.2 - -

Loans & Advances 75.8 53.5 59.0 52.1 66.7

Balance with Central Excise, Customs,

0.3 0.8 2.5 - -

Total Current Assets 701.2 425.3 480.2 401.8 266.3

Freehold Land 92.0 66.8 49.5 56.6 32.4

Leasehold Land 19.8 16.1 10.5 10.7 5.3

Buildings, Roads & Water Works 259.0 174.4 146.2 165.0 123.5

Marine Structures 21.4 20.5 19.6 24.3 21.6

Plant & Machinery 1,323.2 879.7 789.3 910.7 719.3

Electrical Installations 131.1 80.3 69.8 80.5 58.1

Railway Sidings & Locomotives 14.7 15.2 12.5 14.2 12.6

Railway Wagons 1.4 1.4 1.3 1.6 1.5

Furnitures, Fixtures & Office Equipments

29.8 26.3 22.8 21.9 16.9


Ships 35.5 24.2 23.1 28.6 25.4

Vehicles 11.6 11.1 6.9 7.5 6.1

Power Lines 8.3 7.3 7.0 5.0 4.5


Accum. Depreciation -692.1 -589.8 -511.1 -574.2 -463.5

Goodwill on consolidation - - - 1.0 0.0 Goodwill 0.9 0.8 0.8 - -

Accum. Goodwill Amortn. 0.0 0.0 0.0 - -

Water Drawing Rights 1.4 1.3 1.3 1.6 1.4

Computer Software 13.7 12.7 11.5 3.3 1.5

Accum. Intangible Amortn. -12.3 -8.3 -4.7 -2.7 -0.9

Work in Progress 179.7 551.2 320.4 129.4 122.5

Joint Venture 0.0 0.0 - - -

Advances against Capital Expenditure

28.4 32.1 79.3 47.4 21.0

Investments 138.9 155.2 67.3 375.6 345.7

Miscellaneous Expenses 0.1 0.6 0.9 1.6 1.7

Deferred Tax Assets 14.6 6.3 5.9 7.0 2.8

Total Assets 2,322.5 1,910.9 1,610.2 1,718.3 1,325.9

Sundry Creditors 0.0 0.5 0.1 146.3 100.5

Other Creditors 248.0 198.3 181.2 - -

Unclaimed Dividend 3.6 3.1 2.5 2.7 2.4

Unclaimed Application money 0.0 0.0 0.0 0.0 0.0

Unclaimed Interest 0.0 - - - -

Unclaimed sale proceeds 0.7 0.6 0.6 0.8 0.7


Interest Accrued 0.0 1.1 1.1 1.4 3.7

Customer Advance - - - - 0.0


Provision for Wealth Tax 0.1 0.1 0.1 0.1 0.1

Provision for Fringe Benefit Tax 0.0 0.1 0.0 0.0 0.2

Proposed Dividend 47.9 39.3 31.3 38.6 27.4

Dividend Tax 8.0 6.7 5.3 6.6 3.8

Provision for Gratuity 1.2 1.0 3.4 1.2 5.0

Provision for Compensated absence 10.6 10.0 8.6 8.2 -

Provision for Mine Reclamation 2.6 2.2 2.0 2.1 1.6

Provision for Income tax 174.9 85.5 45.9 67.6 -

Short term loans 1.9 0.0 - - -

Share of Joint Venture 0.0 - - - 0.0

Total Current Liabilities 538.0 374.7 302.8 296.4 159.2

Secured Loans 0.0 21.5 20.5 27.5 71.8

Unsecured Loans 12.6 14.1 38.7 58.5 123.7

Total Long Term Debt 12.6 35.6 59.3 85.9 195.5

Minority Interest - - - 0.1 0.1

Deferred Taxes 133.4 110.7 84.0 103.0 89.5


Share Capital 68.4 65.5 62.5 77.2 68.5

Share Application 0.0 0.0 - 0.0 0.0

Options Outstanding 0.3 0.1 0.1 0.1 0.2


Subsidies 1.1 0.4 0.4 0.5 0.4

Capital Reserve 29.6 28.4 27.2 33.6 29.9

Capital Redemption Reserve 2.2 2.1 2.0 2.5 2.2

Capital Reserve on Consolidation - - - - 0.0

Securities Premium 278.4 256.2 243.2 300.3 260.2

Debenture Redemption 0.0 5.4 5.1 6.3 12.4

Unrealised Gain - 0.0 0.0 47.2 107.5

General Reserve 1,115.2 888.9 684.9 592.8 281.1

Exchange Reserve - 0.0 0.0 -1.2 -1.3

Reserve Fund - - - - 0.0

Profit & Loss Account 143.3 142.9 138.7 173.5 119.9

Share of Joint Venture -0.1 0.0 - 0.0 0.4

Total Equity 1,638.5 1,389.9 1,164.1 1,232.8 881.6

Total Liabilities & Shareholders' Equity

2,322.5 1,910.9 1,610.2 1,718.3 1,325.9

S/O-Equity Shares 1,529.9 1,523.7 1,522.6 1,522.4 1,516.8

Total Common Shares Outstanding 1,529.9 1,523.7 1,522.6 1,522.4 1,516.8Deferred Revenue - Current - - - - 0.0

Accum. Goodwill Amortn. 0.0 0.0 0.0 - 0.0

Accum. Intangible Amortn. 12.3 8.3 4.7 2.7 0.9

Full-Time Employees - - - - 4,412


Current maturities 1.5 1.6 - 21.7 0.8


PV of Defined Obligation 14.6 12.3 13.0 10.8 -

FV of Plan Assets 15.0 12.9 10.3 10.2 -

Funded Status 0.5 0.6 -2.7 -0.6 -

PV of Defined Obligation - PRMS 1.1 0.9 0.5 0.3 -

FV of Plan Assets - PRMS 0.0 0.0 0.0 0.0 -

Funded Status - PRMS -1.1 -0.9 -0.5 -0.3 -

PV of Defined Obligation - Others 0.1 0.1 0.2 0.2 -

Funded Status - Others -0.1 -0.1 -0.2 -0.2 -


Discount Rate 8.30% 8.25% 5.90% 8.05% -


7.50% 7.50% 7.50% 7.50% -


Post Retirement Medical Benefits -1.1 -0.9 -0.5 -0.3 -

Gratuity - Funded - - -2.7 -0.6 -5.0

Gratuity - Funded 0.5 0.6 - - -

Gratuity - Others -0.1 -0.1 -0.2 -0.2 -


-0.8 -0.5 -3.3 -1.1 -5.0

Insurance 100.00% 100.00% 100.00% 100.00% -




Interim Balance Sheet


No Financial Data for Ambuja Cements Ltd.



Annual Cash Flows

As Reported





Restated Normal

31-Dec-2009

Restated Normal

31-Dec-2008





S.R. Batliboi & Co.

S.R. Batliboi & Co.

S.R. Batliboi & Co.

BATLIBOI & PUROHIT


Net Income 363.3 372.2 449.8 674.6 442.8

Depreciation 84.7 61.4 59.8 57.4 72.4

Share in Associates - - - -19.1 -40.2

Gain on Asset Sale -3.0 -0.3 -0.2 -0.5 -3.0

Exceptional Items -5.8 0.0 -69.7 -192.4 -

Loss on Asset Sale 0.7 1.3 1.0 1.7 2.7

Capital spares consumed 0.6 - - - -

Write-off Deferred Expenditure 0.1 0.3 0.4 0.1 0.2

Diminution in Value of Investment - - - 0.2 -

Advertisement Expenses Written Back

- - - - 0.0

Profit on Sale of Investment -7.5 -1.5 -3.3 -5.7 -

Interest & Finance Charges 10.6 4.6 7.5 18.6 17.7

Interest Income -15.7 -14.9 -19.1 -18.4 -

Non moving spares 3.3 0.0 - - -

Abandoned Capital Project - 0.0 1.9 0.6 0.5

Exchange Rate Difference - -0.4 2.1 -8.2 3.3

Discounting income on sales tax -3.0 -12.2 -2.5 - -

Sales tax -0.4 - - - -

Unrealized gain -0.1 - - - -

Gain on Investment Sale - - - - -7.9


Dividend 0.0 -0.5 -9.4 -5.5 -0.9

Share of JV in Dividend - - - - -0.1

Doubtful Advances - - - - 0.0

Provision For Doubtful Debts 0.1 0.1 -0.1 0.6 -

Provisions no longer required -5.9 -5.5 -2.6 - -

Bad Debts 0.6 0.2 0.3 0.5 1.5

Write-back Provision - - - - 0.0

Wealth Tax 0.0 0.0 0.1 0.1 0.1

Diminution Investment Written Back - - - - 0.0

Diminution Investment - - - - 0.0

Trade & Other Receivables -12.4 24.1 -42.1 -25.7 -4.7

Inventories -61.2 52.8 -80.1 -41.2 2.4

Current liabilities 68.8 20.7 61.9 39.2 22.5


Direct Taxes Paid -8.0 -63.1 -132.2 -109.1 -99.8

Miscellaneous Expenditure - 0.0 -0.1 -0.2 -0.5

Exchange Rate Difference - 0.4 0.7 6.0 -2.4




Sale of Investments 44.4 9.3 130.2 - -

Investments, Net - - - -175.4 -3.3

Investment in Subsidiary -4.9 0.0 -1.4 - -

Profit on sale of investment in mutual f

7.5 1.5 3.3 - -

Acquisition of subsidiaries - - 0.0 -0.4 -

Loans & Advances, Net - - - - 0.1

Unclimed sale of shares 0.0 - - - -

Proceeds of deposits matured -1.8 -0.4 6.1 - -

Interest Received 14.2 18.0 16.8 16.7 7.2

Income tax received 7.7 - - - -

Dividend Income 0.0 0.5 9.4 5.5 1.0

Disposal of Subsidiaries - 0.0 0.1 240.5 15.7

Liquidation of Subsidiaries - - - - 2.4

Acquisition of Maratha Cement - - - - 0.0


Issue of Shares 12.1 1.5 0.3 7.8 10.6

Proceeds from Borrowings 12.9 10.3 22.3 13.9 180.3

Repayment of Borrowings -31.4 -23.5 -33.6 -139.1 -271.8

Interest & Finance Charges -4.2 -4.2 -13.9 -8.2 -19.6

Swap Interest - - -0.1 -3.7 -6.6

Subsidy received 0.1 0.0 - - -

Premium on Redemption - - - - 0.0

Exchange Rate Difference - - - - -0.9

Unclaimed Sale Proceeds - 0.0 0.0 0.0 -0.1

Dividend distribution tax -13.3 0.0 0.0 0.0 -

Subsidy Received - - - - 0.1

Dividend Paid -79.6 -80.6 -89.7 -141.0 -105.7






Cash Taxes Paid 8.0 63.1 132.2 109.1 99.8




Geographic Segments

Financials in: As Reported (mil)Annual

External Revenue USD (mil)


Within India 1,592.0 98.5 % 1,426.2 97.6 % 1,377.2 95.9 % 1,237.5 89.5 % 1,274.2 90.2 %

Outside India 24.3 1.5 % 35.6 2.4 % 58.4 4.1 % 145.6 10.5 % 138.1 9.8 %

Segment Total 1,616.3 100 % 1,461.8 100 % 1,435.6 100 % 1,383.0 100 % 1,412.3 100 %Consolidated Total 1,616.3 100 % 1,461.8 100 % 1,435.6 100 % 1,383.0 100 % 1,412.3 100 %Exchange Rate: INR to USD 45.724414 48.413551 43.518449 41.348599 45.266520

Other Revenue USD (mil)

31-Dec-10 31-Dec-09 31-Dec-08

Within India 27.8 99.9 % 23.7 100 % 14.2 100 %

Outside India 0.0 0.1 % 0.0 0 % 0.0 0 %

Segment Total 27.8 100 % 23.7 100 % 14.2 100 %Consolidated Total 27.8 100 % 23.7 100 % 14.2 100 %Exchange Rate: INR to USD 45.724414 48.413551 43.518449

Total Revenue USD (mil)


Within India 1,619.8 98.5 % 1,449.8 97.6 % 1,391.3 96 % 1,237.5 89.5 % 1,274.2 90.2 %

Outside India 24.3 1.5 % 35.6 2.4 % 58.4 4 % 145.6 10.5 % 138.1 9.8 %

Segment Total 1,644.1 100 % 1,485.4 100 % 1,449.7 100 % 1,383.0 100 % 1,412.3 100 %Consolidated Total 1,644.1 100 % 1,485.4 100 % 1,449.7 100 % 1,383.0 100 % 1,412.3 100 %Exchange Rate: INR to USD 45.724414 48.413551 43.518449 41.348599 45.266520

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