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EIC AND TECHNICAL ANALYSISOF

CEMENT INDUSTRY

A Project Report submitted in

Partial Fulfillment of the

Degree of BBS-Finance

Submitted by:

Bhuvnesh Prakash

10067234040

Shaheed Sukhdev College of Business Studies

Certificate

This is to certify that the project report entitled EIC and Technical Analysis is the project worcarried out by Bhuvnesh Prakash at Shaheed Sukhdev College of Business Studies for partiafulfillment of BBS-Finance. This report has not been submitted to any other organization for theaward & any other Degree /Diploma.

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Name & Signature of Student Name & Signature of the Supervisor

Signature of the Principal

Stamp of the College

Abstract

Indian cement industry has seen a tremendous growth over the years. I have done an EIC andTechnical analyses of top ten cement companies as per their net sales. It includes analyses oIndian economy, Industry analyses and company financial statement analyses and SWOT analysisof each company. I have also covered the technical analyses moving crossover average to

identify the trends.Indian economy is the tenth largest economy in the world in terms of GDP. The GDP in India haexpanded as compared to previous years. India Interest Rate averaged 6.56 Percent reaching aall-time high of 14.50 Percent in August of 2000 and a record low of 4.25 Percent in April of 2009Inflation rate in India has come down. SWOT analysis of Indian economy includes like India has astable growth even during recession (2008). The banking and credit system were able to surviveOpportunities will be development in rural areas. Threats may be terrorist.Cement industry has been growing tremendously over the years. India is the second largest cement marke

and exporter for 30 companies. Leading players in this sector (by market share) are Shree Chem2


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UltraTech, Ambuja, Binani, ACC, India Cem, Dalmia Cem, Madras Cem, Lafarge, and OCL IndiaThe cement industry is one of the vital industries for economic development in a country. The totautilization of cement in a year is used as an indicator of economic growth.

Company analyses is a very important parameter to analyses the cement industry. The top tencompanies has been analyzed by analyzing their profit and loss account, cash flow statement andtheir related ratios and the trends.

ACC cement limited efficiency has improved. The profitability has also improved from 2008 to2012. Cash flow from operating has reduced of ACC cement limited. It has bullish market trendmore in period 2008 to 2012.

Ambuja cement has an upward graph of net sales. The net sales are continuously rising from 2008to 2012. Net cash flow from operating activities are high in 2010 and then it again fall in 2011 andrise in 2012. From 2009 to 2011 there is bullish market trend and a perfect time to buy stock of it.

UltraTech cements has a good brand image in the market. There is a 226.71% increase in salesturnover of UltraTech from 2008 to 2012. Net cash from operating activities are continuously risingThe company has declared less dividend in 2012 as compared to previous years.

Net sales of India Cement limited keep on fluctuating year by year. It has highest sales turnover in2008 to 2012 this year. Total income has increase by 138% in 2012 as of in previous years. Necash from operating activities is highest in 2011 and it came down in 2012. Efficiency has geweaker.

Birla Cement is growing very slowly as compared to other companies. It has only 31.81% rise intotal income in 2012 as compared to 2008. Expenses has increased by 55.32%

Barak Vally cements has performed very outstanding in 2010. It has only 30.42% rise in totaincome in 2012 as compared to 2008.

J.K Cements limited efficiency has improved a lot. It has performed well in 2012 as compared to

previous years. Total income increase by 61.67%.

Prism cement also perform well in 2012 as of in previous years. Total income rise by 414.52%. In2009 to 2011 there is bullish market trend and a time to buy.

Madras cements total income rise by 61.48%. It has performed better in 2012. 2012 saw a bullishtrend and the stock must be bought in this period.

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CONTENTS

REFERENCES1. www.moneycontrol.com

2. www.yahoofinance.com

3. www.tadingeconomics.com

4. www.ibef.com

5. www.acclimited.com

6. www.ultratechcement.com

7.

www.ambujacement.com8. www.prismcement.com

9. www.indiacement.co.in

10. www.jkcement.com

11. www.ramcocement.com

12. www.adityabirla.com

13. www.shreecement.com

14. www.barakcement.com

Acknowledgement

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http://www.moneycontrol.com/http://www.yahoofinance.com/http://www.tadingeconomics.com/http://www.ibef.com/http://www.acclimited.com/http://www.ultratechcement.com/http://www.ambujacement.com/http://www.prismcement.com/http://www.indiacement.co.in/http://www.jkcement.com/http://www.ramcocement.com/http://www.adityabirla.com/http://www.shreecement.com/http://www.barakcement.com/http://www.moneycontrol.com/http://www.yahoofinance.com/http://www.tadingeconomics.com/http://www.ibef.com/http://www.acclimited.com/http://www.ultratechcement.com/http://www.ambujacement.com/http://www.prismcement.com/http://www.indiacement.co.in/http://www.jkcement.com/http://www.ramcocement.com/http://www.adityabirla.com/http://www.shreecement.com/http://www.barakcement.com/


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The satisfaction and joy that accompanies the successful completion of a task i

incomplete without mentioning the name of the person who extended her help and

support in making it a success.

I am greatly indebted to Dr. Rohini Singh, My Project Guide and Mentor fo

devoting her valuable time and efforts towards my project. I thank her for being a

constant source of knowledge, inspiration and help during this period of makin

project.

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INDIAN ECONOMY ANALYSIS

India is the tenth largest economy in the world in terms of GDP. The Indian Economy due to itspeculiar trends has been a subject of interest for the world. After independence, the India

economy was more like a socialist economy: democratic, large public sectors and heavregulations on private sectors. Around the 1990s the economy reached a point of stagnation. Thenin 1991, India saw the largest economic reforms pioneered by Dr. Manmohan Singh, the thenfinance minister. These changes improve the rate of economic growth and social developmentEconomists predict that the Indian economy will be the third largest by 2025, after the USA andChina.

Inflation, as measured by the Wholesale Price Index (WPI), has remained above 7per cent sinceDecember 2009. Food inflation has been particularly elevated over this period, contributing to aaverage of one third of total inflation. Consumer price inflation, with higher weights on food, havebeen generally higher than the headline WPI inflation. A moderation in WPI inflation is now clearlyvisible, but the moderation has largely been due to deceleration in the rate of inflation of nonfoo

manufactured products. Inflation pressures have eased globally. Global consumer prices rose at a3.7 percent annualized rate at the end of 2012. Inflation for developing countries also moderated toa 5.4 percent annualized rate in the three months through November 2012, from an average 7.2percent in 2011. Benign inflation in global commodity prices, with inflation for energy and nonenergy commodities in base line scenario expected to be around (-) 2.6 per cent and (-) 2.0 pecent respectively in 2013, will check the inflation of tradable commodities even in India. Apart frommonetary policy attempting to control demand, supply side responses will be necessary to bringdown inflation in a sustained way, and ongoing policy initiatives need to be pursued.

INDIA GDP GROWTH RATEThe Gross Domestic Product (GDP) in India expanded 1.30 percent in the fourth quarter of

2012 over the previous quarter. GDP Growth Rate in India is reported by the OECD.

Historically, from 1996 until 2012, India GDP Growth Rate averaged 1.63 Percent reaching an

all-time high of 5.80 Percent in December of 2003 and a record low of -1.70 Percent in March

of 2009. In India, the growth rate in GDP measures the change in the seasonally adjusted

value of the goods and services produced by the Indian economy during the quarter. India is

the worlds tenth largest economy and the second most populous. The most important and the

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fastest growing sector of Indian economy are services. Trade, hotels, transport and

communication; financing, insurance, real estate and business services and community, socia

and personal services account for more than 60 percent of GDP. Agriculture, forestry and

fishing constitute around 12 percent of the output, but employs more than 50 percent of the

labor force. Manufacturing accounts for 15 percent of GDP, construction for another 8 percent

and mining, quarrying, electricity, gas and water supply for the remaining 5 percent.

INDIA INTEREST RATE

The benchmark interest rate in India was last recorded at 7.50 percent. Interest Ratein India is reported by the Reserve Bank of India. Historically, from 2000 until 2013,

India Interest Rate averaged 6.56 Percent reaching an all-time high of 14.50 Percent in

August of 2000 and a record low of 4.25 Percent in April of 2009. In India, interest rate

decisions are taken by the Reserve Bank of India's Central Board of Directors. The

official interest rate is the benchmark repurchase rate.

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INDIA INFLATION RATEThe inflation rate in India was recorded at 6.84 percent in February of 2013. Inflation Rate inIndia is reported by the Ministry of Commerce and Industry. Historically, from 1969 until 2013,

India Inflation Rate averaged 7.74 Percent reaching an all-time high of 34.68 Percent in

September of 1974 and a record low of -11.31 Percent in May of 1976. In India, the wholesale

price index (WPI) is the main measure of inflation. The WPI measures the price of a

representative basket of wholesale goods. In India, wholesale price index is divided into three

groups: Primary Articles (20.1 percent of total weight), Fuel and Power (14.9 percent) and

Manufactured Products (65 percent). Food Articles from the Primary Articles Group account for

14.3 percent of the total weight. The most important components of the Manufactured

Products Group are Chemicals and Chemical products (12 percent of the total weight); Basic

Metals, Alloys and Metal Products (10.8 percent); Machinery and Machine Tools (8.9 percent);Textiles (7.3 percent) and Transport, Equipment and Parts (5.2 percent).

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SWOT Analysis of Indian EconomyStrength:

The strength of the Indian economy lies in its robust nature, which is evident from its constangrowth even during times of recession (2008-09). The banking and credit system has been able tosurvive the downturn due to heavy regulations imposed by the RBI. This brought mortransparency to the system.

Another important factor that forms the spine of the Indian economy is agriculture, because employs nearly 50% of the total population. Although agriculture shares only 18.5% of GDP, imakes India self-reliant in terms of food supply. Today, India is a leading producer of a number oagricultural products that give a boost to the export value. The youth of India, which makes a largepart of the population is an advantage as it constitutes a huge work force.

Weaknesses:

Primary weakness of the Indian economy is its excessive dependence on agriculture. Sinceagriculture is monsoon dependent trade, production can vary by large margins and causturbulence in the economy. India also lags behind in social development. A large part of thepopulation is still living below the poverty line. Another weakness is the literacy rate. Although wehave achieved high progress rates in terms of GDP, more than a third of the population remains

illiterate, thus, easily exploitable.Opportunities:

India has ample opportunities for growth. The agriculture sector and SMEs need to be encouragedand assisted as they have high potential. Indian government should focus on defining and properlyimplementing the policies for rural development, as most of the population resides in rural India

Also, there is a scope for large-scale infrastructure development and a need to properly carry outhe MNREGA, JNNURM and other schemes, so that the benefits penetrate to the lower level of thepopulation. Tourism is a thriving industry in India and we need to harness its potential. It will helraise our foreign reserves and create employment opportunities.

Threats:

Terrorism and corruption are the greatest threats that India faces. It is because both hamper the

growth of people and trade, which is a must for overall economic growth. The rising inflationhording and black-marketing, also pose a threat to economic development. Economic growthmainly the exports, has seen a downward trend due to the worldwide economic downturn and hasbecome a cause of concern. The Indian government needs to redefine its policies and bring morestringent reforms to steer out of this turbulence.

INDUSTRY ANALYSIS

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Responsible for 7-8 percent of global cement production, India is the second largest cemenmarket in the world, and also an exporter to 30 countries. The cement industry in India is dividedinto five geographical segments, wherein the North and South regions are the leading suppliers ocement. The East, West and Central regions face deficit of cement, thereby relying on purchasesfrom the North and South. According to the Cement Manufacturers Association (CMA), there ar139 large cement plants and 365 mini and white cement plants in the country.

Overview

According to the Cement Manufacturers Association (CMA), cement sales for May 2012 werregistered at 16.26 million Tonnes (MT), which signifies a 14 percent growth over the same periodin 2011. Although India is one of the largest cement markets in the world, its per capitaconsumption is only around 170 kg, much lower than the global average consumption of about 430kg. According to the latest report from the working group on the industry for the 12th five-year Pla(2012-17), India would require overall cement capacity of around 480 million Tonnes. This woulmean the industry will have to add another 150 million Tonnes of capacity during the period.Leading players in this sector (by market share) are Shree Cem, UltraTech, Ambuja, Binani, ACCIndia Cem, Dalmia Cem, Madras Cem, Lafarge, and OCL India.

Factors that will drive growth in this sector Housing segment growth is leading to higher demand for cement for homebuilding. Governments 12th Five Year Plan focuses on increasing infrastructure (upgraded airportsports, railway expansion, etc.) to drive construction activity. Rise in commercial and retail spaces, along with hotels in near future, will account foincreased demand for cement.

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Use of alternate fuels will help reduce low production costs and emissions and further drivethis sector. There is an increase in the sale of blended varieties of cement - Portland PozzolanaCement (PPC) and Portland Blast Furnace Slag Cement (PBFC)Road aheadThough cement is the most preferred construction material in both housing and industrial works, itdemand is directly linked to the development and growth of others industry domains, such a

construction, infrastructure, finance, etc. The housing segment that accounts for a major portion odomestic demand for cement in India is expected to witness a demand of 4.3 million housing unitbetween 2010 and 2014. Government initiatives to boost infrastructure development and easetransportation costs should keep the demand for cement on a consistent rise. Furthermore, therare unexplored markets in the country, like the under-supplied North-east region, that are currentlyexperiencing increasing demand for cement.The cement industry is one of the vital industries for economic development in a country. The totautilization of cement in a year is used as an indicator of economic growth.

Cement is a necessary constituent of infrastructure development and a key raw material for theconstruction industry, especially in the governments infrastructure development plans in thcontext of the nations socio-Economic development.

SWOT ANALYSIS of Cement industry

Strengths: -

1. The industry is likely to maintain its growth momentum and continue growing at abou9 10% in the foreseeable future.2. Government initiative in the infrastructure sector such as the commencement of thesecond phase of the National Highway Development project, freight carriers, rural roads anddevelopment of the housing sector (Bharat Nirman Yojana) are likely to be the main drivers ogrowth.3. In the coming few years the demand for the cement will increase which will be boomingnews for cement manufactures. As capacity utilization is over 90% now.4. Huge potential for export.

Weakness: -

1. Cement Industry is highly fragmented & regionalized.

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2. Low value commodity makes transportation over long distances un-economical.

3. High capital cost and investment cost for each and every project.4. The complex Excise Duty structure based on the category of buyer and end use of the

cement has caused a lot of confusion in the industry.5. The recent ban on export of cement clinker would increase the availability of cement in

the domestic market, which in turn would put pressure on cement prices.

Opportunities

1. Substantially low per capita cement consumption as compared to developing countries

(1/3rd of world average) Per capita cement consumption in India is 82 kgs against a

global average of 255 kgs and Asian average of 200 kgs.

2. Despite slightly lower economic growth, the construction and infrastructure sector iexpected to record healthy growth, which augurs well for cement industry.

3. Additional capacity of 20 million tons per annum will be required to match the demand.

Threats: -

1. The recent moves by the Central Government in making the import of the cement totaduty free, is a cause of worry for the Indian cement industry.

2. Further recent changes in the Central Excise Duty structure by way of introduction omultiple slabs of Excise Duty is also a cause of worry for the industry.

3. Almost all the major players in the industry have announced substantial increase in the

capacity and the possibility of oversupply situation cannot be ruled out.

4. Increased railway freight, coal prices and dispatch bottlenecks on account of trucLoading restrictions imposed by various State Governments

5. Scarcity of good quality Coal is some other factors which are cause of concern for theindustry.

ECONOMIC OVERVIEWAgainst the backdrop of the Eurozone crisis, turmoil in West Asia and spike in crude prices, thefiscal year 2011-12 was a year of "recovery interrupted" for the Indian economy. India's GDPgrowth is estimated at 6.9% in 2011-12 - a sharp fall from 8.4% in the last year.

While the estimated growth of 6.9% in the fiscal year 2011-12 can be considered reasonably

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healthy in view of the adverse global developments mentioned above, it would be unwise toignore the fact that domestic factors like high inflation, depressed investment climate andunaddressed manufacturing bottlenecks also slowed down industrial activity. India's slowdown in2011-12 can be attributed almost entirely too weak industrial growth with the good performance ofthe services and agricultural sectors. In 2011-12 the growth is estimated to be 2.5% in agriculture3.9% in industry and 9.4% in services.

INDUSTRIAL OUTPUT

Industrial growth however witnessed a sharp fall to 4.1% in February 2012 as against 6.7%growth in the corresponding month of the previous fiscal. The disappointing growth was mainlydue to rather poor performance of the manufacturing sector especially consumer goods. As perthe revised IIP data, the industrial production grew only by a marginal 1.1% during the year underreview that too driven by the 4.1% growth in February 2012. The marginal uptrend in the growthtowards the end of the year was witnessed due to increase in the consumption of processedfoods in the food and beverages sector.

EXPORTS / IMPORTS

Owing to buoyant demand from diversified overseas markets, exports, according to provisionalfigures released by the Industry, Chemicals & Textiles Ministry, exceeded the targeted US$ 300billion for the fiscal year 2011-12. The sectors that posted impressive growth included

engineering, gems & jewelry, textiles and pharmaceuticals.Imports during 2011-12 clocked a high of US$ 485 billion mainly on account of rising global oilprices with oil imports touching US$ 150 billion. The trade deficit widened to US$ 185 billion andthe Government faces a stiff challenge to keep it under control in the current fiscal.

During the period April-December 2011, the Current Account Deficit (CAD) - an indication of thegap between foreign exchange inflows and outflows, surged to US$ 53.7 billion (4% of the GDP)from 3.30% of GDP in the same period last year - reflecting higher trade deficit on account ofimports of petrol, oil, lubricants, gold and silver.

INFLATION

Inflation which had raged at double digit levels over the last two years is now lower. The declinein inflation has provided some relief and the time is ripe therefore to boost investment in the

economy. The Prime Minister's Economic Advisory Council has opined that inflation would dropfurther and hover around 5% to 6% in the current fiscal 2012-13.

INDUSTRY SCENARIO

Demand for cement in the country improved during the current year under review, registering a6.60% growth better than 4.70% registered in the previous year. Given the long term nature ofbusiness and also since it takes, of late, 24-30 months to set up capacity, Industry createdcapacity much ahead of demand and this led to lower capacity utilization - more so in South,where substantial capacity came into play - Capacity utilization in South was 63% as against AllIndia Capacity utilization of 75%. It is expected that capacity utilization will improve steadily in linewith growth in demand in the coming years.

Demand growth was healthy in regions where Infrastructure and Housing activities were brisk onthe back of progressive policy of State Government. Western region registered significant growthof 13.80% followed by North of 11%, Central of 9.30% and East of 2.90%. However, in Southernregion, growth was flat primarily due to lack of infra and housing projects in Andhra Pradesh andKarnataka.

It is heartening to note that during January - March '12 quarter, demand has grown sharply at10% as opposed to 5.60% in the preceding 9 months. South has shown a remarkable growth of9.40% as compared to negative growth of 3% in the preceding three quarters.

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Southern cement industry which has the highest capacity in the country, have been striving hardto access Northern & Eastern markets in the interest of improving the capacity utilization, but isconstrained due to Rail Rakes availability. Given that supply-demand imbalance in South isrelatively higher, it is expected that demand will catch up with supply by 2014-15.

With a pronounced GDP growth of around 7.50% next year, the industry can expect a reasonablegrowth rate of 8% - 9% in the coming years which should enable the industry to operate ataround 80% of its capacity.

In addition to the supply overhang, the industry had also to bear the substantial cost push in theform of increase in the price of coal, diesel price revision, increase in the Sales Tax on cement by2% in Tamil Nadu, heavy depreciation of Rupee against Dollar of more than 13% from Rs.45 toRs.51 impacting coal prices, revision in power tariff in Andhra Pradesh and continued power cutand load shedding in the States of Tamil Nadu and Andhra Pradesh necessitating usage of highcost DG and purchased power. In addition, the Union Budget 2012 proposes to increase theExcise Duty from 10% to 12% and steep increase in railway freight on inward and outwardmovement of materials ranging from 20% to 30% and a steep 35% increase in power tariff inTamil Nadu from 1/4/2012. Given all these adverse factors your Company's main challengeduring the year under review was to manage volumes and cost of production on the one handand optimize selling prices on the other to improve the bottom line.

The overall production was impacted due to the negative / practically nil growth in the marketsserved by the Company's plants. The Andhra Pradesh markets witnessed a further drop ofaround 8% in demand over and above the 17% negative growth recorded in the previous yearand with the bunch of new capacities arising in that region, the severe competition for marketspace resulted in the lower capacity utilization of the Andhra Pradesh plants including that of yourCompany. Towards the end of the year the power scenario further worsened in both Tamil Naduand Andhra Pradesh resulting in power holidays besides zero power during peak hours whichcurtailed the availability of clinker despite higher generation through captive power sets. Thesituation is likely to improve as the 48 MW power plant at Sankarnagar has since beencommissioned and is expected to go on full stream during the financial year 2012-13. Towardsthe close of the financial year your Company has commissioned railway sidings at its two

grinding units at Chennai and Parli and the consequent reduction in the transportation cost ofclinker by rail (instead of road as hitherto) will have its full impact during FY 13. The depreciationin the value of Rupee and increase in the ocean freights coupled with the volatility in the FOBprice of imported coal resulted in higher cost of fuel. The expanded capacity of ChilamakurCement Plant and the second line at Malkapur has stabilized and it is expected that the overalloperating efficiencies would improve further with the stabilized run of these plants.

ENERGY EFFICIENCY AND COST REDUCTION

Despite the lower capacity utilization caused by lower demand in the market, sustained effortsmade by your company resulted in marginal reduction in power consumption per Ton of cemenand maintaining the fuel consumption/ Ton of clinker on par with the previous year. The everincreasing cost of fuel and increase in power tariff by State Electricity Boards imposed additional

burden which could however be controlled through fuller utilization of the power from theCompany's gas based power plant at Ramanathapuram and also from the low cost power availedfrom Andhra Pradesh Gas Power Corporation Limited (APGPCL) in Andhra Pradesh. TheCompany also utilized the wind power generated by its wind farms of a total of 279 Lakh Units(315 Lakh units) and power from its Waste Heat Recovery System at Vishnupuram whichaccounted for 539 Lakh units (475 Lakh units). Towards the end of the last quarter theCompany's captive power plant of 48 MW at Sankarnagar has been commissioned.

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DEVELOPMENT ACTIVITIES

During the year, your Company obtained ISO 9001 certification for quality assurance for itsSankari Plant in addition to its already certified plants at Sankarnagar, Dalavoi, Chilamakur andVishnupuram. The ISO certification for its Yerraguntla Cement Plant is in progress.

Your Company has also implemented Total Productive Management (TPM) for productivityimprovement in its plants at Sankarnagar, Dalavoi, Chilamakur, Yerraguntla, Vishnupuram and

Malkapur.CLEAN DEVELOPMENT MECHANISM (CDM)

Waste Heat Recovery System at Vishnupuram continues to earn certified emission reductions asa CDM project.

OPPORTUNITIES, THREATS, RISKS AND CONCERNS

The demand supply mismatch arising out of burst of new capacity additions (and not majorly outof lack of normal demand growth) has constricted the capacity utilization levels of the industry forthe last two years in particular. Given the resilient nature of the economy, India has been able toachieve reasonable GDP growth of 6.9% in FY 12 which is expected to increase to 7.5% to 8% inFY 13 is expected to translate into a demand growth of 8% to 10% over the next few years. Whiledemand for cement grew by 6.6% in FY 12, there are already encouraging signs of a pick-up in

demand with demand spurting by over 10% in the last quarter of FY 12. It is therefore expectedcapacity utilization to gradually increase over the next 3 years with parity between supply anddemand being restored by then. While this being the overall scenario, there are still pockets ofhigh demand growth in certain regions of the country and your Company is already movingsignificant quantities of cement to the Eastern markets as far as Assam & Nepal to optimizecapacity utilization, given the overall surplus. Your Company's attempts in the short run will betowards striking an optimum balance between volumes and profitability and achieve best results.

The availability of power from the State Electricity Boards is another area of concern with acuteshortages in power availability in Tamil Nadu and Andhra Pradesh. Your Company has alreadyaddressed this concern by putting a 48 MW thermal power plant at Sankarnagar to take care ofthe full requirements of power of all the cement plants and grinding unit in Tamil Nadu and this

power plant has been commissioned towards the end of FY 12 and has started supplying power.Work has already been commenced on the installation of 48 MW thermal power plant atVishnupuram which is expected to be commissioned towards the end of FY 13 and will thereafterfully meet the power requirements of the cement plants in Andhra Pradesh. With its share ofpower available from the gas based power plants of APGPCL and Coromandel Electric CompanyLimited, Company's own windmills, diesel generating sets, waste heat recovery system aVishnupuram, the Company has ensured that it will be fully self-sufficient in meeting its powerrequirements.

Availability of indigenous coal from the nationalized coal companies and the quality of supplies isanother area of concern. This problem has however been mitigated to a large extent due to thecoal linkages obtained during the last two years to cater to the requirements of the recent

capacity expansions in Andhra Pradesh. The Company imports coal to meet its cement plantsrequirements thereby adequately addressing the quantity, quality and cost aspects. Mining rightsobtained in Indonesia should fructify with infrastructure of roads and bridges under completion toensure timely coal supplies.

The ever rising cost of energy in the form of petroleum products will also have its impact on thepower and transportation costs, which it is hoped to be neutralized by increasing the sellingprices.

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OUTLOOK

The Prime Minister's Economic Advisory Council (PMEAC) has projected a 7.5% to 8% growthfor the fiscal year 2012-13.

Economic experts are banking on the domestic market to sustain growth through a Governmentled initiative to boost private sector infrastructure investments. With industrial growth exhibitingsigns of a revival and given the Government's intention to boost agriculture development and givea fillip to infrastructural growth, the clocking of a GDP growth of 7.5% in 2012-13 could well be

achievable.Both the Central and State Governments have plans to boost investments in housing for thelower income groups which could help drive cement demand together with proposed investmentson roads and other infrastructural projects. The recent proposals of the Reserve Bank of India inits Credit Policy to reduce Repo and Reverse Repo rates by 50 basis points is expected to softenhousing loan interest rates thereby giving a fillip to demand for housing for the middle incomesector. Given all these positive factors, it is reasonably expected an 8% to 10% annual growth incement demand over the next few years and an early restoration of parity between cementdemand and supply which should augur well for the cement industry.

COMPANY ANALYSIS

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The top ten companies as per their net sales are considered for company analysis.

1. ACC Limited

2. Ultra Tech

3. Birla cements

4. J.K Cements limited

5. Ambuja cements

6. India cements limited

7. Prism cements

8. Madras cements

9. Shree cements limited

10.Barak Vally cements

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ACC LIMITED

ACC (ACC Limited) is India's foremost manufacturer of cement and concrete. ACC's operations are sprthroughout the country with 17 modern cement factories, more than 40 Ready mix concrete plants, 21 soffices, and several zonal offices. It has a workforce of about 9,000 persons and a countrywide distributnetwork of over 9,000 dealers.

Since inception in 1936, the company has been a trendsetter and important benchmark for the cementindustry in many areas of cement and concrete technology. ACC has a unique track record of innovativeresearch, product development and specialized consultancy services. The company's various manufactunits are backed by a central technology support services center - the only one of its kind in the Indiancement industry.

ACC has rich experience in mining, being the largest user of limestone. As the largest cement producerIndia, it is one of the biggest customers of the domestic coal industry, of Indian Railways, and a consideuser of the countrys road transport network services for inward and outward movement of materials andproducts.

Among the first companies in India to include commitment to environmental protection as one of its

corporate objectives, the company installed sophisticated pollution control equipment as far back as 196long before pollution control laws came into existence. Today each of its cement plants has state-of-the pollution control equipment and devices.

ACC plants, mines and townships visibly demonstrate successful endeavors in quarry rehabilitation, wamanagement techniques and greening activities. The company actively promotes the use of alternativefuels and raw materials and offers total solutions for waste management including testing, suggestions freuse, recycling and co-processing.

ACC has taken purposeful steps in knowledge building. We run two institutes that offer professionaltechnical courses for engineering graduates and diploma holders which are relevant to manufacturingsectors such as cement. The main beneficiaries are youth from remote and backward areas of the coun

ACC has made significant contributions to the nation building process by way of quality products, servic

and sharing expertise. Its commitment to sustainable development, its high ethical standards in businesdealings and its on-going efforts in community welfare programmes have won it acclaim as a responsibcorporate citizen. ACCs brand name is synonymous with cement and enjoys a high level of equity in theIndian market. It is the only cement company that figures in the list of Consumer Super Brands of India.

ACC manufactures the following types of cement, in addition to which, it provides Bulk Cement andReady Mix Concrete.

Ordinary Portland Cements and Blended Cements.

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VISION OF ACC LIMITED

SWOT ANALYSIS OF ACC LIMITED

STRENGTHS.1. It is having a good image and brand loyalty among consumers.

2. Service is good

3. They have same price prevailing for wholesale at dealers/stockiest retailers end.

WEAKNESS.

1. The competitors are doing much promotional activity rather than ACC Limited that is why

facing more problems in selling of product in the market.

2. Lack of awareness program for consumers.

OPPORTUNITY.

1. Rapid growth is taking place in Bihar and Madhya Pradesh.2. People are opting for more stable structures and intensive use of cement is taking place

even government is spending heavily on infrastructure projects. Thus, this is the right time t

fully tap these markets.

3.As Indian core industry is also growing at rate of nearly 10% per annum, it is having a good

future.

4. Foreign direct investment in infrastructure sector going to increase in coming years, whic

will increase the demand of cement.

5. Roads are undergoing through the transformation process through which the traditiona

method of road building will be replaced by modern concrete roads.THREATS:

1. Large number of players in cement industry makes it more competitive for ACC to carefully

price its product and at the same time satisfy its dealers and customers.

2. Players such as Jaypee Cement, Prism Cement, and Birla Samrat are eating u

considerable market share.

3. Due to Indias exponential growth many new international cement companies are expected

in coming years which will bring a tide of change and can start price war.19
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4. The emergence of small players in this market may increase the competition and start the

malpractices, and heavy discounts to retailers. They can also influence many retailers by

giving better profit margin, and other Benefits.

Profit and loss account of ACC Limited (2008 to 2012)

Profit & Loss account of ACC ------------------- in Rs. Cr. -------------------

Dec '12 Dec '11 Dec '10 Dec '09 Dec '08

12 mths 12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover 12,639.44 10,491.93 8,609.29 8,803.17 8,300.18Excise Duty 1,281.48 1,143.67 961.52 781.58 1,070.21Net Sales 11,357.96 9,348.26 7,647.77 8,021.59 7,229.97Other Income -70.56 289.72 169.99 137.40 252.84Stock Adjustments -20.02 94.39 56.58 28.74 0.33

Total Income 11,267.38 9,732.37 7,874.34 8,187.73 7,483.14Expenditure

Raw Materials 2,178.83 1,955.95 1,520.68 1,233.42 1,180.48Power & Fuel Cost 2,382.26 2,183.19 1,598.67 1,539.65 1,598.96Employee Cost 616.65 525.69 461.89 367.71 413.04Other Manufacturing Expenses 424.64 522.14 538.24 421.69 362.90Selling and Admin Expenses 2,233.36 2,069.77 1,632.90 1,658.79 1,620.65Miscellaneous Expenses 1,306.62 463.69 313.33 262.72 270.99Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00Total Expenses 9,142.36 7,720.43 6,065.71 5,483.98 5,447.02

Interpretations:

Particulars 2008 2012 Absolut

e

change

Percentage chang

(Increase o

decrease)

Sales Turnover 8,300.1

8

12,639.44 4,339.26 52.2791072

Excise Duty 1,070.21

1,281.48 211.27 19.74098541

Net Sales 7,229.97

11,357.96 4,127.99 57.09553428

Other Income 252.84 -70.56 -323.40 -127.9069767

Stock Adjustments 0.33 -20.02 -20.35 -6166.66666720


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Total Income 7,483.14

11,267.38 3,784.24 50.57021518

Expenditure

Raw Materials 1,180.48

2,178.83 998.35 84.57153022

Power & Fuel Cost 1,598.96

2,382.26 783.30 48.98809226

Employee Cost 413.04 616.65 203.61 49.29546775

Other Manufacturing Expenses 362.9 424.64 61.74 17.01295123

Selling and Admin Expenses 1,620.65

2,233.36 612.71 37.80643569

Miscellaneous Expenses 270.99 1,306.62 1,035.63 382.1653936

Preoperative Exp Capitalised 0 0 0.00

Total Expenses 5,447.02

9,142.36 3,695.34 67.84149865

Sales turnover has increased by 52.29% from 2008 to 2012. It has steady growth from 2008 to2010.

Net Sales has got raise by 57% from 2008 to 2012.

Total income increase by 50.57% from 2008 to 2012.

In spite of increase in Total income, total expenses also increases by 67.84%

Change in Total expenses > Change in total expenses.

Profit & Loss Account RatiosMaterial Cost Composition 19.18 20.92 19.88 15.37 16.32Imported Composition of Raw MaterialsConsumed

10.32 7.79 13.74 15.72 9.83

Selling Distribution Cost Composition 19.66 19.85 18.79 17.37 19.05

Expenses as Composition of Total Sales-- 0.14 0.67 0.69 0.99

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Cash Flow of ACC------------------- in Rs. Cr. -------------------



Net Profit Before Tax 1451.49 1540.42 1461.45 2294.39 1687.74

Net Cash From Operating Activities 1577.00 1571.38 1935.72 2397.94 1708.33

Net Cash (used in)/fromInvesting Activities -310.65 -264.24 -802.25 -2181.22 -1170.44

Net Cash (used in)/from FinancingActivities

-1066.02 -768.32 -636.73 -454.58 -297.13

Net (decrease)/increase In Cash andCash Equivalents

200.33 544.82 511.74 -237.86 240.76

Opening Cash & Cash Equivalents 2834.72 2287.59 1875.85 984.24 743.48Closing Cash & Cash Equivalents 3035.05 2832.41 2387.59 746.38 984.24

Interpretations:

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Net cash from operations has shown an upward trend from 2008 to 2009 and thedownward from 2009 to 2012. It has a high peak at 2009.

It may be because company has a Profit on sale of its asset of 3.24 crore and company haless interest dividend.

NET CASH GENERATED FROM INVESTING ACTIVITIES

Cash generated from investing activities has a negative flow. It has more outflow thaninflows.

Net Cash generated from financing activities

It can be noticed from the graph that negative cash flow is decreasing and getting improvingfrom 2008 to 2012.

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Net (decrease)/increase In Cash and Cash Equivalents

It can be noticed from the graph that the net decrease in cash is negative in 2011 in last fiveyears. The Reason for such net decrease are as follows:

1. Increase in Raw material consumption

2. Decrease in operating income

3. Significant Increase in coal prices by 23%

4. Increase in Power tariff by 21%

Profitability Ratios 2008 2009 2010 2011 2012

Operating Profit Margin (%) 19.33 18.42 21.42 31.95 24.66

Profit Before Interest And Tax Margin(%)

14.08 12.97 15.86 27.22 20.01

Gross Profit Margin (%) 14.41 13.33 16.29 27.68 20.59

Cash Profit Margin (%) 17.04 15.03 17.36 23.61 19.22

Adjusted Cash Margin (%) 17.04 15.03 17.36 23.61 19.22Net Profit Margin (%) 9.13 13.78 14.26 19.69 16.29

Adjusted Net Profit Margin (%) 9.13 13.78 14.26 19.69 16.29

Return On Capital Employed (%) 25.46 19.60 20.75 35.80 31.43

Return On Net Worth (%) 14.37 18.42 17.31 26.70 24.61

Adjusted Return on Net Worth (%) 19.25 13.48 15.00 26.32 23.05

Return on Assets ExcludingRevaluations

393.23

383.09 344.59 320.45 262.56

Return on Assets IncludingRevaluations

393.23

383.09 344.59 320.45 262.56

Return on Long Term Funds (%) 25.46 19.60 20.78 35.80 31.43

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Interpretations:

1. Gross profit Margin has both upward and downward trends. A high margin shows low cost ogoods sold. In 2012 the gross profit margin has decrease by 7.09 crore because of increase inCOGS.

2. Return to capital employed has been decreasing from 2008 to 2010 and then a highespeak at 2011 but then face a sudden decline in 2012 which state that the overall performance of i

is not stable.3. The overall profitability ratio shows that the profit of an organization is not stable it keep onfluctuating may be because of changes in price of raw material and change in investment patterns

Liquidity and Solvency Ratios

Current Ratio 0.72 0.87 0.68 0.67 0.89Quick Ratio 0.46 0.58 0.43 0.42 0.61

Debt Equity Ratio 0.01 0.07 0.08 0.09 0.10Long Term Debt Equity Ratio 0.01 0.07 0.08 0.09 0.10Debt Coverage Ratios

Interest Cover 16.59 15.58 25.57 27.96 42.56Total Debt to Owners Fund 0.01 0.07 0.08 0.09 0.10Financial Charges Coverage Ratio 21.46 20.49 32.48 32.02 49.92Financial Charges Coverage Ratio PostTax

15.13 19.58 27.64 24.12 38.71

Management Efficiency Ratios

Inventory Turnover Ratio 11.15 18.59 19.04 25.22 27.51Debtors Turnover Ratio 40.29 42.62 40.04 31.22 24.12

Investments Turnover Ratio 11.15 18.59 19.04 25.22 27.51Fixed Assets Turnover Ratio 1.12 0.97 0.96 1.19 1.25Total Assets Turnover Ratio 1.53 1.22 1.11 1.23 1.35

Asset Turnover Ratio 1.50 1.27 1.13 1.34 1.25

Interpretation:

1. The ideal ratio is 2:1. The current ratio has increased in 2012 in comparison to 2012, it shows theidealness of funds is increasing. The reason may be the current asset as current investment andinventory are high in 2012 as in 2011.

2. The lower the Debt equity ratio higher the degree of protection enjoyed by lenders. The ratio haincreased to a great extent which shows that the degree of protection has been affected. The debt bythe firm has raise.

3. The interest coverage ratio has been raising continuously every year which means firm is gettingfinancially strong and are in a position to pay interest.

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4.The debtor turnover ratio is high in 2008 and 2009 which means firm is able to manage its debtor bu

it decline in 2012 we can say that the efficiency of management of debtors of the firm is growing low in

comparison to the previous years.

5. The efficiency of the organization has also got improved a lot because of higher growth rate, increasein net sale, and increase in an investment.

Technical Analysis

A crossoveris the most basic type of signal and is favored among many traders because iremoves all emotion. The most basic type of crossover is when the price of an asset moves fromone side of a moving average and closes on the other. Price crossovers are used by traders toidentify shifts in momentum and can be used as a basic entry or exit strategy. A cross below amoving average can signal the beginning of a downtrend and would likely be used by traders as asignal to close out any existing long positions. Conversely, a close above a moving average frombelow may suggest the beginning of a new uptrend.

The second type of crossover occurs when a short-term average crosses through a long-termaverage. This signal is used by traders to identify that momentum is shifting in one direction andthat a strong move is likely approaching. A buy signal is generated when the short-term averagecrosses above the long-term average, while a sell signal is triggered by a short-term averagecrossing below a long-term average.

Moving average crossover of ACC Limited

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1. In the early 2008 there is a bearish crossing trend till mid-2009.

2. In mid-2009 bearish crossing reversed and there is a bullish crossing, a time to buand continue till end-2010.

3. In end-2011 there is a bearish trend exits for small period of time.

4. A bullish trend exits after this till 2012 end and a perfect time to buy it.

AMBUJA CEMENT

Ambuja Cements Ltd. (ACL) is one of the leading cement manufacturing companies in India ancommenced cement production in 1986. Initially called Gujarat Ambuja Cements Ltd, the Companylater became Ambuja Cements Ltd. In 2006, global cement major Holcim, acquired managementControl of the Company. Today, Holcim holds a little over 50% equity in ACL.

ACL has grown manifold over the past decade. Its current cement capacity is 27.25 million TonnesThe Company has 5 integrated cement manufacturing plants and 8 cement grinding units acrossthe country. ACL enjoys a reputation of being one of the most efficient cement manufacturers in theworld. Its environment protection measures are considered to be on par with the finest in thecountry. It is also one of the most profitable and innovative cement companies in India.

ACL is the first Indian cement manufacturer to build a captive port with three terminals along thecountry's western coastline to facilitate timely, cost effective and environmentally cleanerShipments of bulk cement to its customers. The Company has its own fleet of ships. ACL has also

pioneered the development of the multiple, bio-mass, co-fired technology for generating greenepower in its captive plants.

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SWOT ANALYSIS of Ambuja Cement

Strengths

Third largest cement producer in India.

Lowest cost cement producer in India as well as in world

AMBUJA cement profit is highest and most deleveraged balance sheet in industry.

Logistic management

Market leader in northern India as AMBUJA BRAND.

Presence in prime market

Pioneer in sea transport

First cement company to receive the ISO 9002 quality certification & the only to beawarded, the National Quality Award

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well diversified fuel mix and efficient operation.

Largest cement exporter in India.

Geographically positioned, which gives flexibility to choose both domestic as well as exportmarket.

No#1 in northern and no #2 in western market.

It has strong presence in high growth market like west, east, north, which does not sufferfrom oversupply.

It has extensive dealership network of 7000 dealers and 25000 retailers network.

Captive logistic and transport management for efficient delivery and optimal cost.

Weaknesses

Its cyclical industry

High transport cost.

Highly regionalized and localized market.

Limited presence in southern market.

Capacity constraints to limit sales.

Lack of timely capacity addition to restrict sales.

Dependent on govt. for license of mines.

High excise duty creates cost high.

Levy of royalty over and above the technical services fees.

Opportunities

Huge govt. expenditure in infrastructure development to boosts the cement demand high.

Low cost housing loan increased the real estate and individual housing also.

rising population works as a catalyst for housing boom.

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as per govt. budget, tax free income increased to Rs. 200000/- which create saving and boosup the housing.

Low per capita consumption as 176kg whereas 256kg on developed country.

Long term growth for cement industries are favorable and it may grow at the rate of 7% to 8%

Threats

Rising input cost of material like limestone, gypsum, and mart. Due to high duty and highmining cost.

Gypsum are imported, due to low quality of gypsum in India, which impact on price oproduction by paying the import duty.

Rising cost of logistics.

Rising cost of power.

Shortage of fly ash.

Currency risk

Increasing diesel price are another threat which increase the transportation cost, which macreate a material effect in freight and forwarding cost.

Penalty threats of cartel by competition commission of India.

New entrant threats due to high potential market.

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PROFIT AND LOSS ACCOUNT OF AMBUJA CEMENT

(2008 to 2012)------------------- in Rs. Cr. -------------------



Income

Sales Turnover 10,995.04 9,601.42 8,286.20 7,763.93 7,089.89

Excise Duty 1,264.74 1,128.28 914.68 680.72 907.80

Net Sales 9,730.30 8,473.14 7,371.52 7,083.21 6,182.09

Other Income 69.74 234.38 214.58 180.41 468.18

Stock Adjustments 200.83 -57.00 54.28 -49.44 62.62

Total Income 10,000.87 8,650.52 7,640.38 7,214.18 6,712.89

Expenditure

Raw Materials 1,337.38 1,652.18 1,475.20 1,642.09 1,251.08

Power & Fuel Cost 2,329.07 2,006.34 1,697.34 1,422.75 1,325.69

Employee Cost 478.51 425.46 344.91 274.29 266.94

Other Manufacturing Expenses 136.40 254.06 227.03 161.66 145.61

Selling and Admin Expenses 2,275.85 1,865.09 1,633.14 1,426.15 1,276.80

Miscellaneous Expenses 907.66 256.20 199.42 202.19 215.64

Preoperative Exp Capitalised -6.71 -6.74 -11.36 -19.33 -21.19

Total Expenses 7,458.16 6,452.59 5,565.68 5,109.80 4,460.57

Interpretations:

Income2008 2012 Absolute change

Percent(increase ordecrease)

SalesTurnover

7,089.8910,995.04 3,905.15 55.08054

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Excise Duty 907.8 1,264.74 356.94 39.31923Net Sales 6,182.09 9,730.30 3,548.21 57.39499

Other Income 468.18 69.74 -398.44 -85.104

StockAdjustments

62.62 200.83138.21 220.7122

Total Income 6,712.8910,000.8

7 3,287.98 48.9801Expenditure RawMaterials

1,251.08 1,337.3886.30 6.89804

Power & FuelCost

1,325.69 2,329.071,003.38 75.68738

EmployeeCost

266.94 478.51211.57 79.25751

OtherManufacturin

g Expenses

145.61 136.4

-9.21 -6.32512Selling and

AdminExpenses

1,276.80 2,275.85

999.05 78.2464

Miscellaneous Expenses

215.64 907.66692.02 320.9145

PreoperativeExpCapitalised

-21.19 -6.71

14.48 -68.3341TotalExpenses 4,460.57 7,458.16 2,997.59 67.20195

1. In the span of five years the sales turnover has increased by 55.08%

2. There is an upward trend in net sales. The firm is continuously rising and it has noshown any downward trend.

3. Raw material expenses is lower than in 2012 as compared to 2011 on other side nesales is increasing and other expenses are also increasing.

Profit & Loss Account Ratios 2009 2010 2011 2012

Material Cost Composition 13.74 19.49 20.01 23.18 20.23Imported Composition of Raw MaterialsConsumed

14.46 12.18 9.16 31.66 8.41

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Selling Distribution Cost Composition 23.38 19.85 20.25 18.58 19.20Expenses as Composition of Total Sales0.33 0.94 1.33 2.60 3.69

Total income of Ambuja Cement

Year Total income

2008 6,712.89

2009 7,214.18

2010 7,640.38

2011 8,650.52

2012 10,000.87

There is an upward trend in a total income. It is continuously rising from 2008 to 2012. Thdemand has risen and to meet that the firm has increase its investment nearly by 70%.

Total expenses

Year Total Expenses

2008 4,460.57

2009 5,109.80

2010 5,565.68

2011 6,452.592012 7,458.16

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YearTotalliabilities

Percent increase ordecrease

2008 5,961.54

20096,636.60

675.0611.32358

20107,395.13

758.5311.4295

2011 8,118.80 723.679.785764

20128,839.69

720.898.879268

1. Total liabilities has increased but the percent change in the liabilities has decreased ascompared to previous years. In 2012 percent increase is nearly 8.89% but the percenincrease in 2011 is 9.78%.

CASH FLOW STATEMENT of AMBUJA CEMENTCash Flow of Ambuja Cements ------------------- in Rs. Cr. -------------------



Net Profit Before Tax 1901.83 1702.87 1661.87 1803.30 1969.84Net Cash From Operating Activities 1857.74 1617.12 1874.27 2129.15 966.22Net Cash (used in)/fromInvesting Activities

-392.92 -531.88 -527.29 -1196.13 -274.90


-504.43 -474.78 -473.54 -466.66 -482.06


960.39 610.46 873.44 466.36 209.26


Interpretations:

1. Net cash from operating activities has increase nearly 110% in 2009 ant hen increase in2012 as compared to 2011.

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Cash Flow Indicator Ratios2012

2011 2010 2009 2008

Dividend Payout Ratio Net Profit 49.71 46.40 36.60 35.10 27.94Dividend Payout Ratio Cash Profit 34.62 34.06 28.00 28.19 23.55Earning Retention Ratio 59.05 48.55 58.47 63.97 63.75Cash Earning Retention Ratio 69.87 63.30 69.20 71.21 70.81

Adjusted Cash Flow Times 0.02 0.03 0.04 0.11 0.22

Dividend payout ratiois the fraction of net income a firm pays to its stockholders in dividends.

The dividend payout ratio has been increasing constantly which shows that as the firm is gettingmature it is paying more dividend to the shareholders.

Cash Earning Retention Ratiois the percent of earnings credited to retained earnings.

The cash earnings retention by the firm is averagely maintain by the firm 69% in last five years.

Profitability Ratios2012

2011 2010 2009 2008

Operating Profit Margin (%) 25.41 22.92 25.18 27.07 28.85

Profit Before Interest And Tax Margin(%)

18.92 17.25 19.59 22.32 24.04

Gross Profit Margin (%) 19.60 17.67 19.93 22.87 24.65Cash Profit Margin (%) 21.22 17.90 20.01 20.46 21.17


Adjusted Net Profit Margin (%) 12.86 14.16 16.84 16.78 22.11Return On Capital Employed (%) 25.52 20.96 21.60 27.04 28.19Return On Net Worth (%) 14.73 15.28 17.24 18.83 24.73

Adjusted Return on Net Worth (%) 17.87 13.79 15.19 18.35 19.07Return on Assets ExcludingRevaluations 57.09 52.38 47.90 42.45 37.23Return on Assets IncludingRevaluations

57.09 52.38 47.90 42.45 37.23

Return on Long Term Funds (%) 25.52 21.05 21.63 27.04 28.19

1. Operating ratio has decline from 2008 to 2011 and then it rise in 2012 after three years. shows that the efficiency of the firm is not stable in last four years, it get improved in 2012.

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2. Return on capital employed is declining from 2008 to 2011 and it get improved in 2012.

3. All overall ratios indicate that the profitability of the firm is getting decline in 2008 to 2011The efficiency has get improved in 2012.

Liquidity And Solvency RatiosCurrent Ratio 1.22 1.14 1.07 0.89 1.26Quick Ratio 0.95 0.85 0.75 0.57 0.74Debt Equity Ratio -- 0.01 0.01 0.03 0.05Long Term Debt Equity Ratio -- 0.01 0.01 0.03 0.05Debt Coverage Ratios

Interest Cover 29.83 32.35 32.82 80.15 52.66Total Debt to Owners Fund 0.00 0.01 0.01 0.03 0.05Financial Charges Coverage Ratio 37.30 40.81 40.78 93.32 60.58Financial Charges Coverage RatioPost Tax

25.61 32.81 34.92 68.63 52.89

Management Efficiency RatiosInventory Turnover Ratio 11.17 10.38 9.19 11.36 7.54Debtors Turnover Ratio 42.84 45.92 52.58 37.60 33.39Investments Turnover Ratio 11.17 10.38 9.19 11.36 7.54Fixed Assets Turnover Ratio 0.96 0.88 0.85 1.15 1.10Total Assets Turnover Ratio 1.11 1.05 1.01 1.08 1.05


Interpretations:

1. The ideal current ratio is 2:1. The ratio has been increasing. It means that the idealness othe fund has improved a lot. The funds are utilized efficiently.

2. The debt of the firm is constant in last years. It shows that the firm has not focus on the debfunds.

3. The debt equity ratio is below 1 which shows that reflects companys dependence on the

debt finance, is very low. The main reason behind decrease in ratio is, increase in tota

shareholders funds. The majority of financing of the company is done by equity, and at the

same time risk factor is also reducing because they dont have to pay interest to th

debenture holders.

4. In 2012 debtor management has also been affected but not to a great extent.

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5. The inventory turnover ratio has increased which shows that the demand of the product hasdecline.

6. This ratio indicates the companys ability to generate net sales revenue from fixed assets o

the company, such as property, building and other equipments. A higher fixed asse

turnover ratio shows that the company has been more effective in utilizing the revenue

invested in fixed assets for generating net sales.

The ratio has decline in 2010 which shows that the asset has not utilized effectively. I

increase in 2012 but not a lot.

7. The interest cover of the firm has seen a great decline in 2010. It shows that the financiaposition of the firm has been affected a lot. It also seen a decline in 2012 as compared to2011.

Conclusion

The profitability of the Ambuja LTD. Has got improved in 2012 after 2008. IT has seen a growthand the current assets of the firm with investment has also got improved. But the debt has reducedand the interest coverage ratio has also decrease.

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Moving Average crossover of Ambuja Cements

1. There is a bearish trend at the early of 2008, i.e. the time to sell it off and continue till mid2009.

2. From 2009 to mid - 2011 there is a bullish trend i.e. a perfect time to buy the stock.

3. From 2011 the trend keep on fluctuating and it is not stable.

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Ultra Tech cement limited

UltraTech Cement 'The Engineer's Choice' is India's largest and the Worlds 10th larges

manufacturer of cement with an installed capacity of 52 Million Tonnes Per Annum and a

expected increase of 10 Million Tonnes Per Annum by FY 13. UltraTech is part of the US $40 billio

Aditya Birla Group.

SWOT Analysis of Ultra Tech

STRENGTHS:

Cement demand has grown in tandem with strong economic growth derived from:

Growth in housing sector (over 30%) key demand driver.

Infrastructure projects like ports, airports, power projects, dam & irrigation Projects.

National Highway Development Programme.

Bharat Nirman Yojana for rural infrastructure and rise in industrial projects.

Production

The companys production facilities are spread across 11 integrated plants, one white cemen

plant, 12 grinding units and 5 terminals, 4 in India and one in Sri Lanka. High quality cemen

production is increasing annually. Annual production capacity is 23.10 million tones.

Use of high-end equipment such as the Gamma Metrics Machine and the X-ray Analyzer ensure

that each product passing out of company. There is manufacturing facility adheres to globa

standards of quality and performance.

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Logistics:

Ultra Tech can directly deal with the limestone tenders and thus the middle man do not affect it

cost. Company use the local transporters which provide the efficient transportation cost. Thereb

reducing the extra expense and making cement more economical for the local man to afford.

Plantation:

Ultra techs manufacturing plant uses ultra-modern technology and imported machinery

Companys Unit at Koala is the only Unit in this sector in India to have a desalination plant. It isused for meeting the water needs of the plant and the colony. The waste gases from the cooler are

used in the desalination plant. That makes the product recyclable and environmental friendl

thereby contributing to the environment.

The Ultra Tech cement manufacturing the greenbelt at companys Units is simply awesome and is

surrounded by trees all around. At some points, company is advancing to achieve the skyline. Only

the leaves and the flowers and hear the cacophony of the birds.

Companys CSR (corporate social responsibility) activities extend to 127 villages, in proximity to its

plants, across the country.

Brand Positioning:

In the world, Aditya Birla Group is the eighth largest cement player. Ultra Techs products include

Ordinary Portland cement, Portland Pozzolana cement and Portland blast furnace slag cement

The company exports over 2.5 million tons per annum, which is about 30 per cent to the country

total exports. Ordinary There is cement is the most commonly used cement for a wide range o

process. Applications cover dry-lean mixes, general-purpose ready-mixes, and even hig

strength pre-cast and pre-stressed concrete.

OPC (ordinary Portland cement) is used for applications, such as commercial buildings, industria

constructions, Multi storied complexes, cement concrete roads and heavy duty floors. PPC(Portland Pozzolana cement) cement is used for big construction like dam and therma

power plant.

Distribution Channels:

Ultra Techs distribution network is very widely spread out in the country with over 5,500 dealers

and 30,000 retailers with its strong distribution channels currently UltraTech is starting to acquire a

strong positioning in the market giving head on competition to its rivals.

Quality:

All the plants of Ultra tech are ISO 14001 Environment Management Systems certified sustai

to OHSAS 18001 standards.

Clean technologies and processes that combine economic progress and sustainable environmen

are adopted by the company for better performance. There is plants at Awarpur and Ratnagiri in

Maharashtra; There is Jafrabad and Magdalla in Gujarat; Hirmi in Chhattisgarh; Arakkonam in

Tamil Nadu; Tadipatri in Andhra Pradesh; Jharsuguda in Orissa and Durgapur in Wes

Bengal. They have won the Capexil Certificate of Export Recognition Top Exporter Cement

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Clinker, Asbestos and Cement Products for the years 2000, 2002 and2003. Bhartiya Udyog Ratan

Award presented to Sh. KYP Kulkarni by Indian Economic Development & Research Association

(IEDRA) for good quality of cement to customer, New Delhi in 2004. (Narayanan, 2007)

WEAKNESSESS:

Cement Industry is highly fragmented and it is also highly regionalized and Low value commodit

makes transportation over long distances uneconomical.

Not available in all the places: Ultra tech is not available at all the places as it is not manufactured

at all places and all plants are not available everywhere due to which people cannot find i

everywhere hence the profit margins are affected to a greater extend.

Human Resource:

Due to openness in the Ultra techs work culture which is very informal that does not suit for bettemanagement in corporate. The environment being very informal affects the management a lot as

being the management they have to maintain a distance and discipline but due to the openness

there is no such thing and they face a lot difficulty to control. And Ultra tech has insufficient man

power due to its easy recruiting and selection method.

Marketing:

Lack of awareness program for consumers due to low promotion mix: the company faces the

problem of proper promotion due to which the customers doesnt know much about the produc

resulting into less sales of the product instead of being a good product.

Lack of marketing mix: the company suffers with the problem of proper marketing mix which i

return results into the whole confusion state and the product does not reach to the customer

properly and in fact a lot of them dont know about it also.

Delay in supply: the company being situated in the outer parts of the city and its plant not being

located in every city causes delay in the supply of the product. (Porter, 1988)

Health:

Highly dusty environment at the time of dumping the cement is hazardous for health.

It affects humans respiratory system adversely. Ultra tech is therefore not contributing to societ

as its corporate social responsibility remains unfulfilled due to many hazards.Others:

Cement industry is highly fragmented and regionalized as Low value commodity makes. A

transportation over long distances is uneconomical for value sector, so cost of transporting cemen

is high and this keeps cement from being profitable over long distances. In other talks, shipping

cement costs more than the profit from selling it.

OPPORTUNITIES:

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With the low per capita consumption of cement in India 102 kg compared to the global average o

260 kg and the emphasis on infrastructure development, Ultra tech has ample opportunity to ride

the growth curve. UltraTech can develop new marketing area. It can sign MOUs (memorandum o

understanding) with government regarding supply of cement for government work. UltraTech ca

also maintain the position of competition in the market. Institutional market like corporate and

offices, school society complexes are growing in large scale, which will increase the requirement

People are opting for more stable structures and good future, so large use of cement is taking

place, so government is spending heavily on infrastructure project as Indian industry base is

growing rapidly Thus, this is the right time to fully invest in these market. There is regular demand

of cement which in turn will increase foreign investment in this sector. As roads transformatio

process is going on through which the traditional method of road building will be convert by modern

concrete roads. Substantially lower per capita cement consumption as compared to developing

countries (1/3 rd of world average) Per capita cement consumption in India is 82 kgs against a

global average of 255 kgs and Asian average of 200 kgs. For green field capacity 20 million ton

per annum will be required to match the demand in pipeline for other two years leading tofavorable demand supply scenario.

THREATS:

As huge cement industry emerge there is more competition for ACC (Associated Cemen

Companies) to carefully enhance its price, product and at the same time satisfy its dealers and

customers. Cheap priced brand are capturing like a mushroom to lower income customer base

Players such as Jaypee Cement, Prism Cement, and Birla cement. ACC cement are eating up

considerable market share. Due to India satisfy growth many new international cement companies

are expected in coming years which will bring enormous change and can start price wa

Government intervention to adjust cement prices Transportation cost is upgrading. Due to loadinrestriction there is overloading industrialist shows increase in costs due to the shortage in coa

industry.

Many retailers are influence by better profit margin, and other Benefits because of small industries

increase competition among them, which in turn give heavy discount to customer and star

malpractices.

Timber is also being considered as one of the substitutes of cement, which is cheap and long

lasting. Due to continuous attack of earthquake, many countries like Japan, Indonesia, an

Singapore etc. are now using timber in construction since those areas are high earthquakeaffected.

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Profit and loss account of Ultra Tech CementsProfit & Loss account of UltraTech

Cement------------------- in Rs. Cr. -------------------

2012 2011 2010 2009 2008


Income

Sales Turnover 20,538.33 14,858.60 7,729.13 7,160.42 6,286.24

Excise Duty 2,267.64 1,652.96 686.31 774.92 773.81

Net Sales 18,270.69 13,205.64 7,042.82 6,385.50 5,512.43

Other Income 371.87 286.63 122.71 75.35 98.67

Stock Adjustments -20.33 66.11 4.59 86.34 23.42

Total Income 18,622.23 13,558.38 7,170.12 6,547.19 5,634.52

Expenditure

Raw Materials 3,600.47 3,079.65 1,593.03 1,280.31 1,032.34

Power & Fuel Cost 4,303.97 3,122.59 1,430.91 1,712.98 1,253.26

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Employee Cost 855.21 690.64 250.28 216.76 171.55


Selling and Admin Expenses 4,665.67 3,565.77 1,653.57 1,405.51 1,267.57


Preoperative Exp Capitalised -39.11 -10.51 -4.02 -8.38 -13.37

Total Expenses 14,144.45 10,718.55 5,069.77 4,728.64 3,808.35

Interpretations:

Income 20122008

Absolutechange

Percent increase ordecrease

Sales Turnover 20,538.33 6,286.24 14,252.09 226.7188335

Excise Duty 2,267.64 773.81 1,493.83 193.0486812Net Sales 18,270.69 5,512.43 12,758.26 231.4452973

Other Income 371.87 98.67273.20 276.8825378

StockAdjustments

-20.33 23.42-43.75 -186.8061486

Total Income 18,622.23 5,634.52 12,987.71 230.5025095Expenditure

Raw Materials 3,600.47 1,032.34 2,568.13 248.7678478Power & FuelCost

4,303.97 1,253.263,050.71 243.4219555

Employee Cost 855.21 171.55

683.66 398.5193821OtherManufacturingExpenses

185.09 61.52

123.57 200.8615085

Selling and AdminExpenses

4,665.67 1,267.57

3,398.10 268.0798694

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MiscellaneousExpenses

573.15 35.48537.67 1515.417136

Preoperative ExpCapitalized

-39.11 -13.37

-25.74 192.5205684

Total Expenses 14,144.45 3,808.35 10,336.10 271.4062521

11.There is an upward trend in total income.

12.Total income in 2012 has risen by 230.5% as compared to 2008.

13.Sales turnover has also increase by approx. 226.67% which is a big number.

14.With the increase in sales turnover the selling and admin expenses has also increase

by 268.07%

TOTAL INCOME OF ULTRA TECH CEMENT

Year Total Income

2008 5,634.52

2009 6,547.19

2010 7,170.12

2011 13,558.38

2012 18,622.23

1. Total income remain nearly constant from 2008 to 2010 and then it shows an upwardtrend in 2011 and 2012.

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Profit & Loss Account Ratios2012

2011 2010 2009 2008

Material Cost Composition 19.70 23.32 22.61 20.05 18.72Imported Composition of RawMaterials Consumed

8.22 7.16 3.01 0.72 1.53

Selling Distribution Cost Composition 24.18 23.99 20.98 19.67 20.73Expenses as Composition of TotalSales

2.27 3.13 6.83 9.70 9.45

1. Material cost composition has shown a downward trend as compared to previous years.

2. The firm expenses as composition of total expenses has also reduced in previous years.

3. Cash Flow of UltraTech Cement ------------------- in Rs. Cr. -------------------

2012 2011 2010 2009 2008



Net Cash From Operating Activities 3443.40 2074.26 1571.93 1457.57 1375.26Net Cash (used in)/fromInvesting Activities

-2926.04 -1648.91 -851.66 -1645.43 -1441.79


-473.96 -430.85 -741.03 191.66 77.63


43.40 -5.50 -20.76 3.80 11.10


YearNet cash from operatingactivities

2008 1375.26

2009 1457.57

2010 1571.93

2011 2074.26

2012 3443.4

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Net cash from operating expenses has been rising continuously from 2008. It is approx. 50 %moreas compared to 2008.

Cash Flow Indicator Ratios2012

2011 2010 2009 2008

Dividend Payout Ratio Net Profit 10.41 13.60 7.96 7.45 7.22Dividend Payout Ratio Cash Profit 7.60 8.80 5.87 5.60 5.84Earning Retention Ratio 88.12 84.66 91.88 92.73 92.70Cash Earning Retention Ratio 91.64 90.50 94.04 94.50 94.10

Adjusted Cash Flow Times 1.25 2.06 1.10 1.62 1.41

1. Dividend payout ratio has been nearly constant from 2008 to 2010. It has decline in 2012 ascompared to 2011 which state that the dividend payout to shareholders has decline.

2. Earning retention has risen in 2012

3. It can be inferred from the above table that the firm has chosen to retain the profit in spite odistributing them as a dividend.

Liquidity And Solvency Ratios2012

2011 2010 2009 2008

Current Ratio 0.67 0.67 0.67 0.59 0.58Quick Ratio 0.36 0.34 0.30 0.34 0.38Debt Equity Ratio 0.30 0.39 0.35 0.59 0.65Long Term Debt Equity Ratio 0.28 0.36 0.34 0.51 0.53Debt Coverage Ratios

Interest Cover 14.85 7.53 14.97 12.75 20.85Total Debt to Owners Fund 0.30 0.39 0.35 0.59 0.65Financial Charges Coverage Ratio 18.88 9.75 16.75 13.74 22.15Financial Charges Coverage RatioPost Tax

15.96 8.54 12.94 10.70 16.19

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Management Efficiency Ratios

Inventory Turnover Ratio 15.73 17.69 22.65 22.89 31.16Debtors Turnover Ratio 26.71 32.28 35.04 31.71 27.55Investments Turnover Ratio 15.73 17.69 22.65 22.89 31.16Fixed Assets Turnover Ratio 0.97 0.74 0.87 0.86 1.11Total Assets Turnover Ratio 1.10 0.89 1.14 1.11 1.24


Average Raw Material Holding 36.89 32.00 29.94 28.87 23.23Average Finished Goods Held 7.37 9.60 7.29 6.35 6.82

Number of Days In Working Capital -37.80 -38.85 -33.61 -34.05 -33.77

Interpretations

1. The ideal current ratio is 2:1. There is no such change in it from 2010. It is constant.

2. The debt equity ratio has decline .It shows that the debt financed from the equity ha

reduced. It is low of 1 which state firm is not so dependent on debt.

3. The interest coverage ratio has got doubled in 2012 as compared to 2011. It shows thefinancial position of the firm has got improved.

4. Investment turnover ratio has decline it shows that the investment made by the firm has alsodecline as compared to previous years.

5. Inventory turnover ratio has also reduced which state that the demand has also reduced.

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Moving average crossovers of UltraTech cement

1. A bearish trend follows in early-2008 and continue till mid-2009.

2. A bullish trend follows in mid- 2009 which indicate a favorable situation to buy stock and continue till mid-2010.

3. A 2011 is a period of instability of stock with various fluctuations

4. 2012 is a perfect period and example of bullish trend and a time to buy a stock.

INDIA CEMENT LIMITED

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The India Cements Ltd was established in 1946 and the first plant was setup at Sankarnagar inTamilnadu in 1949. Since then it has grown in stature to seven plants spread over Tamilnadu and

Andhra Pradesh. The capacities as on March 2010 have reached 14.05 mtpa

Company Highlights

The Company is the largest producer of cement in South India.

The Company's plants are well spread with three in Tamilnadu and four in Andhra Pradeshwhich cater to all major markets in South India and Maharashtra.

The Company is the market leader with a market share of 28% in the South. It aims toachieve a 35% market share in the near future. The Company has access to huge limestoneresources and plans to expand capacity by de-bottlenecking and optimization of existingplants as well as by acquisitions.

The Company has a strong distribution network with over 10,000 stockiest of whom 25%are dedicated.

The Company has well established brands- Sankar Super Power, Coromandel Super Poweand Raasi Super Power.

Regional offices in all southern states and Maharashtra offices/representative in everdistrict.

The Vision

The new millennium will bring with it new challenges and greater opportunities. The 21scentury will most certainly see the unfolding of a period of extraordinary possibilities and incredibledevelopments bringing about more fundamental changes in the global economy than the last 20years. The successful corporates will be those who equip themselves to meet the challenges andconvert opportunities into winning strategies. If we are to keep pace, it is imperative that we learnto successfully tread the global pathway.

In this journey, clarity of vision, a readiness to cultivate a global mindset, effectiveness, harnessingof human resources to enhance job and knowledge skills of employees, a strong accent on R & Dand innovation and a move away from selling, to innovative marketing in recognition of the fact thathe Customer is truly King, are some of the strategies that will help corporates to survive andsucceed.

However it must be remembered that it is not enough to adopt a set of values and just leave themin place. In order to move with the changing times, values and ideas must be ceaselessly reexamined so as to ensure that they are in tune with the organizations goals.

The India Cements Limited is committed to contribute its might in making the 21st century an"Indian Century".

Profit and loss account of India Cements (2008 to 2012)Profit & Loss account of IndiaCements

------------------- in Rs. Cr. -------------------

2012 2011 2010 2009 200


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Income

Sales Turnover 4,722.53 3,888.07 4,100.70 3,839.12 3,554.47

Excise Duty 519.12 474.78 413.64 480.78 510.22

Net Sales 4,203.41 3,413.29 3,687.06 3,358.34 3,044.25

Other Income 15.65 125.32 163.34 35.32 0.37

Stock Adjustments -3.16 11.40 15.24 13.41 30.32

Total Income 4,215.90 3,550.01 3,865.64 3,407.07 3,074.94

Expenditure

Raw Materials 586.86 565.84 540.62 406.38 340.90

Power & Fuel Cost 1,094.69 1,020.08 999.85 891.60 690.75

Employee Cost 302.63 265.44 276.81 218.74 186.61


Selling and Admin Expenses 1,023.31 1,022.47 953.30 769.93 664.35


Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00

Total Expenses 3,296.88 3,074.38 2,944.83 2,433.14 1,981.98

Interpretations:

Income2012 2008 Absolute Change

Percent Increase orDecrease

SalesTurnover

4,722.53

3,554.471,168.06 32.86172

Excise Duty 519.12 510.22 8.90 1.744346

Net Sales4,203.4

13,044.25

1,159.16 38.07703

Other Income 15.65 0.37 15.28 4129.73

StockAdjustments

-3.16 30.32-33.48 -110.422

Total Income4,215.9

03,074.94

1,140.96 37.10511

Expenditure

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RawMaterials

586.86 340.9245.96 72.15019

Power & FuelCost

1,094.69

690.75403.94 58.47847

EmployeeCost

302.63 186.61116.02 62.17245

OtherManufacturing Expenses

87.02 30.87

56.15 181.8918

Selling andAdmin

Expenses

1,023.31

664.35

358.96 54.03176

Miscellaneous Expenses

202.37 68.5133.87 195.4307

PreoperativeExp

Capitalised0 0

0.00 0

TotalExpenses

3,296.88

1,981.981,314.90 66.34275

1. Net sales has got improved by 38.077 percent in 2012 as compared to 2008.

2. Stock adjustment has got a negative value in 2012.

3. Total income also has got increased in 2012 by 37 %. There is an upward trend till2010 then it shows a negative trend and finally got improved in 2012.

4.Percent change in expenses are more than percent change in total income.

5. It can be interpret that the company is not able to focus on controlling its expenses

Profit & Loss Account Ratios2012

2011 2010 2009 2008

Material Cost Composition 13.96 16.57 14.66 12.10 11.Imported Composition of Raw MaterialsConsumed

9.07 6.11 6.96 10.02 4.

Selling Distribution Cost Composition 24.16 28.25 23.78 20.41 20.Expenses as Composition of Total Sales 0.06 0.04 0.03 7.40 0.Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 24.37 78.89 20.21 15.29 10.Dividend Payout Ratio Cash Profit 13.11 17.21 11.91 10.23 8.Earning Retention Ratio 75.93 -38.05 75.96 87.09 90.Cash Earning Retention Ratio 86.97 81.02 86.86 90.89 91.

Adjusted Cash Flow Times 4.14 8.68 3.91 2.74 2.

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1. Selling and distribution expenses are increasing at a large rate from 2008 to 2011 but it getcontrol to some extent in 2012 and get low.

2. Dividend payout ratio has reduced by nearly 70% which state the dividend payment toshareholders has got reduced by the firm.

3. Company has decided to retain its profit in spite of distributing them as a dividend.

CASH FLOW STATEMENT OF INDIA CEMENT LTD (2008 to 2012)

Cash Flow of India Cements ------------------- in Rs. Cr. -------------------

2012 2011 2010 2009 2008



Net Cash From Operating Activities 825.90 280.63 208.75 706.13 1016.87

Net Cash (used in)/fromInvesting Activities -545.87 -354.47 -461.68 -941.82 -1017.31

Net Cash (used in)/from Financing Activities -310.24 53.12 221.55 -104.76 195.90

Net (decrease)/increase In Cash and Cash

Equivalents-30.21 -20.72 -31.38 -340.44 195.46

Opening Cash & Cash Equivalents 33.09 53.81 85.20 425.64 230.18

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Closing Cash & Cash Equivalents 2.88 33.09 53.81 85.20 425.64

Year Net Cash From Operating Activities

20081016.87

2009 706.13

2010 208.75

2011 280.63

2012 825.9

1. The cash flow from operating activities in 2010 and 2011 is very low as compared toprevious years and 2012

Profitability Ratios 2012 2011 2010 2009 200

Operating Profit Margin (%) 21.49 10.26 20.54 27.94 35.8Profit Before Interest And Tax Margin(%)

15.44 3.02 13.82 21.16 31.2

Gross Profit Margin (%) 15.51 3.11 14.22 21.89 31.6Cash Profit Margin (%) 12.97 8.06 14.36 20.88 26.4


Adjusted Net Profit Margin (%) 6.93 1.94 9.33 12.44 20.6Return On Capital Employed (%) 10.59 3.37 10.90 16.95 22.5Return On Net Worth (%) 7.21 1.92 10.04 14.64 24.7

Adjusted Return on Net Worth (%) 7.30 1.09 8.44 17.33 26.3Return on Assets ExcludingRevaluations

132.13 115.23 114.86 104.52 91.2

Return on Ass

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