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India Cements Ltd

BSE Code : 530005 | NSE Symbol : INDIACEM | ISIN:INE383A01012| SECTOR : Cement |

NSE BSE
 
SMC down arrow

184.05

-1.00 (-0.54%) Volume 280564

30-Nov-2021 EOD

Prev. Close

185.05

Open Price

185.05

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

184.05(7267)

 

Today’s High/Low 190.20 - 183.00

52 wk High/Low 232.00 - 134.10

Key Stats

MARKET CAP (RS CR) 5709.86
P/E 29.57
BOOK VALUE (RS) 182.2374382
DIV (%) 10
MARKET LOT 1
EPS (TTM) 6.23
PRICE/BOOK 1.0110436242952
DIV YIELD.(%) 0.54
FACE VALUE (RS) 10
DELIVERABLES (%) 32.21
4

News & Announcements

10-Nov-2021

India Cements consolidated net profit declines 57.01% in the September 2021 quarter

10-Nov-2021

India Cements declines after Q2 PAT falls 57% YoY

10-Nov-2021

India Cements Ltd - The India Cements Limited - Press Release

09-Nov-2021

India Cements Ltd - The India Cements Limited - Analysts/Institutional Investor Meet/Con. Call Updates

30-Oct-2021

India Cements schedules board meeting

11-Aug-2021

India Cements appoints director

05-Aug-2021

India Cements announces board meeting date

23-Jun-2021

India Cements update on threat to its Sankarnagar Cement plant

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Andhra Cements Ltd 532141 ANDHRACEMT
Anjani Portland Cement Ltd 518091 APCL
Banjara Cements Ltd 518067
Bheema Cements Ltd 518017
Chettinad Cement Corporation Ltd 590001 CHETTINAD
Dalmia Bharat Ltd 542216 DALBHARAT
Dalmia Bharat Ltd(Merged) 533309
Deccan Cements Ltd 502137 DECCANCE
Dharani Cements Ltd (Merged) 5400
Hemadri Cements Ltd 502133
K C P Ltd 590066 KCP
Kakatiya Cement Sugar & Industries Ltd 500234 KAKATCEM
Kalinga Cement Ltd 531165
Keerthi Industries Ltd 518011
Lakshmi Cement & Ceramics Industries Ltd 518073
NCL Industries Ltd 502168 NCLIND
Orient Cement Ltd 535754 ORIENTCEM
P R Cements Ltd 518042
Panyam Cements & Mineral Industries Ltd 500322 PANYAMCEM
Raasi Cement Ltd 500349 RAASICEM
Raghoji Cement Manufacturing Co Ltd 518077
Sagar Cements Ltd 502090 SAGCEM
Shiva Cement Ltd 532323
Shri Keshav Cements & Infra Ltd 530977
Snhehadhara Industries Ltd 522169 SNEHAIND
Sri Chakra Cement Ltd 518053
Sri Simhadri Cements Ltd 518083
Sri Vishnu Cement Ltd 518018 SRIVISHCEM
Sudarshan Multi Projects Ltd(wound-up) 518026
The Ramco Cements Ltd 500260 RAMCOCEM
Travancore Cements Ltd 40057

Share Holding

Category No. of shares Percentage
Total Foreign 42289618 13.65
Total Institutions 19522363 6.30
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 30109180 9.72
Total Promoters 88056448 28.42
Total Public & others 129919592 41.92
Total 309897201 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About India Cements Ltd

India Cements Ltd is the largest producer of cement in South India. The company has four plants in Tamil Nadu and four in Andhra Pradesh, India, which cater to all major markets in South India and Maharashtra. They are the market leader with a market share of 28% in the South India. They have a distribution network with over 10,000 stockists. Their brands include Coromandel King-Sankar Sakthi- Raasi Gold, Coromandel-Sankar-Raasi, blended cements and Sulphate Resisting Portland Cement. Their product includes ready mix concrete (RMC). The company subsidiaries include Industrial Chemicals and Monomers Ltd, ICL Financial Services Ltd, ICL Securities Ltd, ICL International Ltd and Trinetra Cement Ltd. India Cements Ltd was incorporated in the year February 21st, 1946. In the year 1949, the company commissioned their first Cement plant at Sankarnagar with the installed capacity 1 lakh tonnes per annum. In the year 1963, they commissioned their second cement plant at Sankaridrug with the installed capacity 2-lakh tonnes per annum. In the year 1969, they expanded the installed capacity at Sankarnagar to 9 lakh tonnes per annum. Also, they received Merit Certification for Outstanding Export Performance (1968-1969). In the year 1971, the company expanded the installed capacity at Sankari Drug to 6 lakh tonnes per annum. In the year 1990, the company acquired Coromandel Cement plant at Cuddapah. They converted the Sankarnagar Plant to Dry Process with the increased capacity of 1 million tonnes per annum. In the year 1991, they ventured into shipping and set up a shipping division. In the year 1994, they received ISO 9002 certification for Sankarnagar plant. In the year 1996, the company commenced commercial production at their green field cement plant at Dalavoi. In the year 1997, they acquired Aruna Sugars Finance Ltd and renamed it as India Cements Capital & Finance Ltd. also, they acquired Cement Plant of Visaka Cement Industry Ltd, at Tandur, Ranga Reddy district of Andhra Pradesh. In the year 1998, the company acquired Cement Corporation of India's Yerraguntla Cement Plant at Andhra Pradesh. Also, they acquired Raasi Cement Ltd., at Nalgonda District of Andhra Pradesh. In the year 1999, the company acquired Cement Plant of Shri Vishnu Cement Ltd., at Nalgonda District of Andhra Pradesh. In the year 2001, they divested their stake in Sri Vishnu Cement Ltd. In November 2004, the company commissioned the Unique Waste Heat Recovery System for generation of power from waste gas at Vishnupuram Cement Plant with the capacity of 7.7 MW. Also, the company through their special purpose vehicle Coromandel Electric Co Ltd commissioned a (gas based) captive power plant at Ramanathapuram with the capacity of 17.4 MW. In the year 2007, Visaka Cement Industry Ltd was amalgamated with the company. The company converted the Sankari plant from wet process to dry process and commissioned the plant. In the year 2008, they revived their shipping business with the purchase of two ships (dry bulk carriers) with a total capacity of 79,843 DWT. They completed and commenced commercial production of one million tonne grinding plant at Chennai. Also, the company successfully bid for the Chennai franchise of the DLF-IPL 20/20 Cricket Tournament - 'Chennai Super Kings'. In the year 2009, the company completed and commenced commercial production of one million tonne grinding plant at Parli (Maharashtra). The company's subsidiary, namely, Trishul Concrete Products Ltd completed and commenced commercial production of one lakh Cu.M ready mix concrete Plant at Hyderabad (Andhra Pradesh). In March 2009, the commenced operations in the II line of 1.2 MT at Malkapur. In April 2009, they upgraded capacity of kiln I to 3000 TPD (1700 TPD) at Vishnupuram. In January 2010, ICL Financial Services Ltd (ICLFSL), the company's wholly owned subsidiary, acquired 60.89% (including shares acquired under open offer) equity share capital in Indo Zinc Ltd (IZL). Consequently, IZL became a subsidiary of ICLFSL and ultimate subsidiary of the company. The company set up PT. Coromandel Minerals Resources as subsidiary in Indonesia for acquiring coal concessions. During the year 2010-11, the company obtained ISO 9001 certification for quality assurance for their Dalavoi Plant in addition to their existing plants at Sankarnagar, Chilamakur and Vishnupuram. In June 2010, the company completed the upgradation of capacity at Chilamakur to 4500 tonnes per day. During the year, the company initiated steps to set up a division for infrastructure activities. The Division is in the process of finalizing the main areas of focus and is likely to commence activities during the current year. During the year 2017, the Company had sold 46 million KWH of power to the cement plants of The India Cements Limited located in Tamil Nadu State while the balance power of 123 million KWH was sold to other group captive consumers. In March 2017 the Company got additional allocation from Oil and Natural Gas Corporation Limited through e-tendering basis to meet its shortage of natural gas and this will help in improving the capacity utilisation of the plant further in the coming years. Pursuant to the Scheme of Amalgamation between Trinetra Cement Limited and Trishul Concrete Products Limited (Transferor Companies) with The India Cements Limited (Transferee Company) and its shareholders approved by the Hon'ble National Company Law Tribunal, Division Bench, Chennai, vide its Order dated 20 April 2017, the Company allotted in June 2017, 9,73,544 equity shares of $ 10/- each to the erstwhile shareholders of Trinetra Cement Limited and Trishul Concrete Products Limited. The Hon'ble National Company Law Tribunal (NCLT), Division Bench, Chennai, has, vide its Orders dated April 13, 2017 and April 20, 2017 sanctioned the Scheme of Amalgamation and Arrangement between Trinetra Cement Limited (TCL) (First Transferor Company) and Trishul Concrete Products Limited (TCPL) (Second Transferor Company) with The India Cements Limited (Transferee Company) and their respective shareholders, subject to directions given by Hon'ble High Court of Madras on 31 January 2017 in C.P.No.171 of 2015. The said Orders were filed with the Registrar of Companies, Tamil Nadu, Chennai, on 28 April 2017 and accordingly, the Scheme became effective from the appointed date i.e. 01 January 2014. In FY 2018, the company got approval from the relevant authorities for enhancing the capacity of Dalavoi and Sankari plants in Tamil Nadu. It also obtained necessary approvals from the environment authorities for installing new energy efficient cement grinding facility at Sankarnagar replacing its old cement mills. During the year 2018, the Company sold 37 million KWH of power to the cement plants of The India Cements Limited located in Tamil Nadu State and the balance power of 164 million KWH was sold to other group captive consumers During the year 2018, Coromandel Minerals Pte Ltd, Singapore, a 100% subsidiary of the company has completed acquisition of 100% shareholding in Raasi Minerals Pte Ltd, Singapore, which has controlling interest in coal mines in Indonesia through step down subsidiaries PT Adcoal Energindo, Indonesia and PT Mitra Setia Tanah Bumbu, Indonesia. Consequent to improvement in international prices of coal, PT Mitra Setia Tanah Bumbu, Indonesia, which owns the coalmines has mined and sold 299925 Tonnes of coal during the year 2017, including 169365 tonnes of coal sold to the company. Consequent to improvement in international prices of coal, PT Mitra Setia Tanah Bumbu, Indonesia, which owns the coalmines has mined and sold 299925 Tonnes of coal during the year 2017, including 169365 Tonnes of coal sold to your company. During the year 2019, Springway Mining Private Limited and NKJA Mining Private Limited became subsidiaries of the Company. The Company acquired voting rights of these Companies with an objective of setting up of a Cement Plant in the State of Madhya Pradesh. The land purchase activities for plant and mines have commenced with around 30% of the land purchased sofar. The power generation from the Gas power plant at Ramanathapuram further improved during the year 2019 in the subsidiary, Coromandel Electric Co Ltd., due to continuous availability of full quota of gas from Oil and Natural Gas Corporation Limited. While the Company had sold 22 million KWH of power to the cement plants of The India Cements Limited located in Tamil Nadu, the balance power of 187 million KWH was sold to other group captive consumers. During October 2018, the Company sold the aircraft for a consideration of Rs. 44.16 crores and is in the process of purchasing another aircraft. During the year 2019, one of the subsidiaries of the Company, which owned majority shareholding in PT Mitra Setia Tanah Bumbu, Indonesia, had to bring down its shareholding to 49% resulting in this step down subsidiary becoming an associate Company. During the year, PT Mitra Setia Tanah Bumbu, which owns the coalmines has mined and sold 222135 Tonnes of coal, including 103398 Tonnes of coal sold to the Company.

India Cements Ltd Chairman Speech

Chiarmans Statements

EXPLANATORY STATEMENT ANNEXED TO THE NOTICE OF THE SIXTYSEVENTH ANNUAL GENERAL MEETING OF THE COMPANY IN RESPECT OF ITEMS NO. 6 & 7 OF THE NOTICE DATED 20TH MAY 2013 & 12TH AUGUST 2013.

Item No.6:

Sri V.Manickam was a nominee Director appointed by Life Insurance Corporation of India, during 31st October 2008 to 14th September 2012 on the Board of the Company. He was co-opted as an additional Director on the Company's Board with effect from 14th February 2013. Under provisions of Article 103 of the Articles of Association of the Company read with Section 260 of the Companies Act, 1956, Sri V.Manickam will hold the office up to the date of sixtyseventh Annual General Meeting. Notice in writing under Section 257 of the Companies Act, 1956 has been received along with necessary deposit from a member signifying his intention to propose the appointment of Sri V.Manickam as a Director of the Company, liable to retire by rotation, at the sixtyseventh Annual General Meeting. This ordinary resolution is submitted to the members for approval.

Interest of Directors:

Sri V.Manickam is interested in the resolution as it concerns his appointment. No other Director is directly or indirectly concerned or interested in this resolution.

Item No.7:

(i) The Company has availed financial assistance in the form of Rupee Term Loan of Rs.200 Crores from ICICI Bank Limited for the purpose of repayment of existing debts. One of the terms and conditions set out by ICICI Bank Limited in its sanction letter No.CBG/2011/CMOG No.12/CBGCHN/ 34553 dated 27.07.2011 is that the financial assistance is required to be secured by a first mortgage and charge on the fixed assets of the Company both present and future.

(ii) The Company has availed financial assistance in the form of Rupee Term Loan of Rs.200 Crores from Axis Bank Limited for the purpose of part financing thermal power project at Company's Vishnupuram plant. One of the terms and conditions set out by Axis Bank Limited in its sanction letter No.AXISB/ CO/RMG/KSH/2012-13/58 dated 24.09.2012 is that the financial assistance is required to be secured by an exclusive mortgage / charge on certain specified plant/assets of the Company as decided by the Board of Directors.

(iii) The Company has been sanctioned financial assistance in the form of Rupee Term Loan of Rs.100 Crores by HDFC Bank Limited for the purpose of meeting / refinancing capital expenditure. One of the terms and conditions set out by HDFC Bank Limited in its sanction letter dated 27.06.2013 is that the financial assistance is required to be secured by first pari passu mortgage / charge on immovable fixed assets of the Company's Boat Club Road property in Chennai.

(iv) The Company has been sanctioned financial assistance in the form of Rupee Term Loan of Rs.100 Crores by Karnataka Bank Limited for the purpose of meeting capital expenditure. One of the terms and conditions set out by Karnataka Bank Limited in its sanction letter no.BDR No.V-16 DT 31.07.2013 dated 06.08.2013 is that the financial assistance is required to be secured by first pari passu mortgage / charge on immovable fixed assets of the Company's Boat Club Road property in Chennai.

(v) The Company's bankers have revised their working capital facility to Rs.12959.50 millions as set out in the resolution. The aforesaid revised working capital facility is, inter alia, required to be secured by second pari passu mortgage and charge on the immovable and movable properties of the Company both present and future pertaining to cement business in favour of various Bankers as set out in the resolution.

Section 293(1)(a) of the Companies Act, 1956, provides, inter alia, that the Board of Directors of a public company shall not, without the consent of such public company in general meeting, sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the Company, or where the Company owns more than one undertaking, of the whole or substantially the whole of any such undertaking. Since the mortgaging by the Company of its immovable and movable properties as aforesaid may be regarded as disposal of the Company's properties/undertakings, it is necessary for the members to pass a resolution under Section 293(1)(a) of the Companies Act, 1956, for creation of the said mortgage / charge. Hence the resolution.

Inspection of Documents:

Copies of Credit Arrangement letter No. CBG/2011/CMOG No.12/CBGCHN/34553 dated 27.07.2011 and letter of amendment dated 07.09.2012 to master facility agreement dated 27.07.2011 from ICICI Bank Limited, sanction letter No. AXISB/CO/RMG/KSH/2012-13/58 dated 24.09.2012 from AXIS Bank Limited, sanction letter dated 27.06.2013 from HDFC Bank Limited, sanction letter no.BDR No.V-16 DT 31.07.2013 dated 06.08.2013 from Karnataka Bank Limited and Working Capital Consortium Agreement entered by the Company with Company's Bankers, are available for inspection of the shareholders at the Registered Office / Corporate Office of the Company between 11.00 A.M. and 1.00 P.M. on any working day prior to the date of the meeting and will also be available for inspection at the meeting.

Interest of Directors:

No Director of the Company except Sri K.P.Nair representing IDBI Bank Limited is directly or indirectly concerned or interested in this resolution.

(By order of the Board)
for THE INDIA CEMENTS LIMITED
Place : Chennai G BALAKRISHNAN
Dates : 20th May, 2013 & 12th August, 2013 Senior President & Company Secretary
   

India Cements Ltd Company History

India Cements Ltd is the largest producer of cement in South India. The company has four plants in Tamil Nadu and four in Andhra Pradesh, India, which cater to all major markets in South India and Maharashtra. They are the market leader with a market share of 28% in the South India. They have a distribution network with over 10,000 stockists. Their brands include Coromandel King-Sankar Sakthi- Raasi Gold, Coromandel-Sankar-Raasi, blended cements and Sulphate Resisting Portland Cement. Their product includes ready mix concrete (RMC). The company subsidiaries include Industrial Chemicals and Monomers Ltd, ICL Financial Services Ltd, ICL Securities Ltd, ICL International Ltd and Trinetra Cement Ltd. India Cements Ltd was incorporated in the year February 21st, 1946. In the year 1949, the company commissioned their first Cement plant at Sankarnagar with the installed capacity 1 lakh tonnes per annum. In the year 1963, they commissioned their second cement plant at Sankaridrug with the installed capacity 2-lakh tonnes per annum. In the year 1969, they expanded the installed capacity at Sankarnagar to 9 lakh tonnes per annum. Also, they received Merit Certification for Outstanding Export Performance (1968-1969). In the year 1971, the company expanded the installed capacity at Sankari Drug to 6 lakh tonnes per annum. In the year 1990, the company acquired Coromandel Cement plant at Cuddapah. They converted the Sankarnagar Plant to Dry Process with the increased capacity of 1 million tonnes per annum. In the year 1991, they ventured into shipping and set up a shipping division. In the year 1994, they received ISO 9002 certification for Sankarnagar plant. In the year 1996, the company commenced commercial production at their green field cement plant at Dalavoi. In the year 1997, they acquired Aruna Sugars Finance Ltd and renamed it as India Cements Capital & Finance Ltd. also, they acquired Cement Plant of Visaka Cement Industry Ltd, at Tandur, Ranga Reddy district of Andhra Pradesh. In the year 1998, the company acquired Cement Corporation of India's Yerraguntla Cement Plant at Andhra Pradesh. Also, they acquired Raasi Cement Ltd., at Nalgonda District of Andhra Pradesh. In the year 1999, the company acquired Cement Plant of Shri Vishnu Cement Ltd., at Nalgonda District of Andhra Pradesh. In the year 2001, they divested their stake in Sri Vishnu Cement Ltd. In November 2004, the company commissioned the Unique Waste Heat Recovery System for generation of power from waste gas at Vishnupuram Cement Plant with the capacity of 7.7 MW. Also, the company through their special purpose vehicle Coromandel Electric Co Ltd commissioned a (gas based) captive power plant at Ramanathapuram with the capacity of 17.4 MW. In the year 2007, Visaka Cement Industry Ltd was amalgamated with the company. The company converted the Sankari plant from wet process to dry process and commissioned the plant. In the year 2008, they revived their shipping business with the purchase of two ships (dry bulk carriers) with a total capacity of 79,843 DWT. They completed and commenced commercial production of one million tonne grinding plant at Chennai. Also, the company successfully bid for the Chennai franchise of the DLF-IPL 20/20 Cricket Tournament - 'Chennai Super Kings'. In the year 2009, the company completed and commenced commercial production of one million tonne grinding plant at Parli (Maharashtra). The company's subsidiary, namely, Trishul Concrete Products Ltd completed and commenced commercial production of one lakh Cu.M ready mix concrete Plant at Hyderabad (Andhra Pradesh). In March 2009, the commenced operations in the II line of 1.2 MT at Malkapur. In April 2009, they upgraded capacity of kiln I to 3000 TPD (1700 TPD) at Vishnupuram. In January 2010, ICL Financial Services Ltd (ICLFSL), the company's wholly owned subsidiary, acquired 60.89% (including shares acquired under open offer) equity share capital in Indo Zinc Ltd (IZL). Consequently, IZL became a subsidiary of ICLFSL and ultimate subsidiary of the company. The company set up PT. Coromandel Minerals Resources as subsidiary in Indonesia for acquiring coal concessions. During the year 2010-11, the company obtained ISO 9001 certification for quality assurance for their Dalavoi Plant in addition to their existing plants at Sankarnagar, Chilamakur and Vishnupuram. In June 2010, the company completed the upgradation of capacity at Chilamakur to 4500 tonnes per day. During the year, the company initiated steps to set up a division for infrastructure activities. The Division is in the process of finalizing the main areas of focus and is likely to commence activities during the current year. During the year 2017, the Company had sold 46 million KWH of power to the cement plants of The India Cements Limited located in Tamil Nadu State while the balance power of 123 million KWH was sold to other group captive consumers. In March 2017 the Company got additional allocation from Oil and Natural Gas Corporation Limited through e-tendering basis to meet its shortage of natural gas and this will help in improving the capacity utilisation of the plant further in the coming years. Pursuant to the Scheme of Amalgamation between Trinetra Cement Limited and Trishul Concrete Products Limited (Transferor Companies) with The India Cements Limited (Transferee Company) and its shareholders approved by the Hon'ble National Company Law Tribunal, Division Bench, Chennai, vide its Order dated 20 April 2017, the Company allotted in June 2017, 9,73,544 equity shares of $ 10/- each to the erstwhile shareholders of Trinetra Cement Limited and Trishul Concrete Products Limited. The Hon'ble National Company Law Tribunal (NCLT), Division Bench, Chennai, has, vide its Orders dated April 13, 2017 and April 20, 2017 sanctioned the Scheme of Amalgamation and Arrangement between Trinetra Cement Limited (TCL) (First Transferor Company) and Trishul Concrete Products Limited (TCPL) (Second Transferor Company) with The India Cements Limited (Transferee Company) and their respective shareholders, subject to directions given by Hon'ble High Court of Madras on 31 January 2017 in C.P.No.171 of 2015. The said Orders were filed with the Registrar of Companies, Tamil Nadu, Chennai, on 28 April 2017 and accordingly, the Scheme became effective from the appointed date i.e. 01 January 2014. In FY 2018, the company got approval from the relevant authorities for enhancing the capacity of Dalavoi and Sankari plants in Tamil Nadu. It also obtained necessary approvals from the environment authorities for installing new energy efficient cement grinding facility at Sankarnagar replacing its old cement mills. During the year 2018, the Company sold 37 million KWH of power to the cement plants of The India Cements Limited located in Tamil Nadu State and the balance power of 164 million KWH was sold to other group captive consumers During the year 2018, Coromandel Minerals Pte Ltd, Singapore, a 100% subsidiary of the company has completed acquisition of 100% shareholding in Raasi Minerals Pte Ltd, Singapore, which has controlling interest in coal mines in Indonesia through step down subsidiaries PT Adcoal Energindo, Indonesia and PT Mitra Setia Tanah Bumbu, Indonesia. Consequent to improvement in international prices of coal, PT Mitra Setia Tanah Bumbu, Indonesia, which owns the coalmines has mined and sold 299925 Tonnes of coal during the year 2017, including 169365 tonnes of coal sold to the company. Consequent to improvement in international prices of coal, PT Mitra Setia Tanah Bumbu, Indonesia, which owns the coalmines has mined and sold 299925 Tonnes of coal during the year 2017, including 169365 Tonnes of coal sold to your company. During the year 2019, Springway Mining Private Limited and NKJA Mining Private Limited became subsidiaries of the Company. The Company acquired voting rights of these Companies with an objective of setting up of a Cement Plant in the State of Madhya Pradesh. The land purchase activities for plant and mines have commenced with around 30% of the land purchased sofar. The power generation from the Gas power plant at Ramanathapuram further improved during the year 2019 in the subsidiary, Coromandel Electric Co Ltd., due to continuous availability of full quota of gas from Oil and Natural Gas Corporation Limited. While the Company had sold 22 million KWH of power to the cement plants of The India Cements Limited located in Tamil Nadu, the balance power of 187 million KWH was sold to other group captive consumers. During October 2018, the Company sold the aircraft for a consideration of Rs. 44.16 crores and is in the process of purchasing another aircraft. During the year 2019, one of the subsidiaries of the Company, which owned majority shareholding in PT Mitra Setia Tanah Bumbu, Indonesia, had to bring down its shareholding to 49% resulting in this step down subsidiary becoming an associate Company. During the year, PT Mitra Setia Tanah Bumbu, which owns the coalmines has mined and sold 222135 Tonnes of coal, including 103398 Tonnes of coal sold to the Company.

India Cements Ltd Directors Reports

Your Directors have pleasure in presenting their Seventy fifth Annual Report together with audited accounts for the year ended 31st March 2021.

 

Rs. in Crore

FINANCIAI RESUITS For the year ended 31st March
2021 2020
Profit before Interest, Depreciation, Exceptional Items and Tax 829.56 612.95
Less: Exceptional Items 0.00 100.04
Less: Finance costs 264.95 334.47
Less: Depreciation / Amortization 241.90 246.85
Profit/(Loss) Before Tax 322.71 (68.41)
Current Tax 50.30 6.88
MAT credit entitlement 87.65 0.00
Deferred Tax (37.28) (39.78)
Tax Expenses 100.67 (32.90)
Profit/(Loss) After Tax 222.04 (35.51)
Other Comprehensive income (net) (0.40) 240.61
Total Comprehensive income 221.64 205.10
Add : Surplus brought forward from last year 1175.14 999.93
Less: Dividend (including Dividend Distribution Tax) 18.59 29.89
Less: Transfer to General Reserve 25.00 0.00
Surplus carried forward 1353.19 1175.14

DIVIDEND & RESERVES

The Board of Directors has recommended a dividend of Rs. 1/- per equity share of Rs. 10/- each on 30,98,97,201 equity shares of Rs. 10/- each for the year ended 31st March, 2021, including proportionate dividend on 1,165 equity shares having calls in arrears. The proposed dividend, on approval by the shareholders at the ensuing Annual General Meeting, will be met out of surplus in the Statement of Profit and Loss in the Balance Sheet.

The Company has transferred Rs. 2500 Lakhs to the general reserves for the year ended 31st March, 2021.

SHARE CAPITAL

The paid up equity share capital of the Company was Rs. 309.90 crores as on 31st March, 2021 comprising 30,98,97,201 equity shares of Rs. 10/- each.

PLATINUM JUBILEE

The Company incorporated on 21st February, 1946 completed 75 years of inspiring and proud journey of excellence and in commemoration of the Platinum Jubilee Celebrations, a trophy with new logo was unveiled in coherence with its 75 years of nation building. On this happy occasion, the Directors lauded all the stakeholders for attaining this illustrious position and wished the Company achieving many more glories in the years ahead.

MANAGEMENT DISCUSSION AND ANALYSIS

Pursuant to Regulation 34(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, (SEBI (LODR) Regulations, 2015) a Management Discussion and Analysis Report is given in Annexure ‘B'

CORPORATE GOVERNANCE

Pursuant to Regulation 34(3) of SEBI (LODR) Regulations, 2015, a report on Corporate Governance and Auditors' Certificate confirming its compliance are included as part of the Annual Report and are given in Annexure ‘C' and Annexure ‘D' respectively. Further, a declaration on Code of Conduct signed by the Vice Chairman & Managing Director in his capacity as Chief Executive Officer of the Company is given in Annexure ‘E'.

BUSINESS RESPONSIBILITY REPORT

Pursuant to Regulation 34(2)(f) of SEBI (LODR) Regulations, 2015, a Business Responsibility Report is given in Annexure ‘F'.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

A Report on CSR activities of the Company during the year 2020-21 is given in Annexure ‘G'.

LICENCES & RECOGNITIONS

The Company's Banswara works has won the State Factory Safety Award for the year 2021 instituted under the Safety Award Policy of Rajasthan Government and the certificate was received from the Minister of State for Labour, Factory and Boilers Inspection, Rajasthan Government during the month of March 2021.

The Company's Sankari Plant has won 4th level award namely "Prashana Patra" in group D under the manufacturing sector in the NSCI Safety Award 2020 at the concluding session of special seminar on Industrial Safety organized by the NSC in March 2021 to mark the 50th Glorious year celebration of the National Safety Day/Week campaign. The Plant has also secured 3 star rating from Confederation of Indian Industry (CII) in appreciation of Environmental, Health and Safety practices (EHS) followed in the plant for the year 2020.

The Company's Dalavoi Works has been granted re-certification of Integrated Management System for Quality Management System, Environmental Management System and Occupational Health and Safety Management System for a further period of 3 years. The Plant has also been granted continuation of Energy Management System ISO 50001:2018 after surveillance audit by TUV India Private Limited.

Besides the above, some of the other units have also been granted extension of ISO and Quality Management Systems Certification during the year.

OPERATIONS

The performance of the Company has been discussed in detail in the Management Discussion and Analysis (MDA) section.

The performance of the Company during the year under review has improved significantly. The revenue of the Company was Rs. 4,460 Crores as compared to Rs. 5,085 Crores in the previous year despite drop in sales volume by about 2 million tons due to smart recovery of selling prices during the year. EBIDTA improved to Rs. 830 crores as compared to Rs. 613 crores in the previous year. The interest and other charges were lower at Rs. 265 crores (Rs. 334 crores) while depreciation was at Rs. 242 crores (Rs. 247 crores). The profit before exceptional items was at Rs. 323 crores as against Rs. 32 crores in the previous year. The profit after tax after considering comprehensive income was Rs. 222 crores as compared to Rs. 205 crores in the previous year.

The industrial climate in India was adversely affected during the year under review due to lockdowns and restrictions on account of the COVID 19 pandemic. The construction industry which depends heavily on the migrant labour bore the brunt with their exodus to their native place stalling all activities. The overall cement production came down by more than 45% during first quarter and subsequently improved with the relaxation of the lockdown rules and restrictions to register a 11% decline in growth for the year under review. The southern region also experienced a similar de-growth caused by the pandemic and registered over 13% de-growth for the year under review as per information by Department of Industrial Policy and Promotion (DIPP).

The year under review also witnessed steep increase in fuel price and continuous increase in the price of petroleum products besides shortage in the availability of Petcoke due to extended closure of refineries in US Gulf. However, the Company proactively took lot of cost mitigation measures which have been outlined elsewhere which resulted in securing a reasonable bottom line. The Company also adopted cash and carry policy and had substantially reduced its inventory and receivables to ensure improved liquidity which enabled to repay its debt obligations in this tough market conditions.

The performance of the Company accordingly to be viewed in this back-drop of low demand scenario with the overall volume coming down by 19% to 89.02 lakh tons as compared to 110.22 lakh tons in the previous year. The improved selling prices during the year under review with tight control on operating parameters, with marginal improvement in blending efficiency and substantial reduction in fixed costs, ensured a better bottom line for the Company.

During the year, the shipping division had deployed its ship on the coastal movement of cargo and had earned an income of Rs. 27 crores. RMC sales was generally in line with demand for cement and accordingly was lower at Rs. 86 crores against Rs. 110 crores in the previous year with a volume of 2.13 lakh cu.m against 2.80 lakh cu.m in the previous year.

EXPANSION / MODERNISATION

While the Company has in-principle approvals for capacity upgrades at Dalavoi and Sankari plants, all these expansion plans will be taken up at an appropriate time based on the market conditions. The Company is expected to complete the installation of a new energy efficient cement mill at its Sankarnagar plant during the ensuing financial year. The Company has also plans in the anvil for expanding its capacity in Rajasthan unit and a grinding unit at Khandwa in Madhya Pradesh which will be taken up at the appropriate time based on the market demand and improvement in cash flows.

SUBSIDIARIES & ASSOCIATES CONSOLIDATED FINANCIAL STATEMENTS

Pursuant to Section 129(3) of the Companies Act, 2013 read with Rules, the Audited Consolidated Financial Statement of the Company and of all the Subsidiary and Associate Companies is enclosed. A separate statement containing the salient features of the audited financial statement of all the Subsidiary and Associate Companies is also enclosed in Form AOC-1, (Annexure ‘H') as prescribed under the Companies Act, 2013 and the Rules made there under.

POLICY ON DETERMINATION OF MATERIAL SUBSIDIARIES

The Company has, as on date, 13 subsidiaries controlled through shareholdings in such Companies, none of which is material.

SUBSIDIARIES

SPRINGWAY MINING PRIVATE LIMITED AND NKJA MINING PRIVATE LIMITED

The Company has purchased 184.53 Ha of limestone bearing lands at Pawai Tehsil, Panna District and 68.55 Ha of land for setting up of a cement plant at Gaisabad Tehsil, Damoh District in Madhya Pradesh. Environmental Clearance for Mines is nearing completion with public hearing conducted and EAC meeting in progress. As regards plant operations, necessary Terms of Reference (TOR) has been obtained and EIA is in progress and in the process of obtaining Environmental Clearance. Activities of land procurement and Environmental Clearance are hampered due to covid pandemic.

COROMANDEL ELECTRIC COMPANY LIMITED

The power generation from the Gas power plant at Ramanathapuram was heavily impacted during the year due to stoppage of Gas Engines for about 78 days due to total lockdown announcements by both Central and State Governments to combat the outbreak of COVID 19 Pandemic and also due to lower requirements of power for its Captive consumers due to restrictions in their plant operations.

However, with the relaxation of lockdowns and pick up in activities, the plant operation improved and achieved a total generation (Net) for the year at 164 million KWH as against 203 million KWH in the previous financial year. The Company has achieved a plant load factor of 73.02% as against 90.20% in the previous year. While the Company had sold 18 million KWH of power to the cement plants of The India Cements Limited located in Tamil Nadu, the balance power of 146 million KWH was sold to other group captive consumers. The Company had earned a gross Operating income from operations of Rs. 77.86 crores and a net profit of Rs. 9.64 crores for the year under review.

COROMANDEL TRAVELS LIMITED

There were no charter operations carried out by the Company during the financial year. The Company has not acquired any aircraft yet and has decided to start charter operations by utilizing aircrafts of other operators. The charter operations are expected to commence during the ensuing financial year.

PT. COROMANDEL MINERALS RESOURCES, INDONESIA AND COROMANDEL MINERALS PTE LIMITED, SINGAPORE

During the year under review, the Company through its operating Company viz. PT Mitra Setia Tenah Bumbu, Indonesia which owns and operates coal mining, has mined a quantity of 3.96 Lakh MTs of coal and sold 4.02 Lakh MTs including 0.53 Lakh MTs of coal sold to your Company.

INDIA CEMENTS INFRASTRUCTURES LIMITED

The Company has completed the first phase of property development in Coimbatore and is in the process of finalizing the plans for the second phase.

ASSOCIATE COMPANIES COROMANDEL SUGARS LIMITED

The country's sugar production for this Sugar season (SS) 2020-21, on a back of significant rise in production in Maharashtra and Karnataka, is expected to be 308 lakh MT - up by about 12% compared to the production of 274 lakh MT in SS 2019-20.

While the Government continued with its support measures (viz.) continuing with the monthly sugar releases, the minimum selling price (MSP) below which Mills cannot sell, assistance for sugar exports etc., the discontinuance of buffer stock subsidy, upon its expiry on 31.07.2020 and the rise in FRP for SS 2020-21 from Rs. 275 per Quintal to Rs. 285 per Quintal without any increase in the MSP, added to the Industry woes due to the supply glut. Besides, due to the pandemic inflicted weak demand, caused by long spells of lockdown, the sugar prices mostly hovered around the un-remunerative MSP for most of the year.

The Company, during the year under review, crushed 6.56 Lakh MT as against 8.42 Lakh MT in FY 20 due to changes in Agro climatic conditions in the region, where the plant is situated and also due to lower availability of cane from the non - command areas consequent to recommissioning of nearby sugar Mills. While the recovery improved to 9.56% as against 9.38% in the previous year, the sugar production dropped to 6.27 Lakh Quintal (as against 7.90 Lakh Quintal in FY 20). Power exports were 372 Lakh units (as against 489 Lakh units in FY 20). The sugar sales (including exports) were 7.03 Lakh Quintals (as against 7.51 Lakh Quintals in FY 20). The EBIDTA was marginally lower at Rs. 46.65 crores (as against Rs. 48.33 crores in FY 20), due to the reasons highlighted above.

The expected Sugar output for the SS 2021-22 is about 310 Lakh MT, which will lead to another year of surplus and the second wave of the pandemic in April and May 2021 are the challenges which the Industry and the Company hopes to overcome with the continued support measures from both Central and State Governments.

INDIA CEMENTS CAPITAL LIMITED (ICCL)

The main focus of the Company continues to be on various fee-based activities such as Full Fledged Money Changing [FFMC], Travel & Tours and Forex Advisory Services. The Company's FFMC division continues to enjoy the status of Authorised Dealers, Category II. The wholly owned subsidiary viz., India Cements Investment Services Limited is in Stock Broking. The Consolidated Gross income from operations of ICCL was Rs. 240.71 lakhs during the year under review as against Rs. 561.83 lakhs in the previous year and the consolidated Net Loss after tax was Rs. 27.26 lakhs as against a Profit of Rs. 1.16 lakhs in the previous year. The other comprehensive income for the year was Nil (Previous Year (Rs. 3.58) lakhs). Overall comprehensive income was (Rs. 27.26) lakhs for the year against (Rs. 2.42) lakhs in previous year.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS

In accordance with Section 134(5)(e) of the Companies Act, 2013 and Rule 8(5)(viii) of Companies (Accounts) Rules, 2014, the Company has an Internal Financial Control Policy and Procedures commensurate with the size and nature of operations and financial reporting. The Company has defined standard operating procedures covering all functional areas like sales, marketing, materials, fixed assets etc.

The Company has engaged the services of Chartered Accountant firms for carrying out internal audit of all its plants as well as marketing offices. The internal auditors have been given the specific responsibility to verify and report on compliance of standard operating procedures. The auditors have reported that there are adequate financial controls in place and are being followed by the Company. This has been further explained in the Management Discussion and Analysis Report.

RISK MANAGEMENT POLICY

Pursuant to Section 134(3)(n) of the Companies Act, 2013 and Regulation 17(9) of SEBI (LODR) Regulations, 2015, the Company has developed and implemented a Risk Management Policy. The Policy envisages identification of risk and procedures for assessment and mitigation thereof.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

In accordance with Section 177(9) and (10) of the Companies Act, 2013 and Regulation 22 of SEBI (LODR) Regulations, 2015, the Company has established a Vigil Mechanism and has a Whistle Blower Policy. The Policy has been uploaded on the Company's website www.indiacements.co.in.

The Company has always been encouraging its employees to give constructive criticism and suggestions, which will better the overall prospects of the Company and its various stakeholders. The Company will continue to adopt this as a corner stone of its Personnel Policy.

THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place an anti-sexual harassment policy in line with the requirements of the captioned Act and Rules made there under. There was no complaint of harassment, reported during the year.

POLICY ON DEALING WITH RELATED PARTIES

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of business. There are no materially significant related party transactions entered by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. All Related Party Transactions are placed before the Audit Committee as also the Board for approval. Prior omnibus approval of the Audit Committee is obtained for the transactions which are of a foreseeable and repetitive nature. The transactions entered into pursuant to the omnibus approval so granted are audited and a statement giving details of all related party transactions is placed before the Audit Committee and the Board of Directors for their approval on a quarterly basis. The policy on Related Party Transactions as approved by the Board has been uploaded on the Company's website. None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company other than remuneration in the case of executive directors or sitting fee in the case of others.

TRANSACTIONS WITH RELATED PARTIES

Particulars of contracts or arrangements with related parties in Form AOC-2 are given in Annexure ‘I'.

LOANS / GUARANTEES / INVESTMENTS ETC UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Details of loans, investments and guarantees covered under Section 186 of the Companies Act, 2013, are given in Note No.41.13 of the standalone financial statements for the financial year 2020-21.

ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS

There has been no Order passed by any Regulatory authority or Court or Tribunal impacting the going concern status and future operations of the Company.

MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments affecting the financial position of the Company which have occurred between 1st April, 2021 and the date of this report other than those disclosed in the financial statements.

ANNUAL RETURN

The extract of the Annual Return of the Company for the financial year ended 31st March, 2021 is made available at the Company's website at www.indiacements.co.in.

PUBLIC DEPOSITS

Your Company has not been accepting deposits from public and shareholders since 16th September 2013. Deposits totaling Rs. 5.15 lakhs have not so far been claimed by the depositors.

CONSERVATION OF ENERGY, ETC.

Necessary particulars regarding conservation of energy etc., as per provisions of Section 134 of the Companies Act, 2013 are set out in Annexure A.

RESEARCH & DEVELOPMENT

During the year, your Company spent Rs. 53.14 Lakhs towards revenue expenditure on the R&D department.

DIRECTORS

Under Article 98 of the Articles of Association of the Company and in terms of Section 152(6) of the Companies Act, 2013, Smt.Nalini Murari Ratnam retires by rotation at the 75th Annual General Meeting of the Company and she is eligible for re-appointment.

Sri T.S.Raghupathy was appointed as an Additional Director of the Company effective from 06.11.2020 and he will hold office upto the date of ensuing Annual General Meeting and a resolution for his election as a Director liable to retire by rotation is included under Special Business in the Notice convening the 75th Annual General Meeting of the Company.

Sri S.Balasubramanian Adityan was appointed as an Independent Director of the Company for a term of five consecutive years with effect from 07.12.2015 and his first term of office concluded on 06.12.2020. The Board, based on the recommendations of the Nomination and Remuneration Committee, reappointed Sri S.Balasubramanian Adityan as an Independent Director of the Company to hold office for a second and final term of five consecutive years from 07.12.2020 to 06.12.2025, subject to the approval of the shareholders. A special resolution for his reappointment as an Independent Director of the Company is included under Special Business in the Notice convening the 75th Annual General Meeting of the Company.

Sri K.Skandan and Sri Sanjay Shantilal Patel were appointed as Independent Directors of the Company for a term of three consecutive years with effect from 27.01.2021 and 03.04.2021 respectively and resolutions for their election as Independent Directors of the Company for the said terms are included under Special Business in the Notice convening the 75th Annual General Meeting of the Company.

Sri S.Christopher Jebakumar was appointed as a Nominee Director by IDBI Bank Limited with effect from 03.04.2021 in the place of Sri V.Venkatakrishnan and he will hold office upto the date of ensuing Annual General Meeting and a resolution for his election as a Director liable to retire by rotation is included under Special Business in the Notice convening the 75th Annual General Meeting of the Company.

The Board recorded its appreciation of the valuable contribution made by Sri V.Venkatakrishnan during his tenure of office as a Director of the Company.

The Board of Directors at its meeting held on 24.05.2021, based on the recommendations of the Nomination and Remuneration Committee, reappointed Sri N.Srinivasan as Managing Director for a period of 5 years from 26.05.2021 and special resolutions seeking the approval of the shareholders for his reappointment as Managing Director and terms of reappointment have been included under Special Business in the Notice convening the 75th Annual General Meeting of the Company.

Sri Basavaraju was appointed as an Independent Director of the Company for a term of three consecutive years with effect from 11.08.2018 and his first term of office concluded on 10.08.2021. The Board, based on the recommendations of the Nomination and Remuneration Committee, reappointed Sri Basavaraju as an Independent Director of the Company to hold office for a second and final term of two consecutive years from 11.08.2021 to 10.08.2023, subject to the approval of the shareholders. A special resolution for his reappointment as an Independent Director of the Company is included under Special Business in the Notice convening the 75th Annual General Meeting of the Company.

The Board, based on the recommendation of the Nomination and Remuneration Committee, appointed Sri V.Ranganathan as a Non-executive Non-independent Additional Director with effect from 29.08.2021, on conclusion of his term of office as Independent Director on 28.08.2021 and he will hold office upto the date of the ensuing Annual General Meeting of the Company and a resolution for his election as a Director liable to retire by rotation is included under Special Business in the Notice convening the 75th Annual General Meeting of the Company.

Brief particulars of Directors eligible for reappointment / appointment are annexed to the Notice convening the 75th Annual General Meeting of the Company.

Sri N.Srinivasan, Vice Chairman & Managing Director and Smt.Rupa Gurunath, Wholetime Director of the Company, are related to Smt. Chitra Srinivasan and are also related to each other. No other director is related to them or each other.

The details of shares and convertible instruments held by non-executive directors are given in Annexure ‘C'.

INDEPENDENT DIRECTORS

A statement on declaration given by independent directors under Section 149(7) of the Companies Act, 2013 that they meet the criteria of independence as provided under Section 149(6) of the Companies Act, 2013, has been received by the Company. The details of familiarization programme for independent directors is available in the Company's website www.indiacements.co.in.

FAMILIARIZATION PROCESS

Senior management personnel of the Company, on a structured basis, interact with directors from time to time to enable them to understand the Company's strategy, business model, operations, service and product offerings, markets, organization structure, finance, human resources, technology and risk management and such other areas. The directors are also facilitated to visit Company's plants to familiarize themselves with factory operations.

DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors make the following statement in terms of Section 134(5) of the Companies Act, 2013.

"We confirm

1. That in the preparation of the accounts for the year ended 31st March, 2021, the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. That such Accounting Policies have been selected and applied consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2021 and of the profit of the Company for the year ended on that date.

3. That proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4. That the annual accounts for the year ended 31st March, 2021, have been prepared on a going concern basis.

5. That internal financial controls to be followed by the Company have been laid down and that such internal financial controls are adequate and were operating effectively.

6. That proper systems to ensure compliance with the provisions of all applicable laws have been devised and that such systems are adequate and operating effectively."

REMUNERATION

As prescribed under Section 197(12) of the Companies Act, 2013 (Act) and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the details are given in Annexure ‘J'. In terms of provisions of Section 197(12) of the Companies Act, 2013 and Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing names of the employees drawing remuneration and other particulars, as prescribed in the said Rules forms part of this report. However, in terms of first proviso to Section 136(1) of the Act, the Annual Report, excluding the aforesaid information, is being sent to the members of the Company. The said information is available for inspection at the Registered Office of the Company during working hours and any member who is interested in obtaining these particulars may write to the Company Secretary of the Company.

BOARD MEETINGS

During the year, five Board Meetings were held. The details of the meetings of the Board and its Committees are disclosed in the Corporate Governance Report in Annexure ‘C'.

AUDIT COMMITTEE

The Audit Committee of the Board was constituted in accordance with the provisions of Section 177 of the Companies Act, 2013 and Regulation 18 and other applicable provisions of SEBI (LODR) Regulations, 2015. The Composition, the role, terms of reference and the details of the meetings of the Audit Committee are disclosed in the Corporate Governance Report (Annexure ‘C'). There has been no instance, where the Board had not accepted any recommendation of the Audit Committee.

EVALUATION OF BOARD / BOARD COMMITTEES

Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, the Board has carried out annual performance evaluation of its own performance, the directors individually as well as evaluation of the working of its Committees.

REMUNERATON POLICY

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a Policy for selection and appointment of Directors, Key Managerial Personnel (KMP) and other employees and their remuneration for implementation. The said policy is available on the Company's website www.indiacements.co.in.

Broadly, the performance of the employee concerned and the performance of the Company are the fundamental parameters determining the remuneration payable to an employee. More specifically, there will be reciprocity in the matter of remunerating executive directors, KMPs and other employees.

At the middle and lower levels of management, the yardsticks of assessment are different. The ability to speedily execute policy decisions, sincerity and devotion and discipline are the main attributes expected.

KEY MANAGERIAL PERSONNEL

The Key Managerial Personnel of the Company for the purpose of Companies Act, 2013 are Sri N.Srinivasan, Vice Chairman & Managing Director (Chief Executive Officer), Smt. Rupa Gurunath, Wholetime Director, Sri. R. Srinivasan, Executive President (Finance & Accounts) (Chief Financial Officer) and Sri S. Sridharan, Company Secretary.

PERSONNEL

Industrial relations continued to remain cordial during the year.

AUDITORS

The Shareholders of the Company at the 71st Annual General Meeting (AGM) held on 4th September, 2017, appointed Messrs K.S.Rao & Co., and Messrs S.Viswanathan, LLP, Chennai, as Statutory Auditors of the Company, to hold office for a period of 5 years from the conclusion of the 71st AGM until conclusion of 76th AGM, subject to ratification of their appointment by the Shareholders at every AGM held after the 71st AGM of the Company. In terms of the provisions of Section 139(1) of the Companies Act, 2013 which was amended by the Companies (amendment) Act, 2017, notified by the Ministry of Corporate Affairs on 7th May, 2018, the requirement of ratification of appointment of Auditors by the Shareholders at every AGM is dispensed with and accordingly, the resolution for ratification of appointment of Auditors is not included in the Notice convening the 75th Annual General Meeting of the Company. The Company has obtained necessary certificate from the Statutory Auditors confirming their eligibility to continue as Statutory Auditors of the Company for the financial year 2021-22. The Auditors' Report does not contain any qualification, reservation or other remarks.

INTERNAL AUDITORS

Messrs. Capri Assurance and Advisory Services, Gopalaiyer & Subramanian, Kalyanasundaram & Associates, Bala & Co., Sudarasanam & Associates, Brahmayya & Co., P.S.Subramania Iyer & Co. and Chaturvedi SK & Fellows, have been appointed as Internal Auditors for the year 2021-22.

COST AUDITOR

Sri S.A.Murali Prasad, Cost Accountant, Chennai has been appointed as Cost Auditor for the year 2021-22 at a remuneration of Rs. 20 lakhs. The remuneration is subject to ratification of members and hence is included in the Notice convening the 75th Annual General Meeting of the Company.

SECRETARIAL AUDITOR

Smt. P.R.Sudha, Practising Company Secretary, has been appointed as Secretarial Auditor of the Company for the year 2021-22. Secretarial Auditor's Report in Form MR-3, as prescribed under Section 204(1) of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is enclosed as Annexure ‘K'. The Secretarial Audit Report does not contain any qualification, reservation or other remarks.

ACKNOWLEDGEMENT

The Directors are thankful to the Financial Institutions and the Bankers for their continued support. The Directors also thank the Central Government and the various State Governments for their support. The stockists continued their excellent performance during the year and the Directors are appreciative of this. The continued dedication and sense of commitment shown by the employees at all levels during the year deserve special mention.

   

India Cements Ltd Company Background

N SrinivasanN Srinivasan
Incorporation Year1946
Registered OfficeDhun Building,827 Anna Salai
Chennai,Tamil Nadu-600002
Telephone91-044-28521526/28572100/400,Managing Director
Fax91-044-28517198
Company SecretaryS Sridharan
AuditorK S Rao & Co/S Viswanathan LLP
Face Value10
Market Lot1
ListingBSE,Luxembourg,MSEI ,NSE,
RegistrarIntegrated Registry Mgt Servic
Kences Tower ,2nd Floor No 1 ,Ramakrishna Street ,Chennai - 600 017

India Cements Ltd Company Management

Director NameDirector DesignationYear
N Srinivasan Vice Chairman & M.D. 2021
Rupa Gurunath Whole-time Director 2021
Chitra Srinivasan Non-Exec & Non-Independent Dir 2021
S Balasubramanian Adityan Non-Exec. & Independent Dir. 2021
S Sridharan Company Secretary 2021
V Ranganathan Non-Exec. & Independent Dir. 2021
Basavaraju Non-Exec. & Independent Dir. 2021
Lakshmi Aparna Sreekumar Non-Exec. & Independent Dir. 2021
Sandhya Rajan Non-Exec. & Independent Dir. 2021
NALINI MURARI RATNAM Nominee (LIC) 2021
Krishna Prasad Nair Non-Exec. & Independent Dir. 2021
T S Raghupathy Non-Exec & Non-Independent Dir 2021
Krishnan Skandan Non-Exec. & Independent Dir. 2021
S Christopher Jebakumar Nominee (IDBI) 2021
SANJAY SHANTILAL PATEL Non-Exec. & Independent Dir. 2021

India Cements Ltd Listing Information

Listing Information
BSE_500
CNX500
BSESMALLCA
CNXSMALLCA
BSEALLCAP
BSEMETERIA
SML250
MSL400
NFTYMSC400
NFTYSC250
NF500M5025

India Cements Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sales NA 0004903.9057
Income from Ready Mix ConcreteNA 000109.8983
Freight Earnings - Shipping Rs.00024.4414
Power-Wind Farm Rs.00014.018
Government Incentive on GST NA 0005.1174
Income from Construction & InfNA 0000.1433
Trade Sales NA 0000.0171
Income from Thermal PowerPlantNA 0000
Other operating revenues NA 0000
Income from Property Develop..Rs.0000
Subsidy NA 0000
Cement MT 0000
Clinker MT 0000

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