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Topics: Economic growth, Names of large numbers, Sustainability Pages: 132 (64786 words) Published: September 19, 2014
AMBUJA CEMENTS LIMITED
ANNUAL REPORT 2013

OUR VISION
TO BE THE MOST SUSTAINABLE
AND COMPETITIVE
COMPANY IN OUR INDUSTRY

OUR MISSION - CREATE VALUE FOR ALL
Delighted Customers | Inspired Employees | Enlightened Partners Energised Society | Loyal Shareholders | Healthy Environment

CONTENT

Chairman’s Letter

05

Financial Highlights of 5 Years

07

I Can - Some Highlights

08

Directors’ Report and Management Discussion & Analysis

14

Annexure to Directors’ Report:
Conservation of Energy & Technology Absorption

35

Corporate Governance Report

38

Business Responsibility Report for the Year 2013

56

Auditor’s Report

65

Financial Statements

68

Consolidated Accounts with Auditor’s Report

95

Notice

02

124

GIVE A MAN ORDERS
AND HE WILL DO THE TASK
REASONABLY WELL.
BUT LET HIM SET HIS
OWN TARGETS, GIVE HIM
THE FREEDOM
AND THE AUTHORITY AND
HIS TASK BECOMES
A PERSONAL MISSION:
‘I CAN’.

CORPORATE INFORMATION

CHAIRMAN EMERITUS
Mr. Suresh Neotia

BOARD OF DIRECTORS
Mr. N. S. Sekhsaria - Chairman
Mr. Paul Hugentobler
- Vice Chairman (up to 6th February, 2014)
Mr. Bernard Fontana
Mr. Bernard Terver (w.e.f. 4th December, 2013)
Mr. Nasser Munjee
Mr. Rajendra P. Chitale
Mr. Shailesh Haribhakti
Dr. Omkar Goswami
Mr. Haigreve Khaitan
Mr. B. L. Taparia
Mr. Onne van der Weijde - Managing Director

DY. MANAGING DIRECTOR
& CHIEF EXECUTIVE OFFICER
Mr. Ajay Kapur (w.e.f. 1st August, 2013)

CHIEF FINANCIAL OFFICER
Mr. Sanjeev Churiwala

COMPANY SECRETARY
Mr. Rajiv Gandhi

04

BUSINESS HEADS
Mr. J. C. Toshniwal (North)
Mr. Vilas Deshmukh (West & South)
Mr. Vivek Agnihotri (East)

AUDITORS
M/s. S. R. Batliboi & Co. LLP (Statutory Auditors)
P. M. Nanabhoy & Co. (Cost Auditors)

CORPORATE OFFICE
Elegant Business Park
MIDC Cross Road ‘B’
Off Andheri-Kurla Road
Andheri (E), Mumbai 400 059

REGISTERED OFFICE
P. O. Ambujanagar, Tal. Kodinar
Dist. Gir Somnath, Gujarat 362 715

CHAIRMAN’S LETTER

Dear Shareholders,
It gives me great pleasure to announce a momentous event in Ambuja’s history. Last year, while restructuring its presence in India, Holcim invited Ambuja to merge with Holcim India – a union that makes ACC Limited a subsidiary of Ambuja. ACC is a company that needs no introduction; over the past century it has helped lead the way forward for the Indian cement industry and been the cornerstone of India’s nation-building efforts. I am happy to inform you that this amalgamation has been approved by Ambuja’s Independent Board of Directors, and by you, the Shareholders. I would like to thank each of you for giving the Board your vote of confidence. The merger will be completed in due course, once approvals are received. Ambuja and ACC can look forward to synergies in many facets of operations, from procurement to logistics. With ACC, Ambuja Shareholders have access to the finest assets, the most advantageous plant locations and a dealer network that is second to none. More importantly, Ambuja can now join hands with a distinguished organisation that has been a fountainhead of ideas and talent for the cement industry. I am sure this will be a turning point in the history of Ambuja and ACC, as we go from strength to strength together.

While we have much to celebrate, we must also be prepared for the challenges that face us. The last few years have been difficult for the Indian economy. Our country’s economic growth rate continued its decline to a 10-year low of 5% growth, from April 2012 to March 2013. Growth was impacted by high inflation, a slowdown in investment and industrial expansion, high interest rates and a subdued global economy.

The year did not augur well for the cement sector. Our industry had already witnessed a slowdown in demand in the previous year, with the trend continuing in 2013. Demand did not rise in the first part of the year as expected, and was subdued during a monsoon season marked...
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