Latin Manharlal Chat
BSE Prices delayed by 5 minutes...
     Prices as on Jun 27, 2017 - 4:01PM     
  ABB India 1442.95 [ 0.17% ]
  ACC 1578.35 [ -3.54% ]
  Asian Paints Ltd. 1134 [ -1.73% ]
  Axis Bank Ltd. 492.8 [ -2.34% ]
  Bajaj Auto Ltd. 2779.2 [ -1.61% ]
  Bank of Baroda 154.8 [ -3.64% ]
  Bharti Airtel 371.8 [ 1.61% ]
  Bharat Heavy Ele 133.95 [ -0.63% ]
  Bharat Petroleum 612 [ -2.99% ]
  Britannia Ind. 3638.3 [ -0.31% ]
  Cipla 534.9 [ -1.10% ]
  Coal India Ltd. 244.75 [ -0.26% ]
  Colgate Palm. 1091 [ -1.37% ]
  Dabur India 290 [ 0.42% ]
  DLF Ltd. 187.65 [ -2.44% ]
  Grasim Inds. 1211 [ 3.38% ]
  HCL Technologies 836 [ -1.74% ]
  HDFC 1654.9 [ 0.25% ]
  HDFC Bank 1667.9 [ -0.63% ]
  Hero MotoCorp 3695.95 [ 0.97% ]
  Hindalco Indus. 187.65 [ -0.61% ]
  ICICI Bank 288 [ -1.20% ]
  IDFC L 55 [ -2.14% ]
  Indian Hotels Co 129 [ -1.15% ]
  IndusInd Bank 1483.15 [ -0.52% ]
  Infosys 926.35 [ -1.80% ]
  ITC Ltd. 311.75 [ 0.29% ]
  Jindal St & Pwr 117.05 [ -1.22% ]
  L&T 1701.8 [ -1.23% ]
  Lupin Ltd. 1064 [ 0.30% ]
  Mahi. & Mahi 1369.9 [ -0.45% ]
  MTNL 20.35 [ -2.40% ]
  Nestle India 6600 [ -0.28% ]
  NIIT Ltd. 87.95 [ -2.98% ]
  NMDC Ltd. 104.05 [ -2.98% ]
  NTPC 157.65 [ -0.13% ]
  ONGC 159.95 [ 1.23% ]
  Punj. NationlBak 137.1 [ -4.69% ]
  Power Grid Corpo 205.15 [ -0.07% ]
  Reliance Inds. 1435.9 [ 0.06% ]
  SBI 279.4 [ -3.27% ]
  Vedanta 236.95 [ 0.11% ]
  Shipping Corpn. 77.85 [ -3.35% ]
  Sun Pharma. 543.65 [ -0.06% ]
  Tata Chemicals 591.5 [ -2.44% ]
  Tata Motors Ltd. 441.55 [ -0.35% ]
  Tata Steel 510.45 [ 0.60% ]
  Tata Power Co. 81.05 [ -0.43% ]
  Tata Consultancy 2345.9 [ -0.62% ]
  Wipro Ltd 256 [ -0.33% ]

Company Information

Home » Market » Company Information

ACC Ltd.

Jun 27, 04:01
1578.35 -58.00 ( -3.54 %)
 
VOLUME : 14006
Prev. Close 1636.35
Open Price 1640.00
TODAY'S LOW / HIGH
1568.25
 
 
 
1642.00
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
1257.00
 
 
 
1753.85
Jun 27, 03:56
1578.55 -58.15 ( -3.55 %)
 
VOLUME : 357014
Prev. Close 1636.70
Open Price 1641.00
TODAY'S LOW / HIGH
1570.10
 
 
 
1643.00
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 1578.55 (960)
52 WK LOW / HIGH
1256.55
 
 
 
1756.70
Company Information Menu

Search Company

Market Cap. ( ₹ ) 29643.16 Cr. P/BV 3.43 Book Value ( ₹ ) 460.17
52 Week High/Low ( ₹ ) 1757/1257 FV/ML 10/1 P/E(X) 49.05
Bookclosure 24/03/2017 EPS ( ₹ ) 32.18 Div Yield (%) 1.08
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2016-12 

To the Members of ACC Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of ACC Limited (“the Company”), which comprise the Balance Sheet as at December 31, 2016, the Statement of Profit and Loss, Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under . We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at December 31, 2016, its profit, and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to note 36(A)(d) of the standalone financial statements which describes the following matters:

a. In terms of order dated August 31, 2016, the Competition Commission of India (CCI) has imposed penalty of Rs, 1,147.59 Crores for alleged contravention of the Competition Act, 2002 by the Company. The Company has filed an appeal against the CCI order before The Competition Appellate Tribunal (COMPAT). The COMPAT has granted a stay on the CCI order on the condition that the Company deposits 10% of the penalty amounting to Rs, 114.76 Crores which has been deposited.

b. In terms of order dated January 19, 2017, the CCI has imposed penalty of Rs, 35.32 Crores pursuant to the reference filed by the Government of Haryana for alleged contravention of the provisions of the Competition Act, 2002 by the Company.

Based on the advice of external legal counsel, no provision has been considered necessary by the Company in respect of these matters. Our opinion is not qualified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books ;

(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of written representations received from the directors as on December 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on December 31, 2016, from being appointed as a director in terms of section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure 2 to this report;

(g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer Note 36A(a), 36A(c), 36A(d) and 36B to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Re: ACC Limited ('the Company')

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given by the management, the title deeds of immovable properties, other than self constructed buildings, included in fixed assets are held in the name of the company except for the cases below:-

(Rs, Crores)

Sr.

No.

Asset Category

Gross Block at December 31, 2016

Net Block at December 31, 2016

Remarks

1

Leasehold Land

4.95

3.31

Title deeds are

2

Freehold Land

1.88

1.88

in name of the

3

Buildings

18.20

5.19

entities which got merged with the Company.

4

Buildings

0.76

0.38

Title deeds pending to be registered in the name of company and necessary steps are being taken in this regard to transfer the title in the name of the company.

(ii) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. No material discrepancies were noticed on such physical verification. Inventories lying with third parties have been confirmed by them as at December 31, 2016 and no material discrepancies were noticed in respect of such confirmations.

(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii) (a), (b) and (c) of the Order are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to us, the Company has not advanced loans to directors/ to a company in which the Director is interested to provisions of section 185 of the Companies Act, 2013 is apply and hence not commented upon. Further provisions of section 186 of the Companies Act 2013 respect of loans and advances given, investments made and, guarantees given have been complied with by the company.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the manufacture of Cement and Ready Mix Concrete, and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

(vii) (a) The Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees’ state insurance, income-tax, sales-tax, service tax, customs duty, excise duty, value added tax, cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees' state insurance, income-tax, service tax, sales-tax, duty of custom, duty of excise, value added tax, cess and other statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(c) According to the records of the Company, the dues of income-tax, sales-tax, service tax, duty of custom, duty of excise and value added tax on account of any dispute, are as follows:

(Rs, Crores)

Name of Statute (Nature of Dues)

Period to which the amount Relates

Commission rate

Appellate authorities & Tribunal

High

Court

Supreme

Court

Total

Amount

Sales Tax (Tax/Penalty/ Interest)

1984-85 to 2013-14

27.38

137.52

127.01

-

291.91

Central Excise Act (Duty/

1994-95 to

3.61

21.64

0.98

2.34

28.57

Penalty/ Interest)

2013-14

Service Tax under Finance Act,

2005-06 to

20.77

20.77

1994 (Tax / Penalty / Interest)

2015-16

Customs Duty Matters (Tax / Penalty / Interest)

2012-13

-

15.03

-

-

15.03

TOTAL

30.99

194.96

127.99

2.34

356.28

(viii) The Company did not have any outstanding loans or borrowing dues in respect of a financial institution or bank or to government or dues to debenture holders during the year.

(ix) According to the information and explanations given by the management, the Company has not raised any money way of initial public offer / further public offer / debt instruments and term loans hence, reporting under clause (ix) is not applicable to the Company and hence not commented upon.

(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the standalone financial statements and according to the information and explanations given by the management, we report that no fraud by the company and no material fraud on the company by the officers and employees of the Company has been noticed or reported during the year.

(xi) According to the information and explanations given by the management, the managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.

(xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given by the management, transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the standalone financial statements, as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable to the company and, not commented upon.

(xv) According to the information and explanations given by the management, the Company has not entered into any non-cash transactions with directors or persons connected with him as referred to in section 192 of Companies Act, 2013.

(xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company.

Annexure 2 to the Independent Auditor’s Report of even date on the Standalone Financial Statements of ACC Limited

Report on the Internal Financial Controls under Clause

(i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of ACC Limited (“the Company”) as of December 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at December 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration

Number: 324982E/E300003

per Ravi Bansal

Partner

Membership Number: 49365

Place of Signature: Mumbai

Date: February 3, 2017