Annual Report for 2011-2012 - Vizag Steel

RASHTRIYA ISPAT NIGAM LIMITED
which 3-Par excellence, 2-Excellence,
2-Distinguished and 2-Consolation awards.
RINL-VSP bagged the award for Organizational
Excellence - INSAAN - Jamshedpur - 11 th Nov.
2011.
VSP won the National level Best Enterprise Award
(III) in the 'Navratna' category for the recognition
of the commendable work undertaken by the
PSUs/PS Banks for the development of women
in their PSUs.
VSP QC & 5S Teams Excel at QCFI- NCQC 2011,
Hyderabad.
The company secured 2 awards (i.e. 1-Excellent
& 1- Distinguished categories) for their Quality
Circle Case Study at the 'International Convention
on Quality Concept Circles' (ICQCC)-2011, held
at Yokohama, Japan, in Sept. 2011.
VSP employees received the prestigious Govt. of
India, Prime Minister's Shram Awards (5 awards),
i.e. 1-Shram Bhushan Award and 4-Shram Vir
Awards during 2011-12 for its employees'
outstanding overall performance in the respective
areas for the performance year 2008 for the first
time in the history of VSP.
VSP bagged the INSSAN (Indian National
Suggestion Schemes Association) award for
"Organization Excellence" in performance of
Suggestion Scheme for the Sixth time in a row.
The employees of VSP received 2 awards in the
areas of innovative suggestions, and slogan
writing at the INSSAN convention held at
Jamshedpur.
VSP is the first integrated steel plant in the Public
Sector domain to successfully implement 5 S -
The Workplace Management. VSP bagged the CII-
5S Excellence Award "Certificate of Merit to
Utilities Department" for its effort in 5S
implementation from CII-Southern Region.
Management Discussion and Analysis Report:
The Management Discussion and Analysis Report, is
annexed and forms part of the Directors' Report.(
Placed at Annexure-I).
Corporate Governance Report:
The Company strives to attain highest standards of
Corporate Governance. In line with the Guidelines
issued by Department of Public Enterprises during the
34
year, which have become mandatory from May 2010,
a separate section on Corporate Governance is
annexed and forms part of the Directors' Report.
(Placed at Annexure-II).
Certificate attested by the CEO/CFO is also enclosed,
forming part of the Corporate Governance Report
along with a declaration signed by CMD regarding Code
of Conduct for Members of the Board and Senior
Management. (Placed at Annexure-III).
Certificate on Compliance of Guidelines
on Corporate Governance:
The Certificate on Compliance of Guidelines on
Corporate Governance issued by DPE in May 2010,
was obtained from a practicing Company Secretary
and is annexed herewith and forms part of the
Directors' Report. (Placed at Annexure-IV.)
Secretarial Compliance Report for the
Financial Year 2011-12:
The Secretarial Compliance Report, confirming
compliance to the provisions of Companies Act, 1956,
Rules made there-under and the provisions contained
in Articles of Association & Memorandum of Association
of the Company as obtained from a practicing
Company Secretary, is annexed and forms part of the
Directors' Report (Placed at Annexure-V.)
The Company's Subsidiaries:
During the year 2010-11(in Jan 2011), the Company
has acquired a stake of 51% in Eastern Investments
Limited, which is a holding Company of OMDC and
BSLC. OMDC is a mining Company having Iron Ore
mines in Odisha while BSLC is a mining Company having
Limestone Mines.
The Company's 100% subsidiary viz. Uttarbanga RINL
RAIL Karkhana Limited (URRKL) was closed during the
year considering the decision taken for establishing
the Axle Plant at New Jalpaiguri (West Bengal) as a
unit of RINL.
Subsidiary Monitoring Framework :
All the subsidiary companies are managed by their
respective Boards in the best interest of their
stakeholders. RINL functional Directors are in the board
of Subsidiaries. The Company monitors performance
of subsidiary companies, inter alia, by placing Minutes
of Board meetings of the subsidiary companies before
the Company's Board regularly.
Subsidiary annual report is enclosed as a separate