2010-11 - Grasim

UltraTec
ech Cement Limited
achieve excellence in its Safety practices and
performances. Your Company has enlisted
M/s DuPont Sustainability Group, a consultancy
wing of DuPont India to help in its aspiration to
achieve safety excellence. DuPont is recognised
worldwide for its strong safety culture.
CORPORATE GOVERNANCE
Your Directors reaffirm their continued
commitment to good corporate governance
practices. During the year under review, your
Company was in compliance with the provisions
of Clause 49 of the Listing Agreement with the
stock exchange relating to corporate
governance.
The compliance report is provided in the Corporate
Governance section of the Annual Report. The
auditor’s certificate on compliance with the
provisions of Clause 49 of the Listing Agreement
is annexed to this Report.
SUBSIDIARY Y COMPANIES
The annual accounts of your Company’s
subsidiaries viz. Dakshin Cements Limited, Harish
Cement Limited, UltraTech Cement Lanka (Pvt)
Limited and UCMEIL and the related detailed
information shall be made available to
shareholders of your Company and its subsidiaries
upon receipt of a request from them. They will
also be kept open for inspection at the Registered
Office of your Company and its subsidiaries during
business hours.
CONSOLIDATED FINANCIAL STATEMENTS
TEMENTS
The Consolidated Financial Statements have been
prepared in accordance with the applicable
Accounting Standards and the provisions of the
Listing Agreement with the stock exchanges and
forms part of the Annual Report.
FINANCE
Your Company has raised long term loans
amounting to ` 90 crores to meet the requirement
of capital expenditure and other approved
purposes. Further, your Company’s wholly owned
subsidiary viz. UCMEIL has raised/arranged
US$ 290 million (equivalent to ` 1,293 crores) for
its operations in UAE, Bahrain and Bangladesh.
CRISIL has re-affirmed the “AAA/Stable/P1+”
rating for your Company’s long term borrowings
and bank loan facilities. Your Company has
adequate liquidity and a strong balance sheet.
CARE has also re-affirmed the “AAA” rating of
the Non-Convertible Debentures of ` 500 crores
transferred from Samruddhi upon its
amalgamation with your Company.
Your Company has not accepted any fixed
deposits and as such, no amount of principal or
interest on fixed deposit was outstanding as of
the balance sheet date.
ENERGY
GY, TECHNOLOGY
GY AND FOREIGN
EXCHANGE
Information on conservation of energy, technology
absorption and foreign exchange earnings and
outgo, required to be disclosed pursuant to
section 217(1)(e) of the Act read with the
Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988 is given in
Annexure II and forms part of this Report.
PAR
ARTICULAR
TICULARS S OF EMPLOYEES
In accordance with the provisions of Section
217(2A) of the Act read with the Companies
(Particulars of Employees) Rules, 1975, the names
and other particulars of employees are to be set
out in the Directors’ Report, as an addendum
thereto. However, in line with the provisions of
Section 219(1)(b)(iv) of the Act, the Report and
Accounts as set out therein, are being sent to all
Members of your Company excluding the
aforesaid information about the employees. Any
Member, who is interested in obtaining these
particulars about employees, may write to the
Company Secretary at the Registered Office of
your Company.
DIRECTOR
OR’S RESPONSIBILITY STATEMENT
TEMENT
The Audited Accounts for the year under review
are in conformity with the requirements of the
Act and the Accounting Standards. The financial
statements reflect fairly the form and substance
5 ⊳