VISA Steel Limited Annual Report 2010-11

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Annual Report 2010 -11 (Particulars of Employees) Rules, 1975, as amended, and the Companies (Particulars of Employees) Amendment Rules, 2011 are set out in Annexure II to this Report. However, as per the provisions of Section 219(1)(b)(iv) of the Companies Act, 1956 read with Clause 32 of the Listing Agreement, the Annual Report excluding the aforesaid information is being sent to all the members of the Company and others entitled thereto. Any member interested in obtaining a copy of the statement may write to the Company. Employees Stock Option The Company has rescinded its Employee Stock Option Scheme 2008 under which no Options had been granted and implemented a new ESOP Scheme titled Employee Stock Option Scheme 2010 (ESOP Scheme 2010), for permanent employees including any Director, whether whole-time or otherwise, of the Company, its subsidiaries and the Holding Company to be administered by the Remuneration Committee of the Board of Directors of your Company. ESOP Scheme 2010 will provide an incentive to attract, retain and reward the employees and enable them to participate in future growth and financial success of the Company. Each option confers a right upon the employee to apply for one equity share of the Company. During the year under report, 900,000 Stock Options were granted to the specified employees of the Company and its subsidiary, VISA BAO Limited under the ESOP Scheme 2010. As on 31 March 2011, none of the Options have been vested. The shares covered by such Options are 900,000. The Company has received a certificate from the Auditors of the Company that the ESOP Scheme 2010 was implemented in accordance with the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and the resolution passed at the Annual General Meeting held on 17 August 2010. The Certificate would be placed at the forthcoming Annual General Meeting for inspection by the Members. As required by Clause 12 of SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 information with respect to active Stock Options as on 31 March 2011 is given in a separate statement as Annexure III forming part of this Report. Fixed Deposits The Company has not accepted or renewed any fixed deposits under Section 58A of the Companies Act, 1956. Consolidated Financial Statements In terms of Clause 32 of the Listing Agreement with Stock Exchanges, Consolidated Financial Statements, conforming to Accounting Standard 21 issued by the Institute of Chartered Accountants of India, are attached as a part of the Annual Report. Corporate Governance The Company is committed in maintaining the highest standards of Corporate Governance and adheres to the stipulations prescribed under Clause 49 of the Listing Agreement with the Stock Exchanges. A Report on Corporate Governance & Shareholder Information together with the Auditors’ Certificate thereon is annexed as part of the Annual Report. The Company had also adopted a “Code of Conduct” for its Directors and Senior Management, as required under Clause 49 of the Listing Agreement and all Directors and Senior Managers have affirmed compliance with the Code for 2010-11. A certificate, signed by the Managing Director, affirming compliance of Directors & Senior Management, forms part of the Report on Corporate Governance. Acknowledgement Your Directors record their sincere appreciation for the assistance, support and guidance provided by banks, financial institutions, customers, suppliers, regulatory & government authorities, project & other business associates and stakeholders. The Directors also commend the continuing commitment and dedication of the employees at all levels which has been critical for the Company’s growth. The Directors look forward to their continued support in future. Your Directors value your involvement as shareholders and look forward to your continuing support. For and on behalf of the Board Kolkata Vishambhar Saran 30 May 2011 Chairman
Report of the Directors Annexure I to the Report of the Directors Statement of particulars required under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 A. Conservation of Energy (a) Energy Conservation Measures Taken: 1. CFBC of 160t/hr capacity boiler has been commissioned for utilising the waste char & coal fines generated from Sponge Iron Plant. 2. Reduction of Coke burning loss in Coke Oven. 3. Reduction in air ingress in flue gas at Coke Oven resulting in higher steam temperature and lower specific consumption of steam per unit power generation. 4. Manganese ore consumption in Blast Furnace has been stopped & use of magnesite in Ferro Chrome Plant has been stopped. 5. Zero discharge of waste water. (b) Additional Investment and Proposals, if any, being implemented for reduction of consumption of energy: 1. Coke pusher car track is being repaired for smooth operation of Coke Oven Plant. 2. Coke pusher no. 2 will be renovated to improve machine availability. 3. Additional magnetic separator is being installed in DRI to recover magnetic particles going into oversize. (c) Impact of Measures in (a) and (b) above have resulted in: 1. Saving in electrical energy and higher power generation. 2. Effective utilisation of waste heats. 3. Effective utilisation of solid waste like char and coal fines. (d) Total Energy Consumption and Energy Consumption per Unit of Production (as per Form “A” below) Overview Statutory Reports Financial Statements FORM A 2010-11 2009-10 A. Power & Fuel Consumption 1. Electricity (a) Purchased Unit (Kwh) 19,306,510 35,501,800 Total Amount - (Rs. million) 90.25 131.97 Rate / unit - (Rs.) 4.67 3.72 (b) Own Generation (i) Through Diesel Generator Unit (Kwh) 2,816 3,475 Units per ltr. of diesel oil (Kwh) 2.82 2.80 Cost/unit – (Rs.) 14.00 13.92 (ii) Through Steam Turbine / Generator Unit (Kwh) 225,961,000 223,283,900 Units per ltr. of fuel oil / gas NIL NIL Cost/units – (Rs.) NA NA 2. Coal (Coking and non-coking coal at Coke Oven, Ferro Chrome & DRI) Quantity (MT) 695,187 811,448 Total Cost - (Rs. million) 4,928.77 4,615.92 Average Rate – (Rs.) 7,089.85 5,688.50 3. Furnace Oil Quantity (k. ltrs.) NIL NIL Total Amount - (Rs. million) NIL NIL Average Rate NIL NIL 30 31
Page 1 and 2: A n n u a l R e p o r t 2 0 1 0 - 1
Page 3 and 4: Next Altitude Over the last 6 years
Page 5 and 6: We have a 54 million tonne share of
Page 7 and 8: The Kalinganagar facility has an in
Page 9 and 10: The construction work of the ferro
Page 11 and 12: We have successfully completed the
Page 13 and 14: At VISA Steel, we are focusing on b
Page 15 and 16: Vision Emerge as a low cost produce
Page 17 and 18: Strategy and Mission Overview Statu
Page 19 and 20: Corporate highlights Overview Statu
Page 21 and 22: India is poised to be a dominant pl
Page 23 and 24: The focus is now to backward integr
Page 25 and 26: 6 Shanti Narain, Chairman, Share Tr
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Page 29 and 30: Report of the Directors The Company
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Consolidated Consolidated Cash Flow
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VISA BAO Limited Directors’ Respo
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VISA BAO Limited Auditors’ Report
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Ghotaringa Minerals Limited Directo
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Ghotaringa Minerals Limited Balance
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Corporate Information Board of Dire
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VISA Steel Limited Annual Report 2010-11

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