Download the Annual Report for 2010-11. - kiocl limited

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Year ended Year ended31-03-2011 31-03-2010100mine closure at Kudremukh in the Books of Accountis felt necessary.6. The 'mines & plant assets' in respect of discontinuedoperations at Kudremukh mines can be effectivelyutilised on relocation and/or disposed off. A substantialportion of such assets have been depreciated in fulland the realisable value is estimated to be higher thanthe carrying value. Hence there is no impairment lossto be recognised during the year.7. The accounting policy with respect to RailwayClaims receivable has been disclosed during the yearseparately although the same was being consistentlyfollowed by the Company. Railway claims are notcertain of receipt within a definite period of time.Hence, accounting for such claims on actual receiptis felt prudent.An item of Railway Claims, amounting to ` 226.56Lakhs, was accounted on accrual basis during the year2007-08. In order to confirm to the stated accountingpolicy, this amount has been reversed during theyear and considered as a Prior Period Adjustment.Consequently, the profit after Prior Period Adjustmenthas reduced to this extent.8. Present value of Future Obligations as at the BalanceSheet date as per Actuarial Valuations are:(a) Gratuity 4,705.18 4,021.99(b) Leave encashment (EL) 1,665.83 1,298.12(c) Leave encashment (HPL) 649.29 472.87(d) Leave Travel Concession 336.07 167.71Disclosure required as per Accounting Standard (AS)- 15 (Revised) on 'Employee Benefits" are appended.9. The provident fund of the employees is managedby the Kudremukh Iron Ore Company's Employees'Provident Fund Trust and is administered by thetrustees nominated by the Company. The rate ofinterest payable on the contribution is determined` in Lakhs
y the Govt of India and is binding on the Trust.Based on the financial instruments held by the Trustand the yield there upon the Company anticipatesa short fall in its earnings during the current andfuture years. The Present Value of the obligation onaccount of such Interest guarantee, as estimated onActuarial basis, works out to ` 776.33 Lakhs as at theBalance Sheet date. The same has been provided forin the accounts during the year and included under"Employees Remunerations and Benefits".10. As per the guidelines of Department of PublicEnterprises, Central Public Sector Enterprisesare allowed to extend 30% of Basic Pay plusDearness Pay as Superannuation Benefits includingContributory Provident Fund, Gratuity and otherspecified superannuation benefits. The Company hasrevised the pay scales, with effect from 01.01.2007,in accordance therewith and provision towardssuperannuation benefits has been made accordingly.The Company is contributing around 16% of BasicPay and Dearness Pay towards Contributory ProvidentFund and Gratuity benefits. The balance 14%,amounting to ` 3,209.35 Lakhs ( ` 818.50 Lakhsunder "Employees Remunerations and Benefits" and` 2,390.85 Lakhs accounted in Prior PeriodAdjustments) has been provided during the yeartowards other Superannuation benefits.11. During the previous year, the company had undertakenR&D efforts to determine viability of Doni Ore filtrationthrough the existing system without mixing ore fromBailadila region. The R&D efforts were successful andenabled the company to have future economic benefitin cost saving. Accordingly, the expenditure on thisamounting to ` 1,924.98 Lakhs was recognised as"Process Development Expenditure" to be amortisedover three years including the year 2009-10 andexhibited under "Miscellaneous Expenditure" in Assetside of the Balance Sheet.Schedules (Contd.)Year ended Year ended31-03-2011 31-03-2010` in Lakhs101
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ContentsBoard of Directors 3Notice
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EXPLANATORY STATEMENT PURSUANT TO S
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Form of ProxyKIOCL LIMITEDRegd. Fol
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Production for Asia was 897.9 milli
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PROJECTS UNDER CONSTRUCTION :In my
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18Captive Iron Ore Mine:The Company
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Directors’ ReportDear Shareholder
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4.3 The following table summarises
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efforts to cool down the overheatin
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Plant at Mangalore, KIOCL has to ge
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Consultant recommended that KIOCL c
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mortar manufacture. This can also b
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Other Mining /Prospecting Leases9.4
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either from the recognised Union or
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Visit of Third Sub-Committee of Par
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Former Secretary (Steel) Shri Atul
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Groups on rolls of the Company as o
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23.4 Your Company has also nominate
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25.3 Inspections: 7 CTE type inspec
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27. BOARD OF DIRECTORSAppointmenti)
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energy audit to quantify the target
Page 53 and 54: Annexure-IICORPORATE GOVERNANCECOMP
Page 55 and 56: is not practical to send the releva
Page 57 and 58: Corporate Governance (Contd.)c) To
Page 59 and 60: Corporate Governance (Contd.)Detail
Page 61 and 62: Corporate Governance (Contd.)(iii)
Page 63 and 64: Corporate Governance (Contd.)(xii)
Page 65 and 66: Corporate Governance (Contd.)(xx) R
Page 67 and 68: WeaknessCorporate Governance (Contd
Page 69 and 70: Corporate Governance (Contd.)local
Page 71 and 72: KIOCL Limited(Formerly Kudremukh Ir
Page 73 and 74: Annexure-IIIASA & ASSOCIATESCharter
Page 75 and 76: C. a. Confirmations of Balances hav
Page 77 and 78: Auditors' Report (Contd.)5. a. In o
Page 79 and 80: Auditors'ReportPara No.COMMENTS/OBS
Page 81 and 82: COMMENTS OF THE COMPTROLLER AND AUD
Page 83 and 84: 3.2 Depreciation in respect of Asse
Page 85 and 86: 7.2 Provision for Leave Encashment
Page 87 and 88: Profit and Loss Account for the yea
Page 89 and 90: Schedule 3FIXED ASSETSG R O S S B L
Page 91 and 92: Schedules (Contd.)Schedule 6CURRENT
Page 93 and 94: Schedules (Contd.)Schedule 7CURRENT
Page 95 and 96: Schedule 10ACCRETION/(-)DEPLETION T
Page 97 and 98: Schedules (Contd.)Schedule 14PRIOR
Page 99 and 100: Schedules (Contd.)Schedule 16NOTES
Page 101: 5. In pursuance of the directive of
Page 105 and 106: Schedules (Contd.)Year ended Year e
Page 107 and 108: Details of measurement of present v
Page 109 and 110: TYPE OF PLANLONG TERM COMPENSATEDAB
Page 111 and 112: TYPE OF PLANLONG TERM COMPENSATEDAB
Page 113 and 114: Balance Sheet Abstract and Company'
Page 115 and 116: Cash Flow Statement for the year en
Page 117 and 118: SEGMENT REPORTING FOR THE YEAR ENDE
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