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

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102During the year, the aforesaid item is being treated asa Internally Generated Intangible Asset. Consequently,the amount has been re-classified and disclosed as"Process Development Expenditure" under FixedAssets. The policy on Amortisation of such expenditureover a period of three years is being continued.Accordingly, an amount of ` 641.66 Lakhs (Previousyear ` 641.66 Lakhs), has been amortised during theyear. The above re-classification does not have anyimpact on the results for the current year.12. As per Accounting Standard (AS)-2 -"Valuation ofInventories", the raw materials for production of PigIron (including Auxiliaries) are required to be writtendown to their "Net Replacement Costs", since thecost of the finished product, Pig Iron, exceeds its NetRealisable Value (NRV). Accordingly, a provision wasmade during the year 2009-10.There has not been any substantial improvement inthe "Net Realisable Value" of Pig Iron during the year.Therefore, an amount of ` 1,790.65 Lakhs out of theprovision made in the previous year is retained as atthe Balance Sheet date.13. During the physical verification of raw materials as on31.03.2010, differences were noticed between bookbalance and physical balance in respect of LAM Cokeand Calibrated Lump Ore and provision for suchdifferences was made in the previous year's accounts.The differences were investigated during the year anda detailed report was presented to the Board. Thedifferences were due to non-adjustment of normallosses in the nature of transit/handling losses, moisturelosses etc., accumulated over a period of around10 years. After deliberation, the Board accorded itsapproval for writing off the same. Accordingly anamount of ` 3,353.89 Lakhs was written off duringthe year and the following provisions made duringthe previous year against the same are simultaneouslyreversedYear ended Year ended31-03-2011 31-03-2010` in Lakhs
Schedules (Contd.)Year ended Year ended31-03-2011 31-03-2010` in Lakhs(a) Provision on account of lowerNRV of Pig iron - 1,238.72(b) Provision on account ofshortages in Stock - 2,115.17Total 3,353.89There is no impact on the profit for the current year.14. Furnace Oil is being stored in seven tanks of varyingcapacities at the Company's facilities in Mangalore.It is observed that the Furnace Oil stored belowsuction point (tap on level) in the storage tanks losesits properties due to continuous sedimentation overthe time resulting thickening of the oil. The estimatedquantity of such stock is 1,714 KL. Hence a provisionof ` 546.49 Lakhs towards the value of the same hasbeen made during the current year.15. Stock of raw material includes slime containing ultrafine Iron Ore (83,488 MT valued ` 1,626.66 Lakhs)as on 31.03.2010 for which provision was made inAccounts. During the year, the Company has used19,712 MT (Previous year 39,025 MT) of slime inPellet production by blending the same with virginIron Ore. Consequently, ` 721.15 Lakhs (Previousyear ` 1,427.71 Lakhs) has been withdrawn duringthe year from the provision made in earlier year.16. On discontinuance of operation of Iron OreConcentrate segment from 31.12.2005 and additionof Pig Iron segment from 01.04.2007, the activities ofthe Company are confined to two reporting businesssegments i.e., 'Iron Oxide Pellet' and 'Pig Iron'. Theexpenditure relating to the enterprise as a wholewhich is not attributable to those segments includesexpenditure relating to Kudremukh mines and isdepicted under the head un-allocated expenditure.Un-allocated assets and unallocated liabilities includeassets and liabilities of Kudremukh Mines.` in Lakhs103
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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 and 102: 5. In pursuance of the directive of
Page 103: y the Govt of India and is binding
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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