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

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Directors’ ReportDear Shareholders,On behalf of the Directors of your Company, I have great pleasure in presenting the 35th AnnualReport of your Company together with the audited accounts for the year ended on 31.03.2011.The Auditors’ Report and the Comments on the accounts of the Company by the Comptrollerand Auditor General of India thereon are annexed to this report.2.0 YEAR'S HIGHLIGHTS AT A GLANCE Production of 2.124 million tonnes of Pellets during 2010-11 is the highest quantityproduced in any year after switching over to use of Hematite ore procured fromoutside source since January 2006. Despatch of 2.090 million tonnes of Pellets during 2010-11 is the highest quantitydespatched in any year since 2006-07. Production of 7.26 lakh tonnes of Pellets during the fourth quarter of 2010-11 is thehighest quantity produced in any quarter since January 2006, surpassing the previoushigh of 7.0 lakh tonnes produced during fourth quarter of 2009-10. Production of 2.68 lakh tonnes of Pellets during the month of January 2011 is thehighest quantity produced in any month since January 2006; Despatch of 2,95,626 DMT of Pellets during the month of February 2011 is the highestquantity despatched in any month after January 2006. Turnover of ` 1803.46 crores during 2010-11 is the highest turnover in any financialyear after the closure of captive mine at Kudremukh.3.0 PHYSICAL AND FINANCIAL HIGHLIGHTSDuring the year 2010-11, the important physical and financial highlights are as under :3.1 Physical Highlights (Qty. in million tonnes)20Particulars 2010-11 2009-10 PercentageMOU Target Actual MOU Target Actual Change(Good) Achievement (Good) Achieve- (Actual)mentProductionPellets including 2.780 2.124 2.650 1.273 67%Pellet FinesPig Iron and 0.100 - 0.170 0.062 -Auxiliary MaterialsSalesPellets including 2.780 2.090 2.650 1.456 44%Pellet FinesPig Iron and 0.100 0.020 0.170 0.094 (-)79%Auxiliary Materials
3.2 Financial Highlights ( ` in Crores )Particulars 2010-11 2009-10Turnover 1803.46 992.72Profit /(Loss) Before Tax 99.95 (194.95)Profit /(Loss) After Tax 76.27 (177.27)4.0 SEGMENT-WISE PERFORMANCE4.1 PelletsTarget set for production of Pellets during the year 2010-11 under MOU ‘Good’category was 2.78 million tonnes. Actual production was 2.124 million tonnes which is76% achievement of the target. Due to depressed market condition, Pellet plant waskept under shut down during July 2010 and plant resumed operation on 09-08-2010.Plant was also not in operation during major parts of October, 2010 and December2010.New Secondary (Derrick) Screen in operation4.2 Pig Iron and AuxiliaryTarget set for production of Pig Iron including Auxiliary (MOU Good category) duringthe year 2010-11 is 1,00,000 tonnes. Due to un-economical price of Pig Iron, BF unitwas not operated from 05-08-2009 and there was no production during 2010-11. TheCompany has initiated action for setting up of Coke Oven plant to make the operationof Blast Furnace Unit economically viable.21
Page 3: ContentsBoard of Directors 3Notice
Page 10 and 11: EXPLANATORY STATEMENT PURSUANT TO S
Page 13: Form of ProxyKIOCL LIMITEDRegd. Fol
Page 16 and 17: Production for Asia was 897.9 milli
Page 18 and 19: PROJECTS UNDER CONSTRUCTION :In my
Page 20 and 21: 18Captive Iron Ore Mine:The Company
Page 24 and 25: 4.3 The following table summarises
Page 26 and 27: efforts to cool down the overheatin
Page 28 and 29: Plant at Mangalore, KIOCL has to ge
Page 30 and 31: Consultant recommended that KIOCL c
Page 32 and 33: mortar manufacture. This can also b
Page 34 and 35: Other Mining /Prospecting Leases9.4
Page 36 and 37: either from the recognised Union or
Page 38 and 39: Visit of Third Sub-Committee of Par
Page 40 and 41: Former Secretary (Steel) Shri Atul
Page 42 and 43: Groups on rolls of the Company as o
Page 44 and 45: 23.4 Your Company has also nominate
Page 46 and 47: 25.3 Inspections: 7 CTE type inspec
Page 48 and 49: 27. BOARD OF DIRECTORSAppointmenti)
Page 50 and 51: 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
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Auditors' Report (Contd.)5. a. In o
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Auditors'ReportPara No.COMMENTS/OBS
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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
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Profit and Loss Account for the yea
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Schedule 3FIXED ASSETSG R O S S B L
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Schedules (Contd.)Schedule 6CURRENT
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Schedules (Contd.)Schedule 7CURRENT
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Schedule 10ACCRETION/(-)DEPLETION T
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Schedules (Contd.)Schedule 14PRIOR
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Schedules (Contd.)Schedule 16NOTES
Page 101 and 102:
5. In pursuance of the directive of
Page 103 and 104:
y the Govt of India and is binding
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Schedules (Contd.)Year ended Year e
Page 107 and 108:
Details of measurement of present v
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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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