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

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The details of the Directors with regard to their category, Directorship in other Companies,Membership / Chairmanship in Committee of the Board of other Companies and theirattendance at the Board Meeting and AGM are listed below :Sl. No. Name of Directors Category(S/Shri)Meeting heldduringrespectivetenureNo. ofBoardmeetingattendedAttendanceat the lastAGM heldon 21-7-2010No. ofDirectorshipsNumber of Committees 1MemberChairman1. K Ranganath CMD 9 9 Y Nil Nil Nil2. M B Padiyar, Director (P&P) 9 4 N Nil Nil Nil3. TMGK Bhat Director (Finance) 9 9 Y Nil Nil Nil4. Maj. Gen. (Retd.) Director 1 1 N Nil Nil NilDr. O P Soni 2 (Commercial)w.e.f 1.2.20115. S Machendra Nathan 3 Govt. Nominee 8 8 N 4 Nil Nilw.e.f. 25.5.20106. George Elias 4 Govt. Nominee 6 6 N 1 Nil Nil7. N R Mohanty Independent 9 7 Y 3 1 Nil8. Dr. Chiranjib Sen Independent 9 8 N 1 1 Nil9. B Ramesh Kumar Independent 9 9 Y 1 Nil Nil10. Prof. V R Sastry Independent 9 6 N 1 Nil Nil1. Represents Membership/Chairmanship of two Committees viz.: Audit and Shareholders’/Investors’ GrievanceCommittee.2. In pursuance to Ministry of Steel order No. 5(13)/2009-KDM dated 6.12.2010 Maj. Gen. (Retd.) Dr. O PSoni, VSM assumed the charge of Director (Commercial) w.e.f. 1.2.2011.3. Shri S Machendra Nathan, Additional Secretary & Financial Adviser, Ministry of Steel appointed as Directorvice Shri B S Meena, SS & FA consequent upon later's elevation as Secretary to Govt. of India, Departmentof Heavy Industries.4. Shri George Elias, Joint Secretary to Govt. of India and Govt. Nominee ceased to be Director consequent tohis transfer from Ministry of Steel w.e.f. 20.01.2011.(B) Board Meetings and Procedure52The Board of Directors plays the primary role in ensuring good governance andfunctioning of the Company. The meetings are governed by a structured agenda. Allthe agenda items are backed by comprehensive agenda notes, containing all the vitalinformation, so as to enable the Directors to have focused discussion at the meetingand to take decision. All the relevant information as enumerated in Annexure IA toclause 49 of the Listing agreement and guidelines on Corporate Governance for CPSE’sissued by DPE is placed before the Board. The agenda and agenda notes are circulatedto all the Directors in advance of each meeting of the Board of Directors. Where it
is not practical to send the relevant information as a part of the agenda papers, thesame is tabled in the meeting. The presentation covering the Company’s performance,operations and business strategy are also made to the Board.The Board periodically reviews the compliance status of all the applicable laws. All thedecisions are taken after detailed discussions by the Board Members at the meetings.The members of the Board have complete freedom to express their opinion and haveunfettered and complete access to information in the Company.During the financial year 2010-11, 9 (Nine) meetings of the Board were held on10.5.2010, 4.6.2010, 26.6.2010, 12.7.2010, 11.10.2010, 25.10.2010, 23.12.2010,27.1.2011 and 25.3.2011. The time gap between two Board Meetings is not morethan four months(C) Code of ConductIn pursuance to SEBI and DPE guidelines, Code of Conduct as applicable to Boardlevel and below Board level i.e. one grade below Board level upto General Managercadre is in existence. The same is also available on the website of the Company i.e.www.kioclltd.com. The Code of Conduct is in alignment with Company’s mission andobjectives and aims at enhancing ethical and transparent process in managing the affairsof the Company.All the Board Members and Senior Managerial Personnel have affirmed compliance tothe Code of Conduct. A declaration signed by the Chairman-cum-Managing Directoraffirming the compliance with the Code of Conduct by the Board Members and SeniorManagerial Personnel of the Company is appended at the end of this report.2. Committees of the Board of DirectorsTo enable better and more focus attention on the affairs of the Corporation, the Boarddelegated particular matters to Committee of the Board set up for the purpose. TheseCommittees prepare the groundwork for decision making and report at the subsequentBoard Meeting. The following Committees are constituted by Board:A. Audit Committee;B. Remuneration Committee;C. Sub-Committee of Board of Directors to approve the quarterly financial results;D. Empowered Board Sub-Committee;Corporate Governance (Contd.)E. Committee of Directors with an enhanced power to approve the procurement proposals;F. Share Transfer Committee.53
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 22 and 23: Directors’ ReportDear Shareholder
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: Annexure-IICORPORATE GOVERNANCECOMP
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 and 104: y the Govt of India and is binding
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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