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

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A. Audit CommitteeThe Company has an Audit Committee at the Board level functioning since 2000 withthe powers and role that are in accordance with Section 292A of the Companies Act,1956, Clause 49 of the Listing Agreement and DPE guidelines. The Committee actsas a link between the Management, the Statutory Auditors, Internal Auditors and theBoard of Directors to oversee the financial reporting process. The Audit Committeeconsists of four members and all of them are Independent Directors. The majority ofthe Audit Committee members have accounting and financial management expertise.Director (Finance), Chief of Internal Audit, Statutory Auditors are the permanentinvitees to the meeting. In addition, other Functional Directors except CMD, SeniorManagerial Personnel are also invited to the Committee meetings to present reportson the respective items being discussed as and when required. Company Secretaryacts as a Secretary to the Committee.The Audit Committee observes and controls the financial reporting process of theCompany with a view to provide accurate and proper disclosures. The Committeereviews the Internal Audit reports periodically as well as action taken report. TheCommittee also gives directions to the Management in areas needs to be strengthened.The recommendation of the Audit Committee is binding on the Board.During the financial year 2010-11, eight meetings of the Audit Committee were heldon 30.4.2010, 8.5.2010, 25.6.2010, 9.7.2010, 9.10.2010, 23.12.2010, 27.1.2011 and14.3.2011. The time gap between two Audit Committee meetings is not more thanfour months.The Composition of the Audit Committee as on 31.3.2011 and the attendanceof the members at the meetings are as under:Name of Director No. of Meetings held No. of meetings(S/Shri) during respective tenure attendedN. R. Mohanty 8 8Dr. Chiranjib Sen 8 3B. Ramesh Kumar 8 8Prof. V. R. Sastry 8 754The terms of reference of the Audit Committee are as under: -a) To comply with the requirements in accordance with Section 292A of the CompaniesAct;b) To comply with the requirement relating to the Audit Committee as envisaged in Clause49 of listing agreement; and the Guidelines on Corporate Governance issued by theDepartment of Public Enterprises (DPE), 2010 for CPSEs.
Corporate Governance (Contd.)c) To take on record and/or to review unaudited/audited quarterly/half-yearly/annualfinancial statements of the Company.B. Remuneration CommitteeIn accordance to Corporate Governance guidelines for CPSEs issued by Departmentof Public Enterprise, the Remuneration Committee of the Company has been reconstituted.The Committee presently comprises of all Independent Directors as itsmembers.The term of reference of the Committee is to look into the aspects of annual bonus/ variable pay pool and policy for its distribution across the Executives and Non-Unionized Supervisors, within the prescribed limit. In addition to the same, any othermatter, specifically referred by the Board of Directors for its recommendation. Duringthe financial year, 2 (Two) meetings of the Remuneration Committee were conductedon 7.10.2010 and 25.10.2010.The Composition of the Remuneration Committee as on 31.3.2011 and theattendance of the members at the meetings are as under:Name of Director No. of Meetings held No. of meetingsduring respective tenureattendedShri B. Ramesh Kumar 2 2Dr. Chiranjib Sen 2 2Prof. V. R. Sastry 2 1C. Sub-Committee of Board of Directors to approve the quarterlyfinancial results;The Company has a sub-Committee of the Board with the power to consider andapprove the un-audited and audited quarterly and yearly financial results of the Company.The result as approved by the Committee is subsequently placed to the Board forratification. During the financial year, one meeting of the Committee was conductedon 30.4.2010.The composition of the Board Sub Committee as on 31.3.2011 and theattendance of the members at the meeting is as under:Name of Director No. of Meetings held No. of meetings(S/Shri) during respective tenure attendedK. Ranganath 1 1TMGK Bhat 1 1B. Ramesh Kumar 1 1Prof. V. R. Sastry 1 155
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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 and 54: Annexure-IICORPORATE GOVERNANCECOMP
Page 55: is not practical to send the releva
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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