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

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KIOCL Limited(Formerly Kudremukh Iron Ore Company Limited)(A Government of India Enterprise)Registered Office :II Block, Koramangala, Bangalore - 560 034Telephone : 080 - 25531461 / 70Fax : 080 - 25532153 / 25535941Website : www.kioclltd.comISO 9001, 14001and OHSAS 18001 CompanyAppendix - II to Annexure IIThe Board of Directors,KIOCL Limited,II Block, Koramangala,Bangalore-560 034.Sub : Financial and Cash Flow statements.Dear Sir,a) We hereby certify that we have reviewed the Financial statements and Cash Flow Statementsfor the year 2010-11, and to the best of our knowledge and belief:i) these statements do not contain any materially untrue statement or omit any material factor certain statements that might be misleading;ii) these statements together present a true and fair view of the Company’s affairs and arein compliance with existing accounting standards, applicable laws and regulations;b) to the best of our knowledge and belief, no transactions were entered into by the Companyduring the year 2010-11 which are fraudulent, illegal or violative of the Company’s Code ofConduct;c) we accept the responsibility for establishing and maintaining internal controls for financialreporting and we have evaluated the effectiveness of the internal control systems of the Companypertaining to financial reporting and have disclosed to the Auditors and the Audit Committee,deficiencies in the design or operation of such internal controls, if any, of which we are awareand we have taken steps to rectify these deficiencies;d) We have indicated to the Auditors and the Audit Committeei)significant changes in internal control over financial reporting during the year;ii) significant changes in Accounting Policies during the year 2010-11 and that the same havebeen disclosed in the Notes to the financial statements; andiii) instances of significant fraud of which we have become aware and the involvement therein,if any, of the management or an employee having a significant role in the Company’s internalcontrol system.This certificate is issued in compliance with Clause 49 (V) of the Listing Agreement with the StockExchanges.(K Ranganath) (TMGK Bhat)Chairman-cum-Managing DirectorDirector (Finance)Place : BangaloreDate : 31-05-201170
Annexure-IIIASA & ASSOCIATESChartered AccountantsA 2, Ground FloorAkruti Antara ApartmentsNo. 11/1, Haudin RoadBengaluru - 560 042. IndiaTel : +91 080 4151 0751Fax : +91 080 4113 5109Website : www.asa.inCERTIFICATE ON CORPORATE GOVERNANCETo the Members ofKIOCL LIMITEDWe have examined the compliance of Corporate Governance by KIOCL Limited for the year ended31st March 2011, as stipulated in clauses 49/51 of the Listing Agreement of the said Companywith Stock Exchanges in India.The compliance of conditions of Corporate Governance is the responsibility of the management.Our examination was limited to procedures and implementation thereof, adopted by the Companyfor ensuring the compliance of the conditions of Corporate Governance. It is neither an audit noran expression of opinion on the financial statements of the Company.In our opinion and to the best of our information and according to the explanations given to us,we certify that the Company has complied in all material respects with the conditions of CorporateGovernance as stipulated in the above mentioned Listing Agreement, except clauses 49(1A)(i) and(ii) of the said agreement in respect of required number of Non Executive / Independent Directors.As informed to us, there are no investor grievances pending for a period exceeding one monthagainst the Company.We further state that such compliance is neither an assurance as to the future viability of theCompany nor the efficiency or effectiveness with which the management has conducted theAffairs of the Company.For ASA & ASSOCIATESCHARTERED ACCOUNTANTS(Firm Registration No. 009571N)Place : Bangalore Nitish P. (Mem. No. 024736)Date : 2nd June, 2011Partner71
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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 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: KIOCL Limited(Formerly Kudremukh Ir
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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