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

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11. According to the information and explanations given to us, the Company has not defaultedon payments to banks, financial institutions. The Company has not issued any Debentures.12. The Company has not provided any advance or loan on the basis of security by way ofpledge of shares, debentures and other securities.13. The Company is not a chit fund or a nidhi/mutual benefit fund or society. Therefore, theprovisions of clause 4(xiii) are not applicable.14. The Company is not dealing or trading in shares, securities, debentures and other investments,therefore clause referred in Para 4(xiv) is not applicable.15. According to the information and explanation given to us, the Company has not given anyguarantee for loans taken by others.16. According to the information and explanation given to us, the Company has not availedany term loans during the year under report.17. According to the information and explanations given to us and on an overall examinationof the Balance Sheet of the Company we report that the Company has not raised anylong term or short term loans during the year.18. During the year, the Company has not made any preferential allotment of shares.19. The Company has not issued any Debentures; therefore Para 4(xix) is not applicable forthe Company.20. The Company has not raised money from the public; therefore Para 4(xx) is not applicablefor the Company.21. In our opinion and according to the information and explanation given to us, during theperiod under audit, no cases of fraud on or by the Company were reported.For ASA & ASSOCIATESCHARTERED ACCOUNTANTS(Firm Registration No. 009571N)Place : Bangalore Nitish P. (Mem. No. 024736)Date : 2nd June, 2011Partner76
Auditors'ReportPara No.COMMENTS/OBSERVATIONS OF THE STATUTORY AUDITORS ANDREPLY BY THE COMPANYComments / ObservationsReply by the CompanyC. a. Confirmations of Balances have beenobtained in certain cases only. (ReferNote 19 in Schedule 16 “Notes onAccounts”)The position has been clearly explained in Note19 of Schedule 16 to the Accountsb. The Company has neither paid norprovided for Cess Payable u/s 441Aof the Act since no notification hasbeen issued as specified in Sub Section(1) of that Section.The observation is self explanatory.c. The “Blast Furnace Unit” (BFU) ofthe Company is not in operationsince August 2009. The Companyhas continued to carry the FixedAssets of BFU at book value on thebasis that the Recoverable Amount ismore than the book value as per anassessment carried out in the year2009-10. In accordance with theAS-28 – ‘Impairment of Assets’, suchassets are required to be assessedfor impairment loss at each BalanceSheet date. In the absence of suchassessment, impairment loss, ifany, remains to be ascertained andaccounted for.Valuation of the BFU assets was conductedin July 2009 by an approved GovernmentRegistered Valuer.The value of BFU Assets has been assessedas ` 360.93 Crores as against the book valueof ` 167.17 Crores, it is not expected thatthe assessed value of BFU Assets will fall bymore than ` 193.76 Crores (i.e. 54%) with ina period of one year.As the assessed value is more than the carryingcost, no impairment loss is envisaged.D“Claims against the Company notacknowledged as debts” (Refer NoteNo 2 (B) (b) (ii) ) of Schedule 16– Notes forming Part of Accounts)amounting to ` 16,845.48 Lakhs,includes ` 726.96 Lakhs not being aclaim against the Company and thusoverstated by that extent. However,the same has no impact on theaccountsFactual. No comments.77
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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 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: Auditors' Report (Contd.)5. a. In o
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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