annual report - Jindal Group of Companies

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DIRECTORS' REPORTTo the Members,Your Directors present the 27th Annual Report along with Audited Accounts of the Company for the year ended 31st March, 2011.FINANCIAL RESULTS(Rs. in crore)2010-11 2009-10Total Income 1063.53 1200.81Profit before Depreciation 161.28 140.20Less: Depreciation 11.09 12.10Profit before Tax 150.19 128.10Less: Provision for Tax - Current 50.71 42.29- Deferred (1.33) 1.68- Earlier years (0.02) (0.01)Profit after Tax 100.84 84.14Balance brought forward from previous year 21.42 20.62Profit available for appropriation 122.26 104.76Appropriations- Transfer to General Reserve 10.00 80.00- Proposed Dividend 1.15 2.86- Provision for Tax on Dividend 0.18 0.48- Balance carried forward to Balance sheet 110.93 21.42122.26 104.76DIVIDENDYour Directors are pleased to recommend dividend of Re. 0.50/- (i.e. 10%) per equity share of Rs. 5/- each of the Company forthe year 2010-11.OPERATIONSTotal income of the Company during the year was Rs. 1063.53 crores as against Rs. 1200.81 crores in the previous year. The profitbefore tax during the year increased by 17.24 % to Rs. 150.19 crores from Rs. 128.10 crores. The profit after tax was Rs. 100.84crores as against Rs. 84.14 crores in the previous year increasing by 19.85 %.The Company has been operating rig fleet of five Jack up Rigs, fifteen Directional Drilling equipments and four Mud loggingunits.JOINT VENTURE COMPANIESYour Company has two Joint Venture Companies, namely, Discovery Drilling Pte Limited (DDPL), Singapore and Virtue DrillingPte Limited (VDPL), Singapore.The working of both the Joint Venture Companies are reported to be as envisaged and both rigs are operating under their firstcontracts respectively.DIRECTORSShri Vijay Kaushik retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment.The Board of Directors of the Company, having lost confidence in Shri Naresh Kumar, terminated his services as Managing Directorof the Company w.e.f. 24th September, 2010. Shri Naresh Kumar subsequently resigned as Director of the Company, w.e.f. 30thMarch, 2011.14
DIRECTORS' RESPONSIBILITY STATEMENTAs required under Section 217(2AA) of the Companies Act, 1956, your Directors state:(i) that in the preparation of the Annual Accounts for the year ended 31st March, 2011, the applicable accounting standardshave been followed;(ii) that the accounting policies selected and applied are consistent and the judgments and estimates made are reasonable andprudent so as to give a true and fair view of the state of affairs of the Company at the end of financial year and of the profitof the Company for that period;(iii) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with theprovisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraudand other irregularities;(iv) that the Annual Accounts for the year ended 31st March, 2011 have been prepared on a going concern basis.CORPORATE GOVERNANCEPursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, a Compliance Report on Corporate Governance alongwith Auditors certificate on its compliance has been annexed as part of this Report.AUDITORSM/s S. S. Kothari Mehta & Co., Chartered Accountants, New Delhi, the retiring Auditors, have expressed their unwillingness tobe re-appointed as Statutory Auditors at the ensuing Annual General Meeting of the Company.M/s. G. Sanyal & Co., Chartered Accountants have furnished a letter conforming their eligibility and consent to act as Auditorsof the Company, if appointed, at the ensuing Annual General Meeting of the Company.The observations of the Auditors are explained wherever necessary in the appropriate Notes on Accounts.CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGOThe information in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956, read with the Companies(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is annexed hereto.PARTICULARS OF EMPLOYEESParticulars of employees, as required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particularsof Employees) Rules, 1975, as amended, forms part of this report.However, in pursuance of Section 219(1)(b)(iv) of the Companies Act, 1956, this report is being sent to shareholders of theCompany excluding the aforesaid information. Any member interested in obtaining such particulars may write to the CompanySecretary at the Registered Office of the Company.FIXED DEPOSITSThe Company has not accepted any Deposits within the meaning of Section 58A of the Companies Act, 1956 and the Rules madethere under.ACKNOWLEDGEMENTThe Board expresses its grateful appreciation of the assistance and co-operation received from Central and State Governments,Clients viz. ONGCL, Oil India, OILEX, GSPC, Geo Enpro, Canoro, Banks & Financial Institutions and Shareholders.Your Directors wish to place on record their deep sense of appreciation for the devoted contribution made by the employees& associates at all levels.Place : GurgaonDated : 3rd August,2011For & on behalf of the BoardD.P.JINDALChairman15
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annual report - Jindal Group of Companies

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