ANNUAL REPORT 1999-2000 2 22 22 Highlights ................................................................................................... 3 Chairmans Letter ....................................................................................... 4 Managements Discussion and Analysis ..................................................... 7 Environment Report .................................................................................. 19 Social Report ............................................................................................. 21 Corporate Governance Report ................................................................... 23 Shareholder Information .......................................................................... 30 Board of Directors ..................................................................................... 35 Financial Highlights ................................................................................. 36 Directors Report ....................................................................................... 38 Auditors Report ........................................................................................ 52 Balance Sheet ........................................................................................... 54 Profit and Loss Account ............................................................................. 55 Schedules .................................................................................................. 56 Secretarial Compliance Certificate ............................................................ 84 Reconciliations of Profits and Stockholders Equity under US GAAP with Indian GAAP ............................................... 87 Subsidiary Company Accounts ................................................................... 89 Contents 3 33 33 Highlights Commenced work on the Rs.18 billion brown-field expansion at Renukoot Acquiring a majority stake in Indian Aluminium Company Limited Metal production up 3.3% year-on-year; Smelter utilisation at record high levels of 103% Share of value added products risen from 49% to 52% Sales revenues grew by 15%, export revenues soared 89% Operating costs up only 1.6%, defied even inflationary trends Operating margins improved further from 44% to 46.3% Pre-tax profits soared 24%; Net profit after extra-ordinaries up 8% Return on average capital employed up from 21.4% to 22.7% Debt-equity down further to 0.14x Received commendation certificates - CII Exim Award for Business Excellence and Rajiv Gandhi National Quality Award. 4 44 44 The Chairmans Letter to Shareholders Our strategies aim to leverage on the Companys strategic and cost advantages to enhance value in the changing business environment. We are proud to be amongst the lowest cost producers in the world with benchmarked efficiencies Kumar Mangalam birla, Chairman Dear fellow shareholders, HINDALCO IN FOCUS HINDALCO IN FOCUS HINDALCO IN FOCUS HINDALCO IN FOCUS HINDALCO IN FOCUS It was yet another successful year for us at Hindalco. To transform it from being a supplier of metal to a complete solutions provider and to maintain its leadership in the domestic aluminium industry, the Company has made several value creating strategic moves during the year. Hindalco decided to acquire a 54.6% stake in Indian Aluminium Company (Indal) from Alcan. It is also in the process of making a public offer for a further 20% stake, as per regulatory norms. This is the biggest cash buy-out made by any corporate in India so far. The synergistic benefits of the acquisition, arising out of Indals surplus alumina capacity, strong market position in downstream products and locational advantages will enable Hindalco move closer to customers and enhance value for shareholders. The Company has opted in favour of a brownfield expansion at its existing site in Renukoot and has already commenced work on the project. It will be commissioned in phases during the next three years and will contribute immensely towards Hindalco retaining the coveted position of the market leader in the domestic aluminium industry. Hindalco has shelved the greenfield project, Aditya Aluminium, on value creation criteria. As mentioned in my letter last year, we carried out a detailed study on the proposed greenfield project with the help of Kaiser Bechtel. The outcome was not encouraging and expected returns were not commensurate with the risk associated with the project. This necessitated shelving of the project during the year. These proactive measures, I believe, will go a long way in strengthening Hindalcos competitive position in the domestic and international markets. It will also aid the Company to continue to be one of the lowest cost aluminium producers in the world. It was an excellent year operationally. Overall performance demonstrated significant improvement on the back of improved plant efficiency, higher yields and better price realisation. Consumption norms were further improved, reflecting a continued search for excellence by the management of the Company. The revenues and profitability have reached record high levels. Gross sales revenues grew by 15% while pre-tax profit and net profits have risen by 24% and 8% respectively. Our outlook for aluminium and Hindalco is buoyant. The global aluminium industry is on the growth trajectory and is benefiting from the on-going recovery in Asia, consolidation in Europe and stable US markets. LME pricing outlook is also promising. Benefiting from such positive trends and accelerating levels of economic and industrial activity, the domestic aluminium industry is expected to grow strongly in future. Increasing acceptance for new applications will contribute positively towards this end. Deregulation and globalisation have made geographical boundaries meaningless and resulted in increased competition from international producers and threat from substitute products. Going forward, tight control over costs, improved efficiency and optimum asset utilisation will be key to enhancing margins. We, at Hindalco, are fully seized of the situation. Our strategies aim to leverage on the Companys strategic and cost advantages to enhance value in the changing business environment. We are proud to be amongst the lowest cost producers in the world with benchmarked efficiencies. The Companys strategy for delivering outstanding value in the new millennium is three pronged: Strengthen cost structure, improve market effectiveness and pursue value creating growth opportunities. The Company will maintain its cost competitiveness through further improvements in control over key inputs, enhanced asset utilisation and reduction in consumption norms. Hindalco will capitalise on its advantages of integrated manufacturing facility and scout for opportunities to further strengthen control over key inputs. It will better consumption norms of bauxite, alumina, power and steam by embracing cost efficient technologies and refining process efficiencies. 5 55 55 Greater market effectiveness by emphasising on value-added products and long-term competitiveness is the second leg of our strategy. The Company will increase share of value added products to mitigate the impact of LME volatility and create competitive entry barriers in the market place. Application development will remain a focus area. Energies will be riveted on sustaining long-term competitiveness by leveraging Hindalcos strong metal base and competitive cost structure. Thirdly, we will pursue value adding growth opportunities through creation of globally competitive capacities in the primary and downstream segments, where required. Timely expansions and acquisitions will be considered for capturing opportunities in the aluminium industry. Such moves will be made only if it makes economic sense and offers significant potential to create value for shareholders. In essence, aluminium is, and will remain, a core growth business for the Aditya Birla Group. Hindalco will continue to focus only on aluminium in future. The Companys well crafted strategy, benchmarked efficiencies and continuing search for excellence, I believe, will allow it to scale new heights and deliver outstanding value for shareholders and other stakeholders in the new millennium. At this juncture, I would like to take the opportunity of placing on record my admiration for our employees and the management team at Hindalco. Their dedication and commitment have been, and continue to be, integral to our success and to creating shareholder value. THE ADITYA BIRLA GROUP IN PERSPECTIVE THE ADITYA BIRLA GROUP IN PERSPECTIVE THE ADITYA BIRLA GROUP IN PERSPECTIVE THE ADITYA BIRLA GROUP IN PERSPECTIVE THE ADITYA BIRLA GROUP IN PERSPECTIVE I would now like to brief you on some of the measures taken by us at the Group level. As you are aware, tectonic shifts are changing the very contours of the economic and business environment, regardless of geographic boundaries. Digitalisation, deregulation, globalisation and investor activism have altered the corporate landscape and ushered in an era of discontinuity. Organisations in India have had to reconstruct their business architecture and we, at the Aditya Birla Group, are no exception. To face these challenges, over the last few years, we have been constantly re-inventing our Group. Our basic objective is to ensure sustainable success and deliver outstanding value for our shareholders, customers, employees and the community at large. A slew of proactive measures have been unveiled, riding on our renewed strategic thrust, innovative structural initiatives and contemporary systems adoption. In my letter last year, I had shared several of these. Today, I wish to keep you abreast of the progress achieved in these areas and the growth trajectory that we will traverse in this new millennium. RENEWED STRATEGIC THRUST RENEWED STRATEGIC THRUST RENEWED STRATEGIC THRUST RENEWED STRATEGIC THRUST RENEWED STRATEGIC THRUST Fundamental value creation and a razor-sharp business focus continue to be the pillars of our strategic thrust. Consequent to the in-depth review of business portfolio by the Boston Consulting Group, we have identified the core business for each of our Companies. Businesses have been evaluated against stringent value creation criteria. We have made a conscious decision to build and grow only those businesses that have high value creation potential. While in the past, our portfolio focused heavily on capital intensive manufacturing businesses, the future may see us move increasingly into knowledge-based, brand-management and service sectors, where again we will scout for a premium position a position of leadership. At the portfolio level, we will continue to look into some of the businesses that are futuristic and add to enhancing shareholder value. Knowledge-based industries offer enormous growth. This sunrise sector is far less capital intensive and has the advantage of enhanced value creation in a much shorter time frame. Acquiring management control in Learning Byte International by overseas companies of the Group and the strategic alliance with Lawson for setting up the Lawson Competency Centre by Birla Consultancy and Software Services, Our basic objective is to ensure sustainable success and deliver outstanding value for our shareholders, customers, employees and the community at large 6 66 66 In response to the changing times, we are continuously striving to make the Aditya Birla Group as market- driven and agile a division of Grasim Industries Limited are forward steps in this direction. Similarly, the acquisition of Madura Garments by Indian Rayon and Industries Limited has overnight catapulted the Group to the top-of-the-league in the branded apparels sector. Importantly, these strategic moves have significantly enhanced value for shareholders of Indian Rayon and Grasim. In the new economy, cellular services offer a significant growth platform in the telecom sector that is rapidly consolidating. Our strategic alliance with Tata Telecommunications is a forward step that will help take our telecom business ahead. To bring in sharper business focus and to realise better synergies, we have recoursed to restructuring, where ever necessary. Restructuring of the cement business has not only created synergies and simplicity of operations, but has given us one resounding voice in the market place, propelling our growth from one strong platform vis--vis fragmented units in operation. STRUCTURAL INITIATIVES STRUCTURAL INITIATIVES STRUCTURAL INITIATIVES STRUCTURAL INITIATIVES STRUCTURAL INITIATIVES To institutionalise enabling processes that help us benchmark with the best in the world, to align the interest of shareholders and employees, and to better manage capital, we have chosen Cash Value Added (CVA) as our measurement metric. It is the cornerstone of the value management architecture, to which I am personally committed. CVA helps us focus on the three key aspects of value creation, i.e., profitability, asset productivity and growth. Simply put, CVA is a structured, exhaustive process that entails understanding business variables in depth and quantifying their effect on value creation. This process enables us put our finger on the key drivers of value creation in every single activity that we do. In response to the changing times, we are continuously striving to make the Aditya Birla Group as market-driven and agile. To do so, we are doing our utmost to create an organisational ambience where talent can bloom. Unleashing people power in a planned manner through a focus on their growth, development and learning is our priority. Our thrust is on developing the Groups intellectual capital. Infusion of fresh blood and talent at all levels coupled with the creation of thought leaders has gained momentum. Six directors have been inducted at the Corporate level and professionals of high calibre have been recruited. The retirement policy has been implemented. Succession plans are well in place. Building, developing and upgrading competencies across the Group through training and development continues as an integral ongoing activity. These steps will not only help us nurture leaders, but capable, self- assured colleagues across all levels. The push on growing intellectual capital in the Group will propel it to new heights of value-creation in future. CONTEMPORARY SYSTEMS ADOPTION CONTEMPORARY SYSTEMS ADOPTION CONTEMPORARY SYSTEMS ADOPTION CONTEMPORARY SYSTEMS ADOPTION CONTEMPORARY SYSTEMS ADOPTION We are institutionalising processes to realise better value for our shareholders. To create a wired organisation, which will accentuate the quality of communication and information flow throughout the Group, we are in the process of setting up the Aditya Birla Information Highway. Gyanodaya our temple of learning has gone on-stream. It will help us constantly upgrade our knowledge base. These proactive measures, in my view, will help weave our Group into one seamless organisation, with the singular aim of creating value for our shareholders in 21 st century and beyond. Thank you, Yours sincerely, Kumar Mangalam Birla 7 77 77 O\|K\l|W O\|K\l|W O\|K\l|W O\|K\l|W O\|K\l|W l| wes eae|ler ettellea| eer ler Nla1elte, |e|l s|re|eltell ea1 ejere|leaell. !le Cemjea reter1e1 ell- reta1 lmjretemea| la jerlermeate wl|l lmjrete1 esse| t|lllse|lea, |e||er lel1s ea1 lller jrlte reellse- |lea. !le Cemjea les etllete1 |le llles| eter teltmes ea1 reteates 1trla |le eer. Oress seles reteates lete eae tj !1. eer-ea-eer [IeI} |e Ks.Z1.1 |llllea ea1 ejere|la jrell|s lete seere1 lrem Ks.l.l |llllea la !- |e Ks..11 |llllea la !-Z111. Ne| jrell| |elere et|reer1laerles les eae tj !Z lrem Ks.'.l |llllea |e Ks..1' |llllea. Ne| jrell| el|er et|reer1laerles e| Ks..!Z |llllea rellet|s ea latreese el IeI. !!K/!|OlC O\|! !O |NN/NC| !N/K|NOLD|K \/LU| !!K/!|OlC O\|! !O |NN/NC| !N/K|NOLD|K \/LU| !!K/!|OlC O\|! !O |NN/NC| !N/K|NOLD|K \/LU| !!K/!|OlC O\|! !O |NN/NC| !N/K|NOLD|K \/LU| !!K/!|OlC O\|! !O |NN/NC| !N/K|NOLD|K \/LU| l| wes e lea1merl eer s|re|eltell. !le Cemjea eaaetate1 |le ettlsl|lea el la1lea /ltmlaltm Cemjea Llml|e1 [la1el}, temmeate1 werl ea |rewallel1 etjeaslea ea1 slelte1 |le reeallel1 jrejet| ea |le telte tree|lea trl|erle. !lese metes wlll eae|le Nla1elte 1ellter et|s|ea1la telte ler slerelel1ers ea e sts- |elae1 |esls la lt|tre. /ttlsl|lea el Cea|rellla !|ele la la1el !le Cemjea 1etl1e1 |e ettlre e mejerl| s|ele la la1el, |lretl |le ettlsl|lea el e '1. s|ele lrem /ltea, lellewe1 | e jt|llt eller ler ea e11l|leael Z1 s|ele es jer retle|er aerms. !le ettlsl|lea wlll |e 1eae e| e jrlte el Ks.!1 jer slere ea1 wetl1 tes| |le Cemjea ereta1 Ks.!1.! |llllea. !le ettlsl|lea wlll |e lta1e1 |lretl strjlts tesl etelle|le, wl|l ae lresl 1e|| er etl|. !le ea|lre jretess ls etjet|e1 |e |e temjle|e1 | ea1-!tae Z111. !le ettlsl|lea ellers slallltea| saerls|lt |eaell|s |e |le Cemjea. l| wlll eae|le Nla1elte s|rea|lea jreseate la |le eltmlae ea1 1ewas|reem jre1tt|s. la1el les e s|rea jesl|lea la |le 1ewas|reem jre1tt|s ea1 |eaell|s lrem l|s lete|leael ea1 1ls|rl|t|lea s|rea|ls. !lese let|ers, |ee|ler wl|l Nla1eltes etls|la lee1ersllj la |le jrlmer eltmlaltm merle|, wlll eae|le l| |e reetl tleser |e |le tts|emers ellltlea|l. 8rewallel1 |tjeaslea Ua1erwe Fellewla l|s 1etlslea |e slelte |le reea-llel1 jrejet| ea1 |le aee1 |e eastre lt|tre rew|l, |le Cemjea em|erle1 ea e |rewallel1 etjeaslea e| |le etls|la lete|lea la Keatlee|, U||er Pre1esl. !lls jrejet| wlll |e lmjlemea|e1 e| e tes| el Ks.! |llllea. l| wlll etjea1 |le !mel|er tejetl| | !11,111 |eaaes jer eaatm [!P/}. la e11l|lea, eltmlae rellala tejetl| wlll |e latreese1 | e Z!1,111 !P/ wl|l e me|tlla latreese la tej|lte jewer eaere|lea letlll|les. !le jrejet| wlll |e lta1e1 |lretl 1e|| ea1 la|erael tesl eaere|lea. !le werl ea |le jrejet| les elree1 |eta ea1 wlll |e temmlssleae1, la jleses, la aet| 1 eers. Oreeallel1 Prejet| !lelte1 ea \elte Cree|lea Crl|erle !le Cemjea slelte1 |le jrejese1 reeallel1 jrejet| la Orlsse ea |le telte tree|lea trl|erle. / 1e|elle1 leesl|lll| s|t1 ea |le reeallel1 eltmlaltm jrejet| wes temjle|e1 1trla |le eer. !le restl|s were ae| jremlsla ea1 etjet|e1 re|tras were ae| temmeastre|e wl|l |le rlsl essetle|e1 wl|l sttl e lere jrejet|. !le lal|lel tes| el Ks.ZZ mllllea lattrre1 ea |le jrejet| wes wrl||ea-ell es e eae-|lme, aea-rettrrla tes| 1trla |le eer. K|\l|W OF OP|K/!lON! K|\l|W OF OP|K/!lON! K|\l|W OF OP|K/!lON! K|\l|W OF OP|K/!lON! K|\l|W OF OP|K/!lON! Ojere|leael Ketlew ea1 /aelsls !le jerlermeate el |le Cemjea 1emeas|re|e1 slallltea| lmjretemea| 1trla |le eer. lmjrete1 jlea| ellltleat, lller lel1s es well es |e||er jrlte reellse|lea la |le letel ea1 etjer| merle|s le1 |e reter1 lll teltmes, |e||er reteates ea1 ealeate1 jrell|e|lll|. Capacity Utilisation at Record High Levels !le Cemjea ealeate1 l|s eterell esse|s t|lllse|lea teasl1ere|l. !lls wes st|s|ea|lel la |le !mel|er, Kelle1 Pre1tt|, |t|rtslea ea1 Fell jlea|s. !mel|er t|lllse|lea seere1 lrem . |e !1Z. ea |le |etl el lmjrete1 ttrrea| ellltleat ea1 restl|e1 la e 1.1 rlse la me|el et|jt| |e Z1,11 |eaaes la !-Z111. l| ls slallltea| teasl1erla |le let| |le| |le smel|er wes elree1 ejere|la e| ej|lmtm t|lllse|lea letel. Managements Discussion and Analysis From the President and Whole-Time Director to Shareholders 8 88 88 8eaell|la lrem |lls ea1 latreese1 letts ea lll-merla telte-e11e1 jre1tt|s, 1ewas|reem letlll|les else rejer|e1 ae|e|le lmjretemea| la t|lllse|lea letels 1trla |le eer. Sales Volume and Product Mix !eles teltmes rew | .' ea |le |etl el e st|s|ea|lel reteter la |le 1emea1 lrem le teastmla set|ers tlt., teastmer 1tre|les, elet|rltel ea1 elet|realts, teas|rtt|lea ea1 |reasjer|e|lea. !le reteter la |le eteaem ea1 restl|ea| jltl-tj la 1emea1 ler ea1-tse jre1tt|s le1 e jesl|lte |eerla ea eltmlaltm teastmj|lea. !ella e1tea|ee el |lls ea1 eresslte merle|la eller|s, Nla1elte teastletsl latreese1 l|s slere el lll merla, telte e11e1 jre1tt|s, tj lrem 1 |e 'Z la !-Z111. 0 20 40 60 80 100 120 140 160 Foils Redraw Rods Extrusions Rolled Products Metal 1997-98 1998-99 1999-00 (%) Capacity Utilisation Revenue Mix Extrusion 6% Foil 4% Rolled 19% Rods 19% Billets 4% Ingots 48% Extrusion 5% Foil 1% Rolled 18% Rods 22% Billets 3% Ingots 51% 1999-2000 1998-1999 9 99 99 l|s reaewe1 etjer| letts |e |ele e1tea|ee el e reteter la le|el 1emea1 else tea|rl|t|e1 |ewer1s lmjretla seles teltmes. Oterell etjer|s teeme1 lrem Ks.!. |llllea la !- |e Ks.1.!Z |llllea la !-Z111, ea latreese el IeI. |tjer| el telte e11e1 jre1tt|s tea|rl|t|e1 slallltea|l. Sales Volume (Tonnes) Sales Volume (Tonnes) Sales Volume (Tonnes) Sales Volume (Tonnes) Sales Volume (Tonnes) Gross Sales (Rs. in Million) Gross Sales (Rs. in Million) Gross Sales (Rs. in Million) Gross Sales (Rs. in Million) Gross Sales (Rs. in Million) 1999-2000 1999-2000 1999-2000 1999-2000 1999-2000 1998-99 1998-99 1998-99 1998-99 1998-99 % Change % Change % Change % Change % Change 1999-2000 1999-2000 1999-2000 1999-2000 1999-2000 1998-99 1998-99 1998-99 1998-99 1998-99 % Change % Change % Change % Change % Change lae|s !Z1,'11 !!,1'1 Z.! ,lZZ ,!1 '. 8llle| !1,''Z l,1'l 11.1 Z1 'lZ 11. Ke1rew Ke1s 1,1!! '!,11! [-}'.1 1,1Z' 1,11 [-}1.Z Kelle1 Pre1tt|s 1,l1Z 1!,11 !l. ',1'' 1,!1Z ZZ.1 |t|rtslea !',Z'l !!,1 11. !,Z1 !,ZZ1 11.! Fells l,1!1 !,'1' 1.1 l ! 1'. O|lers 11 11 !1.1 !e|el Z'1,l! Z1!,11 .' Z1,1l Z1,!1! !1. Ingots and Billets !le tem|lae1 seles el lae|s ea1 |llle|s rew | 1.' lrem !Z',11l |eaaes la !- |e !1!,1Z |eaaes la !-Z111. |tjer| el |lese jre1tt|s aeerl 1et|le1 |e 1',ll' |eaaes ea |le |etl el lmjrete1 |llle| teltmes |e |le U! ea1 /slea merle|s. !le me1es| rlse la eree|e seles teltmes el lae|s ea1 |llle|s rellet| |le Cemjeas teastlets slll| |ewer1s telte e11e1 jre1tt|s. Redraw Rods Ke1rew re1s wes |le eal jre1tt| te|eer, wlere we etjerleate1 e 1etllae la teltmes. !eles teltmes 1ljje1 | '.1 lrem '!,11! |eaaes la !- |e 1,1!! |eaaes la !-Z111. !lls wes |le restl| el e teastlets 1etlslea |elea | |le Cemjea 1te |e e sletl la 1emea1 lrem |le !|e|e |let|rltl| 8eer1s ea1 jeer reellse|lea. Rolled Products !le seles el relle1 jre1tt|s rew | !l., ea |ej el e Z'. rew|l les| eer, |e 1,l1Z |eaaes la !-Z111. lmjrete1 1emea1 lrem |le teas|rtt|lea, |reasjer|e|lea, teastmer 1tre|les, elet|rltel ea1 elet|realts set|ers tea|rl|t|e1 |ewer1s |lls ea1. /resslte merle|la eller|s ea1 stttessltl jeae|re|lea la|e |le aew etjer| merle|s else tea|rl|t|e1 jesl|ltel. |tjer|s el relle1 jre1tt|s rew | 1 lrem ,1l |eaaes la !- |e ,l' |eaaes la !-Z111. !le tea|tm jtmj la temmertlel telltle seles le1 |e e sjtr| la 1emea1 ler relle1 jre1tt|s tse1 ler |e1-|tll1la et|ltl|les. !le rew|l la 1emea1 lrem |le elet|rltel set|er, esjetlell la |le lemj tej ea1 |ts |er ejjllte|leas else tea|rl|t|e1 |ewer1s |e||er teltmes 1trla |le eer. / jltl-tj la |le teas|rtt|lea set|er else tea|rl|t|e1 jesl|ltel wl|l lller 1emea1 ler reella slee|s. !le Cemjea |eaell|e1 lmmeasel lrem l|s teater|e1 eller|s |e la|re1tte aew ejjllte|leas. Dtrla |le eer, |le Cemjea stttessltll es|e|llsle1 aetel ejjllte|leas la |le lellewla erees Ll|le s|etl tse1 ler jrla|la /ltle1 |retla s|etl |ela stjjlle1 |e /t|e-set|er ler tsee la ter re1le|ers Clrtles ler ell|e teelwere Fleerla slee|s ler |ts-|e1 ejjllte|lea !|ttte em|esse1 slee| ler reella !lese ejjllte|leas tea|rl|t|e1 me1es|l |e teltmes 1trla |le eer. !le slere el |lese jre1tt|s sletl1 rlse st|s|ea|lell wl|l latreesla ettej|eate la lt|tre. Extrusions !le tj|tra la |le |reasjer|e|lea, teas|rtt|lea, elet|rltel & elet|realts ea1 teastmer 1tre|le set|ers lelje1 |le et|rtsleas semea| es well. !le seles el et|rt1e1 jre1tt|s rew | 1! IeI 1 0 1 0 1 0 1 0 1 0 |e !',Z'l |eaaes es eelas| e aee|lte rew|l la !-. !le le tea|rl|t|ers el sttl ea lmjresslte rew|l were reteter la 1emea1 ler temmertlel telltles, latreesla slll| |ewer1s eltmlaltm |e1les | temmertlel telltle tsers ea1 |e||er 1emea1 lrem |le teas|rtt|lea set|er ler ttr|ela wellla, jer|l|lea ea1 1eer/wla1ew jeaellla ejjllte|leas. !le Cemjeas aew jre1tt| 1etelejmea| eller|s eae|le1 l| |e |ree1ea l|s jre1tt| jrellle ea1 ealere |le tts|emer |ese, etea|tell restl|la la |e||er et|rtslea teltmes ea1 reellse|lea. New jre1tt|s ea1 ejjllte|leas stttessltll la|re1tte1 1trla |le eer latlt1e !tr|e teeler s|etl ler temjt|er-ler1were Lee1 lree metllala elles ler lll metllala sjee1s 11' / 1Z me1ltm s|rea|l elles ler |le |reasjer| ea1 |le teas|rtt|lea set|er Foils !le eer merle1 e slallltea| lmjretemea| la |le ejere|leas, teltmes ea1 jre1tt|-mlt la |le lells semea|. !eles teltmes jtmje1 1 IeI |e l,1!1 |eaaes wl|l s|e|lllse|lea el |le jlea| ejere|leas. Oela lerwer1, |le Cemjea wlll letts ea lll telte jre1tt|s, latlt1la |llaaer ete me|erlels ea1 teater|e1 lells. Wheels !le eltmlaltm elle wleel jlea| e| !lltesse temmeate1 ejere|leas 1trla !ej|em|er ! ea1 ls |ela s|e|lllse1. !le Cemjea jre1tte1 ',1'! wleels ea1 lettse1 eaerles ea e||la jre1tt| ejjretel lrem |le Orllael |tljmea| eatlet|trers [O|s}. !le Cemjea reter1e1 e seles teltme el Z,!Z wleels ea1 wes jrlmerll la |le el|er-seles merle|. !le Cemjea me1e slallltea| jreress la l|s eller|s |e se| tj |le merle|la ae|werl ler eltmlaltm elle wleels ea1 wlll |e reejla l|s |eaell|s la |le ttrrea| llaeatlel eer. Prltla ea1 Prell|e|lll| !le L| eltmlaltm jrltes retetere1 slerjl 1trla |le eer, el|er |ettlla e '-eer lew el U!; !,!1! jer |eaae 1trla ertl !. !lls restl|e1 la e reteter la |le le|el 1emea1 ea1 1rej la |le L| latea|erles. !le le|el eltmlaltm la1ts|r lere1 well 1trla !, ea |le |etl el e .1 rew|l la 1emea1, el|er e weel jerlermeate la !. !|rea|leae1 1emea1 lrem /sle, ae|e|l lrem Cllae, tea|late1 s|rea rew|l la |le U! es well es e teasell1e|lea la |treje tea|rl|t|e1 |ewer1s |lls ea1. Ole|el stjjlles, leweter, rew | eal 1.Z ea1 eae|le1 e reteter la le|el eltmlaltm jrltes 1trla |le eer. Ole|el eltmlae sler|ees 1te |e 1lsrtj|lea la stjjlles else tea|rl|t|e1 |ewer1s llrm L| jrlte |rea1s 1trla |le eer. L| mea|ll jrltes rejer|e1 e rew|l el !1 IeI e| U!; !,1l1 jer |eaae la !-Z111, e mejer jer|lea el wlltl teme |lretl eal 1trla |le les| ter|er el !-Z111. l| |lts le1 e llml|e1 lmjet| ea |le eteree reellse|lea ler |le Cemjea. !le mea|ll eteree jrlte ea L| wes U!; !,1' jer |eaae ea1 U!; !,1Z jer |eaae resjet|ltel 1trla |le telea1er eers ! ea1 !. 1000 1100 1200 1300 1400 1500 1600 1700 1800 (US$/Ton) A p r - 9 6 J u l - 9 6 O c t - 9 6 J a n - 9 7 A p r - 9 7 J u l - 9 7 O c t - 9 7 J a n - 9 8 A p r - 9 8 J u l - 9 8 O c t - 9 8 J a n - 9 9 A p r - 9 9 J u l - 9 9 O c t - 9 9 J a n - 0 LME Cash Prices 1 1 1 1 1 1 1 1 1 1 !le Cemjeas eteree jrlte reellse|lea rew eal | IeI la !-Z111. !le jrlmer reesea ler sttl 1lterea| |rea1 ls |le |lme le |e|weea tleae la |le jrlte el eltmlaltm la |le le|el ea1 1emes|lt merle|s. !le 1emes|lt jrlte lellews L| |rea1s, |t| wl|l e le el Z-1 mea|ls. !le Cemjeas eteree reellse|lea else 1ees ae| tej|tre sler|-|erm tele|lll| la L| jrltes, slate 1emes|lt jrltes ere retlse1 eal wl|l |le emereate el e tleer |rea1 ea |le L| lrea|. Operating margins improved further 1999-2000 1999-2000 1999-2000 1999-2000 1999-2000 1998-99 1998-99 1998-99 1998-99 1998-99 % Change % Change % Change % Change % Change !eles \eltme [!eaaes} Z,'1,l! Z,1!,11 .' !eles !traeter [Ks. la llllea} Z1,1!!. !l,. !1. Ojere|la etjeases [Ks. la llllea} !1,!Z ,' !1.1 Ojere|la |tjeases/|eaae [Ks./!ea} 11,'Z1 1Z,Zl !. Ojere|la erlas [} 1.1 11.1 '.1 Nla1elte mela|elae1 l|s tes| temje|l|lteaess 1trla |le eer. !le eteree tes| el jre1tt|lea rew eal | !. lrem Ks.1Z,Zl jer |eaae la !- |e Ks.11,'Z1 jer |eaae, 1ella etea |le eteree lalle|lea re|e jretellla 1trla !-Z111. !lls wes jessl|le 1te |e lller teltmes, latreese1 etelle|lll| el tej|lte eltmlae ea1 ltr|ler lmjretemea|s la teastmj|lea aerms. !le lmjet| wetl1 lete |eea lller |t| ler |le rlse la tes|s el le lajt|s. 8eaell|la lrem e me1es| rlse la ejere|la tes|s, |le rlsla slere el telte e11e1 jre1tt|s, |e||er esse| t|lllse|lea ea1 e lller reellse|lea, |le Cemjea lmjrete1 ejere|la merlas ltr|ler lrem 11 la !- |e 1.1 la !-Z111. Improvement in consumption norms !le Cemjea stttee1e1 la l|s eller|s |e re1tte |le teastmj|lea aerm ler le lajt|s lrem l|s jresea| s|re|tle1 letels. !lls wes etllete1 la |le erees el jewer, |ettl|e, tets|lt se1e ea1 s|eem, wlltl |ee|ler etteta| ler eter '1 el tes| el jre1tt|lea. !le Cemjea re1tte1 smel|er jewer teastmj|lea | 1.1 ea1 rejer|e1 e ttrrea| ellltleat el '.! es eelas| 1.Z la !-. !lls ls e tre1l|le etlletemea| teasl1erla ea elree1 lll ttrrea| ellltleat e| |le !mel|er. !le smel|er jewer ls |le le tes| la |le ea|lre meatlet|trla jretess ea1 leate etea |lls merlael re1tt|lea le1 e slallltea| jesl|lte lmjet| ea ejere|la tes|s ea1 jrell|e|lll|. la e11l|lea, |le Cemjea re1tte1 eltmlae jre1tt|lea tes| | re1ttla teastmj|lea aerms el |ettl|e, tets|lt se1e ea1 s|eem. 8ettl|e teastmj|lea 1etllae1 | !.Z wllle |le tal| teastmj|lea el tets|lt se1e ea1 s|eem 1etllae1 | '.l ea1 1.Z resjet|ltel. 60000 70000 80000 90000 100000 110000 120000 130000 140000 Foil Extrusion Rolled Redraw rods Billets Ingots 1998-99 (Rs./Ton) 1999-00 Average Gross Realisation 1 2 1 2 1 2 1 2 1 2 Sharp rise in key costs masked the full impact !le rlse la jrltes el teel, |ettl|e ea1 lrell| tes|s ellet|e1 |le eterell tes| el jre1tt|lea. Power !le tal| tes| el jewer eaere|e1 e| |le tej|lte jewer jlea| latreese1 | '.1 1te |e e slerj rlse la teel ea1 meajewer tes|s, es well es slt| 1ewa etjeases. !le tes| el teel wes tj l.Z 1te |e latreese1 jrltes ea1 lller |reasjer|e|lea tes|s. /telle|lll| el tej|lte jewer lmjrete1 st|s|ea|lell ea1 me| |le ea|lre retlremea| el Nla1elte. !le |e|el etelle|le jewer lrem tej|lte jlea| wes 1,1'1 mllllea tal|s la !-11 es temjere1 |e 1,1l mllllea tal|s la !-. !le etelle|le jewer lrem |le te-eaere|lea jlea| wes tj | .1 lrem ZZ.1 mllllea tal|s |e Z1'.' mllllea tal|s 1trla |lls jerle1. Bauxite !le eteree tes| el |ettl|e latreese1 | .1 jrlmerll 1te |e e slerj rlse la |reasjer- |e|lea tes|s. lal|le|ltes lete |eea |elea |e re1tte |reasjer|e|lea tes| ea1 |le Cemjea etjet|s |e see l|s lmjet| 1trla |le ttrrea| llaeatlel eer. Utilities Oter 11 IeI rlse la jrlte el ltraete ell, L D ell ea1 e|ler je|reletm jre1tt|s else le1 e |eerla ea |le ejere|la jrell|s. Salaries and wages !le eteree wee |lll rew | eter ! lrem Ks.!,!Z mllllea !- |e Ks.!,11 mllllea la !-Z111. !lls ls ea |ej el e Z! rlse la |le jretlets eer, wlltl wes jrlmerll 1te |e |le ltll eers lmjet| el |le aew wee ereemea|, wlltl teme la|e lerte lrem !eater !, !. Selling, administration and distribution !ellla ea1 1ls|rl|t|lea etjeases wea| tj !' 1te |e latreese1 teltmes. latreese la etjer| etjeases ea |le |etl el rlsla etjer| teltmes ea1 lller eaerel e1mlals|re|lea tes|s else tea|rl|t|e1 |ewer1s |lls ea1. !le ejere|la jrell| latreese1 | Ks.!Z.Z mllllea ea etteta| el tleae la |le etteta|la jellt el teltla latea|erles, es retlre1 | retlse1 /tteta|la !|ea1er1 Z. FlN/NCl/L K|\l|W /ND /N/L FlN/NCl/L K|\l|W /ND /N/L FlN/NCl/L K|\l|W /ND /N/L FlN/NCl/L K|\l|W /ND /N/L FlN/NCl/L K|\l|W /ND /N/LI!l! I!l! I!l! I!l! I!l! Nlllll|s [Ks. la lllleas} 1999-2000 1999-2000 1999-2000 1999-2000 1999-2000 1998-99 1998-99 1998-99 1998-99 1998-99 % Change % Change % Change % Change % Change Oress !traeter Z1,1l'.l Z1,!11. !1. Ne| !traeter Z1,1!!. !l,. !'.1 Ojere|la Prell| ,111.1 l,ll'.Z Z1. O|ler lateme !,1.' !,11'.1 [-}1.1 la|eres| '. 1.1 [-}Z.l Dejretle|lea !,1'1. !,Z1.1 . Prell| 8elere !et ,1. l,!1l. Z1. !et Z,1'.1 !,1l1.1 .1 Prell| /l|er !et |t| 8elere |t|re-er1laerles ,1'!. ',l. !Z.! |t|re-er1laerles ZZl. 1.1 - Ne| Prell| ,!Z1.l 'l. .1 Revenues /ree|e ress reteates lete rewa !1. lrem Z1,!11. mllllea la !- |e Z1,1l'.l mllllea la !-Z111 lerel 1te |e e .' rlse la teltmes ea1 eter lller reellse|lea 1trla |le eer. Ne| |traeter les eae tj !' IeI |e Ks.Z1,1!!. mllllea 1trla |le eer. Operating Profit Kellet|la lmjrete1 merlas ea1 lller teltmes, ejere|la jrell|s les seere1 lrem Ks.lll'.Z mllllea la !- |e Ks.,111.1 mllllea, ea latreese el Z1.IeI. Oter ' el |le latreese la e|selt|e jrell|s teme lrem lller reellse|lea ea1 lmjrete1 teltmes etteta|e1 ler eae|ler 1' rlse la ejere|la jrell|s 1trla |le eer. !le lmjet| wes jer|l ellse| | e !. rlse la tal| ejere|la tes|. 1 3 1 3 1 3 1 3 1 3 Other Income !le e|ler lateme teasls|s jrlmerll el la|eres| ea1 1ltl1ea1 lateme lrem sler|-|erm lates|mea|s. !le eree|e e|ler lateme e| Ks.!,1l mllllea la !-Z111 es eelas| Ks.!,11' mllllea la !- rejresea|s e lell el 1 IeI ea1 ls e||rl|t|e1 |e e lell la la|eres| re|e ea1 lewer 1ltl1ea1 lrem |le Ual| !rts| el la1le. Interest la|eres| tleres lete 1rejje1 lrem Ks.1.1 mllllea la !- |e Ks.'. mllllea la !-Z111, e lell el Z IeI, 1te |e jer|lel rejemea| el etls|la leeas ea1 |le ttrreat-swejs ea|ere1 la|e | |le Cemjea. Depreciation !le 1ejretle|lea tlere latreese1 | . |e Ks.!,1'1. mllllea lrem Ks.!,Z1 mllllea la !- ea etteta| el |le tlerla el ltll eers 1ejretle|lea ea esse|s tejl|ellse1 |ewer1s ea1 el les| eer. l| else latlt1es 1ejretle|lea el |le Wleel jlea|, temmlssleae1 1trla !ej|em|er !. Dejretle|lea wes else lller 1te |e e|ler e11l|leas |e llte1 esse|s 1trla |le eer. Tax !le Cemjeas |et lle|lll|les jtmje1 eter lrem Ks.!,1l1 mllllea |e Ks.Z,1' mllllea la !-Z111 ea1 latreese1 ellet|lte |et re|e lrem Z1. |e Z.! 1trla |lls jerle1. Nller jrell|s ler |le eer, rele|ltel lewer tejet ea1 |le lmjesl|lea el e !1 strtlere ea |et lle|lll| le1 |e |lls slerj latreese. Profit After Tax Pre-|et jrell|s el |le Cemjea rew | Z1 IeI |e Ks.,1. mllllea la !-Z111. Ceasetea| |e e slerj rlse la ellet|lte |et re|e ea1 restl|ea| IeI rew|l la |et tleres, jrell| el|er |et |elere et|reer1laerles les rejer|e1 e me1es| !Z.! IeI rew|l e| Ks.,1'!. mllllea 1trla |le eer. Extra-ordinaries !le Cemjea les wrl||ea-ell e stm el Ks.ZZl. mllllea sjea| ea |le jrejese1 reea llel1 jrejet| es e eae-|lme, aea-rettrrla etjease 1trla |le eer. !lls et|reer1laer tlere erlses et| el |le Cemjeas 1etlslea |e slelte |le reea-llel1 jrejet| la Orlsse ea |le telte tree|lea trl|erle 1trla |le eer. Net Profit !le Cemjeas ae| jrell| el|er et|reer1laer l|ems latreese1 eal | lrem Ks. ',l. mllllea la !- |e Ks.,!Z1.l mllllea la !-Z111. !le eerala jer slere latreese1 lrem Ks. l.! |e Ks.Z.Z la !-Z111, wllle tesl eeralas jer slere latreese1 lrem Ks.Z. |e Ks.!11.1 1trla |lls jerle1. !le tesl eeralas jer slere rejer|e1 | |le Cemjea ls emeas| |le llles| tesl eeralas rejer|e1 | ea terjere|e la la1le. Contributors to Profit Improvement Realisation 65% Quantity 45% Cost -10% 1 4 1 4 1 4 1 4 1 4 Cesl Flew /aelsls [Ks. la lllleas} 1999-2000 1999-2000 1999-2000 1999-2000 1999-2000 % %% %% !etrte el Cesl Cesl Flew lrem ejere|leas ,!! Nea-ejere|la tesl llew !,1 !1 l, l11 l, l11 l, l11 l, l11 l, l11 !11 !11 !11 !11 !11 /jjllte|lea el Cesl Ne| Cejl|el |tjea1l|tre !,'Z' Z1 Ne| lates|mea|s l1Z De|| Kejemea| !Z ! la|eres| 1 Dltl1ea1 ler !- '1Z l Free tesl 1,11 11 ! !! !!e| el e| el e| el e| el e| el l, l11 l, l11 l, l11 l, l11 l, l11 !11 !11 !11 !11 !11 Source of Cash Income from Operations Nla1eltes re|ts| eeralas les |eea |le leres| tea|rl|t|er |e |le Cemjeas tesl llew el Ks.l,l11 mllllea 1trla |le eer. Cesl lallew lrem ejere|leas ls Z! lller e| Ks.,!! mllllea es eelas| Ks.',1'l mllllea rejer|e1 la |le jretlets eer. Non-operating Income !le Cemjeas aea-ejere|la lateme teasls|s jrlmerll el la|eres| ea1 1ltl1ea1 lateme lrem sler|-|erm lates|mea|s. Pea1la l|s t|lllse|lea ler etjeaslea ea1 e|ler rew|l ejjer|tal|les, |le strjlts lta1s ere |ela jlete1 la sler| |erm, la|eres| |eerla 1ejesl|s. Application of Cash Capital Expenditure !le |les| temjeaea| el tesl t|lllse|lea ler |le Cemjea 1trla |le eer wes ler l|s tejl|el etjea1l|tre jreremme. !le Cemjea lates|e1 e stm el Ks.!,'Z' mllllea la !-Z111 |ewer1s |le aew /lle Wleel jlea| e| !lltesse, me1eralse|lea el jlea|s latlt1la |le Pes|e jlea| ea1 |ewer1s temjle|lea el jrejet|s temmeate1 la |le eerller eers. Investments !le Cemjea me1e ae| lates|mea|s el Ks.l1Z mllllea la !-Z111. Ol |lls, ereta1 Ks.1!1 mllllea [Ks.1l mllllea les| eer} were lates|e1 la e|ler temjeales la |le /1l|e 8lrle Oretj, latlt1la Ks.Z'1 mllllea jlete1 la |le jrelereate sleres el 8lrle Ole|el Flaeate Llml|e1. Reduction of Debt !le |e|el |errewlas e| |le ea1 el |le eer s|ee1 e| Ks.',l'1 mllllea, rellet|la e lell el Ks.!,!! mllllea 1trla |le eer. !le Cemjea rejel1 1e|| |e |le |tae el Ks.!,Z mllllea. /s e| |le ea1 el !-11, |le 1e||-etl| re|le wes e| 1.!1Z t es temjere1 |e 1.Z11 t e| |le ea1 el !-. Ne| el strjlts tesl, |le Cemjeas eerla wes aee|lte. Ot| el |le |e|el et|s|ea1la leea, Ks.!, mllllea ls jee|le wl|lla eae eer ea1 l| etteta|s ler 11 el et|s|ea1la leeas. 1 5 1 5 1 5 1 5 1 5 Interest !e|el jemea|s ea etteta| el la|eres| et|e s|ee1 e| Ks.1 mllllea ea1 la1lte|e e lell el Z.' la !- Z111. Ot| el |lls, Ks.'l mllllea ls tlere1 |e reteates. !le slerj lell la la|eres| tleres ls e||rl|t|e1 |e |le rejemea| el 1e|| ea1 ttrreat- swejs ea|ere1 la|e | |le Cemjea 1trla |le eer. Dividend !le Cemjea reter1e1 e tesl et|llew el Ks.'1Z mllllea ler jemea| el 1ltl1ea1 ler !-. Fer |le eer !-Z111, |le 8eer1 les jrejese1 e 1ltl1ea1 el Ks..1 jer slere es eelas| Ks..'1 eaaetate1 ler !- . !lls latlt1es e stm el Ks.'.1 jer slere es mllleaaltm 1ltl1ea1 ea1 ea e11l|leael stm el Ks.1.1 jer slere es |le llael 1ltl1ea1. Free cash /l|er mee|la l|s tesl aee1s, |le |e|el strjlts tesl eaere|e1 1trla |le eer wes Ks.1,11 mllllea eelas| Ks.!,'1 mllllea la !-. !lese lta1s lete |eea jlete1 la sler|-|erm lates|mea|s la |le lerm el llte1 1ejesl|s wl|l 1emes|lt ea1 lerela |eals es well es la la|er-terjere|e 1ejesl|s. Working capital facility !le Cemjea les e temml||e1 werlla tejl|el letlll| el Ks.Z,!11 mllllea, el wlltl eal Ks.1Z1 mllllea les |eea 1rewa es e| 1! st ertl Z111. !le letlll| ls reaewe1 eter eer. Business returns /a eaelsls el Nla1eltes llaeatlel jerlermeate slews |le| |le Cemjea s|etls tj well ea le jereme|ers. KO/C| wea| tj lrem Z!.1 la !- |e ZZ.l la !-Z111. KO/| leweter 1etllae1 lrem !. |e !l.1 1te |e e lell la eterell eerla. We etjet| KO/| |e lmjrete wl|l |le latreese la esse| |traeter, 1ejlemea| el strjlts tesl la meatlet|trla esse|s ea1 ej|lmtm t|lllse|lea el |lese esse|s la lt|tre. OU!LOOK OU!LOOK OU!LOOK OU!LOOK OU!LOOK Ole|el Ot|leel !le lmjet| el |le llaeatlel trlsls la /sle, Ktssle, Le|la /merlte ea1 e lew e|ler emerla merle|s s|er|e1 |e etejere|e ea1 restl|e1 la e remerle|le restreate el rew|l la le|el teastmj|lea 1trla !. !le et|leel ler |le le|el eteaem ejjeers mere s|e|le ea1 jesl|lte aew. !lls wlll restl| la ealeate1 teastmj|lea la mes| releas, esjetlell la /sle ea1 jer|s el |treje. 8eaell|la lrem |lls ea1 s|e|le 1emea1 lrem |le U!, le|el eltmlaltm teastmj|lea ls lllel |e rew s|real la lt|tre. la1ts|r etjer|s leretes| teastmj|lea rew|l |e |e ereta1 1- jer eaatm eter aet| |we eers. !le s|rea jerlermeate el |le et|eme|lle set|er wlll |e e le tea|rl|t|er ler |lls rew|l la lt|tre. !ttl e jesl|lte 1emea1 et|leel tetjle1 wl|l lllel me1ere|lea el jre1tt|lea rew|l ettrs well ler |le le|el eltmlaltm set|er. Ole|el stjjlles ere etjet|e1 |e rew eal | 1 jer eaatm 1te |e slew rew|l la lresl tejetl|les. !le lllel re-s|er| el tejetl|les la |le U! ea1 /ts|relle wlll lete llml|e1 lmjet| ea stjjlles. Ole|el strjlts ls |lts etjet|e1 |e 1lsejjeer ea1 e |eleate1 1emea1-stjjl sl|te|lea ls lllel |e emere la Z111. !le ea-ela teasell1e|lea la |le le|el eltmlaltm la1ts|r sletl1 else restl| la |ll|eala tea|rel el swla tejetl|les ea1 mlalmlse l|s lmjet| ea L| jrltes la tese el ea 1ewa|tra la |le la1ts|r. L| jrltes retetere1 smer|l 1trla ! ea1 ll| e retea| jeel el U!;!,! jer |ea la !eater Z111. !lls jrlmerll rellet|s e slerj |traereta1 la |le la1ts|r jresjet|s. L| jrltes, leweter, lete lellea lrem |lese letels |e 1 6 1 6 1 6 1 6 1 6 U!;!,1'1 letels 1trla e Z111. We |llal, |lls ls |emjerer la ae|tre. Oltea |le jesl|lte 1emea1 et|leel ea1 |eleate1 1emea1-stjjl, L| jrltes ere jrejet|e1 |e remela llrm 1trla ttrrea| llstel. Demes|lt Ot|leel !le et|leel ler 1emes|lt eltmlaltm set|er ls jesl|lte. l| ls jre1lte|e1 ea |le lllel s|rea rew|l la |le ea1-tse set|ers, ae|e|l la |le teas|rtt|lea, |reasjer|e|lea, teastmer 1tre|les ea1 jetlela set|ers. !le jesl|lte et|leel ler |le la1lea eteaem, etjet|e1 ODP rew|l el -l jer eaatm ea1 ettelere|la letel el la1ts|rlel et|ltl| sletl1 lte |ees| |e |le teas|rtt|lea set|er. !le llstel latea|ltes ler la1ltl1tel letsla la retea| |t1e|s, etelle|lll| el tleejer llaeate, rlsla jer tejl|e lateme ea1 latreesla letel el teastmer teall1eate wlll 1rlte letsla 1emea1 la lt|tre. !ee|ler wl|l |le reaewe1 letts ea lalres|rtt|tre 1etelej- mea|, l| wlll relalerte |le et|leel ler |le teas|rtt|lea set|er. Oelala lrem l| ea1 |le latreesla jrelereate ler tse el eltmlaltm la ttr|ela wellla, jer|l|leas ea1 1eer/wla1ew jeaellla, eltmlaltm teastmj|lea la |le teas|rtt|lea set|er ls sle|e1 |e rew la 1et|le 1ll|s eter |le aet| |we eers. !le etjet|e1 s|rea rew|l la |le |reasjer|e|lea set|er wlll |e e le 1rlter el eltmlaltm 1emea1 ela lerwer1. !le slere el |reasjer|e|lea la eree|e teastmj|lea ls etjet|e1 |e rlse slallltea|l la |le lt|tre. !lls wlll |e 1rltea | lmjretla teltmes el temmertlel telltles ea |le |etl el e jltl-tj la la1ts|rlel et|ltl|, la|re1tt|lea el aew telltles | la|erae|leael ter meatlet|trers ea1 e slll| |ewer1s eltmlaltm tse la selet| ejjllte|leas | 1emes|lt ter meatlet|trers. /11l|leaell, lller 1lsjese|le latemes ea1 lmjretla letel el teastmer teall1eate tetjle1 wl|l rlsla esjlre|lea letels ea1 tleala teastmer |tla je||era ls lllel |e |ees| 1emea1 ler teastmer 1tre|les la lt|tre. !le jresjet|s el ea latreese1 teastmj|lea la |le elet|rltel set|er ere lmjretla wl|l |le ea|r el |le jrlte|e set|er la |le 1ls|rl|t|lea set|er ea1 res|rtt|trla el |le !|e|e |let|rltl| 8eer1s | |le Oeteramea|. !le aee1 ler s|rea|leala 1ls|rl|t|lea ae|werl la |le jewer set|er else ettrs well ler eltmlaltm teastmj|lea la lt|tre. We ere |lts tl|e ej|lmls|lt e|et| |le lt|tre el |le eltmlaltm la1ts|r la la1le. Presjet|s el |le la1ts|r wlll lmjrete ltr|ler wl|l |le ettej|eate el eltmlaltm la aew ejjllte|leas, wlltl ls elala memea|tm elree1. Demes|lt eltmlaltm jrltes ere lllel |e lellew |le L| |rea1s, et|leel ler wlltl remelas llrm ea1 jesl|lte. !le temje|l|lea ls lllel |e la|easll wl|l letel jre1tters etjea1la tejetl|les, le|el meatlet|tr- ers eela ler ea ea|r ea1 |le jessl|le re1tt|lea la lmjer| |erlll es jer| el W!O temml|mea|s. !le 1emes|lt jre1tters wlll lete |e leej e tlese we|tl ea |lelr tes| s|rtt|tre ler stjerler merlas ea1 eeralas la lt|tre. Ot|leel ler Nla1elte !le Cemjea ls eae el |le lewes| tes| jre1tters la |le werl1 ea1 les ea eatle|le tes| s|rtt|tre wl|l |eatlmerle1 ellltleatles. !le Cemjea ls |lts well jesl|leae1 |e |ele e1tea|ee el |le jesl|lte et|leel ler |le le|el ea1 1emes|lt eltmlaltm la1ts|r. !le Cemjeas s|re|e ler 1ellterla et|s|ea1la telte la |le aew mllleaaltm ls |lree jreae1 Cea|late1 letts ea ellltleat lmjretemea| |e remela e lew-tes| jre1tter, mela|ela lee1ersllj |e lmjrete merle| ellet|lteaess ea1 jtrste emerla rew|l ejjer|tal|les. Efficiency Focus !le Cemjea ls 1e|ermlae1 |e |e emeas| |le lewes| tes| jre1tters la |le werl1 la lt|tre |ee. !ewer1s |lls ea1, l| wlll letts ea lmjretla tea|rel eter tes|s ea1 etelle|lll| el le lajt|s, em|retla tes| ellltlea| |etlaeleles ea1 ej|lmlsla esse| t|lllse|lea ea1 teastmj|lea aerms lrem elree1 s|re|tle1 letels. 1 7 1 7 1 7 1 7 1 7 !le tea|rel eter le lajt|s les |eea e slallltea| tea|rl|t|er |e |le stttess el |le Cemjea la |le jes|. l| wlll remela ea eree el letts la |le lt|tre. !le Cemjea les well-la|ere|e1 jlea| wl|l tej|lte |ettl|e mlaes, eltmlae rellaer, jewer eaere|lea, ea1 smel|la ea1 1ewas|reem letlll|les. !lese letlll|les eae|le |le Cemjea emere es |le mes| s|ee1 ea1 relle|le setrte el stjjlles, e| temje|l|lte jrltes ea1 s|rea|l- eas l|s jesl|lea la |le merle|jlete. Nla1elte ls |le mes| jrelerre1 stjjller ler tsers la la1le. Nla1eltes |lrts| wlll |e ea ltr|ler lmjretemea|s la teastmj|lea aerm ea1 esse| t|lllse|lea ela lerwer1. !le smel|er t|lllse|lea ettee1e1 l|s re|e1 tejetl| la !-Z111 ea1 |le Cemjea ls lmjlemea|- la e |rewa llel1 etjeaslea |e leteree ea etls|la lalres|rtt|tre ea1 |e||er reellse saerles. l| wlll else teatea|re|e ea telte e11e1 jre1tt|s |e eastre lller reellse|lea ea1 ej|lmtm t|lllse|lea el |rea1 ea1 1ls|rl|t|lea ae|werl la lt|tre. Ftr|ler lmjretemea|s la teastmj|lea aerms el |ettl|e, eltmlae, jewer ea1 s|eem lrem elree1 s|re|tle1 letels es well es jre1tt|ltl| ealeatemea| wlll |e lettse1 la lt|tre. !lese meestres wlll eae|le Nla1elte lmjrete tes| ellltleat, s|rea|lea merle| jesl|lea ea1 ealeate merlas la lt|tre. Effectiveness Focus !le setea1 le el Nla1eltes s|re|e ls |e lmjrete merle| ellet|lteaess ea1 lee1ersllj |lretl emjlesls ea telte-e11e1 jre1tt|s ea1 sts|elala lea-|erm temje|l|lteaess. !le Cemjea wlll latreese l|s slere el telte e11e1 jre1tt|s lrem |le jresea| 'Z |e eter 1 el seles teltmes la |le aet| |we eers. !lls wlll eae|le l| ml|le|e |le lmjet| el L| tele|lll| ea merlas ea1 jrell|e|lll| ellet|ltel. !etea1l, telte e11e1 jre1tt|s wlll tree|e s|rea temje|l|lte ea|r |errlers | |rlala Nla1elte tleser |e tts|emers ea1 |reaslermla l| lrem e 'stjjller el me|el' |e e 'sertlte ea1 selt|leas jretl1er' ler l|s tts|emers la lt|tre. !le Cemjea wlll le s|ress ea 1etelejmea| el aew ejjllte|leas ler telte-e11e1 jre1tt|s |e eastre |e||er tse el eltmlaltm la lt|tre. Flaell, eaerles wlll |e lettse1 ea sts|elala temje|l|lteaess la |le 1emes|lt merle| | leterela lletl|lll| 1erlte1 lrem e s|rea me|el |ese ea1 le|ell temje|l|lte tes|s. !le Cemjea wlll mela|ela l|s jreseate la |le le|el merle| |e ttsllea |le lmjet| el ea 1emes|lt lell et| ea1 |e e1ej| |es| jret|ltes la |le |tslaess. !lls s|re|e wlll else eae|le |le Cemjea leej e|rees| el 1etelejmea|s la |le eltmlaltm es well es 1ewas|reem jre1tt| merle|s la |le werl1 ea1 tea|rl|t|e slallltea|l |ewer1s s|rea|leala el |le Cemjeas jre1tt| ea1 ejjllte|lea 1etelejmea| et|ltl|les la lt|tre. Growth Focus Ptrstla telte e11la rew|l ejjer|tal|les la |le eltmlaltm set|er ls |le |llr1 le el l|s s|re|e |e ealeate telte la |le aew mllleaaltm. !le Cemjea ls ea1 wlll remela lettse1 ea eltmlaltm ea1 jtrste rew|l ejjer|tal|les eal ll l| e11s telte. Nla1eltes s|re|e ler eastrla sts|elae|le s|rea rew|l ls 1 8 1 8 1 8 1 8 1 8 |we jreae1. Cree|lea el lresl tejetl|les |le| ere le|ell temje|l|lte la |erms el |e|l tes|s ea1 |etlaele la |le jrlmer ea1 1ewas|reem jre1tt| semea|s. !le temmlssleala el |le Fell jlea| la !lltesse 1trla !- ea1 |le /ltmlaltm /lle Wleel jlea|, else la !lltesse, les| eer ere s|ejs la |lls 1lret|lea. !lmel etjeasleas ea1 tes|-ellet|lte ettlsl|leas ler tej|trla |le ejjer|tal|les la |le rewla 1emes- |lt merle| ere |le setea1 jer| el etr rew|l s|re|e. !le |rewa-llel1 etjeaslea e| Keatlee| ea1 ettlsl|lea el la1el ere jts| |le |elaala. Neweter, |le Cemjea wlll letts ea sttl ejjer|tal|les eal wlere l| meles eteaemlt sease. la e11l|lea |e |lese, |le Cemjea les e1ej|e1 |le teatej| el \elte 8ese1 eaeemea| [\8}, es jer| el ea lal|le|lte el |le /1l|e 8lrle Oretj, la ell l|s jleaala, |t1e|la ea1 1etlslea mella. !lls ea|ells leella e| |le |tslaess es ea la|ere|e1 tlela el terlets telte 1rlters. Cesl \elte /11e1 [C\/}, e terlea| el |teaemlt \elte /11e1 [|\/}, ls |ela tse1 es me|rlt ler meestrla |le jerlermeate. !le \8 ejjreetl wetl1 re-erlea| emjleees e| ell letels |e e |e||em erlea|e1 ejjreetl la |le 1etlslea mella jretess. !le Cemjea ls teall1ea| |le| |le aew ejjreetl wlll eastre metlmlse|lea el telte tree|lea ler slerelel1ers la lt|tre. !le Cemjea retealses |le lmjer|eate el jeejle esse|s ea1 leate lettses ea 1etelejla slllls ea1 laewle1e el emjleees e| ell letels |lretl tea|latets |relala. !le jretess el laewle1e ea1 lalerme|lea slerla ls e tea|latla jleaemeaea e| Nla1elte. Oltea sttl e well-trel|e1 s|re|e ea1 l|s letts ea |etlaele lmjretemea| ea1 emjleee 1etelejmea|, we ere teall1ea| |le| Nla1elte wlll tea|late |e stele aew lell|s el ettelleate ea1 1ellter et|s|ea1la telte ler slerelel1ers ea1 e|ler s|elelel1ers la |le aew mllleaaltm. C/U!lON/KI !!/!||N! C/U!lON/KI !!/!||N! C/U!lON/KI !!/!||N! C/U!lON/KI !!/!||N! C/U!lON/KI !!/!||N! Statement in the Managements Discussion and Analysis section describing the Companys objectives, projections, estimates, expectations or predictions may be forward-looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and Indian demand- supply conditions, finished goods prices, feedstock availability and prices, cyclical demand and pricing in the Companys principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the Company conducts business and other factors such as litigation and labour negotiations. 1 9 1 9 1 9 1 9 1 9 Environment Protection - A Way of Life at Hindalco /| Nla1elte, we llrml |ellete la sts|elae|le 1etelejmea|. We ltll ejjretle|e |le| |le eer|ls resetrtes ea1 l|s tejetl| |e e|ser| jellt|lea ea1 reeaere|e ere llal|e. !lerelere, ejere|leas e| ell el etr Ual|s ere tea1tt|e1 la e meaaer |le| resjet|s |le eteleltel |eleate. Ne|trell |lea |le eatlreamea|el 1lmeaslea lerms ea la|erel jer| el ell |tslaess 1etlsleas. /| Nla1eltes la|ere|e1 eltmlaltm temjlet, l|s Pewer Plea|, l|s laes, |le Fell ea1 /ltmlaltm /lle Wleel Plea|, jellt|lea jretea|lea, jre1tt| s|ewer1sllj ea1 tleea |etlaeleles eae|le ts |e ltllll etr eel el sts|elae|le 1etelejmea|. Nla1eltes la|ere|e1 eltmlaltm temjlet e| Keatlee|, ls l!O !111! |! ter|llle1, es ls |le Keatseer Pewer Plea| ea1 l|s laes la 8ller. !e tell1e|e l|s tea|latets tealerml| |e '|atlreamea| eaeemea| !s|ems', /sjet|s Cer|lllte|lea !ertltes, U.K., e werl1 reaewae1 |! /t1l|la llrm, ejjrete1 | UK/! tea1tt|e1 |we eatlreamea| et1l|s la ! e| ell |le ter|llle1 tal|s. !lelr rejer|s lete teallrme1 |le Plea|s |e|el e1lereate |e |atlreamea| eaeemea| !s|ems. UK/! ls ea la|erae|leaell retealte1 ettre1l|e|lea eeat ler rels|re|lea el |le |! ter|llla eeat, lee1ter|ere1 la |le UK. Ketler eatlreamea|el et1l|s ere tea1tt|e1 | la|erael et1l|ers wle ere |/K/ [|atlreamea|el /t1l|ers Kels|re|lea /ssetle|lea} ter|llle1. Nla1elte ls else elmla e| l!O !111! Cer|lllte|lea ler l|s ejere|leas e| !lltesse ea1 eller|s la |lls reer1 ere |ela s|ejje1 tj. !|e|e-el-|le-er| la1ts|rlel |llltea| !ree|mea| Plea|s ere la ejere|lea e| ell el etr Plea|s. / mejer tea|l| el |le |ree|e1 ellltea| ls retse1 |e mee| |le aee1s el |le Plea|s. !le sell1 wes|e slt1e e| Keatlee| ls tse1 es e sell tea1l|leaer la sjetlel reea |el|s 1eteleje1 ea e|ea1eae1 re1 mt1 1lsjesel sl|es. Nla1elte les jleaeere1 1r s|etlla el re1 mt1. !le 1lsjesel el re1 mt1 la |le lerm el sltrr wlltl ls |le aermel jretess, ls ae| retleae1 |e |e eatlreamea| lrlea1l, es l| jeses |le rlsl el jertele|lea el tets|lt se1e la|e |le st|-sell. !le |ree|e1 re1 mt1 ls lree el |lls jre|lem. /metla es l| me seem, e sjetlel 'Ne|tres teraer' les |eea 1eteleje1 |ese1 ea re1 mt1. l| ls aeme1 '!eajeeteal'. !letsea1s el |rees swe ea |lls sell. !e |ree| wes|es eaere|e1 wl|lla |le telea, Nla1elte les se| e Demes|lt |llltea| !ree|mea| !s|em, tsla we|er letla|l [wlltl ellet|ltel re1ttes |etlt leet me|els ea1 8le-Clemltel Otea Demea1 [8OD]} es |le |ree|mea| jretess la ejere|lea. !lls aetel me|le1 les |eea e1ej|e1 la teastl|e|lea wl|l |le UP !|e|e Pellt|lea Cea|rel 8eer1. !e eastre mlalmells| emlsslea el smel|er eses sttl es llterlae ea1 1ts| es well, Nll-|etl Dr !trt||la !s|ems lete |eea las|elle1 ea ell el l|s je|llaes. Nla1eltes Dr !trt||la !s|ems lete |eea 1eslae1 la tlese jer|aersllj wl|l /lese /ltstlsse, wle lete jretea etjer|lse la |le eree el jellt|lea tea|rel |etlaele. !lese ss|ems lete |eea se| tj | Flel|, la1le, la telle|ere|lea wl|l /88 |N\ Flel| el Nerwe. la|eres|lal Fl esl jre1tte1 e| Nla1elte ls tse1 la meatlet|trla temea|, |rltls ea1 |le mella el ree1wes. !e mlalmlte |le eaere|lea el wes|e, ea1 |ewer1s ej|lmel tse el eaer ea1 e|ler sterte ae|trel resetrtes, we ere teas|ea|l eaee1 la jretess laaete|leas. ttl jreress les |eea me1e la |lls reer1. Fer las|eate |lretl |le las|elle|lea el e temjt|erlte1 llrla ss|em la l|s 8ella Ftraetes, At the Plants, pollution prevention, product stewardship and clean technologies enable us to fulfil our goal of sustainable development. 2 0 2 0 2 0 2 0 2 0 HINDALCOS ENVIRONMENT POLICY HINDALCOS ENVIRONMENT POLICY HINDALCOS ENVIRONMENT POLICY HINDALCOS ENVIRONMENT POLICY HINDALCOS ENVIRONMENT POLICY To live up to the principle of sustainable development, we at Hindalco, are committed to the conservation of all natural resources and the control of the environment aspects of all of our activities. These relate to the production of Alumina, Aluminium, Fabricated products and Power Generation at Renukoot to serve the cause of Sustainable Development. We strive to : q Innovate and improve our processes, equipment, operations, maintenance and other practices continuously for pollution prevention. q Adopt cleaner technologies wherever techno-economically viable. q Conserve key input resources such as bauxite, caustic soda, coal, power, water, furnace oil and other oils. q Keep exploring the feasibility of recycling and utilization of inevitable wastes specially of water, lube oils, red mud and fly ash. q Ensure compliance with all applicable environmental laws and regulations and strive to go beyond these. q Ensure continual improvement in our environmental performance through awareness and training of our employees and contract workers. This Environment Policy must be adhered to by all of our employees. A. K. Agarwala 05-06-1997 President Nla1elte les stttessltll re1tte1 ltel ell teastmj|lea. !lmllerl, e mltre-jretesser |ese1 temjt|erlte1 tea|rel metlealsm la |le je| reem les eae|le1 Nla1elte sete st|s|ea|lell ea jewer. /a e11l|leael |eaell| |le| s|ems lrem |lls jretess ls |le ej|lmltla el lajt| me|erlel. !le tell| el elr emlssleas ls meal|ere1 ea ea eaela |esls. !e 1e se lll teltme elr semjlers ea1 s|etl meal|erla etljmea| ere jesl|leae1 e| s|re|elt lete|leas. / ltll-lle1e1 s|e|e-el-|le-er| le|ere|er ler |es|la el ellltea|s, we|er, elr ea1 aelse letel ejere|es reta1 |le tletl. !t|s|ea|lte lates|mea|s lete |eea me1e |ewer1s eatlreamea| jre|et|lea ea1 jellt|lea e|e|emea| meestres. !e 1e|e |lese ere la ettess el Ks. !l' treres. lmjer|ea|l e| Nla1elte, we eatetree emea etr emjleees e ree| sease el resjeasl|lll| ler |le eatlreamea|, ler sele|, leel|l ea1 |lelr well-|ela. Cree|la ea ewereaess el |lese lsstes ea1 earellla |le temml|mea| el etr jeejle |e eatlreamea|, sele| ea1 leel|l, ls etllete1 |lretl et|easlte e1tte|lea ea1 |relala jreremmes. / well-er|lttle|e1 '|atlreamea| Pellt' ls la jlete. /ll el Nla1eltes !Z,111 emjleees lete reelllrme1 |lelr |e|el ettej|eate el |le Pellt ea1 lete jle1e1 |e jret|lte l|. We ere 1e|ermlae1 la etr reselte |e teaserte |le eatlreamea|. !e mele stre |le| la mee|la etr aee1s, we 1e ae| eatreetl tjea |le e|lll| el lt|tre eaere|leas |e mee| |lelr aee1s el |le eer|ls llal|e resetrtes. la let| ell etr Plea|s lete e ter wee1e1 leel, ltea |le |we lta1re1 lll| |letsea1 |rees |le| eatlrtle |lem. !le e11 rete ea1 |eet| |e etr Plea|s. !le ellet| ls eae el |reatlll|. /a1 ler ts e| Nla1elte, l| ls 'wellla |le |ell'. The environmental dimension forms an integral part of all business decisions. 2 1 2 1 2 1 2 1 2 1 Social Report To qualitatively impact the life of the weaker sections of society, we engage in a series of welfare driven initiatives. These are carried out under the aegis of The Aditya Birla Centre for Community Initiatives and Rural Projects, spearheaded by Smt. Rajashree Birla, who is also a Director on the Board of your Company. Our vision is To actively contribute to the social and economic development of the communities in which we operate. In so doing, build a better, sustainable way of life for the weaker sections of society. Given this backdrop, we have adopted 307 villages, surrounding our Aluminium complex at Renukoot, Renusagar Given this backdrop, we have adopted 307 villages, surrounding our Aluminium complex at Renukoot, Renusagar Given this backdrop, we have adopted 307 villages, surrounding our Aluminium complex at Renukoot, Renusagar Given this backdrop, we have adopted 307 villages, surrounding our Aluminium complex at Renukoot, Renusagar Given this backdrop, we have adopted 307 villages, surrounding our Aluminium complex at Renukoot, Renusagar P PP PPower Division at R ower Division at R ower Division at R ower Division at R ower Division at Renusagar enusagar enusagar enusagar enusagar, U , U , U , U , U.P .P .P .P .P. and our mines at Bihar and Madhya P . and our mines at Bihar and Madhya P . and our mines at Bihar and Madhya P . and our mines at Bihar and Madhya P . and our mines at Bihar and Madhya Pradesh. Most of our project beneficiaries radesh. Most of our project beneficiaries radesh. Most of our project beneficiaries radesh. Most of our project beneficiaries radesh. Most of our project beneficiaries are among the poorest of the poor are among the poorest of the poor are among the poorest of the poor are among the poorest of the poor are among the poorest of the poor. W . W . W . W . We reach out to over four lakhs of people. e reach out to over four lakhs of people. e reach out to over four lakhs of people. e reach out to over four lakhs of people. e reach out to over four lakhs of people. Our focus areas are health-care, water and sanitation, sustainable livelihood, education, women empowerment, Our focus areas are health-care, water and sanitation, sustainable livelihood, education, women empowerment, Our focus areas are health-care, water and sanitation, sustainable livelihood, education, women empowerment, Our focus areas are health-care, water and sanitation, sustainable livelihood, education, women empowerment, Our focus areas are health-care, water and sanitation, sustainable livelihood, education, women empowerment, espousing social reform through widow re-marriages and dowryless marriages, thus rehabilitating the destitute espousing social reform through widow re-marriages and dowryless marriages, thus rehabilitating the destitute espousing social reform through widow re-marriages and dowryless marriages, thus rehabilitating the destitute espousing social reform through widow re-marriages and dowryless marriages, thus rehabilitating the destitute espousing social reform through widow re-marriages and dowryless marriages, thus rehabilitating the destitute f ami l i es. f ami l i es. f ami l i es. f ami l i es. f ami l i es. Espousing Social Reform In the course of our work in the villages, we came across an unusually high incidence of young widows. Most In the course of our work in the villages, we came across an unusually high incidence of young widows. Most In the course of our work in the villages, we came across an unusually high incidence of young widows. Most In the course of our work in the villages, we came across an unusually high incidence of young widows. Most In the course of our work in the villages, we came across an unusually high incidence of young widows. Most of them seemed condemned to a life of poverty of them seemed condemned to a life of poverty of them seemed condemned to a life of poverty of them seemed condemned to a life of poverty of them seemed condemned to a life of poverty, extreme hardship and exploitation. So almost five years ago, we , extreme hardship and exploitation. So almost five years ago, we , extreme hardship and exploitation. So almost five years ago, we , extreme hardship and exploitation. So almost five years ago, we , extreme hardship and exploitation. So almost five years ago, we embarked on a social reform process that of widow re-marriages. embarked on a social reform process that of widow re-marriages. embarked on a social reform process that of widow re-marriages. embarked on a social reform process that of widow re-marriages. embarked on a social reform process that of widow re-marriages. In the last four years we have been able to get 260 widows remarried. Emboldened by the success of this Project, In the last four years we have been able to get 260 widows remarried. Emboldened by the success of this Project, In the last four years we have been able to get 260 widows remarried. Emboldened by the success of this Project, In the last four years we have been able to get 260 widows remarried. Emboldened by the success of this Project, In the last four years we have been able to get 260 widows remarried. Emboldened by the success of this Project, Smt. Rajashree Birla persuaded us to take yet another step in this direction that of dowryless marriages. We Smt. Rajashree Birla persuaded us to take yet another step in this direction that of dowryless marriages. We Smt. Rajashree Birla persuaded us to take yet another step in this direction that of dowryless marriages. We Smt. Rajashree Birla persuaded us to take yet another step in this direction that of dowryless marriages. We Smt. Rajashree Birla persuaded us to take yet another step in this direction that of dowryless marriages. We began this crusade in 1997. Since then over 200 dowryless marriages have been solemnised. began this crusade in 1997. Since then over 200 dowryless marriages have been solemnised. began this crusade in 1997. Since then over 200 dowryless marriages have been solemnised. began this crusade in 1997. Since then over 200 dowryless marriages have been solemnised. began this crusade in 1997. Since then over 200 dowryless marriages have been solemnised. Restoring a Peoples Self-esteem We try and alleviate the lot of the physically impaired. Given their poor economic conditions and high dependency levels, they are truly a disadvantaged lot. Our constant aim is to examine the extent to which we can reduce their disability. So we reach out to them with tricycles, calipers, crutches, artificial limbs, special shoes to cite a few examples. More than 1200 physically impaired people are now better equipped to lead their life with these supportive aids. They do not think of themselves as a burden anymore. Medical Camps Medical Camps Medical Camps Medical Camps Medical Camps To provide health care to villagers in the nook and cranny of the villages surrounding our Plants and Mines, we organise medical camps thrice a week. In the 150 medical camps conducted during the year, nearly 35,000 villagers were examined and treated for diverse ailments including tuberculosis, leprosy, cataract, polio and skin-related diseases. Immunisation against major health hazards is also done at these camps. Patients who cannot be treated are referred to the Hindalco Base Hospital for in-depth investigation and treatment. Until now more than 12,000 children have been immunised along with 2500 pregnant women, 500 cataract patients operated upon successfully, over 1800 TB patients provided with treatment and nearly a 100 leprosy-afflicted looked after medically. These services are provided free of cost. Beyond Business - Reaching Out to the Communities 2 2 2 2 2 2 2 2 2 2 Family Welfare Programme T TT TTo encourage the small family norm, we have recoursed to a community based family welfare project o encourage the small family norm, we have recoursed to a community based family welfare project o encourage the small family norm, we have recoursed to a community based family welfare project o encourage the small family norm, we have recoursed to a community based family welfare project o encourage the small family norm, we have recoursed to a community based family welfare project focussing focussing focussing focussing focussing on on on on on r rr rreproductive eproductive eproductive eproductive eproductive h hh hhealth ealth ealth ealth ealth c cc ccare and are and are and are and are and p pp ppopulation opulation opulation opulation opulation c cc ccontrol. Launched in 101 villages in Uttar Pradesh, Bihar and Madhya ontrol. Launched in 101 villages in Uttar Pradesh, Bihar and Madhya ontrol. Launched in 101 villages in Uttar Pradesh, Bihar and Madhya ontrol. Launched in 101 villages in Uttar Pradesh, Bihar and Madhya ontrol. Launched in 101 villages in Uttar Pradesh, Bihar and Madhya Pradesh, it is targeted towards 6000 young couples. A fully integrated project, it addresses the Family Planning Pradesh, it is targeted towards 6000 young couples. A fully integrated project, it addresses the Family Planning Pradesh, it is targeted towards 6000 young couples. A fully integrated project, it addresses the Family Planning Pradesh, it is targeted towards 6000 young couples. A fully integrated project, it addresses the Family Planning Pradesh, it is targeted towards 6000 young couples. A fully integrated project, it addresses the Family Planning P PP PProject in a wholesome way roject in a wholesome way roject in a wholesome way roject in a wholesome way roject in a wholesome way. Its focus areas encompass : providing antenatal and post natal health care; creating . Its focus areas encompass : providing antenatal and post natal health care; creating . Its focus areas encompass : providing antenatal and post natal health care; creating . Its focus areas encompass : providing antenatal and post natal health care; creating . Its focus areas encompass : providing antenatal and post natal health care; creating awareness and educat awareness and educat awareness and educat awareness and educat awareness and educating ing ing ing ing the couples on reproductive health care; motivating couples to adopt the small family the couples on reproductive health care; motivating couples to adopt the small family the couples on reproductive health care; motivating couples to adopt the small family the couples on reproductive health care; motivating couples to adopt the small family the couples on reproductive health care; motivating couples to adopt the small family norms through the spacing method and sterilizati norms through the spacing method and sterilizati norms through the spacing method and sterilizati norms through the spacing method and sterilizati norms through the spacing method and sterilizating ng ng ng ng educating on reproductive tract infections and sexually educating on reproductive tract infections and sexually educating on reproductive tract infections and sexually educating on reproductive tract infections and sexually educating on reproductive tract infections and sexually transmitted diseases; investigating and treating different gynecological problems; counselling and providing treatment transmitted diseases; investigating and treating different gynecological problems; counselling and providing treatment transmitted diseases; investigating and treating different gynecological problems; counselling and providing treatment transmitted diseases; investigating and treating different gynecological problems; counselling and providing treatment transmitted diseases; investigating and treating different gynecological problems; counselling and providing treatment for infertility and for infertility and for infertility and for infertility and for infertility and g gg ggender sensitization, as well. ender sensitization, as well. ender sensitization, as well. ender sensitization, as well. ender sensitization, as well. Spreading Literacy T TT TTo raise the literacy level in and around R o raise the literacy level in and around R o raise the literacy level in and around R o raise the literacy level in and around R o raise the literacy level in and around Renuk enuk enuk enuk enukoot,we support balwadis which are non-formal educational oot,we support balwadis which are non-formal educational oot,we support balwadis which are non-formal educational oot,we support balwadis which are non-formal educational oot,we support balwadis which are non-formal educational centers and schools as well. Through these Centres, we have been able to bring the benefits of education to over centers and schools as well. Through these Centres, we have been able to bring the benefits of education to over centers and schools as well. Through these Centres, we have been able to bring the benefits of education to over centers and schools as well. Through these Centres, we have been able to bring the benefits of education to over centers and schools as well. Through these Centres, we have been able to bring the benefits of education to over 2000 children. Adult education classes are also held by us. T 2000 children. Adult education classes are also held by us. T 2000 children. Adult education classes are also held by us. T 2000 children. Adult education classes are also held by us. T 2000 children. Adult education classes are also held by us. To create an awareness on the values of education, o create an awareness on the values of education, o create an awareness on the values of education, o create an awareness on the values of education, o create an awareness on the values of education, good health and maintaining cleanliness, we hold puppet shows, dance-dramas and street plays in the interiors. good health and maintaining cleanliness, we hold puppet shows, dance-dramas and street plays in the interiors. good health and maintaining cleanliness, we hold puppet shows, dance-dramas and street plays in the interiors. good health and maintaining cleanliness, we hold puppet shows, dance-dramas and street plays in the interiors. good health and maintaining cleanliness, we hold puppet shows, dance-dramas and street plays in the interiors. Every show tells a story with a moral. Every show tells a story with a moral. Every show tells a story with a moral. Every show tells a story with a moral. Every show tells a story with a moral. Our social engagement stems from our fundamental belief that the organization of the future will be judged by the values it stands for, for its contributions and for the benefits it offers to communities amidst which it operates. Smt. Rajashree Birla Chairperson, The Aditya Birla Centre for Community Initiatives and Rural Development Chairperson, The Aditya Birla Centre for Community Initiatives and Rural Development Chairperson, The Aditya Birla Centre for Community Initiatives and Rural Development Chairperson, The Aditya Birla Centre for Community Initiatives and Rural Development Chairperson, The Aditya Birla Centre for Community Initiatives and Rural Development Water, the Gift of Life For the last two years, in association with the U For the last two years, in association with the U For the last two years, in association with the U For the last two years, in association with the U For the last two years, in association with the U.P .P .P .P .P. Jal Nigam and UNICEF . Jal Nigam and UNICEF . Jal Nigam and UNICEF . Jal Nigam and UNICEF . Jal Nigam and UNICEF, we have been able to provide access to , we have been able to provide access to , we have been able to provide access to , we have been able to provide access to , we have been able to provide access to safe drinking water to over 1,40,000 people in 103 villages in the Dudhi block off Renukoot. Handpumps at the safe drinking water to over 1,40,000 people in 103 villages in the Dudhi block off Renukoot. Handpumps at the safe drinking water to over 1,40,000 people in 103 villages in the Dudhi block off Renukoot. Handpumps at the safe drinking water to over 1,40,000 people in 103 villages in the Dudhi block off Renukoot. Handpumps at the safe drinking water to over 1,40,000 people in 103 villages in the Dudhi block off Renukoot. Handpumps at the interval of every 10 huts have been installed. This project, which is run in its entirety by women, has met with interval of every 10 huts have been installed. This project, which is run in its entirety by women, has met with interval of every 10 huts have been installed. This project, which is run in its entirety by women, has met with interval of every 10 huts have been installed. This project, which is run in its entirety by women, has met with interval of every 10 huts have been installed. This project, which is run in its entirety by women, has met with great success. An additional benefit that has accrued from this Project is enabling more than 40 women, who have great success. An additional benefit that has accrued from this Project is enabling more than 40 women, who have great success. An additional benefit that has accrued from this Project is enabling more than 40 women, who have great success. An additional benefit that has accrued from this Project is enabling more than 40 women, who have great success. An additional benefit that has accrued from this Project is enabling more than 40 women, who have been trained as hand-pump mechanics, eke out a living. been trained as hand-pump mechanics, eke out a living. been trained as hand-pump mechanics, eke out a living. been trained as hand-pump mechanics, eke out a living. been trained as hand-pump mechanics, eke out a living. It is our intent to extend this project to more villages in the near future. It is our intent to extend this project to more villages in the near future. It is our intent to extend this project to more villages in the near future. It is our intent to extend this project to more villages in the near future. It is our intent to extend this project to more villages in the near future. Garnering Developmental Aid For the year 1999-2000, we mobilised Rs.194 million through different development programmes. This is apart from our own contri bution. We influenced the lives of over three lakhs people in a direct manner, by ensuring their well-being physically, and for many others offering a sustainable means of livelihood. Making a Difference Making a Difference Making a Difference Making a Difference Making a Difference Our involvement in these community driven initiatives has made a perceptible difference to the lives of the marginalised section of society. Quite a few of these are no longer below the poverty line. And that gives us a humble sense of fulfillment, and pride in the fact that we are helping in the shaping of new societies. 2 3 2 3 2 3 2 3 2 3 Corporate Governance Report COKPOK/!| OO\|KN/NC| COKPOK/!| OO\|KN/NC| COKPOK/!| OO\|KN/NC| COKPOK/!| OO\|KN/NC| COKPOK/!| OO\|KN/NC| Corporate governance refers to a combination of laws, regulations, procedures, implicit rules and voluntary practices which enable companies attract financial and human capital, perform efficiently and maximise long-term value for shareholders, while respecting the aspect of multiple stakeholders. Corporate governance strengthens the investors trust and ensures a long-term partnership that helps in fulfilling a companys quest for higher growth and profits. Corporate governance rests upon four pillars viz., transparency, full disclosure, independent monitoring and being fair to all, especially to minority shareholders. A good corporate governance policy should ensure that A best possible management team is in place The Board is strong with non-executive and independent directors, who represent the interest of all stakeholders The Board effectively monitors the managements progress and key corporate decisions The Board is aware of the concerns of the Companys shareholders The Management and employees have a stable environment, in which to plan and execute strategy The Board is effectively in control of the Companys affairs The Companys policies benefit all of its shareholders In sum, the essence of Corporate Governance is thus the phrase Your Company. It is your company because it belongs to you - the shareholders. The Chairman and Directors are your fiduciaries and trustees. Their objective is to push the business forward to maximise your long-term value. CORPORATE GOVERNANCE AT HINDALCO CORPORATE GOVERNANCE AT HINDALCO CORPORATE GOVERNANCE AT HINDALCO CORPORATE GOVERNANCE AT HINDALCO CORPORATE GOVERNANCE AT HINDALCO Corporate governance is an important cornerstone of the Aditya Birla Groups objective of creating shareholder value on a sustainable basis. Your Company, a flagship company of the Aditya Birla Group, is no exception. Hindalco is committed to benchmarking itself with global standards in all areas, including corporate governance. Towards this end, the Company initiated the process of making substantial disclosures on the Board of Directors, financial and stock performance in the Annual Report for the year 1998-99. While continuing to make similar disclosures during the year, it has endeavoured to benchmark your company with the guidelines recommended by the SEBI Committee on Corporate Governance. 8O/KD OF DlK|C!OK! 8O/KD OF DlK|C!OK! 8O/KD OF DlK|C!OK! 8O/KD OF DlK|C!OK! 8O/KD OF DlK|C!OK! Composition of the Board Composition of the Board Composition of the Board Composition of the Board Composition of the Board The need for having a majority of non-executive directors on the Board is internationally well recognised. Hindalcos Board meets this requirement as it consists of 11 non-executive directors, who account for 92% of the Board. Moreover, five of the non-executive directors are independent (i.e., they have no business relationship with the Company) and two directors are nominees of financial institutions. Di r e c t o r Di r e c t o r Di r e c t o r Di r e c t o r Di r e c t o r E x e c u t i v e /No n - e x e c u t i v e / E x e c u t i v e /No n - e x e c u t i v e / E x e c u t i v e /No n - e x e c u t i v e / E x e c u t i v e /No n - e x e c u t i v e / E x e c u t i v e /No n - e x e c u t i v e / No. of Out si de No. of Out si de No. of Out si de No. of Out si de No. of Out si de Refer Not e Refer Not e Refer Not e Refer Not e Refer Not e I ndependent # I ndependent # I ndependent # I ndependent # I ndependent # Di rect orshi p hel d Di rect orshi p hel d Di rect orshi p hel d Di rect orshi p hel d Di rect orshi p hel d N o . N o . N o . N o . N o . Mr Kumar Mangalam Birla Non-Executive 18 I Mrs Rajashree Birla Non-Executive 9 I I Mr E B Desai Non-Executive 15 I I I Mr S S Kothari Non-Executive 1 I V Dr P D Ojha Non-Executive / Nominee 1 8 Mr S K Kanwar Non-Executive / Nominee 2 1 V Mr T K Sethi Independent Mr C M Maniar Independent 14 V I Mr P K Daga Independent 14 I V Mr M M Bhagat Independent 4 I V Mr Marti G Subrahmanyam @ Independent 4 V I I Mr A K Agarwala Executive / Whole-time Director 7 I V # An independent director is not a former executive and has no professional relationship with the company not a large customer and / or vendor to the company not a close relative of the promoter and / or any executive directors not holding a significant stake not a nominee of any large shareholder / creditor. 1 Nominee of Industrial Development Bank of India (IDBI) 2 Nominee of General Insurance Corporation of India (GIC) @ Resigned from the Board, effective 27 th April 2000 I Excluding 18 foreign companies, SEBI, the G.D. Birla Medical Research & Education Foundation and 1 Private Limited Company I I Excluding 16 foreign companies, the G.D. Birla Medical Research & Education Foundation and 1 Private Limited Company I I I Excluding 3 private companies I V Excluding 1 private company V Excluding 5 foreign companies V I Excluding 7 private companies V I I Excluding 8 foreign companies 2 4 2 4 2 4 2 4 2 4 Directors Interest in the Company Directors Interest in the Company Directors Interest in the Company Directors Interest in the Company Directors Interest in the Company Hindalcos commitment to transparency goes beyond the statutory requirements. The Company has therefore decided to make full disclosures regarding the interests of, and payments to, all Directors on the Board. Director Relationship with Business Loans and Remuneration paid during 1999-2000 Other Directors relationship with advances (All Figures in Rupees) the Company, if received any from the Salrary ** Company* Sitting fees & perks Commission Total Mr Kumar Mangalam Birla Son of 12,000 12,000 Mrs Rajashree Birla Mrs Rajashree Birla Mother of 8,000 8,000 Mr Kumar Mangalam Birla Mr E B Desai Solicitor 12,000 12,000 Mr S S Kothari Ex-president 10,000 10,000 Dr P D Ojha Nominee of IDBI 8,000 - 8,000 Mr S K Kanwar Nominee of GIC 4,000 4,000 Mr T K Sethi 6,000 6,000 Mr C M Maniar 8,000 8,000 Mr P K Daga 2,000 - 2,000 Mr M M Bhagat 10,000 10,000 Mr Marti G Subrahmanyam @ 4,000 4,000 Mr A K Agarwala President and 22,86,000 22,86,000 Whole-time Director * Hindalco has a policy of not advancing any loans and not paying any commission from profits to non-executive directors. @ Resigned from the Board, effective 27 th April 2000 Attendance Record of the Directors Attendance Record of the Directors Attendance Record of the Directors Attendance Record of the Directors Attendance Record of the Directors It is important for the shareholders to know the number of times the Board had met during the past year as well as attendance record of their Directors. The Company has, therefore, decided to make full disclosure on the board meetings as well as attendance record of all Directors on the Board. Director No. of Meetings Held Attended Attended Last AGM* Mr Kumar Mangalam Birla 6 6 Yes Mrs Rajashree Birla 6 4 Yes Mr E B Desai 6 6 Yes Mr S S Kothari 6 5 Yes Dr P D Ojha 6 4 Yes Mr S K Kanwar 6 2 No Mr T K Sethi 6 3 Yes Mr C M Maniar 6 4 Yes Mr P K Daga 6 1 No Mr M M Bhagat 6 5 Yes Mr Marti G Subrahmanyam @ 6 2 Yes Mr A K Agarwala 6 6 Yes * Annual General Meeting (AGM) held on 4th August 1999 at Birla Matushri Sabhagar, 19 Marine Lines, Mumbai @ Resigned from the Board, effective 27th April 2000 2 5 2 5 2 5 2 5 2 5 FINANCIAL DISCLOSURE FINANCIAL DISCLOSURE FINANCIAL DISCLOSURE FINANCIAL DISCLOSURE FINANCIAL DISCLOSURE Debt Profile as on 31 Debt Profile as on 31 Debt Profile as on 31 Debt Profile as on 31 Debt Profile as on 31 st st st st st March 2000 March 2000 March 2000 March 2000 March 2000 (Rs. in Millions) Short Term (Payable in one year) Long Term Rupee Debt Forex Debt Rupee Debt Forex Debt Total SECURED Secured Redeemable Non-Convertible Debentures * 430.18 1,750.00 2180.18 Term Loans from Financial Institutions 219.12 219.12 Term Loans from Banks 129.86 129.86 From Government of Uttar Pradesh under subsidies Housing Scheme for Industrial Workers 0.24 1.59 1.83 From Housing Development Finance Corporation 15.79 15.79 Cash Credit and Export Credit Account 322.69 322.69 Foreign Currency Loan from Banks 130.80 2,289.55 2420.35 Bank Loans 40.00 40.00 Sub-Total Sub-Total Sub-Total Sub-Total Sub-Total 1, 157. 88 1, 157. 88 1, 157. 88 1, 157. 88 1, 157. 88 130. 80 130. 80 130. 80 130. 80 130. 80 1, 751. 59 1, 751. 59 1, 751. 59 1, 751. 59 1, 751. 59 2, 289. 55 2, 289. 55 2, 289. 55 2, 289. 55 2, 289. 555, 329. 82 5, 329. 82 5, 329. 82 5, 329. 82 5, 329. 82 UNSECURED Deposits 97.06 12.83 109.89 Foreign Currency Loan from Banks 313.99 313.99 Sub-Total Sub-Total Sub-Total Sub-Total Sub-Total 97. 06 97. 06 97. 06 97. 06 97. 06 313. 99 313. 99 313. 99 313. 99 313. 99 12. 83 12. 83 12. 83 12. 83 12. 83 423. 88 423. 88 423. 88 423. 88 423. 88 GRAND TOTAL GRAND TOTAL GRAND TOTAL GRAND TOTAL GRAND TOTAL 1,254.94 1,254.94 1,254.94 1,254.94 1,254.94 444.79 444.79 444.79 444.79 444.79 1,764.42 1,764.42 1,764.42 1,764.42 1,764.42 2,289.55 2,289.55 2,289.55 2,289.55 2,289.55 5,753.70 5,753.70 5,753.70 5,753.70 5,753.70 * Includes Rs.1.84 million towards interest accrued and due on Debentures CON!lNO|N! /ND |lP|C!|D Ll/8lLl!l|! CON!lNO|N! /ND |lP|C!|D Ll/8lLl!l|! CON!lNO|N! /ND |lP|C!|D Ll/8lLl!l|! CON!lNO|N! /ND |lP|C!|D Ll/8lLl!l|! CON!lNO|N! /ND |lP|C!|D Ll/8lLl!l|! Details of contingent and expected liabilities are highlighted as part of notes to accounts (Note No. 1J, Schedule 21) Kl!K /N/O||N! Kl!K /N/O||N! Kl!K /N/O||N! Kl!K /N/O||N! Kl!K /N/O||N! The Company is exposed to risks from market fluctuations of foreign exchange, interest rate and commodity prices. Foreign Exchange Risk Foreign Exchange Risk Foreign Exchange Risk Foreign Exchange Risk Foreign Exchange Risk Hindalco is exposed to foreign exchange risk due to its exports and forex loans. The quantum of exports during the year was US$ 71.99 million, while the amount of forex loan repayments was US$ 10.20 million. On balance, the Company is long on US$ due to an excess of exports over imports and hence is exposed to US$ depreciation (i.e., appreciation of the Indian Rupee). Given the current economic environment and history of the US$/Indian Rupee exchange rate, the Company believes that the risk of US$ depreciation is low and hence focuses attention on hedging US$ outflows in the form of loan repayments. This is being done primarily through placing money in EEFC deposit accounts. The US$ balances kept in these accounts enable the Company to take advantage of Indian Rupee depreciation and provide a natural hedge for the Companys forex loan repayments. The balance in all EEFC accounts including Term Deposits as on 31 st March 2000 was US$ 27.71 million. Interest Rate Risk Interest Rate Risk Interest Rate Risk Interest Rate Risk Interest Rate Risk The Company is exposed to the interest rate fluctuations due to its US$ and rupee denominated borrowings. Indian Rupee interest rate hedging has just been opened and this market is not yet liquid. The Company, therefore, manages the interest rate risk in the Indian Rupee denominated borrowings by exploring opportunities for pre-paying and/or re-financing the loan or negotiating with the lenders for lower interest rate. The Company has been proactively using derivative instruments viz., cross currency swaps, to reduce the interest cost of its outstanding foreign exchange loans. As on 31 st March 2000, the Company had foreign currency loans worth US$62.70 million, out of which loans worth US$55.35 million has been swapped into Japanese Yen. This has resulted in lower effective interest costs. Besides, in order to protect itself 2 6 2 6 2 6 2 6 2 6 from the adverse movement of Japanese Yen vis--vis US$, the Company entered into a zero-cost option against the swapped loans of US$30 million during 1999-2000. The Company has insulated its liability risk on foreign loans of US$55.20 million by entering to interest rate swaps. Commodity Price Risk Commodity Price Risk Commodity Price Risk Commodity Price Risk Commodity Price Risk Hindalcos metal selling prices, like other aluminium producers in the world, gets their reference from the quotations of the London Metal Exchange (LME). Using hedging techniques can minimise the effect of volatility of the price quotations of LME into the metal prices. The Company is at an advanced stage of setting-up a hedging desk for this purpose. The necessary application is being filed with the Reserve Bank of India and the hedging activities will start immediately on receipt of the requisite approvals. Y2K Risk Y2K Risk Y2K Risk Y2K Risk Y2K Risk Hindalco had successfully undergone Y2K roll-over at its plants. All systems and equipments are functioning normal in the post Y2K environment. COKPOK/!| OO\|KN/NC| Dl!CLO!UK|! COKPOK/!| OO\|KN/NC| Dl!CLO!UK|! COKPOK/!| OO\|KN/NC| Dl!CLO!UK|! COKPOK/!| OO\|KN/NC| Dl!CLO!UK|! COKPOK/!| OO\|KN/NC| Dl!CLO!UK|! As mentioned earlier, Your Company has endeavoured to benchmark itself with the guidelines issued by the Committee on Corporate Governance set up by the Securities and Exchange Board of India (SEBI). Hindalco adheres to most of the recommendations made by the SEBI Committee, but for a few areas such as audit committee, remuneration committee and the number of outside directorship. The Company is reviewing these recommendations. Recommendations Complied Already Recommendations Complied Already Recommendations Complied Already Recommendations Complied Already Recommendations Complied Already 1. The Board should have an optimum combination of executive and non-executive directors and at least 50% of the Board should comprise of non-executive directors. Further, at least one-third of the Board should comprise of independent directors where the Chairman is non-executive and at least half of the Board should be independent in case of an Executive Chairman. 92% of the Directors on the Board of Hindalco are non-executive directors, with considerable experience in their respective fields. At present 42% of the Board consists of independent directors, who have no professional and/or business relationship with the Company. 2. The Board should set up a committee under the chairmanship of a non-executive / independent director to specifically look into shareholder issues including share transfer and redressing of shareholder complaints. Hindalco has a committee to look into the issues relating to shareholders and focuses primarily on share transfers. 3. To expedite the process of share transfers, the Board should delegate the power of share transfer to an officer or a committee or to the registrar and share transfer agents. The delegated authority should attend to share transfer formalities at least once in a fortnight. The delivery of equity shares of the Company is mandatory in the dematerialised form in all the stock exchanges. The Companys shares therefore are now traded in the dematerialised form. To expedite transfers in the physical segment, authority has been delegated to the Share Transfer Committee. Any one Director can approve transfer of shares. Share transfers/transmissions approved by the Committee are placed at the Board Meeting from time to time. Name and Designation of Compliance Officer: Mr Anil Malik, Dy Manager (Company Matters) Details of complaints received, number of shares transferred during last year as well as average time taken for effecting these transfers during last year are highlighted in the Shareholder Information section of the Annual Report. 4. The Corporate Governance section of the Annual Report should make disclosures on remuneration paid to Directors in all forms including salary, benefits, bonuses, stock options, pension and other fixed as well as performance linked incentives. Details of remuneration paid to the Directors are highlighted at the beginning of this section. Hindalco has a policy of not paying commission on profits to any Director of the Company. 5. The Board Meetings should be held at least four times in a year, with a maximum time gap of four months between any two meetings and all information recommended by the SEBI Committee should be placed before the Board. The Board met 6 times during the past year. Agenda papers were sent to the Directors in advance of each meeting. As regards various items recommended by the SEBI Committee on Corporate Governance, the following items are not presented in a structured manner at 2 7 2 7 2 7 2 7 2 7 present. However, necessary steps are being taken to present all items recommended by the SEBI Committee in a structured manner from the current financial year. Annual operating plans and budgets Capital budgets and updates, if any. Quarterly details of foreign exchange exposures and steps taken by the Company to limit the risk of adverse exchange rate movement, if material. The Company is working on rectifying these issues and is confident of placing these information in a structured manner before the Board at the earliest and in any case before 31st March 2001. Date of Board Meeting City No. of Directors Present 6th May 1999 Mumbai 9 4th August 1999 Mumbai 10 30th August 1999 Mumbai 8 22nd October 1999 Mumbai 7 29th January 2000 Mumbai 8 23rd March 2000 Mumbai 6 6. 6. 6. 6. 6. As a part of the disclosure related to management, in addition to the Directors Report, Managements Discussion and Analysis report should form part of the Annual Report. Managements Discussion and Analysis forms part of the Annual Report. The Company introduced this new section in the Annual Report for the year 1998-99. 7. All company related information like quarterly results, presentation made to analysts be put on the Companys web-site or may be sent in such a form so as to enable the stock exchange on which the Company is listed to put it on its own web-site. The Company makes a presentation to investors and equity analysts following the announcement of quarterly results. A copy of the Press Release and results announcements are made available on the web site of the Company (www.hindalco.com) as well as the web site of the Aditya Birla Group (www.adityabirla.com). 8. There should be a separate section on Corporate Governance in the Annual Report, with details on the level of compliance by the Company. Non-compliance of any mandatory recommendation with reasons thereof and the extent to which the non-mandatory recommendations have been adopted should be specifically highlighted. The Company introduced a separate section on Corporate Governance in its Annual Report for the year 1998-99, and continues with this practice. 9. The Non-Executive Chairman of the Company should be entitled to maintain an office at the Companys expense and also allowed reimbursement of expenses incurred in the performance of his duties. This will enable him to discharge the responsibilities effectively. (This is a non-mandatory recommendation) The Company maintains a separate office for the Non-Executive Chairman. Recommendation Under Review Recommendation Under Review Recommendation Under Review Recommendation Under Review Recommendation Under Review The Company is reviewing the following recommendations of the SEBI Committee on Corporate Governance and aims to comply with a majority of these recommendations during the current financial year, latest by 31st March 2001. A qualified and an independent Audit Committee should be set up by the Board of the Company. This would go a long way in enhancing the credibility of the financial disclosures and promoting transparency. The Board should set up a Remuneration Committee to determine on its behalf and on behalf of the shareholders with agreed terms of reference. 2 8 2 8 2 8 2 8 2 8 No Director should be a member in more than 10 committees or act as Chairman of more than five committees across all companies in which he is a Director. Furthermore it should be a mandatory annual requirement for every director to inform the company about the committee positions he occupies in other companies and changes. The Company should provide a brief resume, expertise in specific functional areas and names of companies, in which the person also holds the directorship and the membership of Committees of the Board, while appointing a new Director or re-appointing an existing Director. These should form part of the Notice to shareholders. Disclosures to be made to the Board by the Management relating to all material, financial and commercial transactions, where they have personal interest, that may have a potential conflict with the interest of the Company at large. These include dealing in company shares, commercial dealings with bodies, which have shareholding of management and their relatives, etc. The half-yearly declaration of financial performance including a summary of the significant events in last six-months, should be sent to the household of each shareholder. Recommendations not pertaining to the Company Recommendations not pertaining to the Company Recommendations not pertaining to the Company Recommendations not pertaining to the Company Recommendations not pertaining to the Company The financial institutions should under normal circumstances have no direct role in the decision making of the Board of the Company. They should not have nominees on the Board, merely by virtue of their financial exposure in the Company. There is however a ground for the term lending institutions to have nominees on the Boards of the borrower companies, to protect their interests as creditors. In such cases, the nominee directors should take an active interest in the activities of the Board and assume equal responsibility, as any other director on the Board. Not a company level issue Other disclosures recommended by the SEBI Committee Other disclosures recommended by the SEBI Committee Other disclosures recommended by the SEBI Committee Other disclosures recommended by the SEBI Committee Other disclosures recommended by the SEBI Committee 1. Details on Annual General Meetings 1.1. Location and time, where last three AGMs held Year Location Date Time 1998-99 Birla Matushri Sabhagar, Mumbai 4th August 1999 3.30 p.m. 1997-98 Birla Matushri Sabhagar, Mumbai 5th August 1998 3.30 p.m. 1996-97 Birla Matushri Sabhagar, Mumbai 6th August 1997 3.30 p.m. 1.2. Whether special resolutions were put through postal ballot last year? NO 1.3. Are polls proposed to be conducted through postal ballot this year? NO 2. Disclosures on materially significant related party transactions i.e. transactions of the company of material nature, with its promoters, the directors or the management, their subsidiaries or relatives etc. that may have potential conflict with the interests of the Company at large. A detailed disclosure on related party transactions are made in the financial statements prepared as per US GAAP, which are available upon request. 3. Details of non-compliance by the Company, penalties, strictures imposed on the Company by Stock Exchange or SEBI or any statutory authority, on any matter related to capital markets, during the last three years. None which require separate disclosure 2 9 2 9 2 9 2 9 2 9 4. Means of communication Half-yearly report sent to each household of shareholders No Quarterly results Which newspapers normally published in The Economic Times (All Editions) Maharashtra Times, Mumbai Any web site, where displayed www.adityabirla.com www.hindalco.com Whether it also displays official news Yes releases and presentation made to investors/ analysts Whether MD&A is a part of Annual Report Yes Whether Shareholder Information forms Yes Part of the Annual Report 3 0 3 0 3 0 3 0 3 0 Shareholder Information 1. Annual General Meeting - Date and Time : 1st August 2000 (Tuesday) - 3.30 P.M. - Venue : Birla Matushri Sabhagar, 19 Marine Lines, Mumbai 400020 2. Financial Calendar : - Financial reporting for the quarter ending June 30, 2000 : Early August 2000 - Financial reporting for the half year ending September 30, 2000 : End October 2000 - Financial reporting for the quarter ending December 31, 2000 : End January 2001 - Financial reporting for the year ending March 31, 2001 : End April 2001 - Annual General Meeting for the year ended March 31, 2001 : 1st fortnight of August 2001 3. Dates of Book Closure : 18th July 2000 - 1st August 2000 4. Dividend Payment Date : On or after 7th August 2000 5. Registered Office : Century Bhavan, 3rd Floor, Dr Annie Besant Road, Worli, Mumbai 400 025 Phone: (91-22) 4308491/4308692 Fax: (91-22) 422 7586 / 4362516 E-Mail: ajjhala@worli.hindalco.com Web: www. hindalco.com 6. Listing Details : Equity Shares Global Depository Receipts (GDRs) The Calcutta Stock Exchange Association Limited Societe de la Bourse de Luxembourg, 7 Lyons Range, Calcutta 700 001 Societe Anonyme, Madras Stock Exchange Limited R.C. B6222, B P 165, L-2011 Luxembourg Exchange Building, 11 Second Line Beach, Chennai 600 001 The Stock Exchange, Mumbai Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 023 National Stock Exchange of India Limited Trade World, Senapati Bapat Marg, Lower Parel, Mumbai 400 013 The Delhi Stock Exchange Association Limited DSE House, 3/1, Asaf Ali Road New Delhi 110 002 Note: Listing fee has been paid to the Indian Stock Exchanges for the year 2000-01. Listing fees to the Societe de la Bourse de Luxembourg for GDRs has been paid for the Calendar year 2000. 3 1 3 1 3 1 3 1 3 1 7. Stock Code : Reuters Bloomberg Bombay Stock Exchange HALC.BO HNDL IN National Stock Exchange HALC.NS NHNDL IN Luxembourg Stock Exchange (GDRs) HDCD LI 8. Stock Price Data : Bombay Stock Exchange (BSE) National Stock Exchange (NSE) Luxembourg Stock Exchange (In Rs.) (In Rs.) (GDRs in US$) High Low Close Average High Low Close Average High Low Average Apr-99 614.00 442.00 570.00 142,866 625.00 445.00 565.00 97,367 15.13 11.80 13.17 May-99 683.45 540.50 577.00 118,970 682.50 539.55 574.00 108,999 18.95 14.25 16.69 Jun-99 690.00 542.50 628.50 118,493 697.00 543.00 631.05 71,325 19.65 15.26 17.57 Jul-99 955.00 635.90 831.50 232,446 968.00 635.95 850.40 236,962 27.00 20.25 23.59 Aug-99 1,005.00 834.75 918.00 120,407 1,025.00 830.00 900.15 76,480 29.80 22.25 26.46 Sep-99 967.00 877.00 891.50 96,133 965.00 870.25 894.90 50,902 28.75 24.75 27.06 Oct-99 959.60 715.00 723.00 98,628 949.00 730.00 735.45 80,738 28.75 21.50 25.43 Nov-99 912.45 717.00 850.00 73,409 906.95 720.00 848.50 52,387 24.50 22.20 23.55 Dec-99 889.00 775.00 805.00 70,639 889.00 775.00 813.45 35,374 26.10 22.65 24.54 Jan-00 1,130.00 764.60 764.60 120,677 1,124.00 772.75 772.75 67,996 31.90 22.50 27.70 Feb-00 920.15 740.00 760.10 217,086 913.55 725.00 757.05 116,234 26.00 21.75 23.91 Mar-00 772.50 579.60 735.10 86,320 774.00 579.60 737.25 48,668 21.50 16.50 18.36 9. Stock Performance (Indexed) : 10. Stock Performance Over The Past Few Years : (In Percentage) 1 Year 3 Years 5 Years HI NDALCO HI NDALCO HI NDALCO HI NDALCO HI NDALCO 5 5 . 6 5 5 . 6 5 5 . 6 5 5 . 6 5 5 . 6 ( - ) 20. 0 ( - ) 20. 0 ( - ) 20. 0 ( - ) 20. 0 ( - ) 20. 0 2 6 . 0 2 6 . 0 2 6 . 0 2 6 . 0 2 6 . 0 BSE Sensex 35.7 41.3 50.8 BSE 200 65.6 87.2 68.6 Nifty 43.7 57.5 52.0 70 90 110 130 150 170 190 210 230 250 Hindalco Nifty BSE 200 BSE Sensex Apr 99 May 99 Jun 99 Jul 99 Aug 99 Sep 99 Oct 99 Nov 99 Dec 99 Jan 00 Feb 00 Mar 0 3 2 3 2 3 2 3 2 3 2 11. Registrars and Transfer Agents : In-house Share Transfer (Share transfer and communication Share Transfer Department regarding share certificates, Ahura Complex, Ist Floor, B Wing dividends and change of address) Mahakali Caves Road, Andheri (East) Mumbai 400 093 Phone: (91-22) 8307100 Fax: (91-22) 8241710 12. Share Transfer System : Share transfers are registered and returned within a period of 3 weeks from the date of receipt, if documents are clear in all respects. The Share Transfer Committee meets every fortnight. The total number of shares transferred in the physical form during the year was 459,355 (Previous year - 50,64,803). Since more than 64% of the equity capital is dematerialised, transfer of shares in the physical segment is significantly lower during the year. 1999-2000 1998-99 Transfer Period No. of No. of % No. of No. of % (In Days) Transfers Shares Transfers Shares 1-10 944 42,480 9.3 1,615 64,600 1.3 11-15 1,259 72,130 15.7 2,423 101,760 2.0 16-20 2,675 142,100 30.9 4,847 290,820 5.7 21-30 2,992 202,645 44.1 71,905 4,607,623 91.0 31and above - - - - - - Total 7,870 459,355 100.0 80,790 5,064,803 100.0 13. Investor Services : Complaints received during the year Nature of complaints 1999 - 2000 1998 - 1999 Received Cleared Received Cleared Relating to Transfers, Transmissions, Dividend and Change of address 51 51 46 46 Others 3 3 Total 54 54 46 46 Legal proceedings on share transfer issues, if any: NIL 3 3 3 3 3 3 3 3 3 3 14. Distribution of Shareholding (as at the year end) : !-Z111 !- Ne. el !leres Ne. el el Ne. el !lere Ne. el !lere el !lere Ne. el !leres slere Nel1 !lere- !lere- !leres Nel1 lel1la lel1ers lel1ers Nel1 lel1la lel1ers lel1ers !-!11 Z!,l ''.Z 1,Z! !.! Z1,l! '1.1Z 1,' !.!1 !1!-Z11 ,1l !'.Z !,1lZ,Z1Z !. ,1l1 !'.' ,1Z !.Z1 Z1!-'11 ,lZ1 !.1 Z,!,1 Z.1 ,Z !l.! Z,Z!!,l11 Z.l '1!-!111 Z,' l.11 Z,1,!1 Z.l 1,1' l. Z,!',l1 Z.1 !11!-'111 !,l1Z 1.1 1,Z11,Z 1.11 !,1 1. 1,111,' 1.1l '11!-!1111 1 1.Z1 1',1Z 1.l !!Z 1.Z l'!,!1 !.1! !111! ea1 e|ete !l 1.'1 1,l!,11 '.1 !'! 1.1 1,Z,111 .1! !e|el 1l !11.1 l1,1',l1 !11.11 1,l1 !11.11 l1,1',l1 !11.11 !5. Categories of Shareholding (as at the year end) : !-Z111 !- Ce|eer Ne. el el Ne. el !lere Ne. el !lere el !lere Ne. el !leres slere !lere- !lere- !leres Nel1 lel1la lel1ers lel1ers Nel1 lel1la lel1ers lel1ers la1ltl1tels 1,111 .1 ,'1,!! !1.Z1 1l,11' .'' !1,',Z! !1.! Cerjere|e !,1! Z.'' 1,1'!,l! 1.Z !,11! Z.' 1Z,1'1,Z!1 '. Flls !Z 1.1! !!,!l1,1ZZ !'.11 Z 1.! 1,l,1l '.1 NKl/OC8s Z'1 1.1 1,l'l,l1 '.1' Z1! 1.1 1,11!,Z1 1.'l t|tel Fta1s 11 1.!! l',11! !.1! 11 1.!1 1,'! !.1Z ODKs ! 1.1! !Z,'l1,11 !. ! 1.1! !1,!l','1 !l. !e|el 1,l !11.11 l1,1',l1 !11.11 1,l1 !11.11 l1,1',l1 !11.11 16. Dematerialisation of Shares and Liquidity : Over 64.3% of outstanding shares (including 16.9% of outstanding capital in the form of Global Depository Receipts) have been dematerialised. Trading in Hindalco shares is permitted only in the dematerialised form from 5th April 1999, as per notifications issued by the Securities and Exchange Board of India 17. Details on Use of Public Funds Obtained : Not Applicable in the Last Three Years 18. Outstanding GDR/ Warrants : Outstanding number of GDRs - 12,573,049 (previous year 13,175,549). Each GDRs represent one underlying equity share. There are no warrants/ convertible bonds outstanding at the year end. 3 4 3 4 3 4 3 4 3 4 19. Plant Locations : Principal Office & Works Principal Office & Works Principal Office & Works Principal Office & Works Principal Office & Works P.O. Renukoot - 231217 Dist. Sonbhadra, Uttar Pradesh Tel: (05446) 52077 - 9 Fax: (05446) 52107 R RR RRenusagar P enusagar P enusagar P enusagar P enusagar Power Division ower Division ower Division ower Division ower Division P.O.Renusagar Dist. Sonbhadra, Uttar Pradesh Tel: (05446) 72501 - 5 Fax: (05446) 72382 Foil & Wheels Division Foil & Wheels Division Foil & Wheels Division Foil & Wheels Division Foil & Wheels Division Village Khutli, Khanvel, Silvassa - 396 230 U.T. of Dadar & Nagar Haveli Tel: (02638) 47221 Fax: (02638) 42936 20. Investor Correspondence : The Company Secretary Hindalco Industries Limited Century Bhavan, 3rd Floor, Dr Annie Besant Road, Mumbai 400 025 Phone: (91-22) 4308491 / 92 / 93 Fax: (91-22) 422 7586 / 4362516 E-mail: ajjhala@worli.hindalco.com 21. Per Share Data : 1999-2000 1998-99 1997-98 1996-97 Net Earnings (Rs. Mn) 6,124 5,668 4,962 3,903 Cash Earnings (Rs. Mn) 7,477 6,914 5,738 4,326 EPS (Rs.) 82.2 76.1 66.6 52.5 EPS Growth (%) 8.0 14.2 26.9 -2.5 CPS (Rs.) 100.4 92.8 77.1 58.2 Dividend Per Share (Rs.) 8.0 6.5 5.3 4.5 Dividend Payout (%) 9.7 8.5 7.9 8.6 Book Value Per Share (Rs.) 510.2 437.7 368.3 307.4 Price to Earnings (x) * 8.9 6.1 10.1 17.4 Price to Cash Earnings (x) * 7.3 5.0 8.7 15.7 Price to Book Value (x) * 1.4 1.1 1.8 3.0 * Stock price as on 31st March 3 5 3 5 3 5 3 5 3 5 Board of Directors Mr. Kumar Mangalam Birla Chairman Mrs. Rajashree Birla Mr. T.K. Sethi Mr. C.M. Maniar Mr. E.B. Desai Mr. S.S. Kothari Dr. P.D. Ojha Mr. P.K. Daga Mr. M.M. Bhagat Mr. S.K. Kanwar Mr. A.K. Agarwala (Whole-time Director) SPECIAL ADVISOR Mr. D.P. Mandelia KEY EXECUTIVES Mr. K.K. Rathi Executive President (Administration) Mr. O. S. Chaudhary Executive President (Reduction Plant) Mr. R.K. Kasliwal Executive President (Finance and Commerce) Mr. K.G. Biyani Executive President (Fabrication Plant & Elect.) Mr. S.K. Tewari Executive President (Projects) Ms. N. Chainani Executive President (Corporate Affairs & Development) Mr. G.C. Mehta Joint President (Engineering) Mr. D.N. Himmatramka Joint President (Material Resources) Mr. S.M. Lakhotia Joint President (Management Services) Mr. R.P. Shah Joint President (Alumina Plant) Mr. S.P. Shorewala Senior Vice-President (Sales) Mr. K.N. Srivastava Senior Vice-President (Legal) Mr. B.K. Varma Senior Vice-President (Public Relations) Mr. Pushpendra Singh Senior Vice-President (Sales, Eastern Zone) Mr. Ramesh Kumar Senior Vice-President (North Zone) Mr. V.K. Mushran Senior Vice-President (Sales) Mr. V.K. Agarwal Senior Vice-President (R&D) Mr. A.K. Karmakar Senior Vice-President (Boiler & Co-generation) Mr. R.P. Tiwari Senior Vice-President (Projects) Mr. Ajey Srivastava Senior Vice-President (Operation & Planning) Mr. P. K. Panda Senior Vice-President (H.R.) Mr. S.L. Taneja Vice-President (Engineering) Mr. U.K. Choubey Vice-President (HRD) Mr. S.B. Maheshwari Vice-President (Materials) Mr. V.S. Surana Vice-President (Reduction Technical) Mr. S.N. Sharma Vice-President (Finance & Accounts) Mr. S.C. Tandon Vice-President (Pot Room Operations) Mr. O.P. Sharma Vice-President (Alumina Maintenance) Mr. C.M. Agarwal Vice-President (Reduction Maintenance) Mr. R. Haridas Menon Vice-President (Sales, South Zone) Mr. R.N. Gupta Vice-President (Export) RENUSAGAR POWER DIVISION Mr. G.S. Khurana Executive President (Renusagar Power Plant) Mr. S.M. Kejriwal Senior Vice-President (Finance & Commerce) Mr. S.R. Gopal Senior Vice-President (Design) Mr. P.V. Rao Senior Vice-President (Operations) FOIL DIVISION Mr. J.D. Mehta Senior Vice-President (Foil Marketing) Mr. T.N.M. Balagopalan Vice-President (Foils) PROJECT Dr. S.K. Tamotia President Mr. C.B. Agarwal Vice-President (Projects) ADVISOR Mr. Saurabh Mishra COMPANY SECRETARY Mr. Anil J. Jhala Joint President (Company Matters, Taxation & Treasury) SOLICITORS Mulla & Mulla & Craigie Blunt & Caroe, Mumbai Khaitan & Co., Calcutta Khaitan & Partners, New Delhi AUDITORS Singhi & Co., Chartered Accountants, Calcutta INDEPENDENT AUDITORS (US GAAP) KPMG, Mumbai COST AUDITORS R. Nanabhoy & Co., Mumbai BANKERS UCO Bank State Bank of India Allahabad Bank American Express Bank Ltd. Bank of America Citibank N.A. ANZ Grindlays Bank p.l.c. ABN Amro Bank N.V. Union Bank of India IDBI Bank Ltd. 3 6 3 6 3 6 3 6 3 6 Units 1999-00 1999-00 1999-00 1999-00 1999-00 1998-99 1997-98 1996-97 1995-96 1994-95 1993-94 1992-93 * 1991-92 1990-91 PRODUCTI ON PRODUCTI ON PRODUCTI ON PRODUCTI ON PRODUCTI ON Aluminium Metal MT 248, 930 248, 930 248, 930 248, 930 248, 930 240,926 200,304 166,272 175,398 164,280 155,761 163,485 166,197 139,762 Wire Rods MT 49, 018 49, 018 49, 018 49, 018 49, 018 51,197 45,482 42,704 45,865 44,454 40,225 37,740 42,329 39,954 Rolled Products MT 58, 690 58, 690 58, 690 58, 690 58, 690 44,668 34,193 18,302 31,378 38,202 30,740 29,619 31,529 27,762 Extruded Products MT 14, 959 14, 959 14, 959 14, 959 14, 959 11,995 12,389 11,798 12,589 11,416 9,807 9,799 10,385 8,652 Foil MT 7, 537 7, 537 7, 537 7, 537 7, 537 1,551 26 Wheel Pcs. 5, 451 5, 451 5, 451 5, 451 5, 451 PROFIT & LOSS ACCOUNT PROFIT & LOSS ACCOUNT PROFIT & LOSS ACCOUNT PROFIT & LOSS ACCOUNT PROFIT & LOSS ACCOUNT ( (( ((Rs. In Million) Gross Sales 23, 076 23, 076 23, 076 23, 076 23, 076 20,131 16,707 13,083 14,222 11,307 9,217 9,756 8,559 6,716 Net Sales 20, 312 20, 312 20, 312 20, 312 20, 312 17,670 14,733 11,571 12,518 9,563 7,495 7,552 6,544 5,162 Operating Expenses 10, 912 10, 912 10, 912 10, 912 10, 912 9,895 8,676 7,309 6,915 5,727 5,252 5,343 4,834 3,887 Operating Profit 9, 400 9, 400 9, 400 9, 400 9, 400 7,775 6,057 4,262 5,603 3,836 2,243 2,210 1,709 1,276 Other Income 1, 387 1, 387 1, 387 1, 387 1, 387 1,445 1,275 1,754 1,773 1,267 711 539 326 205 Interest Payment 597 597 597 597 597 836 723 489 616 474 480 532 323 313 Gross Profit 10, 190 10, 190 10, 190 10, 190 10, 190 8,384 6,608 5,528 6,760 4,629 2,473 2,216 1,713 1,169 Depreciation 1, 353 1, 353 1, 353 1, 353 1, 353 1,246 776 423 348 330 269 370 211 164 Profit before Tax & Extraordinary Items 8, 837 8, 837 8, 837 8, 837 8, 837 7,138 5,832 5,105 6,411 4,299 2,204 1,846 1,502 1,004 Taxation 2, 485 2, 485 2, 485 2, 485 2, 485 1,470 870 1,202 2,400 1,380 607 691 621 356 Net Profit after Tax 6, 124 6, 124 6, 124 6, 124 6, 124 5,668 4,962 3,903 4,011 2,919 1,597 1,155 880 648 Equity Dividend (including dividend tax) 691 691 691 691 691 532 430 369 298 258 189 155 145 145 Retained Profit 5, 433 5, 433 5, 433 5, 433 5, 433 5,135 4,532 3,534 3,714 2,662 1,408 1,000 735 503 BALANCE SHEET BALANCE SHEET BALANCE SHEET BALANCE SHEET BALANCE SHEET (Rs. In Million) Gross Fixed Assets (including CWIP) 53, 450 53, 450 53, 450 53, 450 53, 450 52,055 36,205 30,812 25,046 22,117 19,701 18,675 5,668 5,230 Net Fixed Assets (excluding Revaluation Reserve) 20, 009 20, 009 20, 009 20, 009 20, 009 19,950 18,929 14,202 8,845 6,262 4,173 3,412 2,000 1,773 Investments 11, 328 11, 328 11, 328 11, 328 11, 328 10,628 10,012 7,144 9,455 8,415 4,921 2,627 2,105 1,856 Net Current Assets 12, 409 12, 409 12, 409 12, 409 12, 409 8,851 6,282 7,059 6,339 4,576 2,852 2,920 1,988 1,448 Capital Employed 43, 746 43, 746 43, 746 43, 746 43, 746 39,429 35,223 28,405 24,640 19,253 11,947 8,959 6,093 5,076 Loan Fund 5, 754 5, 754 5, 754 5, 754 5, 754 6,870 7,799 5,513 5,282 4,385 3,007 3,370 2,606 2,268 Net Worth 37, 992 37, 992 37, 992 37, 992 37, 992 32,559 27,424 22,892 19,357 14,868 8,939 5,589 3,487 2,808 Financial Highlights 3 7 3 7 3 7 3 7 3 7 Financial Highlights Units 1999-00 1999-00 1999-00 1999-00 1999-00 1998-99 1997-98 1996-97 1995-96 1994-95 1993-94 1992-93 * 1991-92 1990-91 (Rs. in Million) Net Worth represented by :- Share Capital 745 745 745 745 745 745 745 745 496 480 434 388 388 438 Reserves & Surplus (Excluding Revaluation Reserves) 37, 247 37, 247 37, 247 37, 247 37, 247 31,814 26,679 22,147 18,861 14,388 8,505 5,201 3,099 2,371 Revaluation Reserve 14, 341 14, 341 14, 341 14, 341 14, 341 15,816 4,943 5,648 6,339 7,030 7,721 8,411 375 502 RATIOS & STATISTICS RATIOS & STATISTICS RATIOS & STATISTICS RATIOS & STATISTICS RATIOS & STATISTICS Operating Margin (%) 46. 28 46. 28 46. 28 46. 28 46. 28 44.00 41.11 36.84 44.76 40.11 29.92 29.26 26.12 24.71 Gross Margin (%) 50. 17 50. 17 50. 17 50. 17 50. 17 47.45 44.86 47.77 54.00 48.40 32.99 29.34 26.17 22.64 Net Margin (%) 30. 15 30. 15 30. 15 30. 15 30. 15 32.08 33.68 33.73 32.05 30.53 21.31 15.29 13.45 12.56 Interest Cover (EBITDA/Interest) (x) 18. 08 18. 08 18. 08 18. 08 18. 08 11.02 10.13 12.31 11.98 10.76 6.15 5.16 6.31 4.74 Gross Interest Cover (EBITDA/Gross Interest) (x) 17. 76 17. 76 17. 76 17. 76 17. 76 10.70 7.23 8.63 11.98 10.76 6.15 5.16 6.31 4.74 Pre-tax Interest Cover (EBIT/Interest) (x) 15. 81 15. 81 15. 81 15. 81 15. 81 9.53 9.06 11.44 11.41 10.07 5.59 4.47 5.65 4.21 ROACE (%) 22. 68 22. 68 22. 68 22. 68 22. 68 21.36 20.61 21.09 32.02 30.60 25.68 31.60 32.67 29.95 ROAE (%) 17. 36 17. 36 17. 36 17. 36 17. 36 18.90 19.72 18.48 23.44 24.53 21.98 25.45 27.97 29.59 Net Sales / Total Assets (x) 0. 46 0. 46 0. 46 0. 46 0. 46 0.45 0.42 0.41 0.51 0.50 0.63 0.84 1.07 1.02 Debts Equity Ratio(x) 0. 14 0. 14 0. 14 0. 14 0. 14 0.20 0.27 0.21 0.22 0.25 0.32 0.54 0.68 0.73 Debts Capitalisation Ratio (x) 0. 13 0. 13 0. 13 0. 13 0. 13 0.17 0.21 0.17 0.18 0.20 0.24 0.35 0.40 0.42 DPS (Rs.) 8. 00 8. 00 8. 00 8. 00 8. 00 6.50 5.25 4.50 6.00 5.50 4.50 4.00 3.75 3.00 EPS (Rs.) 82. 23 82. 23 82. 23 82. 23 82. 23 76.11 66.64 52.50 80.79 60.81 36.41 27.69 22.74 16.72 CEPS (Rs.) 100. 41 100. 41 100. 41 100. 41 100. 41 92.85 77.06 58.18 87.81 67.67 42.60 37.23 28.18 20.96 Book Value per Share (Rs.) 510. 19 510. 19 510. 19 510. 19 510. 19 437.24 368.27 307.41 389.92 309.72 206.11 144.16 89.92 72.43 No. of Equity Shareholders 39769 39769 39769 39769 39769 38780 37294 37656 38577 37981 35987 37729 37627 33369 Forex Earnings (Rs. Million) 3, 123 3, 123 3, 123 3, 123 3, 123 1,655 1,702 1,566 1,054 672 467 772 240 121 Capital Expenditures (Rs. Million) 1, 474 1, 474 1, 474 1, 474 1, 474 2,311 5,549 5,786 2,937 2,421 1,034 715 439 236 * Figures from 1992-93 are after merger of Renusagar Power Co. Ltd. 3 8 3 8 3 8 3 8 3 8 Directors Report to the Shareholders FINANCIAL RESULTS (Rs. in Million) For the year For the year ended ended 31.03.2000 31.03.1999 Net Sales 20,311.81 17,669.94 Operating Profit 9,400.30 7,775.24 Profit before Tax and Extra-ordinary items 8,836.59 7,137.87 Provision for Tax 2,485.00 1,470.00 Profit after Tax and before Extra-ordinary items 6,351.59 5,667.87 Less Greenfield Project Expenses 227.89 Net Profit 6,123.70 5,667.87 Appropriations: - Transfer to Debenture Redemption Reserve 175.55 230.40 Interim Dividend 372.33 - Proposed Final Dividend 223.40 484.03 Tax on Dividend 94.94 48.40 Transfer to General Reserve 5,257.48 4,905.04 6,123.70 5,667.87 Sales revenue was Rs.20,312 million as against Rs.17,670 million in the previous year, a growth of 14.6%. Operating profit grew 20.9 % to Rs.9,400 million as against Rs.7,775 million in the previous year. Profit before Tax grew by a significant 23.8 % to Rs.8,837 million as against Rs.7,138 million during the previous year. Profit after Tax and before extra ordinary item is 12.1% higher at Rs.6352 million against Rs.5,668 million during the previous year. Consequent to a detailed techno-economic study, your Directors concluded that the proposed Greenfield Project in Orissa does not offer adequate enhancement of shareholder value. The project has therefore been shelved. A sum of Rs. 228 million spent on the D DD DDear Shareholders, Your Directors are pleased to present the 41 st Annual Report together with the audited Balance Sheet and Profit & Loss Account for the year ended 31 st March 2000. FINANCIAL PERFORMANCE : FINANCIAL PERFORMANCE : FINANCIAL PERFORMANCE : FINANCIAL PERFORMANCE : FINANCIAL PERFORMANCE : Your Companys performance in 1999-2000 has been outstanding. Three factors have played a major role in your Companys success (i) optimised capacity utilisation (ii) strengthened operating efficiencies and (iii) aggressive and innovative marketing strategies. These financial results are a validation of the path your Company has opted, to enhance shareholder value and strengthen its standing as a premier aluminium Company . 3 9 3 9 3 9 3 9 3 9 project has been accounted as one time expenditure of a non-recurring nature. After adjustment of this amount, the net profit attained is Rs. 6,124 million. US GAAP FINANCIALS US GAAP FINANCIALS US GAAP FINANCIALS US GAAP FINANCIALS US GAAP FINANCIALS To provide globally accepted financial information and disclosures to all stakeholders, your Company is restating its financial statements as per United States Generally Accepted Accounting Principles (US GAAP). This would provide your Company with a global benchmark to measure its performance, while facilitating an informed decision by all stakeholders. A statement of reconciliations of significant differences in shareholders equity and net income as on 31st March 2000 and 1999 between Indian Generally Accepted Accounting Principles (Indian GAAP) and US GAAP, notes to reconciliation and an Independent Auditors Report are set out in this annual report. A full set of audited US GAAP financial statement with Independent Auditors Report will be provided to the shareholders on their specific request. DI VI DEND DI VI DEND DI VI DEND DI VI DEND DI VI DEND A millennium dividend of Rs. 5 per share, amounting to Rs. 372.33 million was declared by your Board of Directors on March 23, 2000. Your Directors are now pleased to recommend the following final dividend for your consideration, which when approved at the Annual General Meeting, will be paid in accordance with the regulations prevailing at that time: (Rs. in Million) On 74,465,970 Equity Shares of Rs. 10 each @ Rs. 3 per Share 223.40 ACQUISITION OF SHARES IN INDIAN AL ACQUISITION OF SHARES IN INDIAN AL ACQUISITION OF SHARES IN INDIAN AL ACQUISITION OF SHARES IN INDIAN AL ACQUISITION OF SHARES IN INDIAN ALUMINIUM COMP UMINIUM COMP UMINIUM COMP UMINIUM COMP UMINIUM COMPANY LIMITED ANY LIMITED ANY LIMITED ANY LIMITED ANY LIMITED Your Board of Directors has approved a proposal to acquire from Alcan Aluminium Limited (ALCAN) Canada, 38.84 million equity shares aggregating 54.6% of the total outstanding equity shares of Indian Aluminium Company Limited (INDAL). The shares are to be acquired for a consideration of Rs. 190 per share subject to necessary approvals from statutory authorities. In line with the take over code prescribed by the Securities Exchange Board of India, your Company will also make an open offer for a further 14.22 million equity shares, comprising 20 % of the total equity of INDAL, at a price of Rs. 190 per equity share. The terms of the agreement include a non-compete commitment from ALCAN for a period of 3 years, which may be extended by a further period of 2 years. The acquisition will also provide an opportunity to your Company to participate in Utkal Alumina, the proposed 1 million tonnes per annum alumina project. The acquisition of equity shares in INDAL will be funded entirely through internal accruals and surplus funds available with your Company. Your Directors believe that the acquisition of shares in INDAL will greatly enhance value for shareholders. INDALs strengths in Alumina and Semi-fabrication will provide an excellent fit with your Companys strong presence in Metal. This is of particular significance in view of your Companys ongoing brownfield expansion. The consequent interaction will provide your Company with a much better perspective of the domestic and international markets for the Metallurgical and Speciality Grade Alumina. Importantly, the acquisition creates significant opportunities for value addition through synergies achieved as a result of integrating logistics, product rationalisation and marketing strategies with an enhanced customer reach. Customers will benefit from improved diversity of products and services. This in turn will contribute substantially to aluminium consumption growth in the country. Additionally, it will strengthen your Companys ability to meet competition in the rapidly consolidating and challenging global market. 4 0 4 0 4 0 4 0 4 0 OPERATIONAL REVIEW OPERATIONAL REVIEW OPERATIONAL REVIEW OPERATIONAL REVIEW OPERATIONAL REVIEW Your Companys operational performance has been exemplary for the year 1999-2000. Innovative practices in Smelting, Alumina Refining and Fabrication ensured improved efficiency, bettered productivity and played a key role in ensuring maximum capacity utilisation. METAL Your Company is well established as Indias largest aluminium producer. In the process, it has attained global scales of operation. Metal output was the highest ever at 248,930 MT as against 240,926 MT in the previous year. Given that the installed capacity is 242,000 MTPA, the 3 % growth in output is the result of improved efficiency. Better power availability also played a major role in ensuring higher metal output. ALUMINA Alumina production (Calcined) at 453,305 MT reflects a 7.5 % increase over that of 421,486 MT in the preceding year, which is slightly above the installed capacity of 450,000 MTPA. As Alumina is a key input for metal, increased production assumes great significance. REDRAW RODS The production of Redraw Rods stood at 49,018 MT, is marginally lower than 50,145 MT achieved in 1998-99. As the demand from the State Electricity Boards remained slack, your Company took a conscious decision to scale down production. The demand for redraw rods is now looking up. EXTRUSIONS Production of Extrusions grew by an impressive 25 % from 11,995 MT in the previous year to 14,959 MT during the current year. The higher output is a consequence of the successful optimisation of capacities through refurbished Extrusion facilities. ROLLED PRODUCTS The output of Rolled Products grew by 33% to 58,594 MT, versus 44,086 MT in 1998-1999. Significant productivity improvement contributed to this increase. Production during the second half of the year was significantly higher and augurs well for Rolled Products output. FOILS Production of Foils at 7,537 MT was significantly higher over the output of 1,551 MT in the previous year. This higher production reflects an optimisation of capacity as well as product mix and is way above the installed capacity of 5,000 MTPA. ALLOY WHEELS Your Companys Aluminium Alloy Wheel Plant at Silvassa was commissioned in September 1999. Alloy Wheels being a hi-tech product, with the stabilisation of the Plant, production is slated to increase progressively. The initial market feedback has been very encouraging. Your Company is moving forward in establishing a customer network. POWER GENERATION Power generated at your Companys Renusagar Power Plant, was 4,555.3 MU, up 5 % over Generation of 4329.8 MU in the previous year. The Co-generation Unit at Renukoot generated 283.0 MU of power, an increase of 8 % over generation of 262.5 MU in the previous year. Since power is a major and critical input for your Company, endeavours to increase its generation are ongoing. 4 1 4 1 4 1 4 1 4 1 SALES TURNOVER Sales turnover increased to Rs. 20,312 million, 15 % higher over sales of Rs. 17,670 million during the previous year. Volumes grew by 8% to 250,728 MT as against 231,046 MT during the last year. Higher realisations reflect a diversified and better product mix and improved international prices. Sales of value added Products namely rolled, extrusions and foils grew 37.3 %. Alloy Wheels will also gradually contribute to an increase in Sales. The outlook for Sales is, therefore, encouraging. Your Company capitalised on the marked improvement in the international scenario for aluminium. Exports grew 89 % to Rs.3,123 million as against Rs. 1,655 million during the previous year. Higher exports include a shift to higher value products in both the primary and semi-fabricated segments. With improved quality and services, your Companys products are finding increasing acceptance in the most discerning markets. INDUSTRY OVERVIEW INDUSTRY OVERVIEW INDUSTRY OVERVIEW INDUSTRY OVERVIEW INDUSTRY OVERVIEW DOMESTIC Aluminium consumption in India grew substantively during the year, prompted by a considerable improvement in industrial output amidst firming economic fundamentals. Aluminium production during the year increased to an estimated 622,000 MT as against 545,000 MT during the previous year. The year under review saw a resurgent automobile industry. Other segments, which registered impressive growth include the packaging and consumer durable industries. A revival was also evident in the building construction sector. India presents enormous latent opportunities for increased aluminium consumption. Some of these opportunities have begun to emerge. For instance, the prospects for increased consumption in the traditional electrical sector appear bright given large scale plans for addition to the power generation capacity. Demand from this segment is predicted to accelerate as aluminium finds application in the transmission and distribution systems. Your Company will capitalise on the emerging opportunities by ensuring improved availability and making concerted efforts for application development. It will seize every profitable market segment to create niches and maximise profits. Your Company believes that the coming years will see a consolidation of Indian aluminium industry. This is a must for cost efficiency, better quality and harnessing synergies towards application development, which Indian industry must ensure. INTERNATIONAL Aluminium fared well during 1999 with consumption growing by an estimated 6 % after a weak 1998. Increased consumption resulted from a strengthening Asia and firm trends in China. The markets in USA grew strongly, belying expectations of a slowdown whereas Europe consolidated. The strong consumption trends outgrew an estimated 4 % growth in output. Aluminium prices improved on the back of sound fundamentals and alumina shortages resulting from a disruption in supply. Even as alumina supply fears gradually ease, good fundamentals and expectations of firm economic growth augur well for prices. Increased aluminium usage in automobiles and other segments of the transportation sector will be the primary growth drivers for aluminium in the near term. The international aluminium industry is going through a period of consolidation. This is expected to lead to stability through improved discipline as well as concerted efforts to make aluminium usage grow. As the benefits of coming together accrue, more mergers are expected worldwide. 4 2 4 2 4 2 4 2 4 2 EXP EXP EXP EXP EXPANSI ON ANSI ON ANSI ON ANSI ON ANSI ON Your Company is of the view that growth is essential for sustainable prosperity. Following the shelving of the Aditya Aluminium project, your Company evaluated plans for a brownfield expansion at Renukoot. The evaluation revealed that substantial benefits should accrue from such an expansion. Accordingly, your Directors have approved the proposal for brownfield expansion, which will increase Aluminium Smelting capacity by 100,000 MTPA. In keeping with your Companys strategy of ensuring control on key inputs, the proposal also includes expansion of Alumina Refining Capacity by 210,000 MTPA and a matching increase in Power Generation capacity. Work on this project has just begun. It is scheduled for completion in phases by end 2002-03. Enhanced volumes from the expansion will enable your Company to further consolidate its leadership in the Indian market. The project entails a capital expenditure of approximately Rs. 18,000 million, which will be met entirely through internal accruals and debt. AWARDS AND RECOGNITION AWARDS AND RECOGNITION AWARDS AND RECOGNITION AWARDS AND RECOGNITION AWARDS AND RECOGNITION In recognition of its strong commitment to TQM, the CII - Exim Commendation Certificate was conferred on your Company. Your Company was also honoured with the Rajiv Gandhi National Quality Award Commendation Certificate. Your Companys outstanding exports effort during 1997-98 were recognised through the Award of the Engineering Export Promotion Councils Regional Highest Exporters Trophy. Your Company also received the Chemicals & Allied Products Export Promotion Councils `Special Award for outstanding export performance during 1998-99. In addition, your Companys exports during 1998-99 were recognised by a `Samman Award from the Customs Authorities at Calcutta. Your Company has been consistently commended for its successful energy conservation efforts. Deservedly, your Company was awarded an Energy Conservation Award for 1999, for the 5 th year in succession. CORPORATE GOVERNANCE CORPORATE GOVERNANCE CORPORATE GOVERNANCE CORPORATE GOVERNANCE CORPORATE GOVERNANCE Your Company has been a strong advocate of ensuring a good code of Corporate Governance in the interests of shareholders. Your Directors are committed to the standards of Corporate Governance introduced by the Securities Exchange Board of India (SEBI). This Annual Report includes a section on Corporate Governance and benchmarks your Company with the SEBI Code on Corporate Governance. Y2K Y2K Y2K Y2K Y2K Measures taken by your Company to be Y2K Compliant enabled a smooth roll over to the new millennium. ENVIRONMENTAL PROTECTION AND POLLUTION CONTROL ENVIRONMENTAL PROTECTION AND POLLUTION CONTROL ENVIRONMENTAL PROTECTION AND POLLUTION CONTROL ENVIRONMENTAL PROTECTION AND POLLUTION CONTROL ENVIRONMENTAL PROTECTION AND POLLUTION CONTROL Since its inception, your Company has sought to ensure that it grows in harmony with the environment. Optimisation of resources, recycling and minimal wastage, creation and building of an eco-friendly Company have been and continue to be its priorities. Since 1998, your Company is ISO 14001 certified. Your Company has ISO 14001 certification for all of its operations, barring Silvassa . Efforts are being stepped up to ensure ISO 14001 certification for your Companys operations at Silvassa as well. Your Company has sought to strengthen its Environment Management System (EMS) with additional Operational Control Procedures (OCPs) and Environment Management Programmes (EMPs). Your Companys EMS has been audited and is declared ISO 14001 compliant. Your Company is fully complying with all statutory environmental standards and norms. Its adherence to parameters well within statutory limits has been appreciated by regulatory authorities. 4 3 4 3 4 3 4 3 4 3 HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS Your Company believes that intellectual capital and people power will see organisations through successfully in the new millennium. That will be the key differentiating factor. We are therefore endeavouring hard to create an environment that is transparent, flexible and has a robust performance ethic. A razor-sharp focus on the growth and development of people is our on- going priority. Your Company has charted a human resource policy that integrates people, their skills and needs of the organization. Empowerment and learning is encouraged at all levels. The work processes in the Company are team driven. Your Company has created a culture of knowledge sharing and is endeavouring to make it a way of life in Hindalco. An appraisal system has been institutionalised. A performance based reward mechanism is being evolved. Individual achievements and attainment of team objectives have been inter-linked. Continuous training, restructuring and induction of fresh talent are playing a key role in ensuring a dynamic and vibrant organisation. These initiatives have facilitated extremely cordial industrial relations and a high level of employee commitment to the performance of your Company. RURAL DEVELOPMENT ACTIVITIES RURAL DEVELOPMENT ACTIVITIES RURAL DEVELOPMENT ACTIVITIES RURAL DEVELOPMENT ACTIVITIES RURAL DEVELOPMENT ACTIVITIES As a caring corporate entity, your Company has stepped up activities that seek to improve the quality of life of the weaker sections of society in the neighbouring areas of Renukoot and Renusagar as well as its areas of mining operations in Madhya Pradesh and Bihar. The integrated rural development activities undertaken by your Company include education, health and hygiene, sanitation, provision of safe drinking water and promotion of self-employment. Family welfare is another activity being increasingly emphasised by the Company. These activities are carried out in close co-ordination with the District and Block Administrations, as well as Banks and other Voluntary Organisations. Thousands of villagers from over 307 adopted villages benefited from these efforts, which are dwelt on in detail in a separate section titled Social Report in this Annual Report. Your Companys rural development wing mobilised Rs. 194 million towards fulfilling their social engagement. SUBSIDIARY COMP SUBSIDIARY COMP SUBSIDIARY COMP SUBSIDIARY COMP SUBSIDIARY COMPANIES ANIES ANIES ANIES ANIES The financial statements of Minerals & Minerals Limited, Renukeshwar Investment & Finance Limited and Renuka Investments & Finance Limited are attached to this Annual Report. JOINT VENTURE COMP JOINT VENTURE COMP JOINT VENTURE COMP JOINT VENTURE COMP JOINT VENTURE COMPANIES ANIES ANIES ANIES ANIES BIHAR CAUSTIC & CHEMICALS LIMITED BIHAR CAUSTIC & CHEMICALS LIMITED BIHAR CAUSTIC & CHEMICALS LIMITED BIHAR CAUSTIC & CHEMICALS LIMITED BIHAR CAUSTIC & CHEMICALS LIMITED Bihar Caustic & Chemicals Limited has recorded a satisfactory performance during the year under review with record production and sales. Competition from cheaper imports and demand supply mismatch in the domestic markets have adversely affected realisation. The lower realisation and retrospective increases in power tariffs have constrained the Companys financial performance. To ensure an uninterrupted supply of economically priced power, work is on for installation of a captive power plant. The Plant is expected to be commissioned by July 2000. 4 4 4 4 4 4 4 4 4 4 INDO GULF CORPORATION LIMITED INDO GULF CORPORATION LIMITED INDO GULF CORPORATION LIMITED INDO GULF CORPORATION LIMITED INDO GULF CORPORATION LIMITED Indo Gulf Corporation achieved its highest ever production of Urea during the year under review. Urea production stood at 10.42 Lac MT against 10.20 Lac MT in the previous year. The Companys SHAKTIMAN UREA continues to be the preferred choice of farmers in its entire marketing territory. The Companys state-of-the-art Copper Smelter Plant achieved 100 % capacity utilisation in the very first full year of operation. The Company has a 48 % share in the domestic copper market. To further improve realisation from by-products and as part of a value addition strategy, the Company is putting up a 4 Lac TPA Di-Ammonium Phosphate (DAP) Plant at Jagdishpur and a Precious Metal Refinery (PMR) at its Copper Smelter Plant at Dahej. Both these projects are at an advanced stage of implementation and are expected to contribute significantly to the revenue and profits in the coming years. TANFAC INDUSTRIES LIMITED TANFAC INDUSTRIES LIMITED TANFAC INDUSTRIES LIMITED TANFAC INDUSTRIES LIMITED TANFAC INDUSTRIES LIMITED The working of Tanfac Industries during the year under review was satisfactory. Sales volumes for Aluminium Fluoride and Anhydrous Hydrofluoric Acid, the two main products were higher. Realisations and profitability were adversely impacted due to competition from cheaper imports in the DCFA segment. The Company has successfully developed overseas market for Anhydrous Hydrofluoric Acid in Thailand. During the year, the Company had received the prestigious TPM EXCELLENCE FIRST CATEGORY AWARD from Japan Institute of Plant Maintenance, Japan. Tanfac is the first Fluorine manufacturing Company in the World to get this coveted award. MANGALORE REFINERY AND PETROCHEMICALS LIMITED MANGALORE REFINERY AND PETROCHEMICALS LIMITED MANGALORE REFINERY AND PETROCHEMICALS LIMITED MANGALORE REFINERY AND PETROCHEMICALS LIMITED MANGALORE REFINERY AND PETROCHEMICALS LIMITED Mangalore Refineries expansion of crude oil processing capacity from 3 MMTPA to 9 MMTPA was completed in September 1999, two months ahead of schedule. Trial runs are in progress. The capacity expansion will enable the Company to have dual operating streams. This would lead to a continuity of operations throughout the year. In addition, the Company will benefit from economies of scale and resultant improved cost efficiency, which will stand it in good stead in the de-regulated Hydrocarbon Sector in future. BIRLA AT&T COMMUNICATIONS LIMITED BIRLA AT&T COMMUNICATIONS LIMITED BIRLA AT&T COMMUNICATIONS LIMITED BIRLA AT&T COMMUNICATIONS LIMITED BIRLA AT&T COMMUNICATIONS LIMITED Birla AT&T has migrated to the New Telecom Policy 1999, which marks a watershed for the Cellular Industry in India. Amongst the issues that the new telecom policy has addressed are an extension of licence period, a shift from fixed licence fees to revenue sharing and approval for an increase in the number of operators in each Circle. Birla AT&T expects an acceleration of sizable additions to its subscriber base, an increase in revenue per user and will also benefit from the reduced licence fee. A Memorandum of Understanding has been signed on 1 st March 2000 with Tata Industries Ltd. for the merger of Tata Cellular Limited with Birla AT&T Communications Limited. This initiative positions Birla AT&T as a major telecom player with 24 % of the Countrys telecom population in its fold. The initiative will also benefit the Company from resultant synergies. BINA POWER SUPPL BINA POWER SUPPL BINA POWER SUPPL BINA POWER SUPPL BINA POWER SUPPLY COMP Y COMP Y COMP Y COMP Y COMPANY LIMITED ANY LIMITED ANY LIMITED ANY LIMITED ANY LIMITED Bina Powers 578 MW coal based power generation facility being set up at Bina in Madhya Pradesh in Joint Venture with PowerGen of UK. While all project contracts and agreements had been executed/finalised, there has been a delay on account of the ongoing litigation for Escrow Allocation. However, the Company has now received a favourable verdict from the Supreme Court, which has upheld the Division Bench judgement approving the Madhya Pradesh Electricity Board process of Escrow Allocation. The Company is hopeful of achieving Financial Closure in 2000-01. 4 5 4 5 4 5 4 5 4 5 PARTICULARS AS PER SECTION 217 OF THE COMP PARTICULARS AS PER SECTION 217 OF THE COMP PARTICULARS AS PER SECTION 217 OF THE COMP PARTICULARS AS PER SECTION 217 OF THE COMP PARTICULARS AS PER SECTION 217 OF THE COMPANIES ACT 1956 ANIES ACT 1956 ANIES ACT 1956 ANIES ACT 1956 ANIES ACT 1956 The particulars of employees, as required by under Section 217(2A) of the Companies Act, 1956, are given as Annexure to this Report. As per provisions of Section 219(1)(b) (iv) of the Companies Act 1956, the Report and Accounts are being sent to all the Shareholders of the Company, excluding the aforesaid information. Shareholders who are interested in obtaining these particulars may please write to the Company Secretary at the Companys Registered Office. Additional information relating to the conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo required under Section 217(1)(e) of the Companies Act 1956, is set out in a separate statement attached to this report and forms part of it. DI RECTORS DI RECTORS DI RECTORS DI RECTORS DI RECTORS In accordance with Article 146 of the Articles of Association of the Company, Mrs. Rajashree Birla, Mr. S.S. Kothari and Mr. T.K. Sethi, retire from Office by rotation and being eligible, offer themselves for re-appointment. Mr. Marti G. Subrahmanyam, Charles E Merrill Professor of Finance and Economics in the Stern School of Business at New York University, U.S.A was appointed as a Director of the Company to fill up the vacancy caused by the resignation of Mr. G.D. Binani from the Board of Directors of the Company. Mr. Subrahmanyam has expressed his desire to resign from the Board of the Company. The Board of Directors while accepting the resignation with regret wishes to place on record their appreciation of the services rendered by Mr. Subrahmanyam during his brief association with the Company. AUDITORS REPORT AUDITORS REPORT AUDITORS REPORT AUDITORS REPORT AUDITORS REPORT The observations made in the Auditors Report are dealt with separately in the Notes to the Profit & Loss Account and the Balance Sheet in Schedule 21 of the Accounts. These are self-explanatory and do not call for any further comments. AUDI TORS AUDI TORS AUDI TORS AUDI TORS AUDI TORS M/s Singhi & Company, Chartered Accountants and Auditors to the Company, retire, and being eligible, offer themselves for appointment. APPRECI ATI ON APPRECI ATI ON APPRECI ATI ON APPRECI ATI ON APPRECI ATI ON Your Directors place on record the support and guidance provided by the Honourable Minister, the Secretary and other Officials of the Ministry of Mines. Your Directors thank the Financial Institutions and Banks for their support. Your Companys employees deserve fulsome praise for their creativity and commitment to performance. This has been and will continue to be instrumental to our success. Your Directors place on record their wholehearted appreciation of your Companys employees. Your Directors also acknowledge with gratitude the backing of its Shareholders. For and on behalf of the Board Mumbai Dated the 27th Day of April 2000. Chairman 4 6 4 6 4 6 4 6 4 6 [Statement of particulars under the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules 1988] A AA AA. .. .. CONSERV CONSERV CONSERV CONSERV CONSERVA AA AATION OF ENERG TION OF ENERG TION OF ENERG TION OF ENERG TION OF ENERGY YY YY The Company continues to accord priority to energy conservation. The Companys Central Energy Cell has been given the total responsibility for minimising energy consumption. Consistent efforts are being made for identifying potential areas for energy saving. Endeavours are on to optimise operating process parameters, modernise and upgrade technology and plant equipments. To benchmark, regular energy audits are carried out by the Energy Cell in all sections of the Plant. The Cell also creates awareness on the importance of energy conservation amongst employees. Suggestions from employees on energy improvement measures are reviewed by the Energy Cell and Head(s) of Department on a regular basis to identify viable measures for implementation. The Companys efforts have been recognised by the authorities. It has been conferred with the National Award for Energy Conservation for the 5th year in succession by the Ministry of Power, Government of India. a. ENERGY CONSERVATION MEASURES TAKEN : GENERAL MEASURES: i Variable speed drives installed for optimising the running speed of equipments. ii Energy efficient Recuperators were installed for waste heat recovery and to minimise losses from melting furnaces. iii Regular monitoring of Air Compressor performance parameters and cooling systems. iv Development of a system to use Fuel oil in place of L.D.O., which is economical. 1. ALUMINA PLANT : i Substantial changes have been made in process orientation for achieving higher yield, additional volumes and reduction in energy as well as other inputs. Plant trials have been successful and favourable results are being achieved. ii To improve heat efficiency and caustic concentration of the process liquor, a change in quality of steam (pressure and temperature) used in the Evaporation unit has been made. This is resulting in higher production and reduced steam consumption. iii To reduce substantial air consumption, air lift submergence and air lift nozzle modification in Precipitator Tanks has been effected. iv For better flashing and heat recovery, modifications have been made in a Flash Tank of the Digestion Unit. v Modifications in steam circuit in the slurry heaters and steam pumps have helped reduce steam pressure, stop steam let-down and save condensation losses in the co-generation process. vi To save electrical and heat energy, re-routing and modification of the condensate transportation system (Digestion and HID area) has been recoursed to. 2. SMELTER: i A High Technical System for reducing electrical conductor resistance has been implemented in Pot lines. The throughput in these Pot lines has increased. ii Modified anodes are being introduced progressively in the Smelter, to enable reduction in gross carbon consumption and better fuel economy. iii Revamping of Paste Plant is under progress. This will improve the quality of the anodes substantially and result in increased productivity and lower energy consumption. iv The design of Cathode & Anode bus bar is being optimised in new lined cells progressively to reduce energy consumption. v Modified bath chemistry is being adopted to increase current efficiency and to improve productivity. vi State-of-the-art firing control system in the Baking Furnace for fuel saving and improving baked anode quality is under implementation. Annexure A to the Directors Report 4 7 4 7 4 7 4 7 4 7 3. FABRICATION PLANT : i. Installed technologically upgraded Recuperator in place of Shell Type Recuperator in the Properzi furnace to get better air combustion and reduce fuel oil consumption in furnaces. ii. Installed Magnetiser to save fuel oil consumption. iii. Installed inline oxygen gas analysers to check content of oxygen in the flue gases and ensure better control on fuel oil and air consumption. iv. Modified positioning of burners in Furnaces to save fuel oil. v. Altered the screw down system in the Cold Mill to increase net rolling time and reduce power consumption. vi. Hot Mill Exit Table extended to ensure thinner gauge rolling and reduce the pass per coil at the Cold Mills, resulting in significant energy savings. vii. PLC system introduced at the recoiling unit of Conform Machine to increase production of tube coils and save power. viii. Quenching fans of Extrusion Press linked with PLC system of the Press to automatically stop fans in case of any stoppage of the Press. 4. FOIL DIVISION : i. 66 KV lines have been installed in place of 11 KV to reduce transmission losses. ii. Annealing cycle time and loading has been optimised, saving electrical energy. 5. POWER PLANT : a. RENUSAGAR POWER UNIT: i. Installation of efficient turbine rotor in TG for reducing turbine blade failure and energy loss. ii. Revamping of rotor of another TG after RLA with new design of high efficiency last stage buckets for energy conservation and better heat rate. iii. Revamping of Instrumentation done. iv. Optimization of operating practices for utilising re-use water in the plant has led to the reduction in make- up pump running hours. v. Installation of Dyna speed for coal feeders in Boilers. vi. Optimisation of operating practices to reduce coal consumption. vii. Installation of efficient luminaires. viii. Installation of FRP blades in place of GRP blades in Cooling Tower fans. b. CO-GENERATION POWER UNIT: i. Installation of EPIC II Controller in Boiler ESP. ii. Modification of auxiliary cooling water return line to Cooling Tower. iii. Installation of Vent Condenser in Boiler Deaerator for reduction in auxiliary steam consumption. b. ADDITIONAL INVESTMENT AND PROPOSALS BEING IMPLEMENTED : Plans are on the anvil to try and implement the following proposals during the financial year 2000-2001: 1. ALUMINA PLANT : i. To convert one Flash Vessel of slurry heater condensate circuit as an additional Flash Tank for the Digestion Unit to get better heat recovery. ii. Modification in Flash Tank slurry inlet system of the Digestion Unit for enhanced flashing and heat recovery. ANNEXURE ANNEXURE ANNEXURE ANNEXURE ANNEXURE A AA AA T T T T TO THE DIRECT O THE DIRECT O THE DIRECT O THE DIRECT O THE DIRECTORS REPORT ( ORS REPORT ( ORS REPORT ( ORS REPORT ( ORS REPORT (C CC CContd. ontd. ontd. ontd. ontd.) )) )) 4 8 4 8 4 8 4 8 4 8 iii. Revamping of Instrumentation and control. iv. To pass good condensate through all effects of the Evaporation Unit and tap it partially in between to avoid water logging and also save thermal energy. 2. SMELTER : i. Pitch-fume collection system is being revamped with a state-of-the-art technology for efficient pollution control. This will reduce consumption of coal tar pitch. ii. Implementation of Dynamic Alumina Feeding Strategy through High-Tech Graphic Softwares is on to improve current efficiency and reduce energy consumption. iii. Further trial of special insulation material as top blanket cover in Baking Furnaces is being undertaken to reduce heat losses from baking pits and improve quality of anodes. iv. The design of Baking Furnace is being modified for increasing productivity and Fuel oil efficiency. 3. FABRICATION PLANT : i. Installation of technologically upgraded Recuperators on other Properzi furnaces. ii. Installation of the Coil Preparation Unit to reduce feeding delays and energy saving by eliminating idle time of the machine. iii. Increased weight of Hot Mill Rolling Slab. This will increase production and reduce power consumption. iv. Cooling Fans of Extrusion Press of 1250 UST to be linked through PLC system of Press for its automatic stoppage after certain period of Press shutdown. 4. FOIL DIVISION : i. Installation of capacitor banks to improve power factor and overall power quality ii. Installation of Refrigeration dryer at compressor for energy conservation. 5. POWER PLANT: a. RENUSAGAR POWER UNIT: i. Water conservation measures being intensified and recycling plants viz. The Sewage Treatment, Effluent Treatment and Water Treatment Plants are being upgraded. ii. Installation of efficient luminaires to continue. iii. Modification of economiser of one boiler by adding more coils will reduce flue gas temperature, resulting in an increase in the Boiler efficiency. iv. Installation of Stainless Steel liners in coal bunkers for reducing coal flow interruption to avoid Boiler tripping. v. RLA study of Boilers. b. CO-GENERATION POWER UNIT: i. Pipelines and drains modification for recycling and reuse of waste-water for water conservation. ii. Modification of Bottoming Turbine Extraction III steam line to maximise LP steam use in process plant to reduce specific steam consumption for power generation. c. IMPACT OF MEASURES IN (a) AND (b) ABOVE: The various Energy Conservation Measures undertaken by your Company have yielded encouraging results in most of the production centres. Plans to further optimise energy utilisation with ongoing and newly introduced measures are on the anvil. ANNEXURE ANNEXURE ANNEXURE ANNEXURE ANNEXURE A AA AA T T T T TO THE DIRECT O THE DIRECT O THE DIRECT O THE DIRECT O THE DIRECTORS REPORT ( ORS REPORT ( ORS REPORT ( ORS REPORT ( ORS REPORT (C CC CContd. ontd. ontd. ontd. ontd.) )) )) 4 9 4 9 4 9 4 9 4 9 d dd dd. .. .. T TT TTO OO OOT TT TTAL ENERG AL ENERG AL ENERG AL ENERG AL ENERGY CONSUMPTION AND ENERG Y CONSUMPTION AND ENERG Y CONSUMPTION AND ENERG Y CONSUMPTION AND ENERG Y CONSUMPTION AND ENERGY CONSUMPTION PER UNIT OF PRODUCTION : Y CONSUMPTION PER UNIT OF PRODUCTION : Y CONSUMPTION PER UNIT OF PRODUCTION : Y CONSUMPTION PER UNIT OF PRODUCTION : Y CONSUMPTION PER UNIT OF PRODUCTION : (As per Form A below) Form A Form A Form A Form A Form A 1999- 2000 1999- 2000 1999- 2000 1999- 2000 1999- 2000 1998- 1999 1998- 1999 1998- 1999 1998- 1999 1998- 1999 A. Power & Fuel Consuption 1. 1. 1. 1. 1. Electricity Electricity Electricity Electricity Electricity i) Purchased from SEBs Units (KWH in thousands) 6,131 36,847 Total Amount (Rs in Lac) excluding 171.91 1,556.57 Minimum Demand Charges for Renukoot Rate/Unit (Rs) 2.80 4.22 ii) Own Generation 1 Through Steam Turbine/Generator Units (KWH in thousands) 4,102,280 3,951,473 Cost/Unit (Rs) (Coal & Fuel only) 0.5813 0.5814 2 Through Diesel Generator Units (KWH in thousands) 3,623 1,115 Cost/Unit (Rs) 4.87 3.27 2 22 22 Steam Coal (for Generation of Steam) Steam Coal (for Generation of Steam) Steam Coal (for Generation of Steam) Steam Coal (for Generation of Steam) Steam Coal (for Generation of Steam) Quantity (Tonnes) 4,479,013 4,520,369 Total Amount (Rs in Lacs) 27,469.45 26,381.88 Average Rate (Rs) 613.29 583.62 3 33 33 F FF FFurnace Oil (F urnace Oil (F urnace Oil (F urnace Oil (F urnace Oil (Fuel Oil,L uel Oil,L uel Oil,L uel Oil,L uel Oil,L.D .D .D .D .D.Oil,HSD Oil) .Oil,HSD Oil) .Oil,HSD Oil) .Oil,HSD Oil) .Oil,HSD Oil) Quantity (KL) 67,330 67,042 Total Amount (Rs in Lacs) 5,847.52 4,514.52 Average Rate (Rs) 8,684.87 6,733.87 4 44 44 Steam (P Steam (P Steam (P Steam (P Steam (Purchased) urchased) urchased) urchased) urchased) Quantity (Tonnes) 155,046 147,745 Total Amount (Rs in Lacs) 226.43 215.77 Average Rate (Rs) 146.04 146.04 B. Consumption per Unit of Production (per M. T.) Unit Unit Unit Unit Unit 1999-2000 1999-2000 1999-2000 1999-2000 1999-2000 1998-99 1998-99 1998-99 1998-99 1998-99 1. Aluminium Metal (including Alumina) Electricity kwh 16,089 16,270 Furnace Oil Litres 214 221 Steam Coal MT 1.863 1.992 Average C.V. of Steam Coal K.Cal/kg 3,453 3,449 2 Redraw Rods (including Alloy Rods) Electricity kwh 77 79 Furnace Oil Litres 49 54 3 Fabricated Products (Rolled & Extrusion) Electricity kwh 1,227 1,270 Furnace Oil Litres 91 115 4 Aluminium Foil Electricity kwh 1,102 2,597 Note: (1) Last year figures regrouped where required (2) There was no purchase of power at Renukoot in 1999-2000 ANNEXURE ANNEXURE ANNEXURE ANNEXURE ANNEXURE A AA AA T T T T TO THE DIRECT O THE DIRECT O THE DIRECT O THE DIRECT O THE DIRECTORS REPORT ( ORS REPORT ( ORS REPORT ( ORS REPORT ( ORS REPORT (C CC CContd. ontd. ontd. ontd. ontd.) )) )) 5 0 5 0 5 0 5 0 5 0 B. B. B. B. B. TECHNOL TECHNOL TECHNOL TECHNOL TECHNOLOG OG OG OG OGY ABSORPTION Y ABSORPTION Y ABSORPTION Y ABSORPTION Y ABSORPTION e. EFFORTS MADE IN TECHNOLOGY ABSORPTION: (As per Form B given below) FORM - B FORM - B FORM - B FORM - B FORM - B RESEARCH & DEVELOPMENT (R&D) 1. 1. 1. 1. 1. Specific areas in which R&D carried out by the Company during the year 1999-2000. Specific areas in which R&D carried out by the Company during the year 1999-2000. Specific areas in which R&D carried out by the Company during the year 1999-2000. Specific areas in which R&D carried out by the Company during the year 1999-2000. Specific areas in which R&D carried out by the Company during the year 1999-2000. Research and Development efforts were directed towards process improvements, manufacturing cost reduction, energy conserva- tion, import substitution, new product development, recovery of by-products, environmental protection and non-destructive evalu- ation. Efforts ongoing to set standards for quality and service in aluminium products. 2. 2. 2. 2. 2. Benefits derived as a result of the above R&D Benefits derived as a result of the above R&D Benefits derived as a result of the above R&D Benefits derived as a result of the above R&D Benefits derived as a result of the above R&D. .. .. a) Continuous improvement in performance indices of the plant processes with respect to energy, raw material consumption and product quality. b) Indigenous development and import substitution of critical plant spares and components. c) Formulation, modification and evolvement of Indian Standards for aluminium and its products. d) New products developed at competitive prices. e) Lowest possible emissions well below the regulatory norms set by Pollution Control Board and waste minimisation. f) Production of high purity metal. g) Better technical support to customers. 3. 3. 3. 3. 3. F FF FFuture Plan of Action. uture Plan of Action. uture Plan of Action. uture Plan of Action. uture Plan of Action. a) To augment facilities on an ongoing basis through acquisition of state-of-the-art technologies, equipments and instruments. b) Assimilating state-of-the-art-technology for competitive advantage. c) Product development for specific customer requirement and specific end uses. d) Energy and resource conservation. e) Lowest possible emissions well below the regulatory norms set by Pollution Control Board and waste minimisation. f) Better management systems and procedures to compete both in domestic and international markets. 4. 4. 4. 4. 4. Expenditure on R&D Expenditure on R&D Expenditure on R&D Expenditure on R&D Expenditure on R&D 1999-2000 1999-2000 1999-2000 1999-2000 1999-2000 1998-99 1998-99 1998-99 1998-99 1998-99 a) Capital Rs. 18.06 million Rs. 0.28 million b) Recurring Rs. 7.11 million Rs. 6.93 million c) Total (a+b) Rs. 25.17 million Rs. 7.21 million d) Total R&D Expenditure as % of Total Turnover 0.12 % 0.04 % 5. 5. 5. 5. 5. T TT TTechnology absorption, adaptation and innovation. echnology absorption, adaptation and innovation. echnology absorption, adaptation and innovation. echnology absorption, adaptation and innovation. echnology absorption, adaptation and innovation. I . I . I . I . I . Efforts in brief Efforts in brief Efforts in brief Efforts in brief Efforts in brief The technology acquired has been successfully absorbed and the Company has been able to develop products that meet international standards of quality at an affordable price to the customer. The Company is now a pacesetter for creating a competitive and quality sensitive environment for aluminium industry in India. II. II. II. II. II. Benefits Derived Benefits Derived Benefits Derived Benefits Derived Benefits Derived a) Enhancement of technological capabilities. b) World class products and services. c) Better environmental protection. ANNEXURE ANNEXURE ANNEXURE ANNEXURE ANNEXURE A AA AA T T T T TO THE DIRECT O THE DIRECT O THE DIRECT O THE DIRECT O THE DIRECTORS REPORT ( ORS REPORT ( ORS REPORT ( ORS REPORT ( ORS REPORT (C CC CContd. ontd. ontd. ontd. ontd.) )) )) 5 1 5 1 5 1 5 1 5 1 III. III. III. III. III. Details of technology imported in the past 5 years: Details of technology imported in the past 5 years: Details of technology imported in the past 5 years: Details of technology imported in the past 5 years: Details of technology imported in the past 5 years: Technology Imported for Year of Import Has technology If not fully absorbed, areas where been fully this has not taken place, reason absorbed there of and future plan of action Construction and 1994-95 Absorbed Operation of Foil Plant Extrusion Press 1994-95 Absorbed Bauxite Digestion Process 1995-96 Absorbed Rolled Products 1996-97 Absorbed Upgraded Celtrol technology Beginning from 1997-98 to be Under continued till 2000-01 implementation Stub Welding technology Beginning from 1997-98 to be Under continued till 2000-01 implementation Manufacture of Beginning from Under Greeen Anode Paste 1998-99 to be implementation continued till 2001-02 Design and manufacture Beginning from 1998-99 to be Under Aluminium Alloy Wheels continued for a period of 5 years implementation from the date of commencement of production Precipitation process Beginning from 1999-2000 to be Under technology for Alumina plant continued till 2000-01 implementation ANNEXURE ANNEXURE ANNEXURE ANNEXURE ANNEXURE A AA AA T T T T TO THE DIRECT O THE DIRECT O THE DIRECT O THE DIRECT O THE DIRECTORS REPORT ( ORS REPORT ( ORS REPORT ( ORS REPORT ( ORS REPORT (C CC CCont d. ont d. ont d. ont d. ont d. ) )) )) C. C. C. C. C. FOREIGN EX FOREIGN EX FOREIGN EX FOREIGN EX FOREIGN EXCHANGE EARNINGS & OUTGO CHANGE EARNINGS & OUTGO CHANGE EARNINGS & OUTGO CHANGE EARNINGS & OUTGO CHANGE EARNINGS & OUTGO f ff ff. .. .. Activities related to exports Activities related to exports Activities related to exports Activities related to exports Activities related to exports Exports grew 89% during 1999-2000 to Rs. 3,122.53 million as against Rs. 1,654.57 million during the previous year. The higher exports were a result of an 80% growth in volumes as well as improved realizations. Your Companys products and services are being appreciated in new markets. In pursuit of its chosen strategy, your Company is also successfully increasing exports of high value items. g gg gg. .. .. T TT TTotal foreign exchange used and earned otal foreign exchange used and earned otal foreign exchange used and earned otal foreign exchange used and earned otal foreign exchange used and earned Foreign Exchange used Rs. 146.22 million Foreign Exchange earned Rs. 3,157.36 million 5 2 5 2 5 2 5 2 5 2 W WW WWe have audited the Balance Sheet of HINDALCO INDUSTRIES LIMITED as at 31 st March 2000 and the Profit & Loss Account of the said Company for the year ended on that date, both annexed hereto. We report that : 1. In our opinion and to the best of our information and according to the explanations given to us, the annexed accounts read with the notes in Schedule 21 give the information required by the Companies Act, 1956 (as amended) in the manner so required and give a true and fair view : (a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2000 and (b) In the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date. 2. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit. 3. In our opinion, proper books of account as required by the Companies Act, 1956 (as amended) have been kept by the Company so far as appears from our examinations of those books, and 4. The Balance Sheet and the Profit & Loss Account are in agreement with books of account and comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Company Law Board and on the basis of such checks as were considered appropriate, we further state that: i) The Company has maintained proper records to show full particulars including quantitative details and location of fixed assets. These have been physically verified wherever possible during the year as confirmed by the management. No significant discrepancies have come to our notice on such physical verification. ii) None of the Fixed Assets of the Company have been revalued during the year. iii) The stocks of finished goods (except finished goods lying with stockists and in transit), stores, spare-parts and raw materials have been physically verified at reasonable intervals during the year by the Management. iv) In our opinion, the procedure of physical verification of stocks followed by the Management is reasonable and adequate in relation to the size of the Company and nature of its business. v) The discrepancies between the physical stocks and book stocks, which are not significant, have been properly dealt with in the books of account. vi) In our opinion, the valuation of stocks of finished goods, work-in-process, stores & spare parts and raw materials has been fair and proper in accordance with the normally accepted accounting principles. The basis of valuation of stocks of finished goods, work-in-process, raw materials and machinery spares not in regular use has been changed to bring it in line with the Accounting Standard 2 (Valuation of Inventories) which has become mandatory from this year. The effect of the above change is stated in Note No. 16 (a) & (b) of Schedule 21. Other than above, other items of inventory remain to be valued on the same basis as in earlier years. vii) The Company has not taken any loan, secured or unsecured, from the companies, firms or other parties listed in the register maintained under Sections 301 and 370(1B) (non operative) of the Companies Act, 1956. viii) The Company has not given any loan, secured or unsecured, to the companies, firms or other parties listed in the register maintained under Sections 301 and 370(1B) (non operative) of the Companies Act, 1956. ix) 1) Recovery of principal and interest, for loans given to a limited company is as per terms stated in Note No. 12 (a) Schedule 21. Auditors Report to the Shareholders 5 3 5 3 5 3 5 3 5 3 2) The other Parties to whom loan/deposits have been granted by the Company are repaying the principal amount and interest as stipulated. Advances free of interest given to the employees are being recovered as per stipulation. x) On the basis of checks carried out during the course of audit and as per explanations given to us, we are of the opinion that there is an adequate internal control procedure commensurate with the size of the Company for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for sale of goods. xi) According to the information and explanations given to us, and as per records provided there are no transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs.50,000 or more in respect of each party. xii) As explained to us, the Company has a regular procedure for the determination of the unserviceable or damaged stores, raw materials or finished goods and loss so determined has been properly dealt with in the accounts. xiii) Directives issued by the Reserve Bank of India and provisions of Section 58A of the Companies Act, 1956 and the rules framed thereunder have been complied with in respect of deposits accepted from the public. xiv) The Company has maintained reasonable records for the sale and disposal of by-products and scraps. xv) The Company has an internal audit system, which in our opinion is commensurate with the size and nature of the business. xvi) The Company has maintained proper cost records as prescribed by Central Government under Section 209 (1) (d) of the Companies Act, 1956 for the products of the Company but no detailed examination of such records has been carried out by us. xvii) The Company is regular in depositing Provident Fund and Employees State Insurance dues with the appropriate authorities. xviii) According to the information and explanations given to us and the books and records examined by us, there are no undisputed amounts, payable in respect of Income-Tax, Sales-Tax, Customs Duty and Excise Duty outstanding as at 31 st March, 2000 for a period exceeding six months from the date they become payable. xix) The Company has a policy of authorising expenditure based on reasonable checks and controls. This policy is intended to ensure that expenses are authorised on the basis of contractual obligations or accepted business practices having regard to the Companys business needs and exigencies. In terms of these observations, we have not come across any expenses charged to Revenue Account, which in our opinion and judgement, and to the best of our knowledge and belief, could be regarded as personal expenses. xx) The Company is not a sick industrial company within the meaning of the Sick Industrial Companies (Special Provisions) Act, 1985. For SINGHI & CO. Camp: Mumbai Dated : The 27th day of April, 2000 RAJIV SINGHI 1-B, Old Post Office Street Partner Calcutta Chartered Accountants 5 4 5 4 5 4 5 4 5 4 Balance Sheet as at 31st March, 2000 /s jer etr rejer| eaaete1. Fer !lNONl & CO. /. K. /O/KW/L/ Chairman : KU/K /NO/L/ 8lKL/ K/!l\ !lNONl Whole-time Director Directors K/!/!NK|| 8lKL/ Partner !. K. !|!Nl. . 8N/O/! Chartered Accountants !. !. KO!N/KlP. D. O!N/ C. . /Nl/K Cemj tm|el /NlL !. !N/L/ De|e1 !le Zl|l 1e el /jrll, Z111. Company Secretary [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st Sc hedul e Sc hedul e Sc hedul e Sc hedul e Sc hedul e March, 2000 March, 2000 March, 2000 March, 2000 March, 2000 March, 1999 March, 1999 March, 1999 March, 1999 March, 1999 SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS !N/K|NOLD|K! FUND! !lere Cejl|el '! l11. l11. Kesertes & !trjlts 'Z '!,'.11 1l,11.1 'Z,111.1 'Z,111.1 'Z,111.1 'Z,111.1 'Z,111.1 1,1l1.ll 1,1l1.ll 1,1l1.ll 1,1l1.ll 1,1l1.ll LO/N FUND! !ettre1 Leeas '1 ',1Z.Z ,!!.!l Uasettre1 Leeas '1 1Z1. l. ',l'1.l1 ',l'1.l1 ',l'1.l1 ',l'1.l1 ',l'1.l1 ,l1.!1 ,l1.!1 ,l1.!1 ,l1.!1 ,l1.!1 !O!/L ',1.l ',1.l ',1.l ',1.l ',1.l '',Z11.1 '',Z11.1 '',Z11.1 '',Z11.1 '',Z11.1 APPLICA APPLICA APPLICA APPLICA APPLICATION OF FUNDS TION OF FUNDS TION OF FUNDS TION OF FUNDS TION OF FUNDS Fll|D /!!|!! Oress 8letl '' 'Z,1'1.1 '1,1.'Z Less Dejretle|lea !,1.1 !,Z.1 Ne| 8letl 11,Z'1.'' 11,!l.lZ Cejl|el Werl-la-Preress !,1.1Z !,!1.!1 11,11.'l 11,11.'l 11,11.'l 11,11.'l 11,11.'l 1',l'. 1',l'. 1',l'. 1',l'. 1',l'. lN\|!!|N!! ' !!,1Z.'1 !!,1Z.'1 !!,1Z.'1 !!,1Z.'1 !!,1Z.'1 !1,Zl.l1 !1,Zl.l1 !1,Zl.l1 !1,Zl.l1 !1,Zl.l1 CUKK|N! /!!|!!, LO/N! & /D\/NC|! latea|erles 'l 1,Z1.Z 1,!'.lZ !ta1r De||ers ' !,'1.1 !,1.l! Cesl & 8eal 8eleates ' 1,1Zl.1' !,1.11 Leeas, /1teates & Dejesl|s '!1 ,Z!.1' ',!Z1.Zl !1,1. !1,1. !1,1. !1,1. !1,1. !!,11.!1 !!,11.!1 !!,11.!1 !!,11.!1 !!,11.!1 Less CUKK|N! Ll/8lLl!l|! /ND PKO\l!lON! Lle|lll|les '!! !,'11.11 !,'1. Pretlsleas '!Z l11.' '1.! Z,Zl1. Z,Zl1. Z,Zl1. Z,Zl1. Z,Zl1. Z,!'1.1 Z,!'1.1 Z,!'1.1 Z,!'1.1 Z,!'1.1 N|! CUKK|N! /!!|!! !Z,11. !Z,11. !Z,11. !Z,11. !Z,11. ,'!.11 ,'!.11 ,'!.11 ,'!.11 ,'!.11 !O!/L ',1.l ',1.l ',1.l ',1.l ',1.l '',Z11.1 '',Z11.1 '',Z11.1 '',Z11.1 '',Z11.1 Ne|es ea /tteta|s 'Z! 5 5 5 5 5 5 5 5 5 5 Profit & Loss Account for the year ended 31st March, 2000 [Ks. la llllea} For the year For the year For the year For the year For the year For the year For the year For the year For the year For the year ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st Sc hedul e Sc hedul e Sc hedul e Sc hedul e Sc hedul e March, 2000 March, 2000 March, 2000 March, 2000 March, 2000 March, 1999 March, 1999 March, 1999 March, 1999 March, 1999 INCOME INCOME INCOME INCOME INCOME !eles & Ceaterslea Cleres [!et De1tt|e1 e| !etrte Ks..' mllllea} Z1,1l'.l! Z1,!11.' Less |ttlse Dt| Z,l1.1 Z,11.! Z1,1!!.! Z1,1!!.! Z1,1!!.! Z1,1!!.! Z1,1!!.! !l,.1 !l,.1 !l,.1 !l,.1 !l,.1 O|ler lateme '!1 !,1.'1 !,111.l latreese /[Detreese} la !|etls '!1 1.' 1'Z.1 Z!,l1l.1 Z!,l1l.1 Z!,l1l.1 Z!,l1l.1 Z!,l1l.1 !,1l.11 !,1l.11 !,1l.11 !,1l.11 !,1l.11 EXPENDITURE EXPENDITURE EXPENDITURE EXPENDITURE EXPENDITURE Kew e|erlels Ceastme1 '!' 1,.l! 1,1'. Oee1s Ptrtlese1 1.1Z eatlet|trla |tjeases '! 1,11Z.1 1,1.1 Pemea|s |e ea1 Pretlslea ler |mjleees '!l !,11.1l !,!!. !ellla, Dls|rl|t|lea, /1mlals|re|lea ea1 O|ler |tjeases '! !,1Z!.Z1 !,!1.lZ la|eres| '! '.Z 1.1 Dejretle|lea 'Z1 !,1'1.1 !,Z1'. Pretlslea ler Premltm ea De|ea|tre Ke1emj|lea 1.Z1 !.11 !Z,1!.11 !Z,1!.11 !Z,1!.11 !Z,1!.11 !Z,1!.11 !Z,1Z.'1 !Z,1Z.'1 !Z,1Z.'1 !Z,1Z.'1 !Z,1Z.'1 PKOFl! 8|FOK| !/l & |l!K/OKDlN/KI l!| ,1.' ,1.' ,1.' ,1.' ,1.' l,!1l.l l,!1l.l l,!1l.l l,!1l.l l,!1l.l Pretlslea ler !ete|lea Z,1'.11 !,1l1.11 PKOFl! /F!|K !/l & 8|FOK| |l!K/OKDlN/KI l!| ,1'!.' ,1'!.' ,1'!.' ,1'!.' ,1'!.' ',l.l ',l.l ',l.l ',l.l ',l.l Less Oreeallel1 Prejet| |tjeases ZZl. N|! PKOFl! ,!Z1.l1 ,!Z1.l1 ,!Z1.l1 ,!Z1.l1 ,!Z1.l1 ',l.l ',l.l ',l.l ',l.l ',l.l 8eleate 8retl| Ferwer1 lrem Pretlets eer ''1.11 ''1.11 8/L/NC| / 8/L/NC| / 8/L/NC| / 8/L/NC| / 8/L/NC| /\ \\ \\/lL/8L| FOK /PPKOPKl/ /lL/8L| FOK /PPKOPKl/ /lL/8L| FOK /PPKOPKl/ /lL/8L| FOK /PPKOPKl/ /lL/8L| FOK /PPKOPKl/!lON! !lON! !lON! !lON! !lON! ,l1.l1 ,l1.l1 ,l1.l1 ,l1.l1 ,l1.l1 ,Z!l.l ,Z!l.l ,Z!l.l ,Z!l.l ,Z!l.l APPROPRIA APPROPRIA APPROPRIA APPROPRIA APPROPRIATIONS TIONS TIONS TIONS TIONS De|ea|tre Ke1emj|lea Keserte !l'.'' Z11.11 Dltl1ea1 ea |tl| !leres la|erlm 1lZ.11 Prejese1 Flael ZZ1.11 11.11 !et ea Dltl1ea1 [latlt1la strtlere el Ks. 1.1 mllllea jer|elala |e jretlets eer} 1.1 1.11 !reasler |e Oeaerel Keserte ',Z'l.1 1,1'.11 8eleate Cerrle1 |e 8eleate !lee| ''1.11 ''1.11 ,l1.l1 ,l1.l1 ,l1.l1 ,l1.l1 ,l1.l1 ,Z!l.l ,Z!l.l ,Z!l.l ,Z!l.l ,Z!l.l Ne|es ea /tteta|s 'Z! /s jer etr rejer| eaaete1. Fer !lNONl & CO. /. K. /O/KW/L/ Chairman : KU/K /NO/L/ 8lKL/ K/!l\ !lNONl Whole-time Director Directors K/!/!NK|| 8lKL/ Partner !. K. !|!Nl. . 8N/O/! Chartered Accountants !. !. KO!N/KlP. D. O!N/ C. . /Nl/K Cemj tm|el /NlL !. !N/L/ De|e1 !le Zl|l 1e el /jrll, Z111. Company Secretary 5 6 5 6 5 6 5 6 5 6 Schedules [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 SCHEDULE 1 SCHEDULE 1 SCHEDULE 1 SCHEDULE 1 SCHEDULE 1 SHARE CAPIT SHARE CAPIT SHARE CAPIT SHARE CAPIT SHARE CAPITAL AL AL AL AL /U!NOKl!|D !1,'1,11,111 |tl| !leres el Ks.!1/- eetl. !,1'1.11 !,1'1.11 ',11,111 !1 Free el Cemjeas |et |t| st|jet| |e 1e1tt|lea el |etes e| setrte e| |le jrestrl|e1 re|es, Ke1eeme|le Ctmtle|lte Prelereate !leres el Ks.!11/- eetl. '1.11 '1.11 !,'11.11 !,'11.11 !,'11.11 !,'11.11 !,'11.11 !,'11.11 !,'11.11 !,'11.11 !,'11.11 !,'11.11 l!!U|D l,11,lZ,1Z1 |tl| !leres el Ks.!1/- eetl l11.lZ l11.lZ l11.lZ l11.lZ l11.lZ l11.lZ l11.lZ l11.lZ l11.lZ l11.lZ !U8!CKl8|D /ND P/lD UP l,11,lZ,1Z1 |tl| !leres el Ks.!1/- eetl ltll jel1-tj l11.lZ l11.lZ Less Fete telte el !leres lerlel|e1 1.1 1.1 l11. l11. /11 Ferlel|e1 !leres /tteta| [/meta| Pel1-Uj] 1.11 1.11 l11. l11. l11. l11. l11. l11. l11. l11. l11. l11. NO!| !t|strl|e1 ea1 jel1-tj |tl| !leres Cejl|el latlt1es [l} 1,!,l,ll !leres elle||e1 es ltll Pel1-tj 8eats !leres | Cejl|ellse|lea el Oeaerel Keserte ea1 Cejl|el Ke1emj|lea Keserte. [ll} ,11,111 |tl| !leres el Ks.!1/- eetl ltll jel1-tj lsste1 jtrstea| |e e tea|ret| ler teasl1ere|lea e|ler |lea tesl. SCHEDULE 2 SCHEDULE 2 SCHEDULE 2 SCHEDULE 2 SCHEDULE 2 RESERVES AND SURPL RESERVES AND SURPL RESERVES AND SURPL RESERVES AND SURPL RESERVES AND SURPLUS US US US US C/Pl!/L K|!|K\| l} !t|sl1 retelte1 lrem U.P. Oet|. ta1er !t|sl1lse1 Netsla !tleme ler la1ts|rlel werlers /s jer les| 8eleate !lee| '.1 '.1 ll} Ketelte|lea Keserte [Keler Ne|e [/} la !tle1tle '} /s jer les| 8eleate !lee| !',!'.1 1,11.1 /11 Oa etteta| el Ketelte|lea 1trla |le eer !1,1.'1 !',!'.1 !,''1.11 Less /1jts|mea| el Dejretle|lea tj|e 1!.1. ea etteta| el retelte|lea 1trla |le eer !,ZZ.! !',!'.1 !l,Zl.' Less /1jts|mea| ea sele el retelte1 /sse|s Z.! !',!Z.1 !l,Zl.' Less !reaslerre1 |e Prell| & Less /tteta| |ela 1lllereate el 1ejretle|lea ea retelte1 tes| el esse|s ea1 |le| ea l|s erllael tes| !,1l!.1 !,1lZ.Z! !1,111.1 !',!'.1 Cerrle1 eter... !1,11'. !',Z1.l1 5 7 5 7 5 7 5 7 5 7 [Ks. la llllea} SCHEDULE 2 (Cont d. ) SCHEDULE 2 (Cont d. ) SCHEDULE 2 (Cont d. ) SCHEDULE 2 (Cont d. ) SCHEDULE 2 (Cont d. ) As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Schedules 8retl| lerwer1... !1,11'. !',Z1.l1 !N/K| PK|lU /CCOUN! /s jer les| 8eleate !lee| ,1.1l ,1.1l D|8|N!UK| K|D|P!lON K|!|K\| /s jer les| 8eleate !lee| l!. '1.!' /11 Cree|e1 1trla |le eer !l'.'' Z11.11 l.11 !1.'' Less !reaslerre1 |e Oeaerel Keserte ea Ke1emj|lea el De|ea|tres Z.l Z!.l l1.l l!. lN\|!!|N! /LLOW/NC| K|!|K\| /s jer les| 8eleate !lee| !Z.1l Less !reaslerre1 |e Oeaerel Keserte !Z.1l
O|N|K/L K|!|K\| /s jer les| 8eleate !lee| Z1,'ll.11 !,1l.' /11 !reaslerre1 lrem lates|mea| /lleweate Keserte !Z.1l Z1,'ll.11 !,'1.1Z /11 !reaslerre1 lrem De|ea|tre Ke1emj|lea Keserte Z.l Z!.l Z1,l1.l1 !,l!. /11 !reasler lrem Prell| & Less /tteta| ',Z'l.1 1,1'.11 Z,!1!.! Z1,'ll.11 PKOFl! & LO!! /CCOUN! 8/L/NC| ''1.11 ''1.11 '!,'.11 '!,'.11 '!,'.11 '!,'.11 '!,'.11 1l,11.1 1l,11.1 1l,11.1 1l,11.1 1l,11.1 SCHEDULE 3 SCHEDULE 3 SCHEDULE 3 SCHEDULE 3 SCHEDULE 3 SECURED L SECURED L SECURED L SECURED L SECURED LOANS OANS OANS OANS OANS /. !ettre1 Ke1eeme|le Nea-Ceater|l|le De|ea|tres el Ks.!11/- eetl 11,11,111 !l.' Ke1eeme|le la |lree etel las|elmea|s ea Za1 Detem|er, !l [Ke1eeme1}, Za1 Detem|er,! [Ke1eeme1} & Za1 Detem|er, ! [Ke1eeme1} !11.'1 1,11,111 !l.l' Ke1eeme|le la |lree etel las|elmea|s ea !1|l !eater, ! [Ke1eeme1} !1|l !eater, ! [Ke1eeme1} & !1|l !eater, Z111 [Ke1eeme1} !1.11 1,'1,111 ! Ke1eeme|le la |lree etel las|elmea|s ea Z1r1 !tae, !, [Ke1eeme1} Z1r1 !tae, ! [Ke1eeme1} & Z1r1 !tae, Z111 !!.l Z1.11 Cerrle1 eter... !!.l !.l 5 8 5 8 5 8 5 8 5 8 Schedules [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 3 (Cont d. ) SCHEDULE 3 (Cont d. ) SCHEDULE 3 (Cont d. ) SCHEDULE 3 (Cont d. ) SCHEDULE 3 (Cont d. ) Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 8retl| lerwer1... !!.l !.l 1,11,111 ! Ke1eeme|le ea Z1r1 !tae, ! [Ke1eeme1} 11.11 Z',11,111 !l Ke1eeme|le la |lree etel las|elmea|s ea !!|l e,!, [Ke1eeme1} !!|l e, Z111 & !!|l e, Z11! !.l Z'1.11 !,11,11,111 !l.' Ke1eeme|le la |lree las|elmea|s ea !s| !eater, Z11!, ls| !eater, Z11Z ea1 ls| !eater, Z111 !,111.11 !,111.11 Z,111 el !1.Z Ke1eeme|le la |lree las|elmea|s ea Ks. ',11,111 |l !ej|em|er,Z11Z, |l !ej|em|er,Z111 eetl & |l !ej|em|er, Z111 !,111.11 !,111.11 /ll |le e|ete De|ea|tres ettej| Z',11,111 !l Ke1eeme|le De|ea|tres, !,11,11,111 !l.' Ke1eeme|le De|ea|tres ea1 Z,111 !1.Z Ke1eeme|le De|ea|tres ere re1eeme|le e| e jremltm el ' ea1 ere !ettre1 | er|ee el lmmete|le jrejer|les |e|l jresea| ea1 lt|tre, realla jerl-jesst wl|l tleres tree|e1/ |e |e tree|e1 la letetr el Flaeatlel las|l|t|leas sete ea1 ettej|, seme el |le werlers Oter|ers ea1 e llee|la tlere ea mete|le esse|s el |le Cemjea st|jet| |e tlere tree|e1/|e |e tree|e1 la letetr el |le 8ealers ler settrla Werlla Cejl|el letlll|les. la|eres| ettrte1 ea1 1te ea eleresel1 De|ea|tres !.1 !.' 8. !erm Leeas Frem Flaeatlel las|l|t|leas - !lese leeas, realla jerl-jesst, ere settre1 | lje|lete|lea el ell mete|le esse|s [ sete ea1 ettej| |eel 1e||s } st|jet| |e jrler tleres tree|e1/|e |e tree|e1 la letetr el |ealers ea ter|ela esse|s ler settrla werlla tejl|el letlll|les. Z!.!Z .1Z la e11l|lea |e e|ete e llrs| mer|ee el ell |le lmmete|le jrejer|les, |e|l jresea| ea1 lt|tre, realla jerl-jesst wl|l tleres tree|e1 la letetr el !rts|ees ler De|ea|tre lel1ers, sete ea1 ettej| seme el |le werlers ter|ers ea1 resl1ea|lel ea1 e|ler |tll1las etett|e1 [rejee|le wl|lla eae eer Ks. Z!.!Z mllllea} C. !erm Leea lrem 8eals !ettre1 | jerl-jesst llrs| tlere ea |le esse|s llaeate1 | 8eals [rejee|le wl|lla eae eer Ks. !Z. mllllea} !Z. Zl.1l D. Frem Oeteramea| el U||er Pre1esl ta1er !t|sl1lse1 Netsla !tleme ler la1ts|rlel Werlers. !ettre1 | lje|lete|lea el Werlers Oter|ers [rejee|le wl|lla eae eer Ks. 1.Z1 mllllea} !.1 Z.1l Cerrle1 eter... Z,'11. 1,1!'.' 5 9 5 9 5 9 5 9 5 9 Schedules [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 3 (Cont d. ) SCHEDULE 3 (Cont d. ) SCHEDULE 3 (Cont d. ) SCHEDULE 3 (Cont d. ) SCHEDULE 3 (Cont d. ) Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 8retl| lerwer1... Z,'11. 1,1!'.' |. Frem Netsla Detelejmea| Flaeate Cerja. L|1. !ettre1 | e jerl-jesst tlere ea |le jle| el lea1 ea1 teas|rtt|lea el Dwellla Ual|s |lereea jresea| ea1 lt|tre wl|l |le etls|la tleres elree1 tree|e1/|e |e tree|e1 la letetr el !rts|ees ler De|ea|tre lel1ers ea1 Flaeatlel las|l|t|lea [rejee|le wl|lla eae eer Ks. !'.l mllllea}. !'.l 1.11 F. Frem !tle1tle1 8eals - Cesl Cre1l| & |tjer| Cre1l| /tteta| 1ZZ. Z1Z.'! !ettre1 | lje|lete|lea el s|etls el Kew e|erlels, Ceastme|le !|eres, !jeres, e|erlels - la - Pretess ea1 Flalsle1 Pre1tt|s [latlt1la la|eres| ettrte1 ea1 1te Ks. 1.1! mllllea} O. Frem !tle1tle1 8eals - !ettre1 eelas| jle1e el Flte1 Dejesl| Ketelj|s 11.11 N. Ferela Ctrreat Leeas lrem 8eals Z,1Z1.1' Z,1'.1 !lese Leeas ere realla jerl-jesst ea1 ere settre1 | lje|lete|lea el lmmete|le esse|s ea1 l|s ettesserles e|t. las|elle1 ea1/er |e |e las|elle1 la Ual| Ne. el |le jewer jlea|. [Kejee|le wl|lla eae eer U!; 1.11 mllllea} ',1Z.Z ',1Z.Z ',1Z.Z ',1Z.Z ',1Z.Z ,!!.!l ,!!.!l ,!!.!l ,!!.!l ,!!.!l SCHEDULE 4 SCHEDULE 4 SCHEDULE 4 SCHEDULE 4 SCHEDULE 4 UNSECURED L UNSECURED L UNSECURED L UNSECURED L UNSECURED LOANS OANS OANS OANS OANS |mjleees & e|ler Dejesl|s !1. l.Z1 Ferela Ctrreat Leea lrem 8eals [Kejee|le wl|lla eae eer U!; l.Z1 mllllea} 1!1. !!.lZ 1Z1. 1Z1. 1Z1. 1Z1. 1Z1. l. l. l. l. l. 6 0 6 0 6 0 6 0 6 0 NOTES: (A) The major items of Land & Site Development and Buildings (Factory & Non-factory) on 1st January, 1985, 1st April, 1992 and 1st April, 1998 were revalued and also the revaluation of the major items of Plant & Machinery as on 1.1.1977, 1.1.1981, 1.1.1985, 1.4.1992 and 1.4.1998 was done and the resultant increase in the book value is Rs. 25,926.09 Million (Gross) Depreciation for the year includes Rs.1471.89 Million pertaining to revalued amount. (B) Includes cost of ownership flat Rs. 16.57 Million in Co-operative Socities and Ownership office at Delhi Rs. 3.74 Million. (C) Leasehold Land amounting to Rs.14.24 Million written off proportionately. (D) Mining Rights amounting to Rs. 49.69 Million for 20 years lease written off proportionately. (E) Includes Rs.163.56 Million towards rights to use & occupy an office space in a building for which the company has invested Rs. 131.81 Million in Shares & Debentures to be alloted in a company. (F) Includes in Land & Site Development Rs. 3.47 lacs, Buildings (Factory & Non-Factory) Rs.25.59 lacs, Plant, Machinery & Equipment Rs. 8.76 lacs & Furniture, Fixtures, Air conditioners, Office Equipments 9.78 lacs transferred from Immovable Properties-Land,Buildings & Other assets under Co-ownership basis shown under the head Investments. (G) Includes Rs. 0.05 Million transferred to Pre-operative Expenses and Capitalised. SCHEDULE 5 SCHEDULE 5 SCHEDULE 5 SCHEDULE 5 SCHEDULE 5 FI XED ASSETS FI XED ASSETS FI XED ASSETS FI XED ASSETS FI XED ASSETS (Rs. in Million) DESCRIPTION GROSS VALUE DEPRECIATION NET VALUE Less Sales/ Provided Less As at As at Adjust- during Adjusted 31.03.2000 31.03.1999 Additions ments Total the year on sales Total as per as per last As at during the during upto Upto U/s or adjust- upto Balance Balance 31.03.1999 year the year 31.03.2000 31.03.1999 205(2)(b) ments 31.03.2000 Sheet Sheet Mining Rights 50.00 0.11 50. 50. 50. 50. 50.11 11 11 11 11 2.48 2.48 (D) 4.96 4.96 4.96 4.96 4.96 45.15 45.15 45.15 45.15 45.15 47.52 Land & Site Development 268.40 13.91 (F) 6.55 2 22 2275.76 75.76 75.76 75.76 75.76 (A) 1.38 0.65 (C) 2.03 2.03 2.03 2.03 2.03 273.73 273.73 273.73 273.73 273.73 267.02 Buildings(Factory & Non-Factory) 4,780.22 330.84 (F) 1.80 5,109.26 5,109.26 5,109.26 5,109.26 5,109.26 (A)(B)(E) 956.57 128.44 0.34 1,084.67 1,084.67 1,084.67 1,084.67 1,084.67 4,024.59 4,024.59 4,024.59 4,024.59 4,024.59 3,824.25 Plant, Machinery & Equipment 44,478.51 1,010.99 (F) 57.34 4 44 445,432.16 5,432.16 5,432.16 5,432.16 5,432.16 (A) 14,773.90 2,585.05 11.19 17,347.76 17,347.76 17,347.76 17,347.76 17,347.76 28,084.40 28,084.40 28,084.40 28,084.40 28,084.40 29,704.94 Aerial Ropeways 188.33 188.33 188.33 188.33 188.33 188.33 94.98 14.89 109.87 109.87 109.87 109.87 109.87 78.46 78.46 78.46 78.46 78.46 93.35 Construction & Mobile Equipments, Vehicles & Aircraft 560.36 34.91 11.75 583.52 583.52 583.52 583.52 583.52 238.76 47.80 6.41 280.15 280.15 280.15 280.15 280.15 303.37 303.37 303.37 303.37 303.37 321.60 Railway Sidings 37.78 37.78 37.78 37.78 37.78 37.78 16.25 1.51 17.76 17.76 17.76 17.76 17.76 20.02 20.02 20.02 20.02 20.02 21.53 Furniture, Fixtures, Air-conditioners, Office Equipments, Computer, Fire Fighting Equipments etc. 507.01 121.84 (F) 1.84 627.01 627.01 627.01 627.01 627.01 200.93 47.68 1.24 247.37 247.37 247.37 247.37 247.37 379.64 379.64 379.64 379.64 379.64 306.40 Live Stock 2.20 0.56 0.32 2. 2. 2. 2. 2.44 44 44 44 44 2.44 2.44 2.44 2.44 2.44 2.20 Roads & Drainage 33.71 10.40 44.11 44.11 44.11 44.11 44.11 4.80 0.56 5.36 5.36 5.36 5.36 5.36 38.75 38.75 38.75 38.75 38.75 28.91 TOTAL: 50,906.52 1,523.56 79.60 52,350.48 52,350.48 52,350.48 52,350.48 52,350.48 16,290.05 2,829.06 (A)(G) 19.18 19,099.93 19,099.93 19,099.93 19,099.93 19,099.93 33,250.55 33,250.55 33,250.55 33,250.55 33,250.55 34,617.72 PREVIOUS YEAR 34,942.82 16,031.54 67.84 50,906.52 50,906.52 50,906.52 50,906.52 50,906.52 13,595.28 2,718.47 24.75 16,288.80 16,288.80 16,288.80 16,288.80 16,288.80 34,617.72 34,617.72 34,617.72 34,617.72 34,617.72 6 1 6 1 6 1 6 1 6 1 Schedules [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 6 SCHEDULE 6 SCHEDULE 6 SCHEDULE 6 SCHEDULE 6 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS / // //. .. .. L LL LLONO !|K lN\|!|N! ONO !|K lN\|!|N! ONO !|K lN\|!|N! ONO !|K lN\|!|N! ONO !|K lN\|!|N! l. l. l. l. l. UNOUO UNOUO UNOUO UNOUO UNOUO!|D !|D !|D !|D !|D e. e. e. e. e. OO\|KN|N! !|CUKl!l|! OO\|KN|N! !|CUKl!l|! OO\|KN|N! !|CUKl!l|! OO\|KN|N! !|CUKl!l|! OO\|KN|N! !|CUKl!l|! la1lre \lles Pe|re [emeta| Ks. Z11.11} Ne|leael Plea !etlas Cer|lllte|es [Dejesl|e1 es !ettrl| wl|l |ttlse /t|lerl|les, /llele|e1} [emeta| Ks. !,111.11} [*Ks. !,111.11} Ne|leael !etla Cer|lllte|es [latlt1es Cer|lllte|es ler Ks. 1,Z11 1ejesl|e1 es settrl| wl|l Oet|. |e1les} 1.Z 1.! Ne|leael Deleate Cer|lllte|es [Dejesl|e1 wl|l D.!.O. lrtejtr} [emeta| Ks. Z11.11} [*Ks. Z11.11} ' !/Z Ieers Klsea \lles Pe|re [emeta| Ks. !,111.11} [*Ks. !,111.11} |. |. |. |. |. |OUl!I & PK|F|K|NC| !N/K|! lN !U8!lDl/KI COP |OUl!I & PK|F|K|NC| !N/K|! lN !U8!lDl/KI COP |OUl!I & PK|F|K|NC| !N/K|! lN !U8!lDl/KI COP |OUl!I & PK|F|K|NC| !N/K|! lN !U8!lDl/KI COP |OUl!I & PK|F|K|NC| !N/K|! lN !U8!lDl/KI COP/Nl|! /Nl|! /Nl|! /Nl|! /Nl|! 1',11 |tl| !leres el Ks.!1/- eetl ltll jel1-tj la laerels & laerels L|1. [latlt1la 11 !leres el Ks.!1/- eetl ltll jel1-tj lel1 jela|l wl|l aemlaees} !.'! !.'! ',111 |tl| !leres el Ks.!1/- eetl ltll jel1-tj la Keatle lates|mea|s & Flaeate L|1. [latlt1la !1 !leres el Ks. !1/- eetl ltll jel1-tj la |le aeme el aemlaee] 1.' 1.' !,'',111 |tl| !leres el Ks.!1/- eetl ltll jel1-tj la Keatle lates|mea|s & Flaeate L|1. !.'' !.'' !'1 !' Ke1eeme|le Ctmtle|lte Prelereate !leres el Ks. !11/- eetl ltll jel1-tj la Keatle lates|mea|s & Flaeate L|1. 1.1Z 1.1Z !1,111 |tl| !leres el Ks.!1/- eetl ltll jel1 la Keatleslwer lates|mea|s & Flaeate L|1. [latlt1la !1 !leres el Ks.!1/- eetl ltll jel1-tj lel1 la |le aeme el aemlaee.] 1.!1 1.!1 !'1 !' Ke1eeme|le Ctmtle|lte Prelereate !leres el Ks. !11/- eetl ltll jel1-tj la Keatleswer lates|mea|s & Flaeate L|1. 1.1Z 1.1Z t. t. t. t. t. O OO OO!N|K !N/K|! !N|K !N/K|! !N|K !N/K|! !N|K !N/K|! !N|K !N/K|!, D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! !,'1,11! |tl| !leres el Ks.!1/- eetl ltll jel1-tj la Oweller Prejer|les & |s|e|es L|1. l1.Z l1.Z !,Z,ZZ! |tl| !leres el Ks.!1/- eetl ltll jel1-tj la !esleseee Prejer|les L|1. l.'1 l.'1 !,',ZZ |tl| !leres el Ks.!1/- eetl ltll jel1-tj la !trtelse lates|mea|s & Flaeate L|1. !.' !.' !,1,1!l |tl| !leres el Ks.!1/- eetl ltll jel1-tj la !rej|l !re1la & lates|mea|s L|1. !Z.'1 !Z.'1 Cerrle1 eter Zl.11 Zl.11 6 2 6 2 6 2 6 2 6 2 Schedules Z,'11 Or1laer !leres el CNF !11 eetl ltll jel1-tj la 8lrle la|erae|leael L|1. '.Z '.Z Z',11,111 !1.l' Ke1eeme|le Ctmtle|lte Prelereate !leres el Ks. !11 /- eetl ltll jel1 tj la 8lrle Ole|el Flaeate L|1. Z'1.11 !l,1',lZ,Z [*!l,1,,} |tl| !leres el 8lrle /!&! Cemmtalte|leas L|1. el Ks. !1/- eetl ltll jel1-tj. !,l1'.l1 !,l1.l Z |tl| !leres el Ks.!11/- eetl ltll jel1-tj la U1e !ertltes L|1. [emeta| Ks. Z11.11} [*Ks. Z11.11} Z1 !leres el Ks.'1/-eetl ltll jel1-tj la !lrl Oeaesl Krtje Ce-ejere|lte Netsla !etle| L|1. [emeta| Ks.!111.11} [*Ks. !,111.11} ' |tl| !leres el Ks. '1/- eetl ltll jel1-tj la !le lter !ewer Premlses Ce-ejere|lte Netsla !etle| L|1. [emeta| Ks.Z'1.11} [*Ks. Z'1.11} !11 !Z.!1 Nea Ceater|l|le De|ea|tres el NDFC L|1. el Ks !1,11,111/- !11.11 ll. ll. ll. ll. ll. OUO OUO OUO OUO OUO!|D !|D !|D !|D !|D e. e. e. e. e. OO\|KN|N! !|CUKl!l|! OO\|KN|N! !|CUKl!l|! OO\|KN|N! !|CUKl!l|! OO\|KN|N! !|CUKl!l|! OO\|KN|N! !|CUKl!l|! Ks. !'1 mllllea Fete \elte !!.11 OOl !|etl-Z111 !'1.11 !'1.11 Ks. !11 mllllea Fete \elte !!.11 OOl !|etl -Z111 !11.Z1 !1'.1l |. |. |. |. |. !N/K|! !N/K|! !N/K|! !N/K|! !N/K|!, D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! |.!. |.!. |.!. |.!. |.!. !K/D| lN\|!!|N!! !K/D| lN\|!!|N!! !K/D| lN\|!!|N!! !K/D| lN\|!!|N!! !K/D| lN\|!!|N!! l,1,111 |tl| !leres el Ks.!1/- eetl ltll jel1-tj la 8ller Cets|lt & Clemltels L|1. l.1 l.1 ,','Z |tl| !leres el Ks.!1/- eetl ltll jel1-tj la !ealet la1ts|rles L|1. . . |.Z. |.Z. |.Z. |.Z. |.Z. O OO OO!N|K! !N|K! !N|K! !N|K! !N|K! !,',l,1'l |tl| !leres el Ks. !1/- eetl ltll jel1-tj la la1e Otll Cerjere|lea L|1. 111.1' 111.1' ,',',l1Z |tl| !leres el Ks. !1/- eetl ltll jel1-tj la eaelere Kellaer & Pe|retlemltels L|1. !,'!.11 !,'!.11 Cerrle1 eter 1,1.!1 1,''.1! [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS 8retl| lerwer1 Zl.11 Zl.11 6 3 6 3 6 3 6 3 6 3 Schedules ',l,'1 |tl| !leres el Ks.!1/- eetl ltll jel1-tj la la1lea Keea & la1ts|rles L|1. 1'.!' !,1'1.l !l,Z,1 |tl| !leres el Ks. !1/- eetl ltll jel1-tj la Oreslm la1ts|rles L|1.** .! 1l,'11 |tl| !leres el Ks. !1/- eetl ltll jel1-tj la Cea|tr |ale L|1. l.'1 l.'1 ,',11 |tl| !leres el Ks. !1/- eetl ltll jel1-tj la lD8l L|1. .!l .!l ,l',111 [*,l',111} !l.' !ettre1 Ke1eeme|le Nea-Ceater|l|le De|ea|tres el eaelere Kellaer & Pe|retlemltels L|1. el Ks.Z11/- eetl ltll jel1-tj [Ks.11/- re1eeme1 1trla |le eer, |lll 1e|e Ks.!Z1/-} .' !11.1 Z1,111 Uasettre1 Ke1eeme|le !t|er1lae|e1 llee|la la|eres| re|e 8ea1s el Ks. !111/- eetl ltll jel1-tj la !|e|e 8eal el la1le. Z1.11 Z1.11 !,'11 !!.11 lClCl 8ea1s [DPN}el Ks. !,11,111/- eetl !'1.1 11 !!.Z' lOC !ettre1 Nea-teater|l|le Ke1eeme|le 8ea1s !erles l el Ks. !,11,111/- eetl !11.!' -[*!1,11,111} !1 Nea Ceater|l|le De|ea|tres el Kelleate la1ts|rles L|1. el Ks.'1/- eetl ltll jel1-tj [Ke1eeme1 1trla |le eer} 1.1! -[*11} !1.Z' Nea-Ceater|l|le De|ea|tres el Kelleate la1ts|rles L|1. el Ks.'1,11,111 lets eetl [Ke1eeme1 1trla |le eer} !.1 !1,Z1,111 ! !ettre1 Ke1eeme|le Nea-Ceater|l|le De|ea|tres el lPCL el Ks. 1 eetl Z.! Z.! ,11,111 !et Free lKFC 8ea1s el Ks. !111/- '1.' '1.' !,11,111 !et Free NUDCO 8ea1s el Ks. !,111/- eetl '.l1 '.l1 !,11,111 !1.' !et Free NUDCO 8ea1s el Ks. !,111/- eetl !1'.Z' !1'.Z' 1,11,111 [!et Free} !ettre1 N!PC 8ea1s el Ks. !,111/- eetl Zl.11 Zl.11 !1 !1.'1 Nea-Ceater|l|le De|ea|tres el O| Cejl|el el Ks.Z',11,111 eetl Z1. Z1. [*!,'11} !Z.l' lClCl 8ea1s el Ks. !,11,111 eetl [Ke1eeme1 1trla |le eer} !'1.1 !1 1 Kelleate Cejl|el Deej Dlsteta| 8ea1 e|trl| telte el Ks. !1 llllea eetl 'Z. 'Z. [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS 8retl| lerwer1 1,1.!1 1,''.1! Cerrle1 eter l,'Z.11 l,1'.1 6 4 6 4 6 4 6 4 6 4 Schedules [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS 8retl| lerwer1 l,'Z.11 l,1'.1 8. 8. 8. 8. 8. CUKK|N! lN\|!!|N!! CUKK|N! lN\|!!|N!! CUKK|N! lN\|!!|N!! CUKK|N! lN\|!!|N!! CUKK|N! lN\|!!|N!! l. l. l. l. l. UNOUO UNOUO UNOUO UNOUO UNOUO!|D !|D !|D !|D !|D e. e. e. e. e. !N/K|! !N/K|! !N/K|! !N/K|! !N/K|!, D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! !11 !!.!' Nea-teater|l|le De|ea|tres el NDFC L|1. Oj|lea-l el Ks.!1,11,111/- eetl !11.11 !11 !'.'1 Nea-teater|l|le De|ea|tre el Kelleate Cejl|el Z,111 el Ks.!1,11,111/- eetl !11.1 !1 !!.Z1 !ettre1 Ke1eeme|le Nea-teater|l|le De|ea|tres el Kelleate la1ts|rles Llml|e1 el Ks.!11,11,111/- eetl !11.11 | || || CO|KCl/L P CO|KCl/L P CO|KCl/L P CO|KCl/L P CO|KCl/L P/P|K /P|K /P|K /P|K /P|K Ks.!11 mllllea [*Ks.'1 mllllea} Fete \elte wl|l !elte .11 1.lZ -[*Ks.11 mllllea} Fete \elte wl|l lCl [l} L|1. Z.! Ks.'1 mllllea Fete \elte wl|l la1lea Keea & la1. L|1. 1.1! Ks.Z1 mllllea Fete \elte wl|l De|tr la1le L|1. !.' Ks.1 mllllea Fete \elte wl|l !e|e !ee L|1. l.1 Ks.!Z1 mllllea Fete \elte wl|l !lste L|1. !!.1! ll. ll. ll. ll. ll. OUO OUO OUO OUO OUO!|D !|D !|D !|D !|D e. e. e. e. e. !N/K|! !N/K|! !N/K|! !N/K|! !N/K|!, D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! , D|8|N!UK|! /ND 8OND! -[*1,111} !Z.1 lClCl 8ea1s[!ete|le} el Ks. !,11,111 eetl 11!.1l [Ke1eeme1 1trla |le eer} -[*!,111} 1 lClCl / 8ea1[!ete|le} el Ks. !,11,111 eetl [Ke1eeme1 1trla |le eer} 1.Zl -[*!11} !l.11 lClCl / 8ea1s[!ete|le} el Ks.!1,11,111 eetl. [Ke1eeme1 1trla |le eer} !11.1! -[*!,Z1,111} !1.'1 !NL 8ea1s [!ete|le} Ks. !,111 eetl [Ke1eeme1 1trla |le eer} !Z!.! !1,11,111 t|tel Fta1 tal|s el es|er la1et Fta1 el U!l el Ks.!1 eetl ltll jel1 tj .l' .l' 1,1,l1,1.11 [*!,!,ll,l'.1} 8lrle lateme Plts Ual|s el Ks !1/- eetl ltll jel1-tj la 8lrle t|tel Fta1. [!,,1,!l.1 Ual|s jtrtlese1 1trla |le eer} 11.'1 !'1.1 Cerrle1 eter ,!1. ,1!.11 6 5 6 5 6 5 6 5 6 5 Schedules [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) SCHEDULE 6 (Cont d. ) Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS 8retl| lerwer1 ,!1. ,1!.11 !1,11,111 OlC Orew|l Plts - ll Ual|s el Ks.!1/- eetl ltll jel1-tj la OlC t|tel Fta1 !1.11 !1.11 !Z,'1,111 OlC Fer|tae Ual|s el Ks.!1/-eetl ltll jel1-tj la OlC t|tel Fta1 !Z.'1 !Z.'1 !,11,1,1'.!1 tal|s /llleate Lltl1 lateme Orew|l F el Ks.!1/- eetl ltll jel1 tj !1'.11 Z,1,1,'.'' tal|s Prt1ea|lel lClCl lateme Orew|l F el Ks.!1/- eetl ltll jel1-tj 11!.! !,1l,1,1Z1.Z1 [*',11,111} tal|s el D!P errlll Latl Orew|l F el Ks.!1/- ltll jel1-tj [!,1Z,1,1Z1.Z1 Ual|s jtrtlese1 1trla |le eer} !11.l '.11 1,l,l1.'1 tal|s el 8lrle Cesl Plts tal|s el Ks.!1/- eetl ltll jel1 tj|e 8lrle t|tel Fta1 '1.1 |. |. |. |. |. UNl!! OF UNl! !KU!! OF lNDl/ UNl!! OF UNl! !KU!! OF lNDl/ UNl!! OF UNl! !KU!! OF lNDl/ UNl!! OF UNl! !KU!! OF lNDl/ UNl!! OF UNl! !KU!! OF lNDl/ !Z,11,l,!11.11Z [*!',11,l,!11.11Z} Ual|s el Ks.!1/- eetl [1,11,11,111 tal|s were sel1 1trla |le eer} [Ne|e Ne. !1 la !tle1tle 'Z!} !,11.1 Z,ZZ.' !1,l1,111 es|er Oelas !Z el Ual| !rts| el la1le el Ks.!1/- eetl ltll jel1-tj. !'.1 !'.1 !!,1Z.'1 !1,Z1.Z! C. C. C. C. C. lO\ lO\ lO\ lO\ lO\/8L| PKOP|K!l|! /8L| PKOP|K!l|! /8L| PKOP|K!l|! /8L| PKOP|K!l|! /8L| PKOP|K!l|! Lea1, 8tll1las & O|ler /sse|s ta1er Ce-ewaersllj |esls 1.ll Less Dejretle|lea tj|e 1!.11.! !.Z1 1.'1 !!,1Z.'1 !!,1Z.'1 !!,1Z.'1 !!,1Z.'1 !!,1Z.'1 !1,Zl.l1 !1,Zl.l1 !1,Zl.l1 !1,Zl.l1 !1,Zl.l1 /ree|e 8eel \elte el Ote|e1 lates|mea|s. 1,11. ',l1.Zl /ree|e 8eel \elte el U!-1 & t|tel Fta1 Ual|s 1,11.1 Z,1.1' /ree|e 8eel \elte el Uate|e1 lates|mea|s 1,1l.Z Z,1!.1Z !!,1Z.'1 !!,1Z.'1 !!,1Z.'1 !!,1Z.'1 !!,1Z.'1 !1,Zl.l1 !1,Zl.l1 !1,Zl.l1 !1,Zl.l1 !1,Zl.l1 /ree|e erle| \elte el Ote|e1 lates|mea|s ',!l1.1' 1,'1. Kejtrtlese Prlte el U!-1 & t|tel Fta1 Ual|s 1,11.!1 1,11.!1 1,11.!1 1,11.!1 1,11.!1 Z,Z'.Z Z,Z'.Z Z,Z'.Z Z,Z'.Z Z,Z'.Z * Kejresea| lltres ler jretlets eer. ** Ptrstea| |e |le stleme el erreaemea| |e|weea la1lea Keea ea1 la1ts|rles Llml|e1 [lKlL} ea1 Oreslm la1ts|rles Llml|e1 [OlL} |le Cemjea les retelte1 etl| sleres el |le le|er temjea. !le terrla tes| el etl| sleres el lKlL lete |eea ejjer|leae1 |e etl| sleres el OlL e| e lelr telte. 6 6 6 6 6 6 6 6 6 6 Schedules SCHEDULE 9 SCHEDULE 9 SCHEDULE 9 SCHEDULE 9 SCHEDULE 9 CASH AND BANK BALANCES CASH AND BANK BALANCES CASH AND BANK BALANCES CASH AND BANK BALANCES CASH AND BANK BALANCES Cesl 8eleate ea lea1 Z.1l Z.1 8eleate wl|l !tle1tle1 8eals la Ctrrea| /tteta|s [latlt1la reml||eates la |reasl|} Z1'.1 '.1 la |.|.F.C /tteta|s !11.Z' !Zl.' la /tteta| el Nemlaees ler sele jretee1s el Fret|leael Cetjeas el 8eats !leres 1.1 1.1 la Uajel1 Dltl1ea1s /tteta| .1 l.11 Cletes ea1 Drel|s la lea1 !!. !'Z.lZ la Flte1 Dejesl| /tteta| Z,lZ.' l1'.1 la|eres| Ketelte|le ea Flte1 Dejesl|s . 1.!1 1,1Zl.1' 1,1Zl.1' 1,1Zl.1' 1,1Zl.1' 1,1Zl.1' !,1.11 !,1.11 !,1.11 !,1.11 !,1.11 SCHEDULE 8 SCHEDULE 8 SCHEDULE 8 SCHEDULE 8 SCHEDULE 8 SUNDRY DEBT SUNDRY DEBT SUNDRY DEBT SUNDRY DEBT SUNDRY DEBTORS (Unsecured, Consi dered Good) ORS (Unsecured, Consi dered Good) ORS (Unsecured, Consi dered Good) ORS (Unsecured, Consi dered Good) ORS (Unsecured, Consi dered Good) Dte ler e jerle1 ettee1la slt mea|ls [latlt1la Ks. 1.11 mllllea ta1er ll|le|lea} !''.1 l1.' O|ler De||s [latlt1la Ks. 'l.1 mllllea settre1} !,.11 !,'1.!Z !,'1.1 !,'1.1 !,'1.1 !,'1.1 !,'1.1 !,1.l! !,1.l! !,1.l! !,1.l! !,1.l! [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 7 SCHEDULE 7 SCHEDULE 7 SCHEDULE 7 SCHEDULE 7 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 I NVENT I NVENT I NVENT I NVENT I NVENTORI ES ORI ES ORI ES ORI ES ORI ES Clesla !|etls [/s telte1 ea1 ter|llle1 | |le eaeemea|} Clesla !|etls [/s telte1 ea1 ter|llle1 | |le eaeemea|} Clesla !|etls [/s telte1 ea1 ter|llle1 | |le eaeemea|} Clesla !|etls [/s telte1 ea1 ter|llle1 | |le eaeemea|} Clesla !|etls [/s telte1 ea1 ter|llle1 | |le eaeemea|} [latlt1la l [latlt1la l [latlt1la l [latlt1la l [latlt1la la- a- a- a- a- |reasl|} |reasl|} |reasl|} |reasl|} |reasl|} !|eres, !jere-jer|s e|t. Z1.1l l!.11 Ceel & Ftel Oll [e| Pewer Plea|} !1.11 !ZZ.1Z etllaer !jeres [lastreate !jeres} !'1.1' Kew e|erlels ll!.'' l1Z.11 e|erlels-la-Pretess [latlt1la |ttlse Dt| & e|ler etjeases Ks. 1.Z mllllea} !,1Z1.1! !,1!l.1' Flalsle1 Oee1s [latlt1la |ttlse Dt| & e|ler etjeases Ks. !1Z.1 mllllea} !1.11 '11.! 1,Z1.Z 1,Z1.Z 1,Z1.Z 1,Z1.Z 1,Z1.Z 1,!'.lZ 1,!'.lZ 1,!'.lZ 1,!'.lZ 1,!'.lZ 6 7 6 7 6 7 6 7 6 7 [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 10 SCHEDULE 10 SCHEDULE 10 SCHEDULE 10 SCHEDULE 10 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 L LL LLOANS OANS OANS OANS OANS, AD , AD , AD , AD , ADV VV VVANCES & DEPOSI TS ANCES & DEPOSI TS ANCES & DEPOSI TS ANCES & DEPOSI TS ANCES & DEPOSI TS [Uasettre1 Ceasl1ere1 Oee1, taless e|lerwlse s|e|e1} [Uasettre1 Ceasl1ere1 Oee1, taless e|lerwlse s|e|e1} [Uasettre1 Ceasl1ere1 Oee1, taless e|lerwlse s|e|e1} [Uasettre1 Ceasl1ere1 Oee1, taless e|lerwlse s|e|e1} [Uasettre1 Ceasl1ere1 Oee1, taless e|lerwlse s|e|e1} la|eres| ettrte1 ea lates|mea|s. l.'Z .1 /1teate |e e !t|sl1ler Cemjea Keatle lates|mea| & Flaeate L|1. 1.!' Leea |e e !t|sl1ler Cemjea Keatle lates|mea|s & Flaeate L|1. [latlt1la la|eres| retelte|le Ks. Z.1Z mllllea} 1.Z Leea |e Llml|e1 Cemjeales [Keler Ne|e Ne.!Z[e} la !tle1tle 'Z!} !Z'.l 1.1Z Dejesl|s wl|l e|ler Llml|e1 Cemjeales & Flaeatlel las|l|t|leas [latlt1la la|eres| retelte|le Ks. 1.1Z mllllea} [latlt1la Ks.Z'1.'1 mllllea !ettre1} 1,l1.'Z Z,'.Z /1teate eelas| !lere /jjllte|lea meae [Keler Ne|e Ne.!Z[t} la !tle1tle Z!} 1.1 1.1 /1teates retetere|le la tesl er la lla1 er ler telte |e |e retelte1 ea1/er |e |e e1jts|e1 !e !|ell & Werlers [latlt1la 1et||ltl/ta1er Ll|le|lea Ks. 1.1' mllllea} 1.1 !11.' !e !tjjllers [latlt1la 1et||ltl/ta1er Ll|le|lea Ks. 1.1! mllllea} !1.1Z Zl!.Z' !e O|lers [latlt1la 1et||ltl/ta1er Ll|le|lea Ks. 1.!! mllllea} [Keler Ne|e Ne.!Z[1}[e} la !tle1tle Z!} 1.1 ''.l !e U.P. !.|.8. eelas| 1lsjt|e1 jewer |llls [ta1er jre|es|} 1.' 1.' !1.l1 !1.l1 !1.l1 !1.l1 !1.l1 l!.1 l!.1 l!.1 l!.1 l!.1 Prejel1 |tjeases !'.Z1 !l'.1l lateme-!et ea1 la|eres| Kelta1 Ketelte|le 1.!Z !1.l1 /1teate lateme !et jel1 [Ne|} 11.11 1'Z.1 !ettrl| Dejesl|s [latlt1la retelj|s el Flte1 Dejesl|s la 8eal/ Pes| Olllte !etlas 8eal Pess 8eel lla wl|l Oeteramea| Dejer|mea|s Ks. 1.!1 mllllea ea1 la|eres| Ketelte|le Ks. !.1l mllllea} Z!l.11 Z1'.11 |ttlse Dt|, |tjer| 8eaell|s & e|ler tlelms retelte|le. !ll.'l !1Z.1 ,Z!.1' ,Z!.1' ,Z!.1' ,Z!.1' ,Z!.1' ',!Z1.Zl ',!Z1.Zl ',!Z1.Zl ',!Z1.Zl ',!Z1.Zl Schedules 6 8 6 8 6 8 6 8 6 8 Schedules SCHEDULE 12 SCHEDULE 12 SCHEDULE 12 SCHEDULE 12 SCHEDULE 12 PROVI SI ONS PROVI SI ONS PROVI SI ONS PROVI SI ONS PROVI SI ONS Fer |ttlse Dt| ea |let|rltl| [ta1er 1lsjt|e} [Keler Ne|e Ne.[l}[l} la !tle1tle 'Z!} '1.l1 '1.l1 Fer Premltm ea De|ea|tre Ke1emj|lea 1.1Z Fer la|erlm Dltl1ea1 1lZ.11 Fer Prejese1 Flael Dltl1ea1 ZZ1.11 11.11 Fer !et ea Dltl1ea1 1.!1 1.11 l11.' l11.' l11.' l11.' l11.' '1.! '1.! '1.! '1.! '1.! [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 11 SCHEDULE 11 SCHEDULE 11 SCHEDULE 11 SCHEDULE 11 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 CURRENT LI ABI LI TI ES CURRENT LI ABI LI TI ES CURRENT LI ABI LI TI ES CURRENT LI ABI LI TI ES CURRENT LI ABI LI TI ES !ta1r Cre1l|ers Fer Oee1s !tjjlle1 [latlt1la et|s|ea1la 1tes el !!l Ua1er|ellas Ks. 1.1 mllllea} '.! !!.1 Fer |tjeases 'Z. '1. Fer O|ler Flaeate .!1 !.Z1 !,!l.ZZ !,!l.ZZ !,!l.ZZ !,!l.ZZ !,!l.ZZ !,ZZ1.!1 !,ZZ1.!1 !,ZZ1.!1 !,ZZ1.!1 !,ZZ1.!1 Cts|emers Cre1l| 8eleates ea1 /1teate eelas| er1ers !1!. !Z.! !ettrl| Dejesl|s !Z!.! !Z1.Z |ttess Ketelj|s el Cell ea1 De|ea|tre /jjllte|lea eae Kelta1e|le 1.1Z 1.1Z Uatlelme1 Dltl1ea1s .1 l.11 Uatlelme1 emeta| el !ettre1 Ke1eeme|le Nea-teater|l|le De|ea|tres, Prelereate !leres & Premltm ea Ke1emj|lea 1.' 1.11 Uatlelme1 emeta| el Fret|leael Cetjeas el 8eats !leres [latlt1la la|eres|} 1.1 1.1 la|eres| ettrte1 |t| ae| 1te ea De|ea|tres, Leeas ea1 Dejesl|s l1.Z1 l. !,'11.11 !,'11.11 !,'11.11 !,'11.11 !,'11.11 !,'1. !,'1. !,'1. !,'1. !,'1. 6 9 6 9 6 9 6 9 6 9 Schedules SCHEDULE 14 SCHEDULE 14 SCHEDULE 14 SCHEDULE 14 SCHEDULE 14 I NCREASE /(DECREASE) I N ST I NCREASE /(DECREASE) I N ST I NCREASE /(DECREASE) I N ST I NCREASE /(DECREASE) I N ST I NCREASE /(DECREASE) I N STOCKS OCKS OCKS OCKS OCKS Clesla !|etls Flalsle1 Oee1s '1l.Z 1l.1 e|erlels-la-Pretess !,1ZZ.1 !,1!1. !,'11.!! !,'11.!! !,'11.!! !,'11.!! !,'11.!! !,11.'1 !,11.'1 !,11.'1 !,11.'1 !,11.'1 Less Ojeala !|etls Flalsle1 Oee1s 1l.1 Z.!' e|erlels-la-Pretess !,1!1. l!. !,11.'1 !,11.'1 !,11.'1 !,11.'1 !,11.'1 !,!1.11 !,!1.11 !,!1.11 !,!1.11 !,!1.11 1.' 1.' 1.' 1.' 1.' 1'Z.1 1'Z.1 1'Z.1 1'Z.1 1'Z.1 [Ks. la llllea} For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st SCHEDULE 13 SCHEDULE 13 SCHEDULE 13 SCHEDULE 13 SCHEDULE 13 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 O OO OOTHER I NCOME THER I NCOME THER I NCOME THER I NCOME THER I NCOME Kea| [Oress} [!et 1e1tt|e1 e| !etrte Ks. 1.'1 mllllea} .1! 1.ll la|eres| ea la|er Cerjere|e Dejesl|s & 8eals * 1'.! 1!1.ll la|eres| lrem O|lers* [latlt1la la|eres| Ketelte1 lrem lateme !et Dej|. Ks. ZZ.Z mllllea} [Ne|} '.'Z l.11 l!.!1 l!.!1 l!.!1 l!.!1 l!.!1 1l.Z! 1l.Z! 1l.Z! 1l.Z! 1l.Z! lateme lrem lates|mea|s* lateme lrem Ctrrea| lates|mea|s la|eres| !!!.1 '1.11 Dltl1ea1 Z1l.1 11.1Z lateme lrem Lea !erm lates|mea|s la|eres| ea 8ea1s [!et lree} !11.!1 !11.!1 O|ler la|eres| !1.ZZ !'!.!1 Dltl1ea1 [latlt1la ea !re1e lates|mea|s Ks. Z.1 mllllea} !1.1 l1.!' 1.!' 1.!' 1.!' 1.!' 1.!' lZl.1l lZl.1l lZl.1l lZl.1l lZl.1l Prell| ea sele el Flte1 /sse|s [Ne|} Z. !1.1' Prell| ea sele el lates|mea|s [Ne|} !. 1. lstelleaeets Ketelj|s & tlelms [Ne|} [!et 1e1tt|e1 e| setrte Ks. 1.1Z mllllea} Z'.1 !. !ta1r Cre1l| 8eleates wrl||ea |etl[Ne|} 1.'1 .Z |ttleae Ke|e Dlllereate[Ne|} !.1 Z.ll Pretlets eers /1jts|mea|s [Ne|} Z1.'' 11.Z! !,1.'1 !,1.'1 !,1.'1 !,1.'1 !,1.'1 !,111.l !,111.l !,111.l !,111.l !,111.l * Tax deducted at source on Interest Received Rs. 163.90 million 7 0 7 0 7 0 7 0 7 0 SCHEDULE 16 SCHEDULE 16 SCHEDULE 16 SCHEDULE 16 SCHEDULE 16 MANUF MANUF MANUF MANUF MANUFACTURI NG EXPENSES ACTURI NG EXPENSES ACTURI NG EXPENSES ACTURI NG EXPENSES ACTURI NG EXPENSES !|eres, !jere Per|s & !eels Ceastme1 [latlt1la ler rejelrs} l1l.1 1l.! Ceaterslea & Fe|rlte|lea Cleres Z.l1 .l Pewer Oeaere|lea & |let|rltl| tleres [latlt1la tes| el ewa eaere|lea} 1,111.11 1,Z11.Zl Kejelrs, Keaewels & Kejletemea|s 8tll1las l.1 '1.Z etllaer !''.! .l O|lers [Ne|} !.ll Z.' Z1.1 Z1.1 Z1.1 Z1.1 Z1.1 Z!'.l! Z!'.l! Z!'.l! Z!'.l! Z!'.l! Kew We|er Cleres ea1 Cess 1.! 1.1' 1,11Z.1 1,11Z.1 1,11Z.1 1,11Z.1 1,11Z.1 1,1.1 1,1.1 1,1.1 1,1.1 1,1.1 SCHEDULE 17 SCHEDULE 17 SCHEDULE 17 SCHEDULE 17 SCHEDULE 17 P PP PPA AA AAYMENTS T YMENTS T YMENTS T YMENTS T YMENTS TO AND PROVI SI ONS O AND PROVI SI ONS O AND PROVI SI ONS O AND PROVI SI ONS O AND PROVI SI ONS FOR EMPL FOR EMPL FOR EMPL FOR EMPL FOR EMPLO OO OOYEES YEES YEES YEES YEES !elerles, Wees, 8eats, |t-re|le, Peaslea ea1 Ore|tl| [latlt1la ler rejelrs} !,11Z.' '. Ore|tl| tea|rl|t|lea |e |mjleees Ore|tl| Fta1 1.1 1. Wellere |tjeases Z11.1 !1.! Pretl1ea| Fta1, |mjleees Peaslea Fta1 ea1 !tjereaate|lea Fta1 Cea|rl|t|lea !ZZ.Z1 !1!.1 !,11.1l !,11.1l !,11.1l !,11.1l !,11.1l !,!!. !,!!. !,!!. !,!!. !,!!. Schedules [Ks. la llllea} For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st SCHEDULE 15 SCHEDULE 15 SCHEDULE 15 SCHEDULE 15 SCHEDULE 15 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 RA RA RA RA RAW MA W MA W MA W MA W MATERI ALS CONSUMED TERI ALS CONSUMED TERI ALS CONSUMED TERI ALS CONSUMED TERI ALS CONSUMED Ojeala !|etl l1Z.11 1.! /11 Ptrtleses [Ne|} 1,'.Z1 1,11.'1 1,1.Z 1,1.Z 1,1.Z 1,1.Z 1,1.Z 1,'1l.lZ 1,'1l.lZ 1,'1l.lZ 1,'1l.lZ 1,'1l.lZ Less Clesla !|etl ll!.'' l1Z.11 1,.l! 1,.l! 1,.l! 1,.l! 1,.l! 1,1'. 1,1'. 1,1'. 1,1'. 1,1'. 7 1 7 1 7 1 7 1 7 1 [Ks. la llllea} For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st SCHEDULE 18 SCHEDULE 18 SCHEDULE 18 SCHEDULE 18 SCHEDULE 18 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 SELLI NG SELLI NG SELLI NG SELLI NG SELLI NG, DI STRI BUTI ON, ADMI NI STRA , DI STRI BUTI ON, ADMI NI STRA , DI STRI BUTI ON, ADMI NI STRA , DI STRI BUTI ON, ADMI NI STRA , DI STRI BUTI ON, ADMI NI STRATI ON TI ON TI ON TI ON TI ON AND O AND O AND O AND O AND OTHER EXPENSES THER EXPENSES THER EXPENSES THER EXPENSES THER EXPENSES Ke|es & !etes [Ne|} '.1 1.!Z Kea| 11.1 Z'.1' lastreate Z1l.1 Z!!.11 lstelleaeets |tjeases [latlt1la Lew tleres |e e Flrm el !elltl|ers la wlltl e Dlret|er ls jer|aer Ks. 1.1 mllllea} Z.11 Z'1.l !retellla .1 1.! Deae|leas [latlt1la Cea|rl|t|lea el Ks.!1.'1 mllllea |e Oeaerel |let|erel !rts| ler jell|ltel jtrjeses} 11.l! 1!.1 /t1l|ers Kemtaere|lea /t1l| Fees !.Z !.1' Fer !et /t1l| 1.Zl 1.Z! Fer lsstla Cer|lllte|es 1.!l 1.Z! |tjeases 1.1 1.1! Z.1 Z.1 Z.1 Z.1 Z.1 !. !. !. !. !. Ces| /t1l| Fee & |tjeases 1.Zl 1.Z1 Oterea|ee Cemmlsslea |e 8eals 1.Z !.1 Keseertl & Detelejmea| |tjeases l.!! .1 !etlaltel Kaew-lew Fee Z!.1 Z!.'l !eles !et/!traeter !et jel1 1.'1 !.!' Dlret|ers Fees 1.1 1.1l eaeers Cemmlsslea 1.11 Cemmlsslea ea !eles !11.1 !1l.' Petlla, Ferwer1la ea1 !reasjer| |tjeases [Ne|} 1l1.'l 1l1.1 Pretlslea ler Dlmlat|lea la terrla tes| el lates|mea| !.11 !,1Z!.Z1 !,1Z!.Z1 !,1Z!.Z1 !,1Z!.Z1 !,1Z!.Z1 !,!1.lZ !,!1.lZ !,!1.lZ !,!1.lZ !,!1.lZ Schedules 7 2 7 2 7 2 7 2 7 2 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 NO NO NO NO NOTES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS 1. 1. 1. 1. 1. SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES / // //. .. .. Fll|D /!!|!! Fll|D /!!|!! Fll|D /!!|!! Fll|D /!!|!! Fll|D /!!|!! l} Flte1 /sse|s e|ler |lea |lese wlltl lete |eea retelte1, ere s|e|e1 e| tes|. ejer l|ems el Lea1, 8tll1las ea1 Plea| & etllaer were retelte1 ea1 |le restl|ea| strjlts les |eea e11e1 |e |le tes| el sttl esse|s. Ces| latlt1es llaeatla tes|s ea1 e|ler rele|e1 eterlee1s lattrre1 1trla |le jerle1 el teas|rtt|lea. ll} O|ler Flte1 /sse|s latlt1la Cejl|el Werl-la-Preress ere s|e|e1 e| tes|. 8. 8. 8. 8. 8. D|PK|Cl/ D|PK|Cl/ D|PK|Cl/ D|PK|Cl/ D|PK|Cl/!lON & /OK!l!/ !lON & /OK!l!/ !lON & /OK!l!/ !lON & /OK!l!/ !lON & /OK!l!/!lON !lON !lON !lON !lON l} Dejretle|lea ea Flte1 /sse|s les |eea jretl1e1 ler ea !|rell| Llae e|le1 e| |le re|es jrestrl|e1 ta1er !tle1tle ll\ |e |le Cemjeales /t|, !', es emea1e1. Dejretle|lea ea retelte1 emeta| el llte1 esse| ls e1jts|e1 | |reaslerrla |le etltelea| emeta| lrem Ketelte|lea Keserte /tteta|. ll} Leeselel1 lea1/mlala rll|s ere emer|lse1 eter |le jerle1 el leese. C. C. C. C. C. lN\|!!|N!! lN\|!!|N!! lN\|!!|N!! lN\|!!|N!! lN\|!!|N!! l} Lea |erm lates|mea|s ere s|e|e1 e| tes| el|er 1e1tt|la jretlslea, ll ea, la teses wlere |le lell la merle| telte les |eea teasl1ere1 el jermeaea| ae|tre. ll} Ctrrea| lates|mea|s ere s|e|e1 e| lewer el tes| ea1 lelr telte. [Ks. la llllea} For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year For t he year ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st SCHEDULE 19 SCHEDULE 19 SCHEDULE 19 SCHEDULE 19 SCHEDULE 19 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 I NTEREST I NTEREST I NTEREST I NTEREST I NTEREST Oa De|ea|tres 1'l.lZ 11!.l Oa Lea !erm Leeas !.1 1.1 O|lers [latlt1la la|eres| Pel1 |e lateme !et 1ejer|mea| Ks. !1. mllllea} 1.'Z 11.l '.Z '.Z '.Z '.Z '.Z 1.1 1.1 1.1 1.1 1.1 SCHEDULE 20 SCHEDULE 20 SCHEDULE 20 SCHEDULE 20 SCHEDULE 20 DEPRECI A DEPRECI A DEPRECI A DEPRECI A DEPRECI ATI ON TI ON TI ON TI ON TI ON Dejretle|lea Z,Z.1Z Z,l!.! Less |ttess Dejretle|lea ler eerller eers wrl||ea |etl 1.1 Z,Z'.'1 Z,Z'.'1 Z,Z'.'1 Z,Z'.'1 Z,Z'.'1 Z,l!.! Z,l!.! Z,l!.! Z,l!.! Z,l!.! Less !reasler lrem Cejl|el Keserte !,1l!.1 !,1lZ.Z! !,1'1.1 !,1'1.1 !,1'1.1 !,1'1.1 !,1'1.1 !,Z1'. !,Z1'. !,Z1'. !,Z1'. !,Z1'. Schedules Schedules 7 3 7 3 7 3 7 3 7 3 Schedules D DD DD. .. .. lN\|N! lN\|N! lN\|N! lN\|N! lN\|N!OKl|! OKl|! OKl|! OKl|! OKl|! l} latea|erles el s|eres ea1 sjere jer|s ere telte1 e| er |elew tes| el|er jretl1la ler tes| el e|selesteate ea1 e|ler ea|ltlje|e1 lesses, wlereter teasl1ere1 aetesser. ll} etllaer sjeres wlltl tea |e tse1 eal la teaaet|lea wl|l ea l|em el llte1 esse| ea1 wlese tse ls etjet|e1 |e |e lrretler [lastreate sjeres} ere wrl||ea ell eter |le es|lme|e1 tseltl llle el |le jerea| esse|. lll} latea|erles el l|ems e|ler |lea |lese s|e|e1 e|ete ere telte1 '/| tes| er Ne| Keellte|le \elte, wlltleter ls lewer. Ces| ls eaerell 1e|ermlae1 ea well|e1 eteree tes| |esls ea1 wlereter retlre1, ejjrejrle|e eterlee1s ere |elea la|e etteta|. Ne| Keellte|le \elte ls |le es|lme|e1 sellla jrlte la |le er1laer tetrse el |tslaess less |le es|lme|e1 tes| el temjle|lea ea1 |le es|lme|e1 tes|s aetesser |e mele |le sele. | || ||. .. .. FOK|lON CUKK|NCI !K/N!/C!lON! FOK|lON CUKK|NCI !K/N!/C!lON! FOK|lON CUKK|NCI !K/N!/C!lON! FOK|lON CUKK|NCI !K/N!/C!lON! FOK|lON CUKK|NCI !K/N!/C!lON! [e} Ieer-ea1 |eleate el lerela ttrreat |reaset|leas ls |reasle|e1 e| |le eer-ea1 re|es ea1 |leterresjea1la ellet| ls ltea la |le resjet|lte etteta|s. !reaset|leas temjle|e1 1trla |le eer ere e1jts|e1 ea et|tel |esls. [|} la resjet| el |reaset|leas tetere1 | Ferwer1 Ferela |ttleae Cea|ret|s, |le 1lllereate |e|weea |le lerwer1 re|e ea1 ettleae re|e e| |le latej|lea el tea|ret| ls retealse1 es lateme er etjease eter |le llle el |le tea|ret| ettej| ler tea|ret|s rele|la |e lle|lll|les lattrre1 ler jtrtlese el Flte1 /sse|s, |le 1lllereate |lereel ls e1jts|e1 la |le terrla emeta| el resjet|lte Flte1 /sse|s. [t} !reaset|leas tetere1 | tress ttrreat swej tea|ret|s |e |e se||le1 ea lt|tre 1e|es ere retealse1 e| |le eer-ea1 re|es el |le ta1erlla lerela ttrreat. |llet|s erlsla el swej tea|ret|s ere |ela e1jts|e1 ea |le 1e|e el se||lemea|. F FF FF. .. .. K|!lK||N! 8|N|Fl!! K|!lK||N! 8|N|Fl!! K|!lK||N! 8|N|Fl!! K|!lK||N! 8|N|Fl!! K|!lK||N! 8|N|Fl!! [e} Ieer-ea1 lle|lll|les ea etteta| el Ore|tl| & !tjereaate|lea |eaell|s |e emjleees ere jretl1e1 ea1 lta1e1 |e ejjrete1 lta1s. [|} Leete |ateslmea| |eaell|s ere jretl1e1 ler ea /t|terlel 8esls. O OO OO. .. .. K|COONl!lON OF lNCO| & |lP|NDl!UK| K|COONl!lON OF lNCO| & |lP|NDl!UK| K|COONl!lON OF lNCO| & |lP|NDl!UK| K|COONl!lON OF lNCO| & |lP|NDl!UK| K|COONl!lON OF lNCO| & |lP|NDl!UK| lateme & |tjea1l|tre ere retealse1 ea ettrtel |esls. N. N. N. N. N. PK|lU ON D|8|N!UK| K|D|P!lON PK|lU ON D|8|N!UK| K|D|P!lON PK|lU ON D|8|N!UK| K|D|P!lON PK|lU ON D|8|N!UK| K|D|P!lON PK|lU ON D|8|N!UK| K|D|P!lON Premltmjee|le ea re1emj|lea el 1e|ea|tresls etealretealse1 la |le Prell| & Less /tteta| 1trla |le jerle1 |e|weea |lelr lsste ea1 re1emj|lea. l. l. l. l. l. K|!|/KCN & D|\|L K|!|/KCN & D|\|L K|!|/KCN & D|\|L K|!|/KCN & D|\|L K|!|/KCN & D|\|LOP|N! |lP|NDl!UK| OP|N! |lP|NDl!UK| OP|N! |lP|NDl!UK| OP|N! |lP|NDl!UK| OP|N! |lP|NDl!UK| Keteate etjea1l|tre ls tlere1 |e Prell| & Less /tteta| ea1 Cejl|el etjea1l|tre ls e11e1 |e |le tes| el Flte1 /sse|s la |le eer la wlltl l| ls lattrre1. ! !! !!. .. .. CON!lNO|N! Ll/8lLl!I CON!lNO|N! Ll/8lLl!I CON!lNO|N! Ll/8lLl!I CON!lNO|N! Ll/8lLl!I CON!lNO|N! Ll/8lLl!I Cea|laea| lle|lll|les ere ae| jretl1e1 ler la |le etteta|s ea1 ere 1lstlese1 | we el Ne|es. [Ks. la llllea} /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| ertl, Z111 ertl, Z111 ertl, Z111 ertl, Z111 ertl, Z111 ertl, ! ertl, ! ertl, ! ertl, ! ertl, ! Z. Cejl|el Cemml|mea|s et|s|ea1la [/1teate/Dejesl| jel1 Ks. '.l1 mllllea} 1.l1 !111.1 1. Oterea|ees et|s|ea1la .11 .11 1. Le||ers elCre1l| Ot|s|ea1la 'Z.' 1!.Z1 '. O|ler 8eal Oterea|ees & 8ea1s |esl1es |lese mea|leae1 sejere|elea1 teta|erterea|ee1 | |le Cemjea !1!.11 Z!'.'' SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 NO NO NO NO NOTES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) 7 4 7 4 7 4 7 4 7 4 . Cea|laea| Lle|lll|les ae| jretl1e1 ler la resjet| el [e} Clelms ae| etlaewle1e1 es 1e|| !11.' !'.Z [|} 8llls 1lsteta|e1 wl|l 8eals 1.1 11.1! [t} !le Cemjea les retelte1 stjjlemea|er |llls ea etteta| el retlslea la re|e el jewer ler ela !tjjl lrem |le UP!|8ler |le jerle1 !'.'.!l |e 11..!1 ea1 |le seme remelas tajretl1e1 ler es 1lsjt|e1 | |le Cemjea. '1.!1 '1.!1 [1} Dte |e ter|ela e11l|leas me1e la |le essessmea| el eerller eers |le temjea les retelte1 1emea1s lrem |le lateme !et Dejer|mea| eelas| wlltl l| les eae la ejjeels. !le Cemjea les |eea e1tlse1 |le| teasl1erla |le reta1s el ejjeel ae jretlslea ls retlre1. '!1.'1 1Z'.1 [e} !l,1',lZ,Z |tl| !leres el Ks. !1/- eetl ltll jel1 tj la 8lrle /! & ! Cemmtalte|leas L|1., lel1 | |le Cemjea es lates|mea| lete |eea jle1e1 ler settrla llaeatlel essls|eate rea|e1 | |le lea1ers |e |le| temjea. [l} !le Cemjea les retelte1 |le lellewla 1emea1s wlltl ere 1lsjt|e1 | |le Cemjea ea1 ere ae| jretl1e1 ler l} / 1emea1 tj |e 11|l !ej|em|er !1 ler Ks.!1'.1 mllllea le1 |eea relse1 | |le /ssls|ea| Cellet|er, Cea|rel |ttlse, lrtejtr, |ela |le emeta| el |ttlse Dt| letle1 | |le Cea|rel Oeteramea| ea |le jewer eaere|e1 | |le Cemjeas tej|lte jewer jlea|, Keatseer Pewer Ce. L|1. [slate emeleme|e1}. !le Delll Nll Cetr| les tesle1 |le ea|lre 1emea1 el |ttlse Dt|, tl1e l|s Or1er 1e|e1 |l !tl !1. !le Oeteramea| el la1le les llle1 ea ejjeel |elere |le Dltlslea 8eatl el Delll Nll Cetr|, wlltl ls jea1la. Neweter, !le /ssls|ea| Cellet|er, Cea|rel |ttlse, lrtejtr les serte1 e 1emea1 ae|lte 1e|e1 !|l Fe|rter !1 ea |le Cemjea |le| et| el |le eleresel1 |e|el stm el Ks.!1'.1 mllllea, |le Cemjea les me1e jretlslea ler Ks.'1.l1 mllllea la l|s etteta|s ea1 |le |eleate emeta| les |eea setes|ere1 la |le /ltmlaltm Ketle|lea /tteta| teas|l|t|e1 ta1er |le /ltmlaltm [Cea|rel} Or1er, !l1 ea1 |lese etl| |e lete |eea 1ejesl|e1 |e |le tre1l| el |le Cea|rel Oeteramea|, es eatlsee1 ta1er |le jretlsleas el !et|lea !!-D el |le Cea|rel |ttlse & !el| /t|, !11. !le Cemjea les tlelleae1 |le seme ea1 llle1 e wrl| je|l|lea la |le Delll Nll Cetr|, wlltl ls jea1la, ea1 1emea1 ls s|ee1. /tter1la |e |le |erms el se||lemea| 1e|e1 '.!Z.1 |e|weea |le Cemjea ea1 |le Cea|rel Oet|. ea1 |le st|setea| terresjea1eate ea |le st|jet|, |le emeta| rele|la |e jerle1 lrem Zl.1.!! eawer1s les |eea setes|ere1 la |le /ltmlaltm Ketle|lea /tteta|, |e |e relm|trse1 |e |le Cemjea la |le etea| |le Cetr| 1etl1es |le tese eelas| |le Cemjea ea1 |le emeta| |etemes jee|le. ll} / 1emea1 el la|eres| ler e stm el Ks.Z.11 mllllea ea jes| 1tes el |le /ltmlaltm Ketle|lea /tteta| tj |e 1!.!Z.!l, ls 1lsjt|e1 | |le Cemjea ea1 ae| jretl1e1 ler. lll} Ks. 11.1 mllllea lrem |le !|e|e el 8ller, ta1er |le Cess ea1 e|ler !etes ea laerels [\ell1e|lea} /t| !Z, ler ellee1 Cess ea |ettl|e ere. !le Pe|ae Nll Cetr| tl1e l|s Or1er 1e|e1 !l.1!.! les tesle1 |le 1emea1 eelas| wlltl |le !|e|e el 8ller les llle1 ea ejjeel la |le !tjreme Cetr| el la1le, wlltl les |eea relerre1 |e e |eatl el |lree !t1es ea1 ls jea1la. lt} !le Cess ea1 O|ler !etes ea laerels [\ell1e|lea} /t| !Z, wes eaet|e1 | |le Perllemea|, tell1e|la |le lmjesl|lea ea1 tellet|lea el tess ea mlaerels ta1er ter|ela !|e|es Lews, latlt1la .P., tj |e 1.1.!!. / 8eatl el |we leaetre|le !t1es el |le !tjreme Cetr| la|er-elle tjlel1 |le tell1l| el |le sel1 /t| tl1e l|s jt1emea| 1e|e1 Z|l !tl !. Neweter, |le seme 8eatl Schedules [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 NO NO NO NO NOTES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) 7 5 7 5 7 5 7 5 7 5 la eae|ler |e|tl el teses les 1lret|e1 |le| |le sel1 me||er |e lls|e1 ler leerla |elere e 8eatl el |lree leerae1 !t1es ea1 |le me||er ls jea1la. Dtrla |le eer !l-!, |le Cemjea les retelte1 1emea1 ae|ltes ler Ks. 'Z.1' mllllea ta1er |le .P. /t| Ne.!' el !Z lrem Ner|lera Ceelllel1s L|1. .P. Nll Cetr| | ea la|erlm er1er s|ee1 |le reteter jretee1las ler Ks. 'Z.1' mllllea ea ltralslla e 8eal Oterea|ee | |le Cemjea. !le Cemjea lel1s e jretlslea el Ks. 1.Z mllllea eelas| |le 1emea1. !le Cemjea les else retelte1 e 1emea1 ae|lte ler Ks. !.11 mllllea ta1er .P. /t| Ne.! el !Z, lrem |le .P. Oeteramea| la resjet| el tess ea |ettl|e ere. Oa e wrl| je|l|lea llle1 | |le Cemjea, |le !tjreme Cetr| les lsste1 ae|ltes |e !|e|e Oeteramea| ea1 les er1ere1 |le| meeawllle ae teertlte s|ejs slell |e |elea |e mele reteter. t} !le U||er Pre1esl !|e|e |let|rltl| 8eer1 les tlelme1 e11l|leael we|er tleres el ejjretlme|el Ks.1'. mllllea ea etteta| el re|resjet|lte retlslea el we|er tleres ler we|er 1rewalrem tjs|reemea11ewa s|reem el Kllea1 Kesertelr, ler |le eerller eers ler |le Cemjeas Pewer Plea| e| Keatseer ea1 /ltmlaltm Plea| e| Keatlee| ea1 |le |ewaslljs. !le Cemjea 1lsjt|es |le tlelm ea1 les llle1 e wrl| je|l|lea la |le /llele|e1 Nll Cetr|, wlltl ls jea1la. tl} !le Cemjea les retelte1 1emea1 lrem Cea|rel |ttlse Dejer|mea| ler Ks. .11 mllllea 1lsellewla OD\/! tre1l| ea ter|ela Cejl|el Oee1s. !le Cemjea 1lsjt|es |le 1emea1 ea1 les llle1 ea ejjeel, wlltl ls jea1la. la |le meea|lme 1emea1 les |eea s|ee1 | |le /llele|e1 Nll Cetr| tjea Cemjea 1ejesl|la e stm el Ks. Z.' mllllea. tll} / let el tts|em 1t| emeta|la |e Ks. !1.Z mllllea ler lmjer| el |eels tea|elala 1eslas ea1 1rewlas [latlt1la |etlaltel meatels} rele|la |e jrejet| werl ler Ual| Ne. & l el Keatseer Pewer Dltlslea les |eea 1lsjt|e1 | |le Cemjea ea1 ea ejjeel les |eea llle1 |elere C|O/!, Celtt||e. la |erms el |le Cea|ret| ll |lls 1t| |etemes jee|le l| wetl1 |e retetere|le lrem |le stjjller. l. !le Cemjea les ea|ere1 la|e ea ereemea| wl|l /ltea /ltmlaltm L|1., Ceae1e |e ettlre 1.1 mllllea etl| sleres el la1lea /ltmlaltm Ce. L|1., e| e jrlte el Ks.!1/- jer slere st|jet| |e aetesser s|e|t|er ejjretels. /s jer |le retlremea|s, |le Cemjea les |e mele ea ejea eller |e |le jt|llt ler ettlsl|lea el ltr|ler tj|e !1.ZZ mllllea etl| sleres e| Ks.!1/- jer slere. !le |reaset|leas latelte ea et|le el tj|e Ks. !1,1Z. mllllea . Dtrla |le eer, |le temjea les stjjlle1 !l.1l mllllea Kwl el elet|rltl| |e UP!|8. Pea1la llaellse|lea el /reemea| wl|l UP!|8, ea emeta| etel |e eaere|lea tes| el sttl jewer les |eea ettlt1e1 lrem |le Pewer Oeaere|lea ea1 |let|rltl| Cleres la |le Prell| & Less /tteta| ea1 ls slewa es retetere|le lrem UP!|8. . [e} Less ea etteta| el |ttleae re|e 1lllereate el Ks. l.'1 mllllea les |eea 1e|l|e1 |e Flte1 /sse|s, ea1 el Ks. !.!1 mllllea |e Prell| & Less /tteta|. [|} Ceasetea| |e |le reellamea| el |le Ktjee telte el lerela ttrreat leeas [et|s|ea1la es ea 1!.11.Z111 U! ; Z.l1 mllllea}, lle|lll| el |le Cemjea les latreese1 | Ks. l1. mllllea es ea 1!.1.Z111 et| elwlltl Ks. !.1 mllllea les |eea 1e|l|e1 |e Prell| & Less /tteta| ea1 Ks. .'1 mllllea les |eea e11e1 |e |le tes| el reletea| Flte1 /sse|s ea1 Cejl|el Werl-la-Preress. [t} !le Cemjea les ea|ere1 la|e tress ttrreat swej |reaset|leas ler jemea| el las|elmea|s ea1 la|eres| ea lt|tre 1e|es ler U! ; ''.1' mllllea leea. !late |le lltt|te|leas la |le la|erteala jerle1 teaae| |e lelrl es|lme|e1, |le ellet| el swej tea|ret|s wlll |e etteta|e1 ler la |le eer la wlltl |le tea|ret|e1 se||lemea| |eles jlete. Ne1 |le et|s|ea1la emeta| el |lls leea |eea s|e|e1 e| |le jerl| re|e jretellla e| |le eer-ea1 |e|weea U! ; ea1 !ejeaese Iea [swej ttrreat}, |le jrlatljel emeta| wetl1 lete latreese1 | Ks. !.1 mllllea. Neweter, |le et|llew ea etteta| el lt|tre la|eres| wlll |e lewer | Ks. !'1.1l mllllea !1. !le Cemjea les eermerle1 1,11,111 Ual|s el |le Ual| !rts| el la1le el Ks.!1/- eetl tes| |ela Ks. 1.ll mllllea [rejtrtlese jrlte Ks. 1.11 mllllea} la temjlleate wl|l |le jretlsleas el Ktle 1/ el |le Cemjeales [/ttej|eate el Dejesl|s} Ktles, !l' [es emea1e1}. Schedules SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 NO NO NO NO NOTES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) 7 6 7 6 7 6 7 6 7 6 [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 NO NO NO NO NOTES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) !!. /1teates [Dr.} latlt1e - [e} Dtelrem e llrm el !elltl|ers & /1tete|esla wlltleae el |le Dlret|ers ls e Per|aer.[etlmtm |eleate 1trla |le eer Ks. 1.11 mllllea} 1.1' [|} Dte lrem Olllters [etlmtm |eleate 1trla |le eer Ks. Z.11 mllllea} !. !.1 !Z. [e} Leeas |e e llml|e1 temjea rejresea|s tasettre1 leeas el Ks. !Z'.l mllllea |e 8ller Cets|lt & Clemltels L|1. [8CCL} es jreme|ers tea|rl|t|lea |ewer1s tes| el jrejet|s. !lese leeas wlll |e rejel1 el|er |le las|l|t|leael Leeas ler |le jrejet|s ere rejel1 la ltll. /s jer ereemea|s |le re|e el la|eres| ea |le Leea el Ks. 1.1Z mllllea ls res|rlt|e1 |e jertea|ee el 1ltl1ea1 1etlere1 | 8CCL ea1 ea |le leea el Ks. !ZZ.'' mllllea |le re|e el la|eres| wetl1 |e |le 8eal Ke|e er jertea|ee el 1ltl1ea1 1etlere1 | 8CCL, wlltleter ls lller. [|} !le Cemjea les ltea ta1er|ellas |e terlets llaeatlel las|l|t|leas ler aea-1lsjesel el sleres lel1 la 8ller Cets|lt & Clemltels L|1., !ealet la1ts|rles L|1., la1e Otll Cerjere|lea L|1., eaelere Kellaer ea1 Pe|retlemltels L|1., la1lea Keea & la1ts|rles Llml|e1 ea1 8lrle /!&! Cemmtalte|leas L|1. |lll |le las|l|t|leael leeas ere rejel1 la ltll. [t} /1teate eelas| !lere /jjllte|lea eae rejresea|s jemea| |e 8lrle !eletem L|1. Ks. 1.1 mllllea wlerela |le Cemjea ls e Ce- jreme|er. [1} /1teates retetere|le la tesl er la lla1 latlt1e jemea|s me1e |e Kese Pewer !tjjl Ce. L|1. Ks. !l. mllllea ea1 8lae Pewer !tjjl Ce. L|1. Ks. 1Z.!' mllllea |e |e e1jts|e1 eelas| |le telte el |le |tl| !leres |e |e lsste1 | sttl Ce-jreme|e1 Cemjeales la |le etea| |le rele|lte jrejet|s ere lmjlemea|e1 el|er jrettrla ell retle|er ejjretels. [e} /1teates retetere|le la tesl er la lla1 er ler telte |e |e retelte1 latlt1e Ks. l.Z mllllea lattrre1 ea e jrejet| ta1er|elea | e teaser|ltm el temjeales. !1. |ttlse Dt| la resjet| el Flalsle1 Oee1s ls |ela etteta|e1 ler e| |le |lme el tleereate el ee1s es jer jret|lte lellewe1 | |le Cemjea. !ttl ettlse 1t| lle|lll| es e| 1!.1.Z111 ea ee1s jea1la tleereate lrem|le let|er ls es|lme|e1 e| Ks. !.Z mllllea. Neweter, |lls lle|lll|, ll etteta|e1 ler slell ae| ellet| |le jrell| ler |le eer. !1. Ot|s|ea1la 1tes ewe1 | |le Cemjea |e !mell !tele la1ts|rlel Ua1er|ellas ler e stm el Ks. 1.! mllllea er mere, wlltl ls et|s|ea1la ler mere |lea 11 1es, ls la|erae|leael la1ts|rlel Oeses Llml|e1 Ks. 1.Z mllllea !'. Prell| er Less ea sele el !|eres & !jere-jer|s remelas e1jts|e1 la !|eres Ceastme1 /tteta| ea1 ae| slewa sejere|el. !. [e} la temjlleate wl|l |le retlse1 /tteta|la !|ea1er1 Z [\elte|lea el latea|erles}, wlltl les |eteme mea1e|er lrem |lls eer, |le Cemjea les tleae1 l|s etteta|la jellt wl|l resjet| |e telte|lea el latea|erles restl|la la lller telte|lea el tlesla latea|erles | Ks. !l.! mllllea wl|l terresjea1la ellet|s ea jrell|s. [|} la temjlleate wl|l |le retlse1 /tteta|la !|ea1er1 Z [\elte|lea el latea|erles} ree1 wl|l /tteta|la !|ea1er1 !1 [/tteta|la ler Flte1 /sse|s} |le Cemjea les tleae1 l|s etteta|la jellt wl|l resjet| |e telte|lea el metllaer sjeres el lrretler tse [lastreate !jeres}. Dte |e |lls tleae jrell| ler |le eer les 1etreese1 | Ks. !. mllllea. Schedules 7 7 7 7 7 7 7 7 7 7 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 NO NO NO NO NOTES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) [Ks. la llllea} /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| ertl, Z111 ertl, Z111 ertl, Z111 ertl, Z111 ertl, Z111 ertl, ! ertl, ! ertl, ! ertl, ! ertl, ! !l. [e} !eles ere el|er 1e1tt|la tesl 1lsteta| ellewe1 |e |le jer|les. !.11 !1.1l [|} !eles latlt1e etjer| latea|ltes !. l.l !. !le lellewla ere latlt1e1 ta1er e|ler lee1s el etjeases la |le Prell| & Less /tteta| Ceastmj|lea el s|eres ea1 sjere jer|s ZZ1.1Z !.!1 Kejelrs |e |tll1las !.l !'.Z Kejelrs |e metllaer Z1.!' !Z'.' Kejelrs |e e|lers l1.l1 '1.1' !elerles, wees & |eats e|t. 1!.11 1'Z.! Cea|rl|t|lea |e jretl1ea| ea1 e|ler lta1s '1.'l 1l.! Werlmea ea1 s|ell wellere etjeases .1l .! Keel| Z.1 Z1.l lstelleaeets etjeases 1.l1 1.1 lastreate !.1 1.! Kea| 1.1 1.'! Ke|es & !etes 1.Z 1. !. [e} !le Cemjea ls eae el |le jreme|er mem|er el 8lrle eaeemea| Cerjere|lea Llml|e1 [8CL}, e temjea llml|e1 | terea|ee wlltl les |eea lerme1 |e jretl1e e temmea jeel el letlll|les ea1 resetrtes |e l|s mem|ers, wl|l e tlew |e ej|lmlte |le |eaell|s el sjetlellse|lea ea1 mlalmlse tes| ler eetl mem|er. !le Cemjea les jer|ltlje|e1 la |le temmea jeel ea1 les slere1 |le etjeases lattrre1 | 8CL ea1 etteta|e1 |lese ta1er ejjrejrle|e lee1s. [|} Prejer|leae|e etjeases relm|trse1 ler t|lllsla sertltes el es|e|llslmea|s mela|elae1 | e|lers lete |eea latlt1e1 la resjet|lte etjeases lee1s. Z1. Ks. 1.1l mllllea les |eea jel1 es jeaslea [latlt1la jertlsl|es} |e e Dlret|er el |le Cemjea wle wes Presl1ea| el |le Cemjea |elere lls ejjela|mea| es Dlret|er. Z!. lastreate tlelms ta1er terlets jelltles / e|ler tlelms ere ae| etteta|e1 ler, es |le emeta|s ere s|lll taester|elae1 jea1la |le temjle|lea el essessmea|/ se||lemea|. ZZ. !eles latlt1e ewa meatlet|tre1 l|ems tejl|ellte1 / tse1 Ks. Z.l mllllea e| tes| [latltslte el ettlse 1t|}. Schedules 7 8 7 8 7 8 7 8 7 8 [Ks. la llllea} As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 2000 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 Marc h, 1999 NO NO NO NO NOTES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) Schedules Z'. /11l|leael lalerme|lea jtrstea| |e jererejls 1 ea1 1 el Per| ll el !tle1tle \l |e |le Cemjeales /t|,!' [es emea1e1} [e} Per|lttlers la resjet| el Oee1s meatlet|tre1- (Rs. in Million) Capacity Capacity Capacity Capacity Capacity Installed Installed Installed Installed Installed Actual Actual Actual Actual Actual Stock Of Goods P Stock Of Goods P Stock Of Goods P Stock Of Goods P Stock Of Goods Produced roduced roduced roduced roduced P PP PProduc tion roduc tion roduc tion roduc tion roduc tion Opening Opening Opening Opening Opening Closing Closing Closing Closing Closing Class of goods Class of goods Class of goods Class of goods Class of goods Licensed/R Licensed/R Licensed/R Licensed/R Licensed/Registered * egistered * egistered * egistered * egistered * Capacity ** Capacity ** Capacity ** Capacity ** Capacity ** Qty Qty Qty Qty Qty. .. .. Qty Qty Qty Qty Qty. .. .. 01.04.99 01.04.99 01.04.99 01.04.99 01.04.99 01.04.98 01.04.98 01.04.98 01.04.98 01.04.98 31.03.00 31.03.00 31.03.00 31.03.00 31.03.00 31.03.99 31.03.99 31.03.99 31.03.99 31.03.99 1999-00 1999-00 1999-00 1999-00 1999-00 1998-99 1998-99 1998-99 1998-99 1998-99 1999-00 1999-00 1999-00 1999-00 1999-00 1998-99 1998-99 1998-99 1998-99 1998-99 1999-00 1999-00 1999-00 1999-00 1999-00 1998-99 1998-99 1998-99 1998-99 1998-99 Qty Qty Qty Qty Qty V VV VValue alue alue alue alue Qty Qty Qty Qty Qty. .. .. V VV VValue alue alue alue alue Qty Qty Qty Qty Qty. .. .. V VV VValue alue alue alue alue Qty Qty Qty Qty Qty. .. .. V VV VValue alue alue alue alue Tonnes Tonnes Tonnes Tonnes Tonnes Tonnes Tonnes Tonnes Tonnes Tonnes Aluminium Metal 3,75,000 3,75,000 2,42,000 2,42,000 2,48,930 ($) 2,40,926 9,051 292.49 3,230 109.62 5,955 219.62 9,051 292.49 Rolled Products 1,28,000 1,28,000 80,000 80,000 58,690 (#) 44,668 2,794 116.54 2,552 113.62 3,477 178.79 2,794 116.54 Extruded Products 31,000 31,000 13,700 13,700 14,959 11,995 977 44.96 646 28.98 679 35.55 977 44.96 Conductor Redraw Rods 1,25,000 1,25,000 40,000 40,000 49,018 51,197 554 19.38 388 13.85 1261 48.37 554 19.38 Aluminium Foil 10,000 10,000 5,000 5,000 7,537 1,551 47 3.47 1 0.08 270 20.47 47 3.47 Aluminium Wheel 12,00,000 12,00,000 3,00,000 5,451 3,325 4.82 Pcs Pcs Pcs Pcs Pcs Electricity 581.7 MW 581.7 MW 581.7 MW 581.7 MW 4,555 MU 4,330 MU Electricity (Co-generation) 37 MW 37 MW 37 MW 37 MW 283 MU 263 MU TOTAL 476.84 266.15 507.62 476.84 **Registered Capacities are those Capacities for which registration granted pursuant to the scheme of delicensing vide notification No. 477(E), dated 25th July, 1991. **As certified by the management. $ Includes 8,902 MT (Previous year 13013 MT) converted for outside party. #Includes 96 MT (Previous year 582 MT) converted from outside party, 21 MT (Previous year NIL) converted for outside party and 9,263 MT (Previous year 2,987 MT) transferred to Foil division. Z1. |tjeaseslatlt1e lellewla jemea|s |e|leWlele-!lme Dlret|er !eler !.1 !.'1 Cea|rl|t|lea|e Pretl1ea| Fta1 & !tjereaate|leaFta1 1.1 1.1! Cemmlsslea 1.11 Z1. Fltres ler |le jretlets eer lete |eea reretje1 / reerreae1 wlereter leta1 aetesser. 7 9 7 9 7 9 7 9 7 9 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 NO NO NO NO NOTES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) Schedules Z'. /11l|leael lalerme|lea jtrstea| |e jererejl 1 ea1 1 el Per| ll el !tle1tle \l |e |le Cemjeales /t|, !' [es emea1e1} [Cea|1...} [|} Per|lttlers la resjet| el !eles- [Ks. la llllea} !-11 !- Otea|l| \elte Otea|l| \elte [!eaaes} [!eaaes} /ltmlaltm lae|s / 8llle|s !,ZZ,! ,1.11 !,!Z,1l ,.Z1 Kelle1 Pre1tt|s 1,lZZ ',1'1.1l 1!,11 1,!1Z.1 |t|rt1e1 Pre1tt|s !',Z'l !,Z1.!! !!,1 !,ZZ1.1! Cea1tt|er Ke1rew Ke1s 1,1!! 1,1Z1.l! '!,11! 1,11.1 /ltmlaltm Fell l,1!1 l.1 !,'1' !l.'' /ltmlaltm Wleel Z,!Z Pts 1. Ceaterslea Cleres ,Z1 ''1.1' !1,111 l1. l|ems e|ler |lea Flalsle1 Oee1s e} \eae1ltm !lt1e 11 '.!' 111 . |} /ltmlae !1 1.1 t} O|lers 1l.1' * 1Z'.'1 Z1,1l'.l! Z1,!11.' * Includes Rs. 198.89 million Export Incentive.(Previous year Rs. 97.67 million). [t} [l} Kew e|erlel teastme1 1trla |le eer [ettlt1la ewa meatlet|tre1 l|ems} - [Ks. la llllea} !-11 !- Otea|l| \elte Otea|l| \elte [!eaaes} [!eaaes} /ltmlae Ptrtlese1 1l,1 Z1l.1 '1,'' Zl1. /ltmlaltm Flterl1e 1,!'1 !.1 ','Z1 Z1.! 8ettl|e !!,l,11 '1. !!,11,1! l'1.!! Celtlae1 Pe|reletm Cele Z,1l '1.1 l,1 'Z.Zl Cets|lt !e1e 11,'11 ''.'l 1l,1 ''.11 Ftel Oll / Lll| Dlesel Oll / N!D Oll Z,11 KL 'Z'.1 !,'Z KL 1'.1 Ner1 Pl|tl / !el| Pl|tl / Ner1 Cele Zl,1! 1Z.Z Z,1! Zl!.Z !e1e /sl / !|ertl/Llme e|t. 1,1Z !'1.Z1 1,'1 !1Z.Zl !|eem Ceel/!|eem ,!1,1'' 111.! ,'1,1! 1.11 Clemltels Z1l 1Z.!l Z1 1'.1 /ltmlaltm lae|s 1 11.1! /a|lretl|e Ceel / Ce|le1e 8letls l!1 'Z.!' 1 11.1! O|ler e|erlels Z,!1l !l1.!' !,11! !!. Z,l |rs 1,!1 |rs 1,'l.l 1,1'.1 /1jts|mea| ea /tteta| el la|erme1le|e jre1tt|s [-} .Z [+} 11.11 1,.l! 1,1'. 8 0 8 0 8 0 8 0 8 0 Schedules SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 NO NO NO NO NOTES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) Z'. /11l|leael lalerme|lea jtrstea| |e jererejls 1 ea1 1 el Per| ll el !tle1tle \l |e |le Cemjeales /t|, !' [es emea1e1} [Cea|1...} [t} [ll} \elte el lellewla me|erlels teastme1 ler jewer eaere|lea ls latlt1e1 la Pewer & |let|rltl| Cleres - [Ks. la llllea} !-11 !- Otea|l| \elte Otea|l| \elte [!eaaes} [!eaaes} Ceel 1!,ll, Z,'Z.1 1Z,Z,Z! Z,11.ll Ftel Oll/L.D.O 1,l1 KL 1Z. ',1Z1 KL '1.11 [1} \elte el lmjer|s | |le Cemjea- [Ks. la llllea} CIF value of imports Ceastme1 Excluding goods in transit and imported !e|el items purchased locally Ceastmj|lea lmjer|e1 emeta| el Cel.Z la1leaets emeta| el Cel.Z [!} [Z} [1} [1} ['} [} 1999-00 1998-99 1999-00 1998-99 1999-00 1998-99 1999-00 1998-99 1999-00 1998-99 1999-00 1998-99 l} Kew me|erlels !1.1 !Z1.l1 1,.l! 1,1'. !1.Z !!.'' 1.!Z 1.l1 1,lZ.1' 1,'1.11 '. '.Zl ll} Cemjeaea|s & !jere jer|s !11.11 !Z.1 11.! 1Z'.l !l1.! !l1. Zl.1! 11.l 1'.1 Z'Z.! lZ. '.ZZ lll} Cejl|el Oee1s 1.' 11. [e} Flalsle1 Oee1s jtrtlese1 ea1 sel1 - [Ks. la llllea} !-11 !- Otea|l| \elte Otea|l| \elte [!eaaes} [!eaaes} /ltmlaltm Wlre Ke1s 1.ZZ 1.1Z [Ks. la llllea} /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| /s e| 1!s| [l} |tjea1l|tre la Ferela Ctrreat [Pel1 er Pretl1e1} ertl, Z111 ertl, Z111 ertl, Z111 ertl, Z111 ertl, Z111 ertl, ! ertl, ! ertl, ! ertl, ! ertl, ! !etlaltel laew-lew & Prelessleael Fee 1.'l Z1.!Z Ferela !retella !1.1l l.1 Cemmlsslea !1.1 l. !relala |tjeases 1.l 1. la|eres| !!!.' !. O|lers 1.1 !. [} |erala la Ferela |ttleae - |tjer| el ee1s ea FO8 |esls 1,!ZZ.'1 !,'1.'l Keel| & !etlaltel !ertltes 1.1 1.1 la|eres| 11.1l !Z.'1 O|lers '.!' 8 1 8 1 8 1 8 1 8 1 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 SCHEDULE 21 NO NO NO NO NOTES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS TES ON ACCOUNTS (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) (Cont d. ) Schedules I . I . I . I . I . REGISTRA REGISTRA REGISTRA REGISTRA REGISTRATION DET TION DET TION DET TION DET TION DETAILS AILS AILS AILS AILS Registration No. State Code Balance Sheet Date Date Month Year II. II. II. II. II. CAPIT CAPIT CAPIT CAPIT CAPITAL RAISED DURING THE YEAR AL RAISED DURING THE YEAR AL RAISED DURING THE YEAR AL RAISED DURING THE YEAR AL RAISED DURING THE YEAR (Amount in Rs. Million) Public/Euro Issue Right Issue Bonus Issue Private Placement III. III. III. III. III. POSITION OF MOBILISA POSITION OF MOBILISA POSITION OF MOBILISA POSITION OF MOBILISA POSITION OF MOBILISATION AND DEPL TION AND DEPL TION AND DEPL TION AND DEPL TION AND DEPLO OO OOYMENT OF FUNDS YMENT OF FUNDS YMENT OF FUNDS YMENT OF FUNDS YMENT OF FUNDS (Amount in Rs. Million) Total Liabilities Total Assets SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS Paid-up Capital Reserves & Surplus Secured Loans Unsecured Loans APPLICA APPLICA APPLICA APPLICA APPLICATION OF FUNDS TION OF FUNDS TION OF FUNDS TION OF FUNDS TION OF FUNDS Net Fixed Assets Investments Net Current Assets Misc. Expenditure Accumulated Losses IV IV IV IV IV. .. .. PERFORMANCE OF COMP PERFORMANCE OF COMP PERFORMANCE OF COMP PERFORMANCE OF COMP PERFORMANCE OF COMPANY ANY ANY ANY ANY (Amount in Rs. Million) Turnover Total Expenditure Profit (Loss) Before Tax & Extraordinary Item Profit/(Loss) After Tax & Extraordinary Item EPS (in Rs.) Dividend % V VV VV. .. .. GENERIC NAMES OF THREE PRINCIP GENERIC NAMES OF THREE PRINCIP GENERIC NAMES OF THREE PRINCIP GENERIC NAMES OF THREE PRINCIP GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMP AL PRODUCTS/SERVICES OF COMP AL PRODUCTS/SERVICES OF COMP AL PRODUCTS/SERVICES OF COMP AL PRODUCTS/SERVICES OF COMPANY ANY ANY ANY ANY Item Code No. (ITC Code) Product Description Item Code No. (ITC Code) Product Description Item Code No. (ITC Code) Product Description 26. 26. 26. 26. 26. Balance Sheet Abstract and Companys General Business Profile Balance Sheet Abstract and Companys General Business Profile Balance Sheet Abstract and Companys General Business Profile Balance Sheet Abstract and Companys General Business Profile Balance Sheet Abstract and Companys General Business Profile 1 1 - 1 1 2 3 8 3 1 0 3 2 0 0 0 ! ! N I L N I L N I L N I L 6 0 3 6 1 . 7 8 6 0 3 6 1 . 7 8 7 4 4 . 6 9 5 3 2 9 . 8 2 5 1 5 8 8 . 4 0 4 2 3 . 8 8 3 4 3 4 9 . 5 7 1 1 3 2 8 . 5 3 1 2 4 0 8 . 6 9 N I L N I L 2 3 0 7 5 . 7 1 + 8 8 3 6 . 5 9 8 2 . 2 3 1 5 6 2 5 . 6 6 + 6 1 2 3 . 7 0 8 0 % / l t m l a l t m l a e | s l 1 ! / l t m l a l t m K e l l e 1 P r e 1 t t | s l 1 / l t m l a l t m K e 1 r e w K e 1 s l 1 ' As per our report annexed. For SINGHI & CO. A. K. AGARWALA Chairman : KUMAR MANGALAM BIRLA RAJIV SINGHI Whole-time Director Directors : RAJASHREE BIRLA Partner T. K. SETHIM. M. BHAGAT Chartered Accountants S. S. KOTHARIP. D. OJHA C. M. MANIAR Camp : Mumbai ANIL J. JHALA Dated : The 27th day of April, 2000. Company Secretary 8 2 8 2 8 2 8 2 8 2 Auditors Certificate Auditors Certificate Auditors Certificate Auditors Certificate Auditors Certificate We have verified the above Cash Flow statement of Hindalco Industries Limited compiled from the audited annual financial statement for the year ended March 31, 2000 and found the same in accordance therewith and also with the requirements of clause 32 of the listing agreements with Stock Exchanges. (Rs. in Million) For the year ended For the year ended March 31, 2000 March 31,1999 A AA AA. .. .. CASH FL CASH FL CASH FL CASH FL CASH FLOW FROM OPERA OW FROM OPERA OW FROM OPERA OW FROM OPERA OW FROM OPERATING ACTIVITIES TING ACTIVITIES TING ACTIVITIES TING ACTIVITIES TING ACTIVITIES Net Profit before tax and extraordinary items 8,836.59 7,137.87 Adjustments for : Depreciation 1,353.63 1,245.98 Provision for premium on debenture redemption 0.20 1.43 Foreign Exchange 1.36 6.60 Investment activities (1,202.22) (1,314.17) Interest charged 596.62 749.59 836.36 776.20 Operating Profit before working capital changes 9,586.18 7,914.07 Changes in Working Capital : Trade and other receivable (258.91) (749.61) Inventories (126.56) (389.50) Trade payable (23.81) (409.28) 108.76 (1,030.35) Cash generated from Operations 9,176.90 6,883.72 Direct taxes paid (2,522.79) (1,426.10) Cash flow before extraordinary items 6,654.11 5,457.62 Extraordinary items (43.64) NET CASH FROM OPERATING ACTIVITIES 6,610.47 5,457.62 B. B. B. B. B. CASH FL CASH FL CASH FL CASH FL CASH FLOW FROM INVESTMENT ACTIVITIES OW FROM INVESTMENT ACTIVITIES OW FROM INVESTMENT ACTIVITIES OW FROM INVESTMENT ACTIVITIES OW FROM INVESTMENT ACTIVITIES Purchase of Fixed assets (1585.62) (2,116.52) Sale of Fixed assets 60.37 53.14 Acquisition of Companies Purchase of Investments (6,705.02) (4,375.57) Sale of Investments 6,002.71 3,930.03 Interest received 773.51 751.67 Dividend received 315.89 419.17 NET CASH USED IN INVESTMENT ACTIVITIES (1,138.16) (1,338.08) C. C. C. C. C. CASH FL CASH FL CASH FL CASH FL CASH FLOW FROM FINANCING ACTIVITIES OW FROM FINANCING ACTIVITIES OW FROM FINANCING ACTIVITIES OW FROM FINANCING ACTIVITIES OW FROM FINANCING ACTIVITIES Proceeds from issue of Share Capital (including premium less Euro issue expenses) Proceeds from long term borrowings (net) (1,267.46) (973.49) Repayment of Finance Lease Liabilities Interest paid (608.54) (863.32) Dividend paid (532.43) (430.04) NET CASH USED IN FINANCING ACTIVITIES (2,408.43) (2,266.85) NET INCREASE IN CASH AND CASH EQUIVALENTS 3,063.88 1,852.69 CASH AND CASH EQUIVALENTS - OPENING BALANCE 3,743.43 1,890.74 CASH AND CASH EQUIVALENTS - CLOSING BALANCE 6,807.31 3,743.43 Cash Flow Statement for the year ended March 31, 2000 As per our report annexed. For SINGHI & CO. A. K. AGARWALA Chairman : KUMAR MANGALAM BIRLA RAJIV SINGHI Whole-time Director Directors : RAJASHREE BIRLA Partner M. M. BHAGAT Chartered Accountants P. D. OJHA C. M. MANIAR Camp : Mumbai ANIL J. JHALA Dated : The 27th day of April, 2000. Company Secretary As per our report annexed. For SINGHI & CO. RAJIV SINGHI Partner Chartered Accountants Camp : Mumbai Dated : The 27th day of April, 2000. 8 3 8 3 8 3 8 3 8 3 !! !! !! !! !!/ // //!||N! K|O/KDlNO !U8!lDl/KI COP !||N! K|O/KDlNO !U8!lDl/KI COP !||N! K|O/KDlNO !U8!lDl/KI COP !||N! K|O/KDlNO !U8!lDl/KI COP !||N! K|O/KDlNO !U8!lDl/KI COP/Nl|! PUK!U/N! ! /Nl|! PUK!U/N! ! /Nl|! PUK!U/N! ! /Nl|! PUK!U/N! ! /Nl|! PUK!U/N! !O !|C!lON Z!Z [!} [e} OF !N| COP O !|C!lON Z!Z [!} [e} OF !N| COP O !|C!lON Z!Z [!} [e} OF !N| COP O !|C!lON Z!Z [!} [e} OF !N| COP O !|C!lON Z!Z [!} [e} OF !N| COP/Nl|! /C! /Nl|! /C! /Nl|! /C! /Nl|! /C! /Nl|! /C!, !'. , !'. , !'. , !'. , !'. Neme el |le !t|sl1ler Cemjea Flaeatlel Ieer el |t|ea| el Nel1la |le !t|sl1ler Cemjea Cemjeas ea1e1 ea la|eres| laerels & laerels Llml|e1 1!s| ertl, Z111 !11 Keatleslwer lates|mea|s & Flaeate Llml|e1 1!s| ertl, Z111 !11 Keatle lates|mea|s & Flaeate Llml|e1 1!s| ertl, Z111 !11 !le ae| eree|e emeta|, se ler es l| teateras mem|ers el Nla1elte la1ts|rles Llml|e1 ea1 ls ae| 1eel| wl|l |le e||etle1 etteta|s el |le Cemjea, el |le e|ete !t|sl1ler Cemjeales jrell| 1e1tt|la |lelr lesses er tlte terse Prell|/ [lesses} ae| 1eel| wl|lla |le Nel1la Cemjeas etteta|s. [/meta| la Ktjees} Neme el |le !t|sl1ler Cemjea Fer |le Flaeatlel Fer |le jretlets Ieer el |le Flaeatlel Ieers el |le !t|sl1ler Cemjea !t|sl1ler slate l| |eteme |le Nel1la Cemjeas st|sl1ler laerels & laerels Llml|e1 1,1Z,l11 '!,Z,! Keatleslwer lates|mea|s & Flaeate Llml|e1 !,11 1,'1 Keatle lates|mea|s & Flaeate Llml|e1 11,!,' ,Z1,l !le ae| eree|e emeta| el |le jrell|s er lesses el |le e|ete !t|sl1ler Cemjeales wlltl ere 1eel| wl|lla |le e||etle1 etteta|s el |le Cemjea [e} ler |le Flaeatlel Ieer el |le !t|sl1ler Cemjea , ea1 [|} ler |le jretlets Flaeatlel Ieers el |le !t|sl1ler slate l| |eteme |le Nel1la Cemjeas st|sl1ler ls NlL. /s |le llaeatlel eer el |le !t|sl1ler Cemjeales telatl1es wl|l |le llaeatlel eer el |le Nel1la Cemjea, !et|lea Z!Z['} el |le sel1 /t| ls ae| ejjllte|le la |lls tese. /. K. /O/KW/L/ Chairman : KU/K /NO/L/ 8lKL/ Whole-time Director Directors K/!/!NK|| 8lKL/ . . 8N/O/! P. D. O!N/ C. . /Nl/K Plete tm|el /NlL !. !N/L/ De|e1 !le Zl|l 1e el /jrll, Z111. Company Secretary 8 4 8 4 8 4 8 4 8 4 Secretarial Compliance Certificate TO WHOMSOEVER IT MAY CONCERN TO WHOMSOEVER IT MAY CONCERN TO WHOMSOEVER IT MAY CONCERN TO WHOMSOEVER IT MAY CONCERN TO WHOMSOEVER IT MAY CONCERN This is to certify that Hindalco Industries Limited, having its registered office at Century Bhavan 3rd Floor, Dr. Annie Besant Road, Mumbai - 400 025, has complied with all the statutory requirements and maintained all books/records as required under the Companies Act, 1956 and all other applicable statutes and rules thereunder. For Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited ANIL J. JHALA ANIL J. JHALA ANIL J. JHALA ANIL J. JHALA ANIL J. JHALA Joint-President Place : Mumbai (Company Matters, Taxation, Treasury) & Date: The 27th of April, 2000 Company Secretary 8 5 8 5 8 5 8 5 8 5 The Board of Directors The Board of Directors The Board of Directors The Board of Directors The Board of Directors Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited W WW WWe have audited, in accordance with auditing standards generally accepted in the United States, the financial statements of Hindalco Industries Limited and subsidiaries for the years ended March 31, 2000 and 1999, and have issued our report thereon dated May27,2000. We have also audited the Reconciliations of Significant Differences Between Accounting Principles Generally Accepted in the United States (US GAAP) and Accounting Principles Generally Accepted in India (Indian GAAP) relating to stockholders equity and net income of the Company as of, and for the years ended, March 31, 2000 and 1999, included in those financial statements. The Reconciliations are the responsibility of the Companys management. Our responsibility is to express an opinion on the Reconciliations based on our audits. We conducted our audits of the Reconciliations in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Reconciliations are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures related to the Reconciliations. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Reconciliations. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the Reconciliations referred to above present fairly, in all material respects, the significant differences in stockholders equity and net income between US GAAP and Indian GAAP as of, and for the years ended, March 31, 2000 and 1999. The United States dollar amounts are presented in the accompanying Reconciliations solely for the convenience of the readers and are arithmetically correct on the basis described in Note2. May 27, 2000 KPMG Independent Auditors Report 8 6 8 6 8 6 8 6 8 6 R RR RReconciliations of Significant Differences between US GAAP and Indian GAAP econciliations of Significant Differences between US GAAP and Indian GAAP econciliations of Significant Differences between US GAAP and Indian GAAP econciliations of Significant Differences between US GAAP and Indian GAAP econciliations of Significant Differences between US GAAP and Indian GAAP (Currency: Indian Rupees in million) K KK KKeteatllle|lea el Ne| lateme eteatllle|lea el Ne| lateme eteatllle|lea el Ne| lateme eteatllle|lea el Ne| lateme eteatllle|lea el Ne| lateme U! ; la U! ; la U! ; la U! ; la U! ; la mlllleas mlllleas mlllleas mlllleas mlllleas Ieer ea1e1 I II IIeer ea1e1 eer ea1e1 eer ea1e1 eer ea1e1 eer ea1e1 I II IIeer ea1e1 eer ea1e1 eer ea1e1 eer ea1e1 eer ea1e1 ertl 1!, ertl 1!, ertl 1!, ertl 1!, ertl 1!, ertl 1!, ertl 1!, ertl 1!, ertl 1!, ertl 1!, ertl 1!, ! Z111 Z111 Z111 Z111 Z111 Z111 Z111 Z111 Z111 Z111 Ne| lateme es jer la1lea O//P Ne| lateme es jer la1lea O//P Ne| lateme es jer la1lea O//P Ne| lateme es jer la1lea O//P Ne| lateme es jer la1lea O//P ',l.l ,!Z1.l1 ,!Z1.l1 ,!Z1.l1 ,!Z1.l1 ,!Z1.l1 !11.Z !11.Z !11.Z !11.Z !11.Z U! O//P e1jts|mea|s U! O//P e1jts|mea|s U! O//P e1jts|mea|s U! O//P e1jts|mea|s U! O//P e1jts|mea|s Ceasell1e|lea el st|sl1lerles !.!' 1.l1 1.l1 1.l1 1.l1 1.l1 1.1 1.1 1.1 1.1 1.1 la|eres| tejl|ellse1 Z.! [Zl.1} [Zl.1} [Zl.1} [Zl.1} [Zl.1} [1.Z} [1.Z} [1.Z} [1.Z} [1.Z} Ferela ettleae lesses [!.'1} [1.'1} [1.'1} [1.'1} [1.'1} [1.'1} [!.1} [!.1} [!.1} [!.1} [!.1} !|er| tj tes|s [!1.Z1} !l.l !l.l !l.l !l.l !l.l 1.!1 1.!1 1.!1 1.!1 1.!1 /mer|lse|lea el lates|mea| la 1e|| settrl|les !!.1 !1.l1 !1.l1 !1.l1 !1.l1 !1.l1 1.1! 1.1! 1.1! 1.1! 1.1! 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Uareellse1 lates|mea| elas/[lesses}, ae| el |et ellet| ['1.1} Z1.' Z1.' Z1.' Z1.' Z1.' .11 .11 .11 .11 .11 Ke|lremea| |eaell|s [!1.l} [Z!!.1} [Z!!.1} [Z!!.1} [Z!!.1} [Z!!.1} [1.'} [1.'} [1.'} [1.'} [1.'} Pretlslea ler tea|laeatles [1.1} [1.1} [1.1} [1.1} [1.1} [1.1} [Z.!} [Z.!} [Z.!} [Z.!} [Z.!} Delerre1 lateme |etes [Z,'1l.!} [Z,l1.1'} [Z,l1.1'} [Z,l1.1'} [Z,l1.1'} [Z,l1.1'} [.11} [.11} [.11} [.11} [.11} Oela/[less} ea 1erlte|lte tea|ret|s ZZ.1Z [!'!.l} [!'!.l} [!'!.l} [!'!.l} [!'!.l} [1.1} [1.1} [1.1} [1.1} [1.1} latea|er telte|lea Z!1.1 1.Z 1.Z 1.Z 1.Z 1.Z !.!1 !.!1 !.!1 !.!1 !.!1 O|lers [!l.!} [Z1.!'} [Z1.!'} [Z1.!'} [Z1.!'} [Z1.!'} [1.''} [1.''} [1.''} [1.''} [1.''} ! !! !!e|el e1jts|mea|s es jer U! O//P e|el e1jts|mea|s es jer U! O//P e|el e1jts|mea|s es jer U! O//P e|el e1jts|mea|s es jer U! O//P e|el e1jts|mea|s es jer U! O//P [!,1Z.l} [!,ll.l} [!,ll.l} [!,ll.l} [!,ll.l} [!,ll.l} [11.ll} [11.ll} [11.ll} [11.ll} [11.ll} !|etllel1ers etl| es jer U! O//P !|etllel1ers etl| es jer U! O//P !|etllel1ers etl| es jer U! O//P !|etllel1ers etl| es jer U! O//P !|etllel1ers etl| es jer U! O//P 11,l!.! 1,Z!Z.Z 1,Z!Z.Z 1,Z!Z.Z 1,Z!Z.Z 1,Z!Z.Z Z.! Z.! Z.! Z.! Z.! Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited 8 8 8 8 8 8 8 8 8 8 Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited Hindalco Industries Limited Notes to the R Notes to the R Notes to the R Notes to the R Notes to the Reconciliations of Significant Differences between US GAAP and Indian GAAP econciliations of Significant Differences between US GAAP and Indian GAAP econciliations of Significant Differences between US GAAP and Indian GAAP econciliations of Significant Differences between US GAAP and Indian GAAP econciliations of Significant Differences between US GAAP and Indian GAAP (Currency: Indian Rupees in million) !. !. !. !. !. 8esls el jrejere|lea el |le K 8esls el jrejere|lea el |le K 8esls el jrejere|lea el |le K 8esls el jrejere|lea el |le K 8esls el jrejere|lea el |le Keteatllle|leas eteatllle|leas eteatllle|leas eteatllle|leas eteatllle|leas Nla1elte la1ts|rles Llml|e1 ['|le Cemjea} jrejeres l|s s|e|t|er llaeatlel s|e|emea|s la etter1eate wl|l la1lea O//P wlltl 1lllers la ter|ela resjet|s lrem U! O//P. !lallltea| Dlllereates |e|weea la1lea O//P ea1 U! O//P wlltl lmjet| s|etllel1ers etl| es el ertl 1!, Z111 ea1 ! ea1 ae| lateme ler |le eers |lea ea1e1 lete |eea slewa es reteatllla emeta|s la |le Keteatllle|leas. !ttl 1lllereates ere 1lsttsse1 |elew. Z. Z. Z. Z. Z. Ceatealeate |reasle|lea Ceatealeate |reasle|lea Ceatealeate |reasle|lea Ceatealeate |reasle|lea Ceatealeate |reasle|lea !le Keteatllle|leas lete |eea jrejere1 la la1lea Ktjees, |le ltat|leael ttrreat el Nla1elte. Fer teatealeate jtrjeses eal, |le Keteatllle- |leas e| ertl 1!, Z111 lete |eea rejer|e1 la U!Dellers | |reasle|la |le emeta|s 1eaemlae|e1 la la1lea Ktjee, e| |le ettleae re|e jretellla ea ertl1!,Z111 [!U!DellerKs11.'}. 1. 1. 1. 1. 1. Ceasell1e|lea el st|sl1lerles Ceasell1e|lea el st|sl1lerles Ceasell1e|lea el st|sl1lerles Ceasell1e|lea el st|sl1lerles Ceasell1e|lea el st|sl1lerles U! O//P retlres |le teasell1e|lea el mejerl| ewae1 st|sl1lerles llaeatlel s|e|emea|s wl|l |le llaeatlel s|e|emea|s el |le Cemjea. !le jret|lte el teasell1e|lea ls ae| lellewe1 ta1er la1lea O//P. 1. 1. 1. 1. 1. la|eres| tejl|ellse|lea la|eres| tejl|ellse|lea la|eres| tejl|ellse|lea la|eres| tejl|ellse|lea la|eres| tejl|ellse|lea Ua1er la1lea O//P, la|eres| tes| ls tejl|ellse|le eal ll sjetlllt |errewlas etls|. Ua1er U! O//P, la|eres| tes|s ea sjetlllt ea1 aea-sjetlllt |errewlas ere tejl|ellse1 ll telllla esse|s etls| ea1 teas|rtt|lea et|ltl|les ere la jreress. '. '. '. '. '. Ferela ettleae lesses Ferela ettleae lesses Ferela ettleae lesses Ferela ettleae lesses Ferela ettleae lesses Ua1er la1lea O//P, lerela ettleae elas/lesses lattrre1 ea lerela ttrreat |errewlas tse1 |e ettlre sjetlllt l|ems el jrejer|, jlea| ea1 etljmea| ere e1jts|e1 es jer| el |le tes| el ettlsl|lea. Ua1er U! O//P, sttl elas/lesses erlsla el|er ettlsl|lea el lerela ttrreat leeas ere tlere1 |e lateme. . . . . . !|er| tj tes|s !|er| tj tes|s !|er| tj tes|s !|er| tj tes|s !|er| tj tes|s Ua1er U! O//P tes|s lattrre1 la teaaet|lea wl|l erealse|lea/s|er| tj et|ltl|les ere retlre1 |e |e etjease1 es lattrre1. l. l. l. l. l. lates|mea| la 1e|| ea1 etl| settrl|les lates|mea| la 1e|| ea1 etl| settrl|les lates|mea| la 1e|| ea1 etl| settrl|les lates|mea| la 1e|| ea1 etl| settrl|les lates|mea| la 1e|| ea1 etl| settrl|les Ua1er U! O//P, 1e|| settrl|les lel1 ler lates|mea| jtrjeses |e me|trl| ere s|e|e1 e| emer|lse1 tes|. /telle|le-ler-sele settrl|les ere reter1e1 e| lelr telte. Uareellse1 lel1la elas ea1 lesses, ae| el |le rele|e1 |et ellet|, ea etelle|le-ler-sele settrl|les ere ettlt1e1 lrem eeralas ea1 ere rejer|e1 es e sejere|e temjeaea| el s|etllel1ers etl| ta|ll reellse1. Ua1er la1lea O//P, lea |erm lates|mea|s la 1e|| ea1 etl| settrl|les ere etteta|e1 ler e| tes| less e1jts|mea|s ler ea e|ler |lea |emjerer 1etllaes er lmjelrmea|s la terrla telte, wlltl ere tlere1 eelas| eeralas. Ctrrea| lates|mea|s ere telte1 e| |le lewer el tes| ea1 merle|. . . . . . K KK KKe|lremea| |eaell|s e|lremea| |eaell|s e|lremea| |eaell|s e|lremea| |eaell|s e|lremea| |eaell|s Ua1er la1lea O//P, |le Cemjea etteta|s ler re|tl| tes|s, e 1ellae1 |eaell| re|lremea| jlea, tsla |le tea|rl|t|lea me|le1. Ua1er U! O//P, |le re|tl| lle|lll| ls 1e|ermlae1 et|terlell la etter1eate wl|l sjetlllt retlremea|s. . . . . . Cea|laeatles Cea|laeatles Cea|laeatles Cea|laeatles Cea|laeatles Ua1er U! O//P, less tea|laeatles tlessllle1 es 'jre|e|le el etttrreate ere retlre1 |e |e jretl1e1 ll e reeseae|le es|lme|e el sttl lesses tea |e me1e. Ua1er la1lea O//P, sttl tea|laeatles ere ae| ettrte1 | |le Cemjea. !1. !1. !1. !1. !1. Delerre1 |ete|lea Delerre1 |ete|lea Delerre1 |ete|lea Delerre1 |ete|lea Delerre1 |ete|lea Ua1er U! O//P, 1elerre1 |et esse|s ea1 lle|lll|les ere retealte1 ler |le lt|tre |et teaseteates el 1lllereates |e|weea |le terrla emeta|s el etls|la esse|s ea1 lle|lll|les es temjere1 |e |lelr resjet|lte |et |eses, tsla eaet|e1 |et re|es. !!. !!. !!. !!. !!. Oela/[less} ea 1erlte|lte tea|ret|s Oela/[less} ea 1erlte|lte tea|ret|s Oela/[less} ea 1erlte|lte tea|ret|s Oela/[less} ea 1erlte|lte tea|ret|s Oela/[less} ea 1erlte|lte tea|ret|s Ua1er la1lea O//P, elas/lesses ea sttl tea|ret|s ere retealse1 wlea reellse1. Ua1er U! O//P, elas/lesses ea merlla-|e-merle| el tress- ttrreat ea1 la|eres| re|e swejs ae| telllla ler le1e etteta|la ere retealse1 la |le s|e|emea| el lateme. !Z. !Z. !Z. !Z. !Z. latea|er telte|lea latea|er telte|lea latea|er telte|lea latea|er telte|lea latea|er telte|lea Keteatllle|lea e1jts|mea|s la |le latea|er telte|lea e| ertl 1!, Z111 rejresea| |le ellet| el U! O//P e1jts|mea|s |e eterlee1s. !le reteatllle|lea e1jts|mea| es el ertl1!,! else latlt1es e1jts|mea|s ler eterlee1s wlltl ta1er la1lea O//P, e| |le| 1e|e, were ae| e temjeaea| el latea|er. De|e1 !le Zl|l 1e el e, Z111 /. K. /O/KW/L/ Whole-time Director /NlL !. !N/L/ Company Secretary Chairman KU/K /NO/L/ 8lKL/ Directors : |. 8. D|!/l C. . /Nl/K K. K. K/!LlW/L |tett|lte Presl1ea| [Flaeate & Cemmerte} 8 9 8 9 8 9 8 9 8 9 Directors Report D DD DDear Shareholders, The Directors of your Company have pleasure in presenting the Annual Report and Audited Statement of Accounts for the year ended 31st March, 2000. FINANCIAL RESUL FINANCIAL RESUL FINANCIAL RESUL FINANCIAL RESUL FINANCIAL RESULTS TS TS TS TS The working during the year shows a gross surplus of Rs. 10.78 lacs against Rs. 16.06 lacs in the previous year out of which a sum of Rs. 2.75 lacs (Rs.3.97 lacs) has been provided for depreciation and Rs. 4.00 lacs for Income Tax (Rs. 5.45 lacs) leaving a balance of Rs. 4.03 which is transferred to Balance Sheet. A sum of Rs. 6.96 lacs being previous years Profit has been transferred to General Reserve Account. GENERAL GENERAL GENERAL GENERAL GENERAL Bauxite raising improved during the year under review to 55,015 MT as against production of 52,060 MT in the previous year. Production would have been higher but for depleting reserve and a disturbed working environment. Efforts are on to improve working for better output. Your Company is making efforts to expedite Mining Leases, applications for which are pending with the Government of Bihar. P PP PPARTICULARS UNDER SECTION 217 (i) (e) OF THE COMP ARTICULARS UNDER SECTION 217 (i) (e) OF THE COMP ARTICULARS UNDER SECTION 217 (i) (e) OF THE COMP ARTICULARS UNDER SECTION 217 (i) (e) OF THE COMP ARTICULARS UNDER SECTION 217 (i) (e) OF THE COMPANIES ACT ANIES ACT ANIES ACT ANIES ACT ANIES ACT, 1956 , 1956 , 1956 , 1956 , 1956 A statement giving particulars as required under the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is annexed. P PP PPARTICULARS OF EMPL ARTICULARS OF EMPL ARTICULARS OF EMPL ARTICULARS OF EMPL ARTICULARS OF EMPLO OO OOYEES YEES YEES YEES YEES The Company has no employee in the category specified under Section 217 (2A) of the Companies Act, 1956. DI RECTORS DI RECTORS DI RECTORS DI RECTORS DI RECTORS Shri K.K.Rathi retires from office by rotation in accordance with the requirement of the Companies Act, 1956 and being eligible offers himself for reappointment. AUDITORS REPORT AUDITORS REPORT AUDITORS REPORT AUDITORS REPORT AUDITORS REPORT The observations made in the Auditors Report are dealt with separately by Notes on Accounts in Schedule 15 of the Accounts. These are self explanatory and do not call for any further comments. AUDI TORS AUDI TORS AUDI TORS AUDI TORS AUDI TORS M/s G. Basu & Co., Chartered Accountants and Auditors of the Company, retire and being eligible, offer themselves for reappointment. Camp : Renukoot Directors : A.K.AGARWALA Dated : The 22nd day of April, 2000 K.K.RATHI Minerals & Minerals Limited 9 0 9 0 9 0 9 0 9 0 S SS SStatements of Particulars under Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 A AA AA . .. .. CONSERVATION OF ENERGY CONSERVATION OF ENERGY CONSERVATION OF ENERGY CONSERVATION OF ENERGY CONSERVATION OF ENERGY There is no direct consumption of electrical energy in mining of Bauxite Ore at our Mines. However, all possible care is taken to minimise the consumption of electricity wherever used. B . B . B . B . B . TECHNOLOGY ABSORPTION TECHNOLOGY ABSORPTION TECHNOLOGY ABSORPTION TECHNOLOGY ABSORPTION TECHNOLOGY ABSORPTION Bauxite Mines are open cast mines and ore is excavated after removing overburden with the help of Earth Moving Machinery and drilling with Compressor and blasting operations manually. Any sophisticated technology is not in use at our mines. C . C . C . C . C . FOREIGN EXCHANGE EARNING AND OUTGO R FOREIGN EXCHANGE EARNING AND OUTGO R FOREIGN EXCHANGE EARNING AND OUTGO R FOREIGN EXCHANGE EARNING AND OUTGO R FOREIGN EXCHANGE EARNING AND OUTGO Rs ss ss. NIL . NIL . NIL . NIL . NIL Camp : Renukoot Directors : A. K. AGARWALA Dated : The 22nd day of April, 2000 K. K. RATHI Annexure to the Directors Report Minerals & Minerals Limited 9 1 9 1 9 1 9 1 9 1 W WW WWe have audited the attached Balance Sheet of MINERALS & MINERALS LIMITED as at 31st March, 2000 and the annexed Profit & Loss Account for the year ended on that date and report that: i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. ii) In our opinion, proper Books of Account, as required by law, have been kept by the Company so far as appears from our examination of the books of the Company. iii) The Balance Sheet and Profit & Loss Account dealt with by this Report are in agreement with the Books of Account. iv) In our opinion the Profit and Loss Account and the Balance Sheet comply with Accounting Standards referred to in sub-section 3 (C) of Section 211 of the Companies Act, 1956. v) In our opinion and to the best of our information and according to explanation given to us, the said accounts subject to Note 4 and 5(iv) regarding Gratuity and Leave encashment and read with other Notes appearing in Schedule - 15 give the information required by the Companies Act, 1956 in the manner so required and give true and fair view : a) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2000 and b) In the case of Profit & Loss Account, of the Profit of the Company for the year ended on that date. As required by the Manufacturing and other Companies ( Auditors Report ) Order, 1988, issued by the Central Government and on basis of such checks as we considered appropriate and according to the information and explanations given to us, we further report that : 1. (a) The Company has maintained proper records to show full particulars including quantitative details and situation of fixed Assets. (b) The Fixed Assets of the Company have been physically verified during the year by the Management and no material discrepancies between book records and physical inventory have been noticed. 2. The Fixed Assets of the Company have not been revalued during the year. 3. The stocks of finished goods, stores and spare parts of the Company have been physically verified by the Management during the year. 4. In our opinion, the procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the Company and nature of the business. 5. The discrepancies between the physical stocks and book stocks which have been properly dealt with in the Books of Account are not material. 6. In our opinion the valuation of stocks of finished goods, stores and spare parts has been fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceeding year. Auditors Report to the Shareholders Minerals & Minerals Limited 9 2 9 2 9 2 9 2 9 2 7. The Company has not taken any loan, secured or unsecured, from the Companies, firms or other parties listed in the register maintained under Section 301. In terms of Sub-Section (6) of Section 370 of the Companies Act, 1956, provisions of the section are not applicable to a Company on or after 31st October, 1998. 8. The Company has not given any loan, secured or unsecured, to Companies, firms or other parties listed in the Register maintained under Section 301. In terms of Sub-Section (6) of Section 370 of the Companies Act, 1956, provisions of the Section are not applicable to a Company on or after 31st October, 1998. 9. The Company has not made any loans or advances in the nature of loans to any party. Interest - free loans and advances in the nature of loans were given to the employees and such loans and advances in the nature of loans are being recovered as stipulated. 10. In our opinion there is adequate internal control procedure commensurate with the size of the Company and nature of the business for purchase of Bauxite, Stores and Spare Parts, Plants & Machinery, Equipment and other Assets and for the sale of Goods. 11. During the year no purchases have been made of Bauxite and Stores & Spare parts aggregating Rs.50,000 or more in value from any party listed in the Register maintained under Section 301 of the Companies Act, 1956. 12. The Company has a system of determining unserviceable or damaged goods and spare parts. We are advised that there was no such unserviceable or damaged goods or spare parts at the end of the year. 13. The Company has not accepted any deposit from the public. 14. The Company has maintained proper record of sale of scrap. As explained to us, the Company has no by-product. 15. The paid up Capital of the Company at the commencement of the financial year did not exceed Rs.25 lacs or the average annual turnover for a period of three consecutive financial years immediately preceding the financial year did not exceed Rs.2 Crores and as such we are not commenting on its internal audit system. 16. The Central Government has not prescribed maintenance of Cost records under Section 209 (1) (d) of the Companies Act, 1956 for mining Bauxite. 17. The Company has regularly deposited Provident Fund, Employees Pension fund dues and was regular in depositing Employees Deposit Linked Insurance dues during the year with appropriate authorities. 18. There was no amount outstanding on 31st March, 2000 in respect of undisputed Income Tax, Wealth Tax, Sales Tax, Customs Duty or Excise Duty which were due as on 31st March, 2000 for a period of more than six months from the date they became payable. 19. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practice we have not come across any personal expenses Auditors Report (Contd.) Minerals & Minerals Limited 9 3 9 3 9 3 9 3 9 3 which have been charged to Profit & Loss Account, nor have we been informed of such cases by the Management. 20. The Company is not a sick industrial company within the meaning of clause (o) of sub- section 1 of section 3 of the Sick Industrial Companies ( Special Provision ) Act, 1985. 21. In respect of trading activities, viz. Bauxite, there was no damaged goods at the time of physical verification, as informed to us by the Management. For G. BASU & CO. Chartered Accountants Camp : Renukoot R.K.BHATTACHARYA Dated : The 22nd day of April, 2000 Partner Auditors Report (Contd.) Minerals & Minerals Limited 9 4 9 4 9 4 9 4 9 4 Balance Sheet as at 31st March, 2000 [Ks. la !letsea1} As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t S c he d ul e S c he d ul e S c he d ul e S c he d ul e S c he d ul e Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS !lerelel1ers Fta1 !lerelel1ers Fta1 !lerelel1ers Fta1 !lerelel1ers Fta1 !lerelel1ers Fta1 !lere Cejl|el ! 1,'1 1,'1 Kesertes & !trjlts Z '', '!,1 !O!/L ', ! ', ! ', ! ', ! ', ! '', !1 '', !1 '', !1 '', !1 '', !1 APPLI CATI ON OF FUNDS APPLI CATI ON OF FUNDS APPLI CATI ON OF FUNDS APPLI CATI ON OF FUNDS APPLI CATI ON OF FUNDS Flte1 /sse|s Flte1 /sse|s Flte1 /sse|s Flte1 /sse|s Flte1 /sse|s 1 Oress 8letl !,!l,1 !,!l,1 Less Dejretle|lea !,1, !,1,Z1 ,1 !!, Ctrrea| /sse|s, Leeas & /1teates Ctrrea| /sse|s, Leeas & /1teates Ctrrea| /sse|s, Leeas & /1teates Ctrrea| /sse|s, Leeas & /1teates Ctrrea| /sse|s, Leeas & /1teates latea|erles 1 !l,l1 !!,'1 !ta1r De||ers ' 11,Z1 11,'1 Cesl & 8eal 8eleates 1l 11 Leeas, /1teates & Dejesl|s l Z,1 !l,1l l, l1,'! Less Ctrrea| Lle|lll|les ea1 Pretlsleas Ctrrea| Lle|lll|les ea1 Pretlsleas Ctrrea| Lle|lll|les ea1 Pretlsleas Ctrrea| Lle|lll|les ea1 Pretlsleas Ctrrea| Lle|lll|les ea1 Pretlsleas Lle|lll|les Z!, !,1Z Pretlsleas !',l! !!,l' 1l,l 11,1l Ne| Ctrrea| /sse|s '1,ZZ 11,11 !O!/L ', ! ', ! ', ! ', ! ', ! '', !1 '', !1 '', !1 '', !1 '', !1 Ne|es ea /tteta|s !' /s jer etr rejer| e||etle1 Fer O. 8/!U & CO. Chartered Accountants Directors /.K./O/KW/L/ K.K.8N/!!/CN/KI/ N.K.8lKL/ K.K.K/!Nl Partner Secretary Cemj Keatlee| De|e1 !le ZZa1 1e el /jrll, Z111 Minerals & Minerals Limited 9 5 9 5 9 5 9 5 9 5 Profit & Loss Account for the year ended 31st March, 2000 /s jer etr rejer| e||etle1 Fer O. 8/!U & CO. Chartered Accountants Directors /. K. /O/KW/L/ K. K. 8N/!!/CN/KI/ N. K. 8lKL/ K. K. K/!Nl Partner Secretary Cemj Keatlee| De|e1 !le ZZa1 1e el /jrll, Z111 [Ks. la !letsea1} For t he y ear For t he y ear For t he y ear For t he y ear For t he y ear For t he y ear For t he y ear For t he y ear For t he y ear For t he y ear ended 31s t ended 31s t ended 31s t ended 31s t ended 31s t ended 31s t ended 31s t ended 31s t ended 31s t ended 31s t S c he d ul e S c he d ul e S c he d ul e S c he d ul e S c he d ul e Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 I NC OME I NC OME I NC OME I NC OME I NC OME !eles [latlt1la ae| !reasjer|e|lea} !,,' Z,11,l O|ler lateme !1 1 'Z latreese/[Detreese} la !|etl !! ',1 [Z,11} !,l1,Z Z,1Z, E X PE NDI T URE E X PE NDI T URE E X PE NDI T URE E X PE NDI T URE E X PE NDI T URE 8ettl|e Ptrtlese Z, 1,l' Keel| ZZ,11 Z!,!Z Ojere|lea ea1 ela|eaeate !Z !1, !,' Pemea| |e ea1 jretlsleas ler |mjleees !1 1,ZZ 1!,' /1mlals|re|lea ea1 O|lers !1 1,Z ,11 Dejretle|lea Z,l' 1,l la|eres| !l !,,Z1 !,1,l Prell| |elere !ete|lea ,11 !Z,1 Pretlslea ler !ete|lea 1,11 ',1' 1,11 ,1 /11lateme !et Pretlslea ler eerller eer wrl||ea |etl 1Z Prell| el|er !ete|lea 1,11 , 8eleate |retl| lerwer1 lrem jretlets eer , 1,1Z 8/L/NC| /\/lL/8L| FOK /PPKOPKl/!lON! !1, , /PPKOPKl/!lON! !reasler |e Oeaerel Keserte , 1,1Z 8eleate Cerrle1 |e 8eleate !lee| 1,11 , !1, , Ne|es ea /tteta|s !' Minerals & Minerals Limited 9 6 9 6 9 6 9 6 9 6 Schedules [Ks. la !letsea1} As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 SCHEDULE - 1 SCHEDULE - 1 SCHEDULE - 1 SCHEDULE - 1 SCHEDULE - 1 !N/K| C/Pl !/L !N/K| C/Pl !/L !N/K| C/Pl !/L !N/K| C/Pl !/L !N/K| C/Pl !/L /t|lerlse1 '1,111 Or1laer !leres el Ks. !1/- eetl ',11 ',11 lsste1 & !t|strl|e1 1',11 Or1laer !leres el Ks. !1/- eetl ltll jel1-tj [el |le e|ete sleres Z1,111 sleres el Ks. !1/- eetl ere elle||e1 es ltll jel1-tj jtrstea| |e e tea|ret| wl|let| jemea| |ela retelte1 la tesl. |a|lre slere tejl|el el |le Cemjea ls lel1 | Nla1elte la1ts|rles Llml|e1, |le Nel1la Cemjea ea1 l|s Nemlaees} 1,'1 1,'1 1, '1 1, '1 1, '1 1, '1 1, '1 1, '1 1, '1 1, '1 1, '1 1, '1 SCHEDULE - 2 SCHEDULE - 2 SCHEDULE - 2 SCHEDULE - 2 SCHEDULE - 2 O|N|K/L K|!|K\| O|N|K/L K|!|K\| O|N|K/L K|!|K\| O|N|K/L K|!|K\| O|N|K/L K|!|K\| /s jer les| 8eleate !lee| 11,l 1!,' 11,l 1!,' /11 !reaslerre1 lrem P&L //C , 1,1Z '!,1 11,l PKOFl! & LO!! /CCOUN! - 8/L/NC| 1,11 , '', '', '', '', '', '!, 1 '!, 1 '!, 1 '!, 1 '!, 1 Minerals & Minerals Limited 9 7 9 7 9 7 9 7 9 7 SCHEDULE - 3 SCHEDULE - 3 SCHEDULE - 3 SCHEDULE - 3 SCHEDULE - 3 FI XED ASSETS FI XED ASSETS FI XED ASSETS FI XED ASSETS FI XED ASSETS (Rs. in Thousand) DESCRIPTION GROSS VALUE DEPRECIATION NET VALUE /s e| 1!s| /11l|leas Less !eles/ !e|el tj|e Uj|e 1!s| Pretl1e1 Less !e|el /s e| 1!s| /s e| 1!s| ertl,! 1trla |le e1jts|mea| 1!s| ertl ertl,! 1trla |le e1jts|e1 tj|e 1!s| ertl,Z111 ertl,! eer 1trla Z111 eer t/s. ea seles er ertl,Z111 es jer es jer les| |le eer Z1' [Z} [|} e1jts|mea| 8eleate !lee| 8eleate !lee| Lea1 1 1 11 11 1 11 11 1 O|ler laerel Ceatesslea !,11 !, 11 !, 11 !, 11 !, 11 !, 11 !,11 !, 11 !, 11 !, 11 !, 11 !, 11 8tll1la Za1 Cless ',1l ', 1l ', 1l ', 1l ', 1l ', 1l 1,l 1, 1 1, 1 1, 1 1, 1 1, 1 !, Z1 !, Z1 !, Z1 !, Z1 !, Z1 !,1! Plea| & etllaer 'Z,1 'Z, 1 'Z, 1 'Z, 1 'Z, 1 'Z, 1 1',lZ Z,' 1, Z 1, Z 1, Z 1, Z 1, Z 1, ! 1, ! 1, ! 1, ! 1, ! ,1l Kejewe !|rtt|tres 1l,Z 1l, Z 1l, Z 1l, Z 1l, Z 1l, Z 1',11 1', 11 1', 11 1', 11 1', 11 1', 11 Z, 1 Z, 1 Z, 1 Z, 1 Z, 1 Z,1 Kee1s & Pe|ls ! ! ! ! ! ! !l ! l ! l ! l ! l ! l ! !! !! ! !eels & lmjlemea|s !' ! ' ! ' ! ' ! ' ! ' !1 ! 1 ! 1 ! 1 ! 1 ! 1 ! !! !! ! e|er Cer & !eej !, !, !, !, !, !, !,1 !, 1 !, 1 !, 1 !, 1 !, 1 Ftral|tre & Flt|tres Z,l1 Z, l1 Z, l1 Z, l1 Z, l1 Z, l1 !,' !! !, !, !, !, !, !, 1! !, 1! !, 1! !, 1! !, 1! !,!Z |let|rlt las|elle|lea Z Z Z Z Z Z Z Z Z Z Z Z Z ZZ ZZ Z Kellwe !l1la ,! , ! , ! , ! , ! , ! ,Z , Z , Z , Z , Z , Z 1 1 1 1 1 1 1 1 1 1 11 !O!/L !,!l,1 !, !l, 1 !, !l, 1 !, !l, 1 !, !l, 1 !, !l, 1 !,1,Z1 Z,l' !, 1, !, 1, !, 1, !, 1, !, 1, , 1 , 1 , 1 , 1 , 1 !!, Pretlets Ieer !,!,lZ !1 !, !, !l, 1 !, !l, 1 !, !l, 1 !, !l, 1 !, !l, 1 !,11,!1 1,l !,1 !, 1, Z1 !, 1, Z1 !, 1, Z1 !, 1, Z1 !, 1, Z1 !!, !!, !!, !!, !!, Minerals & Minerals Limited 9 8 9 8 9 8 9 8 9 8 Schedules [Ks. la !letsea1} As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t As at 31s t Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 2000 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 Mar c h, 1999 SCHEDULE - 4 SCHEDULE - 4 SCHEDULE - 4 SCHEDULE - 4 SCHEDULE - 4 lN\|N!OKl|! lN\|N!OKl|! lN\|N!OKl|! lN\|N!OKl|! lN\|N!OKl|! [/s jer latea|erles |elea, telte1 ea1 ter|llle1 | |le eaeemea|} !|eres & !jeres Per|s l,Z! ,! 8ettl|e !1,'1 1, !l, l1 !l, l1 !l, l1 !l, l1 !l, l1 !!, '1 !!, '1 !!, '1 !!, '1 !!, '1 SCHEDULE - 5 SCHEDULE - 5 SCHEDULE - 5 SCHEDULE - 5 SCHEDULE - 5 !UNDKI D|8!OK! !UNDKI D|8!OK! !UNDKI D|8!OK! !UNDKI D|8!OK! !UNDKI D|8!OK! [Uasettre1-Ceasl1ere1 Oee1} Dte lrem Nel1la Cemjea [Uj|e slt mea|ls} 11,Z1 11,'1 SCHEDULE - 6 SCHEDULE - 6 SCHEDULE - 6 SCHEDULE - 6 SCHEDULE - 6 C/!N /ND 8/NK 8/L/NC|! C/!N /ND 8/NK 8/L/NC|! C/!N /ND 8/NK 8/L/NC|! C/!N /ND 8/NK 8/L/NC|! C/!N /ND 8/NK 8/L/NC|! Cesl la lea1 Z !l Wl|l !tle1tle1 8eals la Ctrrea| /tteta|s ! Zl 1l 11 SCHEDULE - 7 SCHEDULE - 7 SCHEDULE - 7 SCHEDULE - 7 SCHEDULE - 7 LO/N!, /D\/NC|! & D|PO!l !! LO/N!, /D\/NC|! & D|PO!l !! LO/N!, /D\/NC|! & D|PO!l !! LO/N!, /D\/NC|! & D|PO!l !! LO/N!, /D\/NC|! & D|PO!l !! [Uasettre1-Ceasl1ere1 Oee1} /1teates retetere|le la tesl er la lla1 er ler telte |e |e retelte1 ,1 !,l1 Dejesl| wl|l Kellwe & O|lers ' ' /1teate jemea| el lateme !et Z1,'Z !1,l Z,1 !l,1l SCHEDULE - 8 SCHEDULE - 8 SCHEDULE - 8 SCHEDULE - 8 SCHEDULE - 8 CUKK|N! Ll /8l Ll !l |! CUKK|N! Ll /8l Ll !l |! CUKK|N! Ll /8l Ll !l |! CUKK|N! Ll /8l Ll !l |! CUKK|N! Ll /8l Ll !l |! !ta1r Cre1l|ers, e|ler |lea smell stele ta1er|ellas Z!, !,1Z SCHEDULE - 9 SCHEDULE - 9 SCHEDULE - 9 SCHEDULE - 9 SCHEDULE - 9 PKO\l !l ON! PKO\l !l ON! PKO\l !l ON! PKO\l !l ON! PKO\l !l ON! Fer lateme !et !',l! !!,l' For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended 31s t Mar c h, 2000 31s t Mar c h, 2000 31s t Mar c h, 2000 31s t Mar c h, 2000 31s t Mar c h, 2000 31s t Mar c h, 1999 31s t Mar c h, 1999 31s t Mar c h, 1999 31s t Mar c h, 1999 31s t Mar c h, 1999 SCHEDULE - 10 SCHEDULE - 10 SCHEDULE - 10 SCHEDULE - 10 SCHEDULE - 10 O!N|K l NCO| O!N|K l NCO| O!N|K l NCO| O!N|K l NCO| O!N|K l NCO| Kea| 1 1 Lle|lll|les ae leaer retlre1 wrl||ea |etl 1 Prell| ea sele / 1lster1e1 el Flte1 /sse|s [Ne|} 1' 1 'Z Minerals & Minerals Limited 9 9 9 9 9 9 9 9 9 9 [Ks. la !letsea1} For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended For t he year ended 31s t Mar c h, 2000 31s t Mar c h, 2000 31s t Mar c h, 2000 31s t Mar c h, 2000 31s t Mar c h, 2000 31s t Mar c h, 1999 31s t Mar c h, 1999 31s t Mar c h, 1999 31s t Mar c h, 1999 31s t Mar c h, 1999 SCHEDULE - 11 SCHEDULE - 11 SCHEDULE - 11 SCHEDULE - 11 SCHEDULE - 11 l NCK|/!|/ [ D|CK|/!|} l N !!OCK l NCK|/!|/ [ D|CK|/!|} l N !!OCK l NCK|/!|/ [ D|CK|/!|} l N !!OCK l NCK|/!|/ [ D|CK|/!|} l N !!OCK l NCK|/!|/ [ D|CK|/!|} l N !!OCK Clesla !|etl !1,'1 1, Ojeala !|etl 1, l,1Z ', 1 ', 1 ', 1 ', 1 ', 1 [ Z, 11} [ Z, 11} [ Z, 11} [ Z, 11} [ Z, 11} SCHEDULE - 12 SCHEDULE - 12 SCHEDULE - 12 SCHEDULE - 12 SCHEDULE - 12 OP|K/!l ON /ND /l N!|N/NC| OP|K/!l ON /ND /l N!|N/NC| OP|K/!l ON /ND /l N!|N/NC| OP|K/!l ON /ND /l N!|N/NC| OP|K/!l ON /ND /l N!|N/NC| !|eres Ceastme1 ,11 ,11 Oter|tr1ea Kemetel !,1Z !1,1Z We|er & Lll|la !,Z !,! Kejelrs & ela|eaeate ea1 Keaewels 8tll1la Z1 etllaer Z,! !,l1 O|lers 1 1 Z,1 !, !1, !1, !1, !1, !1, !, ' !, ' !, ' !, ' !, ' SCHEDULE - 13 SCHEDULE - 13 SCHEDULE - 13 SCHEDULE - 13 SCHEDULE - 13 P PP PP/ // //I|N!! ! I|N!! ! I|N!! ! I|N!! ! I|N!! !O /ND PKO\l !l ON! FOK |PL O /ND PKO\l !l ON! FOK |PL O /ND PKO\l !l ON! FOK |PL O /ND PKO\l !l ON! FOK |PL O /ND PKO\l !l ON! FOK |PLO OO OOI||! I||! I||! I||! I||! !elerles, Wees, 8eats & Ore|tl| 'Z,' 1,!1 Pretl1ea| Fta1 & O|ler Fta1 Cea|rl|t|leas 1,l1 1,l1 !|ell Wellere |tjeases Z,! Z,1Z 1, ZZ 1, ZZ 1, ZZ 1, ZZ 1, ZZ 1!, ' 1!, ' 1!, ' 1!, ' 1!, ' SCHEDULE - 14 SCHEDULE - 14 SCHEDULE - 14 SCHEDULE - 14 SCHEDULE - 14 /Dl Nl !!K/!l ON /ND O!N|K! /Dl Nl !!K/!l ON /ND O!N|K! /Dl Nl !!K/!l ON /ND O!N|K! /Dl Nl !!K/!l ON /ND O!N|K! /Dl Nl !!K/!l ON /ND O!N|K! Kea| !! !' Ke|es & !etes Z1 ZZ \elltle |tjeases 1l 1l lastreate Cleres ' Dlret|ers Fees ! ! Lea1 Cemjease|lea 1,'1 /t1l|ers Kemtaere|lea /t1l| Fees !Z !1 Fer !et /t1l| Fer lsstla Cer|lllte|es |tjeases !' !Z 1 11 lstelleaeets |tjeases Z,11 Z,' Leel |tjeases Zl Zl 1, Z 1, Z 1, Z 1, Z 1, Z , 11 , 11 , 11 , 11 , 11 Schedules Minerals & Minerals Limited 100 100 100 100 100 S C HE DUL E - 1 5 S C HE DUL E - 1 5 S C HE DUL E - 1 5 S C HE DUL E - 1 5 S C HE DUL E - 1 5 NO!|! ON /CCOUN!! NO!|! ON /CCOUN!! NO!|! ON /CCOUN!! NO!|! ON /CCOUN!! NO!|! ON /CCOUN!! 1. Profit or Loss on sale of Stores remains adjusted in Stores consumed Account and not shown separately. 2. Stores Consumed and Wages debited to other Accounts amount to Rs.0.35 lacs (Rs.0.45 lacs ) and Rs.0.78 lacs (NIL) respectively. 3. Advance recoverable include balance due from officers NIL (Rs.0.09 lacs). Maximum balance due during the year Rs. 0.10 lacs ( Rs.0.37 lacs). 4. Due to change in the method of accounting from cash basis to accrual basis for gratuity and leave encashment Rs. 9.99 lacs have been provided in the accounts (Rs. 6.72 lacs for prior years), based on actuarial valuation as on 31st March, 2000 with consequential effect on the profit for the year. 5. SIGNIFICANT ACCOUNTING POLICIES : i) FIXED ASSETS : Fixed Assets of the Company are stated at historical cost. ii) DEPRECIATION : a) Depreciation on Fixed Assets as at 31.12.1986 continues to be provided at the rates prevailing at that time on Straight-line Method pursuant to Circular No. 1/86 dated 21.5.1986 issued by the Department of Company Affairs, New Delhi. b) For Fixed Assets added from 1987 onwards depreciation has been provided on Straight-line Method at the rates specified in Schedule XIV of the Companies Act,1956. c) For Fixed Assets added from 1988 onwards depreciation has been provided on Straight-line Method as altered vide Circular No. G.S.R.756(E) dated 16th December,1993 in the Schedule XIV of the Companies Act,1956. iii) INVENTORIES : (a) Stores & Spare parts are valued at cost. (b) Bauxite including purchased are valued at lower of cost or market value. iv) RETIREMENT BENEFITS : Provision for Gratuity and Leave Encashment as per the Company Rules have been made on actuarial basis and included in the salary and wages. v) SALES : Sales have been shown including net transportation. vi) RECOGNITION OF INCOME AND EXPENDITURE : Expenses are accounted for on the accrual basis. Schedules Minerals & Minerals Limited 101 101 101 101 101 . /11l|leael lalerme|lea jtrstea| |e jererejls 1 ea1 1 el Per| ll el !tle1tle \l |e Cemjeales /t|,!' [es emea1e1}. e} Per|lttlers la resjet| el Oee1s meatlet|tre1, Ptrtlese1, !|etls ea1 !traeter. l} Oee1s meatlet|tre1 ea1 jtrtlese1 [Ks. la !letsea1} /t|tel Pre1tt|lea Ptrtleses !-11 !- !-11 !- Cless el Oee1s Lltease1 Cejetl| las|elle1 Cejetl| ! ! ! \elte ! \elte 8ettl|e Ne| /jjllte|le Ne| /jjllte|le '',1!' 'Z,11 !,l' Z, Z,'! 1,l' ll} !|etls ea1 !traeter Otea|l| [la .!eas } \elte !-11 !- !-11 !- Ojeala !|etl !,l Z,11 1, l,1Z Clesla !|etl 1,1 !,l !1,'1 1, 8ettl|e !eles l!,1 Z,1Zl !,' Z11,l lll} Ptrtlese1 8ettl|e latlt1e1 la Ojeala !|etl Clesla !|etl ea1 !eles Ojeala !|etl NlL 1 NlL Z,' Clesla !|etl ,Z NlL Z, NlL !eles !l, 11,1! ',l1 l,11 l. \elte el !|eres latlt1la temjeaea|s ea1 sjeres jer|s [ell la1leaeets} teastme1 emeta|s |e Ks. 1.l lets [Ks. 1.Z lets}. Schedules SCHEDULE - 15 ( Cont d. ) SCHEDULE - 15 ( Cont d. ) SCHEDULE - 15 ( Cont d. ) SCHEDULE - 15 ( Cont d. ) SCHEDULE - 15 ( Cont d. ) Minerals & Minerals Limited 102 102 102 102 102 B A U X I T E M I N I N G SCHEDULE 15 SCHEDULE 15 SCHEDULE 15 SCHEDULE 15 SCHEDULE 15 ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) I . I . I . I . I . REGISTRATION DETAILS REGISTRATION DETAILS REGISTRATION DETAILS REGISTRATION DETAILS REGISTRATION DETAILS Registration No. Balance Sheet Date Date Month Year I I . I I . I I . I I . I I . CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR (Amount in Rs. thousands) Public/Euro Issue Right Issue Bonus Issue Private Placement I I I . I I I . I I I . I I I . I I I . POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (Amount in Rs. thousands) Total Liabilities Total Assets SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS Paid-up Capital Reserves & Surplus Secured Loans Unsecured Loans APPLICATION OF FUNDS APPLICATION OF FUNDS APPLICATION OF FUNDS APPLICATION OF FUNDS APPLICATION OF FUNDS Net Fixed Assets Investments Net Current Assets Misc. Expenditure Accumulated Losses I V I V I V I V I V. .. .. PERFORMANCE OF COMPANY PERFORMANCE OF COMPANY PERFORMANCE OF COMPANY PERFORMANCE OF COMPANY PERFORMANCE OF COMPANY (Amount in Rs. thousands) Turnover Total Expenditure Profit (Loss) Before Tax Profit/(Loss) After Tax EPS (in Rs.) Dividend % V VV VV . .. .. GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY Item Code No. (ITC Code) Product Description Item Code No. (ITC Code) Product Description Item Code No. (ITC Code) Product Description 9. Figures for the previous year have been re-arranged where considered necessary. As per our report annexed. For G. BASU & CO. Chartered Accountants R. K. BHATTACHARYA Partner Camp : Renukoot, Dist (Sonbhadra(U.P.), N. K. Birla A. K. Agarwala Dated : The 22nd day of April, 2000 Secretary K. K. Rathi 8. Balance Sheet Abstract and Companys General Business Profile 8 7 5 3 1 0 3 2 0 0 0 1 1 N I L N I L N I L N I L 9 6 . 8 3 9 6 . 8 3 3 . 5 0 N I L 5 5 . 6 6 N I L 8 . 9 4 N I L 5 0 . 2 2 N I L N I L 1 6 8 . 5 8 + 8 . 0 3 1 1 . 5 0 1 6 6 . 2 3 + 4 . 0 3 N I L State Code Schedules Directors: Minerals & Minerals Limited 103 103 103 103 103 Directors Report to the Shareholders T TT TThe Directors present their Sixth Annual Report together with the Audited Balance Sheet as at 31st March, 2000 and the Profit & Loss Account for the year ended 31st March, 2000 1. FINANCIAL RESULTS During the year under review the financial results of the Company show a net Profit of Rs. 1,705/- (Previous year Loss Rs. 1,612/-). 2. DIVIDENDS No dividend is being recommended for the year under review. 3. DIRECTORS In accordance with the provisions of the Companies Act, 1956 and pursuant to the Articles of Association of the Company, Shri S. B. Maheshwari, retires from the Board by rotation, and being eligible, offers himself for reappointment. 4. AUDITORS Messrs M. L. Sharma & Co., Chartered Accountants, the Auditors of the Company, retire and being eligible, offer themselves for reappointment. 5. PARTICULARS OF EMPLOYEES The Company has no employee in the category specified under Section 217(2A) of the Companies Act, 1956. 6. ADDITIONAL INFORMATION REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988. The Company is not engaged in any manufacturing activity and as such there are no particulars to disclose under the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 with regard to the conservation of energy or technology absorption etc. 7. ADDITIONAL INFORMATION REQUIRED UNDER THE NON-BANKING FINANCIAL COMPANIES (RESERVE BANK) DIRECTIONS, 1998. The relevant provisions, for disclosure in the directors report, of Non-Banking Financial Companies (Reserve Bank) Directions, 1998 issued by the Reserve Bank of India are not applicable as the Company is not having Net Owned Fund of Rs. 25 lacs and also not accepted/ hold Public Deposit. 8. STATUS ON Y2K COMPLIANCE No software or hardware problems related to the Y2K were reported to have any effect on the Companys activities. Directors : K. K. RATHI Place : Renukoot, Dist. Sonbhadra (U.P.), R. K. KASLIWAL Dated : The 24th day of April, 2000. S. B. MAHESHWARI Renukeshwar Investments & Finance Limited 104 104 104 104 104 W WW WWe have audited the attached Balance Sheet of Renukeshwar Investments & Finance Limited as at 31st March, 2000 and also the annexed Profit and Loss Account for the year ended on that date, and report that: - 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our Audit. 2. In our opinion, proper books of account as required by the Companies Act, 1956 (as amended) have been kept by the Company so far as appears from our examination of those books. 3. The Balance Sheet and Profit & Loss Account are in agreement with books of account and comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act,1956. 4. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes as per Schedule Agive the information required by the Companies Act, 1956 (as amended) in the manner so required and give a true and fair view: (a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2000, and (b) In the case of Profit & Loss Account, of the profit of the Company for the year ended 31st March, 2000. As required by the Manufacturing and other Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, in our opinion and on the basis of such checks of the books and records as we considered appropriate and according to the information and explanations given to us during the course of the Audit, we further state that: - i) The Company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the register maintained under section 301. In terms of sub section (6) of section 370 of the Companies Act, 1956, provisions of the section are not applicable to a Company on or after 31st October, 1998. ii) The Company has not given any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under section. In terms of sub section (6) of section 370 of the Companies Act, 1956, provisions of the section are not applicable to a Company on or after 31st October, 1998. iii) In our opinion and according to the explanations and information given to us, internal control procedures are adequate and commensurate with the size and the nature of business of the Company. iv) The Company has not accepted any deposit from the public within the meaning of Section 58A of the Companies Act, 1956 and Rules framed thereunder. v) According to the information and explanations given to us and records examined by us, no personal expenses have been charged to revenue account. vi) According to the information and explanations given to us no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom duty, Excise duty and Wealth Tax at the last date of the financial year were outstanding for the period of more than six months. Auditors Report to the Shareholders Renukeshwar Investments & Finance Limited 105 105 105 105 105 vii) In our opinion and according to the information and explanations given to us, the Companys business is of dealing or trading in shares, securities, debentures and other investments and proper record of the transactions have been maintained by the Company. viii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. ix) Other clauses of Manufacturing and other Companies (Auditors Report) Order, 1988 are not applicable to the Company for the year under report. A separate report has not been submitted to the Board of Directors of the Company under Non- Banking Financial Companies Auditors Report (Reserve Bank) Directions, 1998, as the Company is not having Net Owned Fund of Rs. 25 Lacs and has also not accepted public deposit. For M.L. Sharma & Co. Chartered Accountants Camp : Renukoot, Dist. Sonbhadra (U.P.). C. H. Bandi Date : The 24th day of April, 2000. Partner Renukeshwar Investments & Finance Limited 106 106 106 106 106 Balance Sheet as at 31st March, 2000 Notes on Accounts Schedule A As per our report annexed For M. L. Sharma & Co. Chartered Accountants C. H. Bandi Partner Directors : K. K. RATHI Place : Renukoot, Dist. Sonbhadra (U.P.), R. K. KASLIWAL Dated : The 24th day of April, 2000. S. B. MAHESHWARI As at LIABILITIES LIABILITIES LIABILITIES LIABILITIES LIABILITIES As at 31st March, 31st March, 1999 2000 (Rupees) (Rupees) SHARE CAPITAL SHARE CAPITAL SHARE CAPITAL SHARE CAPITAL SHARE CAPITAL AUTHORISED 9,50,000 95,000 Equity Shares of Rs. 10/- each 9,50,000 500 15% Redeemable cumulative 50,000 Preference Shares of Rs. 100/- each 50,000 10,00,000 10,00,000 ISSUED ISSUED ISSUED ISSUED ISSUED, SUBSCRIBED & P , SUBSCRIBED & P , SUBSCRIBED & P , SUBSCRIBED & P , SUBSCRIBED & PAID UP AID UP AID UP AID UP AID UP 10,000 Equity Shares of Rs. 10/- each 1,00,000 fully paid-up 1,00,000 150 15% Redeemable Cumulative Preference Shares of Rs. 100/- 15,000 each fully paid-up 15,000 1,15,000 1,15,000 RESERVES AND SURPLUS RESERVES AND SURPLUS RESERVES AND SURPLUS RESERVES AND SURPLUS RESERVES AND SURPLUS 4,654 Profit & Loss Account 5,703 CURRENT LIABILITIES & PROVISIONS CURRENT LIABILITIES & PROVISIONS CURRENT LIABILITIES & PROVISIONS CURRENT LIABILITIES & PROVISIONS CURRENT LIABILITIES & PROVISIONS CURRENT LIABILITIES 2,150 Liabilities for expenses 2,000 1,21,804 1,22,703 As at ASSETS ASSETS ASSETS ASSETS ASSETS As at 31st March, 31st March, 1999 2000 (Rupees) (Rupees) CURRENT ASSETS, LOANS & ADVANCES CURRENT ASSETS, LOANS & ADVANCES CURRENT ASSETS, LOANS & ADVANCES CURRENT ASSETS, LOANS & ADVANCES CURRENT ASSETS, LOANS & ADVANCES CURRENT ASSETS Cash and Bank Balances : 643 Cash-in-hand 123 In Current Accounts with 1,09,686 Scheduled Bank 16,226 In Fixed Deposit with Scheduled Bank 95,000 111,349 Interest accrued but not due on FD 2,165 113,514 LOANS AND ADVANCES (Unsecured Considered good) 2,405 Advance tax paid (Net of Provision) 1,749 MISCELLANEOUS EXPENDITURE MISCELLANEOUS EXPENDITURE MISCELLANEOUS EXPENDITURE MISCELLANEOUS EXPENDITURE MISCELLANEOUS EXPENDITURE (To the extent not written off or adjusted) 9,070 Preliminary Expenses 7,440 1,21,804 1,22,703 Renukeshwar Investments & Finance Limited 107 107 107 107 107 Profit & Loss Account for the year ended 31st March, 2000 Notes on Accounts Schedule A As per our report annexed For M. L. Sharma & Co. Chartered Accountants C. H. Bandi Partner Directors : K. K. RATHI Place : Renukoot, Dist. Sonbhadra (U.P.), R. K. KASLIWAL Dated : The 24th day of April, 2000. S. B. MAHESHWARI For the P PP PPARTICULARS ARTICULARS ARTICULARS ARTICULARS ARTICULARS For the year ended year ended 31st March, 31st March, 1999 2000 (Rupees) (Rupees) 200 To Filing Fee 200 232 To Printing & Stationery 205 340 To Bank Charges 480 To Auditors Remuneration 2,000 Audit Fee 2,000 1,630 To Preliminary Expenses written off 1,630 To Provision for Tax 656 To Net profit carried down 1,049 4,402 6,220 1,612 To Net Loss Brought down 4,654 To Profit carried to Balance Sheet 5,703 6,266 5,703 For the P PP PPARTICULARS ARTICULARS ARTICULARS ARTICULARS ARTICULARS For the year ended year ended 31st March, 31st March, 1999 2000 (Rupees) (Rupees) 2,790 By Interest Income (Gross) 6,220 (Tax deducted at source Rs. Nil) 1,612 By Net Loss carried down 4,402 6,220 By Net Profit brought down 1,049 6,266 By Profit brought forward from earlier year 4,654 6,266 5,703 Renukeshwar Investments & Finance Limited 108 108 108 108 108 Schedules SCHEDULE SCHEDULE SCHEDULE SCHEDULE SCHEDULE A AA AA NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS 1. SIGNIFICANT ACCOUNTING POLICIES: e} K|COONl!lON OF lNCO| /ND |lP|NDl!UK| lateme ea1 etjea1l|tre ere retealse1 ea ettrtel |esls. |} CON!lNO|N! Ll/8lLl!l|! Cea|laea| lle|lll|les ere ae| jretl1e1 ler la |le /tteta|s. Z. Cea|laea| lle|lll| la resjet| el erreers el 1ltl1ea1 Ks. !!,111/- [Pretlets eer Ks. ,!'1/-} ea !' Ke1eeme|le Ctmtle|lte Prelereate !leres les ae| |eea jretl1e1 ler. 1. /11l|leael lalerme|lea jtrstea| |e jeres 1, 1C ea1 1D el jer| ll el !tle1tle \l el |le Cemjeales /t|, !' ere ae| ejjllte|le. 1. Prellmlaer etjeases ere |ela wrl||ea ell jrejer|leae|el eter e jerle1 el |ea eers lrem |le 1e|e el laterjere|lea. Fer |le eer ea1e1 1!s| ertl, Z111 e stm el Ks. !,11/- [Pretlets eer Ks. !,11/-} les |eea 1e|l|e1 |e |le Prell| & Less /tteta| |ewer1s jrejer|leae|e emeta| el jrellmlaer etjeases. '. !le Fltres lete |eea reta1e1 ell |e |le aeeres| rtjee. (Contd.) Renukeshwar Investments & Finance Limited 109 109 109 109 109 SCHEDULE SCHEDULE SCHEDULE SCHEDULE SCHEDULE A AA AA ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) I . I . I . I . I . REGISTRATION DETAILS REGISTRATION DETAILS REGISTRATION DETAILS REGISTRATION DETAILS REGISTRATION DETAILS Registration No. State Code Balance Sheet Date Date Month Year I I . I I . I I . I I . I I . CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR (Amount in Rs. Thousands) Public/Issue Right Issue Bonus Issue Private Placement I I I . I I I . I I I . I I I . I I I . POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (Amount in Rs. Thousands) Total Liabilities Total Assets SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS Paid-up Capital Reserves & Surplus Secured Loans Unsecured Loans APPLICATION OF FUNDS APPLICATION OF FUNDS APPLICATION OF FUNDS APPLICATION OF FUNDS APPLICATION OF FUNDS Net Fixed Assets Investments Net Current Assets Misc. Expenditure Accumulated Losses I V I V I V I V I V. .. .. PERFORMANCE OF THE COMPANY PERFORMANCE OF THE COMPANY PERFORMANCE OF THE COMPANY PERFORMANCE OF THE COMPANY PERFORMANCE OF THE COMPANY (Amount in Rs. Thousands) Turnover* Total Expenditure Profit/(Loss) Before Tax Profit/(Loss) After Tax EPS (in Rs.)** Dividend % V VV VV . .. .. GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY *** *** *** *** *** Item Code No. (ITC Code) Product Description Item Code No. (ITC Code) Product Description Item Code No. (ITC Code) Product Description * Represents interest received from bank on Fixed Deposits. ** Calculated for the year. *** Not Applicable to the Company. As per our report annexed. For M.L. SHARMA & Co. Chartered Accountants C. H. Bandi Partner Directors : K. K. RATHI Place : Renukoot, Dist. Sonbhadra (U.P.), R. K. KASLIWAL Dated : The 24th day of April, 2000. S. B. MAHESHWARI 6. Balance Sheet Abstract and Companys General Business Profile 2 0 - 1 7 0 8 0 3 1 0 3 2 0 0 0 Z 1 N I L N I L N I L N I L 1 2 3 1 2 3 1 1 5 N I L 6 N I L N I L N I L 1 1 3 7 N I L 6 (+) 2 0 . 1 0 4 (+) 1 N I L Renukeshwar Investments & Finance Limited 110 110 110 110 110 Directors Report to the Shareholders T TT TThe Directors present their Sixth Annual Report together with the Audited Balance Sheet as at 31st March, 2000 and the Profit & Loss Account for the year ended on 31st March, 2000. 1. FINANCIAL RESULTS During the year under review the financial results of the Company show a net profit after tax Rs. 33,19,665/- (Previous year Rs.4,57,171/-). 2. DIVIDENDS No dividend is being recommended for the year under review. 3. DIRECTORS In accordance with the provisions of the Companies Act, 1956 and pursuant to the Articles of Association of the Company, Shri S.N. Sharma, retires from the Board by rotation, and being eligible, offers himself for reappointment. 4. AUDITORS Messrs. M. L. Sharma & Co. Chartered Accountants, the Auditors of the Company, retire and being eligible, offer themselves for reappointment. 5. PARTICULARS OF EMPLOYEES The Company has no employee in the category specified under Section 217(2A) of the Companies Act, 1956. 6. ADDITIONAL INFORMATION REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988. The Company is not engaged in any manufacturing activity and as such there are no particulars to disclose under the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 with regard to the conservation of energy or technology absorption etc. 7. ADDITIONAL INFORMATION REQUIRED UNDER THE NON-BANKING FINANCIAL COMPANIES (RESERVE BANK) DIRECTIVES, 1998. The relevant provisions, for disclosure in the directors report, of Non-Banking Financial Companies (Reserve Bank) Directions, 1998 issued by the Reserve Bank of India are not applicable as the Company is not holding any public deposits. 8. STATUS ON Y2K COMPLIANCE No software or hardware problems related to the Y2K were reported to have any effect on the Companys activities. Director: R.K. Kasliwal Place: Renukoot, D.N. Himmatramka Dated: The 24th day April, 2000 S.N. Sharma Renuka Investments & Finance Limited 111 111 111 111 111 W WW WWe have audited the attached Balance Sheet of Renuka Investments & Finance Limited as at 31st March, 2000 and also the annexed Profit and Loss Account for the year ended on that date, and report that:- 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our Audit. 2. In our opinion, proper books of account as required by the Companies Act, 1956 (as amended) have been kept by the Company so far as appears from our examination of those books. 3. The Balance Sheet and Profit & Loss Account are in agreement with books of account and comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act,1956; 4. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes as per Schedule A give the information required by the Companies Act, 1956 (as amended) in the manner so required and give a true and fair view: (a) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2000, and (b) In the case of Profit & Loss Account, of the profit of the Company for the year ended 31st March, 2000. As required by the Manufacturing and other Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, in our opinion and on the basis of such checks of the books and records as we considered appropriate and according to the information and explanations given to us during the course of the Audit, we further state that:- i) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under section 301. In terms of sub section (6) of section 370 of the Companies Act,1956, provisions of the section are not applicable to a Company on or after 31st October, 1998. ii) The Company has not given any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under section. In terms of sub section (6) of section 370 of the Companies Act,1956, provisions of the section are not applicable to a Company on or after 31st October, 1998. iii) In our opinion and according to the explanations and information given to us, internal control procedures are adequate and commensurate with the size and the nature of business of the Company. iv) The Company has not accepted any deposit from the public within the meaning of Section 58 A of the Companies Act, 1956 and Rules framed thereunder. v) The Company has an internal audit system and in our opinion, the same is commensurate with the size and nature of its business. vi) According to the information and explanations given to us and records examined by us, no personal expenses have been charged to revenue account. Auditors Report to the Shareholders Renuka Investments & Finance Limited 112 112 112 112 112 vii) According to the information and explanations given to us no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom duty, Excise duty and Wealth Tax at the last date of the financial year were outstanding for the period of more than six months. viii) In our opinion and according to the information and explanations given to us, the Companys business is of dealing or trading in shares, securities, debentures and other investments and proper record of the transactions and contracts have been maintained by the Company. ix) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. x) Other clauses of Manufacturing and other Companies (Auditors Report) order, 1988 are not applicable to the Company for the year under report. As required under Non-Banking Financial Companies Auditors Report (Reserve Bank) Directions,1998, a separate report has been submitted to the Board of Directors of the Company on the matters specified in paragraphs 3 and 4 of the Directions. For M.L.SHARMA & CO. Chartered Accountants Place: P.O. Renukoot, Dist. Sonbhadra (U.P.) C.H. Bandi Date : the 24th day of April, 2000. Partner Renuka Investments & Finance Limited 113 113 113 113 113 Balance Sheet as at 31st March, 2000 As At 31st LIABILITIES LIABILITIES LIABILITIES LIABILITIES LIABILITIES As At 31st March, 1999 March,2000 (Rupees) (Rupees) SHARE CAPITAL SHARE CAPITAL SHARE CAPITAL SHARE CAPITAL SHARE CAPITAL AUTHORISED 9,99,50,000 99,95,000 Equity shares of Rs. 10/- each 9,99,50,000 500 15% Redeemable Cumulative 50,000 Preference shares of Rs. 100/- each 50,000 10,00,00,000 10,00,00,000 ISSUED, SUBSCRIBED & PAID UP ISSUED, SUBSCRIBED & PAID UP ISSUED, SUBSCRIBED & PAID UP ISSUED, SUBSCRIBED & PAID UP ISSUED, SUBSCRIBED & PAID UP 92,50,000 Equity shares of Rs. 10/- each 9,25,00,000 fully paid up 9,25,00,000 150 15% Redeemable Cumulative Preference 15,000 shares of Rs. 100/- each fully paid up 15,000 9,25,15,000 9,25,15,000 RESERVES & SURPLUS RESERVES & SURPLUS RESERVES & SURPLUS RESERVES & SURPLUS RESERVES & SURPLUS 6,20,789 Profit & Loss Account 39,40,454 UNSECURED LOANS UNSECURED LOANS UNSECURED LOANS UNSECURED LOANS UNSECURED LOANS 55,50,000 Loan from holding Co. - Hindalco Industries Limited 7,78,59,859 (Re-payable within one year Rs. NIL) CURRENT LIABILITIES & PROVISIONS CURRENT LIABILITIES & PROVISIONS CURRENT LIABILITIES & PROVISIONS CURRENT LIABILITIES & PROVISIONS CURRENT LIABILITIES & PROVISIONS CURRENT LIABILITIES : 71,73,528 Sundry Creditors 1,79,71,053 71,71,247 Liabilities for expenses 25,30,602 17,10,450 Security Deposit 63,78,750 PROVISIONS: 45,909 Provision for Income tax 11,47,86,923 20,11,95,718 As At 31st ASSETS ASSETS ASSETS ASSETS ASSETS As At 31st March, 1999 March, 2000 (Rupees) (Rupees) FIXED ASSETS FIXED ASSETS FIXED ASSETS FIXED ASSETS FIXED ASSETS 4,36,966 Land 4,36,966 Building 7,83,38,764 7,77,00,303 Less : Depreciation 19,15,383 7,64,23,381 I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS I NVESTMENTS LONG TERM INVESTMENT (Quoted) LONG TERM INVESTMENT (Quoted) LONG TERM INVESTMENT (Quoted) LONG TERM INVESTMENT (Quoted) LONG TERM INVESTMENT (Quoted) 26,02,805 Equity Shares of National 3,33,76,185 Aluminium Company Limited fully paid up 11,30,77,877 (Aggregate Market value Rs. 12,81,88,146/-) 9,194 14.5% Non-Convertible Redeemable Secured Debentures of National Aluminium Company Limited Rs. 1,000/- each fully paid up. 91,94,000 (Aggregate Market value Rs. 93,08,189/-) CURRENT ASSETS, CURRENT ASSETS, CURRENT ASSETS, CURRENT ASSETS, CURRENT ASSETS, LOANS LOANS LOANS LOANS LOANS & && && ADVANCES ADVANCES ADVANCES ADVANCES ADVANCES A. CURRENT ASSETS Receivable from parties a) Debts outstanding for a period exceeding six months 1,79,775 36,526 b) Other debts 3,25,754 5,05,529 CASH AND BANK BALANCES 2,113 Cash in hand 1,358 50,600 In Current Accounts with Scheduled Bank 36,207 30,50,610 Cheques in hand 8,74,181 9,11,746 B . B . B . B . B . Loans & Advances: Loans & Advances: Loans & Advances: Loans & Advances: Loans & Advances: (Unsecured considered good) Advance Income Tax(net of provision) 5,28,324 Advances 8,289 MISCELLANEOUS EXPENDITURE MISCELLANEOUS EXPENDITURE MISCELLANEOUS EXPENDITURE MISCELLANEOUS EXPENDITURE MISCELLANEOUS EXPENDITURE (To the extent not written off or adjusted) 133,620 Preliminary Expenses 109,606 11,47,86,923 20,11,95,718 Notes on Accounts Schedule A As per our report annexed For M. L. Sharma & Co. Chartered Accountants C. H. Bandi Partner Directors : R. K. KASLIWAL Place : Renukoot, Dist. Sonbhadra (U.P.), D. C. KABRA D. N. HIMMATRAMKA Dated : The 24th day of April, 2000. Company Secretary S. N. SHARMA Renuka Investments & Finance Limited 114 114 114 114 114 Profit & Loss Account for the year ended 31st March, 2000 For the PARTICULARS PARTICULARS PARTICULARS PARTICULARS PARTICULARS For the year ended year ended 31st March, 31st March, 1999 2000 (Rupees) (Rupees) 360 To Filing Fee 360 232 To Printing & Stationery 321 6,000 To Salary & Wages 6,000 590 To Bank Charges 510 To Auditors Remuneration : 2,000 Audit Fee 2,000 75,000 To Capital Enhancement Expenses 22,596 To NSDL Custodian Charges 21,988 7,500 To Law Charges 83,193 To Interest 24,66,016 To Rates & Taxes 3,87,714 To General Expenses 250 6,38,461 To Depreciation 12,76,922 24,014 To Preliminary Expenses written off 24,014 4,10,000 To Provision for Taxation 11,40,000 4,57,171 To Net profit carried down 33,19,665 1,727,117 86,45,760 6,20,789 To Profit carried to Balance Sheet 39,40,454 6,20,789 39,40,454 Notes on Accounts Schedule A As per our report annexed For M. L. Sharma & Co. Chartered Accountants C. H. Bandi Partner Directors : R. K. KASLIWAL Place : Renukoot, Dist. Sonbhadra (U.P.), D. C. KABRA D. N. HIMMATRAMKA Dated : The 24th day of April, 2000. Company Secretary S. N. SHARMA For the PARTICULARS PARTICULARS PARTICULARS PARTICULARS PARTICULARS For the year ended year ended 31st March, 31st March, 1999 2000 (Rupees) (Rupees) 16,75,200 By Rent Received (Gross) 59,31,000 (Tax deducted at source Rs. 12,35,276/-) (Previous year Rs. 3,35,040/-) By Income from Investments: Income from Long term investments: 51,917 Interest Income (Gross) 13,18,518 (Tax deducted at source Rs. 2,73,957) (Previous year Rs. 3,785/-) Dividend Received (Gross) 13,96,242 17,27,117 86,45,760 4,57,171 By Net Profit brought down 33,19,665 1,63,618 By Profit brought forward from earlier year 6,20,789 6,20,789 39,40,454 Renuka Investments & Finance Limited 115 115 115 115 115 Schedule A NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS 1. SIGNIFICANT ACCOUNTING POLICIES: a) RECOGNITION OF INCOME AND EXPENDITURE Income and expenditure are recognised on accrual basis. b) FIXED ASSETS Fixed Assets are stated at Cost less depreciation. c) INVESTMENTS Long term Investments are stated at cost. d) DEPRECIATION Depreciation has been provided on Straight Line Method at the rate specified in Schedule XIV of the Companies Act, 1956. e) CONTINGENT LIABILITIES Contingent liabilities are not provided for in the Accounts. 2. Contingent liability in respect of arrears of dividend Rs. 11,403/- (Previous year Rs. 9,153/-) on 15% Redeemable Cumulative Preference Shares has not been provided for. 3. Building represents rights to use and occupy an office space in a building at Mumbai for which the Company has invested Rs. 702.27 Lacs in certain shares & debentures to be allotted in a company. 4. Additional information pursuant to paras 3, 4C and 4D of part II of Schedule VI of the Companies Act, 1956 are not applicable. 5. Preliminary expenses are being written off proportionately over a period of ten years from the date of incorporation. For the year ended 31st March,2000 a sum of Rs.24,014/- (Previous year Rs. 24,014/-) has been debited to the Profit & Loss Account towards proportionate amount of preliminary expenses. 6. The Figures have been rounded off to the nearest rupee. Renuka Investments & Finance Limited 116 116 116 116 116 SCHEDULE SCHEDULE SCHEDULE SCHEDULE SCHEDULE A AA AA NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS NOTES ON ACCOUNTS ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) ( C o n t d . ) I . I . I . I . I . REGISTRATION DETAILS REGISTRATION DETAILS REGISTRATION DETAILS REGISTRATION DETAILS REGISTRATION DETAILS Registration No. State Code Balance Sheet Date Date Month Year I I . I I . I I . I I . I I . CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR CAPITAL RAISED DURING THE YEAR (Amount in Rs Thousands) Public Issue Right Issue Bonus Issue Private Placement I I I . I I I . I I I . I I I . I I I . POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (Amount in Rs Thousands) Total Liabilities Total Assets SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS SOURCES OF FUNDS Paid-up Capital Reserves & Surplus Secured Loans Unsecured Loans APPLICATION OF FUNDS APPLICATION OF FUNDS APPLICATION OF FUNDS APPLICATION OF FUNDS APPLICATION OF FUNDS Net Fixed Assets Investments Net Current Assets Misc. Expenditure Accumulated Losses I V I V I V I V I V. .. .. PERFORMANCE OF THE COMPANY PERFORMANCE OF THE COMPANY PERFORMANCE OF THE COMPANY PERFORMANCE OF THE COMPANY PERFORMANCE OF THE COMPANY (Amount in Rs Thousands) Turnover Total Expenditure Profit (Loss) Before Tax Profit/(Loss) After Tax EPS (in Rs.) Dividend % V VV VV . .. .. GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY * GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY * GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY * GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY * GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY * Item Code No. (ITC Code) Product Description Item Code No. (ITC Code) Product Description Item Code No. (ITC Code) Product Description * Not Applicable to the Company. As per our report annexed. For M.L. SHARMA & Co. Chartered Accountants C. H. Bandi Partner Directors : R. K. KASLIWAL Place : Renukoot, Dist. Sonbhadra (U.P.), D. C. KABRA D. N. HIMMATRAMKA Dated : The 24th day of April, 2000. Company Secretary S. N. SHARMA 7 . 7 . 7 . 7 . 7 . Balance Sheet Abstract and Companys General Business Profile Balance Sheet Abstract and Companys General Business Profile Balance Sheet Abstract and Companys General Business Profile Balance Sheet Abstract and Companys General Business Profile Balance Sheet Abstract and Companys General Business Profile 2 0 - 1 7 0 8 1 3 1 0 3 2 0 0 0 Z 1 N I L N I L N I L N I L 2 0 1 1 9 6 2 0 1 1 9 6 9 2 5 1 5 N I L 3 9 4 0 7 7 8 6 0 7 6 8 6 0 1 2 2 2 7 2 (-) 2 4 9 2 7 1 1 0 N I L 8 6 4 6 4 4 6 0 0 . 3 6 4 1 8 6 3 3 2 0 N I L Renuka Investments & Finance Limited