Annual Report 2012

Transcription

Annual Report 2012

3
31-40
Partnering
41-65
Statutory Reports
66-88
Financials
IMPROVING
LIVES
%DODQFH6KHHWDQG6WDWHPHQWRI3URͤW/RVV
Mon
Mo
Mons
ns
san
anto
to India
ndia
nd
a Lim
imiitted
e
ANNU
AN
NUA
UA L R
RE
EPO
P RT 20
2012
2-1
- 3
Improving
Innovating
Partnering
Disclaimer
In this Annual Report, we have disclosed forward-looking information to enable investors to comprehend our prospects and take
investment decisions. This report and other statements - written and oral – that we periodically make contain forward-looking
statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever possible to
identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words
of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking
statements will be realized, although we believe we have been prudent in assumptions. The achievements of results are subject
to risks, uncertainties, and even inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should
underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated, or projected.
Readers should keep this in mind. We undertake no obligation to publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise.
CONTENTS
CORPORATE
REVIEW
STRATEGIC
REVIEW
2
The roots of Improvement,
Innovation and Partnership
10
Sowing Improvement, Innovation
and Partnerships
4
Our Commitment to Sustainable
Agriculture
12
15
16
18
20
22
24
Dekalb®
5
6
8
Our Pledge
Chairman’s Message
Managing Director’s Message
26
87
10
25
02
09
Roundup®
In Service, Innovatively
Partnering Improvement
Partnering Communities
People @ a Great Place To Work®
STATUTORY
REPORTS AND
FINANCIAL
STATEMENTS
26
33
34
39
51
Notice
56
60
61
62
Auditors’ Report
3URͤOHRIWKH%RDUGRI'LUHFWRUV
86
Financial Summary for 10 years
Directors’ Report
Report on Corporate Governance
Management Discussion and
Analysis
Balance Sheet
3URͤWDQG/RVV$FFRXQW
Notes forming part of the Financial
Statements
Cash Flow Statement
Nomination Form
Proxy and Attendance Slip
IMPROVING
INNOVATING
PARTNERING
Agriculture is at the heart of
India’s economy. Over half of
the country’s population is
engaged in or around it.
When farmers do well,
the nation does well too.
Agriculture is expected to
play a major part in India’s
economic growth. As farmers
sow seeds of hope, they sow
the dreams of improved lives
of the nation, as a whole.
We believe improving agriculture
improves lives. As a company doing
business with farmers, we take
responsibility to do our best to enable
them to yield their potential, their
opportunity to progress, and play a
growing role in the country’s growth.
We are committed to improve agricultural
yields of farmers. This combined with
market linkages and remunerative prices,
enables farmers to provide their families
with better homes, diets, health and
education opportunities to live a
better life.
We aim to enable farmers through
innovation and partnerships. We
provide farmers with global best-
in-class products, customized crop
management AgVisory® practices, and
work in a multitude of public, private and
development sector partnerships
so farmers produce more, and
PRUHHIͤFLHQWO\
We believe in the enabling power
of partnerships. We have partnered
with State Governments, private and
development sector organizations to
contribute to rural development and
farmer-led economic growth. And we
are humbled and grateful that India’s
farmers have allowed us to be a partner
in their progress, and work to improve
farmers’ lives, towards making India a
VHOIVXIͤFLHQWJOREDOFRQWULEXWRU
in agriculture.
2
02-09 Corporate Review
The roots of Improvement, Innovation and Partnership
THE ROOTS OF
IMPROVEMENT, INNOVATION
AND PARTNERSHIP.
Monsanto Company
MONSANTO COMPANY IS A LEADING GLOBAL PROVIDER OF TECHNOLOGY-BASED
SOLUTIONS AND AGRICULTURAL PRODUCTS THAT IMPROVE FARM PRODUCTIVITY
AND FOOD QUALITY. MONSANTO REMAINS FOCUSED ON ENABLING BOTH SMALLHOLDER AND LARGE-SCALE FARMERS TO PRODUCE MORE FROM THEIR LAND
WHILE CONSERVING MORE OF OUR WORLD’S NATURAL RESOURCES SUCH AS
WATER AND ENERGY.
Headquarters
Facilities
Regions
St. Louis, Missouri, United States
404 facilities in 66 countries
North America; Brazil; India; Latin
America North; Latin America South;
China; Africa (EMEA)
Globally, our business is
structured in two segments:
Rewards of improving lives of
millions
US$
1.5 Bn
R&D
(2012)
Seeds and Traits: The Seeds and
Traits segment consists of the
Company’s global seeds and traits
business, and genetic technology
platforms - including breeding,
biotechnology and genomics.
Crop Protection: The Crop Protection
segment consists primarily of
agricultural and industrial, turf
and ornamental herbicide (weed
management) products.
US$
13.5 Bn
Global Net Sales
(2012)
Monsanto India Limited
Research & Development (R&D)
Monsanto invests approximately
Rs. 7,500 crores (US$ 1.5 billion) a year,
roughly 9-12% of sales, on research and
development of better seed germplasm,
new biotech traits and genomics research.
Other R&D projects which support
Monsanto’s current products include
improved formulations of Roundup®
herbicide for weed management.
A Fortune 500 Company
Top 10 of the World’s Most Innovative
Companies by Forbes Magazine
World’s Best Multinational
Workplaces 2012 by Great Place
To Work®
Top Companies for Executive Women
by NAFE
Best Places for LGBT Equality 2013 by
Human Rights Campaign Foundation
Best Companies for Leaders 2013 by
Chief Executive Magazine
CEO Hugh Grant ranked No. 10 in
World’s 100 Best Performing CEOs by
Harvard Business Review
Top 100 Global Innovators by 2012 by
Thomson Reuters
Science 2012 Top Employer
100 Best Places To Work in IT 2012
by Computerworld
3
10-25 Strategic Review
26-87 Statutory Reports and Financial Statements
MONSANTO INDIA LIMITED (MIL), THE FLAGSHIP COMPANY OF MONSANTO
COMPANY, IS A SUBSIDIARY AND THE ONLY LISTED MONSANTO ENTITY OUTSIDE
THE UNITED STATES.
We believe ‘Improving Agriculture, Improves
Lives’. We are innovating and partnering
to improve lives by enabling farmers to
produce more and conserve more.
MIL has partnered with farmers for over
four decades.
MIL is a R&D-focused agriculture
company, which aims to improve farmers’
lives by offering farmers wide access to
cutting-edge, high-yielding maize hybrid
seeds researched and developed through
advanced seed breeding techniques; and
herbicides for weed management. The
seeds are processed at state-of-the-art
manufacturing facilities, and supported
LQIDUPHUV̵ͤHOGVZLWKH[WHQVLYH)DUPHU
AgVisory® Services, and an on-ground
ͤHOGWHDP7KH0,/ͤHOGWHDPPDNHVRYHU
a million direct farmer contacts annually,
sharing improved agronomic practices to
enable farmers to optimize yields.
Our innovative, products, services, and
partnerships, i.e. public, private and
development sector partnerships - are
all aimed at improving lives by enabling
Footprint
1. Mumbai, 2. Chandigarh,
3. Eluru, 4. Hubli, 5. Kolkata,
6. Coimbatore, 7. Siliguri,
8. Silvassa
R&D, Quality and Manufacturing
Sites
Three Corn Seed Research
Breeding stations at Udaipur,
Bangalore and Jalandhar
A Biotechnology Research
Centre at Bangalore
A Seed Processing Facility at
Hyderabad
A Quality Assurance Laboratory
at Hyderabad
A Chemistry Plant in Silvassa
Key products
Dekalb - Maize Hybrid Seeds
®
Roundup - Glyphosate Herbicide
for Weed Management
®
Financial snapshot
Market capitalization: Rs. 988
crores, as on 31st March, 2013
farmers to enhance yields sustainably,
while minimizing agriculture’s impact
on the environment by conserving
natural resources.
Our team comprises of over 375
employees, a majority of whom are from
rural backgrounds. Our contributions to
India’s agriculture are reflected in our
2012-13 performance, when we were
rewarded with revenues of Rs. 460.23
crores, ably supported by R&D investment
in India for India.
A Great Place to Work
Recognized as Great
Place To Work® in India
and/or India’s Best
Employers in nine out
of the last ten years
(2003-12)
Ranked 4th in
Companies with less
than 1,000 Employees
in India’s Best
Companies To Work®
2012 by the Great Place
To Work® Institute
Ranked 18th among
Top 100 India’s Best
Companies To Work®
2012 by the Great Place
To Work® Institute
Stock ticker
BSE code: 524084
NSE symbol: MONSANTO
Annual Report 2012-13
4
Our Commitment to Sustainable Agriculture
OUR COMMITMENT TO
SUSTAINABLE AGRICULTURE
PRODUCING MORE, CONSERVING MORE, IMPROVING LIVES.
THAT’S SUSTAINABLE AGRICULTURE, AND WHAT MONSANTO IS ALL ABOUT.
As a nation, we depend upon
what farmers do and will
continue to. Rising population,
JURZLQJIRRGIHHGDQGͤEUH
demand, combined with
stagnant or diminishing
natural resources – land,
water and energy, have
given rise to the need to
enable farmers to optimize
agriculture productivity. Over
the next few decades, farmers
will need to grow as much
food as they have in the last
ten millennia to meet the
rising demand for food. Our
objective is to partner with
farmers to achieve this goal.
We do this by researching
and developing seeds, traits
through biotechnology, and
crop protection chemicals.
The challenge
Meeting the needs of today,
while preserving the planet for
tomorrow
Our commitment
Improve Lives by enabling
farmers to produce more
to meet present and future
needs, while preserving a
greener planet for the years
to come.
Producing more
Better farm inputs, higher farm
yield and marketable produce
are the foundation of farmers
feeding themselves and the
human race.
Globally, we are committed
to enabling farmers to double
their yields in our core crops
(maize, soya and cotton) by
2030. These yield gains will
come from a combination of
advanced seed breeding, inthe-seed biotechnology traits,
improved farming practices
and partnerships.
This fundamental shift of
farmers’ focus towards
producing more from less
will help secure the ever
increasing population and
demand for better food, feed,
DQGͤEUH7KLVZLOOKHOSSURYLGH
food, nutritional and water
security via affordable choices
for all.
Conserving more
Stagnating or diminishing
availability of land, water
and energy will challenge the
ability of farmers to provide
food and feed for all in the
coming years.
Agriculture uses a majority of
the planet’s fresh water. With
farmers facing unprecedented
challenges to continually
increase crop productivity,
farmers need to produce more
with less.
This is why we’ve
strengthened our goal of
doubling crop yields by
using one-third fewer natural
resources, such as land,
water and energy, for every
unit produced.
We are constantly developing
better seeds, traits and
improving farming practices
to enable farmers to optimize
natural resources and
equip them with tools to
overcome crop challenges,
such as weeds, pests and
environmental stresses.
Improving lives
Farmers seek personal
prosperity through improving
professional productivity. They
wish to progress and prosper
with healthier diets, greater
educational opportunities
and brighter futures for their
families. And this is enabled by
increasing yield and income.
Enabled by innovation.
So, whatever the world looks
like from where you stand,
the truth is that we are all in
this together.
We truly believe that
by working together, in
partnership, we can create
a brighter and more
sustainable world for all
of us. And it begins with a
farmer. Because...
Improving
agriculture,
improves lives.
5
OUR PLEDGE
THE MONSANTO PLEDGE IS OUR COMMITMENT TO HOW WE DO BUSINESS. IT IS A
DECLARATION THAT COMPELS US TO LISTEN MORE, TO CONSIDER OUR ACTIONS
AND THEIR IMPACT BROADLY, AND TO LEAD RESPONSIBLY. IT HELPS US CONVERT
OUR VALUES INTO ACTIONS, AND TO MAKE CLEAR WHO WE ARE AND WHAT
WE CHAMPION.
Integrity
Dialogue
Transparency
Sharing
Integrity is the foundation
of all that we do. It includes
honesty, decency, consistency
and courage. Building on these
values, we are committed to:
We will listen carefully
to diverse points of view
and engage in thoughtful
dialogue. We will broaden our
understanding of issues to
better address the needs and
concerns of society and of
each other.
We will ensure that
information is available,
accessible and
understandable at all times.
We will share knowledge
and technology to advance
VFLHQWLͤFXQGHUVWDQGLQJWR
improve agriculture and the
environment, to improve
crops, and to help farmers in
developing countries.
Benefits
Respect
We will use sound and
innovative science and
thoughtful and effective
stewardship to deliver highquality products that are
EHQHͤFLDOWRRXUFXVWRPHUV
and to the environment.
We will respect the religious,
cultural, and ethical concerns
of people throughout the
world. The safety of our
employees, the communities
where we operate, our
customers, consumers, and
the environment will be our
highest priority.
Act as owners to
achieve results
Create a great place
to work
We will create clarity
of direction, roles, and
accountability; build strong
relationships with our
customers and external
partners; make wise
decisions; steward our
company resources; and take
responsibility for achieving
agreed-upon results.
We will ensure diversity of
people and thought; foster
innovation, creativity and
learning; practice inclusive
teamwork; and reward and
recognize our people.
6
Chairman’s Message
CHAIRMAN’S MESSAGE
“My only desire is that India should be a
good producer and no one should be hungry,
shedding tears for food in my country.”
- Sardar Vallabhbhai Patel
Dear Shareholders,
For over 66 years, our farmers have been working assiduously
WRIXOͤOWKLVGUHDPDQGFRQWULEXWHGWUHPHQGRXVO\WR,QGLD̵VVHOI
VXIͤFLHQF\JRDOV&ORVHWRSHUFHQWRIRXUFRXQWU\PHQOLYHLQ
rural areas, linked around the farming economy and food, feed,
ͤEUHVXSSO\FKDLQ7RGD\DJULFXOWXUHHPSOR\VDERXWSHUFHQW
of our population.
A report by the Confederation of Indian Industry (CII) and
McKinsey forecasts food consumption in India to double by
2030, on the back of rising incomes, fuelled by a rapidly growing
GDP. There are a number of reasons for the above estimation.
First, the per capita income, up by 11.6 per cent in the last year
at Rs. 68,747 in 2012-13 against Rs. 61,564 in 2011-12, clearly
demonstrates that the country is moving in the right direction.
Secondly, when combined with urbanization and evolving
lifestyles, this will ultimately lead to a change in patterns of food
consumption with an increasing proportion of proteins, fruits
and vegetables. The biggest opportunity to improve lives and
increase agricultural output of Indian farms is to serve
the farmer.
There have been impressive gains in a couple of crops in
the past decade, yet the challenges and opportunities before
the Indian farmer are immense. Consider the realities of a
changing climate, stagnant or diminishing natural resources and
unpredictable weather. With crop yields far below international
benchmarks, India is yet to realize the optimum potential of
her farmers, her land, diverse natural resources and agriculture
VFLHQWLͤFWDOHQW7KHJRDOVUHPDLQWKHVDPH̰WRLQFUHDVH
productivity and farmers’ income. Thus, improving lives too.
The need of the hour is to enhance the viability of farming as a
profession, enabling Indian farmers to improve their yields and
OLYHV7KHͤUVWVWHSLVLQQRYDWLRQ,QWKHͤHOGDQGLQWKHZD\ZH
enable farmers to tackle farm challenges, is vital. For India to
FDWHUWRWKHIRRGIHHGDQGͤEUHQHHGVRIDJURZLQJSRSXODWLRQ
farmers’ progress is imperative. The use of the latest seeds,
knowledge, practices, technologies and market access must be
encouraged. Research into better seeds, nutrients and
practices fostered.
7
The use of the latest seeds, knowledge,
practices, technologies and market access
must be encouraged.
Farmers, enabled with access to the world’s
innovative products and technologies
can make India a self-sufficient global
contributor in agriculture.
The Indian farmer, over the years, has been an entrepreneur. He
has been quick to adopt better inputs and techniques that work
for him. Information and technology are empowering the farmer
to make informed decisions about crops, seeds and techniques,
and is ushering in refreshed awareness.
Our Annual Report underscores the Monsanto vision for
sustainable agriculture and sows the seeds for our future
direction. We remain committed to our Pledge by innovating
products and services and partnering the public, private,
development sectors to improve agriculture, and improve
farmers’ lives.
We believe in sustainable agriculture, improving the lives of
farmers by enabling him to produce more with less. We, at
Monsanto India Limited, are proud to partner the farmers in their
progress. Through innovation in seeds, services, agronomic
practices and partnerships. Each season, India’s farmers reward
us with their partnership, now extending over four decades, and
we are humbled by the trust farmers place in us.
For, in improving agriculture, we improve lives.
Yours sincerely,
Sekhar Natarajan
Chairman
We are happy to have played our role in enabling farmers
WRLQFUHDVHPDL]HSURGXFWLYLW\2XUGLYHUVLͤHGPDL]HK\EULG
portfolio offers farmers choices suited to diverse agro-climatic
conditions. We optimize crop yields through our herbicides for
weed management. The spirit is always Partnership. Be it with
the farmer, or strategic partnerships with State Governments
and agricultural institutions, or with the private and development
sectors. We will continue our endeavour towards farmers and
agriculture growth, partnering industry, government and
other stakeholders.
Agriculture in India is at a crucial juncture. Brazil and China
continue their strides with seeds and technologies. The tools,
be it policy, products or partners, required to take the next leap
IRUZDUGLQIDUPSURGXFWLYLW\DQGHIͤFLHQF\DUHDWKDQG:KDWLV
needed is the vision and will to grasp the opportunity. Enabling
policies encourage research and innovation, leading to more
choices. Farmers, enabled with access to the world’s innovative
SURGXFWVDQGWHFKQRORJLHVFDQPDNH,QGLDDVHOIVXIͤFLHQW
global contributor in agriculture.
8
Managing Director’s Message
MANAGING DIRECTOR’S
MESSAGE
We put farmers at the centre, believing
improving agriculture, improves lives.
Dear Shareholders,
It is a well known fact that farmers ushered in our country’s
Green Revolution, enabled with access to the world’s cuttingedge seeds, technologies, farming practices and market linkages,
PDNLQJ,QGLDVHOIVXIͤFLHQWLQJUDLQV,QWKHIXWXUHWKH\FDQPDNH
,QGLDDVLJQLͤFDQWJOREDOFRQWULEXWRULQDJULFXOWXUHDQGPHHW
domestic needs.
Domestic food (especially protein, milk, vegetables and fruits),
IHHGDQGͤEUHQHHGVDUHIRUHFDVWWRGRXEOHEHWZHHQ
and 2030 due to rising incomes, fuelled by rapid GDP growth.
As a nation, we expect farmers will meet consumer demand,
overcoming the challenges of limited natural resources and
a changing climate, while protecting the environment. As a
Company, helping farmers succeed presents an opportunity to
enable farmers to improve lives by increasing agricultural output
on farms, to feed and clothe the nation.
We put farmers at the centre, believing improving agriculture,
improves lives.
The seed and technology industry represent the potential of
yield-optimizing products, practices, and partnerships to create
shared value for 130 million farmers, by enabling them to produce
more while improving soil and water quality, meet the needs of the
user industry and nation, enhance rural incomes and create jobs
which catalyze economic opportunities around the farm, between
villages and towns, across sectors.
India’s crop yields are far below global averages. We believe
in India’s opportunity to unleash the potential of her farmers,
land, diverse natural resources, and agriculture science talent in
sustainable way.
From The Field in 2012-13
Farmers continued to prefer your Company’s Dekalb® maize
hybrid seeds across 18 states for enabling them to produce more,
and improve lives.
During the kharif (wet) season 2012-13, especially in key maize
areas of Maharashtra and North Karnataka, delayed rainfall
impacted farmers and India’s maize productivity. Our Dekalb®
business performed well despite environmental vagaries – a
result of superior products, practices, and farmer partnerships.
Farmers rewarded DKC 8101 with volume growth for its water
stress tolerance. In the rabi (dry) season, farmers preferred the
Dekalb®SRUWIROLRHQDEOLQJVLJQLͤFDQWJURZWKLQ%LKDUZLWK'.&
9081 leading the way. New launches – DKC 9120 and DKC 9125 –
helped meet farmers’ needs in the rabi (dry) season, and irrigated
areas in North India respectively.
Our R&D team improved protocols, disease-pest incidence
PDSSLQJWRROVJHRJUDSKLFFRYHUDJHDQGPHFKDQL]HGͤHOG
9
We believe in India’s opportunity to unleash the potential of her farmers, land, diverse
natural resources, and agriculture science talent in sustainable way.
operations to deliver a competitive product pipeline. Consolidating
RSHUDWLRQVKHOSHGLPSURYHVXSSO\FKDLQHIͤFLHQFLHVLQYHQWRU\
management, reduce seed write offs and customer returns –
helping deliver superior maize hybrid seeds to farmers.
Our Roundup® business performance improved to remain
farmers’ preferred herbicide for weed management, driven
by increasing labour costs, farmer outreach and
education campaigns.
In the area of services and improving agronomic practices, our
ͤHOGVDOHVDQGPDUNHWGHYHORSPHQWWHDPFRQWDFWHGRYHUDPLOOLRQ
farmers directly across States, and our Monsanto Farm AgVisory®
Service (MFAS) offered over 900,000 farmers timely, customized
crop management advisory from sowing-to-harvest, enabling
farmers to enhance yields and income.
We are also participating in Public-Private Partnerships (PPPs)
in Jammu & Kashmir, Odisha, Jharkhand, Maharashtra and Uttar
Pradesh, and in development sector partnerships for sustainable
agriculture to improve farmers’ lives by increasing yields via better
inputs, knowledge and market linkages.
The value created and shared from our innovative products,
services and partnerships enables us to improve lives in the areas
of sustainable agriculture, nutrition, education, human rights and
disaster rehabilitation. In partnership with eight NGOs, we have
improved lives of 143,000 farmer families through sustainable
agriculture; improved learning levels of 57,000 children; enhanced
food and nutritional security of 150,000 children via the mid-day
meal program; and supported 10,000 families through agriculturebased disaster rehabilitation in 2012-13.
Our people’s passion for farmers and agriculture, enabled by
a purpose-driven, collaborative, grassroots culture and matrix
structure creates a Great Place To Work®. It is humbling that
we’re recognized among Great Place To Work® in India and/or
India’s Best Employers in nine out of the last ten years. Our people
access cross-functional and functional specialist experiences,
aiding career lifecycle growth and development.
Harvesting the Future
Domestic maize demand is forecast to grow by 36 per cent by
2017, and to double by 2022, with demand outstripping supply.
Farmers choosing maize hybrid seeds have almost doubled maize
production in the last 11 years, yet India’s maize yields are half the
world average. By adopting maize hybrid seeds and leveraging
India’s unique geographical advantage, India can emerge as a
leading global exporter of maize to meet the rising needs of the
Far East.
To help farmers overcome the challenges of rising cost of
cultivation primarily driven by labour costs we are working on
Roundup Ready® and Yieldgard® in-the-seed technologies
WRRIIHUPDL]HIDUPHUVWKHFKRLFHRIGXDOEHQHͤWVRIVXSHULRU
insect protection, with convenient, flexible and effective weed
management, to optimize maize yields.
An improved regulatory environment will enable farmers to access
cutting-edge products and practices to optimize crop yields,
income, improve convenience, manage crop stresses (water,
pests, weeds, diseases), and reduce risks. India’s science-based
regulatory system is comparable with the best in the world, yet
can evolve in predictability. Research needs the encouragement
of regulatory predictability, so after research, testing and meeting
stated protocols, we can offer farmers new technologies. Farmers
are smart and deserve wider choices. Farmers will only reward
products, practices and partnerships which create shared value,
with acres on their farms.
It is high time our nation witnessed concerted action for farmers,
science, and economic growth. A progressive vision for farmers,
food and agriculture, which Centre and State Governments,
agriculture universities, private and development sector – all work
to deliver.
In keeping with our Monsanto Pledge, we will continue to engage
WUDQVSDUHQWO\VKDULQJNQRZOHGJHLQIRUPDWLRQDQGEHQHͤWVEH
accessible, dialogue, address concerns, respect diversity, and
lead responsibly.
In doing so, we will stay 100 per cent focused on farmers. It’s our
biggest strength, and opportunity.
For I believe, enabling farmers to improve their lives through
innovative products, services, partnerships, with a passionate
WHDPFDQWUXO\PDNH,QGLDDVHOIVXIͤFLHQWJOREDOFRQWULEXWRU
in agriculture.
Yours sincerely,
Dr. Gyanendra Shukla
Managing Director
10
SOWING IMPROVEMENT,
INNOVATION AND
PARTNERSHIPS
Past
Farmer Sadanand Sharma is popular in Devtha, a village of Bihar.
Born and raised in agricultural surroundings, Sadanand has been
acquainted with farming since his childhood. During his 20 years
of farming, he has witnessed the transformation his profession
is undergoing. To grow, and be competitive, thinking about today,
and the future, Sadanand made a few choices.
Present
“Progress of today’s farmer is
dependent on innovation.”
In rabi (dry) season of 2010, Sadanand chose to plant Dekalb®
maize hybrid seeds on 10 acres, yielding 4.3 tons per acre.
Identifying seeds as key to improvements on his farm, he chose
to increase planting Dekalb® maize hybrid seeds to 25 acres in
rabi 2011. And with improved farming practices, he raised yields
to 4.7 tons per acre. Today, Sadanand plants Dekalb® maize
seeds across 30 acres, which is more than 75 per cent of his
land holding. He has improved his life with sustainable yield
and income.
Future
“Progress of today’s farmers’ is dependent on innovation.
Innovative Dekalb® maize hybrid seeds have contributed towards
DEHWWHUOLYHOLKRRGIRUP\IDPLO\7KHUHDUHPXOWLSOHEHQHͤWV
Higher yield creates higher maize grain sale and additional
income. Further, incremental income comes from sale of the
maize shank and green stalks of the maize crop. This, in turn,
ensures that we can live in a pucca house, give our children a
better education, expand our cultivable area and earn more
for our family.”
11
Sowing Improvement, Innovation and Partnerships
Past
Farmer Narayan Bhagaji More, 52 years, of Mandna village
in Aurangabad, Maharashtra, started farming with 12 acres
\HDUVDJR+LVͤUVWFURSZDVFRWWRQ1DUD\DQOLNHIDUPHUV
worldwide, faces a common set of risks – weather, water, pests,
weeds, crop disease. In Mandna, due to uncertain weather
conditions, he got varied yields through the years.
Present
“You can’t sit and wait for
improvement to happen.
You have to take the first step.
Weather is changing. You need
to evolve.”
Seeing the environment change in recent years, either delayed,
early, less or untimely rains, and to reduce his risks, since
1DUD\DQKDVGLYHUVLͤHGKLVFURSSRUWIROLR'XULQJkharif
(wet) season of 2011, he chose to plant maize on three acres,
which yielded him 3.3 tons per acre under favourable weather
conditions like normal rainfall. He was further enabled by the
EHQHͤWVRIFKRRVLQJ'HNDOE® maize hybrid seeds (Dekalb® DKC
RQͤYHDFUHV\LHOGLQJWRQVSHUDFUHHYHQXQGHUFRQGLWLRQV
of reduced water availability in 2012.
Future
“You can’t sit and wait for improvement to happen. You have
WRWDNHWKHͤUVWVWHS:HDWKHULVFKDQJLQJ<RXQHHGWRHYROYH
The risks and costs of farming are far more today than when I
started. Farm labour costs have shot up in recent years. Sourcing
ODERXUIRUIDUPRSHUDWLRQVLVPRUHGLIͤFXOWQRZ:HDWKHULVPRUH
unpredictable. In this challenging situation, I have to ensure
the crop yield is high enough to sustain my livelihood. Shifting
towards farming better maize seeds with better practices is
EHQHͤFLDO$QGLVHQDEOLQJSURJUHVVIRUP\IDPLO\DQGPH̹
12
DEKALB®
Overview
Maize is one of the most
widely grown crops globally. In
SURGXFWLRQWHUPVLWUDQNVͤUVW
in the world, followed by wheat
and rice. On the consumption
side, the majority of its use is
as animal feed; followed by
industrial use in producing
starch and other industrial
products; and in some
parts, food.
India’s maize overview
India is the world’s sixth
ODUJHVWSURGXFHUDQGͤIWK
largest consumer of maize.
The nation’s eight million
maize farmers produced
approximately 22 million
tons of a maize crop from 8.5
million hectares in 2012-13.
Over the recent decade, as
farmers increasingly chose
maize hybrid seeds, maize
production in India has
witnessed a quantum leap.
The country is witnessing a
maize revolution, as farmers
are choosing maize hybrid
seeds on 52 per cent of India’s
maize areas.
Farmers choosing maize
hybrid seeds have contributed
to increasing maize production
by approximately 93 per cent
in the last 11 years (22.50
million tons in 2012-13 from
11.15 million tons in 200203). Yet, India’s maize yields
continue to be half of the
world average, with India’s
yield at 2.47 tons per hectare
in comparison with the world
average yield of 5.14 tons
per hectare.
,QWKHQH[WͤYHDQGWHQ\HDUV
India’s domestic demand for
maize is forecasted to outstrip
supply. The country’s maize
demand is forecast to grow
by 36 per cent in the next four
years touching 30 MT in 2017,
and double within the next
nine years to touch about
44 MT by 2022.
If India can enable her
farmers to raise maize yields,
its unique geographical
advantage can enable it to
emerge as a leading global
exporter to meet the needs
of South East Asia.
All India trend in maize production
Maize
Area
M ha
Production (in Million Tons)
Kharif
Rabi
Total
1990-91
5.90
8.90
-
8.90
2000-01
6.61
9.80
1.7
11.60
2011-12
8.25
15.10
4.8
19.90
2012-13
8.5
17.0
5.5
22.50
(Source: National Council of Applied Economic Research,
Ministry of Agriculture)
,PSURYLQJ(IͤFLHQFLHVLQ6HHG
R&D, Technology Development,
Manufacturing and Supply
Chain
MIL’s India-relevant Dekalb®
maize hybrid seeds continue
to be chosen by farmers in
18 states.
The MIL team improved seed
R&D protocols, disease-pest
incidence mapping, the R&D
footprint (to cover coastal
Andhra Pradesh, Bihar,
West Bengal, Rajasthan,
Uttar Pradesh and Madhya
Pradesh) and mechanization
RIUHVHDUFKͤHOGRSHUDWLRQV
with drip systems, planters,
detasselers, harvesters etc. at
pilot scale.
MIL also enhanced
partnerships with State
Agriculture Universities
(SAUs) and State Government
Departments of Agriculture
(DOA) to co-develop
improved agronomy practice
recommendations, delivered
LQSHUVRQYLD0,/̵VͤHOGWHDP
and the Dr. Dekalb® Farm Care
AgVisory® service (DDFC).
The team also improved
HIͤFLHQFLHVE\FRQVROLGDWLQJ
supply chain operations,
improved inventory
management reducing
seed write offs to less than
7 per cent of sales from
average 20 per cent for the
last three years. This helped
reduce Customer Returns
to 15 per cent. Variable
warehousing and improved
inventory management
ensured logistics costs were
effectively managed despite
fuel deregulations leading
to a fuel hike in excess of
18 per cent.
13
Dekalb®
Product Range
DKC 9081
DKC 8101
DKC 9108
New Dekalb® Maize
Hybrid Seeds Launched
DKC 7074
DKC 9117
DKC 9106
Pinnacle
900M Gold
DKC 9120
DKC 9125
Hishell
Specially developed maize
hybrid seeds for farmers
who plant maize in the rabi
or dry season and need
improved standability of
their maize crop
Specially developed
maize hybrid seeds for
farmers in Northern
States with irrigation on
their lands
Double
Super 900M
Allrounder
Prabal
DKC 9072
2012-13
Season Snapshot
yield higher realizations for the
farmers, and as a result, for MIL.
Delayed rainfall severely
impacted farmers and the
nation’s maize productivity
during the kharif season 201213, especially Maharashtra
and North Karnataka which
are key maize growing areas.
This affected domestic supply,
and an increase in maize and
feed prices has been observed
in recent months.
Kharif Season 2012-13
Pressure on maize
acreages on account of
delayed rainfall
With the change in rainfall,
farmers accelerated their
planting of maize hybrid
seeds with better water stress
tolerance. Late resurgence of
the rainfall in parts resulted
in farmers increasing maize
sowing in kharif and thus
volume growth for Dekalb®.
During the rabi season in Bihar,
seed placement was initiated
October onward and farmers;
choice to plant Dekalb® grew
VLJQLͤFDQWO\
MIL continued to focus on elite
maize hybrid seeds, which
Drought in key maize
growing markets of
Maharashtra and North
Karnataka put pressure
on sales
Maize commodity prices
inched up, driven by global
and local factors, creating
demand for maize, and
extension of the kharif
season sowing till lateAugust 2012
Aggressive scale up
of DKC 8101, to offer
farmers in Maharashtra
and Karnataka a Dekalb®
hybrid seed with better
water stress tolerance.
Farmers rewarded Dekalb®
ZLWKDͤYHIROGYROXPH
growth for the hybrid over
the previous year
Increased competition by
seed companies impacted
volume participation
in State Public-Private
Partnerships (PPP)
Rabi Season 2012-13
Rabi season was buoyant;
driven by good farmer
demand on account of
increased maize prices
DKC 9108 and DKC 9081
are emerging as seeds
of choice for farmers
across rabi and spring
geographies
A focus on elite hybrid
seeds improved farmer
acceptance and MIL
margin realizations
7KHͤHOGWHDPRSWLPL]HG
Dekalb® maize hybrid
availability constraints
while maximizing
demand-supply dynamics
in the market
Marketing Campaigns
Dekalb® ‘Hero’
campaign helped
build farmer
preference for DKC
8101 in Maharashtra
and Karnataka
Dekalb® Hishell ‘Guru’
campaign in North
markets found farmer
appreciation
Dekalb® 9120
‘Pehelwan’ campaign
found farmer success
in Bihar
The Dr. Dekalb®
Farm Care AgVisory®
platform enabled
superior performance
for Dekalb® maize
hybrid seeds along
with customized
agronomic practices,
as well as targeted
farmer and trade
channel promotions
through mobile
phones
14
Dekalb® Margdarshak
The Dekalb® Margdarshak
program focuses on
providing value-added
EHQHͤWVWRH[LVWLQJ
Monsanto Dekalb®
farmers. The Dekalb®
Margdarshak farmers
receive regular agronomic
training, access to
detailed product
knowledge and technical
advisory (DDFC), soil
testing service, veterinary
check up, access to
agriculture seminars, and
community recognition.
Over 13,000 farmers
across 15+ Indian states
are registered Dekalb®
Margdarshaks; learning,
growing and sharing their
learning with fellow
maize farmers.
Human Rights Program for
Farmers in Maize Hybrid Seed
Production
MIL continued its effort
towards improving lives with
the launch of its Human Rights
Program in maize. During
the 2012-13 season, MIL
focused on educating farmers
to produce maize hybrid
seeds without child labour,
DQGHQKDQFLQJIDUPHUͤHOG
safety in the state of Andhra
Pradesh, where majority of
its maize hybrid seeds are
produced. Post third-party risk
assessment in 2009, it was
found that farmers used child
labour to an extent of 1 per
cent. MIL undertook proactive
PHDVXUHVOLNHIDUPHUͤHOG
audits at various stages of the
crop, from sowing to harvest,
LQWHQVLYHRQͤHOGWUDLQLQJDQG
education on safety measures.
As a positive step for the
FKLOGUHQHPSOR\HGLQWKHͤHOGV
it adopted 15 schools located
around the maize hybrid seed
production areas, provided
free play aids, computers
and supported special
education classes. These
collaborative efforts resulted
in the containment of child
labour rate to 0.1 per cent.
The program also provides
safe and clean drinking water.
With this in mind, a reverse
osmosis plant was installed
across six villages addressing
the needs of more than 60,000
people in seed production
areas, and positive feedback
received from the community
on receiving on the support
from MIL.
Ravishankar C
Category Lead – Corn
“IF INDIA CAN
ENABLE HER
FARMERS TO RAISE
MAIZE YIELDS,
ITS UNIQUE
GEOGRAPHICAL
ADVANTAGE
CAN ENABLE IT
TO EMERGE AS A
LEADING GLOBAL
EXPORTER TO MEET
THE NEEDS OF
SOUTH EAST ASIA”
15
Roundup®
ROUNDUP®
FARMERS’
HERBICIDE OF
CHOICE FOR WEED
MANAGEMENT
7KHEHQHͤWVRI5RXQGXS®
Potential to save
crop-yield loss by
approximately 30-35%
Manages weeds by
eliminating them from
their roots
Protects weed reemergence for 50-55
days
Weeds are unwanted plants
WKDWJURZLQͤHOGVDQGDUH
a major deterrent to crop
productivity. Weeds compete
with crops for water, nutrients
and sunlight, thus inhibiting
their growth. Weeds also tend
to harbour insects, pests and
micro-organisms. They block
drainage and impede the flow
of water, impacting yields.
Hence, timely removal of
weeds is critical for farmers to
optimize yield potential of
their crops.
Traditional methods of weed
control -- hand weeding or
mechanical weeding, provide
limited duration weed control,
are labour intensive, and
hence, costly. Labour shortage,
timely unavailability, rising
ZDJHVDQGLQVXIͤFLHQWIDUP
mechanization options, has
farmers choosing to spray
herbicides for
weed management.
Roundup® is a glyphosatebased, broad spectrum, postemergent systemic herbicide
for weed management, and
the flagship of our agricultural
productivity business.
Roundup®SURYLGHVHIͤFLHQW
weed control and helps cover
wide areas effectively. It
offers cost savings in weed
management on labour
and time, helps prevent soil
erosion, conserve water and
carbon dioxide, and is safer to
soil microbes (as compared
to other herbicides) in
conservation (reduced or zero)
tillage practices.
Roundup® is also used to
control weeds along roadsides,
railway tracks, airports and
gardens. Regulatory agencies
around the world have
concluded that glyphosate
KHUELFLGHVSRVHQRVLJQLͤFDQW
risks to human health and
the environment.
MIL conducts regular farmer
education on the importance
of chemical weeding, and
Roundup®’s advantages,
helped Roundup® continue as a
preferred choice of farmers.
Piyush Nagar
Category Lead – Crop
Protection & Seed Treatment
“LABOUR
SHORTAGE, TIMELY
UNAVAILABILITY,
RISING WAGES AND
INSUFFICIENT FARM
MECHANIZATION
OPTIONS, HAS
FARMERS CHOOSING
HERBICIDES
FOR WEED
MANAGEMENT.
Reduces manual
dependence for weeds
removal
Saves farmers money
and time
Can be used easily with
minimal impact on soil
fertility
16
IN SERVICE,
INNOVATIVELY.
IMPROVED AGRONOMIC PRACTICES (IAP) ARE A KEY LEVER TO INCREASING YIELD.
WHILE SEED IS ONE OF THE CRITICAL INPUTS IN FARMING, FARMERS FACE A LOT
OF UNCERTAINTIES AND CROP MANAGEMENT CHALLENGES, WHICH REDUCE FARM
YIELD AND INCOME. THESE INCLUDE CROP DISEASES, PESTS, WEEDS, UNCERTAIN
WEATHER AMONG OTHERS. MOST FARMERS CONSTANTLY SEEK THE LATEST
TIMELY, CUSTOMIZED INFORMATION TO MANAGE THEIR CROP AND OVERCOME
ENVIRONMENT STRESSES EFFECTIVELY.
MONSANTO FARM AGVISORY® SERVICES (MFAS)
Strong Connectivity
Features of MFAS
MFAS is built on a highly sophisticated IT software system,
ZKLFKDVVLVWVTXDOLͤHGDQGWUDLQHG0)$6$GYLVRUVWR
identify the farmer’s query, consult the comprehensive
technical advisory system, and present the solution to
him instantly, mostly, on a single call. The toll-free number
works for 365 days from 7 am to 9 pm, giving live solutions
to any crop related query of the farmer. MFAS offers two
distinctive services which provide timely and customized
advisory to the farmer round-the-season helping him get
immediate solutions to his farming queries:
Leveraging the high
penetration of mobile phones
in the villages, in 2010, MIL
launched Monsanto Farm
AgVisory® Services (MFAS).
An innovative interactive
mobile-based farmer advisory
platform, MFAS offers
timely and customized crop
management advisory to
enable maize, cotton and
vegetable farmers to enhance
IDUP\LHOGVDQGSURͤWDELOLW\
Partnering with nine lakh
farmers, MFAS has been
launched in 16 states, seven
different languages. The
platform provides farmers with
timely and customized, roundthe-season advisory during
different crop stages across
pre-sowing, crop management
and harvesting.
9 Lakh+
Farmers connected
16
Presence in
number of states
7
Number of languages
for assistance
17
In Service, Innovatively
Inbound advisory
Suitable seed selection
Outbound advisory
Regular voice based crop advisories
and alerts throughout the season
Timely agronomic practices for
fertilizers, pesticides, irrigation
Timely alerts on crop management
Pest-disease and weed
management
Hybrid recommendation
Weather forecasts
Local mandi prices
DR. DEKALB® FARM CARE (DDFC)
sowing to harvesting, with
service portfolio extending
to extensive market research
(covering weather forecasts
and mandi produce prices).
Simplicity at DDFC
Register with DDFC on
the toll-free number 1800
3000 0303 after purchase
of any Dekalb® maize
hybrid seeds packet
Maintains a detailed
database of each farmer
Provides a toll free number
with a simple assist
directly to the DDFC
advisor in the preferred
language of the farmer
DDFC is our dedicated Maize
Crop Advisory Service under
the MFAS umbrella. Since its
launch in May 2010, DDFC has
been effective in handholding
farmers through all three
maize cropping cycles.
Understanding DDFC
The DDFC team collects
comprehensive information on
farms and crop management.
With its advanced and
innovative D-Tool (Diagnostic
Tool) and Farmer Expert
Panel, it provides solutions
RQQXWULHQWGHͤFLHQF\RIVRLO
timely control of pests and
diseases, recommendation
on weedicide thus aiding in
conservation of resources
and enhancing yield. DDFC
drives on holistic crop
management advisory from
Excellence at DDFC
DDFC was awarded a
Silver Prize at Monsanto
Sustainable Yield Global
Pledge Awards in 2010
Rahul Das
Lead - Strategic Marketing
“WE ARE SHARING
OUR AGRICULTURE
KNOWLEDGE BY
LEVERAGING IT AND
MOBILE SOLUTIONS
TO DELIVER SEASONROUND FARMER
AGVISORY®.”
DDFC farmer enrolment
rose 32 per cent year-onyear, at 3.5+ lakh farmers
in 2012-13 up from 2.65
lakh farmers in 2011-12
18
PARTNERING
IMPROVEMENT
PUBLIC-PRIVATE PARTNERSHIPS (PPP)
WE BELIEVE IN INNOVATION, PARTNERSHIPS AND CHOICES. CHOICES ENABLE
FARMERS TO ACCESS CUTTING-EDGE SEEDS AND AGRONOMIC PRACTICES IN
THE BRAND AND CHANNEL OF THEIR CHOICE TOWARDS IMPROVED YIELDS
AND LIVELIHOODS. THE NATION’S FARMER NEEDS AND CONSUMER DEMAND
PRESENTED PUBLIC-PRIVATE PARTNERSHIP (PPP) OPPORTUNITIES FOR MIL TO
PARTICIPATE ACROSS THE FIVE STATES OF UTTAR PRADESH, JAMMU & KASHMIR,
MAHARASHTRA, ODISHA, JHARKHAND AND UTTARANCHAL.
Hybrid Maize Yield
Enhancement Program,
Uttar Pradesh
This project aims to improve
crop yields, income, and
thus, transform the lives of
thousands of maize farmers
in Uttar Pradesh. Knowledge
on agri inputs and practices
are shared at farmer
education programs, live crop
demonstrations conducted,
and information disseminated
at state-exhibitions and
village-level exhibitions/fairs
to progressive farmers and
farming groups. Farmers
gained access to quality
inputs including Dekalb®
maize hybrid seeds, as well
as the latest agronomic
practices. The project
EHQHͤWHGIDUPHUVIURP
23,000 households in
19
Partnering Improvement
1,500 plus villages. The
average yield increased by 6-7
quintals per acre and farmers
now earn approx. Rs. 6,000 –
Rs. 7,000 incremental income.
Improving Maize Productivity
through Hybridization,
Jammu & Kashmir
This project aims to transform
over 25,000 maize farmers’
lives across 1,214 villages
in eight districts in Jammu
& Kashmir by improving
crop productivity. In
coordination with Department
of Agriculture, our Field
Team conducted crop
demonstrations enabling
farmers to increase yields
by approx. 40-65 per cent
per acre. Farmers now earn
approx. Rs. 5,000 – 6,000
incremental income per acre.
Maize hybrid seed usage is up
25 per cent from 15 per cent in
the past with better agronomic
practices. Improved farmer
income has set positive trends
for maize in the State.
Integrated Agriculture
Development, Maharashtra
In 2012, MIL participated in
Buldhana and Nandurbar
districts of Maharashtra to
improve productivity of
5,000 farmers on approx.
4,000 acres through better
seeds and agronomic
SUDFWLFHV)DUPHUVEHQHͤWHG
from sharing of knowledge
related to right plant spacing,
better inputs and crop
management, and despite
GHͤFLHQWUDLQIDOO\LHOGV
increased by 6-10 quintals
per acre over earlier years.
The project has been
H[WHQGHGWRͤYHIROGWR
cover 25,000 acres in 2013.
PPP to Increase Maize
Productivity through
Hybridization, Odisha
Under the Rashtriya Krishi
Vikas Yojana (RKVY), MIL
partnered the Department of
Agriculture in a project to offer
maize growing as a choice to
5,746 farmers in 459 villages in
4 districts (Balangir, Nuapada,
Sonepur and Gajapati) in
2012-13. The team conducted
238 Farmer Awareness and
Education Programs along
with NGO partners and District
Agricultural authorities, and
maintained continued farmer
connect, enabling improved
farm performance. Average
farmers’ yields doubled with
Dekalb® maize hybrid seeds,
i.e. 1.5 – 2 tons per acre from
0.8-0.9 quintals per acre with
open pollinated varietal (OPV)
seeds, enabling farmers to earn
additional income of Rs. 6,0007,000 per acre.
PPP to Increase Maize
Productivity through
Hybridization, Jharkhand
Under Rashtriya Krishi Vikas
Yojana (RKVY), we were
chosen by the Department
of Agriculture, Jharkhand
to participate in a project
to increase productivity by
popularization of maize
K\EULGVHHGVLQͤYHGLVWULFWV
- Gadhwa, Palamau, Latehar,
Lohardagga and Ranchi. We
outreached to 6,671 farmers
in 159 villages through 230+
farmer awareness and training
programs, and 145 harvest
day events. Our dedicated
ͤHOGWHDPVKRZFDVHG'HNDOE®
maize hybrid seeds’ yield
superiority and enabled
farmers to yield 1.8-2.0
tons per acre. Additionally,
favourable market prices
enabled farmers to earn
incremental income of
Rs. 5,000 – 7,000 per acre.
Project Drishti, Uttaranchal
Project Drishti encouraged
farmers in Uttaranchal to
upgrade from open pollinated
varietal (OPV) seeds to maize
hybrid seeds, and educated
them on improved agronomic
practices towards increasing
income and quality of life of
300 farmers in 91 villages.
The team outreached to
575+ farmers across four
districts through crop
demonstration activities.
Crop yields increased by 50
to 100 per cent with maize
hybrid seeds compared with
OPV cultivation, and farmers
earned incremental income of
Rs. 5,000 – 7,000 per acre.
By way of the above PublicPrivate Partnerships (PPPs),
we have contributed in making
a positive difference to approx.
1 lakh farmers. Additionally,
we engaged with the State
governments in Rajasthan
and Madhya Pradesh under
various initiatives to extend
better quality products and
create shared value for
over two lakh farmers in
these States.
Jitendra Joshi
Manager - Projects
“CHOICES ENABLE
FARMERS TO
ACCESS CUTTINGEDGE SEEDS AND
AGRONOMIC
PRACTICES IN
THE BRAND AND
CHANNEL OF THEIR
CHOICE TOWARDS
IMPROVED YIELDS
AND LIVELIHOODS.”
20
PARTNERING
COMMUNITIES
SUSTAINABILITY AND CSR PARTNERSHIPS AND PROGRAMS
IN PARTNERSHIP WITH EIGHT NGOS — THE INDIAN SOCIETY OF AGRIBUSINESS
PROFESSIONALS (ISAP), AKSHAYA PATRA, PRADAN, ACCESS DEVELOPMENT SERVICES,
SIKSHANA, CARE, JKWS, AND DESHKAL — WE ARE HELPING IMPROVE LIVES OF 143,000
FARMING FAMILIES THROUGH SUSTAINABLE AGRICULTURE; IMPROVING LEARNING
LEVELS OF 57,000 CHILDREN; ENHANCING FOOD AND NUTRITIONAL SECURITY OF
150,000 CHILDREN VIA THE MID-DAY MEAL PROGRAM; AND SUPPORTING 10,000
FAMILIES THROUGH DISASTER REHABILITATION.
21
Partnering Communities
Sustainability
partnerships and
programs
Project SHARE
(Sustainable Harvest –
Agriculture, Resources,
Environment)
Project SHARE
(Sustainable Harvest –
Agriculture, Resources,
Environment) in
partnership with the
NGO Indian Society for
Agribusiness Professionals
(ISAP), is improving lives
of 10,000 small and
marginal farmers in 11,000
villages across Andhra
Pradesh, Maharashtra and
Rajasthan. Increased crop
productivity and income is
being enabled by access
to better farm inputs,
knowledge on improved
farming practices, creation
of farmer and women
self-help groups, and
market linkages.
Monsanto’s BeachellBorlaug International
Scholars Program
(MBBISP)
Honoring the
achievements of Henry
Beachell, Ph.D. and
Norman Borlaug, Ph.D.
(who pioneered plant
breeding and research in
rice and wheat), 16 young
Indian agriculture students
received the prestigious
Monsanto BeachellBorlaug International
Scholars Program
(MBBISP) Research
Fellowships thus far. Rice
and wheat are critical
to India’s food security.
Students are encouraged
to undertake new plant
breeding research towards
enabling farmers to
increase rice and wheat
production to meet
food needs.
Food and Nutrition
Security for children,
Rajasthan
In partnership with the
NGO Akshaya Patra
Foundation, this is
enhancing food and
nutritional security for
150,000 school children
in Rajasthan via the
school mid-day meal
program. We helped setup
kitchen gardens and a
solar dehydration plant to
ensure year-round supply
of nutritious vegetables for
school children.
Disaster Rehabilitation
through Agriculture,
Karnataka and Andhra
Pradesh
The project aims at
providing rehabilitation
to agriculture-based
livelihoods of 10,000
farmers in 20 floodaffected villages of
Raichur, Karnataka, and
Mehboobnagar, Andhra
Pradesh, in partnership
with the NGO ACCESS
Development Services,
by restoring cultivable
land, improving
agronomic practices,
streamlining quality inputs,
developing farmer-based
institutions, and facilitating
market linkages.
Sustainable Agriculture,
Odisha
In partnership with NGO
PRADAN (Professional
Assistance for
Development Action), this
project aims to improve
lives of 3,000+ agrarian
households in 240
villages in Odisha through
integrated land and water
resource development,
improved farming systems
and better market
linkages.
Rural Education,
Karnataka
This school nurturing
project, in partnership with
NGO Sikshana Foundation,
is improving learning
levels of 7,500 children
from Karnataka’s farming
communities through
various programs on
reading, writing, motivational
efforts and arithmetic. It
aims to provide a viable
model for a sustainable
and decentralized
educational process.
Rural Education, Bihar
NGO Deshkal Society with
the State Department of
Education are helping
improve learning levels
of 50,000 children from
193 Government primary
schools in Bihar; in
addition to enhancing
teacher capabilities.
Child Rights and
Education, Andhra
Pradesh
Partnering with the NGO
Jana Kalyan Welfare
Society (JKWS), the project
has provided safe drinking
water and enhanced
children’s education; and
is addressing child labour
issues in Andhra Pradesh’s
seed producing
farming communities.
Child Rights and
Education, Karnataka and
Andhra Pradesh
Along with improving
quality of education and
creating rural community
awareness on human
rights, this project is
addressing child labour
issues by focusing on
bringing children back to
schools in 62 villages in
Karnataka and Andhra
Pradesh, in partnership
with NGO Centre for
Applied Research &
Extension (CARE).
Christopher Samuel
Director - Public Affairs,
Sustainability & Corporate
Social Responsibility
“THE VALUE
CREATED AND
SHARED FROM
OUR INNOVATIVE
PRODUCTS,
SERVICES AND
PARTNERSHIPS
ENABLES US TO
IMPROVE LIVES
IN THE AREAS
OF SUSTAINABLE
AGRICULTURE,
NUTRITION,
EDUCATION,
HUMAN RIGHTS
AND DISASTER
REHABILITATION.”
22
PEOPLE @ A GREAT
PLACE TO WORK®
PEOPLE AT MONSANTO INDIA DEVELOP THEIR CAREERS IN A PURPOSE-DRIVEN,
COLLABORATIVE, GRASSROOTS CULTURE AND MATRIX STRUCTURE, HIGH ON
AUTONOMY, AND LEADING IN POSITION. PEOPLE ACCESS CROSS-FUNCTIONAL
EXPERIENCES AND FUNCTIONAL SPECIALIST OPPORTUNITIES, AIDING CAREER
LIFECYCLE GROWTH AND DEVELOPMENT.
Career Lifecycle
Management Learning & Growth
Opportunities
Purpose-Driven,
Open and
Collaborative
Environment
The open, collaborative
culture and matrix structure is
focused on helping each other
succeed. This ensures MIL is a
Great Place To Work®.
High on collaboration, crossfunctional teams are core to
the operating DNA, creating
an atmosphere for individuals
to bring their functional
perspective and achieve
shared results.
MIL aims to create an
environment that attracts
and retains talent with varied
education and experiences,
including being an employer
of choice for women,
which resulted in a threefold increase in women as
percentage of total hiring
in 2012-13 versus 2010.
Facilitating a safe environment
allows women to deliver in the
rigour of rural India, earning
MIL the distinction of hiring
women for Sales/Customerfacing roles.
MIL’s Employee Life Cycle
Management approach drives
talent needs assessment,
recruitment, induction, people
review, career planning, and
skill enhancement strategies.
Creating meaningful
employee engagement
through continuous learning
and growth opportunities
is essential to our Talent
Management Strategy. Our
Learning and Development
initiatives delivered at the
organization, functional team,
and individual levels are
based on a 70-20-10
Development Philosophy:
70% from On-The-Job
Experiences and Additional
Responsibilities
20% from Feedback from
Managers, Peers and
Mentors
10% from Formal Training,
Structured Inputs, and
Reading
To the statement “I am
proud to tell others I
work here” – 96% of MIL
employees vouched in
favor, while the external
best in class response
stood at 92%.
Alind Sharma
Director - Human Resources
“AT THE HEART IS A
PURPOSE-DRIVEN,
COLLABORATIVE,
GRASSROOTS
CULTURE, SHARED
BY ALL OUR PEOPLE.”
23
People @ A Great Place To Work®
In 2012-13, MIL introduced
“Monsanto Disha”, a New
Employee Orientation Program
of collaborative opportunities
for new colleagues to learn
about the Company Vision,
Business, Products and
Partnerships, the Monsanto
Way of Life, while interacting
and learning from leaders
across functions.
Employees and their managers
share equal stakes in personal
development as managers
provide opportunities for
people to develop. Further
Online Learning Resources,
Executive Coaching, and
customized, organizational
development and talent
management interventions are
other avenues.
Leadership
Development
In 2012-13, Monsanto
institutionalized its Leadership
Competency Model through
various Leadership Team
forums, People Leader
Learning Series (PLLS), the
Leadership 180 (L180), an
India Mentoring Program, and
internal communications.
Further, global platforms such
as the Global Leadership
Exchange (GLE), Asia Regional
Leadership Exchange (RLE),
and Global Mentoring Plus
(GMP) covering a crosssection of talent across
functions and levels, offered
people the opportunity
to develop superior skills
in Strategy, Product
Management, Supply Chain
and Technology.
The People Leader Learning
Series (PLLS), a nine-day
program on ‘Managing People
the Monsanto Way’, was relaunched with refreshed focus
on selection, direction setting,
motivating and developing,
assessing, managing diversity,
and work-life balance.
The Regional Leadership
Exchange (RLE). Every year,
emerging leaders from
India across functions are
nominated to participate in
a team-based, eight-month,
leadership exchange program
with colleagues and regional
leaders from South East
Asia, Australia-New Zealand,
and China. The RLE focuses
on critical thinking, creating
and implementing business
strategies, cultural sensitivity,
Safety is a priority
for MIL. Be it
our employees,
communities in which
we live and work,
customers, consumers
or the environment.
MIL nurtures Safety
and Health Excellence
by implementing
a world-class ESH
Management system,
including Occupational
Medicine and Vehicle
Safety components.
The MIL philosophy
includes Environment
Safety and Health
(ESH) compliance with
respect to Corporate
ESH and Indian
legal requirements.
Two manufacturing
locations extended
their Occupational
Health and Safety
(OHSAS 18001)
and Environment
Management
System (ISO 14001)
FHUWLͤFDWLRQVWKLV
ͤVFDOYDOLGDWLQJ0,/̵V
commitment to
the cause.
ͤQDQFLDODQGEXVLQHVV
acumen, personal leadership
identity, and leveraging the
matrix for greater innovation
DQGHIͤFLHQF\
Theme-based Behavioural
Training for Sales Teams.
Post identifying skill
development themes
for the Sales and Market
Development team to deliver
superior business results, MIL
worked with cross-functional
teams internally, and external
experts, to create MonsantoVSHFLͤFWUDLQLQJSURJUDPV
on managing the Customer,
Channel, Self and Teams.
MIL was thus once again
ranked among Top 100 of
India’s Best Companies to
Work 2012, including ranking
4th in Companies with less
than 1,000 Employees in
India’s Best Companies to
Work 2012 by the Great Place
To Work® Institute.
The second home of our
people – Monsanto
MIL Safety Focus
recognized as Best
Practice among
companies across all
industries in the Great
Place To Work® 2012
MIL’s Silvassa site
UHFHLYHGD&HUWLͤFDWH
of Commendation at
the 9th Confederation
of Indian Industry
(CII) Western Region
Safety, Health and
Environment (SHE)
Awards 2012
MIL employees
conducted several
voluntary Off-theJob Safety programs
across India reaching
100,000+ people
across the country
MIL achieved the
global Monsanto
ESH Vision of
Zero Fatalities and
Debilitating Injuries,
and reported zero
accidents in 2012-13
Mahesh Chandak
Lead - ESH and Human Rights
“AT MONSANTO
INDIA, OUR
MANAGERS
DEMONSTRATE
SAFETY
LEADERSHIP AND
OUR EMPLOYEES
DEMONSTRATE
HIGH SAFETY
AWARENESS,
OWNERSHIP AND
ACCOUNTABILITY.
OUR SAFETY AND
HUMAN RIGHTS
PROGRAMS
IMPROVE THE LIVES
OF PEOPLE IN THE
COMMUNITIES
WHERE WE
OPERATE.”
24
PROFILE OF THE BOARD
OF DIRECTORS
Sekhar Natarajan, Chairman
Sekhar Natarajan has spent almost 30 years in Monsanto, guiding and building its contributions
to Indian agriculture. Mr. Natarajan provides strategic counsel, offers business guidance and
represents the Company at industry forums. Prior to this role, he held several leadership positions
DFURVVIXQFWLRQV̰&KLHI)LQDQFLDO2IͤFHU%XVLQHVV'HYHORSPHQW+HDG6DOHVDQG0DUNHWLQJ+HDG
and Global Corporate Strategy Lead at Monsanto’s headquarters in St. Louis, USA. Mr. Sekhar
1DWDUDMDQLVDTXDOLͤHG&KDUWHUHG$FFRXQWDQWDQG&RVW$FFRXQWDQW+HLVDVWUDWHJLFWKLQNHUZLWK
rich global experience in Business Development and Mergers and Acquisitions (M&A). Currently,
he is also a Managing Partner of M/s. S.N. Consultants that provides advice and strategic
directions to several local and international companies.
Dr. Gyanendra Shukla, Managing Director
Dr. Gyanendra Shukla leads the team in developing strategy to achieve the Company’s vision for
sustainable agriculture. A 24-year agriculture sector veteran, Dr. Shukla has served successfully
in varied roles of increasing responsibility spanning Technology Development, Regulatory, Sales
&XVWRPHU6HUYLFH6XVWDLQDELOLW\DQG&RUSRUDWH$IIDLUVDFURVVWKH,QGLDDQG$VLD3DFLͤFUHJLRQV
he was also the Country Manager of the Monsanto Company’s business in Indonesia where he reestablished the Roundup® business, and helped lay the foundation for the maize business.
Dr. Shukla was named Fellow of Indian Society of Weed Science in recognition for his contributions
to farmers and the industry. Besides, he also received numerous other external and internal
recognitions. He also represents the Company to the National Seed Association of India (NSAI),
Association of Biotech-Led Enterprises – Agriculture Group (ABLE-AG), and industry chambers.
Dr. Shukla holds a B.S. in Agronomy from G.B Pant University of Agriculture and Technology,
a Ph.D. in Agriculture Botany from Kanpur University and an MBA from S.P. Jain Institute of
Management & Research in Mumbai. Prior to joining Monsanto, he worked in senior positions for
Ciba-Geigy (now Syngenta) and Hoechst (now Bayer CropScience) in technology development
roles focusing on development of insecticides, fungicides and herbicides.
Pradeep Poddar, Director
Mr. Pradeep Poddar is currently the Managing Director of Mount Everest Mineral Water Limited,
a Tata Enterprise, and is leading the Tata’s foray into water and functional beverages globally. He
represents the Tata’s interests on the Boards of Nourishco – the Joint Venture Company with
Pepsico and the Rising Beverage Company (Activate Beverages) in the US. He is also a trustee on
the Board of United Way, Mumbai. He joined the MIL Board in January 2006.
Mr. Poddar has vast experience in the consumer goods industry, having served in senior
management at Glaxo, Heinz and the Tata Group. The Wisitex Foundation and Karnataka
Government conferred on him the Udyog Ratna Award in 2001 for his distinguished contribution to
the food industry. Mr. Poddar is a Chemical Engineer from UDCT, Mumbai, and has an MBA from
IIM, Ahmedabad.
25
3URͤOHRIWKH%RDUGRI'LUHFWRUV
Ravinder K. Reddy, Director
Mr. Ravinder K. Reddy leads Manufacturing for the India region and is responsible for managing
ͤHOGSURGXFWLRQRSHUDWLRQVDQGFDSLWDOSURMHFWV+HKDVDYDVWH[SHULHQFHLQSURGXFWLRQDQG
manufacturing of seeds of maize, cotton and other row crops. He is instrumental in strategy
development for the company’s seeds, and implementation of long-term business growth plans,
further Plant/Production infrastructure expansion - planning and execution, and also to improve
and enlarge local seed production programme to meet future domestic and export demand. He
has also taken many steps towards cost improvement in both production and operations.
Mr. Reddy has worked with Monsanto for 20 years cumulatively. He began his career with Cargill
Seeds in 1990, and subsequently held many assignments in Row Crop Manufacturing with
increasing responsibility, from General Manager - Operations, Lead - India Seed Supply, to Lead 6HHG2SHUDWLRQVIRUWKH1RUWKDQG6RXWK$VLD3DFLͤF5HJLRQIURP6LQJDSRUH)URPKHWRRN
on expanded responsibility of India, China and Pakistan row crop manufacturing operations based
out of India. Mr. Reddy is a post Graduate in Agricultural Sciences from the ANGRAU University,
Andhra Pradesh.
H. C. Asher, Director
Mr. H. C. Asher holds M.A. and LL.B. degrees from the Mumbai University. He is a Senior Partner
RI0V&UDZIRUG%D\OH\&RDOHDGLQJͤUPRI$GYRFDWHVDQG6ROLFLWRUVLQ0XPEDLDQGLVDZHOO
recognized expert in corporate and commercial laws. Mr. Asher is also a Director on the Boards of
many other reputed companies. He joined the Board of MIL in 1973.
R. C. Khanna, Director
0U5&.KDQQDKROGVYDULRXVTXDOLͤFDWLRQVLQFOXGLQJ%&RP/RQG)&$(QJ:DOHV$&0$
FCA and AICWA. Mr. Khanna retired as the Senior Partner of M/s. A.F. Ferguson & Co., Chartered
Accountants in 1989. He joined the Board of MIL in 1975. He has a vast experience in matters
UHODWLQJWRFRUSRUDWHͤQDQFHDQGWD[DWLRQ
26
127,&(
Notice is hereby given that the 63rd Annual General Meeting of the Members of Monsanto India Limited will be held on Friday,
2nd August, 2013 at 11.30 a.m. at Rangaswar Hall, Y. B. Chavan Centre, 4th Floor, Gen. Jaganath Bhosale Marg, Nariman Point,
Near Sachivalay Gymkhana, Mumbai – 400 021, to transact the following business:
Ordinary Business:
1.
To receive, consider and adopt the Balance Sheet as at 31st0DUFKDQGWKH6WDWHPHQWRI3URͤWDQG/RVVIRUWKH\HDU
ended on that date, together with the reports of the Board of Directors and the Auditors thereon.
2.
To declare a dividend.
3.
To appoint a Director in place of Mr. H. C. Asher, who retires by rotation and, being eligible, offers himself for re-appointment.
4.
To appoint a Director in place of Mr. Pradeep Poddar, who retires by rotation and, being eligible, offers himself
for re-appointment.
5.
To appoint M/s. Deloitte Haskins & Sells, Chartered Accountants (Registration No.117366W), Mumbai, as Statutory
$XGLWRUVWRKROGRIͤFHIURPWKHFRQFOXVLRQRIWKLVPHHWLQJXQWLOFRQFOXVLRQRIWKHQH[W$QQXDO*HQHUDO0HHWLQJDQGWR
DXWKRUL]HWKH%RDUGRI'LUHFWRUVWRͤ[WKHLUUHPXQHUDWLRQ
Special Business:
7RFRQVLGHUDQGLIWKRXJKWͤWWRSDVVZLWKRUZLWKRXWPRGLͤFDWLRQVWKHIROORZLQJUHVROXWLRQDVDQ2UGLQDU\5HVROXWLRQ
̸5(62/9(' 7+$7 SXUVXDQW WR 6HFWLRQ RI WKH &RPSDQLHV $FW WKH ̸$FW̹ DQG WKH $UWLFOHV RI WKH $UWLFOHV
of Association of the Company, Mr. Gyanendra Shukla who was appointed as an Additional Director with effect from 1st
0DUFKE\WKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\WRKROGRIͤFHXSWRWKHGDWHRIHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
and in respect of whom the Company has received a notice in writing along with deposit of ` 500/- from a member of the
&RPSDQ\SXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQRIWKH$FWSURSRVLQJKLVFDQGLGDWXUHIRUWKHRIͤFHRI'LUHFWRURIWKH
&RPSDQ\EHDQGLVKHUHE\DSSRLQWHGDVD'LUHFWRURIWKH&RPSDQ\̹
7RFRQVLGHUDQGLIWKRXJKWͤWWRSDVVZLWKRUZLWKRXWPRGLͤFDWLRQVWKHIROORZLQJUHVROXWLRQDVD6SHFLDO5HVROXWLRQ
̸5(62/9('7+$7SXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQDQGUHDGZLWK6FKHGXOH;,,,DQGVXFKRWKHUDSSOLFDEOH
SURYLVLRQVLIDQ\RIWKH&RPSDQLHV$FWKHUHLQDIWHUUHIHUUHGWRDV̸WKH$FW̹IRUWKHWLPHEHLQJLQIRUFHLQFOXGLQJ
DQ\VWDWXWRU\PRGLͤFDWLRQVRUDQ\DPHQGPHQWRUDQ\VXEVWLWXWLRQRUUHHQDFWPHQWWKHUHRIIURPWLPHWRWLPHDSSURYDORI
the shareholders be and is hereby accorded to the appointment of Mr. Gyanendra Shukla as the Managing Director of the
Company, with effect from 1st0DUFKWRth February, 2016.
5(62/9(')857+(57+$7DSSURYDOEHDQGLVKHUHE\DFFRUGHGWRWKHUHPXQHUDWLRQSHUTXLVLWHVEHQHͤWVDQGDPHQLWLHV
payable as per the terms and conditions of the Agreement entered into by the Company with Mr. Gyanendra Shukla for the
aforesaid appointment and as set out in this notice; with authority to the Board of Directors of the Company to alter and/or
vary the terms and conditions of the said appointment in accordance with, if any, the prescribed provisions of the Act and/
or any schedules thereto.
5(62/9(')857+(57+$7LQWKHHYHQWRIORVVRULQDGHTXDF\RISURͤWVLQDQ\ͤQDQFLDO\HDUGXULQJWKHDIRUHVDLGSHULRG
WKH&RPSDQ\ZLOOSD\0U*\DQHQGUD6KXNODUHPXQHUDWLRQSHUTXLVLWHVEHQHͤWVDQGDPHQLWLHVQRWH[FHHGLQJWKHFHLOLQJ
ODLGGRZQLQ6HFWLRQ,,RI3DUW,,RI6FKHGXOH;,,,RIWKH&RPSDQLHV$FWDVPD\EHGHFLGHGE\WKH%RDUGRI'LUHFWRUV
subject to necessary sanctions and approvals.
27
Notice
5(62/9(')857+(57+$7WKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\EHDQGLVKHUHE\DXWKRULVHGWRHQKDQFHHQODUJHDOWHU
RUYDU\WKHVFRSHDQGTXDQWXPRIUHPXQHUDWLRQSHUTXLVLWHVEHQHͤWVDQGDPHQLWLHVSD\DEOHWR0U*\DQHQGUD6KXNODIURP
time to time, which revision should be made in conformity with any amendments to the relevant provisions of the Act and/
or rules and regulations made thereunder and/or such guidelines as may be announced by the Central Government from
time to time.
5(62/9(')857+(57+$7WKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\EHDQGLVKHUHE\DXWKRULVHGWRVHWWOHDQ\TXHVWLRQ
GLIͤFXOW\RUGRXEWWKDWPD\DULVHLQJLYLQJHIIHFWWRWKLVUHVROXWLRQGRDOOVXFKDFWVGHHGVPDWWHUVDQGWKLQJVDVPD\EH
QHFHVVDU\DQGVLJQDQGH[HFXWHDOOGRFXPHQWVRUZULWLQJVDVPD\EHQHFHVVDU\SURSHURUH[SHGLHQWIRUWKHSXUSRVHRI
JLYLQJHIIHFWWRWKLVUHVROXWLRQDQGIRUPDWWHUVFRQFHUQHGWKHUHZLWKRULQFLGHQWDOWKHUHWR̹
Explanatory Statement
3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FW
Item No. 6
7KH%RDUGRI'LUHFWRUVDWLWVPHHWLQJKHOGRQth January, 2013, appointed Mr. Gyanendra Shukla as an Additional Director
with effect from 1st 0DUFK SXUVXDQW WR 6HFWLRQ RI WKH &RPSDQLHV $FW DQG SXUVXDQW WR $UWLFOH RI
WKH$UWLFOHVRI$VVRFLDWLRQRIWKH&RPSDQ\0U*\DQHQGUD6KXNODKROGVRIͤFHXSWRGDWHRIWKHHQVXLQJ$QQXDO*HQHUDO
Meeting. The Company has received a notice, along with deposit of ` 500/-, pursuant to Section 257 of the Companies Act,
IURPDPHPEHUSURSRVLQJDSSRLQWPHQWRI0U*\DQHQGUD6KXNODDVD'LUHFWRU
With a career spanning over 24 years, during his 16 years’ association with Monsanto, Mr. Gyanendra Shukla has held various
OHDGHUVKLSSRVLWLRQVDFURVVIXQFWLRQV0U*\DQHQGUD6KXNODMRLQHG0RQVDQWRLQDVD1DWLRQDO3URGXFW'HYHORSPHQW
0DQDJHU )URP WR KH VKRZHG JUHDW YHUVDWLOLW\ ZLWK DFFRPSOLVKHG VWLQWV LQ 7HFKQRORJ\ 'HYHORSPHQW7'
Regulatory and Sales. He was the Technology Development Lead for South Asia and later the National Sales Manager
for India in 2006 before he moved to Indonesia as the Country Lead. Mr. Gyanendra Shukla led Indonesia ably in a trying
period re-establishing Roundup®, laying foundation for corn growth and negotiating various Corporate Affairs’ challenges.
,QHDUO\KHPRYHGWR6LQJDSRUHDVWKH7'/HDGIRUWKH$VLD3DFLͤF5HJLRQDQGHQGRIKHPRYHGEDFNWR,QGLD
as the India Region Corporate Affairs Lead.
Honoring his invaluable contribution to Monsanto and the biotech industry, he has been a recipient of various recognitions
LQFOXGLQJ ̸)HOORZ RI ,QGLD 6RFLHW\ RI :HHG 6FLHQFH̹ DPRQJ RWKHUV +H DOVR SOD\V LPSRUWDQW UROHV LQ WKH 6HHG DQG
Biotechnology Industry Associations in India.
Your directors recommend the appointment of Mr. Gyanendra Shukla as Director of the Company.
1RQHRIWKH'LUHFWRUVRIWKH&RPSDQ\H[FHSW0U*\DQHQGUD6KXNODLVLQWHUHVWHGRUFRQFHUQHGLQWKHSURSRVHGUHVROXWLRQ
Item No. 7
7KH%RDUGRI'LUHFWRUVDWLWVPHHWLQJKHOGRQth January, 2013, appointed Mr. Gyanendra Shukla as Managing Director
of the Company for a period of three years with effect from 1st March, 2013. The Board of Directors at its meeting held on
27th February, 2013, approved the salary and all other terms and conditions of appointment of the said Managing Director,
subject to the approval of the shareholders in a general meeting.
The material terms and conditions of appointment of Mr. Gyanendra Shukla, as contained in the Agreement between the
Company and Mr. Gyanendra Shukla are as follows:
Sr. No.
Elements
Rupees
(i)
Basic Salary
` 5,750,000/- per annum
(ii)
2WKHU$OORZDQFHV
` 2,371,233/- per annum (including Conveyance Allowance of
` SD
(iii)
Incentive, Performance Bonus
and Increment
As determined by the Board of Directors/ Remuneration Committee
from time to time and within the overall Company’s Scheme
(iv)
House Rent Allowance [HRA]
As per Company’s Scheme.
28
Sr. No.
Elements
Rupees
(v)
0HGLFDO%HQHͤWV
a)
Mediclaim Policy as per Company’s scheme.
b)
5HLPEXUVHPHQWRIPHGLFDOH[SHQVHVWRWKHH[WHQWRI` 21,000/per annum.
(vi)
Leave Travel Allowance
(vii)
Insurance
`SHUDQQXPRQHPRQWK̵VEDVLFVDODU\
Group Personal Accident Policy: As per Company’s Scheme.
In addition, the cost of insurance cover against the risk of any
ͤQDQFLDOOLDELOLW\RUORVVEHFDXVHRIDQ\HUURURIMXGJPHQWDVWKH
Managing Director of the Company, as may be approved by the
Board of Directors from time to time.
(viii)
Leave entitlement
L[
Contribution to the Provident
Fund, Superannuation Fund or
any other Fund
[
Gratuity
$VSHU&RPSDQ\̵V6FKHPH
[L
Automobile
$IXOO\PDLQWDLQHG0RWRU&DUIRURIͤFLDOXVHRUFDVKUHLPEXUVHPHQWLQ
lieu thereof) as per the rules of the Company.
[LL
Communication facility
Mobile phone and residence landline telephone facilities will be
reimbursed.
[LLL
6WRFN2SWLRQVRU6WRFN
Appreciation Rights Plan (SAR) or
5HVWULFWHG6WRFN8QLWV568
(OLJLEOHWRSDUWLFLSDWHLQWKH6WRFN2SWLRQV6WRFN$SSUHFLDWLRQ5LJKWV
3ODQVHWFDVLQH[LVWHQFHWREHGHFODUHGE\WKH0RQVDQWR&RPSDQ\
86$IURPWLPHWRWLPHLQFOXGLQJ568JUDQWHGLIDQ\
[LY
The terms and conditions of the said appointment and/or agreement may be altered, enhanced or varied
IURPWLPHWRWLPHE\WKH%RDUGDVLWPD\LQLWVGLVFUHWLRQGHHPͤW
[Y
7KH$JUHHPHQWPD\EHWHUPLQDWHGE\HLWKHUSDUW\JLYLQJWKHRWKHUSDUW\GD\V̵QRWLFH7KH&RPSDQ\PD\DW
its sole discretion relieve the Managing Director of his duties any time during his notice period and, in that event,
KHZLOOEHSDLGKLVEDVLFVDODU\IRUWKHEDODQFHRIWKHQRWLFHSHULRGRIQLQHW\GD\V7KH0DQDJLQJ'LUHFWRU
VKDOOQRWEHHQWLWOHGWRDQ\RWKHUSD\PHQWGXULQJWKHDIRUHVDLGEDODQFHRIWKHQRWLFHSHULRGRIQLQHW\GD\V
[YL
The Managing Director shall not be entitled to receive any fees for attending meetings of the Board.
* Conveyance amount of ` 9,600 p.a. will not be paid if company provided car is availed.
** As per the Gratuity Act/ Company policy.
1RWZLWKVWDQGLQJDQ\WKLQJWRWKHFRQWUDU\KHUHLQFRQWDLQHGZKHUHLQDQ\ͤQDQFLDO\HDUWKH&RPSDQ\KDVQRSURͤWVRULWVSURͤWV
DUHLQDGHTXDWHWKH&RPSDQ\ZLOOSD\WKHUHPXQHUDWLRQVHWLQWKHDJUHHPHQWVDVPLQLPXPUHPXQHUDWLRQWRWKH0DQDJLQJ
'LUHFWRUVXEMHFWWRVXFKDSSURYDOVDVPD\EHUHTXLUHGXQGHUWKHDSSOLFDEOHSURYLVLRQVRIWKH&RPSDQLHV$FWDQGRUDQ\
other applicable laws.
In addition to the above, upon the recommendation of the Remuneration Committee, the Managing Director will be eligible for
annual incentive. The said annual incentive compensation will be variable and does not guarantee a minimum payment to the
Managing Director. The funding of the annual incentive plan is at the sole discretion of the Company and may be amended in
whole or in part or be terminated by the Company at any point of time.
7KH$JUHHPHQWLVDYDLODEOHIRULQVSHFWLRQE\WKHPHPEHUVRIWKH&RPSDQ\DWLWV5HJLVWHUHG2IͤFHDW$KXUD&HQWUHth)ORRU
0DKDNDOL&DYHV5RDG$QGKHUL(DVW0XPEDLEHWZHHQSPDQGSPRQDQ\ZRUNLQJGD\RIWKH&RPSDQ\
up to the date of Annual General Meeting.
$EVWUDFWRIWKH$JUHHPHQWSXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQRIWKH&RPSDQLHV$FWKDVDOUHDG\EHHQFLUFXODWHG
to the members.
29
Notice
,QIRUPDWLRQVXFKDVEULHIUHVXPHQDWXUHRIH[SHUWLVHLQVSHFLͤFIXQFWLRQDODUHDVDQGGHWDLOVRI'LUHFWRUVKLSHWFDVUHTXLUHGWR
EHIXUQLVKHGXQGHU&ODXVH9,RIWKH/LVWLQJ$JUHHPHQWLVSURYLGHGLQWKHUHOHYDQWVHFWLRQRQ&RUSRUDWH*RYHUQDQFH
1RQHRIWKH'LUHFWRUVRWKHUWKDQ0U*\DQHQGUD6KXNODLVLQWHUHVWHGLQWKLV5HVROXWLRQ7KH%RDUGRI'LUHFWRUVUHFRPPHQGVWKH
DIRUHVDLGUHVROXWLRQIRU\RXUDSSURYDO
NOTES:
$0(0%(5(17,7/('72$77(1'$1'927($77+(0((7,1*,6(17,7/('72$332,17$352;<72$77(1'$1'927(
,167($'2)+,06(/)$1'7+(352;<1(('127%($0(0%(57KHLQVWUXPHQWDSSRLQWLQJ3UR[\DVSHUWKHIRUPDW
LQFOXGHGLQWKH$QQXDO5HSRUWVKRXOGEHUHWXUQHGWRWKH5HJLVWHUHG2IͤFHRIWKH&RPSDQ\QRWOHVVWKDQ)257<(,*+7
+2856EHIRUHWKHWLPHIRUKROGLQJWKH0HHWLQJ3UR[LHVVXEPLWWHGRQEHKDOIRIOLPLWHGFRPSDQLHVVRFLHWLHVSDUWQHUVKLS
ͤUPVHWFPXVWEHVXSSRUWHGE\DSSURSULDWHUHVROXWLRQDXWKRULW\DVDSSOLFDEOHLVVXHGE\WKHPHPEHURUJDQL]DWLRQ
([SODQDWRU\6WDWHPHQWSXUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWLQUHVSHFWRIWKH6SHFLDO%XVLQHVVWREH
WUDQVDFWHGDWWKH$QQXDO*HQHUDO0HHWLQJDVVHWRXWLQWKH1RWLFHLVDQQH[HGKHUHWR
7KH5HJLVWHURI0HPEHUVDQG6KDUH7UDQVIHUERRNVRIWKH&RPSDQ\ZLOOEHFORVHGRQUG-XO\WRth-XO\
ERWKGD\VLQFOXVLYH
7KHSD\PHQWRIGLYLGHQGXSRQGHFODUDWLRQE\WKHVKDUHKROGHUVDWWKHIRUWKFRPLQJ$QQXDO*HQHUDO0HHWLQJZLOOEHPDGH
on or after 2QG$XJXVWDVXQGHU
D 7R DOO WKRVH EHQHͤFLDO RZQHUV KROGLQJ VKDUHV LQ HOHFWURQLF IRUP DV SHU WKH EHQHͤFLDO RZQHUVKLS GDWD DV PD\ EH
DYDLODEOH WR WKH &RPSDQ\ E\ 1DWLRQDO 6HFXULWLHV 'HSRVLWRU\ /LPLWHG ̸16'/̹ DQG WKH &HQWUDO 'HSRVLWRU\ 6HUYLFHV
,QGLD/LPLWHG̸&'6/̹DVDWWKHHQGRIWKHGD\RQ2QG-XO\
E 7RDOOWKRVHPHPEHUVKROGLQJVKDUHVLQSK\VLFDOIRUPDIWHUJLYLQJHIIHFWWRDOOWKHYDOLGVKDUHWUDQVIHUVORGJHGZLWKWKH
&RPSDQ\EHIRUHWKHFORVLQJKRXUVRQ2QG-XO\
6KDUHKROGHUVDUHUHTXHVWHGWRLQWLPDWHLQGLFDWLQJWKHLUIROLRQXPEHUWKHFKDQJHVLIDQ\RIWKHLUUHJLVWHUHGDGGUHVVHVWR
WKH&RPSDQ\DWLWVUHJLVWHUHGRIͤFHRUWRWKH&RPSDQ\̵V5HJLVWUDUDQG6KDUH7UDQVIHU$JHQWV̸57$̹YL]/LQN,QWLPH,QGLD
3ULYDWH/LPLWHG&3DQQDODO6LON0LOOV&RPSRXQG/%60DUJ%KDQGXS:0XPEDLLQFDVHVKDUHVDUHKHOG
LQSK\VLFDOIRUPRUWRWKHLUUHVSHFWLYH'HSRVLWRU\3DUWLFLSDQW̸'3̹LQFDVHWKHVKDUHVDUHLQGHPDWHULDOL]HGIRUP
7KHSDUWLFXODUVUHFRUGHGZLWKWKH'3VZLOOEHFRQVLGHUHGIRUPDNLQJWKHSD\PHQWRIGLYLGHQGHLWKHUE\LVVXLQJSK\VLFDO
LQVWUXPHQWVRUWKURXJK(OHFWURQLF&OHDULQJ6\VWHP̸(&6̹7KH6KDUHKROGHUVDUHUHTXHVWHGWRWDNHDSSURSULDWHDFWLRQLQ
WKHPDWWHULQWKHLURZQLQWHUHVWWRDYRLGGHOD\LQUHFHLYLQJWKHSD\PHQWRIGLYLGHQG
:KHUH GLYLGHQG SD\PHQWV DUH PDGH WKURXJK (&6 LQWLPDWLRQV UHJDUGLQJ VXFK UHPLWWDQFHV ZRXOG EH VHQW VHSDUDWHO\ WR
WKHVKDUHKROGHUV
7UDGLQJLQWKH&RPSDQ\̵VVKDUHVWKURXJKVWRFNH[FKDQJHVLVSHUPLWWHGRQO\LQGHPDWHULDOL]HGHOHFWURQLFIRUP7KHHTXLW\
VKDUHVRIWKH&RPSDQ\KDYHEHHQUHJLVWHUHGZLWKERWK16'/DVZHOODV&'6/WRHQDEOHVKDUHKROGHUVWRKROGDQGWUDGH
WKHVHFXULWLHVLQGHPDWHULDOL]HGHOHFWURQLFIRUP,QYLHZRIWKHQXPHURXVDGYDQWDJHVRIIHUHGE\WKHGHSRVLWRU\V\VWHP
PHPEHUVKROGLQJVKDUHVLQWKH&RPSDQ\LQSK\VLFDOIRUPDUHUHTXHVWHGWRDYDLORIWKHIDFLOLW\RIGHPDWHULDOLVDWLRQ
6KDUHKROGHUVGHVLULQJDQ\LQIRUPDWLRQUHJDUGLQJWKHDFFRXQWVDUHUHTXHVWHGWRZULWHWRWKH&RPSDQ\6HFUHWDU\DWOHDVW
GD\VSULRUWRWKH$QQXDO*HQHUDO0HHWLQJVRDVWRHQDEOHWKH&RPSDQ\WRNHHSWKHLQIRUPDWLRQUHDG\
,QDFFRUGDQFHZLWKWKHSURYLVLRQVRI6HFWLRQ$RIWKH&RPSDQLHV$FWWKH&RPSDQ\KDVWUDQVIHUUHGXQFODLPHG
LQWHULPGLYLGHQGVIRUWKH\HDUHQGHGst0DUFKDQG,QWHULPGLYLGHQGVIRUWKH\HDUWRWKH̸,QYHVWRU(GXFDWLRQ
DQG3URWHFWLRQ)XQG̹,(3)
,QWHUPVRI6HFWLRQV$DQG&RIWKH&RPSDQLHV$FWDQ\GLYLGHQGUHPDLQLQJXQSDLGIRUDSHULRGRIVHYHQ\HDUV
IURPWKHGXHGDWHRISD\PHQWLVUHTXLUHGWREHWUDQVIHUUHGWRWKH,(3)0HPEHUVZKRKDYHQRWHQFDVKHGWKHLUͤQDOGLYLGHQG
ZDUUDQWVIRUWKH\HDURUWKHUHDIWHUDUHUHTXHVWHGWRZULWHWRWKH&RPSDQ\RUWKH57$,WPD\EHQRWHGWKDWRQFH
WKHXQFODLPHGGLYLGHQGLVWUDQVIHUUHGWRWKH,(3)DVDERYHQRFODLPVKDOOOLHZLWKWKH&RPSDQ\LQUHVSHFWRIVXFKDPRXQW
30
,QFDVHRIQRQUHFHLSWRIWKHGLYLGHQGZDUUDQWVWKHVKDUHKROGHUVDUHUHTXHVWHGWRFRQWDFWWKH&RPSDQ\̵V57$WKH5HJLVWUDU
RI&RPSDQLHVDVPHQWLRQHGKHUHXQGHU
Dividend for the Financial Year
Contact
Action by Shareholder
8SWR
2IͤFHRIWKH5HJLVWUDURI&RPSDQLHV
0DKDUDVKWUD0XPEDL
&ODLPLQ)RUP1R,,RIWKH&RPSDQLHV
8QSDLG'LYLGHQG7UDQVIHUWR*HQHUDO
5HYHQXH$FFRXQWRIWKH&HQWUDO
*RYHUQPHQW5XOHV
WRLQWHULP
ͤQDOGLYLGHQGWR
LQWHULP
̸(9(5(67̹th)ORRU0DULQH'ULYH
0XPEDL
1RQUHFRYHUDEOHVLQFHWKHXQSDLGDPRXQW KDVEHHQWUDQVIHUUHGWR,QYHVWRU(GXFDWLRQ
DQG3URWHFWLRQ)XQG
/LQN,QWLPH,QGLD3ULYDWH/LPLWHG
5HTXHVWOHWWHURQSODLQSDSHU
&3DQQDODO6LON0LOOV&RPSRXQG/%6
0DUJ%KDQGXS:0XPEDL
*LYHQEHORZDUHWKHSURSRVHGGDWHVIRUWUDQVIHURIWKHXQFODLPHGGLYLGHQGWRWKH,(3)E\WKH&RPSDQ\
Dividend for the Financial Year
Date of Declaration
%of Dividend
Due Date for
Transfer to IEPF
(1)
Interim Dividend
31
Notice
7KHVKDUHKROGHUVKROGLQJVKDUHVLQSK\VLFDOIRUPFDQDYDLORIWKHQRPLQDWLRQIDFLOLW\E\ͤOLQJ)RUP%LQGXSOLFDWHZLWK
WKH&RPSDQ\RULWV57$ZKLFKZLOOEHPDGHDYDLODEOHRQUHTXHVWDQGLQFDVHRIVKDUHVKHOGLQGHPDWIRUPWKHQRPLQDWLRQ
KDVWREHORGJHGZLWKWKHLU'3)RUFRQYHQLHQFHQRPLQDWLRQIRUPLVDWWDFKHGDWWKHHQGRIWKH$QQXDO5HSRUW
3XUVXDQWWRDPHQGHG&ODXVH$RIWKHOLVWLQJDJUHHPHQWZKLFKSURYLGHVWKDWVKDUHVKHOGSK\VLFDOO\DQGUHPDLQHGXQFODLPHG
E\VKDUHKROGHUVGXHWRLQVXIͤFLHQWLQFRUUHFWLQIRUPDWLRQRUDQ\RWKHUUHDVRQVKRXOGEHWUDQVIHUUHGLQWKHGHPDWPRGHWR
RQHIROLRLQWKHQDPHRI̴8QFODLPHG6XVSHQVH$FFRXQW̵ZLWKRQHRIWKHGHSRVLWRU\SDUWLFLSDQWV7KH&RPSDQ\KDVVHQW
UHPLQGHUVWRWKHVKDUHKROGHUVRQth'HFHPEHUth'HFHPEHUDQGth0DUFK
$VDPHDVXUHRIDXVWHULW\FRSLHVRIWKHDQQXDOUHSRUWZLOOQRWEHGLVWULEXWHGDWWKH$QQXDO*HQHUDO0HHWLQJ0HPEHUVDUH
WKHUHIRUHUHTXHVWHGWREULQJWKHLUFRSLHVRIWKH$QQXDO5HSRUWWRWKH0HHWLQJ
7KHVKDUHKROGHUVFDQREWDLQPRUHLQIRUPDWLRQRQ,QYHVWRU3URWHFWLRQRQ6(%,6WRFN([FKDQJHVLWHVZKLFKDUHZZZVHEL
JRYLQZZZEVHLQGLDFRPDQGZZZQVHLQGLDFRP
7KHSDUWLFXODUVRI'LUHFWRUVUHWLULQJE\URWDWLRQDQGRUHOLJLEOHIRUUHDSSRLQWPHQWDUHJLYHQLQWKH&RUSRUDWH*RYHUQDQFH
VHFWLRQRIWKLV$QQXDO5HSRUW
%\RUGHURIWKH%RDUGRI'LUHFWRUV
Chandana Dhar
th
0XPEDL 0D\
&RPSDQ\6HFUHWDU\&RPSOLDQFH/HDG
32
Details of Directors seeking appointment / re-appointment in the forthcoming Annual General Meeting
3XUVXDQWWR&ODXVHRIWKH/LVWLQJ$JUHHPHQWZLWKWKH6WRFN([FKDQJHV
Name of Director
'LUHFWRU,GHQWLͤFDWLRQ1R
'DWHRIDSSRLQWPHQW
'DWHRI%LUWK
([SHUWLVHLQVSHFLͤF
IXQFWLRQDODUHDV
Mr. H. C. Asher
Mr. Pradeep Poddar
Mr. Gyanendra Shukla
/HJDOͤHOGSDUWLFXODUO\RQ
PDWWHUVUHODWLQJWRFRUSRUDWH
ODZV
+HKDVYDVWH[SHULHQFHDWWKH
KLJKHVWOHYHOVRI0DQDJHPHQW
DQGLVYHWHUDQRIWKHFRQVXPHU
JRRGVLQGXVWU\
&KHPLFDO(QJLQHHULQJ
0%$,,0$KPHGDEDG
+HKDVYDVWH[SHULHQFHRQ
WHFKQRORJ\GHYHORSPHQWDQG
QHZSURGXFWGHYHORSPHQW
4XDOLͤFDWLRQV
0$//%
'LUHFWRUVKLSDVRQst
0DUFK
&KDLUPDQVKLS0HPEHUVKLS
DVRQst0DUFK
6KDUHKROGLQJLQ0RQVDQWR
*UDQW,QYHVWUDGH
/LPLWHG
*XOI2LO&RUSRUDWLRQ
/LPLWHG
+LQG)LOWHUV/LPLWHG
+LQGXMD9HQWXUHV/LPLWHG
,'/([SORVLYHV/LPLWHG
7KH,QGLDQ&DUG&ORWKLQJ
&RPSDQ\/LPLWHG
,QJHUVROO5DQG,QGLD
/LPLWHG
.HOWHFK(QHUJLHV/LPLWHG
0RQVDQWR,QGLD/LPLWHG
+LQGXMD9HQWXUHV
/LPLWHG
$XGLW&RPPLWWHH0
6KDUHKROGHUV*ULHYDQFHV
&RPPLWWHH&
0RXQW(YHUHVW0LQHUDO
:DWHU/LPLWHG
1RXULVKFR%HYHUDJHV
/LPLWHG
0RXQW(YHUHVW0LQHUDO:DWHU /LPLWHG
&RPPLWWHH0
7KH,QGLDQ&DUG&ORWKLQJ
&RPSDQ\/LPLWHG
$XGLW&RPPLWWHH0
1RXULVKFR%HYHUDJHV
/LPLWHG
$XGLW&RPPLWWHH0
,QJHUVROO5DQG,QGLD/LPLWHG
$XGLW&RPPLWWHH&
&RPPLWWHH0
$XGLW&RPPLWWHH&
&RPPLWWHH0
$XGLW&RPPLWWHH0
&RPPLWWHH0
1,/
%6LQ$JURQRP\3K'LQ
$JULFXOWXUH%RWDQ\0%$63
-DLQ0XPEDL
0DK\FR0RQVDQWR
%LRWHFK,QGLD/LPLWHG
1,/
* Directorships in Private Limited Companies, Foreign Companies, Section 25 Companies and their Committee memberships are excluded.
Membership and Chairmanship of Audit Committees and Shareholders’ Grievance Committees of Public Companies have been included in the
aforesaid table.
(M) – Member, (C) – Chairman
33
)LQDQFLDO6XPPDU\IRU\HDUV
),1$1&,$/6800$5<
)25<($56
`LQ&URUHV
I.
2012-13
2011-12
2010-11
2009-10
2008-09
2007-08
2006-07
2005-06
2004-05
2003-04
436.54
,QFRPH3URͤW'LYLGHQG
6DOHV1HW
2WKHU,QFRPH
22.79
7RWDO,QFRPH
459.33
86.56
3URͤW%HIRUH'HSUHFLDWLRQ
,QWHUHVW7D[
'HSUHFLDWLRQ
10.89
75.67
Interest
7D[
3URͤW$IWHU7D[3$7
'LYLGHQG
'LYLGHQG` per share
0.7
74.97
7.63
67.34
37.99
22.00(8)
6KDUH&DSLWDO&DSLWDO
Employed
17.26
5HVHUYHVDQG6XUSOXV
390.16
1HW:RUWK6KDUHKROGHUV̵)XQG
407.42
/RDQV6HFXUHGDQG8QVHFXUHG
-
2
2
407.42
6KDUH&DSLWDO
7RWDO&DSLWDO(PSOR\HG
5HSUHVHQWHGE\)L[HG$VVHWV1HW
,QYHVWPHQWV
1HW&XUUHQW2WKHU$VVHWV
7RWDO$VVHWV
III.
3URͤW%HIRUH,QWHUHVW7D[
3%,7
3URͤW%HIRUH7D[3%7
II.
89.16
250.94
67.32
407.42
Return
2Q6DOHV3%7
17
22
2Q&DSLWDO(PSOR\HG3%,7
19
21
2Q6KDUHKROGHUV̵)XQGV3$7
3HU6KDUH3$7`
17
11
22
21
0.39
(1)
Includes divestiture income.
(2)
Interim dividend of ` 10 and Final dividend of ` 10
(3)
Interim dividend of ` 10 and Final dividend of ` 7.50
(4)
(5)
1st Interim dividend of ` 12, 2QG Interim dividend of ` 180 as a ‘special dividend’ and Final dividend of ` 15.
(6)
1st and 2QG Interim dividend of ` 10 and Final dividend of ` 2.50
(7)
Interim dividend of ` 120 including ‘special dividend’ of ` 110 and Final dividend of ` 10.
(8)
34
',5(&7256̵
5(3257
To the Shareholders,
<RXU'LUHFWRUVDUHGHOLJKWHGWRSUHVHQWWKHUG$QQXDO5HSRUWRI\RXU&RPSDQ\WRJHWKHUZLWKWKH$XGLWHG)LQDQFLDO6WDWHPHQWV
IRUWKHͤQDQFLDO\HDUHQGHGst0DUFK
Financial Highlights
7KHͤQDQFLDOSHUIRUPDQFHRI\RXU&RPSDQ\IRUWKH\HDUHQGHGst0DUFKLVVXPPDUL]HGEHORZ
`LQ&URUHV
1HW6DOHV
3URͤW%HIRUH7D[HV
7D[DWLRQ
st
Year ended 31
March, 2013
Year ended 31st
March, 2012
436.54
74.97
7.63
67.34
$GG%DODQFHEURXJKWIRUZDUGIURPSUHYLRXV\HDU
118.70
Amount Available for Appropriation
186.04
%DODQFHRI3URͤW
Appropriated As Under:
17.27
E7D[RQ,QWHULP'LYLGHQG
2.80
F3URSRVHG)LQDO'LYLGHQG
20.72
G7D[RQSURSRVHG)LQDO'LYLGHQG
3.52
H7UDQVIHUWR*HQHUDO5HVHUYH
6.73
135.00
D,QWHULP'LYLGHQG
%DODQFHLQ6WDWHPHQWRI3URͤW/RVV
'XULQJWKHͤQDQFLDO\HDUXQGHUUHYLHZ\RXU&RPSDQ\SRVWHGD3URͤW$IWHU7D[3$7RI` &URUHVIRU)<FRPSDUHG
WRSUHYLRXV\HDU3$7RI`&URUHVDULVH3UHWD[SURͤWVDUHDOVRKLJKHUE\DW`&URUHVSUHYLRXV\HDU
`&URUHV
1HW 7XUQRYHU IRU WKH \HDU XQGHU UHYLHZ DW ` &URUHV FRPSDUHG WR` &URUHV IRU WKH SUHYLRXV )< JUHZ E\ SULPDULO\GULYHQE\UREXVWJURZWKLQ&RUQDVZHOODV5RXQGXS®1HW6DOHVRI&RUQGXULQJWKH\HDUXQGHUUHYLHZLV`
&URUHVZKLFKLVKLJKHUE\`&URUHVLQFRPSDULVRQZLWKWKHSUHYLRXV\HDU1HW6DOHVRI5RXQGXS®GXULQJWKH\HDULV
`&URUHVKLJKHUE\`&URUHVRYHUWKHSUHYLRXV\HDU
35
'LUHFWRUV̵5HSRUW
Operational Highlights
<RXU&RPSDQ\̵VVHHGV̵VDOHZDVKLJKHUE\DW`&URUHVLQWKH)<YLV¢YLV`&URUHVLQWKH)<
5RXQGXS®VDOHVLQFUHDVHGE\IURP`&URUHVLQWKH)<WR`&URUHV7KHLQFUHDVHLVSULPDULO\GULYHQ
E\YROXPHJURZWKDQGKLJKHUUHDOL]DWLRQWKURXJKRXWWKH\HDU
7KHRSHUDWLQJH[SHQVHLQWKH\HDULV`&URUHVZKLFKLVLQFUHDVHRYHUSUHYLRXV\HDULQVSLWHRIKLJKLQIODWLRQDU\WUHQG
'LYLGHQG6KDUH&DSLWDO
'XULQJ WKH ͤQDQFLDO \HDU \RXU &RPSDQ\ GHFODUHG DQ LQWHULP GLYLGHQG RI ` 5XSHHV 7HQ RQO\ SHU HTXLW\ VKDUH
,Q DGGLWLRQ \RXU 'LUHFWRUV UHFRPPHQG SD\PHQW RI ` 5XSHHV 7ZHOYH RQO\ SHU HTXLW\ VKDUH DV WKH ͤQDO GLYLGHQG IRU
WKH ͤQDQFLDO \HDU HQGHG st 0DUFK ,I DSSURYHG WKH WRWDO GLYLGHQG LQWHULP DQG ͤQDO GLYLGHQG IRU WKH ͤQDQFLDO \HDU
ZLOOEH`5XSHHV7ZHQW\WZRRQO\SHUHTXLW\VKDUH
Corporate Governance
$GHWDLOHGUHSRUWRQWKHFRUSRUDWHJRYHUQDQFHV\VWHPDQGSUDFWLFHVRIWKH&RPSDQ\IRUPLQJSDUWRIWKLVUHSRUWLVJLYHQDVD
VHSDUDWHVHFWLRQRIWKH$QQXDO5HSRUW
Management Discussion And Analysis
$PDQDJHPHQWGLVFXVVLRQDQGDQDO\VLVRQWKHEXVLQHVVDQGRSHUDWLRQVRIWKH&RPSDQ\IRUPLQJSDUWRIWKLVUHSRUWLVJLYHQDV
DVHSDUDWHVHFWLRQRIWKH$QQXDO5HSRUW
Directors
7KHIROORZLQJFKDQJHVRFFXUUHGLQWKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\GXULQJWKHͤQDQFLDO\HDU
0U$PLWDEK-DLSXULDWHQGHUHGUHVLJQDWLRQDVWKH0DQDJLQJ'LUHFWRUHIIHFWLYHst0DUFKDQGFRQVHTXHQWO\KHFHDVHG
WREHD'LUHFWRURQWKH%RDUGRI\RXU&RPSDQ\7KH%RDUGDFNQRZOHGJHVDQGKDVSXWRQUHFRUGLWVGHHSDSSUHFLDWLRQIRUWKH
YDOXDEOHFRQWULEXWLRQVUHQGHUHGE\0U$PLWDEK-DLSXULDGXULQJKLVWHQXUH7KH%RDUGRI'LUHFWRUVDWLWVPHHWLQJKHOGRQth
-DQXDU\DSSRLQWHG0U*\DQHQGUD6KXNODDVDQ$GGLWLRQDO'LUHFWRULQDFFRUGDQFHZLWK6HFWLRQRIWKH&RPSDQLHV
$FWZLWKHIIHFWIURPst0DUFKDQGDV0DQDJLQJ'LUHFWRUZLWKHIIHFWIURPst0DUFKWRth )HEUXDU\
,QDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV$FWDQGWKH$UWLFOHVRI$VVRFLDWLRQRIWKH&RPSDQ\WKHIROORZLQJ
GLUHFWRUVUHWLUHE\URWDWLRQDWWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJDQGEHLQJHOLJLEOHRIIHUWKHPVHOYHVIRUUHDSSRLQWPHQW
0U+&$VKHUDQG
0U3UDGHHS3RGGDU
$ EULHI SURͤOH RI HDFK RI WKH VDLG GLUHFWRUV DV UHTXLUHG E\ &ODXVH ,9* RI WKH /LVWLQJ $JUHHPHQW IRUPV D SDUW RI WKH
1RWLFHFRQWDLQHGLQWKLV$QQXDO5HSRUW7KH%RDUGUHFRPPHQGVWKHVDPHIRUVKDUHKROGHUV̵DSSURYDOLQWKHHQVXLQJ$QQXDO
*HQHUDO0HHWLQJ
Directors’ Responsibility Statement
,QFRPSOLDQFHZLWK6HFWLRQ$$RIWKH&RPSDQLHV$FW̸WKH$FW̹\RXU'LUHFWRUVRQWKHEDVLVRILQIRUPDWLRQPDGH
DYDLODEOHWRWKHPFRQͤUPWKHIROORZLQJ
D ,QWKHSUHSDUDWLRQRIWKHDQQXDODFFRXQWVWKHDSSOLFDEOHDFFRXQWLQJVWDQGDUGVKDYHEHHQIROORZHGDQGWKDWQRPDWHULDO
GHSDUWXUHVKDYHEHHQPDGHIURPWKHVDPH
E 7KH\KDYHVHOHFWHGVXFKDFFRXQWLQJSROLFLHVDQGDSSOLHGWKHPFRQVLVWHQWO\DQGPDGHMXGJPHQWVDQGHVWLPDWHVWKDWDUH
UHDVRQDEOHDQGSUXGHQWVRDVWRJLYHDWUXHDQGIDLUYLHZRIWKHVWDWHRIDIIDLUVRIWKH&RPSDQ\DWWKHHQGRIWKHͤQDQFLDO
\HDUDQGRIWKHSURͤWRUORVVRIWKH&RPSDQ\IRUWKDWSHULRG
F 7KH\KDYHWDNHQSURSHUDQGVXIͤFLHQWFDUHWRWKHEHVWRIWKHLUNQRZOHGJHDQGDELOLW\IRUWKHPDLQWHQDQFHRIDGHTXDWH
DFFRXQWLQJ UHFRUGV LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI WKH $FW IRU VDIHJXDUGLQJ WKH DVVHWV RI WKH &RPSDQ\ DQG IRU
SUHYHQWLQJDQGGHWHFWLQJIUDXGDQGRWKHULUUHJXODULWLHVDQG
G 7KH\KDYHSUHSDUHGWKHDQQXDODFFRXQWVRQDJRLQJFRQFHUQEDVLV
7KHDERYHKDVEHHQUHYLHZHGDQGQRWHGE\WKH$XGLW&RPPLWWHHDWLWVPHHWLQJKHOGRQth 0D\
36
Personnel
7KH&RPSDQ\FRQWLQXHVWRPDLQWDLQFRUGLDOUHODWLRQVKLSZLWKLWVZRUNIRUFHDWDOOORFDWLRQV&RQWLQXRXVXSJUDGDWLRQRIFRUH
VNLOOVWKURXJKWUDLQLQJSURJUDPVFRQGXFWHGE\LQWHUQDODVZHOODVH[WHUQDODJHQFLHVDUHDQLQWHJUDOSDUWRIKXPDQUHVRXUFHV
GHYHORSPHQWSROLF\RIWKH&RPSDQ\
,QIRUPDWLRQDVSHU6HFWLRQ$RIWKH&RPSDQLHV$FWUHDGZLWKWKH&RPSDQLHV3DUWLFXODUVRI(PSOR\HHV5XOHV
DVDPHQGHGLVDYDLODEOHDWWKHUHJLVWHUHGRIͤFHRI\RXU&RPSDQ\+RZHYHULQWHUPVRI6HFWLRQELYRIWKH$FW
WKLVUHSRUWDQGDFFRXQWVDUHEHLQJVHQWWRWKHVKDUHKROGHUVH[FOXGLQJWKLVDQQH[XUH$Q\VKDUHKROGHULQWHUHVWHGLQREWDLQLQJ
WKLVDQQH[XUHPD\ZULWHWRWKH&RPSDQ\6HFUHWDU\DWWKHUHJLVWHUHGRIͤFHRIWKH&RPSDQ\
Auditors and Auditors’ Report
0V 'HORLWWH +DVNLQV 6HOOV '+6 5HJLVWUDWLRQ 1R : WKH 6WDWXWRU\ $XGLWRUV RI WKH &RPSDQ\ KROG RIͤFH XQWLO WKH
FRQFOXVLRQRIWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJDQGDUHUHFRPPHQGHGIRUUHDSSRLQWPHQW'+6KDVIXUQLVKHGDFHUWLͤFDWH
XQGHU6HFWLRQ%RIWKH&RPSDQLHV$FWRIWKHLUHOLJLELOLW\IRUUHDSSRLQWPHQW
$XGLWRUV̵5HSRUWWRWKHVKDUHKROGHUVGRHVQRWFRQWDLQDQ\TXDOLͤFDWLRQ
Cost Auditors
3XUVXDQWWRWKHGLUHFWLRQIURPWKH0LQLVWU\RI&RUSRUDWH$IIDLUVIRUDSSRLQWPHQWRI&RVW$XGLWRUV\RXU%RDUGKDGUHDSSRLQWHG
0V$%.$VVRFLDWHVDVWKH&RVW$XGLWRURI\RXU&RPSDQ\IRUWKHͤQDQFLDO\HDUWRFRQGXFWWKHDXGLWRIWKHFRVW
UHFRUGVRIWKH&RPSDQ\
7KHUHSRUWZLWKUHVSHFWWRWKHDXGLWRIFRVWDFFRXQWVPDLQWDLQHGLQUHVSHFWRILQVHFWLFLGHVPDQXIDFWXUHGE\WKH&RPSDQ\ZLOO
EHVXEPLWWHGWRWKH&HQWUDO*RYHUQPHQWLQGXHFRXUVH
&RQVHUYDWLRQRI(QHUJ\7HFKQRORJ\$EVRUSWLRQ
7KH LQIRUPDWLRQ UHTXLUHG WR EH IXUQLVKHG SXUVXDQW WR 6HFWLRQ H RI WKH $FW UHDG ZLWK WKH &RPSDQLHV 'LVFORVXUH RI
3DUWLFXODUVLQWKH5HSRUWRIWKH%RDUGRI'LUHFWRUV5XOHVLVHQFORVHGDV$QQH[XUHDQGIRUPVSDUWRIWKLVUHSRUW
Foreign Exchange Earnings and Outgo
7KHGHWDLOVRIHDUQLQJVDQGH[SHQGLWXUHLQIRUHLJQFXUUHQF\DUHJLYHQLQ1RWHLQWKH1RWHVWRWKH$FFRXQWV
Fixed Deposits
<RXU &RPSDQ\ KDV QRW DFFHSWHG DQ\ SXEOLF GHSRVLWV XQGHU 6HFWLRQ $ RI WKH &RPSDQLHV $FW GXULQJ ͤQDQFLDO \HDU
Acknowledgement
<RXU %RDUG DFNQRZOHGJHV WKH VHUYLFH UHQGHUHG E\ WKH HPSOR\HHV RI WKH &RPSDQ\ IRU WKH VDWLVIDFWRU\ SHUIRUPDQFH RI WKH
&RPSDQ\7KH%RDUGDSSUHFLDWHVWKHFRQWLQXHGVXSSRUWIURP0RQVDQWR&RPSDQ\86$7KH%RDUGWKDQNVLWVVKDUHKROGHUV
FKDQQHOSDUWQHUVDQGRWKHUEXVLQHVVDVVRFLDWHVIRUWKHLUVXSSRUW:LWKRXWWKLVVXSSRUWWKH&RPSDQ\ZRXOGQRWEHDEOHWR
VXFFHVVIXOO\VHUYHLWVIDUPHUFXVWRPHUVZKRVHVXFFHVVHYHQWXDOO\GHWHUPLQHVWKH&RPSDQ\̵VVXFFHVV
)RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUV
Sekhar Natarajan
th
0XPEDL 0D\
&KDLUPDQ
37
'LUHFWRUV̵5HSRUW
$QQH[XUH
,QIRUPDWLRQUHTXLUHGXQGHU6HFWLRQHRIWKH&RPSDQLHV$FWUHDGZLWKWKH&RPSDQLHV'LVFORVXUHRI3DUWLFXODUVLQ
WKH5HSRUWRIWKH%RDUGRI'LUHFWRUV5XOHV
I. Conservation of Energy:
D (QHUJ\FRQVHUYDWLRQPHDVXUHWDNHQ
5HGXFWLRQRIGLHVHOFRQVXPSWLRQ
5HGXFWLRQHOHFWULFLW\FRQVXPSWLRQE\RQOLJKWLQJ
ORDG
E $GGLWLRQDOLQYHVWPHQWVDQGSURSRVDOVLIDQ\
EHLQJLPSOHPHQWHGIRUUHGXFWLRQLQFRQVXPSWLRQ
RIHQHUJ\
F ,PSDFW RI WKH PHDVXUHV DW D DQG E DERYH IRU
UHGXFWLRQLQHQHUJ\FRQVXPSWLRQDQGFRQVHTXHQW
LPSDFWRQWKHFRVWRISURGXFWLRQRIJRRGV
FORM A
)RUPIRUGLVFORVXUHRISDUWLFXODUVZLWKUHVSHFWWRFRQVHUYDWLRQRIHQHUJ\
A. Power and Fuel Consumption
1.
Current Year
2012-13
Previous Year
2011-12
2,316.10
1.52
6.55
156.32
0.30
18.68
9.40
0.04
46.54
497.73
3.58
71.83
Electricity:
D
2.
3.
4.
3XUFKDVHG8QLWV̵V
7RWDO$PRXQW`LQ&URUHV
5DWH8QLW`
E 2ZQ*HQHUDWLRQ
7KURXJKGLHVHOJHQHUDWRU8QLWV̵V
5DWH8QLW`
F 7KURXJKVWHDPWXUELQHJHQHUDWRU
Coal
Furnace Oil - HS Diesel:
3XUFKDVHG/WUV̵V
5DWH/WU`
Others - Gas:
3XUFKDVHG̰.JV̵V
5DWH.J`
3RZHU WDULII KDV LQFUHDVHG E\ DURXQG RYHU ODVW \HDU DQG GLHVHO SULFH KDV LQFUHDVHG E\ DURXQG RYHU
ODVW\HDU
'XULQJWKH\HDUXQGHUUHYLHZWKHSODQWLQ$QGKUD3UDGHVKKDGRSWHGIRUWKHSRZHUVFKHPHRSWLRQJLYHQE\$QGKUD
3UDGHVK 6WDWH (OHFWULFLW\ %RDUG $36(% WR UHGXFH WKH FRVW RI GLHVHO DV HOHFWULFLW\ FRVW LV FKHDSHU WKDQ GLHVHO
2QDFFRXQWRIWKLVWKHHOHFWULFLW\FRVWKDVLQFUHDVHGZKHUHDVGLHVHOFRVWKDVGHFUHDVHG
'LHVHOFRQVXPSWLRQIRUIRUNOLIWKDVLQFUHDVHGGXHWRKLJKHULQYHQWRU\PRYHPHQW
38
B. Consumption per Unit of Production
7KH&RPSDQ\PDQXIDFWXUHVDZLGHUDQJHRISURGXFWVZKLFKSDVVWKURXJKYDULRXVRSHUDWLRQVEHIRUHUHDFKLQJWKHͤQLVKLQJ
VWDJH,WLVWKHUHIRUHQRWIHDVLEOHWRIXUQLVKWKHLQIRUPDWLRQLQUHVSHFWRIFRQVXPSWLRQSHUXQLWRISURGXFWLRQ
II. Technology Absorption
FORM B
)RUPIRUGLVFORVXUHRISDUWLFXODUVZLWKUHVSHFWWR7HFKQRORJ\$EVRUSWLRQ
$ 5HVHDUFKDQG'HYHORSPHQW5'
6SHFLͤFDUHDVLQZKLFK5'FDUULHGRXWE\WKH&RPSDQ\
%UHHGLQJDQGWHVWLQJRIQHZK\EULGYDULHWLHVRI
VHHGV
6WXG\RIQHZWHFKQRORJLHVLQPDL]H
%HQHͤWVGHULYHGDVDUHVXOWRIDERYH5'
,GHQWLͤHGQHZK\EULGVHHGVZKLFKVXLWYDULRXV
DJUR FOLPDWLF FRQGLWLRQV DQG PHHW IDUPHUV̵
UHTXLUHPHQWV
,QLWLDONQRZOHGJHRIQHZWHFKQRORJLHVLQPDL]H
)XWXUH3ODQRI$FWLRQ
&RQWLQXRXV HIIRUWV IRU GHYHORSPHQW RI QHZ KLJK
TXDOLW\DQGVSHFLͤFPDWXULW\K\EULGVHHGVDVZHOODV
VHHGVWKDWKDYHWKHDELOLW\WRSURWHFWWKH\LHOG
([SHQGLWXUHRQ5'`,Q&URUHV
D &DSLWDOLQFOXGLQJ&:,3
E 5HFXUULQJ
Total
16.88
B. Technology Absorption, Adaptation and Innovation:
(IIRUWVLQEULHIPDGHWRZDUGVWHFKQRORJ\DEVRUSWLRQ
DGDSWDWLRQDQGLQQRYDWLRQ
7KH &RPSDQ\ LV ZRUNLQJ RQ DQG VWXG\LQJ QHZ
WHFKQRORJLHVLQPDL]H
%HQHͤWVGHULYHGDVDUHVXOWRIWKHDERYHHIIRUWV
HJSURGXFWLPSURYHPHQWFRVWUHGXFWLRQSURGXFW
GHYHORSPHQWLPSRUWVXEVWLWXWLRQHWF
1HZ PDL]H WHFKQRORJLHV ZLOO KHOS IDUPHUV LQ
SURWHFWLQJWKHLU\LHOGE\UHGXFLQJORVVHVFDXVHGE\
LQVHFWV DQG ZHHGV 7KLV ZLOO EH DQ LPSURYHPHQW
RQFXUUHQWSURGXFWV
,PSRUWHGWHFKQRORJ\LPSRUWHGGXULQJWKHODVW\HDUV
UHFNRQHGIURPWKHEHJLQQLQJRIWKHͤQDQFLDO\HDU
'XULQJ WKH ODVW ͤYH \HDUV QR WHFKQRORJ\ KDV
EHHQLPSRUWHGE\ZD\RIIRUHLJQFROODERUDWLRQRU
RWKHUZLVH
)RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUV
Sekhar Natarajan
th
0XPEDL 0D\
&KDLUPDQ
39
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
5(325721
&25325$7(*29(51$1&(
<RXU&RPSDQ\EHOLHYHVWKDWFRUSRUDWHJRYHUQDQFHLVDWWKHFRUHRIWKH&RPSDQ\̵VSROLFLHVDQGV\VWHPVIRUPDQDJLQJDQG
VXSHUYLVLQJ LWVHOI LQFOXGLQJ LWV RUJDQL]DWLRQ LWV YDOXHV EXVLQHVV SROLFLHV DQG JXLGHOLQHV DV ZHOO DV DOO LQWHUQDO DQG H[WHUQDO
UHJXODWRU\ DQG PRQLWRULQJ PHFKDQLVPV (IIHFWLYH DQG WUDQVSDUHQW FRUSRUDWH JRYHUQDQFH JXDUDQWHHV WKDW \RXU &RPSDQ\ LV
PDQDJHG DQG PRQLWRUHG LQ D UHVSRQVLEOH PDQQHU IRFXVHG RQ YDOXH FUHDWLRQ 7KLV IRVWHUV WKH FRQͤGHQFH RI RXU GRPHVWLF
DQG LQWHUQDWLRQDO LQYHVWRUV WKH ͤQDQFLDO PDUNHWV RXU FXVWRPHUV DQG RWKHU EXVLQHVV SDUWQHUV HPSOR\HHV DQG WKH SXEOLF
LQWKH&RPSDQ\
2XUFRUSRUDWHJRYHUQDQFHSKLORVRSK\LVEDVHGRQWKHIROORZLQJSULQFLSOHV
$SSURSULDWHVL]HDQGFRPSRVLWLRQRIWKH%RDUGZLWKHDFK'LUHFWRUEULQJLQJLQNH\H[SHUWLVHLQGLIIHUHQWDUHDV
6\VWHPDWLFLQIRUPDWLRQIORZWRWKH'LUHFWRUVWRHQDEOHWKHPWRHIIHFWLYHO\GLVFKDUJHWKHLUͤGXFLDU\GXWLHV
(WKLFDOEXVLQHVVFRQGXFWE\WKHPDQDJHPHQWDQGHPSOR\HHV
$SSURSULDWHV\VWHPVDQGSURFHVVHVIRULQWHUQDOFRQWUROVRQDOORSHUDWLRQVULVNPDQDJHPHQWDQGͤQDQFLDOUHSRUWLQJDQG
7LPHO\DQGDFFXUDWHGLVFORVXUHRIDOOPDWHULDORSHUDWLRQDODQGͤQDQFLDOLQIRUPDWLRQWRWKHVWDNHKROGHUV
BOARD OF DIRECTORS
A)
Composition
7KH%RDUGRI'LUHFWRUVDORQJZLWKLWV&RPPLWWHHVSURYLGHVOHDGHUVKLSDQGJXLGDQFHWRWKH&RPSDQ\̵VPDQDJHPHQWDQG
GLUHFWVVXSHUYLVHVDQGFRQWUROVWKHSHUIRUPDQFHRIWKH&RPSDQ\7KH%RDUGDFWVZLWKDXWRQRP\DQGLQGHSHQGHQFHLQ
H[HUFLVLQJLWVVWUDWHJLFVXSHUYLVLRQGLVFKDUJLQJLWVͤGXFLDU\UHVSRQVLELOLWLHVDQGHQVXULQJWKDWWKHPDQDJHPHQWREVHUYHV
WKHKLJKHVWVWDQGDUGVRIHWKLFVWUDQVSDUHQF\DQGGLVFORVXUH
7KH%RDUGFRQVLVWVRI([HFXWLYHDQG1RQ([HFXWLYH'LUHFWRUV&XUUHQWO\WKH%RDUGFRQVLVWVRIVL[PHPEHUVRQHRIZKRP
LV([HFXWLYH0DQDJLQJ'LUHFWRUDQGͤYHRWKHUVDUH1RQ([HFXWLYH'LUHFWRUVLQFOXGLQJWKH&KDLUPDQRIWKH&RPSDQ\
2QHWKLUGRIWKH%RDUGFRQVLVWVRI,QGHSHQGHQW'LUHFWRUV
0U$PLWDEK-DLSXULDUHVLJQHGDVWKH0DQDJLQJ'LUHFWRUDQGDVD'LUHFWRURI\RXU&RPSDQ\ZLWKHIIHFWIURPth)HEUXDU\
7KH%RDUGRI'LUHFWRUVDWWKHLUPHHWLQJKHOGRQth-DQXDU\DSSRLQWHG0U*\DQHQGUD6KXNODDV0DQDJLQJ
'LUHFWRURI\RXU&RPSDQ\ZLWKHIIHFWIURPst0DUFK
0RQVDQWR &RPSDQ\ 86$ KDV FHUWDLQ ULJKWV HQVKULQHG LQ WKH $UWLFOHV RI $VVRFLDWLRQ SHUWDLQLQJ WR WKH DSSRLQWPHQW
RI'LUHFWRUV
Number of Board Meetings:
'XULQJWKHͤQDQFLDO\HDUHQGHGst0DUFKͤYHPHHWLQJVRIWKH%RDUGRI'LUHFWRUVZHUHKHOGRQth0D\
st-XO\st2FWREHUth-DQXDU\DQGth)HEUXDU\7KHPD[LPXPWLPHJDSEHWZHHQDQ\WZR
FRQVHFXWLYHPHHWLQJVGLGQRWH[FHHGIRXUPRQWKV7KHQHFHVVDU\TXRUXPZDVSUHVHQWLQDOOWKHPHHWLQJV
7KH%RDUGPHHWVDWOHDVWRQFHLQDTXDUWHUWRUHYLHZWKHTXDUWHUO\ͤQDQFLDOUHVXOWVDQGRSHUDWLRQVRIWKH&RPSDQ\,Q
DGGLWLRQWRWKHDERYHWKH%RDUGDOVRPHHWVDVDQGZKHQQHFHVVDU\WRDGGUHVVVSHFLͤFLVVXHVUHODWLQJWRWKHEXVLQHVV7KH
WHQWDWLYHDQQXDOFDOHQGDURI%RDUG0HHWLQJVIRUDSSURYLQJWKHDFFRXQWVIRUWKHHQVXLQJ\HDULVGHFLGHGZHOOLQDGYDQFHE\
WKH%RDUGDQGLVSXEOLVKHGDVSDUWRIWKH$QQXDO5HSRUW
40
$OO WKH 'LUHFWRUV KDYH LQIRUPHG \RXU &RPSDQ\ SHULRGLFDOO\ DERXW WKHLU 'LUHFWRUVKLS DQG PHPEHUVKLS RQ WKH %RDUG
&RPPLWWHHVRIRWKHUFRPSDQLHV$VSHUGLVFORVXUHUHFHLYHGIURP'LUHFWRUVQRQHRIWKH'LUHFWRUVKROGVPHPEHUVKLS
LQ PRUH WKDQ WHQ &RPPLWWHHV DQG &KDLUPDQVKLS LQ PRUH WKDQ ͤYH &RPPLWWHHV 1RQH RI WKH 'LUHFWRUV RI WKH
&RPSDQ\DUHUHODWHGWRHDFKRWKHU$OO1RQ([HFXWLYH'LUHFWRUVDUHOLDEOHWRUHWLUHE\URWDWLRQ7KHDSSRLQWPHQWWHQXUH
DQGUHPXQHUDWLRQRIWKH0DQDJLQJ'LUHFWRURQFHDSSURYHGE\WKH%RDUGLVVXEMHFWWRWKHIXUWKHUDSSURYDORIWKHPHPEHUV
RIWKH&RPSDQ\
7KHGHWDLOVRIWKHFRPSRVLWLRQQDWXUHRI'LUHFWRUVKLSWKHQXPEHURIPHHWLQJVDWWHQGHGDQGWKHGLUHFWRUVKLSVLQRWKHU
FRPSDQLHVRIWKH'LUHFWRUVRIWKH&RPSDQ\DUHGHWDLOHGEHORZLQ7DEOH
Table1: Composition of the Board of Directors
Name of the Director
DIN
Category
Attendance
At the
Board
Meetings
At the
last
AGM
No. of the
Directorship(s)(1)
Committee position(2)
Chairman (3)
Member
0U6HNKDU1DWDUDMDQ
1RQ([HFXWLYH
&KDLUPDQ
<(6
2
1
0U$PLWDEK-DLSXULD@
0DQDJLQJ
'LUHFWRU
<(6
2
1
0U*\DQHQGUD6KXNOD#
0DQDJLQJ
'LUHFWRU
1$
1$
2
1
0U5&.KDQQD
1RQ([HFXWLYH
<(6
2
2
1
0U+&$VKHU
1RQ([HFXWLYH
,QGHSHQGHQW
<(6
2
0U3UDGHHS3RGGDU
1RQ([HFXWLYH
,QGHSHQGHQW
<(6
1
0U5DYLQGHU.5HGG\
1RQ([HFXWLYH
12
1
@ Mr. Amitabh Jaipuria resigned as the Managing Director and as a Director of your Company with effect from 28th February, 2013
# Mr. Gyanendra Shukla appointed as an Additional Director and the Managing Director of the Company with effect from 1st March, 2013.
(1)
'LUHFWRUVKLSRWKHUWKDQLQIRUHLJQSULYDWHFRPSDQLHVQRQSURͤWRUJDQL]DWLRQV
(2)
Membership/Chairmanship in Audit and Investors’ Grievances Committees of all public limited companies, whether listed or not, including Monsanto India Limited.
(3)
Chairmanship in Audit and Investors’ Grievances Committees excluding the membership.
B)
Re-appointment of Directors
3XUVXDQWWRWKHSURYLVLRQVRI6HFWLRQRIWKH&RPSDQLHV$FW0U3UDGHHS3RGGDUDQG0U+&$VKHUVKDOO
UHWLUHE\URWDWLRQLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
Board Procedures:
7KH%RDUG0HHWLQJVDUHJRYHUQHGE\VWUXFWXUHGDJHQGDIRUWKHPHHWLQJ7KHDJHQGDDORQJZLWKFRPSUHKHQVLYHQRWHV
DQGEDFNJURXQGPDWHULDODUHFLUFXODWHGZHOOLQDGYDQFHEHIRUHHDFKPHHWLQJWRDOOWKH'LUHFWRUVIRUIDFLOLWDWLQJHIIHFWLYH
GLVFXVVLRQ DQG GHFLVLRQ PDNLQJ 7KH %RDUG PHPEHUV PD\ EULQJ XS DQ\ PDWWHU IRU FRQVLGHUDWLRQ RI WKH %RDUG LQ
FRQVXOWDWLRQ ZLWK WKH &KDLUPDQ 3UHVHQWDWLRQV DUH PDGH E\ WKH 0DQDJLQJ 'LUHFWRU &(2 DQG RWKHU %XVLQHVV +HDGV
RQWKH&RPSDQ\̵VRSHUDWLRQVDQGRWKHUPDWWHUVRQDSHULRGLFEDVLV7KHSURFHHGLQJVRIWKHPHHWLQJVRIWKH%RDUGDQG
LWV&RPPLWWHHVDUHUHFRUGHGLQWKHIRUPRIPLQXWHDQGWKHGUDIWPLQXWHDUHFLUFXODWHGWRWKH%RDUGIRUSHUXVDOEHIRUH
WKH\DUHͤQDOLVHG
C)
Committees of the Board:
&XUUHQWO\ WKHUH DUH IRXU &RPPLWWHHV RI WKH %RDUG QDPHO\ $XGLW &RPPLWWHH 5HPXQHUDWLRQ &RPPLWWHH ,QYHVWRUV̵
*ULHYDQFHV&RPPLWWHHDQG6KDUH7UDQVIHU&RPPLWWHH7KH%RDUGGHFLGHVWKHWHUPVRIUHIHUHQFHIRUWKHVH&RPPLWWHHV
0LQXWHRIPHHWLQJVRIWKH&RPPLWWHHVDUHSODFHGEHIRUHWKH%RDUGIRULQIRUPDWLRQ7KHGHWDLOVDVWRWKHFRPSRVLWLRQ
WHUPVRIUHIHUHQFHQXPEHURIPHHWLQJVDQGUHODWHGDWWHQGDQFHHWFRIWKHVH&RPPLWWHHVDUHSURYLGHGKHUHXQGHU
41
Audit Committee
5ROHRIWKH$XGLW&RPPLWWHHLVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRI6HFWLRQ$RIWKH&RPSDQLHV$FWDQG&ODXVH
RIWKH/LVWLQJ$JUHHPHQWDQGLQFOXGHVRYHUVHHLQJWKH&RPSDQ\̵VͤQDQFLDOUHSRUWLQJSURFHVVUHYLHZLQJWKHͤQDQFLDO
VWDWHPHQWV DQG WKH DGHTXDF\ RI LQWHUQDO DXGLW 7KH UROH RI $XGLW &RPPLWWHH DOVR LQFOXGHV SHULRGLF GLVFXVVLRQV ZLWK
LQWHUQDODQGVWDWXWRU\DXGLWRUVDERXWWKHLUVFRSHRIDXGLWDQGDGHTXDF\RILQWHUQDOFRQWUROV\VWHPV7KH$XGLW&RPPLWWHH
DOVRUHFRPPHQGVDSSRLQWPHQWUHDSSRLQWPHQWRI6WDWXWRU\$XGLWRUV
7KH$XGLW&RPPLWWHHFRPSULVHVRI0U3UDGHHS3RGGDU&KDLUPDQ0U5&.KDQQD0HPEHUDQG0U+&$VKHU
0HPEHUDOOEHLQJ1RQ([HFXWLYH'LUHFWRUV0U+&$VKHUDQG0U3UDGHHS3RGGDUDUH,QGHSHQGHQW'LUHFWRUV&RPSDQ\
6HFUHWDU\DFWVDV6HFUHWDU\WRWKH$XGLW&RPPLWWHH
7KH&KDLUPDQ0DQDJLQJ'LUHFWRU&KLHI)LQDQFLDO2IͤFHU+HDG/HJDO$IIDLUV,QWHUQDO$XGLWRUVDQG6WDWXWRU\$XGLWRUVDUH
LQYLWHGWRWKH$XGLW&RPPLWWHHPHHWLQJV
7KH $XGLW &RPPLWWHH PHW GXULQJ WKH )LQDQFLDO <HDU RQ th 0D\ st -XO\ st 2FWREHU DQG th
-DQXDU\ 'HWDLOV RI PHPEHUV RI $XGLW &RPPLWWHH DQG WKHLU DWWHQGDQFH DW WKH &RPPLWWHH̵V PHHWLQJV DUH
JLYHQLQ7DEOH
Table 2: Attendance Details in the Audit Committee Meetings
Name of the Member
Meetings Held
Attendance
0U5&.KDQQD
0U+&$VKHU
0U3UDGHHS3RGGDU
Remuneration Committee
7KH5HPXQHUDWLRQ&RPPLWWHHFRQVLGHUVDQGUHFRPPHQGVWRWKH%RDUGWKHSD\PHQWRIUHPXQHUDWLRQLQFHQWLYHHWFWRWKH
0DQDJLQJ'LUHFWRU7KH&RPPLWWHHFRPSULVHVRI0U5&.KDQQD&KDLUPDQ0U+&$VKHU0HPEHUDQG0U3UDGHHS
3RGGDU0HPEHU&RPSDQ\6HFUHWDU\DFWVDV6HFUHWDU\WRWKH5HPXQHUDWLRQ&RPPLWWHH
'XULQJWKH)LQDQFLDO<HDUWKH&RPPLWWHHPHWRQst2FWREHUDQGth)HEUXDU\
'HWDLOVRIPHPEHUVRI5HPXQHUDWLRQ&RPPLWWHHDQGWKHLUDWWHQGDQFHDWWKH&RPPLWWHH̵VPHHWLQJVDUHJLYHQLQ7DEOH
Table 3: Attendance Details in the Remuneration Committee Meetings
Name of the Member
Meetings Held
Attendance
0U5&.KDQQD
2
2
0U+&$VKHU
2
2
0U3UDGHHS3RGGDU
2
1
Investors’ Grievances Committee
,QYHVWRUV̵*ULHYDQFHV&RPPLWWHHFRQVLGHUVUHGUHVVDORI,QYHVWRUV̵FRPSODLQWVJULHYDQFHV7KH&RPPLWWHHDOVRFRQVLGHUV
PDWWHUV FRQFHUQLQJ WKH LVVXH RI GXSOLFDWH VKDUH FHUWLͤFDWHV FRPSODLQWV UHJDUGLQJ WUDQVIHU RI VKDUHV QRQUHFHLSW RI
GLYLGHQGVDQG$QQXDO5HSRUWGHPDWHULDOLVDWLRQRIVKDUHFHUWLͤFDWHVHWF
,QYHVWRUV̵ *ULHYDQFH &RPPLWWHH KDV EHHQ UHFRQVWLWXWHG GXH WR UHVLJQDWLRQ RI 0U $PLWDEK -DLSXULD DV WKH 0DQDJLQJ
'LUHFWRURQth)HEUXDU\0U*\DQHQGUD6KXNODKDVEHHQLQGXFWHGDVDPHPEHURIWKH&RPPLWWHHLQSODFHRI
0U$PLWDEK-DLSXULDZLWKHIIHFWIURPst0DUFK
42
7KH&RPPLWWHHPHWRQth0D\'HWDLOVRIPHPEHUVRIWKH,QYHVWRUV̵*ULHYDQFHV&RPPLWWHHDQGWKHLUDWWHQGDQFH
DWWKH&RPPLWWHH̵VPHHWLQJDUHJLYHQLQ7DEOH
Table 4: Attendance details in the Investors’ Grievances Committee Meeting
Name of the Member
Meetings Held
Attendance
0U5&.KDQQD
1
1
0U+&$VKHU
1
1
0U3UDGHHS3RGGDU
1
1
0U$PLWDEK-DLSXULD
1
1
'XULQJWKHͤQDQFLDO\HDUWKH&RPSDQ\UHFHLYHGFRPSODLQWV$OOFRPSODLQWVKDYHEHHQUHVROYHGE\WKH&RPSDQ\
Share Transfer System
7KH &RPSDQ\̵V VKDUHV EHLQJ LQ FRPSXOVRU\ GHPDWHULDOL]HG GHPDW OLVW DUH WUDQVIHUDEOH WKURXJK WKH GHSRVLWRU\ V\VWHP
7UDQVIHURIVKDUHVLQSK\VLFDOIRUPDUHSURFHVVHGE\WKH5HJLVWUDUVDQG6KDUH7UDQVIHU$JHQWV57$DQGDSSURYHGE\WKH
6KDUH7UDQVIHU&RPPLWWHHRIWKH&RPSDQ\7KHVKDUHWUDQVIHUVDUHSURFHVVHGZLWKLQDSHULRGRIGD\VIURPWKHGDWHRI
UHFHLSWRIWKHWUDQVIHUGRFXPHQWVE\57$VXEMHFWWRUHTXLVLWHGRFXPHQWVEHLQJLQRUGHU
7KH&RPSDQ\KDVD6KDUH7UDQVIHU&RPPLWWHHFXUUHQWO\FRPSULVLQJRI0U6HNKDU1DWDUDMDQ&KDLUPDQ0U*\DQHQGUD6KXNOD
̰0DQDJLQJ'LUHFWRU0U6KDUDG.XPDṴ+HDG/HJDO$IIDLUV0U$EGXO$OLP6D\HG̰,QGLD)LQDQFH/HDG0U7XVKDU1DLN
̰)LQDQFH&RQWUROOHUDQG0V&KDQGDQD'KDU&RPSDQ\6HFUHWDU\&RPSOLDQFH/HDG7KH&RPPLWWHHPHHWVRQFHHYHU\
ZHHNRUDVDQGZKHQUHTXLUHGDQGDSSURYHVDOOPDWWHUVUHODWHGWRVKDUHVLHWUDQVIHUVWUDQVPLVVLRQGHPDWHULDOLVDWLRQDQG
UHPDWHULDOLVDWLRQRIVKDUHV
Remuneration to Directors
7KH%RDUGLVFRPSULVHGRIRQH([HFXWLYH'LUHFWRU0DQDJLQJ'LUHFWRUDQGͤYH1RQ([HFXWLYH'LUHFWRUV
7KH0DQDJLQJ'LUHFWRUUHFHLYHVDPRQWKO\VDODU\SHUTXLVLWHVDQGSHUIRUPDQFHSD\DVSHUWKHSROLFLHVRIWKH&RPSDQ\DQG
DVSHUWKHDJUHHPHQWH[HFXWHGE\DQGEHWZHHQKLPDQGWKH&RPSDQ\IRUKLVDSSRLQWPHQW1RVLWWLQJIHHLVSDLGWRKLPIRU
DWWHQGLQJWKHPHHWLQJVRIWKH%RDUGRI'LUHFWRUVRU&RPPLWWHHVWKHUHRI,QWKHHYHQWWKH0DQDJLQJ'LUHFWRUGHVLUHVWROHDYH
WKHVHUYLFHVRIWKH&RPSDQ\KHLVUHTXLUHGWRVHUYHWRWKH&RPSDQ\GD\V̵QRWLFHLQZULWLQJ+RZHYHUWKH&RPSDQ\PD\DW
LWVVROHGLVFUHWLRQUHOLHYHWKH0DQDJLQJ'LUHFWRURIKLVGXWLHVDWDQ\WLPHGXULQJKLVQRWLFHSHULRGDQGLQWKDWHYHQWKHZLOOEH
SDLGKLVEDVLFVDODU\IRUWKHEDODQFHQRWLFHSHULRGRIGD\V
0U 6HNKDU 1DWDUDMDQ DQG 0U 5DYLQGHU . 5HGG\ GR QRW UHFHLYH DQ\ VDODU\ VLWWLQJ IHHV RU FRPPLVVLRQ IURP WKH &RPSDQ\
$OORWKHU1RQH[HFXWLYH'LUHFWRUVUHFHLYHVLWWLQJIHHVIRUDWWHQGLQJWKHPHHWLQJVRIWKH%RDUGRI'LUHFWRUVDQG&RPPLWWHHV
WKHUHRI DQG FRPPLVVLRQ RQ WKH QHW SURͤWV RI WKH &RPSDQ\ DV GHFLGHG E\ WKH %RDUG ZLWKLQ WKH RYHUDOO OLPLWV DSSURYHG E\
WKHVKDUHKROGHUV
7KHFULWHULDIRUPDNLQJSD\PHQWWRWKH0DQDJLQJ'LUHFWRUDUH
6DODU\SDLGWRWKH0DQDJLQJ'LUHFWRULVUHFRPPHQGHGE\WKH5HPXQHUDWLRQ&RPPLWWHHDQGDSSURYHGE\WKH%RDUGDQG
WKH6KDUHKROGHUV3HUTXLVLWHVUHWLUHPHQWEHQHͤWVDQGSHUIRUPDQFHSD\DUHDOVRSDLGSURYLGHGWRWKH0DQDJLQJ'LUHFWRU
LQDFFRUGDQFHZLWKWKH&RPSDQ\̵VFRPSHQVDWLRQSROLFLHVDVDSSOLFDEOHWRDOOHPSOR\HHVRIWKH&RPSDQ\
5HPXQHUDWLRQSDLGWRWKH0DQDJLQJ'LUHFWRULVGHWHUPLQHGNHHSLQJLQYLHZWKHLQGXVWU\EHQFKPDUNV
7KHFULWHULDIRUPDNLQJSD\PHQWVWRRWKHU'LUHFWRUVDUH
7KH'LUHFWRUVDUHSDLGVLWWLQJIHHVRIÌRUHDFKPHHWLQJRIWKH%RDUGDQG$XGLW&RPPLWWHHDQG`HDFKIRU
RWKHU&RPPLWWHHPHHWLQJVDWWHQGHGE\WKHP
6KDUHKROGHUVRIWKH&RPSDQ\KDYHDSSURYHGSD\PHQWRIFRPPLVVLRQLQWKHDJJUHJDWHQRWH[FHHGLQJRIQHWSURͤWV
FDOFXODWHGLQDFFRUGDQFHZLWK6HFWLRQUHDGZLWK6HFWLRQDQGRIWKH&RPSDQLHV$FWFROOHFWLYHO\WRDOO
WKH'LUHFWRUVRIWKH&RPSDQ\H[FOXGLQJ0DQDJLQJ'LUHFWRU:KROHWLPHGLUHFWRUVDQGGLUHFWRUVQRPLQDWHGE\0RQVDQWR
&RPSDQ\86$7KH%RDUGGHFLGHVSURSRUWLRQDQGPDQQHURISD\PHQWRIVXFKFRPPLVVLRQHYHU\\HDUVXEMHFWWRWKH
DERYHVDLGRYHUDOOOLPLWDSSURYHGE\WKHVKDUHKROGHUV
43
7KHUHPXQHUDWLRQSDLGRUSD\DEOHWRWKH'LUHFWRUVLVJLYHQLQ7DEOH
Table 5: Remuneration paid/payable to the Directors
`LQ/DFV
Name of Directors
0U6HNKDU1DWDUDMDQ
0U$PLWDEK-DLSXULD
0U*\DQHQGUD6KXNOD
0U5&.KDQQD
0U+&$VKHU
0U3UDGHHS3RGGDU
0U5DYLQGHU.5HGG\
Sitting Fees
Salary & Perquisites
Incentive/ Commission
Total
* Resigned w.e.f 28th February, 2013
** Appointed w.e.f. 1st March, 2013
7KH &RPSDQ\ KDV QR VWRFN RSWLRQSHQVLRQ SODQ IRU WKH 'LUHFWRUV RI WKH &RPSDQ\ +RZHYHU HPSOR\HHV RI WKH &RPSDQ\
LQFOXGLQJ0DQDJLQJ'LUHFWRURIWKH&RPSDQ\DQGQRPLQHH'LUHFWRUVRI0RQVDQWR&RPSDQ\86$DUHHQWLWOHGIRUWKH6WRFN
2SWLRQVGHFODUHGE\WKHSDUHQWFRPSDQ\LH0RQVDQWR&RPSDQ\86$IURPWLPHWRWLPH
Management
7KHPDQDJHPHQWRIWKH&RPSDQ\KDVGHYHORSHGDQGLPSOHPHQWHGSROLFLHVSURFHGXUHVDQGSUDFWLFHVWKDWDWWHPSWWRWUDQVODWH
WKH&RPSDQ\̵VIXWXUHSODQVLQWRUHDOLW\7KHPDQDJHPHQWDOVRLGHQWLͤHVPHDVXUHVPRQLWRUVDQGPLQLPL]HVWKHULVNIDFWRUV
LQWKHEXVLQHVVDQGHQVXUHVVDIHVRXQGDQGHIͤFLHQWRSHUDWLRQV7KHVHDUHLQWHUQDOO\VXSHUYLVHGDQGPRQLWRUHGWKURXJKWKH
,QGLD5HJLRQDO/HDGHUVKLS7HDPRIWKH&RPSDQ\
Management Discussion and Analysis
7KH0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLV5HSRUWLVDWWDFKHGZLWKWKH'LUHFWRUV̵5HSRUWDQGIRUPVSDUWRIWKLV$QQXDO5HSRUW
Internal Control Systems
7KH&RPSDQ\KDVERWKH[WHUQDODQGLQWHUQDODXGLWV\VWHPVLQSODFH$XGLWRUVKDYHDFFHVVWRDOOUHFRUGVDQGLQIRUPDWLRQRI
WKH &RPSDQ\ 7KH %RDUG DQG WKH PDQDJHPHQW SHULRGLFDOO\ UHYLHZ WKH ͤQGLQJV DQG UHFRPPHQGDWLRQV RI WKH DXGLWRUV DQG
WDNHFRUUHFWLYHDFWLRQVZKHUHYHUQHFHVVDU\7KH%RDUGUHFRJQL]HVWKHZRUNRIWKHDXGLWRUVDVDQLQGHSHQGHQWFKHFNRQWKH
LQIRUPDWLRQUHFHLYHGIURPWKHPDQDJHPHQWRQWKHRSHUDWLRQVDQGSHUIRUPDQFHRIWKH&RPSDQ\
7KH LQWHJULW\ DQG UHOLDELOLW\ RI WKH LQWHUQDO FRQWURO V\VWHPV DUH DFKLHYHG WKURXJK FOHDU SROLFLHV DQG SURFHGXUHV
SURFHVV DXWRPDWLRQ FDUHIXO VHOHFWLRQ WUDLQLQJ DQG GHYHORSPHQW RI HPSOR\HHV DQG DQ RUJDQL]DWLRQ VWUXFWXUH WKDW
VHJUHJDWHVUHVSRQVLELOLWLHV
Means of Communication
'XULQJ WKH ͤQDQFLDO \HDU XQGHU UHIHUHQFH TXDUWHUO\ UHVXOWV ZHUH SXEOLVKHG LQ ZLGHO\ FLUFXODWHG QDWLRQDO DQG ORFDO GDLO\
QHZVSDSHUVLH7KH%XVLQHVV6WDQGDUGDQG6DNDDO)LQDQFLDO5HVXOWVZHUHQRWVHQWLQGLYLGXDOO\WRWKHVKDUHKROGHUV
$V SHU WKH UHTXLUHPHQW RI &ODXVH I RI WKH /LVWLQJ $JUHHPHQW WKH &RPSDQ\ KDV GHVLJQDWHG DQ HPDLO ,' LQYHVWRUFDUH
LQGLD#PRQVDQWRFRPH[FOXVLYHO\IRUWKHSXUSRVHRIUHJLVWHULQJWKHFRPSODLQWVE\LQYHVWRUV7KHVDLGHPDLO,'KDVDOVREHHQ
GLVSOD\HGRQWKH&RPSDQ\̵VZHEVLWH
7KH&RPSDQ\̵VUHVXOWVDQGRIͤFLDOQHZVUHOHDVHVDUHGLVSOD\HGRQWKH&RPSDQ\̵VZHEVLWHZZZPRQVDQWRLQGLDFRP7KHUH
ZHUHQRSUHVHQWDWLRQVPDGHWRWKHLQVWLWXWLRQDOLQYHVWRUVRUDQDO\VWVGXULQJWKHͤQDQFLDO\HDU
Disclosures
Material Transactions with the Company
([FHSWWKHGHWDLOVRIWUDQVDFWLRQVJLYHQLQ1RWHQRRI1RWHVIRUPLQJSDUWRIWKH)LQDQFLDO6WDWHPHQWVWKH&RPSDQ\KDGQR
PDWHULDOWUDQVDFWLRQVZLWKLWVSURPRWHUVGLUHFWRUVRUWKHPDQDJHPHQWWKHLUUHODWLYHVHWFWKDWPD\KDGDSRWHQWLDOFRQIOLFWRI
LQWHUHVWZLWKWKH&RPSDQ\
44
Compliances in respect of Capital Markets
7KH&RPSDQ\KDVFRPSOLHGZLWKDOOUHJXODWRU\UHTXLUHPHQWVRQFDSLWDOPDUNHWDQGKDVQRWEHHQLPSRVHGDQ\SHQDOW\VWULFWXUHV
E\WKH6WRFN([FKDQJHVRU6(%,RUDQ\RWKHUVWDWXWRU\DXWKRULWLHV
Shareholding of Directors
0U6HNKDU1DWDUDMDQ0U5&.KDQQDDQG0U*\DQHQGUD6KXNODDUHKROGLQJDQGHTXLW\VKDUHVUHVSHFWLYHO\
LQWKHLULQGLYLGXDOQDPHV0U5&.KDQQDLVDOVRKROGLQJHTXLW\VKDUHVLQWKHFDSDFLW\RI.DUWDRIKLV+8)1RRWKHU
'LUHFWRUVDUHKROGLQJDQ\VKDUHVLQWKH&RPSDQ\
Code of Conduct
7KH%RDUGKDVDGRSWHGD&RGHRI&RQGXFWIRUDOO'LUHFWRUVDQGVHQLRUPDQDJHPHQWRIWKH&RPSDQ\7KH&RGHRI&RQGXFWLV
SRVWHGRQWKHZHEVLWHRIWKH&RPSDQ\
$OO'LUHFWRUVDQGVHQLRUPDQDJHPHQWDIͤUPFRPSOLDQFHZLWKWKHFRGHRQDQQXDOEDVLV%DVHGRQWKHDIͤUPDWLRQVUHFHLYHG
IURP'LUHFWRUVDQGVHQLRUPDQDJHPHQWWKH0DQDJLQJ'LUHFWRURIWKH&RPSDQ\KDVVLJQHGWKHIROORZLQJFHUWLͤFDWH
7RWKHVKDUHKROGHUVRI0RQVDQWR,QGLD/LPLWHG
,*\DQHQGUD6KXNOD0DQDJLQJ'LUHFWRURIWKH&RPSDQ\KHUHE\FHUWLI\WKDWWKH%RDUGPHPEHUVDQG6HQLRU0DQDJHPHQW
SHUVRQQHOKDYHDIͤUPHGWKDWWKH\KDYHFRPSOLHGZLWKWKH̸&RGHRI%XVLQHVV&RQGXFW̹RIWKH&RPSDQ\IRUWKHͤQDQFLDO\HDU
HQGHGst0DUFK
Gyanendra Shukla
0DQDJLQJ'LUHFWRU
0XPEDLth0D\
Whistle Blower Policy
7KH &RPSDQ\ KDV QRW DGRSWHG D :KLVWOH %ORZHU 3ROLF\ +RZHYHU WKH &RPSDQ\̵V VWURQJ FRPSOLDQFH SURJUDP HQFRXUDJHV
HPSOR\HHVWRUDLVHDQGUHSRUWFRQFHUQVLQDWUDQVSDUHQWZD\
7KH&RPSDQ\LVDOVRFRYHUHGE\WKHJOREDO:KLVWOH%ORZHU3ROLF\RI0RQVDQWR&RPSDQ\86$ZKHUHDQ\HPSOR\HHFDQUDLVH
DQ\LVVXHVEHIRUHWKHPDQDJHPHQWDVDQGZKHQUHTXLUHG
$VDSDUWRIWKLVJOREDOSROLF\QRUHWDOLDWRU\DFWLRQFDQEHWDNHQDJDLQVWDQ\ZKLVWOHEORZHU
Compliance with mandatory and non-mandatory requirements
7KH&RPSDQ\KDVFRPSOLHGZLWKWKHPDQGDWRU\UHTXLUHPHQWVRI&ODXVHRIWKH/LVWLQJ$JUHHPHQWZLWKWKH6WRFN([FKDQJHV
)XUWKHUWKH&RPSDQ\KDVDGRSWHGQRQPDQGDWRU\UHTXLUHPHQWVRI&ODXVHRIWKH/LVWLQJ$JUHHPHQWYL]5HPXQHUDWLRQ
&RPPLWWHHRIWKH%RDUGZKLFKKDVEHHQFRQVWLWXWHGWRGHWHUPLQHWKHUHPXQHUDWLRQRI([HFXWLYH'LUHFWRUVRU0DQDJLQJ'LUHFWRU
%ULHI3URͤOHRI'LUHFWRUV3URSRVHGWREH$SSRLQWHG5H$SSRLQWHG
Mr. Gyanendra ShuklaLVD%6LQ$JURQRP\3K'LQ$JULFXOWXUH%RWDQ\0%$63-DLQ0XPEDL:LWKDFDUHHUVSDQQLQJRYHU
\HDUVGXULQJKLV\HDUV̵DVVRFLDWLRQZLWK0RQVDQWR0U*\DQHQGUD6KXNODKDVKHOGYDULRXVOHDGHUVKLSSRVLWLRQVDFURVV
IXQFWLRQV0U*\DQHQGUD6KXNODMRLQHG0RQVDQWRLQDVD1DWLRQDO3URGXFW'HYHORSPHQW0DQDJHU)URPWR
KHVKRZHGJUHDWYHUVDWLOLW\ZLWKDFFRPSOLVKHGVWLQWVLQ7'5HJXODWRU\DQG6DOHV+HZDVWKH7'/HDGIRU6RXWK$VLDDQGODWHU
WKH1DWLRQDO6DOHV0DQDJHUIRU,QGLDLQEHIRUHKHPRYHGWR,QGRQHVLDDVWKH&RXQWU\/HDG0U*\DQHQGUD6KXNODOHG
,QGRQHVLDDEO\LQDWU\LQJSHULRGUHHVWDEOLVKLQJ5RXQGXS®OD\LQJIRXQGDWLRQIRUFRUQJURZWKDQGQHJRWLDWLQJYDULRXV&RUSRUDWH
$IIDLUVFKDOOHQJHV,QHDUO\KHPRYHGWR6LQJDSRUHDVWKH7'/HDGIRUWKH$VLD3DFLͤF5HJLRQDQGHQGRIKHPRYHG
EDFNWR,QGLDDVWKH,QGLD5HJLRQ&RUSRUDWH$IIDLUV/HDG
+RQRULQJKLVLQYDOXDEOHFRQWULEXWLRQWR0RQVDQWRDQGWKHELRWHFKLQGXVWU\KHKDVEHHQDUHFLSLHQWRIYDULRXVUHFRJQLWLRQV
LQFOXGLQJ̸)HOORZRI,QGLD6RFLHW\RI:HHG6FLHQFH̹DPRQJRWKHUV+HDOVRSOD\VLPSRUWDQWUROHVLQWKH6HHGDQG%LRWHFKQRORJ\
,QGXVWU\$VVRFLDWLRQVLQ,QGLD
+LVFXUUHQWGLUHFWRUVKLSPHPEHUVKLSLVDVIROORZV
Name of the Company
0DK\FR0RQVDQWR%LRWHFK,QGLD/LPLWHG
Nature of Interest
Chairmanship or membership of
Committee of the Board
0DQDJLQJ'LUHFWRU
0HPEHU,*&
'LUHFWRU
45
Mr. Pradeep PoddarLVD&KHPLFDO(QJLQHHUIURP8'&70XPEDLDQGDQ0%$IURP,,0$KPHGDEDG+HKDVYDVW
H[SHULHQFHDWWKHKLJKHVWOHYHOVRI0DQDJHPHQWDQGLVDYHWHUDQRIWKHFRQVXPHUJRRGVLQGXVWU\
+LVIDVWWUDFNJURZWKLQ*OD[R,QGLDOHGKLPWRWKHVHQLRUPDQDJHPHQWSRVLWLRQRI+HDGRI6DOHV0DUNHWLQJRILWV&RQVXPHU
EXVLQHVV,QKHZDVDSSRLQWHGDVWKHͤUVW0DQDJLQJ'LUHFWRURI+HLQ]LQWKH,QGLDQVXEFRQWLQHQWDSRVLWLRQKHKHOG
WLOO+HVXFFHVVIXOO\EXLOWDUREXVWDQGKROLVWLFEXVLQHVVIRRWSULQWIRU+HLQ]LQ,QGLDZKLOHSOD\LQJDNH\UROHLQ
FUHDWLQJDSRUWIROLRRIVXSHUEUDQGVOLNH&RPSODQ*OXFRQ'1\FLODQG+HLQ]7RPDWR.HWFKXS,Q+HLQ]KHZDVUDWHGKLJKO\
DQGZDVDOVRDVLJQLͤFDQWDZDUGE\WKHJOREDO&KDLUPDQLQ\HDU+HSLRQHHUHGWKH+HLQ]1XWULWLRQ)RXQGDWLRQ
,QGLDLQLWLDWLYHWRDGYDQFHQXWULWLRQNQRZOHGJHDQGHGXFDWLRQLQWKHFRXQWU\
:LVLWH[)RXQGDWLRQDQGWKH.DUQDWDND*RYHUQPHQWFRQIHUUHGRQKLPWKH8G\RJ5DWQD$ZDUGLQ\HDUIRUKLV
GLVWLQJXLVKHGFRQWULEXWLRQWRWKHIRRGLQGXVWU\
+HLVSUHVHQWO\WKH0DQDJLQJ'LUHFWRURI0RXQW(YHUHVW0LQHUDO:DWHU/LPLWHG
Name of the Company
0RXQW(YHUHVW0LQHUDO:DWHU/LPLWHG
1RXULVKFR%HYHUDJHV/LPLWHG
Nature of Interest
'LUHFWRU
0DQDJLQJ'LUHFWRU
'LUHFWRU
&KDLUPDQ̰$&
0HPEHṴ5&
0HPEHU,*&
0HPEHU,*&
0HPEHU$&
AC: Audit Committee
RC: Remuneration Committee
IGC: Investors’ Grievances Committee
0U+&$VKHUKROGV0$//%GHJUHHIURP0XPEDL8QLYHUVLW\+HLVD6HQLRU3DUWQHURI0V&UDZIRUG%D\OH\&RDOHDGLQJ
ͤUPRI$GYRFDWHVDQG6ROLFLWRUVLQ0XPEDL+HKDVEHHQLQSUDFWLFHIRURYHU\HDUVDQGKDVYDVWH[SHULHQFHLQWKHOHJDOͤHOG
DQGSDUWLFXODUO\RQPDWWHUVUHODWLQJWRFRUSRUDWHODZV
Name of the Company
Nature of Interest
$OOLHG3LFNIRUGV3ULYDWH/LPLWHG
'LDPDQW%RDUW0DUNHWLQJ3YW/WG
(ORI+DQVVRQ,QGLD3YW/WG
*UDQW,QYHVWUDGH/LPLWHG
*XOI2LO&RUSRUDWLRQ/LPLWHG
+LQG)LOWHUV/LPLWHG
+LQGXMD9HQWXUHV/LPLWHG
)RUPHUO\NQRZQDV+LQGXMD707/WG
,'/([SORVLYHV/LPLWHG
7KH,QGLDQ&DUG&ORWKLQJ&R/WG
.(/7(&+(QHUJLHV/LPLWHG
3567HFKQRORJLHV3ULYDWH/LPLWHG
,QJHUVROO5DQG,QGLD/LPLWHG
'LUHFWRU
'LUHFWRU
'LUHFWRU
'LUHFWRU
'LUHFWRU
'LUHFWRU
'LUHFWRU
'LUHFWRU
'LUHFWRU
'LUHFWRU
'LUHFWRU
'LUHFWRU
'LUHFWRU
0HPEHṴ$&
&KDLUPDQ̰,*&
0HPEHṴ$&
0HPEHṴ$&
&KDLUPDQ̰,*&
0HPEHṴ$&
0HPEHṴ,*&
789,QGLD3ULYDWH/LPLWHG
'LUHFWRU
0HPEHṴ5&
AC: Audit Committee
IGC: Investors’ Grievances Committee
RC: Remuneration Committee
46
General Shareholders Information
$GGUHVVIRUFRUUHVSRQGHQFH
$KXUD&HQWUHth)ORRU
0DKDNDOL&DYHV5RDG$QGKHUL(DVW
0XPEDL
7HO
)D[
HPDLOLQYHVWRUFDUHLQGLD#PRQVDQWRFRP
Annual General Meeting and Dividend
'DWHDQG7LPH
)ULGD\QG$XJXVWDWDP
9HQXH
5DQJDVZDU+DOO<%&KDYDQth)ORRU
*HQ-DJDQDWK%KRVDOH0DUJ1DULPDQ3RLQW
1HDU6DFKLYDOD\*\PNKDQD0XPEDL̰
/DVW'DWHIRU5HFHLSWRI3UR[\)RUP
:HGQHVGD\st-XO\EHIRUHDP
'DWHRI%RRN&ORVXUH
UG-XO\WRth-XO\ERWKGD\VLQFOXVLYH
'LYLGHQG3D\PHQW'DWH
2QRUDIWHUQG$XJXVW
Annual General Meetings held during the last three years
Date
Venue
Time
Special Resolution Passed
th$*0
21st-XO\
0&*KLD+DOO%KRJLODO
+DUJRYLQGDV%XLOGLQJQG
)ORRU.DLNKXVKUX
'XEDVK0DUJ
0XPEDL
DP
$SSRLQWPHQWRI0U5DYLQGHU.
5HGG\DVDQ$GGLWLRQDO'LUHFWRU
st$*0
th6HSWHPEHU
<%&KDYDQ$XGLWRULXP*HQ
-DJDQDWK%KRVDOH0DUJ
1DULPDQ3RLQW
1HDU6DFKLYDOD\*\PNKDQD
0XPEDL
DP
5HDSSRLQWPHQWRI0U$PLWDEK
-DLSXULDDV0DQDJLQJ'LUHFWRU
,QFUHDVHLQDXWKRUL]HGVKDUH
FDSLWDODQGDOWHUDWLRQLQWKH
FDSLWDOFODXVHLQ0HPRUDQGXP
RI$VVRFLDWLRQDQG$UWLFOHVRI
$VVRFLDWLRQ
,VVXHRI%RQXVVKDUHV
QG
$*0
UG$XJXVW
<%&KDYDQ$XGLWRULXP*HQ
-DJDQDWK%KRVDOH0DUJ
1DULPDQ3RLQW
1HDU6DFKLYDOD\*\PNKDQD
0XPEDL
DP
,VVXHRIVKDUHVWR0UV0DGKX
$JUDZDOMRLQWO\KHOGZLWK0U6KULNDQW
$JUDZDOZKRVHVKDUHVZHUHNHSWLQ
DEH\DQFHDQGSD\PHQWRIGLYLGHQG
WKHUHRQ
Postal Ballots
1RVSHFLDOUHVROXWLRQVZHUHSDVVHGWKURXJKSRVWDOEDOORWVLQWKHFXUUHQW)LQDQFLDO<HDU
47
Financial Calendar
Financial Year
1st April, 2013 to 31st March, 2014
'HFODUDWLRQRIͤQDQFLDOUHVXOWVIRUWKHTXDUWHUHQGLQJ
th-XQH
%\QGZHHNRI$XJXVW
th6HSWHPEHU
%\QGZHHNRI1RYHPEHU
st'HFHPEHU
%\QGZHHNRI)HEUXDU\
st0DUFK
/DVWZHHNRI0D\
$*0IRUWKH\HDUHQGLQJst0DUFK
,QWKHPRQWKRI$XJXVW
Shares Information
/LVWLQJRQ6WRFN([FKDQJHV
%6(/LPLWHG
3KLUR]H-HHMHHEKR\7RZHUV'DODO6WUHHW0XPEDL
1DWLRQDO6WRFN([FKDQJHRI,QGLD/WG([FKDQJH3OD]Dth)ORRU3ORW1R&
*%ORFN%DQGUD.XUOD&RPSOH[%DQGUD(DVW0XPEDL
Stock Code:
%6(/LPLWHG
1DWLRQDO6WRFN([FKDQJHRI,QGLD/WG
0216$172
,QWHUQDWLRQDO6HFXULWLHV,GHQWLͤFDWLRQ
1XPEHU,6,1
,1(%
/LVWLQJ)HHV
/LVWLQJIHHVRIERWKWKH6WRFN([FKDQJHVKDYHEHHQSDLGIRUWKH\HDU
5HJLVWUDUDQG6KDUH7UDQVIHU$JHQWV
$GGUHVVIRU&RUUHVSRQGHQFH
/LQN,QWLPH,QGLD3ULYDWH/LPLWHG
&3DQQDODO6LON0LOOV&RPSRXQG
/%60DUJ%KDQGXS:HVW
0XPEDL
7HO
)D[
(PDLOUQWKHOSGHVN#OLQNLQWLPHFRLQ
&RPSOLDQFH2IͤFHU
0V&KDQGDQD'KDU&RPSDQ\6HFUHWDU\&RPSOLDQFH/HDG
'HPDWHULDOLVDWLRQRIVKDUHVDQG
OLTXLGLW\
RIWKHSDLGXSFDSLWDORIWKH&RPSDQ\KDVEHHQGHPDWHULDOLVHGDVRQ
st0DUFK
2XWVWDQGLQJ*'5V$'5V:DUUDQWVRU
DQ\&RQYHUWLEOHLQVWUXPHQWV
1RW$SSOLFDEOH
Shares held in Electronic Form
6KDUHKROGHUVKROGLQJVKDUHVLQHOHFWURQLFIRUPPD\SOHDVHQRWHWKDW
D ,QVWUXFWLRQVUHJDUGLQJEDQNGHWDLOVZKLFKWKH\ZLVKWRKDYHLQFRUSRUDWHGLQIXWXUHGLYLGHQGZDUUDQWVPXVWEHVXEPLWWHGWR
WKH'HSRVLWRU\3DUWLFLSDQWV'3$VSHUWKHUHJXODWLRQVRI16'/DQG&'6/WKH&RPSDQ\LVREOLJHGWRSULQWEDQNGHWDLOV
RQWKHGLYLGHQGZDUUDQWVDVIXUQLVKHGE\WKHVHGHSRVLWRULHVWRWKH&RPSDQ\
E ,QVWUXFWLRQVDOUHDG\JLYHQE\WKHPIRUVKDUHVKHOGLQSK\VLFDOIRUPZLOOQRWEHDXWRPDWLFDOO\DSSOLFDEOHWRWKHGLYLGHQGSDLG
RQVKDUHVKHOGLQHOHFWURQLFIRUP
F ,QVWUXFWLRQVUHJDUGLQJFKDQJHRIDGGUHVVQRPLQDWLRQDQGSRZHURIDWWRUQH\VKRXOGEHJLYHQGLUHFWO\WRWKH'3
48
Shareholding Pattern and Distribution Schedule as on 31st March, 2013
Shareholding Pattern
Category
No. of Shares
%
3URPRWHUV
0XWXDO)XQGV
%RGLHV&RUSRUDWH
3XEOLF
7UXVW
15,),,V2&%V
2WKHUV
1,72,62,748
100.00
Category
No. of Shareholders
No. of Shares
8SWR
Total
Distribution Schedule
DQGDERYH
Total
17,718
1,72,62,748
Share Price performance
High-low share prices on BSE and NSE
BSE
NSE
Month
High Price
Low Price
Traded Qty
High Price
Low Price
Traded Qty
$SU
0D\
-XQ
-XO
$XJ
6HS
2FW
1RY
'HF
-DQ
)HE
0DU
49
16(1LIW\
0RQVDQWR+LJK
0RQVDQWR/RZ
16(1LIW\+LJK
16(1LIW\/RZ
0DU̵
)HE̵
-DQ̵
'HF̵
1RY̵
2FW̵
6HS̵
$XJ̵
-XO̵
-XQ̵
0D\̵
$SU̵
3ULFHRI6KDUHV
Monthly High-Low Share Price / BSE Sensex
Monthly High-Low Share Price / BSE Sensex
%6(6HQVH[
3ULFHRI6KDUHV
0RQVDQWR+LJK
0RQVDQWR/RZ
16(1LIW\+LJK
16(1LIW\/RZ
0DU̵
)HE̵
-DQ̵
'HF̵
1RY̵
2FW̵
6HS̵
$XJ̵
-XO̵
-XQ̵
0D\̵
$SU̵
Plant Locations
+HUELFLGHV
0DGKXEDQ,QGXVWULDO(VWDWH0DGKXEDQ'DP5RDG5DNKROL6LOYDVVD
8QLRQ7HUULWRU\RI'DGUD1DJDU+DYHOL
6HHGV
0RND5RDG6ULYDUD9LOODJH%HOODU\.DUQDWDND6XUYH\1R9LOODJH/DOJXGL0DODNSHW
6KDPLUSHW'LVWULFW5DQJD5HGG\$QGKUD3UDGHVK
50
$8',7256̵&(57,),&$7(
7RWKH0HPEHUVRI0RQVDQWR,QGLD/LPLWHG
:HKDYHH[DPLQHGWKHFRPSOLDQFHRIFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHE\0RQVDQWR,QGLD/LPLWHG̸WKH&RPSDQ\̹IRUWKH
\HDUHQGHGst0DUFKDVVWLSXODWHGLQFODXVHRIWKH/LVWLQJ$JUHHPHQWRIWKHVDLG&RPSDQ\ZLWKVWRFNH[FKDQJHV
7KHFRPSOLDQFHRIFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHLVWKHUHVSRQVLELOLW\RIWKHPDQDJHPHQW2XUH[DPLQDWLRQZDVOLPLWHG
WRDUHYLHZRISURFHGXUHVDQGLPSOHPHQWDWLRQWKHUHRIDGRSWHGE\WKH&RPSDQ\IRUHQVXULQJWKHFRPSOLDQFHRIWKHFRQGLWLRQV
RI&RUSRUDWH*RYHUQDQFH,WLVQHLWKHUDQDXGLWQRUDQH[SUHVVLRQRIRSLQLRQRQWKHͤQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
,QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVDQGWKHUHSUHVHQWDWLRQVPDGH
E\WKHPDQDJHPHQWZHFHUWLI\WKDWWKH&RPSDQ\KDVFRPSOLHGZLWKWKHFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHDVVWLSXODWHGLQ
WKHDERYHPHQWLRQHG/LVWLQJ$JUHHPHQW
:HVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUHIͤFLHQF\RUHIIHFWLYHQHVV
ZLWKZKLFKWKHPDQDJHPHQWKDVFRQGXFWHGWKHDIIDLUVRIWKH&RPSDQ\
)RU'HORLWWH+DVNLQV6HOOV
&KDUWHUHG$FFRXQWDQWV
5HJLVWUDWLRQ1R:
R. Laxminarayan
3DUWQHU
th
0XPEDL 0D\
0HPEHUVKLS1R
51
0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLV
0$1$*(0(17',6&866,21
$1'$1$/<6,6
Overview
$JULFXOWXUHJURZWKLQ,QGLDLVDNH\WRHFRQRPLFGHYHORSPHQWLQWKHFRXQWU\DQGWKHUHIRUHIDUPHUV̵VXFFHVVEHFRPHVDPDMRU
IDFWRU WR WKH FRXQWU\̵V GHYHORSPHQW 7KH (FRQRPLF 6XUYH\ SUHGLFWV WKDW WKH JOREDO HFRQRP\ LV OLNHO\ WR UHFRYHU
LQ DQG YDULRXV JRYHUQPHQW PHDVXUHV ZLOO KHOS LQ LPSURYLQJ WKH ,QGLDQ HFRQRP\̵V RXWORRN IRU )RU LPSURYHG
DJULFXOWXUDOJURZWKWKHVXUYH\XQGHUOLQHVWKHQHHGIRUVWDEOHDQGFRQVLVWHQWSROLFLHVZKHUHPDUNHWVSOD\DQDSSURSULDWHUROH
SULYDWHLQYHVWPHQWLQLQIUDVWUXFWXUHLVVWHSSHGXSIRRGSULFHIRRGVWRFNPDQDJHPHQWDQGIRRGGLVWULEXWLRQLPSURYHVDQGD
SUHGLFWDEOHWUDGHSROLF\LVDGRSWHGIRUDJULFXOWXUH
)', LQ UHWDLO DOORZHG E\ WKH JRYHUQPHQW FDQ SDYH WKH ZD\ IRU LQYHVWPHQW LQ QHZ WHFKQRORJ\ DQG PDUNHWLQJ RI DJULFXOWXUDO
SURGXFHLQ,QGLD)DVWDJULFXOWXUDOJURZWKUHPDLQVYLWDOIRUMREVLQFRPHVDQGIRRGVHFXULW\
)ROORZLQJWKHVORZGRZQLQGXFHGE\WKHJOREDOͤQDQFLDOFULVLVLQWKH,QGLDQHFRQRP\UHVSRQGHGVWURQJO\WRͤVFDODQG
PRQHWDU\VWLPXOXVDQGDFKLHYHGDJURZWKUDWHRISHUFHQWDQGSHUFHQWUHVSHFWLYHO\LQDQGEXWGXH
WRDFRPELQDWLRQRIERWKH[WHUQDODQGGRPHVWLFIDFWRUVWKHHFRQRP\GHFHOHUDWHGJURZLQJDWSHUFHQWDQGDQHVWLPDWHG
SHUFHQWLQDQGUHVSHFWLYHO\
,QGLD̵VDJULFXOWXUHJURZWKLVRISDUDPRXQWLPSRUWDQFHQRWEHFDXVHLWHPSOR\VSHUFHQWRIWKHFRXQWU\̵VSRSXODWLRQEXWDOVR
LWLVDQLPSHUDWLYHUHTXLUHPHQWIRULQFOXVLYHJURZWKDVDVXSSOLHURIIRRGͤEHUDQGUDZPDWHULDODQGPDMRULQGXVWULHV,QGLD
QHHGVWRLQFUHDVHFURSSURGXFWLRQWRPHHWULVLQJFRQVXPHUQHHGVDPLGVWVWDJQDQWRUGLPLQLVKLQJQDWXUDOUHVRXUFHVDQGD
FKDQJLQJFOLPDWHDQGLPSURYHIDUPHUV̵OLYHV
Source: Economic Survey 2012-13
Farmer’s Forum
Industry Structure
0RGHUQDJULFXOWXUHXVLQJSODQWVFLHQFHKDVGRXEOHGWKHSURGXFWLRQRIZRUOGIRRGFDORULHVVLQFHZKLOHNHHSLQJDVWDEOH
DUHDRIODQGIRUDJULFXOWXUDOSURGXFWLRQ,Q,QGLDVLQFHZHKDYHEHHQDEOHWRLQFUHDVHRXUIRRGSURGXFWLRQE\WLPHVWR
PLOOLRQWRQQHV7KLVKDVHQDEOHGXVWRIHHGDSRSXODWLRQWKDWKDVJURZQIURPPLOOLRQWRELOOLRQQDWLRQDOO\ZKLOH
VSDULQJ YLUWXDOO\ QHJOLJLEOH ODQG IURP DJULFXOWXUDO XVH &URS SURWHFWLRQ DQG SODQW ELRWHFKQRORJ\ KHOS IDUPHUV WR JURZ PRUH
IRRGRQOHVVODQGE\SURWHFWLQJFURSVIURPSHVWVDQGGLVHDVHVDQGUDLVLQJ\LHOGVSHUKHFWDUH7KLVHQVXUHVWKHDYDLODELOLW\RID
\HDUURXQGDIIRUGDEOHVXSSO\RIDZLGHYDULHW\RIQXWULWLRXVIUHVKSURGXFH<HWJURZLQJSRSXODWLRQFRQWLQXHVWRSXWSUHVVXUH
RQDJULFXOWXUDOSURGXFWLRQDQGLIZHDUHWRPHHW,QGLD̵VQXWULWLRQDOQHHGVLQWHUPVRIIRRGTXDQWLW\TXDOLW\DQGDIIRUGDELOLW\
DJULFXOWXUDORXWSXWPXVWGRXEOHLQWKHQH[WWR\HDUV7KLVQHHGVWREHDFKLHYHGLQWKHZDNHRIFKDQJLQJZHDWKHUFRQGLWLRQV
GXHWRFOLPDWHFKDQJHDGHFOLQLQJUDWLRRIDUDEOHODQGWRSRSXODWLRQDQGJURZLQJZDWHUVFDUFLW\3ODQWVFLHQFHSURYLGHVWRROV
WRKHOSIDUPHUVPHHWWKHZRUOG̵VQXWULWLRQQHHGVWRGD\DVZHOODVWHFKQRORJLHVWKDWZLOOKHOSWRPHHWWKHIXWXUHFKDOOHQJHVRI
IHHGLQJDJURZLQJSRSXODWLRQZLWKIHZHUQDWXUDOUHVRXUFHV
2QHRIWKHPRVWFULWLFDOREVWDFOHVRISROLFLHVDSSOLFDWLRQVLQDJULFXOWXUDOVHFWRULVLQHQVXULQJIRRGVHFXULW\̰DFFHVVRIWKH
SRSXODWLRQWRVXIͤFLHQWIRRGWRPHHWQXWULWLRQDOUHTXLUHPHQWV)RRGVHFXULW\LVVXHVWHQGWRFRYHUQRWRQO\LVVXHVUHODWHGWR
DYDLODELOLW\DQGVWDELOLW\RIIRRGVXSSOLHVEXWDOVRLVVXHVRIDFFHVVWRWKLVVXSSO\7KLVODVWLVUHODWHGWRWKHUHVRXUFHVQHHGHG
WRSURFXUHWKHUHTXLUHGTXDQWLW\RIIRRG+RZHYHUWKHVHLVVXHVLQ,QGLDDUHFRQVLGHUHGWREHVHQVLWLYHDQGKHQFHZKHUHDODUJH
SHUFHQWDJH RI WKH SRSXODWLRQ LV GHSHQGHQW RQ DJULFXOWXUH QHHG D FHUWDLQ GHJUHH RI DXWRQRP\ DQG IOH[LELOLW\ LQ GHWHUPLQLQJ
WKHLUGRPHVWLFDJULFXOWXUDOSROLFLHV7KHVHZRXOGKDYHWREHJHDUHGWRZDUGVLPSURYLQJSURGXFWLYLW\HQKDQFLQJLQFRPHOHYHOV
UHGXFLQJYXOQHUDELOLW\WRPDUNHWIOXFWXDWLRQVHQVXULQJVWDELOLW\RISULFHVDQGVRRQ
Source: www.indiacrop.org
52
Operational Review
Dekalb® Hybrid Maize Seeds
0DL]HLVWKHWKLUGPRVWLPSRUWDQWIRRGFURSLQ,QGLD$OWKRXJKWKHPDL]HVHHGPDUNHWLVVPDOODWWKHPRPHQWDERXW͚
PLOOLRQLWPLJKWJURZFRQVLGHUDEO\ODUJHU)LUVWLWLVUHDVRQDEOHWRSUHGLFWWKDWWKHDUHDGHYRWHGWRPDL]HIRUIHHGLVOLNHO\WR
LQFUHDVHZLWKLQFUHDVHGFRQVXPSWLRQRISRXOWU\DQGGDLU\UHVXOWLQJIURPLQFRPHJURZWKDFURVV,QGLD*XODWLDQG'L[RQ
6HFRQGWKHUHDUHVHYHUDOUHODWLYHO\TXLFNZLQVWRLQFUHDVLQJPDL]H\LHOGVDQGRXWSXW%HFDXVHRQO\SHUFHQWRIWKHFXUUHQW
PDL]HDFUHDJHLVDOORFDWHGWRK\EULGVWKHUHLVFRQVLGHUDEOHURRPIRUJURZWKRIK\EULGDFUHDJH)DUPODERXUVKRUWDJHFKDQJLQJ
ZHDWKHUSDWWHUQVDQGJURZLQJGHPDQGIRUDQLPDOSURWHLQZLOOGULYHIXWXUHJURZWKRIPDL]HLQ,QGLDIRU\RXU&RPSDQ\0DQ\RI
WKHPXOWLQDWLRQDOͤUPVLQYROYHGLQ,QGLD̵VVHHGLQGXVWU\KDYHFRQVLGHUDEOHDELOLW\WROHYHUDJH5'IURPRWKHUVLPLODUUHJLRQVLQ
ZKLFKWKH\RSHUDWH)XUWKHUWKHOLNHOLKRRGRI*0PDL]HVXFFHVVIXOO\QDYLJDWLQJ,QGLD̵VUHJXODWRU\SURFHVVPLJKWEHKLJKHUWKDQ
WKDWRIRWKHUFURSVEHFDXVHPDL]HLVOHVVVHQVLWLYHWRPRVW,QGLDQFRQVXPHUV̵FRQFHUQVDQGDOVRLWLVYLHZHGDVDIHHGFURS
WKDWLVRQO\PDUJLQDOO\LPSRUWDQWWRQDWLRQDOIRRGVHFXULW\RUELRGLYHUVLW\
<RXU&RPSDQ\̵VPDL]HVHHGVDUHVROGXQGHUWKH'HNDOE®EUDQGQDPHDQGDUHZHOOHVWDEOLVKHGZLWKLQWKHIDUPLQJFRPPXQLW\
<RXU&RPSDQ\̵VQHZHUJURZWK+\EULGVDQGKDYHJURZQYHU\ZHOODQGKDYHKHOSHGJURZRYHUDOOYROXPHV
LQVRPHSDUWVDQGKDYHKHOSHGPLWLJDWHWKHGHFOLQHRIWKHROGHUSURGXFWVLQPDQ\RWKHUSDUWVRIWKH&RXQWU\/DXQFKRI
JURZWKK\EULGKDVDOVRGRQHYHU\ZHOODQGLV\HWWRJURZH[SRQHQWLDOO\LQWKHFRPLQJVHDVRQV
'XULQJ WKH \HDU XQGHU UHYLHZ 0RQVDQWR )DUP $J9LVRU\® 6HUYLFHV 0)$6 DQ LQQRYDWLYH IDUPHU FRQQHFW SODWIRUP WKDW
RIIHUV )UHH &XVWRPL]HG &URS $GYLVRULHV IURP VRZLQJ WR KDUYHVW WR HQKDQFH ,QGLD̵V &RUQ 9HJHWDEOH &RWWRQ )DUPHUV̵ <LHOG
3URͤWDELOLW\ZDVODXQFKHG,QDGGLWLRQWRWKHVDPHLWFDQEHOHYHUDJHGIRUSUHVHDVRQGHPDQGHVWLPDWLRQXQGHUVWDQGLQJ
SXUFKDVH LQWHQWLRQ EUDQG SUHIHUHQFHV DQG SURPRWLRQDO PHVVDJLQJ 7KH SODWIRUP KHOSV WR UHWDLQ XSJUDGH XSVFDOH FXUUHQW
FXVWRPHUVDQGDGGQHZFXVWRPHUV0RVWLPSRUWDQWO\LWGHOLYHUVEHVWLQFODVVFXVWRPHUVDWLVIDFWLRQDQGFXVWRPHUH[SHULHQFH
'U'HNDOE®)DUP&DUH'')&ODXQFKHGLQKDVVFDOHGXSIURPODNKIDUPHUVLQWRODNKIDUPHUVLQDFURVV
EXVLQHVVFULWLFDOVWDWHVLQFOXGLQJ0DKDUDVKWUD.DUQDWDND%LKDU0DGK\D3UDGHVKDQG8WWDU3UDGHVK
7KH FRPSHWLWLRQ KDV DOVR EHHQ YHU\ DJJUHVVLYH WKURXJK WKHLU RZQ ͤHOG DFWLYLWLHV DQG KDV H[HUWHG KXJH SUHVVXUH WKURXJK
D PDVVLYH VWRFN SXVK DQG OXFUDWLYH FKDQQHO VFKHPHV ([WHQVLYH PDUNHW GHYHORSPHQW DFWLYLWLHV ZHUH DOVR FRQGXFWHG WR
GHPRQVWUDWH\RXU&RPSDQ\̵V\LHOGDGYDQWDJHRYHUFRPSHWLWLRQK\EULGV
<RXU &RPSDQ\ LV SOHDVHG WR VKDUH WKDW D UHFHQW UHVHDUFK FRQGXFWHG DPRQJ IDUPHUV LQ 0DKDUDVKWUD .DUQDWDND
%LKDU DQG 8WWDU 3UDGHVK FRQFOXGHG WKDW SHU FHQW RI IDUPHUV ZHUH KLJKO\ VDWLVͤHG ZLWK WKH 0)$6 &XVWRPHU ([SHULHQFH
SHUFHQWIROORZHGDGYLVRULHVDQGSHUFHQWEHQHͤWWHGYLD\LHOGHQKDQFHPHQWVFRVWUHGXFWLRQDQGRSWLPXPXWLOL]DWLRQRI
UHVRXUFHV7KHIDUPHUVVXUYH\QDPHGL5LJKW6HHG6HOHFWLRQLL3HVWDQG'LVHDVH&RQWURODQGLLL1XWULHQW0DQDJHPHQW̰DV
WKHWRSWKUHHUHDVRQVIRUFDOOLQJWKHSODWIRUP
* Source: International Food Policy Research Institute
Kharif Season Overview
3DUWVRI6RXWKHUQ0DKDUDVKWUDDQG1RUWKHUQ.DUQDWDNDKDYHUHFHLYHGVFDQW\UDLQZKLOHRWKHUSDUWVKDYHUHFHLYHGQRUPDO
WR H[FHVV UDLQV 7KH UDLQIDOO SDWWHUQ RI GHͤFLHQW UDLQ DQG WKHQ FRQFHQWUDWHG UDLQ LQ SDWFKHV KDV UHVXOWHG LQ LQFUHDVHG
GLVHDVHSUHVVXUHLQPDQ\SDUWVRI.DUQDWDNDDQG0DKDUDVKWUD
<RXU &RPSDQ\ KDV ODXQFKHG WZR QHZ K\EULGV '.& LQ QRUWK LUULJDWHG VHJPHQW DQG '.& LQ WKH VRXWK ZHVW
LUULJDWHGVHJPHQW
$JJUHVVLYHVFDOHXSRI'.&DUDLQIHGK\EULGZLWKEHWWHUZDWHUVWUHVVWROHUDQFH7KHSHUIRUPDQFHRIWKHK\EULGKDV
EHHQDSSUHFLDWHGE\IDUPHUVDFURVV0DKDUDVKWUDDQG.DUQDWDND
,Q OLQH ZLWK \RXU &RPSDQ\̵V REMHFWLYH RI GHYHORSLQJ DQG EULQJLQJ WR PDUNHW VXSHULRU YDOXH K\EULGV LW LV FRQWLQXLQJ WR
LQWURGXFHQHZSURGXFWVWRWUDQVLWLRQLWVSRUWIROLRIURPDODUJHUPL[RIK\EULGVLQWKHPDWXUHGHFOLQHSKDVHWRK\EULGVLQ
WKHQHZJURZWKSKDVH
<RXU&RPSDQ\FRQWLQXHVWRVWUHQJWKHQLWVIODJVKLSPDUNHWLQJSURJUDPVVXFKDV'HNDOE®0DUJDGDUVKDN0RQVDQWR2QH
DQG0RELOHEDVHG$JULFXOWXUHLQIRUPDWLRQV\VWHPDFURVV,QGLD$QHZFXVWRPHUIRFXVHGLQLWLDWLYHLVDOVREHLQJSLORWHG
53
Rabi Season Overview
.H\5DEL0DUNHWVRI%LKDU%DQJODGHVK$QGKUD3UDGHVKDQG:HVW%HQJDOKDYHSHUIRUPHGYHU\ZHOO
.H\ K\EULGV LQ %LKDU VROG GXULQJ 5DEL LQFOXGH '.& D QHZ ODXQFK '.& 3LQQDFOH 0 *ROG DQG 0
KLJKYDOXHK\EULGV
<RXU&RPSDQ\KDVSURJUHVVHGLWV3XEOLF3ULYDWH3DUWQHUVKLSZLWKWKH6WDWH*RYHUQPHQWRI8WWDU3UDGHVKGXULQJ5DEL
DQG6SULQJ
'.&WKHKLJKHVWYDOXHFRUQVHHGVVROGE\\RXU&RPSDQ\LVGRLQJYHU\ZHOODQGZHKDYHSODFHGDGGLWLRQDOTXDQWLWLHV
EDVHGRQIDUPHUUHVSRQVHDQGRYHUDOOPRPHQWXPRIWKHK\EULG
Roundup® (Herbicide)
5RXQGXS®LVWKHEUDQGQDPHRIDV\VWHPLFEURDGVSHFWUXPKHUELFLGHSURGXFHGE\\RXU&RPSDQ\DQGFRQWDLQVWKHDFWLYH
LQJUHGLHQW*O\SKRVDWH
'XULQJWKH\HDUXQGHUUHYLHZWKHUHZHUHGU\VSHOOVLQPDQ\SDUWVRIWKHFRXQWU\GXHWRZKLFKWKHZHHGSUHVVXUHZDVORZDQG
KHQFH ORZHU GHPDQG IRU *O\SKRVDWH +RZHYHU E\ IRFXVLQJ RQ PDUNHW GHYHORSPHQW LQ JHRJUDSKLHV ZKHUH WKHUH ZDV JRRG
UDLQIDOO\RXU&RPSDQ\KDVEHHQDEOHWRJURZWKHYROXPHRI5RXQGXS®RYHUSUHYLRXV\HDU7KHORQJWHUPGHPDQGLVH[SHFWHG
WRVWD\LQWDFWDQGJURZVWURQJO\JLYHQWKHODERXUVLWXDWLRQ
7KH JOREDO JO\SKRVDWH LQGXVWU\ KDV ZLWQHVVHG ͤUP SULFHV IRU JO\SKRVDWH DQG WKH NH\ UDZ PDWHULDOV <RXU &RPSDQ\ KDV
LQFUHDVHGWKHSULFHVIRU5RXQGXS®EUDQGDQGSULFHWROLFHQVLQJFXVWRPHUVLQOLQHZLWKWKHJOREDOSULFHPRYHPHQW+RZHYHUWKH
FRPSHWLWLRQLQ5RXQGXS®UHPDLQVYHU\VWURQJDQGWKLVKDVOLPLWHGWKHVFRSHIRUSULFHLQFUHDVHIRU5RXQGXS®'XULQJWKH\HDU
XQGHUUHYLHZWKH&KDQQHO0L[KDVDOVRDGYHUVHO\LPSDFWHGWKHRYHUDOO5RXQGXS®YROXPHVVLQFHWKH&RPSDQ\KDVPDLQWDLQHG
LWVJURZWKPRPHQWXPIRUWKHEUDQGHGVHJPHQWVZKLOHVHOOLQJOHVVWRWKHOLFHQVLQJFXVWRPHUVDVFRPSDUHGWRODVW\HDU
Financial Review
'XULQJWKH\HDUXQGHUUHYLHZQHWVDOHVDUHDW`&URUHVZKLFKLVSHUFHQWKLJKHUWKDQWKHSUHYLRXV\HDU7KHVDOHIRU
FRUQGXULQJ)<LV`&URUHVKLJKHUE\`&URUHVSHUFHQWLQFRPSDULVRQZLWKWKHSUHYLRXV\HDU1HW
6DOHVRI5RXQGXS®GXULQJWKH\HDUXQGHUUHYLHZLV`&URUHVKLJKHUE\`&URUHVSHUFHQWRYHUWKHSUHYLRXV\HDU
7KHLQFUHDVHLVSULPDULO\GULYHQE\YROXPHJURZWKDQGKLJKHUUHDOL]DWLRQWKURXJKRXWWKH\HDU
7KHRSHUDWLQJH[SHQVHIRUWKH)<LV`&URUHVDQLQFUHDVHRISHUFHQWFRPSDUHGWRSUHYLRXV\HDULQVSLWH
RI KLJK LQIODWLRQDU\ WUHQG &RQWLQXLQJ LWV IRFXV RQ FRVWV WKH &RPSDQ\ KDV UHQHJRWLDWHG RIͤFH UHQWDOV DQG UHGXFHG WKH
VDPHVXEVWDQWLDOO\
3URͤWDIWHUWD[IRUWKH\HDUXQGHUUHYLHZZDV`&URUHVYLV¢YLV`&URUHVLQWKH)<
Opportunities
7RNHHSXSZLWKWKHJURZWKLQKXPDQSRSXODWLRQPRUHIRRGZLOOKDYHWREHSURGXFHGRYHUWKHQH[W\HDUVWKDQKDVEHHQ
GXULQJWKHSDVW\HDUVFRPELQHG0RVWH[SHUWVDJUHHWKDWLIZHDUHWRIHHGELOOLRQSHRSOHZRUOGIRRGSURGXFWLRQZLOO
KDYHWRLQFUHDVHE\DWOHDVWSHUFHQW,QWKHYLHZRI)RRGDQG$JULFXOWXUH2UJDQL]DWLRQSHUFHQWRIWKLVLQFUHDVHZLOOKDYHWR
FRPHIURPPRUHLQWHQVLYHFURSSURGXFWLRQDQGWKHUHPDLQLQJSHUFHQWIURPH[SDQVLRQRIDUDEOHODQGPXFKDWWKHH[SHQVH
RIH[LVWLQJIRUHVWV
7KHUHLVOLWWOHGRXEWWKDWVXVWDLQDEOHDJULFXOWXUHFDQEULQJFRQVLGHUDEOHEHQHͤWVWRPDQ\SDUWVRIWKHZRUOGEXWVXVWDLQDEOH
DJULFXOWXUHDORQHZLOOQRWEHHQRXJKWRHQVXUHWKHIRRGVHFXULW\RIWKHJURZLQJQXPEHUVRIUXUDOSRRU0RUHFRQWHQWLRXVIRU
PDQ\HQYLURQPHQWDOLVWVDWOHDVWLVWKHFDOOIRUD̸GRXEO\JUHHQ̹UHYROXWLRQ
7KHLVVXHRIJHQHWLFDOO\PRGLͤHGRUJDQLVPV*02VKDVSURYHGKLJKO\FRQWHQWLRXV$GYRFDWHVRIELRWHFKQRORJ\SRLQWWRLWV
PDQ\SRVVLEOHEHQHͤWV,QWKHIXWXUHVFLHQWLVWVPD\GHYHORS*02VZKLFKOHDGWRDGUDPDWLFUHGXFWLRQLQWKHXVHRISHVWLFLGHV
DQGDUWLͤFLDOIHUWLOLVHUV
,Q ,QGLD IDUPHUV WUDGLWLRQDOO\ HPSOR\ ODERXUHUV WR UHPRYH FURSKXUWLQJ KHUEV DQG ZHHGV EXW UXUDO MRE VFKHPH LV FUHDWLQJ
HPSOR\PHQWRSSRUWXQLWLHVRXWVLGHWKHDJULFXOWXUDOVHFWRUOHDGLQJWRDVKRUWDJHRIIDUPZRUNHUV$VDUHVXOWGHSOR\LQJODERXUHUV
WRUHPRYHZHHGVDQGKHUEVKDYHEHFRPHFRVWO\7KLVKDVPDGHIDUPHUVWRRSWIRUKHUELFLGHVSUD\V
Source: www.fao.org
54
Risks, Concerns and Threats
5LVNPDQDJHPHQWLVDQLQWHJUDOSDUWRIWKHVWUDWHJLFPDQDJHPHQWRI\RXU&RPSDQ\7KHULVNPDQDJHPHQWWHDPIRFXVHVRQ
PDNLQJSHULRGLFDVVHVVPHQWRIVLJQLͤFDQWULVNVOLNHO\WRLPSDFWWKH&RPSDQ\RSHUDWLRQVDQGGUDZVXSVXLWDEOHDFWLRQSODQ
WR DGGUHVV WKH FRQFHUQV 7KH SURFHVV RI 5LVN 0DQDJHPHQW LQ \RXU &RPSDQ\ LGHQWLͤHV ULVN LQKHUHQW LQ LWV RSHUDWLRQV DQG
UHFRUGVUHVLGXDOULVNDIWHUWDNLQJVSHFLͤFPLWLJDWLRQVWHSV,QDQXWVKHOOIROORZLQJDUHWKHULVNVFRQFHUQLQJWKHEXVLQHVVRIWKH
&RPSDQ\DQGLQGXVWU\DWODUJH
Production Risks: 7KHVH ULVNV DUH NQRZQ DQG SUHVHQW LQ SURGXFWLRQ DORQJ WKH HQWLUH VXSSO\ FKDLQ 7KH\ DIIHFW H[SHFWHG
VHHG\LHOGVDQGLPSDFWLQFRPH7KHVHLQFOXGHQDWXUDOHYHQWVKXUULFDQHVGURXJKWSHVWVDQGGLVHDVHVSULFHVODQGODERXU
HTXLSPHQWPDFKLQHU\DQGFDSLWDOVWDQGDUGVDQGUHJXODWLRQVSURGXFWLRQDQGSURFHVVPHWKRGVTXDOLW\DQGVDIHW\HTXLSPHQW
DQG WHFKQRORJ\ HIͤFLHQFLHV PDUNHW G\QDPLFV LQFUHDVLQJ VFDOH VSHFLDOLVDWLRQ DQG FKDLQ FRQVROLGDWLRQ DQG VWUDWHJLF ULVNV
FKRRVLQJ LQDSSURSULDWH WHFKQRORJ\ <RXU &RPSDQ\ KDV WDNHQ TXLWH D IHZ SURDFWLYH PHDVXUHV WR PLWLJDWH WKH ULVN OLNH
VFRXWLQJ IRU DOWHUQDWH SURGXFWLRQ ORFDWLRQ PHFKDQLVDWLRQ RI RSHUDWLRQV DQG LPSURYHPHQW RI VHHG SURGXFWLRQ SURFHVVHV
DPRQJVWRWKHUV
Marketing Risks:<RXU&RPSDQ\LVIDFLQJKHDGZLQGVLQWKH&RUQEXVLQHVVRQWKHGHPDQGVLGHGXHWRLQWHQVHFRPSHWLWLRQFURS
VKLIWVDQGXQFHUWDLQZHDWKHU$OVRGXHWRFRPSHWLWLYHPDUNHWLQJVFKHPHVDQGDFRQVWDQWVWUHDPRIQHZSURGXFWVIDUPHUVDQG
WKH&KDQQHOKDYHPRUHFKRLFHWKDQHYHUEHIRUH<RXU&RPSDQ\KDVEHHQLQWKHIRUHIURQWRIVXFKFRPSHWLWLYHDFWLYLWLHVDQGKDV
WKXVVWD\HGDKHDGRIFRPSHWLWLRQVRIDU
Institutional and Industry Risks:7KHVHUHODWHWRFKDQJHVLQJRYHUQPHQWSROLFLHVLQFOXGLQJUHJXODWRU\SROLFLHVDQGLQWHUYHQWLRQV
2WKHUVXFKULVNVLQFOXGHWKHDGHTXDF\DQGHIͤFLHQF\RI&HQWUDODQG6WDWH*RYHUQPHQWVXSSRUWIRUDJULFXOWXUH
Personal Risks:7KHVHULVNVUHODWHWRWKHLPSDFWRQKHDOWKDQGSK\VLFDOZHOOEHLQJLQWKHSURFHVVRIFDUU\LQJRXWWKHEXVLQHVV
RIDJULFXOWXUH0DQ\RIRXUHPSOR\HHVGULYHORQJGLVWDQFHVRQUXUDOURDGVDQGIDFHKHLJKWHQHGH[SRVXUHWRXQSUHGLFWDEOHURDG
FRQGLWLRQV\RXU&RPSDQ\KDVDQ,QGXVWU\OHDGLQJVDIHW\SURJUDPWRKHOSHPSOR\HHVXQGHUVWDQGDQGFRSHZLWKVXFKULVNV
Financial Risks:3URGXFWLRQUHODWHGULVNVRQWKHVXSSO\VLGHDQGZHDWKHUFURSDFUHVIDUPHUVHHGFKRLFHUHODWHGPDUNHWULVNV
RQWKHGHPDQGVLGHDUHRXUFKLHIͤQDQFLDOULVNV7KHSULFHVRIJO\SKRVDWHDUHGULYHQE\WKHUDZPDWHULDOVEHLQJLPSRUWHGIURP
&KLQDDQG\RXU&RPSDQ\ZRXOGQHHGWRPDLQWDLQLWVSULFLQJFRQVLGHULQJWKHWUHQGVRILPSRUWSULFHRIUDZPDWHULDOIURP&KLQD
/DVWIHZ\HDUVKDYHZLWQHVVHGSUROLIHUDWLRQRIFRPSHWLWRUVZKRDUHPDQXIDFWXULQJWKURXJKLPSRUWHGUDZPDWHULDODQGVHOOLQJ
DWYHU\ORZSULFHV7KLVWUHQGLVOLNHO\WRFRQWLQXHDQGZRXOGFRQWLQXHWRH[HUWSUHVVXUHRQPDUJLQVIRUWKH5RXQGXS®EUDQG
Outlook
0DL]HKDVDVSHFLDOVWDWXVLQWKHJOREDOVHHGDQGDJULELRWHFKLQGXVWU\DQGLWLVOLNHO\WKDWWKLVVSHFLDOVWDWXVZLOOEHFDUULHG
LQWR,QGLDLQWKHQHDUIXWXUH)LUVWPDL]H̱K\EULGPDL]H̱LVDQDWWUDFWLYHLQYHVWPHQWEHFDXVHRIWKHUHODWLYHHDVHZLWKZKLFK
ͤUPVFDQDSSURSULDWHWKHLU5'LQYHVWPHQWVZLWKWKHELRORJLFDO,35VFRQIHUUHGE\K\EULGL]DWLRQ6HFRQGPDL]HLVDWWUDFWLYH
EHFDXVHRIWKHSRWHQWLDOVSLOORYHUVJHQHUDWHGE\KLJKDQGVXVWDLQHGOHYHOVRIJOREDO5'LQYHVWPHQWLQWKHFURSJLYHQWKDW
PRVWRIWKHJOREDOOHDGHUVLQWKHFURSVFLHQFHLQGXVWU\KDYHPDMRU5'LQYHVWPHQWVLQPDL]HDQGRZQYDOXDEOHDVVHWVVXFK
DV ZHOOHVWDEOLVKHG EUHHGLQJ SURJUDPV KLJKTXDOLW\ JHQHWLF PDWHULDOV H[SHUWLVH LQ PROHFXODU ELRORJ\ DQG H[SHULHQFH ZLWK
UHJXODWRU\SURFHVVHV7KLUGPDL]HLVODUJHO\DIHHGFURSLQ,QGLDDV*0PDL]HWHFKQRORJLHVPRYHLQWRWKHSLSHOLQHPDL]HPD\
QRWJHQHUDWHWKHVDPHOHYHORIKHDWHGGHEDWHWKDWIRRGFURSVVXFKDVHJJSODQWRUULFHGR8OWLPDWHO\IRUHLJQLQYHVWPHQWLQ
PDL]HE\PXOWLQDWLRQDOFRPSDQLHVLQ,QGLDHLWKHUWKURXJKVXEVLGLDULHVRUMRLQWYHQWXUHSDUWQHUVFRXOGUHVXOWLQUDSLGJURZWKLQ
WKHK\EULGPDL]HVHHGPDUNHW%XWWKHDYDLODELOLW\RIDQGJRYHUQPHQWRSHQQHVVWRDFTXLVLWLRQVRI,QGLDQVHHGFRPSDQLHVE\
IRUHLJQͤUPVPD\GHWHUPLQHKRZWKLVPDUNHWGHYHORSV
)DUPODERXUDYDLODELOLW\DQGFRVWFRQWLQXHWRSRVHDFKDOOHQJHWRWKHJURZHUVLQ,QGLD7KLVDORQJZLWKLPSURYLQJDZDUHQHVV
DERXW FKHPLFDO ZHHGLQJ XVDJH LQ QHZHU FURSV DQG JHRJUDSKLHV DV ZHOO DV QRQ DJULFXOWXUDO XVDJH DXJXUV ZHOO IRU WKH
KHUELFLGHLQGXVWU\DQG\RXU&RPSDQ\$VVKDUHGHDUOLHUWKH*O\SKRVDWHPDUNHWLVDOVRH[SHFWHGWRJURZLQGRXEOHGLJLWVLQWKH
PHGLXPWHUP
<RXU &RPSDQ\ WKURXJK LWV FRQWLQXRXV EUHHGLQJ UHVHDUFK HIIRUWV QHZ SURGXFW RIIHULQJV HIIHFWLYH VDOHV DQG PDUNHWLQJ
VWUDWHJLHV D VWURQJ EUDQG IDU UHDFKLQJ GLVWULEXWLRQ LQIUDVWUXFWXUH DQG LQYHVWPHQWV LQ SHRSOH GHYHORSPHQW LV KRSHIXO RI
PDLQWDLQLQJLWVSHUIRUPDQFHJRLQJIRUZDUG
5RXQGXS®UHPDLQVWKHEUDQGRIFKRLFHZKHQLWFRPHVWRFRQWUROOLQJZHHGVWRLWVURRWVIRUDORQJHUVSDQRIWLPHQRWMXVWLQWHD
SODQWDWLRQVDQGQRQFURSSHGDUHDVEXWDOVRIRUJHQHUDOZHHGFRQWUROLQUDLOZD\VLQGXVWULHVDURXQGURDGVDQGKLJKZD\VHWF
55
&RQVLGHULQJWKHODERXUVLWXDWLRQWKHGHPDQGIRUJO\SKRVDWHLVOLNHO\WRUHPDLQVWURQJLQWKHFRPLQJ\HDU<RXU&RPSDQ\LV
SODQQLQJWRODXQFK5RXQGXS®EUDQGLQDQHZSDFNDJLQJDQGZLWKDQHZEUDQGLGHQWLW\ZLWKWKHSURSRVLWLRQRI̸:RUOG̵V1R
+HUELFLGH̹<RXU&RPSDQ\DOVRLQWHQGVWRVWUHQJWKHQWKHSDUWQHUVKLSZLWKUHWDLOSDUWQHUVLQWKHFRPLQJ\HDUDQGLGHQWLI\QHZ
VHJPHQWVIRU5RXQGXS®XVDJH
Source: International Food Policy Research Institute
Internal Controls Systems and Adequacy
<RXU&RPSDQ\KDVLQSODFHSURSHUDQGDGHTXDWHV\VWHPRILQWHUQDOFRQWUROVWRSURYLGHUHDVRQDEOHDVVXUDQFHWKDWDOODVVHWVDUH
VDIHJXDUGHGWUDQVDFWLRQVDUHDXWKRULVHGUHFRUGHGDQGUHSRUWHGFRUUHFWO\DQGWRHQVXUHFRPSOLDQFHZLWKSROLFLHVDQGVWDWXWHV
,WLVFRPPLWWHGWRHQVXULQJDQHIIHFWLYHLQWHUQDOFRQWUROHQYLURQPHQWWKDWSURYLGHVDVVXUDQFHRQWKHHIͤFDF\DQGHIIHFWLYHQHVV
RIRSHUDWLRQVSURFHVVHVDQGVDIHJXDUGRIDVVHWV$W0RQVDQWRWKHLQWHUQDODXGLWRIWKH&RPSDQ\LVFRQGXFWHGE\DUHSXWHG
LQGHSHQGHQW&RPSDQ\DSSRLQWHGE\WKHPDQDJHPHQW7KHREVHUYDWLRQVDQGUHFRPPHQGDWLRQVRIWKHLQWHUQDODXGLWRUVDUH
UHYLHZHG E\ WKH $XGLW &RPPLWWHH DQG DGHTXDWH IROORZ XS PHDVXUHV DUH WDNHQ WR RYHUFRPH WKH LGHQWLͤHG RSSRUWXQLWLHV WR
IXUWKHULPSURYHWKHFRQWUROHQYLURQPHQW
$OO HPSOR\HHV DUH WUDLQHG WR IROORZ \RXU &RPSDQ\̵V EXVLQHVV FRQGXFW JXLGHOLQHV ZLWK ̴,QWHJULW\̵ DV WKH IRXQGDWLRQ RI DOO
WKDWZHGR
Human Resources
<RXU&RPSDQ\KDVHPSOR\HHVRQLWVUROOVDVRQst0DUFKDVFRPSDUHGWRDVRQst0DUFK
:LWKHOHPHQWVRI̴'LDORJXH7UDQVSDUHQF\6KDULQJ%HQHͤWV5HVSHFW$FWDV2ZQHUVWR$FKLHYH5HVXOWV̵̰\RXU&RPSDQ\̵V
SOHGJHLVDGHFODUDWLRQWKDWFRPSHOVLWVHPSOR\HHVWROLVWHQPRUHWRFRQVLGHUWKHLUDFWLRQVDQGWKHLULPSDFWEURDGO\DQGWROHDG
UHVSRQVLEO\<RXU&RPSDQ\UHIOHFWVWKHFXOWXUHVLGHDVDQGLQWHUHVWVRIDOOWKHFXVWRPHUVLWVVHUYHDQGFRPPXQLWLHVLWWRXFKHV
ZKLOHLQWHJUDWLQJWKRVHLPSRUWDQWSHUVSHFWLYHVLQWRHYHU\DUHDRILWVEXVLQHVV<RXU&RPSDQ\FRQWLQXHVWRUHPDLQIRFXVHGRQ
LQGLYLGXDOFDSDELOLW\HQKDQFHPHQWVNLOOGHYHORSPHQWUHZDUGVDQGUHFRJQLWLRQDQGSHUVRQDODQGFDUHHUJURZWK
<RXU&RPSDQ\EHOLHYHVWKDWLWLVLWVSHRSOHZKRKHOSUHDOL]HDPLOOLRQIDUPHUGUHDPV,WLVLWVHPSOR\HHV̵HQWKXVLDVPSDVVLRQ
DQG FRPPLWPHQW FRPELQHG ZLWK JXLGDQFH IURP D WDOHQWHG OHDGHUVKLS WHDP DQG SHRSOHIRFXVHG SROLFLHV ZKLFK PDNHV LW
̴$*UHDW3ODFH7R:RUN̵
<RXU &RPSDQ\ KDV EHHQ UHFRJQL]HG DV RQH RI WKH EHVW FRPSDQLHV WR ZRUN IRU LQ WKH VWXG\ FRQGXFWHG E\ WKH *UHDW 3ODFH
WR:RUN®,QVWLWXWH,QGLDLQSDUWQHUVKLSZLWK7KH(FRQRPLF7LPHV,WKDVEHHQUDQNHGFRQVLVWHQWO\DPRQJVWWKHWRSEHVW
HPSOR\HUVLQWKHSDVW\HDUV
Cautionary Statement
&HUWDLQVWDWHPHQWVFRQWDLQHGLQWKLVUHOHDVHDUH̸IRUZDUGORRNLQJVWDWHPHQWV̹VXFKDVVWDWHPHQWVFRQFHUQLQJWKH&RPSDQ\̵V
DQWLFLSDWHGͤQDQFLDOUHVXOWVFXUUHQWDQGIXWXUHSURGXFWSHUIRUPDQFHUHJXODWRU\DSSURYDOVEXVLQHVVDQGͤQDQFLDOSODQVDQG
RWKHUQRQKLVWRULFDOIDFWV7KHVHVWDWHPHQWVDUHEDVHGRQFXUUHQWH[SHFWDWLRQVDQGFXUUHQWO\DYDLODEOHLQIRUPDWLRQ+RZHYHU
VLQFH WKHVH VWDWHPHQWV DUH EDVHG RQ IDFWRUV WKDW LQYROYH ULVNV DQG XQFHUWDLQWLHV WKH &RPSDQ\̵V DFWXDO SHUIRUPDQFH DQG
UHVXOWVPD\GLIIHUPDWHULDOO\IURPWKRVHGHVFULEHGRULPSOLHGE\VXFKIRUZDUGORRNLQJVWDWHPHQWV)DFWRUVWKDWFRXOGFDXVH
RU FRQWULEXWH WR VXFK GLIIHUHQFHV LQFOXGH DPRQJ RWKHUV FRQWLQXHG FRPSHWLWLRQ LQ VHHGV WUDLWV DQG DJULFXOWXUDO FKHPLFDOV
WKH &RPSDQ\̵V H[SRVXUH WR YDULRXV FRQWLQJHQFLHV LQFOXGLQJ WKRVH UHODWHG WR LQWHOOHFWXDO SURSHUW\ SURWHFWLRQ UHJXODWRU\
FRPSOLDQFHDQGWKHVSHHGZLWKZKLFKDSSURYDOVDUHUHFHLYHGDQGSXEOLFDFFHSWDQFHRIELRWHFKQRORJ\SURGXFWVWKHVXFFHVV
RI WKH &RPSDQ\̵V UHVHDUFK DQG GHYHORSPHQW DFWLYLWLHV WKH RXWFRPHV RI PDMRU ODZVXLWV DQG WKH SUHYLRXVO\DQQRXQFHG
6(& LQYHVWLJDWLRQ GHYHORSPHQWV UHODWHG WR IRUHLJQ FXUUHQFLHV DQG HFRQRPLHV VXFFHVVIXO RSHUDWLRQ RI UHFHQW DFTXLVLWLRQV
IOXFWXDWLRQVLQFRPPRGLW\SULFHVFRPSOLDQFHZLWKUHJXODWLRQVDIIHFWLQJRXUPDQXIDFWXULQJWKHDFFXUDF\RIWKH&RPSDQ\̵V
HVWLPDWHVUHODWHGWRGLVWULEXWLRQLQYHQWRU\OHYHOVWKH&RPSDQ\̵VDELOLW\WRIXQGLWVVKRUWWHUPͤQDQFLQJQHHGVDQGWRREWDLQ
SD\PHQW IRU WKH SURGXFWV WKDW LW VHOOV WKH HIIHFW RI ZHDWKHU FRQGLWLRQV QDWXUDO GLVDVWHUV DQG DFFLGHQWV RQ WKH DJULFXOWXUH
EXVLQHVV8QGXHUHOLDQFHVKRXOGQRWEHSODFHGRQWKHVHIRUZDUGORRNLQJVWDWHPHQWVZKLFKDUHFXUUHQWRQO\DVRIWKHGDWHRI
WKLVUHOHDVH7KH&RPSDQ\GLVFODLPVDQ\FXUUHQWLQWHQWLRQRUREOLJDWLRQWRXSGDWHDQ\IRUZDUGORRNLQJVWDWHPHQWVRUDQ\RIWKH
IDFWRUVWKDWPD\DIIHFWDFWXDOUHVXOWV
56
AUDITORS’ REPORT
TO THE MEMBERS OF
MONSANTO INDIA LIMITED
Report on the Financial Statements
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJͤQDQFLDOVWDWHPHQWVRI0216$172,1',$/,0,7('̸WKH&RPSDQ\̹ZKLFKFRPSULVHWKH
%DODQFH6KHHWDVDWst0DUFKWKH6WDWHPHQWRI3URͤWDQG/RVVDQGWKH&DVK)ORZ6WDWHPHQWIRUWKH\HDUWKHQHQGHG
DQGDVXPPDU\RIWKHVLJQLͤFDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQ
Management’s Responsibility for the Financial Statements
7KH&RPSDQ\̵V0DQDJHPHQWLVUHVSRQVLEOHIRUWKHSUHSDUDWLRQRIWKHVHͤQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZRI
WKHͤQDQFLDOSRVLWLRQͤQDQFLDOSHUIRUPDQFHDQGFDVKIORZVRIWKH&RPSDQ\LQDFFRUGDQFHZLWKWKH$FFRXQWLQJ6WDQGDUGV
UHIHUUHGWRLQ6HFWLRQ&RIWKH&RPSDQLHV$FW̸WKH$FW̹DQGLQDFFRUGDQFHZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\
DFFHSWHGLQ,QGLD7KLVUHVSRQVLELOLW\LQFOXGHVWKHGHVLJQLPSOHPHQWDWLRQDQGPDLQWHQDQFHRILQWHUQDOFRQWUROUHOHYDQWWRWKH
SUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHͤQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZDQGDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
ZKHWKHUGXHWRIUDXGRUHUURU
Auditors’ Responsibility
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKHVH ͤQDQFLDO VWDWHPHQWV EDVHG RQ RXU DXGLW :H FRQGXFWHG RXU DXGLW LQ
DFFRUGDQFHZLWKWKH6WDQGDUGVRQ$XGLWLQJLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD7KRVH6WDQGDUGVUHTXLUH
WKDWZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKH
ͤQDQFLDOVWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
$Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW HYLGHQFH DERXW WKH DPRXQWV DQG WKH GLVFORVXUHV LQ WKH ͤQDQFLDO
VWDWHPHQWV 7KH SURFHGXUHV VHOHFWHG GHSHQG RQ WKH DXGLWRU̵V MXGJPHQW LQFOXGLQJ WKH DVVHVVPHQW RI WKH ULVNV RI PDWHULDO
PLVVWDWHPHQWRIWKHͤQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU,QPDNLQJWKRVHULVNDVVHVVPHQWVWKHDXGLWRUFRQVLGHUV
LQWHUQDOFRQWUROUHOHYDQWWRWKH&RPSDQ\̵VSUHSDUDWLRQDQGIDLUSUHVHQWDWLRQRIWKHͤQDQFLDOVWDWHPHQWVLQRUGHUWRGHVLJQDXGLW
SURFHGXUHVWKDWDUHDSSURSULDWHLQWKHFLUFXPVWDQFHVEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQRSLQLRQRQWKHHIIHFWLYHQHVVRI
WKH&RPSDQ\̵VLQWHUQDOFRQWURO$QDXGLWDOVRLQFOXGHVHYDOXDWLQJWKHDSSURSULDWHQHVVRIWKHDFFRXQWLQJSROLFLHVXVHGDQGWKH
UHDVRQDEOHQHVVRIWKHDFFRXQWLQJHVWLPDWHVPDGHE\WKH0DQDJHPHQWDVZHOODVHYDOXDWLQJWKHRYHUDOOSUHVHQWDWLRQRIWKH
ͤQDQFLDOVWDWHPHQWV
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIͤFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQ
Opinion
,Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG DFFRUGLQJ WR WKH H[SODQDWLRQV JLYHQ WR XV WKH DIRUHVDLG ͤQDQFLDO
VWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH$FWLQWKHPDQQHUVRUHTXLUHGDQGJLYHDWUXHDQGIDLUYLHZLQFRQIRUPLW\ZLWK
WKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLD
D LQWKHFDVHRIWKH%DODQFH6KHHWRIWKHVWDWHRIDIIDLUVRIWKH&RPSDQ\DVDWst0DUFK
E LQWKHFDVHRIWKH6WDWHPHQWRI3URͤWDQG/RVVRIWKHSURͤWRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWHDQG
F LQWKHFDVHRIWKH&DVK)ORZ6WDWHPHQWRIWKHFDVKIORZVRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWH
Report on Other Legal and Regulatory Requirements
$VUHTXLUHGE\WKH&RPSDQLHV$XGLWRU̵V5HSRUW2UGHU̸WKH2UGHU̹LVVXHGE\WKH&HQWUDO*RYHUQPHQWLQWHUPV
RI6HFWLRQ$RIWKH$FWZHJLYHLQWKH$QQH[XUHDVWDWHPHQWRQWKHPDWWHUVVSHFLͤHGLQSDUDJUDSKVDQGRI
WKH2UGHU
$VUHTXLUHGE\6HFWLRQRIWKH$FWZHUHSRUWWKDW
D :HKDYHREWDLQHGDOOWKHLQIRUPDWLRQDQGH[SODQDWLRQVZKLFKWRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIZHUHQHFHVVDU\IRU
WKHSXUSRVHVRIRXUDXGLW
E ,QRXURSLQLRQSURSHUERRNVRIDFFRXQWDVUHTXLUHGE\ODZKDYHEHHQNHSWE\WKH&RPSDQ\VRIDUDVDSSHDUVIURPRXU
H[DPLQDWLRQRIWKRVHERRNV
57
$XGLWRUV̵5HSRUW
F 7KH %DODQFH 6KHHW WKH 6WDWHPHQW RI 3URͤW DQG /RVV DQG WKH &DVK )ORZ 6WDWHPHQW GHDOW ZLWK E\ WKLV 5HSRUW DUH LQ
DJUHHPHQWZLWKWKHERRNVRIDFFRXQW
G ,Q RXU RSLQLRQ WKH %DODQFH 6KHHW WKH 6WDWHPHQW RI 3URͤW DQG /RVV DQG WKH &DVK )ORZ 6WDWHPHQW FRPSO\ ZLWK WKH
$FFRXQWLQJ6WDQGDUGVUHIHUUHGWRLQ6HFWLRQ&RIWKH$FW
H 2QWKHEDVLVRIWKHZULWWHQUHSUHVHQWDWLRQVUHFHLYHGIURPWKHGLUHFWRUVDVRQst0DUFKWDNHQRQUHFRUGE\WKH
%RDUGRI'LUHFWRUVQRQHRIWKHGLUHFWRUVLVGLVTXDOLͤHGDVRQst0DUFKIURPEHLQJDSSRLQWHGDVDGLUHFWRULQWHUPV
RI6HFWLRQJRIWKH$FW
)RUDELOITTE HASKINS & SELLS
)LUP5HJLVWUDWLRQ1R:
R. Laxminarayan
3DUWQHU
0HPEHUVKLS1R
0XPEDLth0D\
$11(;85(727+($8',7256̵5(3257
5HIHUUHGWRLQSDUDJUDSKXQGHU̴5HSRUWRQ2WKHU/HJDODQG5HJXODWRU\5HTXLUHPHQWV̵VHFWLRQRIRXU5HSRUWRQWKHDFFRXQWV
IRUWKH\HDUHQGHGst0DUFKRI0RQVDQWR,QGLD/LPLWHG̸WKH&RPSDQ\̹
L
+DYLQJUHJDUGWRWKHQDWXUHRIWKH&RPSDQ\̵VEXVLQHVVFODXVHV[LLLDQG[LYRI&$52DUHQRWDSSOLFDEOH
LL ,QUHVSHFWRILWVͤ[HGDVVHWV
D 7KH&RPSDQ\KDVPDLQWDLQHGSURSHUUHFRUGVVKRZLQJIXOOSDUWLFXODUVLQFOXGLQJTXDQWLWDWLYHGHWDLOVDQGVLWXDWLRQRI
WKHͤ[HGDVVHWV
E 7KH ͤ[HG DVVHWV ZHUH SK\VLFDOO\ YHULͤHG GXULQJ WKH \HDU E\ WKH 0DQDJHPHQW LQ DFFRUGDQFH ZLWK D UHJXODU
SURJUDPPHRIYHULͤFDWLRQZKLFKLQRXURSLQLRQSURYLGHVIRUSK\VLFDOYHULͤFDWLRQRIDOOWKHͤ[HGDVVHWVDWUHDVRQDEOH
LQWHUYDOV $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV QR PDWHULDO GLVFUHSDQFLHV ZHUH QRWLFHG RQ
VXFKYHULͤFDWLRQ
F 7KHͤ[HGDVVHWVGLVSRVHGRIIGXULQJWKH\HDULQRXURSLQLRQGRQRWFRQVWLWXWHDVXEVWDQWLDOSDUWRIWKHͤ[HGDVVHWV
RIWKH&RPSDQ\DQGVXFKGLVSRVDOKDVLQRXURSLQLRQQRWDIIHFWHGWKHJRLQJFRQFHUQVWDWXVRIWKH&RPSDQ\
LLL ,QUHVSHFWRILWVLQYHQWRULHV
D $VH[SODLQHGWRXVWKHLQYHQWRULHVZHUHSK\VLFDOO\YHULͤHGGXULQJWKH\HDUE\WKH0DQDJHPHQWDWUHDVRQDEOHLQWHUYDOV
H[FHSWVWRFNO\LQJZLWKWKLUGSDUWLHVIRUZKLFKFRQͤUPDWLRQVKDYHEHHQREWDLQHGDWWKH\HDUHQG,QRXURSLQLRQWKH
IUHTXHQF\RIYHULͤFDWLRQLVUHDVRQDEOH
E ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKHSURFHGXUHVRISK\VLFDOYHULͤFDWLRQ
RILQYHQWRULHVIROORZHGE\WKH0DQDJHPHQWZHUHUHDVRQDEOHDQGDGHTXDWHLQUHODWLRQWRWKHVL]HRIWKH&RPSDQ\DQG
WKHQDWXUHRILWVEXVLQHVV
F ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVPDLQWDLQHGSURSHU
UHFRUGVRILWVLQYHQWRULHVDQGQRPDWHULDOGLVFUHSDQFLHVZHUHQRWLFHGRQSK\VLFDOYHULͤFDWLRQ
LY 7KH&RPSDQ\KDVQHLWKHUJUDQWHGQRUWDNHQDQ\ORDQVVHFXUHGRUXQVHFXUHGWRIURPFRPSDQLHVͤUPVRURWKHUSDUWLHV
OLVWHGLQWKH5HJLVWHUPDLQWDLQHGXQGHUVHFWLRQRIWKH&RPSDQLHV$FW
Y ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKHUHLVDQDGHTXDWHLQWHUQDOFRQWUROV\VWHP
FRPPHQVXUDWHZLWKWKHVL]HRIWKH&RPSDQ\DQGWKHQDWXUHRILWVEXVLQHVVIRUWKHSXUFKDVHRILQYHQWRU\DQGͤ[HGDVVHWV
DQGIRUWKHVDOHRIJRRGVDQGVHUYLFHV'XULQJWKHFRXUVHRIRXUDXGLWZHKDYHQRWREVHUYHGDQ\PDMRUZHDNQHVVLQVXFK
LQWHUQDOFRQWUROV\VWHP
$QQXDO5HSRUW
58
$11(;85(727+($8',7256̵5(3257
YL ,Q UHVSHFW RI WKH FRQWUDFWV RU DUUDQJHPHQWV UHIHUUHG WR LQ VHFWLRQ DQG WKHLU HQWU\ LQ WKH 5HJLVWHU UHTXLUHG WR EH
PDLQWDLQHGXQGHUWKDW6HFWLRQWRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQV
JLYHQWRXVWKH&RPSDQ\KDVQRWHQWHUHGLQWRDQ\FRQWUDFWVRUDUUDQJHPHQWVWKDWQHHGWREHHQWHUHGLQWKH5HJLVWHU
PDLQWDLQHGLQSXUVXDQFHRI6HFWLRQRIWKH&RPSDQLHV$FW
YLL $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVQRWDFFHSWHGDQ\GHSRVLWIURPWKHSXEOLF
GXULQJWKH\HDU
YLLL ,QRXURSLQLRQWKHLQWHUQDODXGLWIXQFWLRQVFDUULHGRXWGXULQJWKH\HDUE\D&RPSDQ\DSSRLQWHGE\WKH0DQDJHPHQWKDYH
EHHQFRPPHQVXUDWHZLWKWKHVL]HRIWKH&RPSDQ\DQGWKHQDWXUHRILWVEXVLQHVV
L[ :HKDYHEURDGO\UHYLHZHGWKHFRVWUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\SXUVXDQWWRWKH&RPSDQLHV&RVW$FFRXQWLQJ
5HFRUGV5XOHVSUHVFULEHGE\WKH&HQWUDO*RYHUQPHQWXQGHU6HFWLRQGRIWKH&RPSDQLHV$FWDQGDUH
RIWKHRSLQLRQWKDWSULPDIDFLHWKHSUHVFULEHGFRVWUHFRUGVKDYHEHHQPDGHDQGPDLQWDLQHG:HKDYHKRZHYHUQRWPDGH
DGHWDLOHGH[DPLQDWLRQRIWKHFRVWUHFRUGVZLWKDYLHZWRGHWHUPLQHZKHWKHUWKH\DUHDFFXUDWHRUFRPSOHWH
[ $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVLQUHVSHFWRIVWDWXWRU\GXHV
D 7KH&RPSDQ\KDVJHQHUDOO\EHHQUHJXODULQGHSRVLWLQJXQGLVSXWHGVWDWXWRU\GXHVLQFOXGLQJ3URYLGHQW)XQG,QYHVWRU
(GXFDWLRQDQG3URWHFWLRQ)XQG(PSOR\HHV̵6WDWH,QVXUDQFH,QFRPHWD[6DOHVWD[:HDOWKWD[6HUYLFHWD[&XVWRPV
'XW\([FLVH'XW\&HVVDQGDQ\RWKHUPDWHULDOVWDWXWRU\GXHVDSSOLFDEOHWRLWZLWKWKHDSSURSULDWHDXWKRULWLHV
E 7KHUHZHUHQRXQGLVSXWHGDPRXQWVSD\DEOHLQUHVSHFWRI3URYLGHQW)XQG,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQG
(PSOR\HHV̵ 6WDWH ,QVXUDQFH ,QFRPH WD[ :HDOWK WD[ 6HUYLFH WD[ 6DOHV WD[ &XVWRPV GXW\ ([FLVH GXW\ &HVV DQG
RWKHUPDWHULDOVWDWXWRU\GXHVLQDUUHDUVDVDWst0DUFKIRUDSHULRGRIPRUHWKDQVL[PRQWKVIURPWKHGDWH
WKH\EHFDPHSD\DEOH
F 'HWDLOVRIGXHVRI,QFRPH7D[6DOHV7D[:HDOWK7D[6HUYLFH7D[&XVWRP'XW\([FLVH'XW\DQG&HVVZKLFKKDYH
QRWEHHQGHSRVLWHGDVRQst0DUFKRQDFFRXQWRIGLVSXWHVDUHJLYHQEHORZ
Statute
Nature of Dues
,QFRPH7D[$FW
,QFRPH7D[GHPDQG
Amount
Involved
(` in
Crores)
8WWDU3UDGHVK7UDGH
7D[$FW
6DOHV7D[GHPDQG
*XMDUDW6DOHV7D[
6DOHV7D[GHPDQG
$FW
%RPED\6DOHV7D[$FW 6DOHV7D[GHPDQG
&HQWUDO6DOHV7D[$FW 6DOHV7D[GHPDQG
Period to which the
amount relates
Forum where Dispute is pending
$VVHVVPHQW<HDU
,QFRPH7D[$SSHOODWH7ULEXQDO
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
&RPPLVVLRQHURI,QFRPH7D[
$SSHDOV
DQG&RPPLVVLRQHURI,QFRPH7D[
$SSHDOV
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
WR
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
$SSHDOV
$SSHDOV
-RLQW&RPPLVVLRQHURI7UDGH7D[
8WWDU3UDGHVK
-RLQW&RPPLVVLRQHURI7UDGH7D[
8WWDU3UDGHVK
$VVLVWDQW&RPPLVVLRQHURI
&RPPHUFLDO7D[*XMDUDW
-RLQW&RPPLVVLRQHURI6DOHVWD[
0XPEDL
-RLQW&RPPLVVLRQHU$SSHDO
0DKDUDVKWUD
59
$XGLWRUV̵5HSRUW
$11(;85(727+($8',7256̵5(3257
Statute
Nature of Dues
%RPED\6DOHV7D[$FW
%LKDU)LQDQFH$FW
%LKDU)LQDQFH$FW
3XQMDE*HQHUDO6DOHV
7D[$FW
6DOHV7D[GHPDQG
Amount
Involved
(` in
Crores)
6DOHV7D[GHPDQG
6DOHV7D[GHPDQG
6DOHV7D[GHPDQG
&HQWUDO6DOHV7D[$FW
&HQWUDO6DOHV7D[$FW
6DOHV7D[GHPDQG
6DOHV7D[GHPDQG
Period to which the
amount relates
Forum where Dispute is pending
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
-RLQW&RPPLVVLRQHU$SSHDO
0DKDUDVKWUD
'HSXW\&RPPLVVLRQHU&RPPHUFLDO
7D[HV$VVHVVPHQW%LKDU
&RPPLVVLRQHURI6DOHV7D[3XQMDE
$VVHVVPHQW<HDU
$VVHVVPHQW<HDU
7D[HV$SSHDOV3XQMDE
$PRXQWLQYROYHG` [L 7KH&RPSDQ\KDVQRDFFXPXODWHGORVVHVDVDWst0DUFKDQGKDVQRWLQFXUUHGDQ\FDVKORVVGXULQJWKHͤQDQFLDO
\HDUHQGHGRQWKDWGDWHDQGLQWKHLPPHGLDWHO\SUHFHGLQJͤQDQFLDO\HDU
[LL ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVQRWERUURZHGIURPDQ\
EDQNͤQDQFLDOLQVWLWXWLRQRULVVXHGDQ\GHEHQWXUHV
[LLL $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVQRWJUDQWHGDQ\ORDQVRUDGYDQFHVRQWKH
EDVLVRIVHFXULW\E\ZD\RISOHGJHRIVKDUHVGHEHQWXUHVDQGRWKHUVHFXULWLHV
[LY $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVQRWJLYHQDQ\JXDUDQWHHIRUORDQVWDNHQE\
RWKHUVIURPEDQNVRUͤQDQFLDOLQVWLWXWLRQV
[Y 7RWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKHUHDUHQRWHUP
ORDQVDYDLOHGGXULQJWKH\HDU
[YL $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGRQDQRYHUDOOH[DPLQDWLRQRIWKH%DODQFH6KHHWDQGRWKHU
UHFRUGVRIWKH&RPSDQ\ZHUHSRUWWKDWQRIXQGVUDLVHGRQVKRUWWHUPEDVLVKDYHEHHQXVHGIRUORQJWHUPLQYHVWPHQW
[YLL $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV WKH &RPSDQ\ KDV QRW PDGH DQ\ SUHIHUHQWLDO DOORWPHQW RI
VKDUHVGXULQJWKH\HDU
[YLLL$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVQRWLVVXHGDQ\GHEHQWXUHVGXULQJWKH\HDU
[L[ $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVQRWUDLVHGDQ\PRQH\E\SXEOLFLVVXHGXULQJ
WKH\HDU
[[ 7RWKHEHVWRIRXUNQRZOHGJHDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVQRIUDXGE\WKH&RPSDQ\
DQGQRPDWHULDOIUDXGRQWKH&RPSDQ\KDVEHHQQRWLFHGRUUHSRUWHGGXULQJWKH\HDU
)RUDELOITTE HASKINS & SELLS
)LUP5HJLVWUDWLRQ1R:
0XPEDLth0D\
R. Laxminarayan
3DUWQHU
0HPEHUVKLS1R
$QQXDO5HSRUW
60
%$/$1&(6+((7DVDW 0DUFK
st
Particulars
I.
Note No.
As at
31st March, 2013
`LQ&URUHV
As at
31st March, 2012
EQUITY AND LIABILITIES
(1) Shareholder’s Funds
D 6KDUH&DSLWDO
E 5HVHUYHVDQG6XUSOXV
17.26
390.16
407.42
(2) Non-Current Liabilities
D 2WKHUORQJWHUPOLDELOLWLHV
E /RQJWHUPSURYLVLRQV
10.27
7.42
17.69
(3) Current Liabilities
D 7UDGHSD\DEOHV
E 2WKHUFXUUHQWOLDELOLWLHV
F 6KRUWWHUPSURYLVLRQV
103.66
30.02
35.25
168.93
594.04
538.13
86.74
0.01
2.41
89.16
3.60
8.35
101.11
250.94
139.38
41.23
20.33
29.22
11.83
492.93
594.04
538.13
Total
II. ASSETS
(1) Non-current assets
D )L[HGDVVHWV
L 7DQJLEOHDVVHWV
LL ,QWDQJLEOHDVVHWV
LLL &DSLWDOZRUNLQSURJUHVV
E
F
'HIHUUHGWD[DVVHWVQHW
/RQJWHUPORDQVDQGDGYDQFHV
(2) Current assets
D &XUUHQWLQYHVWPHQWV
E ,QYHQWRULHV
F 7UDGHUHFHLYDEOHV
G &DVKDQGFDVKHTXLYDOHQWV
H 6KRUWWHUPORDQVDQGDGYDQFHV
I 2WKHUFXUUHQWDVVHWV
Total
6HHDFFRPSDQ\LQJQRWHVIRUPLQJSDUWRIWKHͤQDQFLDOVWDWHPHQWV
,QWHUPVRIRXUUHSRUWDWWDFKHG
For and on behalf of the Board
For Deloitte Haskins & Sells
Sekhar Natarajan
Gyanendra Shukla
R C Khanna
&KDLUPDQ
0DQDJLQJ'LUHFWRU
'LUHFWRU
R. Laxminarayan
H C Asher
Ravinder K Reddy
Pradeep Poddar
3DUWQHU
'LUHFWRU
'LUHFWRU
'LUHFWRU
Abdul Alim Sayed
Chandana Dhar
&KLHI)LQDQFLDO2IͤFHU
&RPSDQ\6HFUHWDU\
th
0XPEDL 0D\
61
%DODQFH6KHHWDQG3URͤWDQG/RVV$FFRXQW
67$7(0(172)352),7$1'/266IRUWKH\HDUHQGHG 0DUFK
st
`LQ&URUHV
Particulars
I.
Note No.
Revenue from Operations (Gross)
For the Year ended
31st March, 2013
For the Previous
Year ended
31st March, 2012
460.23
/HVV([FLVH'XW\
5HYHQXHIURP2SHUDWLRQV1HW
II.
Other Income
III.
Total Revenue (I +II)
IV.
Expenses:
17.81
442.42
16.91
459.33
388.92
192.20
0.53
D
&RVWRIPDWHULDOVFRQVXPHGDQGRWKHULQSXWV
E
3XUFKDVHRI6WRFNLQ7UDGH$JULFXOWXUDOFKHPLFDOV
F
&KDQJHVLQLQYHQWRULHVRIͤQLVKHGJRRGV
ZRUNLQSURJUHVVDQG6WRFNLQ7UDGH
13.07
G
(PSOR\HHEHQHͤWVH[SHQVH
47.92
H
Finance costs
0.70
I
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH
10.89
J
2WKHUH[SHQVHV
119.05
384.36
329.04
74.97
59.88
-
74.97
60.14
8.50
-
Total Expenses
V.
3URͤWEHIRUHH[FHSWLRQDOLWHPVDQGWD[,,,,9
VI.
Exceptional Items
D
3URͤWRQ6DOHRI)L[HG$VVHWVKHOGIRU6DOH
VII.
3URͤWEHIRUHWD[99,
VIII.
Tax expense:
D
&XUUHQWWD[
E
7D[SURYLVLRQLQUHVSHFWRIHDUOLHU\HDUV
F
'HIHUUHGWD[H[SHQVHFUHGLW
IX.
3URͤWIRUWKH\HDUIURPFRQWLQXLQJRSHUDWLRQV9,,9,,,
X.
Earnings per equity share of the face value of ` 10/- each
(in `):
(0.87)
67.34
50.19
39.01
%DVLFDQG'LOXWHG
6HHDFFRPSDQ\LQJQRWHVIRUPLQJSDUWRIWKHͤQDQFLDOVWDWHPHQWV
Sekhar Natarajan
Gyanendra Shukla
R C Khanna
&KDLUPDQ
0DQDJLQJ'LUHFWRU
'LUHFWRU
R. Laxminarayan
H C Asher
Ravinder K Reddy
Pradeep Poddar
3DUWQHU
'LUHFWRU
'LUHFWRU
'LUHFWRU
Abdul Alim Sayed
Chandana Dhar
&RPSDQ\6HFUHWDU\
th
0XPEDL 0D\
$QQXDO5HSRUW
62
127(6IRUPLQJSDUWRIWKHͤQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG
st
MDUFK
SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS
1.
COMPANY BACKGROUND:
0RQVDQWR,QGLD/LPLWHGWKH̴&RPSDQ\̵ZDVLQFRUSRUDWHGRQth'HFHPEHU7KH&RPSDQ\LVSUHVHQWO\HQJDJHGLQ
WKHEXVLQHVVRISURGXFWLRQDQGVDOHRIDJULFXOWXUDOLQSXWVQDPHO\FKHPLFDOVDQGK\EULGVHHGV7KH&RPSDQ\̵VFRUSRUDWH
RIͤFHLVORFDWHGLQ0XPEDL,WKDVDFKHPLFDOSURGXFWLRQXQLWDW6LOYDVVDK\EULGVHHGVSURFHVVLQJDQGGU\LQJXQLWVDW
+\GHUDEDGDQGEUHHGLQJVWDWLRQVDW%DQJDORUHDQG+\GHUDEDG
2.
SIGNIFICANT ACCOUNTING POLICIES:
$ %DVLVRISUHSDUDWLRQRIͤQDQFLDOVWDWHPHQWV
7KHDFFRPSDQ\LQJͤQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGXQGHUWKHKLVWRULFDOFRVWFRQYHQWLRQLQDFFRUGDQFHZLWK
*HQHUDOO\$FFHSWHG$FFRXQWLQJ3ULQFLSOHVLQ,QGLD,QGLDQ*$$3WRFRPSO\ZLWKWKH$FFRXQWLQJ6WDQGDUGVQRWLͤHG
XQGHUWKH&RPSDQLHV$FFRXQWLQJ6WDQGDUGV5XOHVDQGWKHUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FW
(B) Use of estimates:
7KH SUHSDUDWLRQ RI ͤQDQFLDO VWDWHPHQWV LQ FRQIRUPLW\ ZLWK JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV UHTXLUHV
HVWLPDWHVDQGDVVXPSWLRQVWREHPDGHWKDWDIIHFWWKHUHSRUWHGDPRXQWVRIDVVHWVDQGOLDELOLWLHVDQGGLVFORVXUHRI
FRQWLQJHQWOLDELOLWLHVRQWKHGDWHRIWKHͤQDQFLDOVWDWHPHQWVDQGWKHUHSRUWHGDPRXQWVRIUHYHQXHVDQGH[SHQVHV
GXULQJWKHUHSRUWLQJSHULRG$FWXDOUHVXOWVFRXOGGLIIHUIURPWKRVHHVWLPDWHVDQGGLIIHUHQFHVEHWZHHQDFWXDOUHVXOWV
DQGHVWLPDWHVDUHUHFRJQL]HGLQWKHSHULRGVLQZKLFKWKHUHVXOWVDUHNQRZQPDWHULDOL]H
(C) Tangible Fixed Assets and Depreciation
)L[HG$VVHWVDUHYDOXHGDWWKHLUKLVWRULFDOFRVWRIDFTXLVLWLRQRUFRQVWUXFWLRQOHVVDFFXPXODWHGGHSUHFLDWLRQ&RVW
LQFOXGHVDOOFRVWVLQFXUUHGWREULQJWKHDVVHWVWRWKHLUSUHVHQWORFDWLRQDQGFRQGLWLRQ
'HSUHFLDWLRQRQ7DQJLEOH)L[HG$VVHWVLVSURYLGHGIRURQVWUDLJKWOLQHEDVLVLQDFFRUGDQFHZLWK6HFWLRQERI
WKH&RPSDQLHV$FWWKH$FWDVIROORZV
L
2Qͤ[HGDVVHWVH[FHSWDVVWDWHGEHORZDWWKHUDWHVVSHFLͤHGLQ6FKHGXOH;,9WRWKH$FW
LL )LHOGYHKLFOHVDUHGHSUHFLDWHGDWWKHUDWHRI
LLL 3ODQWDQG0DFKLQHU\RWKHUWKDQGU\HULVGHSUHFLDWHGDWWKHUDWHRI'U\HULVGHSUHFLDWHGDWWKHUDWHRI
LY 0RELOHSKRQHVKDYHEHHQGHSUHFLDWHGDWWKHUDWHRI
Y /HDVHKROGLPSURYHPHQWVDUHDPRUWLVHGRYHUWKHXQH[SLUHGSULPDU\SHULRGRIOHDVH
YL )DFWRU\%XLOGLQJVDUHGHSUHFLDWHGDWWKHUDWHRI
YLL &RPSXWHUVDUHGHSUHFLDWHGDWWKHUDWHRI
(D) Intangible Assets and Amortisation
,QWDQJLEOH$VVHWVDUHYDOXHGDWWKHLUFRVWOHVVDFFXPXODWHGDPRUWLVDWLRQ&RVWLQFOXGHVDOOFRVWVLQFXUUHGWREULQJWKH
DVVHWVWRWKHLUSUHVHQWORFDWLRQDQGFRQGLWLRQ
,QWHOOHFWXDO 3URSHUW\ 5LJKWV DUH DPRUWLVHG RQ D 6WUDLJKW /LQH EDVLV RYHU LWV XVHIXO OLIH ZKLFK LV HVWLPDWHG E\ WKH
PDQDJHPHQWWREH\HDUV
&RPSXWHU6RIWZDUHLVDPRUWLVHGRQD6WUDLJKW/LQHEDVLVRYHULWVXVHIXOOLIHZKLFKLVHVWLPDWHGE\WKHPDQDJHPHQW
WREHXSWR\HDUV
(E) Impairment
$QDVVHWLVFRQVLGHUHGDVLPSDLUHGLQDFFRUGDQFHZLWK$FFRXQWLQJ6WDQGDUGRQ,PSDLUPHQWRI$VVHWVZKHQDW
EDODQFHVKHHWGDWHWKHUHDUHLQGLFDWLRQVRILPSDLUPHQWDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWRUZKHUHDSSOLFDEOH
63
1RWHV
st
MDUFK
WKHFDVKJHQHUDWLQJXQLWWRZKLFKWKHDVVHWEHORQJVH[FHHGVLWVUHFRYHUDEOHDPRXQWLHWKHKLJKHURIWKHDVVHW̵V
QHWVHOOLQJSULFHDQGYDOXHLQXVH,QDVVHVVLQJWKHYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVKIORZH[SHFWHGIURPWKH
FRQWLQXLQJXVHRIWKHDVVHWDQGLWVXOWLPDWHGLVSRVDODUHGLVFRXQWHGWRWKHLUSUHVHQWYDOXHXVLQJDSUHGHWHUPLQHG
GLVFRXQWUDWH7KHFDUU\LQJDPRXQWLVUHGXFHGWRWKHUHFRYHUDEOHDPRXQWDQGWKHUHGXFWLRQLVUHFRJQL]HGDVDQ
LPSDLUPHQWORVVLQWKHVWDWHPHQWRISURͤWDQGORVV
(F) Investments:
&XUUHQWLQYHVWPHQWVDUHVWDWHGDWWKHORZHURIFRVWDQGIDLUYDOXH
(G) Inventories:
,QYHQWRULHVDUHPHDVXUHGDWWKHORZHURIFRVWDQGQHWUHDOL]DEOHYDOXHDIWHUSURYLGLQJIRUREVROHVFHQFH
&RVWV RI LQYHQWRULHV FRPSULVH DOO FRVWV RI SXUFKDVH̰ QHWRI &(19$7 FRVWV RI LQSXWVIRU VWDQGLQJFURSV FRVWRI
FRQYHUVLRQDQGRWKHUFRVWVLQFXUUHGLQEULQJLQJWKHLQYHQWRU\WRWKHLUSUHVHQWORFDWLRQDQGFRQGLWLRQ&RVWRI5DZ
0DWHULDOV3DFNLQJ0DWHULDOVDQGͤQLVKHGJRRGV7UDGHG*RRGVDUHGHWHUPLQHGRQZHLJKWHGDYHUDJHFRVWEDVLV
&RVWRI:RUNLQ3URJUHVVDQG)LQLVKHG*RRGVPDQXIDFWXUHGDUHGHWHUPLQHGE\WKHDEVRUSWLRQFRVWLQJPHWKRG
(H) Revenue Recognition:
L
5HYHQXHLVUHFRJQL]HGZKHQLWLVHDUQHGDQGQRVLJQLͤFDQWXQFHUWDLQW\H[LVWVDVWRLWVUHDOL]DWLRQRUFROOHFWLRQ
5HYHQXH RQ VDOH RI SURGXFWV LV UHFRJQLVHG RQ GHOLYHU\ RI WKH SURGXFWV ZKHQ DOO VLJQLͤFDQW FRQWUDFWXDO
REOLJDWLRQVKDYHEHHQVDWLVͤHGWKHSURSHUW\LQWKHJRRGVLVWUDQVIHUUHGIRUDSULFHVLJQLͤFDQWULVNVDQGUHZDUGV
RIRZQHUVKLSKDYHEHHQWUDQVIHUUHGDQGQRHIIHFWLYHRZQHUVKLSFRQWUROLVUHWDLQHG
6DOHVDUHVWDWHGLQFOXVLYHRIH[FLVHGXW\DQGQHWRIUHWXUQVWUDGHGLVFRXQWVDQGVDOHVWD[UHFRYHUHG7KHDPRXQW
RIH[FLVHGXW\WKDWLVLQFOXGHGLQWKHDPRXQWRIWXUQRYHUJURVVLVSUHVHQWHGDVDUHGXFWLRQIURPJURVVVDOHVLQ
DFFRUGDQFHZLWKWKH$FFRXQWLQJ6WDQGDUG$6̸5HYHQXH5HFRJQLWLRQ̹
LL 5HYHQXHLQUHVSHFWRIUR\DOW\FRPPLVVLRQHWFLVUHFRJQL]HGLQDFFRUGDQFHZLWKFRQWUDFWXDOREOLJDWLRQV
LLL ,QWHUHVWLQFRPHLVUHFRJQL]HGRQDWLPHSURSRUWLRQEDVLV
(I)
Foreign Currency Transactions:
L
7UDQVDFWLRQVLQIRUHLJQFXUUHQF\DUHUHFRUGHGDWWKHH[FKDQJHUDWHVSUHYDLOLQJRQWKHGDWHRIWKHWUDQVDFWLRQ
RUDWUDWHVWKDWFORVHO\DSSUR[LPDWHWKHUDWHDWWKHGDWHRIWKHWUDQVDFWLRQ([FKDQJHGLIIHUHQFHVDULVLQJRQ
VHWWOHPHQWRIUHYHQXHWUDQVDFWLRQVDUHUHFRJQL]HGLQWKHVWDWHPHQWRISURͤWDQGORVV
LL 0RQHWDU\LWHPVGHQRPLQDWHGLQIRUHLJQFXUUHQF\DUHUHVWDWHGXVLQJWKHH[FKDQJHUDWHVSUHYDLOLQJDWWKHGDWHRI
WKHEDODQFHVKHHW*DLQV/RVVHVDULVLQJRQUHVWDWHPHQWDQGRQVHWWOHPHQWRIVXFKOLDELOLWLHVDUHUHFRJQL]HGLQ
WKHVWDWHPHQWRISURͤWDQGORVV
- (PSOR\HH%HQHͤWV
L
3URYLGHQW IXQG LV D GHͤQHG FRQWULEXWLRQ VFKHPH DQG WKH FRQWULEXWLRQV DV UHTXLUHG E\ WKH VWDWXWH PDGH WR
*RYHUQPHQW3URYLGHQW)XQGDUHFKDUJHGWRWKHVWDWHPHQWRISURͤWDQGORVV
LL 6XSHUDQQXDWLRQIXQGLVDGHͤQHGFRQWULEXWLRQVFKHPH7KH&RPSDQ\FRQWULEXWHVDVXPHTXLYDOHQWWRRI
HOLJLEOHHPSOR\HHVVDODU\WR6XSHUDQQXDWLRQ)XQGDGPLQLVWHUHGE\7UXVWHHVDQGPDQDJHGE\DOLIHLQVXUDQFH
&RPSDQ\7KH&RPSDQ\UHFRJQL]HVVXFKFRQWULEXWLRQDVDQH[SHQVHDVDQGZKHQLQFXUUHG
LLL 7KH&RPSDQ\SDUWLFLSDWHVLQDJURXSJUDWXLW\FXPOLIHLQVXUDQFHVFKHPHDGPLQLVWHUHGE\WKH7$7$$,*/LIH
,QVXUDQFH&RPSDQ\/WG%HLQJDGHͤQHGEHQHͤWSODQDQQXDOFRQWULEXWLRQVPDGHWRWKHVFKHPHDUHDVSHUWKH
LQWLPDWLRQVUHFHLYHGIURPWKH7$7$$,*/LIH,QVXUDQFH&RPSDQ\/WG7KH&RPSDQ\DFFRXQWVIRUOLDELOLW\IRU
IXWXUHJUDWXLW\EHQHͤWVEDVHGRQDQDFWXDULDOYDOXDWLRQFRQGXFWHGE\DQLQGHSHQGHQWDFWXDU\7KHQHWSUHVHQW
YDOXHRIWKH&RPSDQ\̵VREOLJDWLRQLVGHWHUPLQHGEDVHGRQWKHSURMHFWHGXQLWFUHGLWPHWKRGDVDWWKH%DODQFH
6KHHWGDWH$GGLWLRQDOO\VKRUWIDOOLIDQ\EHWZHHQWKHEDODQFHLQWKHIXQGZLWK7DWD$,*/LIH,QVXUDQFH&RPSDQ\
/WGDQGDFWXDULDOYDOXDWLRQREWDLQHGIURPDQLQGHSHQGHQWDFWXDU\LVFKDUJHGWRWKHVWDWHPHQWRISURͤWDQGORVV
LY 7KHXQGLVFRXQWHGDPRXQWRIVKRUWWHUPHPSOR\HHEHQHͤWVH[SHFWHGWREHSDLGLQH[FKDQJHIRUWKHVHUYLFHV
UHQGHUHGE\DQHPSOR\HHLVUHFRJQL]HGGXULQJWKHSHULRGZKHQWKHHPSOR\HHUHQGHUVWKHVHUYLFH7KHVHEHQHͤWV
LQFOXGHSHUIRUPDQFHLQFHQWLYHVDQGQRQYHVWLQJDFFXPXODWHGFRPSHQVDWHGDEVHQFHV
$QQXDO5HSRUW
64
Y 7KH OLDELOLW\ IRU FRPSHQVDWHG DEVHQFHV LV DQRWKHU ORQJ WHUP EHQHͤW DQG LV ZKROO\ XQIXQGHG 7KH OLDELOLW\
IRU QXPEHU RI GD\V RI XQXWLOL]HG OHDYH DW HDFK %DODQFH 6KHHW GDWH LV SURYLGHG IRU EDVHG RQ DQ LQGHSHQGHQW
DFWXDULDOYDOXDWLRQ
YL 7KHDFWXDULDOJDLQVDQGORVVHVDUHUHFRJQL]HGLPPHGLDWHO\LQWKHVWDWHPHQWRISURͤWDQGORVV
(K) Earnings per Share:
7KH&RPSDQ\UHSRUWV(DUQLQJVSHU6KDUH(36LQDFFRUGDQFHZLWK$FFRXQWLQJ6WDQGDUGRQ(DUQLQJVSHU6KDUH
%DVLF (36 LV FRPSXWHG E\ GLYLGLQJ WKH QHW SURͤW IRU WKH \HDU E\ WKH ZHLJKWHG DYHUDJH QXPEHU RI HTXLW\ VKDUHV
RXWVWDQGLQJGXULQJWKH\HDU
(L) Taxation:
,QFRPHWD[LVDFFRXQWHGIRULQDFFRUGDQFHZLWK$FFRXQWLQJ6WDQGDUGRQ$FFRXQWLQJIRU7D[HVRQ,QFRPH7D[HV
FRPSULVHERWKFXUUHQWDQGGHIHUUHGWD[
&XUUHQWWD[LVPHDVXUHGDWWKHDPRXQWH[SHFWHGWREHSDLGWRWKHWD[DWLRQDXWKRULWLHVXVLQJWKHDSSOLFDEOHWD[UDWHV
DQGWD[ODZV
7KHWD[HIIHFWRIWKHWLPLQJGLIIHUHQFHVWKDWUHVXOWEHWZHHQWD[DEOHLQFRPHDQGDFFRXQWLQJLQFRPHDQGDUHFDSDEOH
RIUHYHUVDOLQRQHRUPRUHVXEVHTXHQWSHULRGVDUHUHFRUGHGDVDGHIHUUHGWD[DVVHWRUGHIHUUHGWD[OLDELOLW\7KH\DUH
PHDVXUHGXVLQJWKHVXEVWDQWLYHO\HQDFWHGWD[UDWHVDQGWD[UHJXODWLRQV7KHFDUU\LQJDPRXQWRIGHIHUUHGWD[DVVHWV
DWHDFKEDODQFHVKHHWGDWHLVUHGXFHGWRWKHH[WHQWWKDWLWLVQRORQJHUUHDVRQDEO\FHUWDLQWKDWVXIͤFLHQWIXWXUHWD[DEOH
LQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKWKHGHIHUUHGWD[DVVHWFDQEHUHDOL]HG
(M) Operating Lease:
2SHUDWLQJOHDVHSD\PHQWVDUHUHFRJQL]HGDVH[SHQGLWXUHLQWKHVWDWHPHQWRISURͤWDQGORVVRQDVWUDLJKWOLQHEDVLV
ZKLFKLVUHSUHVHQWDWLYHRIWKHWLPHSDWWHUQRIEHQHͤWVUHFHLYHGIURPWKHXVHRIDVVHWVWDNHQRQOHDVH
(N) Provisions, Contingent Liabilities and Contingent Assets:
3URYLVLRQV LQYROYLQJ D VXEVWDQWLDO GHJUHH RI HVWLPDWLRQ LQ PHDVXUHPHQW DUH UHFRJQL]HG ZKHQ WKHUH LV D SUHVHQW
REOLJDWLRQDVDUHVXOWRISDVWHYHQWVDQGLWLVSUREDEOHWKDWWKHUHZLOOEHDQRXWIORZRIUHVRXUFHV&RQWLQJHQWOLDELOLWLHV
DUH QRW UHFRJQL]HG EXW DUH GLVFORVHG LQ WKH ͤQDQFLDO VWDWHPHQWV &RQWLQJHQW DVVHWV DUH QHLWKHU UHFRJQL]HG QRU
GLVFORVHGLQWKHͤQDQFLDOVWDWHPHQWV
(O) Cash Flow Statement:
7KH &DVK )ORZ 6WDWHPHQW LV SUHSDUHG E\ WKH LQGLUHFW PHWKRG VHW RXW LQ $FFRXQWLQJ 6WDQGDUG ̰ RQ &DVK )ORZ
6WDWHPHQWDQGSUHVHQWVFDVKIORZVE\RSHUDWLQJLQYHVWLQJDQGͤQDQFLQJDFWLYLWLHVRIWKH&RPSDQ\&DVKDQGFDVK
HTXLYDOHQWV SUHVHQWHG LQ WKH FDVK IORZ VWDWHPHQW FRQVLVW RI FDVK RQ KDQG DQG EDODQFHV LQ FXUUHQW DQG GHPDQG
GHSRVLWVZLWKEDQNV
65
1RWHV
st
MDUFK
`LQ&URUHV
3.
As at
31st March, 2013
As at
31st March, 2012
20.00
17.26
17.26
SHARE CAPITAL
Authorised:
(TXLW\6KDUHVRI`HDFK
Issued and Subscribed:
3UHYLRXV\HDU(TXLW\6KDUHVRI`HDFK
Paid up:
3UHYLRXV\HDU(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS
1RWHV 1.
Rights, preferences and restrictions attached to equity shares:
L
5LJKWWRUHFHLYHGLYLGHQGDVPD\EHDSSURYHGE\WKH%RDUGRI'LUHFWRUV$QQXDO*HQHUDO0HHWLQJ
LL 7KHHTXLW\VKDUHVDUHQRWUHSD\DEOHH[FHSWLQWKHFDVHRIDEX\EDFNUHGXFWLRQRIFDSLWDORUZLQGLQJXSLQWHUPVRI
WKHSURYLVLRQVRIWKH&RPSDQLHV$FW
LLL (YHU\PHPEHURIWKH&RPSDQ\KROGLQJHTXLW\VKDUHVKDVDULJKWWRDWWHQGWKH*HQHUDO0HHWLQJRIWKH&RPSDQ\DQG
KDVDULJKWWRVSHDNDQGRQDVKRZRIKDQGVKDVRQHYRWHLIKHLVSUHVHQWLQSHUVRQDQGRQDSROOVKDOOKDYHWKHULJKW
WRYRWHLQSURSRUWLRQWRKLVVKDUHRIWKHSDLGXSFDSLWDORIWKH&RPSDQ\
LY 0RQVDQWR&RPSDQ\86$WKHXOWLPDWHKROGLQJ&RPSDQ\KDVFHUWDLQULJKWVHQVKULQHGLQWKH$UWLFOHVRI$VVRFLDWLRQ
SHUWDLQLQJWRDSSRLQWPHQWRI'LUHFWRUV
2.
Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the year:
As at
31st March, 2013
Particulars
As at
31st March, 2012
Number
` in Crores
Number
` in Crores
6XEVFULEHGDQG)XOO\SDLGXS
1,72,62,348
17.26
$GG 6KDUHV LVVXHG GXULQJ WKH \HDU DV IXOO\ SDLG
XSERQXVVKDUHV
300
-*
$GG6KDUHVLVVXHGHDUOLHUXQGHUULJKWVLVVXHQRZ
DOORWHG
100
-*
1,72,62,748
17.26
6KDUHVRXWVWDQGLQJDWWKHEHJLQQLQJRIWKH\HDU
6KDUHVRXWVWDQGLQJDWWKHHQGRIWKH\HDU
$PRXQWOHVVWKDQÒDF
3.
Details of shares held by the holding company and the ultimate holding company, in aggregate:
Particulars
As at
31st March, 2013
As at
31st March, 2012
Number
Number
0RQVDQWR&RPSDQ\86$WKHXOWLPDWHKROGLQJFRPSDQ\
32,01,920
0RQVDQWR+ROGLQJV3ULYDWH/LPLWHGWKHKROGLQJFRPSDQ\
92,52,124
$QQXDO5HSRUW
66
st
4.
Details of shares, held by each shareholder holding more than 5% shares:
As at
31st March, 2013
Name of shareholder
5.
As at
31st March, 2012
Number of
shares held
% of holding
Number of
shares held
% of holding
0RQVDQWR&RPSDQ\86$
32,01,920
18.55
0RQVDQWR+ROGLQJV3ULYDWH/LPLWHG
92,52,124
53.60
Aggregate number and class of shares allotted as fully paid up bonus shares for a period of 5 years immediately
preceding the Balance Sheet date:
Particulars
Aggregate number of shares
st
As at 31
March, 2013
As at 31st
March, 2012
As at 31st
March, 2011
As at 31st
March, 2010
As at 31st
March, 2009
300
(TXLW\VKDUHVRIIDFHYDOXHRI`HDFK
6.
MDUFK
Shares reserved for issue under commitments:
6LQFH3UHYLRXV\HDUVKDUHVZHUHVXEMHFWPDWWHURIGLVSXWHVFRXUWSURFHHGLQJVWKH&RPSDQ\KDVQRWEHHQ
DEOHWRLVVXHDOORW5LJKWVDQG%RQXVVKDUHV̵HQWLWOHPHQWVRQWKHVDLG3UHYLRXV\HDUVKDUHV
`LQ&URUHV
As at
31st March, 2013
4.
As at
31st March, 2012
RESERVES AND SURPLUS
(a)
Securities Premium Account:
139.40
$GG5HFHLYHGRQFRPPLWWHGVKDUHV
-*
/HVV$PRXQWXWLOLVHGRQLVVXHRI
FRPPLWWHGIXOO\SDLGERQXVVKDUHV
-*
-
%DODQFHDVSHUODVW%DODQFH6KHHW
/HVV$PRXQWXWLOLVHGRQLVVXHRIIXOO\
SDLGERQXVVKDUHV
139.40
(b)
General Reserve:
$GG6XUSOXVWUDQVIHUUHGIURP6WDWHPHQW
RI3URͤWDQG/RVV
/HVV$PRXQWXWLOLVHGRQLVVXHRI
FRPPLWWHGVKDUHV
/HVV$PRXQWXWLOLVHGRQLVVXHRIIXOO\SDLG
ERQXVVKDUHV
109.03
6.73
-*
-
115.76
(c)
6XUSOXVLQWKHVWDWHPHQWRI3URͤWDQG/RVV
$GG3URͤWIRUWKH\HDU
118.70
67.34
67
1RWHV
st
MDUFK
`LQ&URUHV
As at
31st March, 2013
4.
As at
31st March, 2012
RESERVES AND SURPLUS
/HVV$SSURSULDWLRQV
,QWHULP'LYLGHQG`3UHYLRXV\HDU
`SHUVKDUH
17.27
2.80
20.72
7D[RQ3URSRVHG'LYLGHQG
3.52
7UDQVIHUWR*HQHUDOUHVHUYH
6.73
7D[RQ,QWHULP'LYLGHQG
3URSRVHG'LYLGHQG`3UHYLRXV\HDU
`SHUVKDUH
135.00
390.16
367.13
$PRXQWOHVVWKDQÒDF
`LQ&URUHV
As at
31st March, 2013
As at
31st March, 2012
7UDGH3D\DEOHV
3.19
/LDELOLWLHVWRZDUGV(PSOR\HHV
0.97
6.11
10.27
5.
OTHER LONG TERM LIABILTIES
2WKHUV
6HFXULW\'HSRVLWV
`LQ&URUHV
6.
As at
31st March, 2013
As at
31st March, 2012
7.42
7.42
LONG TERM PROVISIONS
3URYLVLRQIRUHPSOR\HHEHQHͤWV
L
/HDYH(QFDVKPHQW5HIHU1RWH
`LQ&URUHV
7.
TRADE PAYABLES
L
2XWVWDQGLQJGXHVWRPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHV5HIHU1RWH
LL
2XWVWDQGLQJVRWKHUWKDQPLFURDQGVPDOOHQWHUSULVHV
As at
31st March, 2013
As at
31st March, 2012
-
103.66
103.66
$QQXDO5HSRUW
68
st
MDUFK
`LQ&URUHV
As at
31st March, 2012
8.
OTHER CURRENT LIABILITIES
(a)
Unclaimed Dividend
(b)
Due to Investor Education and Protection Fund
(c)
Other Payables
L
6WDWXWRU\5HPLWWDQFHV
LL
6HFXULW\'HSRVLWV
LLL
$GYDQFHIURP&XVWRPHUV
LY
/LDELOLWLHVWRZDUGV(PSOR\HHV
As at
31st March, 2012
0.54
-
0.54
4.31
1.28
16.47
7.42
30.02
`LQ&URUHV
As at
31st March, 2013
9.
As at
31st March, 2012
SHORT TERM PROVISIONS
(a) 3URYLVLRQIRUHPSOR\HHEHQHͤWV
L
/HDYH(QFDVKPHQW5HIHU1RWH
0.27
LL
*UDWXLW\5HIHU1RWH
1.91
2.18
(b) Others
L
6DOHV5HWXUQ6HHQRWHEHORZ
LL
3URSRVHG'LYLGHQG
6.21
20.72
LLL
7D[RQ3URSRVHG'LYLGHQG
3.52
LY
7D[DWLRQ1HWRI$GYDQFH7D[
2.62
33.07
35.25
3.39
Note on movement in Provision for Sales
Returns:
2SHQLQJ%DODQFH
5HWXUQ3URYLVLRQ&UHDWHG
5HWXUQ3URYLVLRQ$GMXVWHG
Net Closing Balance
49.83
(47.01)
6.21
Nature of Provision:
3URYLVLRQKDVEHHQPDGHIRUH[SHFWHGVDOHVUHWXUQVZKLFKDUHHVWDEOLVKHGXVLQJKLVWRULFDOLQIRUPDWLRQRQWKHIUHTXHQF\RI
FODLPVDQGPDQDJHPHQWHVWLPDWHVUHJDUGLQJSRVVLEOHIXWXUHLQFLGHQFH Monsanto India Limited
DESCRIPTION
-
-
-
1.12
-
1.12
Disposal
57.10
154.12
(137.96)
2.41
2.89
0.71
(0.71)
(2.89)
2.18
(2.18)
54.69
(5.73)
7.12
151.23
(3.98)
(135.07)
3.57
(3.25)
3.98
0.25
(0.19)
8.24
(7.68)
75.10
(69.31)
43.06
(35.10)
9.91
As at
01.04.2012
(9.83)
As at
31.03.2013
10.89
0.47
10.42
For the
year
-
-
-
0.62
-
0.62
(57.10)
67.37
(2.41)
2.88
(0.48)
0.70
(1.93)
2.18
(54.69)
64.49
(3.80)
5.69
(3.98)
3.98
(0.59)
0.81
(0.14)
0.17
(4.40)
4.70
(28.65)
34.35
(13.13)
14.79
-
-
Assets Held On Disposals
As at
for Sale during
31.03.2013
the year
$VVHWJLYHQRQOHDVH/DQG)UHHKROGFRVWLQJ`&URUHV3UHYLRXV\HDU1LODQG3ODQWDQG(TXLSPHQWFRVWLQJ`&URUHV3UHYLRXV\HDU1LO
17.28
137.96
2.89
)LJXUHVLQEUDFNHWVDUHLQUHVSHFWRI3UHYLRXV<HDU
Capital Work in Progress
Grand Total (A+B)
Total
17.28
135.07
Assets Held
for Sale during
the year
11.13
2.41
80.86
0.48
80.38
As at
01.04.2012
89.16
86.75
0.01
0.01
-
86.74
1.43
-
2.76
0.08
3.54
40.75
28.27
9.91
As at
31.03.2013
st
6RIWZDUH
,QWHOOHFWXDO3URSHUW\
Intangible Assets Acquired
Total
&RPSXWHUV(TXLSPHQW
/HDVHKROG
,PSURYHPHQWV
2WKHUV
2IͤFH(TXLSPHQW
9HKLFOHV
)XUQLWXUHDQG)L[WXUHV
3ODQWDQG(TXLSPHQW
%XLOGLQJV
Additions
`LQ&URUHV
NET BLOCK
C
Tangible Assets
/DQG)UHHKROG
As at
01.04.2012
DEPRECIATION / AMORTISATION
B
A
10. FIXED ASSETS
SR.
NO
GROSS BLOCK (AT COST)
69
1RWHV
MDUFK
$QQXDO5HSRUW
70
st
MDUFK
`LQ&URUHV
11.
DEFERRED TAX ASSET (NET)
D
3URYLVLRQIRUGRXEWIXOGHEWVDGYDQFHV
As at
31st March, 2013
As at
31st March, 2012
0.52
E
'HSUHFLDWLRQ
1.50
F
3URYLVLRQIRUOHDYHHQFDVKPHQW
0.90
G
2WKHUVXQGHUVHFWLRQ%RI,QFRPH7D[$FW
0.68
3.60
2.72
`LQ&URUHV
12.
As at
31st March, 2013
As at
31st March, 2012
LONG TERM LOANS AND ADVANCES
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
D
&DSLWDO$GYDQFHV
0.42
E
6HFXULW\'HSRVLWV
0.84
F
2WKHUORDQVDQGDGYDQFHV
L
$GYDQFH7D[1HWRI3URYLVLRQV
5.44
LL
$GYDQFHWR(PSOR\HHV
1.34
LLL
2WKHUV
0.69
8QVHFXUHG'RXEWIXO
(0.69)
/HVV3URYLVLRQIRUGRXEWIXODGYDQFHV
LY
13.
0.31
3UHSDLG([SHQVHV
-
8.35
8.15
Face Value
(`per Unit)
As at 31st
March, 2013
(No. of Units)
As at 31st
March, 2012
(No. of Units)
As at 31st
March, 2013
(` inCrores)
As at 31st
March, 2012
(` in Crores)
7,10,35,825
72.44
CURRENT INVESTMENTS
Non -trade, Unquoted and Fully paid
DWORZHURIFRVWDQGIDLUYDOXH
Investments in Mutual funds
Liquid Funds:
+')&/LTXLG)XQG3UHPLXP3ODQ
'DLO\'LYLGHQG
,&,&,3UXGHQWLDO/LTXLG
6XSHU,3'DLO\'LYLGHQG
81,57,482
81.60
,&,&,3UXGHQWLDO/LTXLG*URZWK
14,43,461
25.00
%LUOD6XQ/LIH&DVK3OXV
'DLO\'LYLGHQG
21,16,554
21.21
%LUOD6XQ/LIH&DVK3OXV*URZWK
13,32,620
25.00
'63%ODFN5RFN/LTXLGLW\)XQG
,3'DLO\'LYLGHQG
2,56,852
25.69
250.94
71
1RWHV
st
MDUFK
`LQ&URUHV
As at
31st March, 2013
14.
As at
31st March, 2012
INVENTORIES
(At Lower of Cost and Net Realisable Value)
D
5DZ0DWHULDOV5HIHU1RWHLEHORZ
23.53
*RRGVLQ7UDQVLW
14.13
37.66
E
3DFNLQJ0DWHULDOV
4.75
F
:RUN,Q3URJUHVV,QFOXGLQJ,QSXWVIRU6WDQGLQJ
&URSV5HIHU1RWHLLEHORZ
55.87
G
)LQLVKHG*RRGVRWKHUWKDQ6WRFNLQWUDGH
5HIHU1RWHLLLEHORZ
41.01
H
6WRFNLQWUDGHDFTXLUHGIRUWUDGLQJ5HIHU
1RWHLYEHORZ
0.09
139.38
129.68
37.66
37.66
14.29
55.87
55.87
52.29
6HHGV
23.19
$JULFXOWXUH&KHPLFDOV
17.82
41.01
59.28
0.09
0.09
0.25
1RWHV
L
5DZPDWHULDOV
LL
:RUNLQ3URJUHVV
6HHGV
LLL
LY
)LQLVKHG*RRGV
6WRFNLQWUDGH
`LQ&URUHV
15.
As at
31st March, 2013
As at
31st March, 2012
4.02
TRADE RECEIVABLES
Outstanding for a period exceeding six months from
the date they are due for payment
8QVHFXUHGFRQVLGHUHGJRRG
8QVHFXUHGFRQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXOGHEWV
3.72
(3.72)
-
2WKHU7UDGH5HFHLYDEOHV
37.21
41.23
50.44
$QQXDO5HSRUW
72
st
MDUFK
`LQ&URUHV
16.
As at
31st March, 2013
As at
31st March, 2012
CASH AND CASH EQUIVALENTS
%DODQFHVZLWKEDQNV
L
,Q&XUUHQWDFFRXQWV
LL
In Deposit accounts
LLL
,QHDUPDUNHGDFFRXQWV
8QSDLGGLYLGHQGDFFRXQWV
%DODQFHVKHOGDVPDUJLQPRQH\DJDLQVWJXDUDQWHHV5HIHUQRWHEHORZ
20.33
18.99
1RWHV L
%DODQFHVKHOGDVPDUJLQPRQH\LQFOXGHVDPRXQWRI`&URUHV3UHYLRXV\HDU`&URUHVKDYLQJRULJLQDOPDWXULW\
RIPRUHWKDQPRQWKV
LL
%DODQFHVKHOGDVPDUJLQPRQH\LQFOXGHVDPRXQWRI`1LO3UHYLRXV\HDU` &URUHVKDYLQJPDWXULW\RIPRUHWKDQ
PRQWKVIURPEDODQFHVKHHWGDWH
`LQ&URUHV
17.
As at
31st March, 2013
As at
31st March, 2012
SHORT TERM LOANS AND ADVANCES
D
/RDQVDQGDGYDQFHVWRUHODWHGSDUWLHV5HIHU1RWH
E
2WKHUV
L
$GYDQFHVWRHPSOR\HHV
LL
$GYDQFHVWRVXSSOLHUV
LLL
3UHSDLG([SHQVHV
LY
%DODQFHZLWK([FLVH$XWKRULWLHV
Y
7HQGHU'HSRVLWV
29.22
28.56
`LQ&URUHV
18.
As at
31st March, 2013
As at
31st March, 2012
11.83
11.82
OTHER CURRENT ASSETS
D
$VVHWV+HOGIRU6DOH5HIHU1RWH
E
,QWHUHVW$FFUXHGRQGHSRVLWVZLWKEDQNVDQGRWKHUDGYDQFHV
73
1RWHV
st
MDUFK
`LQ&URUHV
19.
REVENUE FROM OPERATIONS
D
6DOHRISURGXFWV5HIHUQRWHVDQGEHORZ
E
2WKHURSHUDWLQJUHYHQXHV5HIHUQRWHEHORZ
For the Year ended
31st March, 2013
For the Previous
Year ended 31st
March, 2012
454.35
5.88
460.23
385.99
Total
/HVV([FLVH'XW\
17.81
442.42
373.77
1RWHV
1
2
Sales of manufactured products
L
155.97
LL
Seeds
297.51
453.48
380.09
0.87
Sales of traded products
3
0.87
0.11
454.35
380.20
5R\DOW\,QFRPH
4.96
7ROOLQJ,QFRPH
0.92
5.88
5.79
Other operating revenue
`LQ&URUHV
For the Year ended
31st March, 2013
20.
OTHER INCOME
D
,QWHUHVW,QFRPH
E
,QFRPHIURP&XUUHQWLQYHVWPHQW
L
Dividend Income
LL
*DLQRQVDOHRILQYHVWPHQWV
F
([FHVV SURYLVLRQ QR ORQJHU UHTXLUHG ZULWWHQ
EDFN
G
0LVFHOODQHRXV,QFRPH
For the Previous Year ended
31st March, 2012
1.00
15.14
-
15.14
-
0.77
16.91
15.15
$QQXDO5HSRUW
74
st
MDUFK
`LQ&URUHV
For the Year ended
31st March, 2013
21.
31st March, 2012
COST OF MATERIALS CONSUMED AND
OTHER INPUTS
D
5DZ0DWHULDOVFRQVXPHG5HIHU1RWHL
LLEHORZ
2SHQLQJ6WRFN
14.29
$GG3XUFKDVHV
95.31
109.60
/HVV&ORVLQJ6WRFN
37.66
71.94
107.88
12.38
192.20
155.38
*O\SKRVDWH,3$6DOW
58.25
6XUIDFWDQW
13.69
71.94
5DZ0DWHULDOVFRQVXPHG
E
6HHG*URZHU3D\PHQWVDQG3URGXFWLRQ
&RVW
F
3DFNLQJ0DWHULDOVFRQVXPHG5HIHU
1RWHLLLEHORZ
1RWHV
L
3DUWLFXODUVRI5DZPDWHULDOV
&RQVXPHG
LL
5DZPDWHULDOV&RQVXPHG
,PSRUWHG
Indigenous
LLL
3DFNLQJ0DWHULDOV&RQVXPHG
,PSRUWHG
Indigenous
% of
Consumption
100.00
RI
&RQVXPSWLRQ
71.94
-
-
100.00
71.94
100.00
59.83
% of
Consumption
RI
&RQVXPSWLRQ
-
-
100.00
100.00
12.38
12.38
100.00
11.87
75
1RWHV
st
MDUFK
`LQ&URUHV
For the Year ended
31st March, 2013
22.
CHANGES IN INVENTORY OF FINISHED
GOODS AND WORK IN PROGRESS
L
'HFUHDVH,QFUHDVHLQ6WRFNV
D
E
31st March, 2012
2SHQLQJ6WRFN
L
)LQLVKHG*RRGV
59.28
LL
6WRFNLQ7UDGH
0.25
LLL
:RUNLQ3URJUHVV
52.29
111.82
&ORVLQJ6WRFN
L
)LQLVKHG*RRGV
41.01
LL
6WRFNLQ7UDGH
0.09
LLL
:RUNLQ3URJUHVV
55.87
96.97
LL
,QFUHDVH'HFUHDVHLQ([FLVH'XW\RQ)LQLVKHG
*RRGV
14.85
(1.78)
13.07
7.24
`LQ&URUHV
For the Year ended
31st March, 2013
23.
For the Previous
Year ended 31st
March, 2012
EMPLOYEE BENEFITS EXPENSES
5HIHU1RWHVEHORZ
40.53
&RQWULEXWLRQWR3URYLGHQWDQG2WKHU)XQGV
6.48
F
([SHQVHRQHPSOR\HHVWRFNRSWLRQ(623VFKHPH5HIHU1RWH
0.33
G
6WDII:HOIDUH([SHQVHV
0.58
47.92
D
6DODULHVDQG:DJHV
E
1RWHV L
(PSOR\HHEHQHͤWVH[SHQVHVDERYHLQFOXGHVH[SHQVHVDIWHUUHGXFWLRQRIUHLPEXUVHPHQWVDPRXQWLQJWR` &URUHV
3UHYLRXV\HDU` &URUHVE\+ROGLQJ&RPSDQ\8OWLPDWH+ROGLQJ&RPSDQ\DQGVRPH)HOORZ6XEVLGLDULHVWRZDUGVWKH
YDOXHRIFRVWVDSSRUWLRQHGRIWKH&RPSDQ\̵VHPSOR\HHVLQDFFRUGDQFHZLWKWKHDJUHHPHQWVRQDOORFDWLRQRIH[SHQVHV
ZLWKWKHUHVSHFWLYHFRPSDQLHV
LL
(PSOR\HHEHQHͤWVH[SHQVHVDERYHLQFOXGHVUHPXQHUDWLRQWRWKH0DQDJLQJ'LUHFWRU0U*\DQHQGUD6KXNODIRUWKHSHULRG
IURPst0DUFKWRst0DUFKDPRXQWLQJWR`FURUHV7KHDSSRLQWPHQWRIWKH0DQDJLQJ'LUHFWRUIURPst
0DUFKIRUDSHULRGRIWKUHH\HDUVPDGHE\WKH%RDUGRI'LUHFWRUVDQGUHPXQHUDWLRQSD\DEOHWRKLPLVVXEMHFWWR
DSSURYDORIWKHVKDUHKROGHUVDWWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
$QQXDO5HSRUW
76
st
MDUFK
`LQ&URUHV
For the Year ended
31st March, 2013
24.
For the Previous
Year ended 31st
March, 2012
FINANCE COST
,QWHUHVWRQ
D
6HFXULW\GHSRVLWV
0.34
E
6KRUWSD\PHQWRILQFRPHWD[
0.36
0.70
1.28
`LQ&URUHV
For the Year ended
31st March, 2013
25.
31st March, 2012
OTHER EXPENSES
5HIHU1RWHLLEHORZ
&RQVXPSWLRQRI6WRUHVDQG6SDUHSDUWV
5HIHU1RWHLEHORZ
0.22
3RZHUDQG)XHO
7.39
10.12
Rent
5HSDLUVWR%XLOGLQJV
0.14
5HSDLUVWR0DFKLQHU\
1.32
1.46
,QVXUDQFH
0.88
5DWHVDQG7D[HV
4.70
16.48
7UDYHODQG(QWHUWDLQPHQW
9.76
9HKLFOH([SHQVHVDQG+LUH&KDUJHV
8.84
/RVVRQVDOHGLVSRVDORI)L[HG$VVHWVQHW
0.48
)UHLJKW)RUZDUGLQJFKDUJHV
Donations
0.54
$GYHUWLVLQJDQG3URPRWLRQV
15.20
&DVK'LVFRXQW*HUPLQDWLRQFODLPV
13.40
2.48
3URYLVLRQIRU'RXEWIXOGHEWV
%DG'HEWVZULWWHQRII
/HVV$GMXVWHGDJDLQVWSURYLVLRQ
&RQVXOWDQF\)HHV
0.20
(0.20)
8.90
-
)RUHLJQH[FKDQJH/RVV1HW
0.96
$GYDQFHVDQGGHSRVLWVZULWWHQRII
0.12
17.12
119.05
110.19
3URYLVLRQIRU'RXEWIXO$GYDQFHV
0LVFHOODQHRXV ([SHQVHV LQFOXGLQJ 5HVHDUFK DQG
'HYHORSPHQWH[SHQVHRI`&URUHV3UHYLRXV\HDU
` &URUHV
77
1RWHV
st
MDUFK
1RWHV
% of
Consumption
L
LL
&RQVXPSWLRQRI6WRUHVDQG6SDUHSDUWV
,PSRUWHG
Indigenous
% of
Consumption
2WKHU([SHQVHVDERYHLQFOXGHVH[SHQVHVDIWHUUHGXFWLRQRIUHLPEXUVHPHQWVDPRXQWLQJWR`&URUHV3UHYLRXV\HDU
` &URUHV E\ +ROGLQJ &RPSDQ\ 8OWLPDWH +ROGLQJ &RPSDQ\ DQG VRPH )HOORZ 6XEVLGLDULHV WRZDUGV WKH YDOXH RI
FRVWV DSSRUWLRQHG RI WKH &RPSDQ\̵V IDFLOLWLHV LQ DFFRUGDQFH ZLWK WKH DJUHHPHQWV RQ DOORFDWLRQ RI H[SHQVHV ZLWK WKH
UHVSHFWLYHFRPSDQLHV
(` in Crores)
As at
31st March, 2013
26.
COMMITMENTS
L
(VWLPDWHG DPRXQW RI FRQWUDFWV UHPDLQLQJ WR EH H[HFXWHG RQ FDSLWDO
DFFRXQWDQGQRWSURYLGHG
2WKHU&RPPLWPHQWV̰
D
'LYLGHQGRQVKDUHVKHOGLQDEH\DQFH5HIHU1RWH
E
&RQWUDFWXDODUUDQJHPHQWIRUSD\PHQWRQGHIDXOWRQFRUSRUDWHFUHGLW
FDUGIDFLOLW\DYDLOHGIURPDEDQN
LL
As at
31st March, 2012
2.60
0.03
(` in Crores)
As at
31st March, 2013
27.
CONTINGENT LIABILITIES IN RESPECT OF THE FOLLOWING MATTERS:
L
,QFRPHWD[
LL
6DOHVWD[
LLL
&ODLPVDJDLQVWWKH&RPSDQ\QRWDFNQRZOHGJHGDVGHEWV
As at
31st March, 2012
87.28
2.23
1.75
1RWH,QUHVSHFWRILWHPVPHQWLRQHGDERYHWLOOPDWWHUVDUHͤQDOO\GHFLGHGWKHͤQDQFLDOHIIHFWFDQQRWEHDVFHUWDLQHG
(` in Crores)
For the year ended
31st March, 2013
For the year ended
31st March, 2012
$XGLWIHHV
0.12
2WKHUVHUYLFHV
0.05
7D[$XGLW
0.05
-
0.03
0.25
28.
AUDITORS’ REMUNERATION:
(a)
Statutory Auditor:
2XWRISRFNHWH[SHQVHV
6HUYLFH7D[RQDERYH
$QQXDO5HSRUW
78
st
MDUFK
(` in Crores)
`
29.
For the year ended
31st March, 2013
For the year ended
31st March, 2012
85.99
VALUE OF IMPORTS CALCULATED ON C.I.F. BASIS
5DZ0DWHULDOV
(` in Crores)
30.
For the year ended
31st March, 2013
For the year ended
31st March, 2012
18.20
For the year ended
31st March, 2013
For the year ended
31st March, 2012
0.39
1.50
0.82
0.06
0.86
EARNINGS IN FOREIGN CURRENCY (ON ACCRUAL BASIS)
)2%9DOXHRI([SRUWV
(` in Crores)
31. EXPENDITURE IN FOREIGN CURRENCY (ON ACCRUAL BASIS)
7UDYHO([SHQVHV
3URIHVVLRQDO&RQVXOWDQF\)HHV
6DODULHV
&RPPXQLFDWLRQ([SHQVHV
2WKHUVLQFOXGLQJUHLPEXUVHPHQWRIH[SHQVHV
32.
REMITTANCE IN FOREIGN EXCHANGE ON ACCOUNT OF DIVIDENDS TO NON-RESIDENT SHAREHOLDERS
(` in Crores)
Dividend in respect of the year
ended
)LQDO
,QWHULP
)LQDO
,QWHULP
No. of Shares
No. of Shareholders
For the year ended
31st March, 2013
3.20
3.20
For the year ended
31st March, 2012
33. RELATED PARTY DISCLOSURE:
1DPHVRIUHODWHGSDUWLHVDQGGHVFULSWLRQRIUHODWLRQVKLS
A.
Holding Company:
+ROGLQJ&RPSDQ\0RQVDQWR+ROGLQJV3ULYDWH/LPLWHG
8OWLPDWH+ROGLQJ&RPSDQ\0RQVDQWR&RPSDQ\86$
B.
Fellow Subsidiaries:
37%UDQLWD6DQGKLQL0RQVDQWR3KLOLSSLQHV,1&0RQVDQWR7KDLODQG/WG0RQVDQWR6LQJDSRUH3WH/WG0RQVDQWR3DNLVWDQ
$JULWHF 3YW /WG 37 0RQDJUR .LPLD 0RQVDQWR $* 3URGXFW //& 0RQVDQWR 6$6 6HPLQLV %HLMLQJ &R /WG 0DK\FR
0RQVDQWR%LRWHFK,/WG0RQVDQWR,QWHUQDWLRQDO6$5/0RQVDQWR+XQJDULD.)7%HLMLQJ1HZ0LOOHQLXP)(10RQVDQWR
(XURSH6$6HPLQLV9HJHWDEOH6HHGV,1&0RQVDQWR$UJHQWLQD6$,&
C.
Key Managerial Personnel:
0U$PLWDEK-DLSXULD0DQDJLQJ'LUHFWRUXSWR)HE
0U*\DQHQGUD6KXNOD0DQDJLQJ'LUHFWRUZHI0DU
79
1RWHV
st
D.
MDUFK
Details of transactions with related parties:
`,Q&URUHV
Year Ended 31st March 2013
Nature of transactions
Ultimate
Holding
Co
Holding Co
Fellow
Subsidiary
Key
Managerial
Personnel
Total
Ultimate
Holding
Co
Holding
Co
Fellow
Subsidiary
Key
Managerial
Personnel
Total
Purchase of goods
69.95
-
-
-
69.95
54.31
-
-
-
54.31
0RQVDQWR&RPSDQ\86$
69.95
-
-
-
69.95
54.31
Sale of goods
-
-
0.16
-
0.16
-
-
-
-
-
0RQVDQWR$UJHQWLQD
6$,&
-
-
0.16
-
0.16
-
Expenses Towards
Royalty
-
1.33
-
-
1.33
-
1.57
-
-
1.57
0RQVDQWR+ROGLQJV3ULYDWH
/WG
-
1.33
-
-
1.33
1.57
Rent
-
4.00
-
-
4.00
-
3.67
-
-
3.67
0RQVDQWR+ROGLQJV
3ULYDWH/WG
-
4.00
-
-
4.00
3.67
Remuneration
-
-
-
1.27
1.27
-
-
-
1.18
1.18
1.18
$PLWDEK-DLSXULD
-
-
-
1.20
1.20
*\DQHQGUD6KXNOD
-
-
-
0.07
0.07
-
Reimbursement of
Expenses (Net)
(3.96)
15.31
14.86
-
26.21
(1.19)
16.09
11.48
-
26.38
0RQVDQWR&RPSDQ\86$
(3.96)
-
-
-
(3.96)
(1.19)
0RQVDQWR6LQJDSRUH
Pte Ltd
-
-
0.84
-
0.84
1.35
37%UDQLWD6DQGKLQL
-
-
0.37
-
0.37
0.28
%HLMLQJ1HZ0LOOHQLXP
)(1
-
-
0.01
-
0.01
-
6HPLQLV%HLMLQJ&R/WG
-
-
0.00
-
0.00
0.01
0RQVDQWR$J3URGXFW
//&
-
-
(0.26)
-
(0.26)
(1.28)
Mahyco Monsanto
%LRWHFK,/WG
-
-
12.24
-
12.24
10.83
0RQVDQWR,QWHUQDWLRQDO
SARL
-
-
0.06
-
0.06
(0.04)
0RQVDQWR+XQJDULD.)7
-
-
1.59
-
1.59
0.33
6HPLQLV9HJHWDEOH6HHGV
,1&
-
-
0.01
-
0.01
-
0RQVDQWR+ROGLQJV
3ULYDWH/WG
-
15.31
-
-
15.31
16.09
6.23
Issue of Bonus shares
-
-
-
-
-
1.60
4.63
-
-
0RQVDQWR&RPSDQ\86$
-
-
-
-
-
1.6
0RQVDQWR+ROGLQJV3YW
Ltd
-
-
-
-
-
4.63
Payment of Dividends
6.40
18.50
-
-
24.90
4.80
13.88
-
-
18.68
0RQVDQWR&RPSDQ\
USA
6.40
-
-
-
6.40
4.80
-
18.50
-
-
18.50
13.88
-
-
0.16
-
0.16
-
0RQVDQWR+ROGLQJV3YW/WG
Outstanding at year - end
6XQGU\'HEWRUV
$QQXDO5HSRUW
80
st
MDUFK
`,Q&URUHV
Nature of transactions
Ultimate
Holding
Co
Holding Co
Fellow
Subsidiary
Key
Managerial
Personnel
Total
Ultimate
Holding
Co
Holding
Co
Fellow
Subsidiary
Key
Managerial
Personnel
Total
-
-
0.16
-
0.16
-
Loans and Advances
0.53
0.17
1.69
-
2.39
3.17
9.42
1.47
-
14.06
0RQVDQWR&RPSDQ\86$
0RQVDQWR$UJHQWLQD 6$,&
0.53
-
-
-
0.53
3.17
0RQVDQWR+ROGLQJV3YW
Ltd
-
0.17
-
-
0.17
9.42
0RQVDQWR3DNLVWDQ
$JULWHFK3YW/WG
-
-
0.01
-
0.01
0.01
6HPLQLV%HMLQJ&R/WG
-
-
0.01
-
0.01
0.01
0RQVDQWR6LQJDSRUH
Pte Ltd
-
-
0.44
-
0.44
0.35
%HLMLQJ1HZ0LOOHQLXP
)(1
-
-
0.01
-
0.01
-
0RQVDQWR+XQJDULD.)7
-
-
0.14
-
0.14
0.12
SARL
-
-
0.09
-
0.09
-
Mahyco Monsanto
%LRWHFK,/WG
-
-
0.91
-
0.91
0.93
-
37%UDQLWD6DQGKLQL
Sundry Creditors
-
-
0.08
26.31
0.32
0.72
0.08
27.35
9.49
7.91
1.93
0.05
19.33
370RQDJUR.LPLD
-
-
0.00
-
0.00
0.01
0RQVDQWR3KLOLSSLQHV,1&
-
-
0.00
-
0.00
0.01
Mahyco Monsanto
%LRWHFK,/WG
-
-
-
-
-
0.02
0.02
0RQVDQWR7KDLODQG/WG
-
-
0.02
-
0.02
Monsanto SAS
-
-
0.1
-
0.1
0.09
0RQVDQWR$J3URGXFW
//&
-
-
0.51
-
0.51
1.70
37%UDQLWD6DQGKLQL
0RQVDQWR&RPSDQ\86$
-
-
-
-
-
0.01
26.31
-
-
-
26.31
9.49
6HPLQLV%HLMLQJ&R/WG
-
-
0.03
-
0.03
0.03
0RQVDQWR+ROGLQJ3YW
Ltd
-
0.32
-
-
0.32
7.91
SARL
-
-
0.06
-
0.06
0.04
81
1RWHV
st
MDUFK
34. 7KHGRPLQDQWVRXUFHDQGQDWXUHRIWKHULVNVDQGUHWXUQVRIWKHDJULFXOWXUDOFKHPLVWU\DQGVHHGVDFWLYLWLHVRIWKH&RPSDQ\
QRWEHLQJVLJQLͤFDQWO\GLIIHUHQWWKH&RPSDQ\RSHUDWHVDVLQJOHVHJPHQWRIDFWLYLW\̸$JULFXOWXUDO,QSXWV̹ZLWKLQWKHVDPH
JHRJUDSK\
35. 7KH&RPSDQ\KDVLQFXUUHGWKHIROORZLQJH[SHQVHVWRZDUGVRSHUDWLQJOHDVHVSHUWDLQLQJWRYHKLFOHVRIͤFHHTXLSPHQWV
ZDUHKRXVHVDQGUHVLGHQWLDOSUHPLVHV/HDVHDJUHHPHQWVDUHH[HFXWHGIRUDSHULRGUDQJLQJIURPWRPRQWKV
(` in Crores)
&DQFHOODEOH
1RQ&DQFHOODEOH
For the year ended
31st March, 2013
For the year ended
31st March, 2012
10.36
6.47
7KH &RPSDQ\ LV REOLJDWHG XQGHU QRQFDQFHODEOH OHDVHV SHUWDLQLQJ WR YHKLFOHV DQG RIͤFH HTXLSPHQW WR SD\ WKH IROORZLQJ
DPRXQWVLQIXWXUHDVJLYHQEHORZ
(` in Crores)
For the year ended
31st March, 2013
For the year ended
31st March, 2012
:LWKLQ\HDU
5.23
/DWHUWKDQ\HDUDQGQRWODWHUWKDQ\HDUV
6.23
36. 7KHGLVFORVXUHVXQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW060('KDYHEHHQPDGHRQWKH
EDVLVRIFRQͤUPDWLRQVUHFHLYHGIURPVXSSOLHUVUHJDUGLQJWKHLUVWDWXVXQGHUWKHVDLGDFW
Sr
No
Particulars
$PRXQWUHPDLQLQJXQSDLGWRVXSSOLHUDVDWHQGRIDFFRXQWLQJ\HDU
3ULQFLSDO$PRXQW
31st March, 2013
31st March, 2012
,QWHUHVWGXHWKHUHRQ
$PRXQW RI LQWHUHVW SDLG DORQJ ZLWK WKH DPRXQWV RI SD\PHQW PDGH
EH\RQGWKHDSSRLQWHGGD\
$PRXQWRILQWHUHVWGXHDQGSD\DEOHZKHUHWKHSULQFLSDOKDVDOUHDG\
EHHQSDLGEXWLQWHUHVWKDVQRWEHHQSDLG
7KHDPRXQWRILQWHUHVWDFFUXHGDQGUHPDLQLQJXQSDLGDWWKHHQGRI
HDFKDFFRXQWLQJ\HDU
7KH DPRXQW RI IXUWKHU LQWHUHVW UHPDLQLQJ GXH DQG SD\DEOH HYHQ LQ
VXFFHHGLQJ \HDUV XQWLO VXFK GDWH ZKHQ WKH LQWHUHVW GXHV DV DERYH
DUH DFWXDOO\ SDLG IRU WKH SXUSRVH RI GLVDOORZDQFH DV D GHGXFWLEOH
H[SHQGLWXUHXQGHUVHFWLRQRI060('$FW
$PRXQWOHVVWKDQÒDF
37. 7KH&RPSDQ\KDVFRQWLQXDOO\PDLQWDLQHGDSRVLWLRQWKDWLWVLQFRPHIURPDJULFXOWXUDODFWLYLWLHVZKLFKLQYROYHVJURZLQJ
VHHGVLQYDULRXVVWDWHVWKURXJKORFDOJURZHUVLVQRWWD[DEOH7KLVFRQWHQWLRQKDVEHHQXSKHOGE\WKH+RQRUDEOH%RPED\
+LJK &RXUW IRU WKH $VVHVVPHQW <HDUV WR DQG $VVHVVPHQW \HDUV WR DQG E\ WKH
&RPPLVVLRQHU RI ,QFRPH WD[ $SSHDOV IRU $VVHVVPHQW <HDU DQG ,Q WKH FXUUHQW
\HDUWKHLQFRPHWD[DXWKRULWLHVKDYHͤOHGVSHFLDOOHDYHSHWLWLRQVZLWKWKH6XSUHPH&RXUWDJDLQVWIDYRUDEOHRUGHUVUHFHLYHG
IRUWKHDVVHVVPHQW\HDUVDVPHQWLRQHGDERYH
$QQXDO5HSRUW
82
st
MDUFK
38. 'LVFORVXUHDVUHTXLUHGXQGHU$6UHJDUGLQJWKH&RPSDQ\̵VGHͤQHGEHQHͤWSODQVLVDVIROORZV
,
5HFRQFLOLDWLRQRIRSHQLQJDQGFORVLQJEDODQFHRIWKHSUHVHQWYDOXHRIWKHGHͤQHGEHQHͤWREOLJDWLRQIRUJUDWXLW\
(` in Crores)
As at
31st March, 2013
As at
31st March, 2012
&KDQJHLQEHQHͤWREOLJDWLRQV
14.60
6HUYLFHFRVW
1.72
,QWHUHVWFRVW
1.23
%HQHͤWVSDLG
(0.91)
2.07
18.71
3UHVHQWYDOXHRIEHQHͤWREOLJDWLRQVDVDWst$SULO
$FWXDULDOJDLQORVVRQREOLJDWLRQV
3UHVHQWYDOXHRIEHQHͤWREOLJDWLRQVDVDWst0DUFK
II.
Reconciliation of opening and closing balance of the fair value of plan assets:
(` in Crores)
As at
31st March, 2013
)DLUYDOXHRISODQDVVHWVDVDWst$SULO
([SHFWHGUHWXUQRQSODQDVVHWV
$FWXDULDOJDLQORVV
(PSOR\HU&RQWULEXWLRQ
%HQHͤWVSDLG
st
)DLU9DOXHRISODQDVVHWVDVDW 0DUFK
III.
As at
31st March, 2012
14.00
1.29
(0.15)
2.57
(0.91)
16.80
Actual return on Plan Assets:
(` in Crores)
As at
31st March, 2013
([SHFWHG5HWXUQRQ3ODQ$VVHWV
$FWXDULDOJDLQORVVRQ3ODQDVVHWV
$FWXDO5HWXUQRQ3ODQ$VVHWV
IV.
As at
31st March, 2012
1.29
(0.15)
1.14
Amount recognized in the Balance Sheet:
(` in Crores)
As at
31st March, 2013
)DLUYDOXHRISODQDVVHWV
16.80
As at
31st March, 2012
3UHVHQWYDOXHRIEHQHͤWREOLJDWLRQV
18.71
1HWDVVHWOLDELOLW\
(1.91)
83
1RWHV
st
9
MDUFK
&RVWUHFRJQL]HGLQWKH6WDWHPHQWRI3URͤWDQG/RVV
(` in Crores )
For the year ended
31st March, 2013
For the year ended
31st March, 2012
&XUUHQWVHUYLFHFRVW
1.72
,QWHUHVWFRVW
1.23
(1.29)
$FWXDULDOJDLQORVV
2.22
1HWJUDWXLW\FRVW
3.88
VI.
Reconciliation of the liability recognized in the Balance Sheet:
(` in Crores )
As at
31st March, 2013
As at
31st March, 2012
2SHQLQJ1HW/LDELOLW\
0.60
([SHQVHUHFRJQL]HG
3.88
(2.57)
1.91
(PSOR\HU&RQWULEXWLRQ
$PRXQWUHFRJQL]HGLQWKH%DODQFH6KHHW
VII. Experience Adjustments:
As at 31st
March,
2013
As at 31st
March,
2012
As at 31st
March,
2011
As at 31st
March,
2010
As at 31st
March,
2009
/LDELOLW\DWWKHHQGRIWKH3HULRG
18.72
)DLUYDOXHRISODQDVVHWVDVDWWKHHQGRIWKHSHULRG
16.80
'HͤFLW6XUSOXV
1.92
([SHULHQFHDGMXVWPHQWVRQSODQOLDELOLWLHV*DLQ/RVV
0.67
(0.15)
([SHULHQFHDGMXVWPHQWVRQSODQDVVHWV*DLQ/RVV
VIII. Actuarial assumptions used:
(` in Crores )
As at
31st March, 2013
As at
31st March, 2012
'LVFRXQWUDWH
8.20%p.a
SD
6DODU\HVFDODWLRQUDWH
9.70%p.a
SD
8.75%p.a
SD
7KH HVWLPDWHV RI IXWXUH VDODU\ LQFUHDVHV FRQVLGHUHG LQ DFWXDULDO YDOXDWLRQ WDNH DFFRXQW RI LQIODWLRQ VHQLRULW\
SURPRWLRQDQGRWKHUUHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW
7KH&RPSDQ\̵VEHVWHVWLPDWHRIFRQWULEXWLRQVH[SHFWHGWREHSDLGWRWKHSODQGXULQJWKHDQQXDOSHULRGEHJLQQLQJ
DIWHU0DUFKLV`&URUHV3UHYLRXV<HDU`&URUHV
$QQXDO5HSRUW
84
st
MDUFK
VIII. Actuarial assumptions used: (Contd.)
The major categories of plan assets as plan % of total plan
31st March, 2013
Gratuity Funded
31st March, 2012
Gratuity Funded
100%
*RYHUQPHQW%RQGV
41%
,QIUDVWUXFWXUH%RQGV
26%
&RUSRUDWH%RQGV
21%
&3&'
3%
)L[HG'HSRVLW
2%
5HYHUVH5HSR
7%
7UHDVXU\%LOOV
0%
,QVXUHU0DQDJHG)XQGV
7KHDERYHLQIRUPDWLRQLVFHUWLͤHGE\WKHDFWXDU\DQGUHOLHGXSRQE\WKH$XGLWRUV
39. 7KH &RPSDQ\ KDV DFFUXHG WKH OLDELOLW\ IRU FRPSHQVDWHG DEVHQFHV EDVHG RQ WKH DFWXDULDO YDOXDWLRQ DV DW WKH EDODQFH
VKHHWGDWHFRQGXFWHGE\DQLQGHSHQGHQWDFWXDU\DQGSURYLGHGIRUWKHDFWXDULDOOLDELOLW\DW`&URUHV3UHYLRXV<HDU
`&URUHV
$FWXDULDODVVXPSWLRQVXVHG
As at
31st March, 2013
'LVFRXQWUDWH
8.20%p.a
SD
6DODU\HVFDODWLRQUDWH
9.70%p.a
SD
Year Ended
31st March, 2013
40.
As at
31st March, 2012
Year Ended
31st March, 2012
EARNINGS PER SHARE (EPS):
$
3URͤW$WWULEXWDEOHWR(TXLW\6KDUHKROGHUV`LQ&URUHV
%
:HLJKWHG $YHUDJH 1XPEHU RI (TXLW\ 6KDUHV RXWVWDQGLQJ GXULQJ WKH
\HDU
&
1RPLQDO9DOXHRI(TXLW\6KDUHV`
%DVLF'LOXWHG(DUQLQJV3HU6KDUH`$%
41. 0RQVDQWR&RPSDQ\86$0&KDVHVWDEOLVKHGWKH0RQVDQWR&RPSDQ\/RQJ7HUP,QFHQWLYH3ODQ$VSDUWRIWKHSODQ
HPSOR\HHVRI0RQVDQWR,QGLD/LPLWHGDUHSURYLGHGZLWKDQRSSRUWXQLW\WRDFTXLUHVKDUHVRI0&YLDVWRFNRSWLRQHTXLW\
EDVHGDZDUGV7KHHOLJLEOHHPSOR\HHVDUHJUDQWHGWKHRSWLRQVZKLFKVKDOOYHVWZLWKWKHHPSOR\HHVRYHUDSHULRGRI\HDUV
IURPWKHGDWHRIWKHJUDQWDQGWKH\FDQH[HUFLVHWKHVWRFNRSWLRQVDIWHUWKHLUYHVWLQJSHULRGWKURXJKDQ\RIWKHIROORZLQJ
WKUHHPHWKRGVYL]LFDVKOHVVVHOOLLFDVKOHVVKROGDQGLLLFDVKSXUFKDVH7KHHPSOR\HHFDQH[HUFLVHWKHRSWLRQZLWKLQD
VWLSXODWHGSHULRGPHQWLRQHGLQWKHSODQ
0RQVDQWR,QGLD/LPLWHGPHDVXUHVFRPSHQVDWLRQH[SHQVHIRUVWRFNRSWLRQVDQGHTXLW\EDVHGDZDUGVQHWRIIRUIHLWXUHV
DWWKHLUIDLUYDOXHGHWHUPLQHGXVLQJD/DWWLFHELQRPLDOPRGHORQWKHGDWHRIJUDQWDQGDPRUWLVHGRYHUWKHYHVWLQJSHULRG
$FFRUGLQJO\DQDPRXQWRI`&URUHV3UHYLRXV\HDU`&URUHVKDVEHHQGHELWHGWRWKHVWDWHPHQWRISURͤWDQGORVV
IRUWKH\HDUDIWHUDGMXVWLQJDQDPRXQWRI`&URUHVUHYHUVHGRQORZHUDFWXDOFRPSHQVDWLRQH[SHQVHFRQVHTXHQWWR
H[HUFLVHRIRSWLRQVE\HPSOR\HHV
85
1RWHV
st
MDUFK
'XULQJWKH\HDU0&KDVJUDQWHGWRHPSOR\HHVRIWKH&RPSDQ\3UHYLRXV<HDURSWLRQVVWRFNDZDUGVRQ
YDULRXVGDWHVRIZKLFKQRQHDUHYHVWHG+RZHYHU3UHYLRXV<HDURSWLRQVVWRFNDZDUGVZHUHZLWKGUDZQRQ
DFFRXQWRIHPSOR\HHUHVLJQDWLRQV3UHYLRXV<HDURSWLRQVZHUHH[HUFLVHGDQG3UHYLRXV\HDU
RSWLRQVQHWZHUHWUDQVIHUUHGWRRWKHU&RPSDQLHVGXULQJWKH\HDUUHVXOWLQJLQDQRXWVWDQGLQJEDODQFHRI3UHYLRXV
\HDURSWLRQVVWRFNDZDUGVDWWKHHQGRIWKH\HDU
42. ,QDQHDUOLHU\HDUDVDSDUWRIFRQVROLGDWLRQRIPDQXIDFWXULQJRSHUDWLRQVLQ+\GHUDEDGWRDFKLHYHRSHUDWLRQDOVDYLQJVWKH
&RPSDQ\VKLIWHGWKHVHHGSURFHVVLQJDQGGU\LQJRSHUDWLRQVIURP%HOODU\DQG(OXUXWR+\GHUDEDGDQGUHODWHGDVVHWVZHUH
VKRZQXQGHU̴$VVHWVKHOGIRUVDOH̵LQWKH%DODQFH6KHHW7KHVDLGDVVHWVZHUHYDOXHGDWWKHORZHURIQHWERRNYDOXHDQG
QHWUHDOL]DEOHYDOXHLQDFFRUGDQFHZLWK$FFRXQWLQJ6WDQGDUG̰$FFRXQWLQJIRU)L[HG$VVHWV$FFRUGLQJO\LQFDVHRIWKH
DVVHWVDW(OXUXWKHQHWUHDOL]DEOHYDOXHZDVORZHUE\`&URUHVDQGWKHORVVZDVUHFRJQL]HGLQWKHVWDWHPHQWRISURͤW
DQGORVV,QWKHSUHYLRXV\HDUWKHVDLGDVVHWVDW(OXUXZHUHVROGDWDJDLQRI`&URUHVZKLFKZDVUHFRJQL]HGLQWKH
VWDWHPHQWRISURͤWDQGORVV,QUHVSHFWWKHDVVHWVKHOGIRUVDOHDW%HOODU\WKHPDQDJHPHQWH[SHFWVWRUHDOL]HYDOXHKLJKHU
WKDQWKHQHWERRNYDOXHRIWKHDVVHWV$FFRUGLQJO\WKHDVVHWVDW%HOODU\DUHFDUULHGDWQHWERRNYDOXH
43. 7KH<HDUHQG)RUHLJQFXUUHQF\H[SRVXUHVWKDWKDYHQRWEHHQKHGJHGE\DGHULYDWLYHLQVWUXPHQWRURWKHUZLVHDUHJLYHQEHORZ
`LQ&URUHV
As at
31st March, 2012
As at 31st March, 2013
$PRXQWVUHFHLYDEOHLQ)RUHLJQ&XUUHQF\
RQDFFRXQWRI([SRUWRIJRRGVVHUYLFHV
`
BDT
EUR
HKD
NPR
USD
`
USD
2.24
-
-
0.01
-
0.04
6.01
0.10
0.00*
-
0.12
0.10
$PRXQWVSD\DEOHLQ)RUHLJQFXUUHQF\RQ
DFFRXQWRIWKHIROORZLQJ
,PSRUWVRIJRRGVDQGVHUYLFHV
$PRXQWOHVVWKDQRQHODF(XUR
44. COMPARATIVE FINANCIAL INFORMATION:
3UHYLRXV \HDU̵V ͤJXUHV KDYH EHHQ UHJURXSHG UHFODVVLͤHG ZKHUHYHU QHFHVVDU\ WR FRUUHVSRQG ZLWK WKH FXUUHQW \HDU̵V
FODVVLͤFDWLRQGLVFORVXUH
$QQXDO5HSRUW
86
&$6+)/2:67$7(0(17IRUWKH\HDUHQGHG
st
MDUFK
`LQ&URUHV
For the Year ended
31st March, 2013
A.
For the Previous Year
ended 31st March, 2012
CASH FLOW FROM OPERATING ACTIVITIES
74.97
1HW3URͤW%HIRUH7D[
$GMXVWPHQWVIRU
10.89
,QWHUHVW([SHQVH
0.70
3URYLVLRQIRU'RXEWIXO'HEWV
2.48
'HSUHFLDWLRQDQG$PRUWLVDWLRQ
3URYLVLRQIRU'RXEWIXO$GYDQFHV
,QWHUHVW,QFRPH
/RVVRQVDOHGLVSRVDORI)L[HG$VVHWV1HW
3URͤWRQVDOHRI)L[HG$VVHWVKHOGIRUVDOHGLVFORVHGXQGHU
H[FHSWLRQDOLWHP
'LYLGHQG,QFRPHIURP0XWXDOIXQGV
*DLQRQVDOHRI,QYHVWPHQW
-
(1.00)
0.48
-
(15.14)
-
2SHUDWLQJSURͤWEHIRUH:RUNLQJ&DSLWDOFKDQJHV
(1.59)
73.38
58.74
Changes in Working Capital
$GMXVWPHQWVIRU,QFUHDVH'HFUHDVHLQRSHUDWLQJDVVHWV
,QYHQWRULHV
7UDGH5HFHLYDEOHV
6KRUW7HUP/RQJ7HUP/RDQVDQG$GYDQFHV
(9.70)
6.73
(0.87)
$GMXVWPHQWVIRU,QFUHDVH'HFUHDVHLQRSHUDWLQJOLDELOLWLHV
7UDGHSD\DEOHV
31.54
2WKHUORQJWHUPDQGFXUUHQWOLDELOLWLHV
(7.92)
5.53
6KRUWWHUP/RQJWHUPSURYLVLRQV
B.
25.31
1HWFDVKJHQHUDWHGIURPRSHUDWLRQV
98.69
'LUHFW7D[HVSDLGQHW
(9.30)
1HWFDVKJHQHUDWHGIURP2SHUDWLQJ$FWLYLWLHV
89.39
72.05
CASH FLOW FROM INVESTING ACTIVITIES
3XUFKDVHRI)L[HG$VVHWVLQFOXGLQJFDSLWDOZRUNLQSURJUHVV
,QWHUHVW,QFRPHUHFHLYHG
,QYHVWPHQWLQXQLWVRI0XWXDO)XQGV
5HGHPSWLRQLQXQLWVRI0XWXDO)XQGV
6DOHRI)L[HG$VVHWV
6DOHRI$VVHWVKHOGIRUVDOH
'LYLGHQG,QFRPHIURP0XWXDOIXQGV
1HW&DVKXVHGLQ,QYHVWLQJ$FWLYLWLHV
(8.56)
0.99
(384.00)
328.85
0.01
-
15.14
(47.57)
87
1RWHV
&$6+)/2:67$7(0(17IRUWKH\HDUHQGHG
st
MDUFK
`LQ&URUHV
For the Year ended
31st March, 2013
C.
For the Previous Year
ended 31st March, 2012
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid
(34.54)
7D[RQ'LYLGHQG
(5.60)
,QWHUHVWSDLG
(0.34)
(40.48)
(30.34)
1.34
1.77
Cash and Cash Equivalents - Opening Balance
18.04
16.27
Cash and Cash Equivalents - Closing Balance
19.38
18.04
20.33
1HWFDVKXVHGLQ)LQDQFLQJ$FWLYLWLHV
Net (Decrease) / Increase in Cash and Cash Equivalents
$%&
1RWHVWR&DVK)ORZ6WDWHPHQW
1
Reconciliation of Cash and cash equivalents with the
Balance Sheet:
&DVKDQGFDVKHTXLYDOHQWVDVSHU%DODQFHVKHHW5HIHU1RWH
/HVV(DUPDUNHGEDODQFHV
2
8QSDLGGLYLGHQGVDFFRXQWV
0.54
%DODQFHVKHOGDVPDUJLQPRQH\DJDLQVWJXDUDQWHHV
0.41
0.95
19.38
Cash and Cash Equivalents include:
%DODQFHVZLWKEDQNV
L,QFXUUHQWDFFRXQWV
LL,Q'HSRVLWV
2.71
16.67
19.38
18.04
D
1HWSURͤWEHIRUHWD[DQG,QFUHDVH'HFUHDVHLQ7UDGHDQG2WKHU5HFHLYDEOHVLQFOXGHVXQUHDOLVHGIRUHLJQH[FKDQJH
JDLQSUHYLRXV\HDUJDLQDPRXQWLQJWR`&URUHVSUHYLRXV\HDU`&URUHV
E
$OVR 1HW SURͤW EHIRUH WD[ DQG ,QFUHDVH 'HFUHDVH LQ 7UDGH DQG 2WKHU 3D\DEOHV LQFOXGHV XQUHDOLVHG IRUHLJQ
H[FKDQJHORVVSUHYLRXV\HDUORVVDPRXQWLQJWR` &URUHVSUHYLRXV\HDU` &URUHV
)LJXUHVRIWKHSUHYLRXV\HDUKDYHEHHQUHFDVWZKHUHYHUQHFHVVDU\WRFRQIRUPWRWKHͤJXUHVRIWKHFXUUHQW\HDU
Sekhar Natarajan
Gyanendra Shukla
R C Khanna
&KDLUPDQ
0DQDJLQJ'LUHFWRU
'LUHFWRU
R. Laxminarayan
H C Asher
Ravinder K Reddy
Pradeep Poddar
3DUWQHU
'LUHFWRU
'LUHFWRU
'LUHFWRU
Abdul Alim Sayed
Chandana Dhar
0XPEDLth0D\
&RPSDQ\6HFUHWDU\
$QQXDO5HSRUW
88
127(6
89
5HJLVWHUHG2IͤFH$KXUD&HQWUHth)ORRU0DKDNDOL&DYHV5RDG$QGKHUL(DVW0XPEDL
FORM 2B
6HH5XOHV&&DQG'
120,1$7,21)250
)RUVKDUHVKHOGLQSK\VLFDOIRUP
: ___________________________________
)RUP
7R
,QWLPH6SHFWUXP5HJLVWU\/LPLWHG
___________________________________
UNIT: MONSANTO INDIA LIMITED
&3DQQDODO6LON0LOOV&RPSRXQG
/%60DUJ%KDQGXS:
0XPEDL
___________________________________
)ROLR1R&OLHQW,'1R ______________________________________
: ___________________________________
6KDUHVKHOG
, DPZH DUH WKH KROGHUV RI 6KDUHV RI WKH &RPSDQ\ DV PHQWLRQHG DERYH ,ZH QRPLQDWH WKH IROORZLQJ SHUVRQV LQ
ZKRPDOOULJKWVRIWUDQVIHUDQGRUDPRXQWSD\DEOHLQUHVSHFWRI6KDUHVVKDOOYHVWLQWKHHYHQWRIP\RXUGHDWK
Age
1RPLQHH̵V1DPH
'DWHRIELUWK
*XDUGLDQ̵V1DPH
2FFXSDWLRQRI
1RPLQHH7LFN
6HUYLFH
Business
Student
3URIHVVLRQDO
)DUPHU
2WKHUV
+RXVHKROG
1RPLQHH̵V
$GGUHVV
3LQ&RGH
7HOHSKRQH1R
)D[1R
(0DLO$GGUHVV
67'&RGH
6SHFLPHQ6LJQDWXUHRI1RPLQHH
*XDUGLDQLQFDVHRIQRPLQHHLVPLQRU
7REHͤOOHGLQFDVHQRPLQHHLVPLQRU
.LQGO\WDNHWKHDIRUHVDLGGHWDLOVRQUHFRUG
7KDQNLQJ\RX
<RXUVIDLWKIXOO\
1DPHRIDOOWKH+ROGHUV
>DVDSSHDULQJRQWKH&HUWLͤFDWHV@
6LJQDWXUHDVSHUVSHFLPHQ
UHFRUGHGZLWKWKH&RPSDQ\
6ROHstKROGHU
ndKROGHU
UGKROGHU
6LJQDWXUHRIWZR:LWQHVVHV
1DPHDQG$GGUHVV
6LJQDWXUHZLWKGDWH
$QQXDO5HSRUW
02-09 &RUSRUDWH5HYLHZ
INSTRUCTIONS:
3OHDVHUHDGWKHLQVWUXFWLRQVJLYHQEHORZYHU\FDUHIXOO\DQGIROORZWKHVDPHWRWKHOHWWHU,IWKHIRUPLVQRWͤOOHGDVSHUWKH
LQVWUXFWLRQVWKHVDPHZLOOEHUHMHFWHG
7KHQRPLQDWLRQFDQEHPDGHE\LQGLYLGXDOVRQO\1RQLQGLYLGXDOVLQFOXGLQJVRFLHW\WUXVWERG\FRUSRUDWHSDUWQHUVKLS
ͤUP.DUWDRI+LQGX8QGLYLGHG)DPLO\KROGHURISRZHURIDWWRUQH\FDQQRWQRPLQDWH,IWKHVKDUHVDUHKHOGMRLQWO\DOO
MRLQWKROGHUVZLOOVLJQDVSHUWKHVSHFLPHQUHFRUGHGZLWKWKH&RPSDQ\WKHQRPLQDWLRQIRUP$QRQUHVLGHQW,QGLDQ
FDQEHDQRPLQHHRQQRQUHSDWULDEOHEDVLV
$PLQRUFDQQRPLQDWHGE\DKROGHURIVKDUHVDQGLQWKDWHYHQWWKHQDPHDQGDGGUHVVRIWKH*XDUGLDQVKDOOEHJLYHQ
E\WKHKROGHU
7UDQVIHURIVKDUHLQIDYRXURIQRPLQHHDQGUHSD\PHQWRIDPRXQWWRWKHQRPLQHHVKDOOEHYDOLGGLVFKDUJHE\D
FRPSDQ\DJDLQVWWKHOHJDOKDLU
2QO\RQHSHUVRQFDQEHQRPLQDWHGSHUIROLR
'HWDLOVRIDOOWKHKROGHUVLQDIROLRUHTXLUHGWREHͤOOHGHOVHWKHUHUHTXHVWZLOOEHUHMHFWHG
7KH QRPLQDWLRQ ZLOO EH UHJLVWHUHG RQO\ ZKHQ LW LV FRPSOHWH LQ DOO UHVSHFW LQFOXGLQJ WKH VLJQDWXUH RI D DOO WKH
UHJLVWHUHGKROGHUVDVSHUWKHVSHFLPHQUHFRUGHGZLWKWKH&RPSDQ\DQGEWKHQRPLQHH
:KHQHYHU WKH 6KDUHV LQ WKH JLYHQ IROLR DUH HQWLUHO\ WUDQVIHUUHG RU WUDQVSRVHG ZLWK VRPH RWKHU IROLR WKHQ WKLV
QRPLQDWLRQZLOOVWDQGUHVFLQGHG
2QUHFHLSWRIGXO\H[HFXWHGQRPLQDWLRQIRUPWKH&RPSDQ\ZLOOUHJLVWHUWKHIRUPDQGDOORWDUHVLJQDWLRQQXPEHUDQG
GDWH7KLVQXPEHUDQG)ROLR1R,'1RVKRXOGEHTXRWHGE\WKHQRPLQHHLQDOOIXWXUHFRUUHVSRQGHQFH
7KHQRPLQDWLRQFDQEHUHYRNHGE\H[HFXWLQJIUHVKQRPLQDWLRQIRUP
7KH&RPSDQ\ZLOOQRWHQWHUWDLQDQ\FODLPVRWKHUWKDQWKRVHRIDUHJLVWHUHGQRPLQHHXQOHVVVRGLUHFWHGE\DFRXUW
11. In case of shareholders holding their shares in demat mode, the shareholders are requested to provide the
details to NSDL/CDSL at the case may be through their respective Depository Participant.
FOR OFFICE USE ONLY
1RPLQDWLRQ5HJLVWUDWLRQ1XPEHU
'DWHRI5HJLVWUDWLRQ
&KHFNHGE\1DPH6LJQDWXUH
5HJLVWHUHG)ROLR1R,'1R
91
PROXY FORM
'3ID
0DVWHU)ROLR1R
&OLHQWID
,:HBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBRIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
LQWKHGLVWULFWRIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBEHLQJD0HPEHU0HPEHUVRI0RQVDQWR,QGLD/LPLWHGKHUHE\DSSRLQW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBRIBBBBBBBBBBBBBBBBBBBBBBBBBLQWKHGLVWULFWRIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBRUIDLOLQJKLP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB RI BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB LQ WKH GLVWULFW RI BBBBBBBBBBBBBBBBBBBBBBBDV P\RXU
3UR[\WRDWWHQGDQGYRWHIRUPHXVDQGRQP\RXUEHKDOIDWWKHUG$118$/*(1(5$/0((7,1*RIWKHVDLG&RPSDQ\
WREHKHOGRQ)ULGD\nd$XJXVWDQGDWDQ\DGMRXUQPHQWWKHUHRI
6LJQHGWKLVBBBBBBBBGD\RIBBBBBBBBBBBBBBBB
6LJQDWXUHVRIWKH0HPEHUVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1%
L
LL
LLL
7KLV3UR[\PXVWEHGHSRVLWHGDWWKH5HJLVWHUHG2IͤFHRIWKH&RPSDQ\
QRWODWHUWKDQKRXUVEHIRUHWKHWLPHRIWKHPHHWLQJ
$352;<1(('127%($0(0%(5
$SSOLFDEOHIRULQYHVWRUVKROGLQJVKDUHVLQHOHFWURQLFIRUP
$Iͤ[
Revenue
Stamp
ATTENDANCE SLIP
'3ID
0DVWHU)ROLR1R
&OLHQWID
,KHUHE\UHFRUGP\SUHVHQFHDWWKHUG$118$/*(1(5$/0((7,1*KHOGDW<%&KDYDQth)ORRU5DQJDVZDU+DOO
*HQ-DJDQDWK%KRVDOH0DUJ1DULPDQ3RLQW1HDU6DFKLYDOD\*\PNKDQD0XPEDL̰RQnd$XJXVWDW
DP
1DPHRI3UR[\5HSUHVHQWDWLYHLQ%/2&./HWWHU
7REHͤOOHGLQLIWKH3UR[\DWWHQGVLQVWHDGRIWKH0HPEHU
6LJQDWXUHRIWKHPHPEHURUSUR[\5HSUHVHQWDWLYHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$SSOLFDEOHIRULQYHVWRUVKROGLQJVKDUHVLQHOHFWURQLFIRUP
92
Ahura Centre, B-Wing, 5th Floor
96, Mahakali Caves Road,
Andheri (East),
Mumbai - 400 093, India
(info@aicl.in)
5HJLVWHUHG2IͤFH
content and design consultants
www.monsantoindia.com

Annual Report 2012

Transcription

Similar documents

NIBB Training Course