annual report 2014-15 - BHUSHAN STEEL LIMITED

Transcription

ANNUAL REPORT 2014-15
CONTENTS
Corporate Overview
Corporate Information
01
Management Reports
Directors’ Report
02
Corporate Governance Report
08
Management Discussion and Analysis
14
Financial Statements
Auditors’ Report on Standalone Accounts
32
Standalone Financial Statement
36
Auditors’ Report on Consolidated Accounts
64
Consolidated Financial Statements
68
CORPORATE OVERVIEW
MANAGEMENT REPORTS
FINANCIAL STATEMENTS
CORPORATE INFORMATION
Mr. Brij Bhushan Singal
Non-Executive Chairman
Mr. Nittin Johari
Whole-time Director (Finance) & Chief Financial
2I¿FHU
Mr. Rahul Sen Gupta
Whole-time Director (Technical)
Mr. B.B. Tandon
Director
Mr. M.V. Suryanarayana
Director
P.O. Shibapur, Meramandali
Distt.: Dhenkanal - 759 121
(Odisha) INDIA
Mr. Ashwani Kumar
Director
Mr. Rakesh Singhal
Director
Site IV, Sahibabad Industrial Area,
Distt. Ghaziabad - 201 010
(U.P.) INDIA
Mr. Pradeep Patni
Director
Mr. Sahil Goyal
Director
Mr. Pankaj Sharma
Director
Mr. Kapil Vaish
Director
WORKS
BOARD OF DIRECTORS
Mr. P. K. Aggarwal
Whole-time Director (Commercial)
Punjab National Bank
LEAD BANKERS
Mr. Neeraj Singal
Vice-Chairman & Managing Director
State Bank of India
Village: Nifan, Sarvoli,
Kharpada Road,
Taluka-Khalapur, Near Khopoli,
Distt.: Raigad - 410 203
(Maharashtra) INDIA
Ms. Sunita Sharma
Nominee Director of LIC
Mr. A. K. Deb
Nominee Director of SBI
Dr. Rajesh Yaduvanshi
Nominee Director of PNB
COMPANY SECRETARY
Mr. O.P. Davra
AUDITORS
Mehra Goel & Co.
Chartered Accountants
Mehrotra & Mehrotra
REGISTERED AND CORPORATE OFFICE
Bhushan Centre, Ground Floor, Hyatt Regency
Complex, Bhikaji Cama Place
New Delhi-110066
Phone No.: 011- 71194000
Fax No.: 011- 46518611
e-mail : bsl@bhushansteel.com
Website : www.bhushansteel.com
CIN : L74899DL1983PLC014942
REGISTRAR & SHARE TRANSFER AGENTS
M/S RCMC SHARE REGISTRY PVT. LTD.
B-25/1, First Floor, Okhla Industrial Area Phase II,
New Delhi - 110020.
Phone : 011 – 26387320, 26387321, 26387323
Fax : 011 - 26387322
e-mail : shares@rcmcdelhi.com
1
BHUSHAN STEEL LIMITED ANNUAL REPORT 2014-15
DIRECTORS’ REPORT
Dear Shareholders,
`
FINANCIAL RESULTS
(` in Lacs)
The Working Capital facilities for Sahibabad, Khopoli and Orissa
Plants have been appraised by PNB, the lead Bank, for ` 1228000
Lacs (Fund Base limit of ` 5,65,100 Lacs and Non Fund Based limit of
` 6,62,900 Lacs) for the Financial year 2014-15.
Year ended
March 31,
2015
Gross Revenue
1173501.72
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(31655.01)
Depreciation & Amortisation
93839.85
3UR¿W%HIRUH7D[
(125494.86)
Provision for Current Taxation
MAT Credit Utilised / Available for set-off
Provision for Deferred Tax
(112.06)
Income tax paid for earlier years
3UR¿W$IWHU7D[
(125382.80)
3UR¿WEURXJKWIRUZDUGIURP3UHYLRXV<HDU
1112.74
3UR¿WVDYDLODEOHIRUDSSURSULDWLRQ
(124270.06)
March 31,
2014
1060042.90
105929.84
96396.41
9533.43
1998.25
(1998.25)
3241.07
96.40
6195.96
2176.32
8372.28
DIVIDEND
In view of the loss incurred during the year the Board does not consider it
expedient to recommend any dividend.
FINANCE:
The Company has raised corporate loan of ` 4,16,300 Lacs out
of total sanctioned corporate loan of ` 4,30,000 Lacs. Further the
Company has raised rupee term loan of ` 2,43,900 Lacs out of
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Scheme Project at Orissa.
Your directors are pleased to present the 32nd Annual Report and
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31, 2015.
`
LONG TERM VIABILITY PLAN
Lenders through the various meeting (Steering Committee and Joint
Lenders’ Forum) have approved Long Term Viability and agreed
to structure the debt in accordance with extant guidelines of RBI.
Rupee term loans are structured into loan with 25 year tenor as per
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the process of obtaining sanctions for the implementation of the Long
Term Viability plan from their respective boards. The proposed long
term viability plan has also been approved in meeting of Independent
Evaluation Committee (IEC). Accordingly the company’s long term
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scheme.
`
CREDIT RATING:
$VSHUWKHWHUPVRIWKHLVVXHGXULQJWKH¿QDQFLDO\HDUWKH&RPSDQ\KDV
paid interim dividend on Redemption of 7, 36, 751 Redeemable Cumulative
Preference Shares to ICICI Bank Ltd. and IL & FS Trust Company Ltd.
The Long Term rating of your company is Care BB (Double BB) by
Credit Analysis & Research Ltd as per the provisions of BASEL II
guidelines of RBI.
STATE OF COMPANY’S AFFAIRS
The Short Term rating of your company is Care A4 by Credit Analysis
& Research Ltd as per the provisions of BASEL II guidelines of RBI.
`
GROSS REVENUE AND EXPORTS:
During the year your Company has incurred losses due to high
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of plants capacity due to various reasons. Large import from China,
Russia, Japan etc. at lower prices also affecting our sales realisation.
The Company achieved the Gross sales of ` 11,73,502 Lacs as
compared to previous year’s level of ` 10,60,043 Lacs.
The Export Turnover of the Company during the year was ` 1,53,641
Lacs as compared to previous year’s level of ` 1,90,096 Lacs. The
export turnover during the FY 2014-15 is lower due to subdued
demand in international market.
:LWKD¿UPFRPPLWPHQWDQGWKURXJKVXVWDLQHGHIIRUWV\RXUFRPSDQ\
continues to maintain good rapport with Global Customers. Our
quality products and timely delivery have found wide acceptance in
the highly competitive international market.
Our products are being exported across the globe.
`
EXPANSION PROJECT:
Your company is under implementation of Captive Power Plant of 165
MW in Odisha. After implementation of this Project, BSL’s Captive
Power Plant capacity in Meramandali shall become 307 MW. Further,
in aggregate the total Captive Power Plant capability at Sahibabad,
Khapoli & Orissa shall rise to 355 MW. The facility is expected to be
complete by 1st April 2016.
In addition to the above, the company shall also be completing
the Coal Washery & Raw Material Handling System, Downstream
Facilities, Boilers, Coke Dry Quenching & HSM Extension and
Reheating Furnace. The facilities are expected to be complete in FY
2016 & FY 2017.
Your company is implementing/installing various additional
equipments to stabilize operation of their Meramandali plant by
optimizing logistics, energy conservation and meeting environmental
guidelines, infrastructure facilities etc.
2
ISSUE AND REDEMPTION OF PREFERENCE SHARES
The Company has made allotment of 63,00,000 12% Redeemable
Cumulative Preference Shares of ` 100 each and redeemed 6,58,801 10%
Redeemable Cumulative Preference shares of ` 100 each in the month of
June 2015 as per the terms of the Issue out of the proceeds of the fresh
issue of shares.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Changes in the composition of the Board of Directors and other
Key Managerial Personnel
Mr. Ashwani Kumar, Mr. Sahil Goyal, Mr. Pradeep Patni, Mr. Sushant Jain, Mr.
Rakesh Singhal, Mr. Pankaj Sharma and Mr. Kapil Vaish were appointed as
additional independent directors of the Company.
Mr. Mohan Lal, Mr. V. K. Mehrotra and Mr. Sushant Jain ceased to be
directors of the Company during the year. The Board placed on record its
appreciation of the valuable contribution and guidance provided by them.
Mr. A. K. Deb and Mr. S. R. Sharma have been nominated by State Bank of
India and Punjab National Bank respectively on the Board of the Company
during the year. Later on Punjab National Bank vide letter dated June
10, 2015 has withdrawn Mr. S. R. Sharma as their Nominee Director and
recommended Dr. Rajesh Yaduvanshi, Field General Manager Delhi Zone as
their Nominee Director who was inducted on the Board of the Company in
its meeting held on 14.08.2015.
Currently the Board of Directors of the Company consists of 16 directors,
out of which Eight are Independent directors, Three are Nominee directors,
Four are Executive directors and One is Non-executive Chairman.
Due to the loss incurred during the year, the Company has applied to
the Central Government for the approval of managerial remuneration. The
approval from Central Government is still awaited.
Independent Directors’ Declarations
All Independent directors have given declarations that they meet the
CORPORATE OVERVIEW
criteria of independence as laid down under section 149 of the Companies
Act, 2013 which has been relied on by the Company and placed at the
Board meeting.
Retirement by rotation
MANAGEMENT REPORTS
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Consolidated Financial Statements presented by the Company include
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Audited Financial Statements of the Subsidiary Companies have been
reviewed by the Audit Committee and the Board.
In terms of Section 152 of the Companies Act, 2013 Mr. Nittin Johari and
Mr. Rahul Sen Gupta, Directors would retire by rotation at the forthcoming
AGM and is eligible for re-appointment. Mr. Nittin Johari and Mr. Rahul
Sen Gupta, Directors of the Company have offered themselves for the
reappointment.
The Board of Directors at its Meeting held on November 14, 2014 has
formulated a policy for determining material subsidiaries pursuant to the
provisions of the Listing Agreement with the stock exchanges. The same is
displayed on the website of the Company- www.bhushansteel.com.
Further as per the requirement of Companies Act, 2013 and Listing
Agreement, the following policies of the Company are attached herewith
marked as Annexure ‘A’ and Annexure ‘B’.
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$UHSRUWRQWKHSHUIRUPDQFHDQGWKH¿QDQFLDOSRVLWLRQRIWKH6XEVLGLDULHV
Associates and Joint venture as per form AOC-1 are presented in the
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of brevity.
a) Policy for selection
independence; and
of
Directors
and
determining
Directors
b) Remuneration Policy for Directors, Key Managerial Personnel and other
employees.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
During the year under review, the Board constituted a CSR Committee
consisting of three Directors, of which one is Independent Director. The
CSR Committee at its meeting held on November 14, 2014, recommended
to the Board the CSR policy formulated by it, following which the policy
document was approved by the Board. The composition, terms of reference
etc. of the CSR Committee are laid out in the Corporate Governance Report
which forms part of this Annual Report.
Further, the CSR policy of the Company has been uploaded on the
Company’s website www.bhushansteel.com .
In pursuance of the provisions of the Companies Act, 2013 and CSR Policy
of the Company it is required to spend two percent of the average net
SUR¿WVRIWKH&RPSDQ\IRUWKHWKUHHLPPHGLDWHO\SUHFHGLQJ¿QDQFLDO\HDUV
7KH DYHUDJH QHW SUR¿WV IRU WKUHH ¿QDQFLDO \HDUV ZHUH ` 891.52 Cr. and
the Company was required to spent 2% i.e. ` 17.83 Cr. on CSR activities.
However the Company has incurred losses amounting to ` 1253.83 Cr.
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¿QDQFLDO2EOLJDWLRQV+HQFHWKH&RPSDQ\LVXQDEOHWRVSHQGDQ\IXQGVRQ
CSR Activities for the time being. The Company will incur the sum on CSR
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RESPONSIBILITY STATEMENT
The Responsibility Statement of the Corporate Social Responsibility (CSR)
Committee of the Board of Directors of the Company, is reproduced below:
‘The implementation and monitoring of Corporate Social Responsibility
(CSR) Policy, is in compliance with CSR objectives and policy of the
Company.’
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of corporate
governance and adhere to the corporate governance requirements set
out by SEBI. The Company has also implemented several best corporate
governance practices as prevalent globally. The report on Corporate
Governance as stipulated under the Listing Agreement forms an integral
part of this Report and presented in a separate section as Annexure ‘C’.
7KH UHTXLVLWH FHUWL¿FDWH IURP WKH $XGLWRUV RI WKH &RPSDQ\ FRQ¿UPLQJ
compliances with the conditions of corporate governance is part of the
report on Corporate Governance.
MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT
Management’s Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges, is presented in a separate section as Annexure ‘D’ forming
part of the Report.
CONSOLIDATED FINANCIAL STATEMENT
In accordance with the Companies Act, 2013 (“the Act”) and Accounting
Standard (AS) - 21 on Consolidated Financial Statements read with AS 23 on Accounting for Investments in Associates and AS - 27 on Financial
5HSRUWLQJRI,QWHUHVWVLQ-RLQW9HQWXUHVWKHDXGLWHGFRQVROLGDWHG¿QDQFLDO
statement is provided in the Annual Report.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
The Company undertake various transactions with related parties in the
ordinary course of business. The Company has a Board approved policy on
Related Party Transactions, which has been disclosed on the website of the
Company and can be viewed at www.bhushansteel.com
$OO5HODWHG3DUW\7UDQVDFWLRQVWKDWZHUHHQWHUHGLQWRGXULQJWKH¿QDQFLDO
year were on an arm’s length basis, in the ordinary course of business
and were in compliance with the applicable provisions of the Companies
Act, 2013 (‘the Act’) and Listing agreement and the provisions of Section
188 of the Companies Act, 2013 are not attracted. Thus disclosure in
)RUP$2&LVQRWUHTXLUHG7KHUHZHUHQRPDWHULDOO\VLJQL¿FDQW5HODWHG
Party Transactions made by the Company during the year that would have
required Shareholder approval under Clause 49 of the Listing Agreement.
All related Party Transactions are placed before the Audit Committee for
approval. Prior Omnibus approval of the Audit Committee is obtained for the
transactions which are of forseen and repetitive nature. The transactions
entered into pursuant to the omnibus approval so granted alongwith a
statement giving details of all related party transactions is placed before
the Audit Committee.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THR
REGULATORS OR COURTS OR TRIBUNAL IMPACTING THE GOING
CONCERN STATUS OF THE COMPANY
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or Courts or Tribunals impacting the going concern status of the Company.
CBI had registered an FIR on 01.08.2014 against Mr. Neeraj Singal, Vice
Chairman and Managing Directors of the Company and others. Mr. Neeraj
Singal, was granted bail vide order date 27.09.2014. The matter is currently
SHQGLQJEHIRUHFRXUWDQGWKHSURVHFXWLRQDJHQF\KDGQRW¿HOGWKHFKDUJH
sheet till date. However this case is not going to impact the going concern
status of the Company.
RISK MANAGEMENT
Bhushan Steel follows well-established and detailed risk assessment and
minimisation procedures, which are periodically reviewed by the Board.
The Company has in place a business risk management framework
for identifying risks and opportunities that may have a bearing on the
organization’s objectives, assessing them in terms of likelihood and
magnitude of impact and determining a response strategy.
The Senior Management assists the Board in its oversight of the Company’s
management of key risks, including strategic and operational risks, as well
as the guidelines, policies and processes for monitoring and mitigating such
risks under the aegis of the overall business risk management framework.
INTERNAL FINANCIAL CONTROLS
The Board has laid down Internal Financial Controls within the meaning of
the explanation to Section 134 (5) (e) of the Companies Act, 2013. During
the year, such controls were tested and no reportable material weakness in
the design or operation were observed.
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systems established and maintained by the Company, work performed by
the Internal Auditors and the reviews performed by Management and the
relevant Board Committees, including the Audit Committee, the Board is of
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DQGHIIHFWLYHGXULQJWKH¿QDQFLDO\HDU
3
DIRECTORS’ RESPONSIBILITY STATEMENT
As required by Section 134(3)(C) of the Company Act 2013, your Directors
state that:
a)
b)
in the preparation of the annual accounts for the year ended March 31,
2015, the applicable accounting standards read with requirements set
out under Schedule III to the Act, have been followed and there are
no material departures from the same;
the Directors have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of
the Company as at March 31, 2015 and of the loss of the Company for
the year ended 31 March, 2015 on that date;
$XGLW 5HSRUW IRU WKH ¿QDQFLDO year ended March 31, 2015 is annexed
herewith marked as Annexure ‘E’ to this Report. The remarks in the
Secretarial Audit Report are self explanatory and do not call for any further
comments.
DISCLOSURES:
` CSR Committee
` The CSR Committee comprises Mr. B. B. Singal (Chairman), Mr. B. B.
Tandon, and Mr. Nittin Johari as other members.
`
Audit Committee
The Audit Committee comprises Mr. B. B. Tandon (Chairman), Mr. B.
B. Singal, Mr. M. V. Suryanarayana and Mr. Ashwani Kumar as other
members.
c)
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of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
NUMBER OF MEETINGS OF THE BOARD
Five meetings of the Board of Directors were held during the year. For
further details, please refer report on Corporate Governance presented as
Annexure ‘C’ to this Report.
d)
the Directors have prepared the annual accounts on a ‘going concern’
basis;
e)
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E\WKH&RPSDQ\DQGWKDWVXFKLQWHUQDO¿QDQFLDOFRQWUROVDUHDGHTXDWH
and are operating effectively; and
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE,
GUARANTEES GIVEN AND SECURITIES PROVIDED
Particulars of loans given, investments made guarantee given and securities
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f)
the Directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems are
adequate and operating effectively.
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
The Company has adopted a Whistle Blower Policy, to provide a formal
mechanism to the Directors and employees to report their concerns
about unethical behaviour, actual or suspected fraud or violation of the
Company’s Code of Conduct or ethics policy. The Policy provides for
adequate safeguards against victimization of employees who avail of the
mechanism and also provides for direct access to the Chairman of the
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denied access to the Audit Committee.
POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF
SEXUAL HARASSMENT AT WORKPLACE
The Company has zero tolerance for sexual harassment at workplace
and has adopted a Policy on Prevention, Prohibition and Redressal of
Sexual Harassment at the Workplace, in line with the provisions of the
Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 and the Rules there under. The Policy aims to
provide protection to employees at the workplace and prevent and redress
complaints of sexual harassment and for matters connected or incidental
thereto, with the objective of providing a safe working environment, where
employees feel secure. The Company has also constituted an Internal
Complaints Committee, known as the Prevention of Sexual Harassment
(POSH) Committee, to inquire into complaints of sexual harassment and
recommend appropriate action.
The Vigil Mechanism/ Whistle Blower Policy is displayed at Company’s
website-www.bushansteel.com.
The Company has not received any complaint of sexual harassment during
WKH¿QDQFLDO\HDU
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and clause 49 of
the Listing Agreement, the Board has carried out an annual evaluation of
its own performance, the directors individually as well as the evaluation of
the working of various committees. The Independent directors also carried
out the evaluation of the Chairman and the non-independent directors, the
details of which are covered in the Corporate Governance Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars relating to conservation of energy, technology absorption,
foreign exchange earnings and outgo, as required to be disclosed under
sub-section 3(m) of Section 134 of the Companies Act, 2013 read with
Companies (Accounts) Rules 2014 are provided in Annexure ‘F’ to this
Report.
Criteria for evaluation of Directors – For the purpose of proper
evaluation, the Directors of the Company have been divided into 3
(three) categories i.e. Independent, Non-independent and nonexecutive and executive directors. The criteria for evaluation includes
factors such as engagement, strategic planning and vision, team spirit
and consensus building, effective leadership, domain knowledge,
management qualities, team work abilities, result, achievements,
understanding and awareness etc.
EXTRACT OF ANNUAL RETURN
Extract of Annual Return of the Company is annexed herewith as Annexure
‘G’ to this Report.
`
AUDITORS AND AUDITORS’ REPORT
Statutory Auditors
M/s Mehra Goel & Co., Chartered Accountants and M/s. Mehrotra &
Mehrotra , Chartered Accountants, Joint Statutory Auditors of the Company,
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DUHHOLJLEOHIRUUHDSSRLQWPHQW7KH\KDYHFRQ¿UPHGWKHLUHOLJLELOLW\WRWKH
effect that their re-appointment, if made, would be within the prescribed
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7KH 1RWHV RQ ¿QDQFLDO VWDWHPHQW UHIHUUHG WR LQ WKH $XGLWRUV¶ 5HSRUW DUH
self-explanatory and do not call for any further comments. The Auditors’
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Cost Auditors
The Board has appointed M/s Kabra & Associates as cost auditors for
FRQGXFWLQJWKHDXGLWRIFRVWUHFRUGVRIWKH&RPSDQ\IRUWKH¿QDQFLDO\HDU
2014-15.
Secretarial Audit
The Board has appointed R. S. Bhatia, Practising Company Secretary, to
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4
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
In terms of the provisions of Section 197(12) of the Act read with Rules
5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, a statement showing disclosures pertaining to
remuneration and also the names and other particulars of the employees
drawing remuneration in excess of the limits set out in the said rules are
provided in the Annexure ‘H’ to this Report.
ACKNOWLEDGEMENT
Your Directors would like to express their gratitude & appreciation for
the valuable guidance & support received from Government of India,
Government of Australia, various State Governments particularly including
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Institutions; various stakeholders such as Shareholders, Debentureholders, Customers, Dealers, Suppliers and all the business associates
among others. Your Directors also wish to place on record their deep
sense of appreciation & gratitude to all Company’s employees for their
continuous commitment & enormous personal efforts as well as their
collective contribution towards the growth of the Company.
The Directors look forward to their continued support in future.
for and on behalf of the Board of Directors,
Place : New Delhi
Dated : 14th August, 2015
(B. B. SINGAL)
CHAIRMAN
CORPORATE OVERVIEW
MANAGEMENT REPORTS
ANNEXURE ‘A’
POLICY FOR SELECTION OF DIRECTORS AND DETERMINING
DIRECTORS’ INDEPENDENCE
INTRODUCTION
1.1
1.2
2.
Bhushan Steel Limited (BSL) believes that an enlightened Board
consciously creates a culture of leadership to provide a long-term
vision and policy approach to improve the quality of governance.
Towards this, BSL ensures constitution of a Board of Directors
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experience and commitment to discharge their responsibilities and
duties effectively.
BSL recognizes the importance of Independent Directors in achieving
the effectiveness of the Board. BSL aims to have an optimum
combination of Executive, Non-Executive and Independent Directors.
Scope and Exclusion:
2.1 This Policy sets out the guiding principles for the Nomination and
5HPXQHUDWLRQ&RPPLWWHHIRULGHQWLI\LQJSHUVRQVZKRDUHTXDOL¿HGWR
become Directors and to determine the independence of Directors, in
case of their appointment as independent directors of the Company.
3.
Terms and References:
4.2 Criteria of Independence
4.2.1 The Nomination and Remuneration Committee shall assess the
independence of Directors at the time of appointment / reappointment and the Board shall assess the same annually. The
Board shall re-assess determinations of independence when any new
interests or relationships are disclosed by a Director.
4.2.2 The criteria of independence, as laid down in Companies Act, 2013
and Clause 49 of the Equity Listing Agreement, is as below:
An independent director in relation to a company, means a director
other than a managing director or a whole-time director or a nominee
director—
a.
who, in the opinion of the Board, is a person of integrity and
possesses relevant expertise and experience;
b.
(i)
(ii) who is not related to promoters or directors in the company, its
holding, subsidiary or associate company;
c.
who has or had no pecuniary relationship with the company, its
holding, subsidiary or associate company, or their promoters, or
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d.
none of whose relatives has or had pecuniary relationship or
transaction with the company, its holding, subsidiary or associate
company, or their promoters, or directors, amounting to two per cent
RUPRUHRILWVJURVVWXUQRYHURUWRWDOLQFRPHRU¿IW\ODNKUXSHHVRU
such higher amount as may be prescribed, whichever is lower, during
WKHWZRLPPHGLDWHO\SUHFHGLQJ¿QDQFLDO\HDUVRUGXULQJWKHFXUUHQW
¿QDQFLDO\HDU
e.
who, neither himself nor any of his relatives—
In this Policy, the following terms shall have the following meanings:
3.1
“Director” means a director appointed to the Board of a company.
3.2
“Nomination and Remuneration Committee” means the
committee constituted by BSL’s Board in accordance with the
provisions of Section 178 of the Companies Act, 2013 and Clause 49
of the Equity Listing Agreement.
3.3
“Independent Director” means a director referred to in subsection (6) of Section 149 of the Companies Act, 2013 and Clause
49(II)(B) of the Equity Listing Agreement.
4.
Policy:
(i)
holds or has held the position of a key managerial personnel
or is or has been employee of the company or its holding,
VXEVLGLDU\RUDVVRFLDWHFRPSDQ\LQDQ\RIWKHWKUHH¿QDQFLDO
\HDUVLPPHGLDWHO\SUHFHGLQJWKH¿QDQFLDO\HDULQZKLFKKHLV
proposed to be appointed;
(ii)
is or has been an employee or proprietor or a partner, in any
RIWKHWKUHH¿QDQFLDO\HDUVLPPHGLDWHO\SUHFHGLQJWKH¿QDQFLDO
year in which he is proposed to be appointed, of—
4XDOL¿FDWLRQVDQGFULWHULD
4.1.1 Nomination and Remuneration Committee, and the Board, shall
review on an annual basis, appropriate skills, knowledge and
experience required of the Board as a whole and its individual
members. The objective is to have a Board with diverse background
and experience that are relevant for the Company’s operations.
4.1.2 In evaluating the suitability of individual Board members, the
Nomination and Remuneration Committee may take into account
factors, such as: General understanding of the Company’s business
dynamics, social perspective; Educational and professional
background Standing in the profession; Personal and professional
HWKLFVLQWHJULW\DQGYDOXHV:LOOLQJQHVVWRGHYRWHVXI¿FLHQWWLPHDQG
energy in carrying out their duties and responsibilities effectively.
7KHSURSRVHGDSSRLQWHHVKDOODOVRIXO¿OOWKHIROORZLQJUHTXLUHPHQWV
6KDOO SRVVHVV D 'LUHFWRU ,GHQWL¿FDWLRQ 1XPEHU 6KDOO QRW EH
GLVTXDOL¿HG XQGHU WKH &RPSDQLHV $FW 6KDOO JLYH KLV ZULWWHQ
consent to act as a Director; Shall endeavour to attend all Board
Meetings and wherever he is appointed as a Committee Member, the
Committee Meetings; Shall abide by the Code of Conduct established
by the Company for Directors and Senior Management Personnel;
Shall disclose his concern or interest in any company or companies or
ERGLHVFRUSRUDWH¿UPVRURWKHUDVVRFLDWLRQRILQGLYLGXDOVLQFOXGLQJ
KLVVKDUHKROGLQJDWWKH¿UVWPHHWLQJRIWKH%RDUGLQHYHU\¿QDQFLDO
year and thereafter whenever there is a change in the disclosures
already made; Such other requirements as may be prescribed,
from time to time, under the Companies Act, 2013, Equity Listing
Agreements and other relevant laws.
4.1.4 The Nomination and Remuneration Committee shall evaluate each
individual with the objective of having a group that best enables the
success of the Company’s business.
who is or was not a promoter of the company or its holding,
subsidiary or associate company;
$ D¿UPRIDXGLWRUVRUFRPSDQ\VHFUHWDULHVLQSUDFWLFHRU
cost auditors of the company or its holding, subsidiary or
associate company; or
% DQ\ OHJDO RU D FRQVXOWLQJ ¿UP WKDW KDV RU KDG DQ\
transaction with the company, its holding, subsidiary or
associate company amounting to ten per cent or more of
WKHJURVVWXUQRYHURIVXFK¿UP
f.
(iii)
holds together with his relatives two per cent or more of the
total voting power of the company; or
(iv)
is a Chief Executive or director, by whatever name called, of
DQ\ QRQSUR¿W RUJDQLVDWLRQ WKDW UHFHLYHV WZHQW\¿YH SHU FHQW
or more of its receipts from the company, any of its promoters,
directors or its holding, subsidiary or associate company or
that holds two per cent or more of the total voting power of
the company; or
(v)
is a material supplier, service provider or customer or a lessor
or lessee of the company.
shall possess appropriate skills, experience and knowledge in one
RU PRUH ¿HOGV RI ¿QDQFH ODZ PDQDJHPHQW VDOHV PDUNHWLQJ
administration, research, corporate governance, technical
operations, corporate social responsibility or other disciplines related
to the Company’s business.
5
C.
The remuneration policy seeks to enable the company to provide
a well- balanced and performance-related compensation package,
taking into account shareholder interests, industry practices and
relevant Indian corporate regulations.
D.
The remuneration policy will ensure that the interests of Executives
are aligned with the business strategy and risk tolerance, objectives,
values and long-term interests of the company and will be consistent
with the “pay-for-performance” principle.
E.
The remuneration policy will ensure that remuneration to Executives
LQYROYHV D EDODQFH EHWZHHQ ¿[HG SD\ DQG LQFHQWLYH E\ ZD\ RI
LQFUHPHQWERQXV SURPRWLRQDQ\ RWKHU IRUP UHÀHFWLQJ VKRUW DQG
long-term performance objectives appropriate to the working of the
company and its goals.
3.
a.
4.3.2 A Director shall not serve as Director in more than 20 companies of
which not more than 10 shall be Public Limited Companies.
PRINCIPLES OF REMUNERATION
Support for Objectives : Remuneration and reward frameworks and
decisions shall be developed in a manner that is consistent with,
supports and reinforces the achievement of the Company’s objectives.
b.
4.3.3 A Director shall not serve as an Independent Director in more than 7
Listed Companies and not more than 3 Listed Companies in case he
is serving as a Whole-time Director in any Listed Company.
Transparency : The process of remuneration management shall
be transparent, conducted in good faith and in accordance with
DSSURSULDWHOHYHOVRIFRQ¿GHQWLDOLW\
c.
Internal equity : The Company shall remunerate the Executives
in terms of their roles and responsibilities within the organisation.
Positions shall be formally evaluated to determine their relative
weight in relation to other positions within the Company.
d.
External equity : The Company strives to pay an equitable
remuneration, capable of attracting and retaining high quality
personnel. Therefore the Company will remain logically mindful of
the ongoing need to attract and retain high quality people, and the
LQÀXHQFHRIH[WHUQDOUHPXQHUDWLRQSUHVVXUHV
e.
Flexibility 5HPXQHUDWLRQ DQG UHZDUG RIIHULQJV VKDOO EH VXI¿FLHQWO\
ÀH[LEOH WR PHHW ERWK WKH QHHGV RI LQGLYLGXDOV DQG WKRVH RI WKH
Company whilst complying with relevant tax and other legislation.
f.
Performance-Driven Remuneration : The Company shall entrench
a culture of performance driven remuneration, whether as part of
increment or separately and in such form as may be considered
appropriate.
g.
Affordability and Sustainability : The Company shall ensure that
remuneration is affordable on a sustainable basis.
4.
REMUNERATION TO NON EXECUTIVE DIRECTORS
Non Executive directors may be paid remuneration by way of fee and
reimbursement of expenses for participation in the Board and other
meetings and commission and/or such other payments as may be
permitted by the law applicable to such payments. Such payments
shall be subject to the provisions of Companies Act, 2013.
5.
COMPENSATION STRUCTURE
Executives unless otherwise decided by the Committee shall receive
a competitive remuneration package consisting of the following
components:
J
VKDOOSRVVHVV VXFKRWKHU TXDOL¿FDWLRQVDV PD\ EH SUHVFULEHG IURP
time to time, under the Companies Act, 2013.
h.
who is not less than 21 years of age.
4.2.3 The Independent Directors shall abide by the “Code for Independent
'LUHFWRUV´DVVSHFL¿HGLQ6FKHGXOH,9WRWKH&RPSDQLHV$FW
4.3 Other directorships / committee memberships
4.3.1 The Board members are expected to have adequate time and expertise
and experience to contribute to effective Board performance.
Accordingly, members should voluntarily limit their directorships in
other listed public limited companies in such a way that it does not
interfere with their role as directors of the Company. The Nomination
and Remuneration Committee shall take into account the nature of,
and the time involved in a Director’s service on other Boards, in
evaluating the suitability of the individual Director and making its
recommendations to the Board.
4.3.4 A Director shall not be a member in more than 10 Committees or
act as Chairman of more than 5 Committees across all companies in
which he holds directorships.
For the purpose of considering the limit of the Committees, Audit Committee
and Stakeholders’ Relationship Committee of all Public Limited Companies,
whether listed or not, shall be included and all other companies including
Private Limited Companies, Foreign Companies and Companies under
Section 8 of the Companies Act, 2013 shall be excluded.
ANNEXURE ‘B’
REMUNERATION POLICY FOR DIRECTORS, KEY MANAGERIAL
PERSONNEL AND OTHER EMPLOYEES
1.
A.
B.
PREAMBLE
The remuneration policy provides a framework for remuneration
paid to the members of the Board of Directors (“Board”) and for
Key Managerial Personnel (“KMP”) and the Management Personnel
(“MP”) of the Company (collectively referred to as “Executives”). The
H[SUHVVLRQ.03VKDOOKDYHWKHVDPHPHDQLQJDVGH¿QHGXQGHUWKH
Companies Act, 2013, ‘’management personnel’’ means personnel
of the company excluding Board of Directors comprising such levels
of managerial personnel as may be decided from time to time. This
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DUH TXDOL¿HG WR EHFRPH GLUHFWRUV DQG ZKR PD\ EH DSSRLQWHG DV
senior management for recommendation of their appointment to
the board. ‘’Senior management’’ means personnel of the company
who are members of its core management team excluding Board of
Directors comprising all members of management one level below the
executive directors, including the functional heads.
C.
The policy may be reviewed by the Nomination and Remuneration
Committee of the Board of Directors.
2.
A.
AIMS & OBJECTIVES
The aims and objectives of this remuneration policy may be
summarized as follows:
B.
The remuneration policy aims to enable the company to attract, retain
and motivate high quality members for the Board and executives.
6
Fixed salary
This Policy has been framed by the Nomination and Remuneration
Committee of the Board of Directors and based on its recommendation,
approved by the board of directors of the Company.
Fixed salary rewards the executives for their day-to-day job
performance and ensures a balanced overall remuneration package.
7KH¿[HGVDODU\VKDOOFRPSULVHRIEDVLFVDODU\DQGDOORZDQFHVDVSHU
the rules of the Company.
3HUVRQDOEHQH¿WV
([HFXWLYHVPD\KDYHDFFHVVWREHQH¿WVSHUTXLVLWHVDVSHUWKHUXOHV
and regulations of the Company. Executives may also be entitled to
UHWLUHPHQWEHQH¿WVVXFKDVSURYLGHQWIXQGJUDWXLW\DQGRUVXFKRWKHU
EHQH¿WVDVSHUWKHUXOHVRIWKH&RPSDQ\
CORPORATE OVERVIEW
6.
CRITERIA FOR IDENTIFICATION OF THE BOARD MEMBERS
AND APPOINTMENTS OF SENIOR MANAGEMENT
The members of the board shall possess appropriate skills,
TXDOL¿FDWLRQ FKDUDFWHULVWLFV DQG H[SHULHQFH 7KH REMHFWLYH LV WR
have a Board with diverse background and experience in business,
government, academics, technology, human resources, social
UHVSRQVLELOLWLHV¿QDQFHODZHWFDQGLQVXFKRWKHUDUHDVDVPD\EH
considered relevant or desirable to conduct the Company’s business
in a holistic manner.
Director should possess high level of personal and professional ethics,
integrity and values. They should be able to balance the legitimate
interest and concerns of all the Company’s stakeholders in arriving
at decisions, rather than advancing the interests of a particular
constituency.
,Q DGGLWLRQ 'LUHFWRUV PXVW EH ZLOOLQJ WR GHYRWH VXI¿FLHQW WLPH DQG
energy in carrying out their duties and responsibilities effectively.
They must have the aptitude to critically evaluate management’s
working as part of a team in an environment of collegiality and trust.
The Committee evaluates each individual with the objective of having
a group that best enables the success of the Company’s business and
achieve its objectives.
The candidate for the appointment of senior management should
SRVVHVVDGHTXDWHTXDOL¿FDWLRQFKDUDFWHULVWLFVDQGZRUNH[SHULHQFH
The candidate for senior management should also possess high level
of personal and professional ethics, integrity and values.
Independent directors shall be person of integrity and possess
expertise and experience and/or someone who the Committee/board
believes could contribute to the growth/philosophy/strategy of the
Company.
In evaluating the suitability of individual Board members, the
Committee takes into account many factors, including general
understanding of the Company’s business dynamics, global business,
social perspective, educational and professional background and
personal achievements.
MANAGEMENT REPORTS
For any appointment of senior management, the existing employees
in the organisation may be preferred. While assessing the candidature
of existing employee, his/her past performance in the Company
should be taken into consideration.
7
AMENDMENTS TO THIS POLICY
The Nomination and Remuneration Committee is entitled to amend
this policy including amendment or discontinuation of one or more
incentive programmes introduced in accordance with this Policy.
8
APPROVAL AND PUBLICATION
This remuneration policy as framed and or amended by the Committee
shall be recommended to the Board of Directors for its approval.
This policy has been uploaded on the Company’s websitewww.bhushansteel.com.
7
ANNEXURE-C
CORPORATE GOVERNANCE REPORT
1.
COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE:
The Company has set itself the Vision of to be an integrated steel
player with global presence and reach. As a part of its strategy to
achieve global vision, the Company is committed to adopt “the best
practices” followed in Corporate Governance Arena.
The Board considers itself as a Trustee of its Shareholders and all
other stakeholders and acknowledges its responsibilities towards
them for maximize long term value of the Company. The Company
recognises that the Board is accountable to all the Stakeholders
for good governance. Corporate Governance encompasses a set of
systems and practices to ensure that the Company’s affairs are being
managed in a manner which ensures accountability, transparency and
fairness in all transactions in the widest sense. The philosophy of the
Company in relation to Corporate Governance is based on principles of
equity, fairness, transparency in all its operations, make appropriate
disclosure and enhance shareholders value without compromising in
anyway and in compliance with laws and regulations.
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¿QDQFH OHJDO DQG PDQDJHPHQW 7KH ERDUG VKDSHV WKH YLVLRQ RI
the Company and provides strategic guidance and independent
YLHZVWRWKH&RPSDQ\¶VPDQDJHPHQWZKLOHGLVFKDUJLQJLWV¿GXFLDU\
responsibilities.
Composition and category of Directors are as under :Category
Name of Directors.
Promoters/Executive Director
Non-Promoter Executive Directors
Sh. Nittin Johari
Sh. Rahul Sen Gupta
Sh. P.K. Aggarwal
Independent Non-Executive Directors
Sh.
Sh.
Sh.
Sh.
Sh.
Sh.
Sh.
Nominee Director
Smt. Sunita Sharma ( LIC)
Sh. A. K. Deb (SBI)
Sh. S. R. Sharma (PNB)
The Company expects to realize its Vision by taking such actions as
may be necessary in order to achieve its goals of value creation,
safety, environment and people.
2.
BOARD OF DIRECTORS:
The current policy of the Company is to have an appropriate mix of
executive and independent directors to maintain the independence
of the Board, and to separate its functions of governance and
management. As on 31.03.2015 the Board of Director consists of
¿IWHHQ 'LUHFWRUV RXW RI ZKLFK (OHYHQ DUH 1RQ ([HFXWLYH
Directors, Seven (07) of whom being independent.
Sh. Neeraj Singal
Promoter Non-Executive Director & Sh. B B Singal
Chairman
B.B. Tandon
M. V. Suryanarayana
Rakesh Singhal
Ashwani Kumar
Pradeep Patni
Sahil Goyal
Pankaj Sharma
Mr. B.B. Singal is father of Mr. Neeraj Singal. None of the other directors
are related to any other director on the Board.
THE ATTENDANCE RECORD OF THE DIRECTORS AT THE BOARD MEETINGS HELD DURING FINANCIAL YEAR 2014-15 AND AT THE
LAST ANNUAL GENERAL MEETING AS ALSO THE NUMBER OF DIRECTORSHIPS, COMMITTEE MEMBERSHIPS AND COMMITTEE
CHAIRMANSHIPS HELD BY THEM IN OTHER COMPANIES AS ON 31.03.2015 ARE GIVEN BELOW:
Attendance Particulars
No. of Board
Meetings held
during their
tenure in the
F.Y. 2014-15
No. of Board
Meeting
Attended
Attendance at
Last AGM.
05
05
05
02
01
05
05
01
03
03
03
05
03
02
02
01
05
05
NIL
03
03
03
YES
NO
NO
NO
NO
YES
YES
NO
NO
NO
NO
12. Sh. Pankaj Sharma
01
NIL
13.
14.
15.
16.
17.
05
05
05
01
02
05
04
05
01
NIL
Sr
Name of Directors
No
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Sh. B.B. Singal
Sh. Neeraj Singal
Smt. Sunita Sharma
Sh. A. K. Deb
Sh. S. R. Sharma
Sh. B.B. Tandon
Sh. M. V. Suryanarayana
Sh. Rakesh Singhal
Sh. Ashwani Kumar
Sh. Pradeep Patni
Sh. Sahil Goyal
Sh.
Sh.
Sh.
Sh.
Sh.
Nittin Johari
Rahul Sen Gupta
P.K. Aggarwal
V. K. Mehrotra @
Mohan Lal $
No of directorships, committee membership and
chairmanship of Public companies
Other
Committee
Committee
Directorships
membership
Chairmanship
(*)
(*)(#)
(*)(#)
6
3
5
3
1
8
1
1
6
2
4
2
2
2
9
2
6
-
3
1
2
3
-
NO
-
-
-
YES
YES
YES
NO
NO
1
4
2
NA
NA
1
1
NA
NA
NA
NA
@ Ceased to be director w.e.f. 12.08.2014. $ Ceased to be director w.e.f. 20.09.2014.
* Excludes Directorships, Committee memberships and Committee Chairmanships of Private Limited Companies, Foreign Companies and Companies
incorporated U/s 8 of the Companies Act, 2013
# In accordance with Clause 49 of the Listing Agreement, Memberships / Chairmanships of only Audit Committee and Stakeholder Relationship
(Shareholders / Investors Grievance) Committee have been considered.
8
CORPORATE OVERVIEW
3.
BOARD MEETINGS:
The Board of Directors of the Company meets at regular intervals to
discuss regular business matters and decide on Company’s strategy,
policies and programs. Board Meetings are usually held at Registered
DQG&RUSRUDWH2I¿FHRIWKH&RPSDQ\DW1HZ'HOKL'XULQJWKH\HDU
¿YH %RDUG 0HHWLQJV ZHUH KHOG RQ 20/09/2014, 14/11/2014 and 14/02/2015. Maximum time gap
between the two consecutive meetings had not exceeded 4 months.
The agenda for Board Meetings and notes are circulated to the
Directors in advance and all material information is included in the
agenda for facilitating well informed and meaningful deliberation and
decision making. The agenda of the meetings of the Board inter alia
includes annual operating plans, capital budgets and updates therein.
4.
AUDIT COMMITTEE :
The Company has an Audit Committee of Directors since 28-06-1997.
The Audit Committee was reconstituted on 20.09.2014. Presently the
Committee consists of Four Directors namely (1) Sh. B.B. Tandon
(2) Sh. B.B. Singal (3) Sh. M.V. Suryanarayana and (4) Sh. Ashwani
Kumar.
Sh. B.B. Tandon is the Chairman of the Audit Committee.
MANAGEMENT REPORTS
5HYLHZLQJ ZLWK WKH PDQDJHPHQW WKH DQQXDO ¿QDQFLDO
statements and auditor’s report thereon before submission to
the board for approval, with particular reference to:
a.
Matters required to be included in the Director’s
Responsibility Statement to be included in the Board’s
report in terms of clause (c) of sub-section 3 of section 134
of the Companies Act, 2013
b.
Changes, if any, in accounting policies and practices and
reasons for the same
c.
Major accounting entries involving estimates based on the
exercise of judgment by management
G
6LJQL¿FDQW DGMXVWPHQWV PDGH LQ WKH ¿QDQFLDO VWDWHPHQWV
DULVLQJRXWRIDXGLW¿QGLQJV
e.
Compliance with listing and other legal requirements
UHODWLQJWR¿QDQFLDOVWDWHPHQWV
f.
Disclosure of any related party transactions
J
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5HYLHZLQJ ZLWK WKH PDQDJHPHQW WKH TXDUWHUO\ ¿QDQFLDO
statements before submission to the board for approval;
6.
Reviewing, with the management, the statement of uses /
application of funds raised through an issue (public issue, rights
issue, preferential issue, etc.), the statement of funds utilized
for purposes other than those stated in the offer document /
prospectus / notice and the report submitted by the monitoring
agency monitoring the utilisation of proceeds of a public or
rights issue, and making appropriate recommendations to the
Board to take up steps in this matter;
7.
Review and monitor the auditor’s independence
performance, and effectiveness of audit process;
DSSURYDORUDQ\VXEVHTXHQWPRGL¿FDWLRQRIWUDQVDFWLRQVRIWKH
company with related parties;
$SSURYDORUDQ\VXEVHTXHQWPRGL¿FDWLRQRIWUDQVDFWLRQVRIWKH
company with related parties;
9.
Scrutiny of inter-corporate loans and investments;
v.
scrutiny of inter-corporate loans and investments;
vi.
valuation of undertakings or assets of the company, wherever it
is necessary;
10. Valuation of undertakings or assets of the company, wherever it
is necessary;
The committee’s composition meets with the requirements of
Section 177 of the Companies Act, 2013 and clause 49 of the Listing
Agreement.
As per Section 177 of the Companies Act, 2013 the Audit Committee
DFWVLQDFFRUGDQFHZLWKWKHWHUPVRIUHIHUHQFHVSHFL¿HGLQZULWLQJE\
the Board which, inter alia, include —
i.
the recommendation for appointment, remuneration and terms
of appointment of auditors of the company;
ii.
review and monitor the auditor’s independence and performance,
and effectiveness of audit process;
LLL H[DPLQDWLRQRIWKH¿QDQFLDOVWDWHPHQWDQGWKHDXGLWRUV¶UHSRUW
thereon;
LY
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systems;
viii. monitoring the end use of funds raised through public offers and
related matters.
The Audit Committee shall have powers, which should include the
following:
1.
To investigate any activity within its terms of reference.
2.
To seek information from any employee.
3.
To obtain outside legal or other professional advice.
4.
To secure attendance of outsiders with relevant expertise, if it
considers necessary.
Role of Audit Committee in terms of Clause 49 of the Listing
Agreement are detailed hereunder:
2.
3.
2YHUVLJKWRIWKHFRPSDQ\¶V¿QDQFLDOUHSRUWLQJSURFHVVDQGWKH
GLVFORVXUHRILWV¿QDQFLDOLQIRUPDWLRQWRHQVXUHWKDWWKH¿QDQFLDO
VWDWHPHQWLVFRUUHFWVXI¿FLHQWDQGFUHGLEOH
Recommendation for appointment, remuneration and terms
of appointment of Statutory Auditors and Cost Auditors of the
company;
Approval of payment to statutory auditors for any other services
rendered by the statutory auditors;
and
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systems;
12. Reviewing, with the management, performance of statutory and
internal auditors, adequacy of the internal control systems;
13. Reviewing the adequacy of internal audit function, if any,
LQFOXGLQJWKHVWUXFWXUHRIWKHLQWHUQDODXGLWGHSDUWPHQWVWDI¿QJ
DQGVHQLRULW\ RI WKH RI¿FLDOKHDGLQJWKH GHSDUWPHQW UHSRUWLQJ
structure coverage and frequency of internal audit;
'LVFXVVLRQZLWKLQWHUQDODXGLWRUVRIDQ\VLJQL¿FDQW¿QGLQJVDQG
follow up there on;
5HYLHZLQJ WKH ¿QGLQJV RI DQ\ LQWHUQDO LQYHVWLJDWLRQV E\ WKH
internal auditors into matters where there is suspected fraud or
irregularity or a failure of internal control systems of a material
nature and reporting the matter to the board;
16. Discussion with statutory auditors before the audit commences,
about the nature and scope of audit as well as post-audit
discussion to ascertain any area of concern;
17. To look into the reasons for substantial defaults in the payment
to the depositors, debenture holders, shareholders (in case of
non-payment of declared dividends) and creditors;
18. To review the functioning of the Whistle Blower mechanism;
19. Approval of appointment of CFO (i.e., the whole-time Finance
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experience and background, etc. of the candidate;
9
20. Carrying out any other function as is mentioned in the terms of
reference of the Audit Committee.
DETAIL OF REMUNERATION PAID TO DIRECTORS :
(a) Remuneration paid to Executive Directors :
21. Reviewing the following information:
,
0DQDJHPHQWGLVFXVVLRQDQGDQDO\VLVRI¿QDQFLDOFRQGLWLRQDQG
results of operations;
,, 6WDWHPHQWRIVLJQL¿FDQWUHODWHGSDUW\WUDQVDFWLRQVDVGH¿QHGE\
the Audit Committee), submitted by management;
Sr. Name
No.
Designation
Salary including PF
contribution
(`)
1.
Sh.
Neeraj
Singal
Vice
Chairman
and
Managing
Director
1,20,00,000
24,66,009 1,44,66,009
2.
Sh. Nittin Whole-Time
Johari
Director
1,14,00,000
39,600 1,14,39,600
3.
Sh.
Rahul
Sen
Gupta
Whole-Time
Director
75,00,000
39,600
75,39,600
4.
Sh. P.K. Whole-Time
Aggarwal Director
75,16,500
39,600
75,56,100
III. Management letters / letters of internal control weaknesses
issued by the statutory auditors;
IV.
Internal audit reports relating to internal control weaknesses;
and
V.
The appointment, removal and terms of remuneration of the
Chief internal auditor
During the year, the committee has met four (4) times
30/05/2014, 12/08/2014, 14/11/2014, and 14/02/2015. Sh.
B. B. Tandon, Sh. B.B. Singal, Sh. M.V. Suryanarayana and Sh.
Ashwani Kumar have attended all the meetings of the Audit
Committee held during the tenure of the members. Mr. V. K.
Mehrotra (ex-member) has attended one meeting of Audit
Committee held on 30.05.2014.
5.
NOMINATION AND REMUNERATION COMMITTEE :
In compliance with the provision of Section 178 (1) of the Companies
Act, 2013 Nomination and Remuneration Committee was constituted.
Presently the Committee comprises of Sh. M.V. Suryanarayana, Sh. B.
B. Tandon, Sh. B.B. Singal and Smt. Sunita Sharma .
Sr. Name
No.
During the year three meetings of Nomination and Remuneration
Committee were held on 20.09.2014, 14.11.2014 and 14.02.2015
which was attended by all the members of the Committee except Mrs.
Sunita Sharma who could not attend the meeting held on 20.09.2014.
1.
2.
3.
TERMS OF REFERENCE OF THE COMMITTEE

7RLGHQWLI\ SHUVRQVZKRDUHTXDOL¿HGWREHFRPHGLUHFWRUV DQGZKR
may be appointed in senior management in accordance with the
criteria laid down and to recommend to the Board their appointment
and removal.
5.

7RFDUU\RXWHYDOXDWLRQRIHYHU\GLUHFWRU¶VSHUIRUPDQFH
6.

7R IRUPXODWH WKH FULWHULD IRU GHWHUPLQLQJ TXDOL¿FDWLRQV SRVLWLYH
attributes and independence of a director and recommend to the
Board a policy, relating to the remuneration for the directors, key
managerial personnel and other employees.
4.
7.
8.
7RIRUPXODWHUHPXQHUDWLRQSROLF\DQGHQVXUHWKDW
9.
(a) the level and composition of remuneration is reasonable and
VXI¿FLHQWWRDWWUDFWUHWDLQDQGPRWLYDWHGLUHFWRUVRIWKHTXDOLW\
required to run the company successfully;
(`)
(`)
Sh. B.B.Singal
Sh. B.B. Tandon
Sh. M.V.
Suryanarayana
Sh. Ashwani Kumar
Designation
Chairman
Director
Director
Additional
Director
Sh. Pradeep Patni Additional
Director
Sh. Sahil Goyal
Additional
Director
Sh. Rakesh Singhal Additional
Director
Sh. Pankaj Sharma Additional
Director
Sh. V. K. Mehrotra Director @
TOTAL :-
Sitting
Fees
(`)
No. of
Equity
shares
held
as on
31.03.15
8,60,000 41103391
3,00,000*
2,80,000*
1,20,000*
-
80,000*
-
80,000*
-
20,000*
-
20,000*
-
40,000
18,00,000
-
* Including sitting fees paid for attending the separate meeting of
Independent directors.
(b) relationship of remuneration to performance is clear and meets
appropriate performance benchmarks; and
@ Ceased to be director w.e.f. 12.08.2014.
(c)
6LWWLQJIHHVSDLGWRQRPLQHHGLUHFWRUV%DQN¿QDQFLDOLQVWLWXWLRQV
have not been considered in the above table.
remuneration to directors, key managerial personnel and senior
PDQDJHPHQW LQYROYHV D EDODQFH EHWZHHQ ¿[HG DQG LQFHQWLYH
SD\ UHÀHFWLQJ VKRUW DQG ORQJWHUP SHUIRUPDQFH REMHFWLYHV
appropriate to the working of the company and its goals
REMUNERATION POLICY:
The remuneration policy is directed towards rewarding performance based
on review of achievement on a periodical basis. The remuneration policy
is in consonance with the existing Industrial practice. The remuneration
structure of the Executive Directors comprises of salary, perquisites and
allowances, contribution to provident fund, leave encashment and gratuity.
10
Total
(b) Sitting fees paid to Non – Executive Directors: The Non-Executive
Directors are paid sitting fees for each Meeting of the Board as well
as any other committee meetings attended by them.
Sh. M.V. Suryanarayana (Non Executive director) is the Chairman of
the Committee.

Other
Perquisites
(c) Besides salary and perks Executive Directors are entitled to
superannuation or annuity fund, leave encashment and gratuity.
(d) No Commission is paid to any Director.
6.
STAKEHOLDERS RELATIONSHIP COMMITTEE:
The nomenclature of existing Shareholders’/ Investors’ Grievance
Committee has been changed to Stakeholders Relationship Committee
w.e.f. 30.05.2014. This Committee comprises of Sh. B.B. Singal, Sh.
Neeraj Singal, and Sh. P.K. Aggarwal, Directors. This Committee
has been constituted for considering and resolving the grievances of
security holders of the company. Sh. B.B. Singal is the Chairman of
the Committee.
CORPORATE OVERVIEW
7KHERDUGKDVGHVLJQDWHG0U23'DYUDDVWKH&RPSOLDQFH2I¿FHU
The total number of complaints received and replied to the
satisfaction of Shareholders during the year under review were 3. All
the complaints were disposed off and there was no complaint pending
as on March 31, 2015.
7.
COMMITTEE ON BORROWINGS, INVESTMENTS AND LOANS:
The Company has a Committee on Borrowings, Investment and loans.
Presently the committee consists of three Directors namely (1) Sh.
B. B. Singal, (2) Sh. Neeraj Singal and (3) Sh. Nittin Johari. Sh. B.B.
Singal is the Chairman of the Committee.
Seventeen (17) Nos. of Meetings of Committee of Board of Directors
on Borrowings were held during the year 2014 - 2015 on 09.04.2014,
15.05.2014, 23.05.2014, 03.06.2014, 11.06.2014, 13.06.2014,
28.06.2014, 26.07.2014, 10.09.2014, 29.09.2014, 15.11.2014,
01.12.2014, 27.12.2014, 04.02.2015, 16.02.2015, 04.03.2015,
27.03.2015.
8.
11. GENERAL BODY MEETINGS:
Location and time for the last three (03) Annual General Meetings
(AGMs):
Particulars F.Y. 2013-14
F.Y. 2012-13
F.Y. 2011-12
Day, date,
Time &
Venue
Saturday
20th Sep. 2014
at 11.00 A. M. at
Airforce Auditorium,
Subroto Park,
New Delhi- 110 010
Saturday
21st Sep. 2013
at 11.00 A. M. at
Subroto Park, New
Delhi- 110 010
Monday
24th Sep. 2012
at 11.00 A. M. at
Subroto Park,
New Delhi- 110 010
Special
Resolutions
Nine Special
Resolutions were
passed
One special
resolution was
passed regarding
further issue of
securities
Nill
Special Resolutions passed through Postal Ballot
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITEE
The Company has constituted Corporate Social Responsibility (CSR)
Committee comprising Sh. B.B. Singal, being its Chairman and Sh.
Nittin Johari and Sh. B. B. Tandon as its members.
A Notice of postal ballot dated 14-02-2015 pursuant to Section 110 and
other applicable provisions of the Companies Act, 2013 (the “Act”), if any,
read together with the Companies (Management and Administration)
Rules, 2014 has been sent to the members.
The Committee’s prime responsibility is to assist the Board in
discharging its social responsibilities by way of formulating and
monitoring implementation of the framework of ‘Corporate Social
Responsibility Policy’, observe practices of Corporate Governance at
all levels, and to suggest remedial measures wherever necessary.
Mr. R.S. Bhatia, a practicing Company Secretary (CP No. 2514, FCS 2599)
was appointed by the Board of Directors of the Company as the scrutinizer
for conducting the Postal Ballot process and e-voting process in a fair
and transparent manner.The result of Postal Ballot was scheduled to be
announced on Monday, 27th $SULO DW WKH 5HJLVWHUHG 2I¿FH RI WKH
Company.
The Committee’s constitution and terms of reference meet with the
requirements of the Companies Act, 2013.
Terms of Reference of the Committee, inter alia includes the following:
I.
II.
To formulate and recommend to the Board, a Corporate Social
Responsibility (CSR) Policy indicating activities to be undertaken
by the Company in compliance with provisions of the Companies
Act, 2013 and rules made thereunder;
To recommend the amount of expenditure to be incurred on the
CSR activities;
III. To monitor the implementation of the CSR Policy of the Company
from time to time.
During the year two meetings of Corporate Social Responsibility
Committee was held on 14.11.2014 and 14.02.2015 which was
attended by all the members of the Committee
9.
MANAGEMENT REPORTS
INDEPENDENT DIRECTORS’ MEETING
During the year under review, the Independent Directors met on 9th
March 2015 to discuss and review :

WKHSHUIRUPDQFHRIQRQLQGHSHQGHQWGLUHFWRUVDQGWKH%RDUGDV
a whole

WKH SHUIRUPDQFH RI WKH &KDLUSHUVRQ RI WKH FRPSDQ\ WDNLQJ
into account the views of executive directors and non-executive
directors

WKH TXDOLW\ TXDQWLW\ DQG WLPHOLQHVV RI ÀRZ RI LQIRUPDWLRQ
between the Company management and the Board that is
necessary for the Board to effectively and reasonably perform
their duties
The meeting was attended by all the independent directors.
10. SUBSIDIARY COMPANIES
There is no material non-listed subsidiary Company requiring
appointment of Independent Director of the Company on the Board
of Directors of the subsidiary companies. The requirements of Clause
49 of the Listing agreement with regard to subsidiary companies have
been complied with.
12. DISCLOSURES
12(a) 'LVFORVXUHV RQ PDWHULDOO\ VLJQL¿FDQW UHODWHG SDUW\ WUDQVDFWLRQV
i.e. transactions of the Company of material nature, with its
promoters, the Directors or the Management, their subsidiaries or
UHODWLYHVHWFWKDWPD\KDYHSRWHQWLDOFRQÀLFWZLWKWKHLQWHUHVWRI
Company at large.
7KHUH ZHUH QR PDWHULDOO\ VLJQL¿FDQW WUDQVDFWLRQV ZLWK UHODWHG
SDUWLHVZKLFKZHUHLQFRQÀLFWZLWKWKHLQWHUHVWVRIWKH&RPSDQ\
12(b) Detail of non-compliance by the Company, penalties, strictures
imposed on the company by Stock Exchange or SEBI or any
Statutory Authority, on any matter related to capital markets,
during the last three years.
- None.
12(c)
The Company has adopted a Whistle Blower Policy and has
established the necessary mechanism for employees to report
concerns about unethical behaviour. No person has been denied
access to Audit Committee.
13. MEANS OF COMMUNICATION:
Timely sharing and disclosure of consistent, comparable, relevant and
reliable information on the Company’s performance is at the core of
its Corporate Governance Policy. Summary of major efforts of the
Company in this regard is given below:
FINANCIAL RESULTS
7KH&RPSDQ\SXEOLVKHVXQDXGLWHGTXDUWHUO\¿QDQFLDOUHVXOWVDQGDXGLWHG
DQQXDO ¿QDQFLDO UHVXOWV QRUPDOO\ LQ ³%XVLQHVV 6WDQGDUG´ (QJOLVK DQG
“Business Standard” (Hindi) Newspapers. The results are promptly
furnished to the Stock Exchanges for display on their respective websites. The results are also put on the website of the Company i.e.
http://www.bhushansteel.com after the Board Meetings.
ANNUAL REPORT
Annual Report containing inter alia, Audited Annual Accounts, Consolidated
Financial Statements Directors’ Report, Management Discussion and
Analysis and other regulatory reports is circulated to members and others
entitled thereto. The management Discussion and Analysis Report forms
part of Annual Reports. The Annual Report of previous years are also
available on Company’s web-site.
11
Corporate Presentation
Corporate Presentation of the Company covering inter alia Company’s
Overview, Growth History, Key Highlights and Summary Operating &
Financial Performance is regularly given to institutional investors and latest
Corporate Presentation is available on Company’s web-site.
Corporate Filling and Dissemination System (CFDSS)
As per requirements of Clause 52 of the Listing Agreement, all the
GDWD UHODWLQJ WR ¿QDQFLDO UHVXOWV VKDUHKROGLQJ SDWWHUQ HWF KDYH EHHQ
HOHFWURQLFDOO\ ¿OHG RQ WKH &RUSRUDWH )LOLQJ DQG 'LVVHPLQDWLRQ 6\VWHP
&)'6SRUWDOZZZFRUS¿OLQJFRLQ
14. GENERAL SHAREHOLDERS’ INFORMATION :
(i) Annual General Meeting for the year ending 31st March,
2015 – On Saturday, 19th September, 2015 at 11.00 A.M at Air Force
Auditorium, Subroto Park, New Delhi – 110010.
(ii) As required under Clause 49(IV) (G) (i) of the Listing Agreements with
the Stock Exchanges, particulars of Directors seeking appointment
at the forthcoming Annual General Meeting (AGM) are given in the
Notes to the Notice of the AGM to be held on 19th September, 2015.
(iii) Financial Year : 1st April To 31st March
th
30 June, 2015
On or before 14
30th September, 2015
On or before 14th November, 2015
31st December, 2015
On or before 14th February, 2016
31st March, 2016
On or before 30th May, 2016
August, 2015
(iv) Date of Book Closure :
The Book closure starts from 14th September, 2015 to 19th September,
2015 (both days inclusive) for the purpose of 32nd Annual General
Meeting of the Company to be held on 19th September, 2015.
(ix) Share Transfer System:
Pursuant to SEBI Circular Nos. D&CC/FITTC/CIR-15/2002 dated
27.12.2002 and D&CC/FITTC/CIR-18/2003 dated 12/02/2003, M/s.
RCMC Share Registry Pvt. Ltd., which is already the Depository
Interface of the Company for both NSDL & CDSL, have been
appointed as Registrar and Transfer Agents (RTA) w.e.f. 31/03/2003
for all the work related to share registry in terms of both physical and
electronic.
Share Transfer Committee:
It approves the transfer and transmission of securities, issuance of
GXSOLFDWH VKDUH FHUWL¿FDWH 7KLV &RPPLWWHH FRPSULVHV RI 6K 3.
Aggarwal and Sh. O.P. Davra.
Transfers of Equity shares in physical form are registered within a
period of 15 days from the date of receipt. After the transfer, Share
&HUWL¿FDWHVDUHLPPHGLDWHO\VHQW7KH(TXLW\VKDUHVRIWKHFRPSDQ\
are to be traded compulsorily in Demat mode w.e.f. 25.09.2000.
Dematerialised Mode :
The Company’s Equity Share are eligible for dematerialisation. The
Company had signed Agreements with both the Depositories namely:
NSDL and CDSL. The Shareholders may therefore hold Company’s
Share in Electronic Mode. The company’s ISIN No. for both the
Depositories is INE824B01021.
Distribution Schedule:
No dividend has been declared for 2014-15.
(vi) Listing of Shares & Stock Code:
The Equity Shares of the Company are listed on the following Stock
Exchanges.
(1) Bombay Stock Exchange Ltd. (Stock Code : 500055)
(2) National Stock Exchange of India Ltd. (Stock Code : BHUSANSTL)
Annual Listing Fee including fees for the year 2015-16 have been
paid on due dates to both the Stock Exchanges i.e. BSE and
NSE.
(vii) Market Price Data :
The High and Low of the share price of the Company at National
Stock Exchange (NSE) and Bombay Stock Exchange (BSE) during
each month from April, 2014 to March, 2015 are given below.
(Face value of each Equity Share: ` 2)
12
'XULQJ¿QDQFLDO\HDUVKDUHSULFHRIWKH&RPSDQ\ZDVGRZQ
in NSE by 85.79% and 85.52%% in BSE as compared to increase in
NSE Nifty by 26.18% and BSE Sensex by 24.50%.
(x) Distribution of Shareholding as on 31.03.2015
(v) Dividend payment date :
DATE
31-03-2015.
Physical Mode :
Financial Reporting for the Quarter ending :
th
(viii) Share price performance in comparison to broad based
indices – NSE Nifty and BSE Sensex based on share price on
NSE
BSE
April, 2014
May, 2014
June, 2014
July, 2014
August, 2014
High
460.00
471.90
518.40
407.65
405.00
Low
436.10
408.60
386.50
386.55
101.40
High
457.00
470.05
462.80
409.90
401.00
Low
437.30
408.10
386.10
388.35
101.35
September, 2014
October, 2014
November, 2014
December, 2014
January, 2015
February, 2015
March, 2015
139.90
120.00
121.00
106.80
91.35
98.80
103.70
87.00
102.35
96.50
84.15
82.00
82.00
59.60
138.80
121.00
121.00
106.50
91.50
98.80
103.30
86.95
102.60
96.00
84.75
82.20
81.60
59.50
Shareholding
Shareholders
of value of ` Number
% to
total
UPTO TO 5000
40688
98.04
Shares
8440290
Share holdings
Amount
% to
total
16880580
3.73
5001 TO
10000
396
0.95
1449084
2898168
0.64
10001 TO
20000
185
0.45
1334757
2669514
0.59
20001 TO
30000
68
0.16
819633
1639266
0.36
30001 TO
40000
20
0.05
355624
711248
0.16
40001 TO
50000
16
0.04
357794
715588
0.16
50001 TO
100000
42
0.10
1542378
3084756
0.68
100001 and
Above
88
0.21
212215186
424430372
93.69
Total
41503 100.00 226514746 453029492 100.00
Shareholding Pattern:
Sr. No.
Category
1
Promoters
2
Banks,
Financial
%age
59.10
Institutions,
Mutual
Funds,
03.99
Insurance Companies
3
Foreign Institutional Investors, NRI’s
01.57
4
Others
35.34
Total
100.00
CORPORATE OVERVIEW
(xi) Dematerialisation of Shares & Liquidity:
225669855 equity shares of the Company’s paid up equity share
capital has been dematerialized upto 31st March, 2015. Trading in
equity shares of the company is permitted only in dematerialized form
DV SHU QRWL¿FDWLRQ LVVXHG E\ WKH 6HFXULWLHV DQG ([FKDQJH %RDUG RI
India (SEBI).
(xii) Outstanding GDRs/ADRs/ Warrants or any convertible instruments,
conversion date and likely impact on equity
-
Not Applicable
(xiii) Plant locations:
(i)
Site-IV, Sahibabad Industrial Area, Sahibabad, Distt. Ghaziabad,
U.P.
(ii)
Village – Nifan, Savroli and Dehvali, Taluka-Khalapure, Distt.
Raigad, (Near Khopoli), Maharashtra.
(iii) Meramandali, Distt. Dhenkanal, Orissa.
(xiv) Transfer of unclaimed amounts to Investor Education and
Protection Fund :
The investors are advised to claim the un-encashed dividends lying in
the unpaid dividend accounts of the Company before the due date (as
indicated in the Notes to the Notice) before crediting the same by the
Company to the Investor Education and Protection Fund.
MANAGEMENT REPORTS
18. AUDITOR’S REPORT ON CORPORATE GOVERNANCE
We have examined the compliance of conditions of Corporate
Governance by Bhushan Steel Limited, for the year ended 31/03/2015
as stipulated in clause 49 of the Listing Agreement of the said
Company with the stock exchange (s).
The compliance of conditions of Corporate Governance is the
responsibility of the management. Our examination was limited to
procedures and implementation thereof, adopted by the Company for
ensuring the compliance of the conditions of Corporate Governance.
,W LV QHLWKHU DQ DXGLW QRU DQ H[SUHVVLRQ RI RSLQLRQ RQ WKH ¿QDQFLDO
statements of the Company.
In our opinion and to the best of our information and according to the
explanation given to us and the representation made by the Directors
and the management, we certify that the company has complied with
the conditions of Corporate Governance as stipulated in the abovementioned Listing Agreement.
On the basis of representation received from Registrars and share
transfer Agents and as per the records maintained by the Company
which are presented to the shareholders / Investor Grievance
Committee, we state that during the year ended 31st March, 2015, no
investor grievances were pending for a period exceeding one month.
We further state that such compliance is neither an assurance as to the
IXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHI¿FLHQF\RUHIIHFWLYHQHVVZLWK
which the Management has conducted the affairs of the Company.
During the year under review the Company has credited ` 1,74,983/to the Investor Education and Protection Fund pursuant to Section
205C of the Companies Act, 1956 in respect of the Unpaid/ unclaimed
dividend amount relating to the Final dividend declared in 2006-07.
15. CEO AND CFO CERTIFICATION
As per provision of the Clause 49 of the Listing Agreement CEO
DQG &)2 JLYH 4XDUWHUO\ DQG $QQXDO &HUWL¿FDWH WR WKH %RDUG RQ
Financial Results before the Board in terms of Clause 41 of the Listing
Agreement.
16. DECLARATION REGARDING COMPLIANCE WITH THE CODE
OF CONDUCT
This is to inform you that the company has adopted Code of Business
Conduct and Ethics for its employees including the Managing Director/
whole-time Directors/ Non-executive Directors. The said Code is
posted on the Company’s website.
for MEHRA GOEL & CO.,
CHARTERED ACCOUNTANTS
(R.K. MEHRA)
PLACE : NEW DELHI
DATE : 14.08.2015
PARTNER
M.NO. 6102
,FRQ¿UPWKDWWKH&RPSDQ\KDVLQUHVSHFWRIWKH)LQDQFLDO\HDUHQGHG
31st March, 2015 received from the senior management team of the
Company and the Members of the Board a declaration of compliance
with the Code of Business Conduct and Ethics as applicable to them.
For the purpose of this declaration, Senior Management team means
the members of the Management one level below the Managing
Director as on 31st March, 2015.
Place: New Delhi
Date:14.08.2015
Neeraj Singal
Managing Director
17. ADDRESS FOR CORRESPONDENCE :
5HJLVWHUHG2I¿FH :
Bhushan Steel Limited
Ground Floor, Hyatt Regency
Complex,
Bhikaji Cama Place,
New Delhi-110 066.
Tel. : 011-39194000, 71194000
Fax : 011-46518611, 26478750
E-mail-bsl@bhushansteel.com
Web site : www.bhushansteel.com
Registrar and Transfer Agent :
RCMC Share Registry Pvt. Ltd.
(Unit : BHUSHAN STEEL LIMITED)
B-25/1, First Floor, Okhla Industrial Area
Phase II, New Delhi - 110020.
Phone : 011 – 26387320, 26387321,
26387323
Fax : 011 - 26387322
e-mail: shares@rcmcdelhi.com
13
ANNEXURE-D
MANAGEMENT DISCUSSION AND ANALYSIS
The management of Bhushan Steel Limited presents its analysis report
covering performance and outlook of the Company. The report has been
prepared in compliance with the Corporate Governance requirement
prescribed in the Listing Agreement. The management accepts
UHVSRQVLELOLW\IRUWKHLQWHJULW\DQGREMHFWLYLW\RIWKH¿QDQFLDOVWDWHPHQWV
KDV JOREDO FRQVHTXHQFHV IRU WKH VWHHO LQGXVWU\ LQ WHUPV RI WUDGH ÀRZV
DQG SRVVLEOH LQWHQVL¿FDWLRQ RI WUDGH IULFWLRQV UHVXOWLQJ IURP VLJQL¿FDQW
increases in steel imports in many economies during 2014.
INDUSTRY STRUCTURE & DEVELOPMENTS
The steel industry is divided into primary & secondary sectors. The primary
sector products are billets, pallets, rounds and Hot Rolled Coils/Plates
(HRC/HRP).These form raw material for the secondary sector ,which
produces value added items such as Angles, Channels,wire Rods,Cold
Rolled Coils/sheets (CRC/CRS) AND Galvanised Coils/Sheets. CR Sheet
is a thinner sheet used for consumer durables like refrigerators,washing
machines,automobiles, bicycles, etc. CR sheets are used by the
automobile and domestic appliances industry whereas CR strips are used
in manufacturing of bicycles, drums, barrels, fabrication, furniture etc.
CR Coils are mainly used for manufacturing GP/GC sheets. Bhushan Steel
Limited which so far falls under secondary sector, also entered in primary
sector with setting up plant at Orissa.
7KHVKDUSGHFOLQHLQRLOSULFHVLQÀXHQFHGWKHIRUHFDVWWKRXJKLWVLPSDFW
varies between countries. On the one hand, it has a negative impact on
VWHHO GHPDQG IRU LQIUDVWUXFWXUH LQYHVWPHQWV ¿QDQFHG IURP RLO UHYHQXHV
on the other hand it helps business sectors and consumers in oil importing
FRXQWULHVWKXVFUHDWLQJEHWWHUJURZWKSURVSHFWV$VLQÀDWLRQDU\SUHVVXUH
is alleviated, further relaxation of monetary policy by the Central Banks is
SRVVLEOHLQFRXQWULHVZLWKKLJKLQÀDWLRQZKLFKZLOOHYHQWXDOO\VWUHQJWKHQ
the recovery of underlying real steel use. As economies adjust to lower oil
prices, it may lead to reduced demand for steel in some economies in the
short term, but should support economic growth and demand for steel in
the medium term.
FLAT PRODUCTS
Derived from slabs, this category includes plates and Hot Rolled Coils/
Sheets. While plates are used for applications such as shipbuilding etc. HR
6WHHOLVWKHPRVWZLGHO\XVHGYDULHW\RIVWHHODQGRWKHUGRZQVWUHDPÀDW
products such as Cold Rolled (CR) Steel and Galvanised Steel are made
from it.
LONG PRODUCTS
These products derive their name from their shape. They are made by
using billets and blooms and include rods, bars, pipes, ropes and wires,
which are used largely by the housing/construction sector.
GLOBAL STEEL INDUSTRY
World steel forecasts that global apparent steel use will increase by 0.5%
to 1,544 Mt in 2015 following growth of 0.6% in 2014. In 2016, it is forecast
that world steel demand will grow by 1.4% and will reach 1,565 Mt.
OUTLOOK
7KH RXWORRN DOVR UHÀHFWV WKH LQÀXHQFH RI PDMRU VWUXFWXUDO DGMXVWPHQWV
in most economies, particularly owing to limited investment growth post
2008. As these changes take effect, the steel industry will experience a
VORZHUSDFHRIJURZWKLWZLOOIRFXVRQRSHUDWLRQDOHI¿FLHQFLHVDQGRQWKH
value that steel products generate for customers and society.
While steel industry continue to face some downside risks coming from
VRPH SDUWV RI (XURSH ± JHRSROLWLFDO LQVWDELOLW\ LQWHUQDWLRQDO FDSLWDO ÀRZ
volatility and the economic slowdown in China – the impact of these risks
has come down. Steel industry has also started to see some encouraging
developments due to increasingly positive news from developed economies,
HVSHFLDOO\ VLJQV RI ¿UPLQJ UHFRYHU\ PRPHQWXP LQ WKH (XUR]RQH ,Q WKH
developing and emerging world, we see increased optimism about India
and growth in steel use in some MENA and ASEAN countries. While these
developments will not be enough to counterbalance the deceleration of
China, we expect to see gradually improving growth prospects beyond
2016.
An interesting factor which has become increasingly apparent is that in
some developing economies the steel markets are beginning to exhibit the
characteristics of mature markets.
China
&KLQHVHVWHHOGHPDQGLQVDZQHJDWLYHJURZWKIRUWKH¿UVWWLPHVLQFH
1995 due to the government’s rebalancing efforts that had a major impact
on the real estate market. This situation is likely to remain unchanged
in the short term and Chinese steel use will continue to record negative
growth of -0.5% in both 2015 and 2016. In the medium term no strong
rebound is expected. Some uncertainty remains regarding the impact of
government measures aimed at stabilising the decelerating economy.
The rebalancing of the Chinese economy is inevitable as China enters its
next stage of development, but it will take time. In the short term, it
14
Oil Prices
The Developed World
The developed world showed growth in steel demand of 6.2% in 2014 on
WKHEDFNRIVWURQJ86IXQGDPHQWDOVDQGD¿UPLQJ(8UHFRYHU\+RZHYHU
growth in the developed world is set to moderate in 2015 due partly to the
high base effect, but also less favourable steel market environments in the
US, Japan and South Korea. The recovery in the EU, although becoming
regionally broader based, is still constrained by weak investment activity
and high unemployment. Steel demand in the developed economies will
grow by 0.2% in 2015 and by 1.8% in 2016.
The Developing World (Excluding China)
The developing economies (excluding China) posted low growth of 2.3% in
2014, in particular because of the continued deterioration in the Brazilian
and Russian steel markets. Growth momentum in the developing economies
is expected to remain generally weak in 2015, however, we expect positive
growth in some economies such as India, Indonesia, Vietnam and Egypt,
where steel markets are still developing. Steel demand is expected to grow
by 4.0% in 2016 after growing by 2.4% in 2015.
INDIAN STEEL INDUSTRY

The Indian steel industry has entered into a new development stage
from 2007-08, riding high on the resurgent economy and rising
demand for steel.

Rapid rise in production has resulted in India becoming the 4th largest
producer of crude steel and the largest producer of sponge iron or
DRI in the world.

As per the report of the Working Group on Steel for the 12th Five Year
Plan, there exist many factors which carry the potential of raising the
per capita steel consumption in the country. These include among
others, an estimated infrastructure investment of nearly a trillion
dollars, a projected growth of manufacturing from current 8% to 1112%, increase in urban population to 600 million by 2030 from the
current level of 400 million, emergence of the rural market for steel
currently consuming around 10 kg per annum buoyed by projects
like Bharat Nirman, PradhanMantri Gram SadakYojana, Rajiv Gandhi
AwaasYojana among others.

The National Steel Policy 2005 is currently being reviewed keeping
in mind the rapid developments in the domestic steel industry (both
on the supply and demand sides) as well as the stable growth of the
Indian economy since the release of the Policy in 2005.
Threat and Opportunities
7KH,QGLDQ6WHHOLQGXVWU\HVSHFLDOO\WKH¿QLVKSURGXFHUVDUHKDYLQJDWRXJK
time out there pressed from both the ends. The poor availability and high
cost of the raw material in the domestic market and supply of cheaper
material from neighboring markets has tongue-tied the Indian steelmakers.
:HLPSRUWHG¿QLVKVWHHOLQFOXGLQJÀDWORQJLQWKHODVW¿VFDODERXW
RI WRWDO GRPHVWLF SURGXFWLRQ ZKLFK LV VLJQL¿FDQW :LWK D ORW RI OREE\LQJ
CORPORATE OVERVIEW
DQG SXVK LPSRUW GXW\ RI ¿QLVK VWHHO KDV EHHQ LQFUHDVHG E\ RQO\ IURPFXUUHQWZLWKLPPHGLDWHHIIHFWZKLFKLVMXVWQRWVXI¿FLHQWWRFXUEVWHHO
import from China. Moreover, this will not much affect import coming from
Japan & Korea because of free trade agreements with these neighbors.
Experts predict what could possibly happen is that more material may
come in from these two nations. This smaller duty hike would not be able
to stop China from pushing its surplus produce into India.
,QGLDQLPSRUWHGDERXWRIWRWDOÀDWVWHHOXVHGLQ)<7KHFKHDSHU
material being pushed by China, Japan and Korea has brought down
FDSDFLW\XWLOL]DWLRQOHYHOVRIGRPHVWLF¿QLVKSURGXFHUV7KHUHLVKRSHWKDW
WKHLPSRUWGXW\ULVHZRXOGUHGXFHLQÀRZIURP&KLQDDQGPDNHGRPHVWLF
manufactures compete better with the imported material. More safeguards
and protections like anti dumping , major hike in custom duty are
immediately.
Risk Factor
Statutory Approvals /
Clearances
Operating Risk
FY 2014-15
FY 2013-14
Variation
11735.02
10600.43
1134.59
PBDIT & EXCEPTIONAL
ITEMS
2187.48
2722.59
(535.11)
Interest and Financial
Charges
2494.03
1663.30
830.73
938.39
963.96
(25.57)
Depreciation
Exceptional Items (Loss)
3UR¿W%HIRUH7D[
10.00
-
(1254.95)
95.33
10.00
(1350.28)
The Company’s steel manufacturing capacity
at Odisha is located in a region with rich
availability of staple raw material i.e. iron ore,
coal and also has close proximity to ports for
importing raw material. Iron ore is presently
being bought by the Company from suppliers
located in Barbil, Odisha such as Orissa
Mining Corporation, Rungta, Essel Mining
etc.. Coking coal is being imported from BHP
Billiton, Australia.
In addition, to ensure smooth and
uninterrupted long term supply of coking coal
for the Odisha Project, the Company has also
WDNHQ D VLJQL¿FDQW VWDNH LQ %RZHQ (QHUJ\
Ltd, Australia, which has the license for
exploring coking coal mines in Queensland,
Australia. The Company currently procures
thermal coal through linkages to Mahanadi
Coal Fields and daily e-auctions organized by
Coal India Limited and its subsidiaries.
Power Availability
PERFORMANCE
The company is engaged in Steel business, which is context of Accounting
Standard (AS)-17 issued by the institute of Chartered Accountants of
India is considered the only business segment. The overall operational
performance of the company has been much satisfactory during the year.
The plants have operated optimally during the year and there were no
major break downs or shutdowns. Brief performance of the Company is
as follows:
Turnover
Company has already complied with the
requisite project clearances for plant facilities
at Khopoli, Sahibabad and Odisha.
Further, the necessary statutory clearances
applicable to the other projects which are
under implementation shall be obtained as
and when required.
The liberalization of industrial policy and other initiatives taken by the
*RYHUQPHQW KDYH JLYHQ D GH¿QLWH LPSHWXV IRU HQWU\ SDUWLFLSDWLRQ DQG
growth of the private sector in the steel industry. While the existing units
are being modernized/expanded, a large number of new steel plants
have also come up in different parts of the country based on modern,
cost effective, state of-the-art technologies. In the last few years, the
rapid and stable growth of the demand side has also prompted domestic
HQWUHSUHQHXUVWRVHWXSIUHVKJUHHQ¿HOGSURMHFWVLQGLIIHUHQWVWDWHVRIWKH
country.
(` in Crores)
Proposed Mitigation Mechanism
Completion Risk
The New Industrial policy opened up the Indian Iron and Steel industry for
private investment by (a) removing it from the list of industries reserved
for public sector and (b) exempting it from compulsory licensing. Imports
of foreign technology as well as foreign direct investment are now freely
permitted up to certain limits under an automatic route. Ministry of Steel
plays the role of a facilitator, providing broad directions and assistance to
new and existing steel plants, in the liberalized scenario.
India 4th largest producer of crude steel in the world, has to its credit, the
capability to produce a variety of grades and that too, of international
quality standards. The country is expected to become the 2nd largest
producer of crude steel in the world soon, provided all requirements for
creation of fresh capacity are adequately met.
RISKS AND CONCERNS
A detailed risk analysis for the project is presented in the table below:
Raw Material Availability
Opportunities
Particulars
MANAGEMENT REPORTS
Steel manufacturing process is power
intensive and uninterrupted supply is
necessary for its viability. BSL has a 110
MW captive power plant in Odisha, 24 MW
at Sahibabad and another 24 MW at Khopoli.
BSL is in the process of expanding its capacity
from 110 MW to 307 MW at Odisha.
As of now Company generates around one
third of its total power requirement and rest
is supplied by Bhushan Energy Limited (BEL),
an associate Company.
Technology Risk
In order to ensure high operational
SUR¿WDELOLW\ PDQXIDFWXULQJ IDFLOLWLHV RI %6/
are updated with latest available technology
and major equipments are procured from
established and reputed manufacturers like
Siemens, SMS Siemag, Paul Wurth, L&T etc.
to minimize the performance risk.
Further,
BSL
ensures
performance
parameters of equipments through liquidated
damages clauses in the agreements in order
to ensure that any failure/ malfunctioning of
the equipment is taken care by the supplier
during the performance guarantee period.
15
Risk Factor
Proposed Mitigation Mechanism
0DQDJHPHQW ¿UPO\ EHOLHYHV WKDW D VWURQJ LQWHUQDO FRQWURO V\VWHP ZLWK
Market Risk
Off-take Risk
16
INTERNAL CONTROL SYSTEM
With its wide range of value added products,
strong customer relationships with OEMs and
distribution network, BSL has leveraged its
SRVLWLRQDVRQHRIWKHPDMRUVXSSOLHUVRIÀDW
steel products and also caters to the export
market.
BSL downstream facilities at Sahibabad and
Khopoli are strategically located near to
major white good markets i.e. Delhi/NCR
and Pune respectively. These are the major
hubs where majority of the automobile and
consumer durable companies are located.
BSL has its plants strategically located at
Meramandali and Khopoli which are located
near to the major international seaports such
as Paradeep and NhavaSheva JNPT port
respectively. The plant at Khopoli, due to
its proximity to west coast of India through
JawaharLal Nehru Port enables the Company
to capture the export market in African /
Middle East countries. Similarly, the plant at
Meramandali is located close to the East coast
of India and enables the Company to capture
South-East Asian and Australian markets.
This enables BSL to send its product to the
international markets with minimal inland
transportation which reduces the overall
freight charges and shipment time.
Also, BSL has been a long term supplier to
major renowned white goods manufacturers
such as Maruti Suzuki, Tata Motors, Honda
Cars, Mahindra & Mahindra, Ashok Leyland
are few of the examples amongst Automobile
sector. LG, Samsung, Videocon, Haier are
the other renowned names in the consumer
durable sector.
ÀH[LELOLW\ LV LPSHUDWLYH WR UHDOL]H &RPSDQ\¶V YLVLRQ $FFRUGLQJO\ WKH
company always gives priority to it to achieve the following objectives:
(I¿FLHQF\RIRSHUDWLRQ
$FFXUDF\DQGSURPSWQHVVRI¿QDQFLDOUHSRUWLQJ
3.
Safeguard of Company assets
4.
Compliance with laid down policies and procedures.
5.
Compliance with rule and regulations.
HUMAN RESOURCE DEVELOPMENT / INDUSTRIAL RELATIONSHIP
As on 31 March 2015, the company has 5424 employees in its family
beside thousands of employees of its Contractors and suppliers.
Industrial and employee relations with the Company remain cordial
WKURXJKRXW WKH \HDU ,W KDV EHHQ ZLWK WKH IXO¿OOPHQW RI RXU PDUNHW
commitments, prompt communication, and participation in social activities
and to provide challenging and safe working atmosphere in the company,
wherein every employee can develop his own strength and deliver his
expertise in the interest of the Company.
Board of Directors on record thanks to all of the employees for their
valuable contribution towards the growth of the company. Bhushan Steel
encourages its team members to go beyond the scope of their work,
undertake voluntary projects that enable to learn and contribute innovative
ideas in meeting goals of the company.
CORPORATE OVERVIEW
MANAGEMENT REPORTS
ANNEXURE - E
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial
Borrowings;
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2015
To,
The Members,
Bhushan Centre, Ground Floor,
Hyatt Regency Complex,
Bhikaji Cama Place
New Delhi – 110066
CIN No.: L74899DL1983PLC014942
(v)
I have conducted the secretarial audit of the compliance of applicable
statutory provisions and the adherence to good corporate practices by
Bhushan Steel Limited (hereinafter called the company). Secretarial Audit
was conducted in a manner that provided me a reasonable basis for
evaluating the corporate conducts/statutory compliance and expressing
my opinion thereon.
The following Regulations and Guidelines prescribed under the
Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):(a)
The Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 2011;
(b)
The Securities and Exchange Board of India (Prohibition of
Insider Trading) Regulations, 1992;
(c)
The Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirements) Regulations, 2009;
(d)
The Securities and Exchange Board of India (Employee
Stock Option Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999; (NOT APPLICABLE ON THE COMPANY)
(e)
The Securities and Exchange Board of India (Issue and
Listing of Debt Securities) Regulations, 2008;
I report that:
1.
Maintenance of Secretarial and other laws records/compliance is the
responsibility of the management of the Company. My responsibility
is to express an opinion on such records/compliance, based on my
audit.
(f)
The Securities and Exchange Board of India (Registrars to an
Issue and Share Transfer Agents) Regulations, 1993 regarding
the Companies Act and dealing with client; (NOT APPLICABLE
ON THE COMPANY)
2.
I have followed the audit practices and processes as were appropriate
to obtain reasonable assurance about the correctness of the contents
RIWKH6HFUHWDULDOUHFRUGV7KHYHUL¿FDWLRQZDVGRQHRQWHVWEDVLVWR
HQVXUHWKDWFRUUHFWIDFWVDUHUHÀHFWHGLQ6HFUHWDULDOUHFRUGV
(g)
The Securities and Exchange Board of India (Delisting of Equity
Shares) Regulations, 2009; (NOT APPLICABLE ON THE
COMPANY) and
(h)
, KDYH QRW YHUL¿HG WKH FRUUHFWQHVV DQG DSSURSULDWHQHVV RI WKH
¿QDQFLDOVWDWHPHQWVRIWKHFRPSDQ\
The Securities and Exchange Board of India (Buyback of
Securities) Regulations, 1998; (NOT APPLICABLE ON THE
COMPANY)
4.
Where ever required, I have obtained the Management representation
about the compliances of laws, rules and regulations and happening
of events etc.
5.
The compliance of the provisions of the corporate and other
applicable laws, rules, regulation, standards is the responsibility of
WKHPDQDJHPHQW0\H[DPLQDWLRQZDVOLPLWHGWRWKHYHUL¿FDWLRQRI
procedures on text basis.
6.
YL $
VLQIRUPHGWRPHWKHIROORZLQJRWKHUODZVVSHFL¿FDOO\DSSOLFDEOHWR
the company are as under:
1.
The Indian Explosive Act, 1884
2.
The Petroleum Act, 1934
3.
The Indian Boilers Act, 1923 and rules/regulations made
thereunder
The Secretarial Audit report is neither an assurance as to the future
YLDELOLW\ RI WKH FRPSDQ\ QRU RI WKH HI¿FDF\ RU HIIHFWLYHQHVV ZLWK
which the management has conducted the affairs of the company.
4.
The SMPV Rules, 1981
5.
Bio-Medical Waste (Management and Handling) Rules, 1998
%DVHG RQ P\ YHUL¿FDWLRQ RI WKH FRPSDQ\ ERRNV SDSHUV PLQXWH
ERRNVIRUPVDQGUHWXUQV¿OHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH
company and also the information provided by the Company, its
RI¿FHUV DJHQWV DQG DXWKRUL]HG UHSUHVHQWDWLYHV GXULQJ WKH FRQGXFW
of secretarial audit, I hereby report that in my opinion, the company
KDV GXULQJ WKH DXGLW SHULRG FRYHULQJ WKH ¿QDQFLDO \HDU HQGHG RQ
31st March , 2015 complied with the statutory provisions listed
hereunder and also that the Company has proper Board-processes
and compliance-mechanism in place to the extent, in the manner and
subject to the reporting made hereinafter:
)O\$VK1RWL¿FDWLRQ
7.
Manufacture, Storage and Import of Hazardous Chemical Rules
1989
8.
Coal Mines (special provisions) Act, 2015
I have also examined compliance with the applicable clauses of the
following:
I have examined the books, papers, minute books, forms and returns
¿OHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\IRUWKH¿QDQFLDO
year ended on 31st March , 2015 according to the provisions of:
(i)
(ii)
The Companies Act, 1956 (to the extent applicable) and Companies
Act, 2013 read with the rules made thereunder;
The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules
made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed
thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and
(i)
Secretarial Standards issued by The Institute of Company
Secretaries of India. (NOT APPLICABLE DURING THE
AUDIT PERIOD)
(ii)
The Listing Agreements entered into by the Company with BSE
Limited and National Stock Exchange of India Limited.
I further report that:
&RPSOLDQFHRIDSSOLFDEOH¿QDQFLDOODZVLQFOXGLQJ'LUHFWDQG,QGLUHFW
Tax laws by the Company has not been reviewed in this Audit and the
same has been subject to review by the Statutory Auditors and others
designated professionals.
%DVHGRQWKHLQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRI¿FHUVDQG
authorized representatives during the conduct of the audit, and also
on review of quarterly compliance reports taken on record by the
17
Board of Directors of the Company in my opinion, adequate systems
and processes and control mechanism exist in the Company to monitor
and ensure compliance of provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above and applicable general
laws like labour laws, competition law and environmental laws subject
to the following observations:
I.
The Company paid Interim Dividend on 7,36,751 Redeemable
Cumulative Preference Shares as per terms of the issue which was not
in compliance of section 123 of the Companies Act, 2013. The above
said Redeemable Cumulative Preferences Shares were redeemed not
in compliance of provisions of Companies Act, 2013.
II.
The Company has not spent any amount during the year towards
Corporate Social Responsibility.
III. The Proxy form attached with the notice of Annual General Meeting
for the Financial Year 2013-14 was not in format.
Meetings, agenda and detailed notes on agenda were sent at least
seven days in advance, and a system exists for seeking and obtaining
IXUWKHULQIRUPDWLRQDQGFODUL¿FDWLRQVRQWKHDJHQGDLWHPVEHIRUHWKH
meeting and for meaningful participation at the meeting.
Majority decision is carried through while the dissenting members’
views are captured and recorded as part of the minutes.
Based on the compliance mechanism established by the Company
DQG RQ WKH EDVLV RI WKH &RPSOLDQFH &HUWL¿FDWHV RI WKH 0DQDJLQJ
Director and Whole-time Director and taken on record by the Board of
Directors at its meeting(s), I am of the opinion that the management
has adequate systems and processes commensurate with its size and
RSHUDWLRQV WR PRQLWRU DQG HQVXUH FRPSOLDQFH ZLWK WKH VSHFL¿FDOO\
applicable laws, rules, regulations and guidelines.
1.
IV. In respect of the Board resolutions (BR) dated 14.11.2014 and
14.02.2015 regarding approval of Un– audited Financial Results for the
2nd and 3rd4XDUWHUUHVSHFWLYHO\0*7ZDV¿OHGRQ,Q
respect of BR dated 30.05.2014 regarding issue of Redeemable NCDS
on private placement basis and approval of annual audited Financial
Results for the Year ended 31-03-2014 and BR dated 12.08.2014 and
20.09.2014 regarding issue of Redeemable Cumulative Preference
Shares and dated 12.08.2014 for further issue of securities, MGT 14
DUH\HWWREH¿OHG
V.
Joint Auditors were appointed in between the year through postal
ballot as required by the Bankers, whereas as per the provisions of
section 139 of the Companies Act, 2013, the same was supposed to
be appointed in Annual General Meeting.
9, 2QYHUL¿FDWLRQRIWKHGDWDLWZDVIRXQGWKDWFHUWDLQGLVFORVXUHVXQGHU
Regulation 13(6) of SEBI (Insider Trading) Regulations, 1992 were
¿OHGEH\RQGWKHSUHVFULEHGOLPLW$VLQIRUPHGWKHUHDVRQVIRUGHOD\
was that the disclosures made under Regulation 13(4A) were received
late. Mr. Neeraj Singal, Vice Chairman and Managing Directors of the
&RPSDQ\ KDV ¿OHG DQ DSSOLFDWLRQ XQGHU WKH FRQVHQW RUGHU VFKHPH
of SEBI for regularization of delays in disclosures of Insider trading
Regulation.
VII. No effect has been taken on the value of investment made by the
company in the de-allocated coal blocks amounting to ` 56289.96
Lacs (including expenditure incurred ` 13546.46 Lacs and advance
given ` 42743.50 Lacs) and ` 666.00 Lacs in Equity shares/ advance
for share capital in the associated company whose coal blocks have
been de-allocated pursuant to provisions of Coal Mines (Special
Provisions) act 2015.
The Board of Directors of the Company is duly constituted with
proper balance of Executive Directors, Non-Executive Directors and
Independent Directors. The changes in the composition of the Board
of Directors that took place during the period under review were
carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board
18
The Company sought approval of the shareholders at its Annual
General Meeting for the Financial Year 2013-2014 for the
following special items:
a.
Further issue of securities pursuant to the provisions of
Section 41, 42, 62, 71 and other applicable provisions,
if any, of the Companies Act, 2013 and the rules made
thereunder;
b.
Approve offer or invitation to subscribe to Non- Convertible
Debentures on Private placement basis pursuant to Section
42, 71 and all other applicable provisions of the Companies
Act, 2013 and the rules made thereunder;
c.
Issue of Redeemable Cumulative Preference shares
in accordance with section 55 and all other applicable
provisions of the Companies Act, 2013 and the rules made
thereunder;
2.
The Company got approval of the Shareholders in its Annual
General Meeting held on 20.09.2014, not by Postal Ballot, in
relation to Section 180(1) (a) of the Companies Act, 2013 to
create Charges etc. upto a limit of ` 60,000 crore.
3.
Due to the loss incurred during the year, the Company has
applied to the Central Government for the approval of managerial
remuneration paid during the year. The approval from Central
Government is still awaited.
4.
CBI registered an FIR No. RC No.-AC1/ 2014/ A0004 on
01.08.2014 against Mr. Neeraj Singal, Vice Chairman and
Managing Directors of the Company under section 120(B) of
Indian Penal Code and section 7, 12, 13(2) r/w 13(1)(d) of
Prevention of Corruption Act, 1988. He was granted bail vide
order dated 27.09.2014 of Hon’ble Court of Special Judge,
CBI. The matter is currently pending before the court and the
SURVHFXWLRQDJHQF\KDVQRW¿OHGWKHFKDUJHVKHHWWLOOGDWH
Place: New Delhi
Date: 14.08.2015
R.S. Bhatia
Practicing Company Secretary
CP No.: 2514
CORPORATE OVERVIEW
MANAGEMENT REPORTS
ANNEXURE- F
The particulars relating to conservation of energy, technology absorption,
foreign exchange earnings and outgo, as required to be disclosed under
sub-section 3(m) of Section 134 of the Companies Act, 2013 read with
Companies (Accounts) Rules 2014 are as under :
(B) TECHNOLOGY ABSORPTION
x
0RGL¿FDWLRQLQ6WHHO0HOWLQJ6KRSDQGRWKHUDUHD
CONSERVATION OF ENERGY
The Steps taken or impact on conservation of Energy;
x
Successful Commissioning and operation of Infra-Red Camera for BOF
tapping to reduce the carry over slag – Improved cleanliness of steel.

x
Successfully started segment rollers cladding. This has helped us to
utilize discarded rollers and improvement in segment life with less
wear pattern. We have commissioned entire Set up, facility required
for this process.
x
0RGL¿FDWLRQGRQHRQGULHU&2*JDVOLQHWRDYRLGFKRFNLQJWKLVDOVR
help us to ensure the cleanliness of header. Planned to implement in
all preheaters to avoid pipe line chocking.
x
In automatic slab conveying system, The ROT rollers protection
FRYHUVPRGL¿HGWRUHGXFHWKHPRWRUIDLOXUHEHFDXVHRIUROOHUVEHQG
With this, the performance of slab conveying system improved with
overall improvement in productivity of Hot Strip Mill.
x
To take care the bottom opening wagon, the track hopper system
envisaged to feed coal into the boiler of power plant. BSL planned two
nos. of track hopper to handle the bottom opening wagon. One track
hopper system is in place, the second one will be commissioned soon
7KHUH LV FRQVLVWHQW LPSURYHPHQW LQ IHHG PDWHULDOV DQG FORVH
monitoring of Blast Furnace (BF) process leads to yearly average of
65 kg/thm of Pulverized Coal Injection (PCI) and average productivity
on yearly basis was 1.89 T/m3/day in BF#1 during last year. The
average productivity on yearly basis was 1.33 T/m3/day in BF#2
without PCI during last year. The low capacity utilization of the plant
largely effected the operating performance data of the production
units.
x
The coke rate yearly average of 436 kg/thm in BF#1 and 488 kg/
thm in BF#2.
x
The fuel rate yearly average of 552 kg/thm in BF#1 and 557 kg/thm
in BF#2.
x
7KH VSHFL¿F HQHUJ\ FRQVXPSWLRQ IRU WKH ,QWHJUDWHG 6WHHO 3ODQW LQ
Angul was 6.10 GJ/tcs (ton of crude steel) during last year.
x
The commissioning of Slab Conveyer System at Slab yard for 100
% Hot Charging of steel slabs coming from caster directly into the
Reheating Furnace. With this, the operating performance of Hot Strip
0LOO LPSURYHG VLJQL¿FDQWO\ DV ZHOO LW¶V D KLJK SRLQW WRZDUGV HQHUJ\
conservation.
x
Base Mix Preparation unit commissioned to feed Base Mix into Sinter
3ODQW WR LPSURYH WKH VLQWHU TXDOLW\ DV ZHOO WKH HI¿FLHQF\ RI %ODVW
Furnace.
x
Wide use of LED lamps in all our new installations and change of
H[LVWLQJ+369ODPSVDQG¿WWLQJVZLWKHQHUJ\HI¿FLHQW/('ODPSVDQG
Fittings.
x
(I¿FLHQW XVDJH RI ,QSODQW ZDVWHV VXFK DV *&3 6OXGJH )XPH
Extraction dust, Mill Scale and BOF Filter Cake through Base Blending
Station.
x
Cold Briquetting Plant was commissioned at DRI plant and achieved
90% of rated capacity (daily production basis) within short period.
This Plant converts DRI Fines (-5 mm), together with binders such
as lime and molasses into more stable, ease to handle product e.g.,
briquettes for consumption in Steel Making Units (CONARC).
Efforts towards Technology Absorption:
7KH EHQH¿WV GHULYHG OLNH SURGXFW LPSURYHPHQW FRVW UHGXFWLRQ
product development or import substitution;
x
Product Development Initiative in Angul Plant;
x
M/s Bhushan Steel has tied up with IIT Mumbai for optimization of
High Carbon, 75Ni8, 75Cr1 & C76 steel grade w.r.t end applications
of the product after cold rolling and heat-treatment. IITM has started
technical interaction with BSL Khopoli & Odisha and initiated action
plan to proceed accordingly.
x
The procurement process initiated for Scanning Electron Microscope
(SEM) with EDAX facility for research work
x
+LJKO\ 4XDOL¿HG 0HWDOOXUJLVW LQ 5' ZLQJ XQGHU IRUPDWLRQ IRU
development of new steel grades and optimization of existing steel
grades for various applications as per the market requirement and
customization of the existing products w.r.t quality, cost and meeting
the end application requirements.
x
The R&D infrastructure developed in Angul Plant with following
facilities;
x
Finishing Mill (FM) 1 to 4 stands, The Work Roll cooling nozzles
PRGL¿HGWRLQFUHDVHZDWHUÀRZWKDWUHVXOWHGLQUHGXFWLRQRIZRUNUROO
peeling and improvement in surface quality of strips produced from
Hot Strip Mill.
Metallurgical Micro-Scope of Germany make, model Leica-DM-6000
to investigate the micro-structure, grain size and inclusion rating in
¿QLVKHGSURGXFW
x
Latest Micro-hardness testing machine in Lab for measuring the
hardness of different phases of steel.
Installation of VFD in many areas resulting in huge savings of
electrical energy.
x
The steps taken by the Company for utilising alternate source of
Energy
Tensile testing M/C of 150KN, 600KN & 1000KN. High temperature
(up to 900°C) tensile testing provision in 600KN machine.
x
DWTT Machine to investigate the % Shear Area of API grade Line
pipe steel up to X80 grade to ascertain toughness in the material.
x
Pendulum Impact Testing Machine with Cooling Chamber (up to
&DQG%URDFKLQJ0DFKLQHIRUQRWFKPDNLQJDQGSUR¿OHSURMHFWRU
for measuring accuracy of notch angle and depth.
x
New advanced Hardness Testing Machines like universal hardness
testing machine, Rockwell, Vicker, Brinell are available to measure the
hardness of wide ranged product.
x
Direct Reading Emission Spectrometer for heat and product analysis.
x
XRF, XRD equipments are available for composition analysis.
x
Leco “C & S” Analyzer and Leco O, H &N Analyzer.
x
x
7KH FOHDQHU DQG HQHUJ\ HI¿FLHQW WHFKQRORJLHV ZLWK DOWHUQDWH VRXUFH RI
Energy have been adopted in various existing technological units. We
have implemented the Best Available Technologies (BAT) for iron and
steel manufacturing to minimize the adverse impact on environment and
surrounding. It’s a new Integrated Steel Plant, the Phase - 1 commissioned
during the year 2010 and Phase - 2 commissioned during the year 2014.
The Capital Investment on Energy Conservation equipments
%KXVKDQ 6WHHO /LPLWHG KDV DGRSWHG FOHDQHU DQG HQHUJ\ HI¿FLHQW
technologies while establishing its Steel Plants. Due to adoption of latest
technologies in its existing plants no separate capital investment was
required to be made on Energy Conservation Equipments.
19
x
Development of New Products / Hot Rolled Steel Grade
x
Successfully Developed the IF grade steel for auto application as inner and outer panel in various sizes of 3.2 x 1260 – 1700 mm and 4.0 x 1260 –
1700 mm.
x
Developed Boron treated Low carbon Steel for use in higher cold reduction at Cold Rolling Mill without compromising productivity by rolling relatively
thicker gauge strip in HSM.
x
Developed Hot Rolled Strips for Boiler tubes & Super heater tubes used for low temperature application and this product is approved by IBR (Indian
Boiler Regulation).
x
'HYHORSHG+LJK&DUERQ6WHHO+RW5ROOHG6WULSVZLWK+LJK0QEH\RQG6$(VSHFL¿FDWLRQIRUFXVWRPL]HGDSSOLFDWLRQIRUVSHFL¿F&XVWRPHUV
x
Successfully Developed of High Strength IF steel grade, IF 340 in size 3.2 x 1370 mm for dent resistant in auto application.
x
Successful development and supply of 28 MnB5 high manganese & Boron Steel grade in size 5.8 x 1196 mm for Agricultural disc applications in
Overseas Market.
x
Development of BSK46 grade, high strength micro-alloyed grade for manufacturing Auto Chassis as well as various components for auto application
in various sizes of 2.6-4.0x1250 mm
x
Successful development high strength low alloy structural steel of EN10025 S355 grade in 2.9 x 1550 mm size for Indian Railways.
x
Successfully Developed and supplied Slabs of 230 x 1500 x 10000 mm in SAE 1006 and SAE 1010 grade to TATA Steel as per their customized
requirement.
x
Development of Fe 540, high strength Low alloy steel for Structural applications in Indian Railways.
x
Cost reduction by chemistry & process optimization for various grades of steel in Line Pipes & Tubes and Structural grades without affecting quality.
,QFDVHRILPSRUWHGWHFKQRORJ\LPSRUWHGGXULQJWKHODVWWKUHH\HDUVUHFNRQHGIURPEHJLQQLQJRIWKH¿QDQFLDO\HDU
The detail of the plant equipments imported during last three years are as under:
Sl.
No.
1
Description
Direct Reduction
Iron (DRI)
3.1 Mtpa
10X500 tpd coal
based DR Kilns
Year of
Instal./
Import
April’07
-’12
Addl 2.5 Mtpa
Year of
Instal./Import
April’07 -’12
10 X 500 tpd
Name of Technology
/ Equipment
Supplier
Lurgi
TGS
Kirloskar
ABB
100 tph
Koppern Gmbh
1A
Briquetting Plant
2
Coke Oven Plant
2X 64 Oven
(4.3m)
April’10
1 X 74 Oven (7.6 m)
June’14
2 X 64 Oven (4.3 m) China Shougang
1 X 74 Oven (7.6 m) Paul Wurth
Hudec Gmbh
Schalke
KIC Ltd.L&T
3
Sinter Plant
1 x 177 m2
April’10
2 x 204 m2
Oct’13
1 x 177 m2
2 x 204 m2
4
Blast Furnace
1 x 1681m3
April’10
1 x 3814m3
May’14
1 x 1681m3
1 x 3814m3
5
Pre Treatment &
1 x 60 t EAF
6 x 15 t ( IF )
2 x 180 t HMDS
Oct’13
1 x 60 t EAF
6 x 15 t ( IF )
4 x 180 t HMDS
1 x 180 t CONARC
2 x 180 t BOF with 2
ARS on line
SMS Siemag
Siemens
Miwenti
Ecomaster
Sept’13
1 x 60 t LF
1 x 15 t LF
1 x 60 t VD/VOD
Danieli
SMS Siemag
Siemens
Primary Steel
making
6
Secondary Steel
0DNLQJ5H¿QLQJ
100 tph
5.6 Mtpa
1 x 60 t LF
1 x 15 t LF
1 x 60 t VD/VOD
2 x 180 t LF
1 x 180 t RH-OB
20
2 x 180 t BOF
2 x ARS (On Line)
2 x 180 t HMDS
1 x 180 t CONARC
April’10
1x 180 t LF
1x 180 t CAS-OB
3 x 180 t LF,
1 x 180 t RH-OB
1 x 180 t CAS-OB
China Shougang
Outotec
Siemens
L&T
Danieli Corus
Paul Wurth
Siemens
L&T
Dalian Huarui Heavy
Industry
CORPORATE OVERVIEW
Sl.
No.
Description
3.1 Mtpa
7
Continuous Casting
Plant (Slab Caster)
1x 2 str +
1x 1str Billet
Caster
1 x 1str Slab
Caster (1300mm)
1 x 1 str Slab
caster (1680mm)
MANAGEMENT REPORTS
Year of
Addl 2.5 Mtpa
Year of
5.6 Mtpa
Instal./
Instal./Import
Import
April’10
2 x 1 str S C (1680mm) May’13
1 x 2 + 1 x 3 strand
strand Billet Caster
1x 1str SC (1300mm)
Name of Technology
/ Equipment
Supplier
SMS Siemag
Siemens
SMS Logistic
3 x 1 str SC
(1680mm)
8
Hot Strip Mill (HSM) 2 RHF
Roll Shop
1 Roughing +
Slitting & CTL
6 Finishing str
+2 Down coiler
April’10
1 RHF
1 Roughing +
1 Finishing str
+1 Down coiler
Under
Implementation,
May’15
3 RHF
2 Roughing +7
Finishing
+3 Down coiler
SMS Siemag
SMS Logistic
Siemens
Tenova
Waldrich Siegen FIMI
9
Lime & Dolo Plant
4X 300tpd
April’10
2X600 tpd
4 X 300tpd
2 X 600 tpd
Qualical
Siemens
10
Power Plant
1 X 33MW
(1,2,9.10
-54.5tph each
WHRB)
1X 77 MW ( 3 to8
WHRB) +120t
AFBC
12MW + 20 MW
(3X 75t AFBC)
Under
Implementation,
Dec’14 (1 Kiln)
Nov’13
1 X 33MW
(1,2,9.10 -54.5tph
each WHRB)
1X 77 MW
(3 to 8 WHRB)
+120t AFBC
12MW + 20 MW ( 3X
75t AFBC)
1X 165 MW (3X 275
tph CFBC)
1X 14 MW
(TRT)
BHEL
Siemens
IGT
ABB
Salzer Pumps
KSB Pumps
Adlec
Kirloskar
Crompton Greaves
Universal Cables
11
CRM (With
Annealing,
Galvanizing,Colour
coating facilites)
Capacity 0.6 MTPA
1X 165 MW ( 3X 275
tph CFBC)
1X 14 MW ( TRT)
HR Slitting Line
Pickling Line
6 Hi CRM
(1x1020mm 0.18Mtpa
1x1250mm 0.22Mtpa
1x1350mm 0.25Mtpa)
Batch Annealing
Furnace -18 Bases
Electrolytic Cleaning
Line
Skin Pass Mill
2 nos. Galvanizing Line
Colour Coating Line
Slitting Lines
Rewing cum Trimming
Line
Cut To Length Line
Tension Leveling cum
Rewinding Line
Corrugation M/c
H2 Generation Plant
ARP
ETP
ARP, ETP etc
Dec’13
CMI FPE
SMS Siemeg
Hypertherm
ABB
Ebner
Pomini
Waldrich Siegen
Sarclad
FIMI
Azax
The imported technology have been fully absorbed.
Expenditure incurred on Research and Development
Research and Development is a continual process towards product development and improvement in quality of product. In principle, R & D initiative is
part of regular investment considering sustainable production with good quality products. Company’s R & D activities consist of carrying on normal quality
WHVWLQJRILWVUDZPDWHULDOZRUNLQSURJUHVVDQG¿QLVKHGJRRGV,WGRHVQRWLQYROYHGHYHORSPHQWVRIQHZSURGXFWV
FOREIGN EXCHANGE EARNINGS AND OUTGO
Total Foreign Exchange used and earned
Used : ` 4146.91 Cr.
Earned : ` 1536.41 Cr.
21
ANNEXURE - G
Form No. MGT-9
EXTRACT OF ANNUAL RETURN
DVRQWKH¿QDQFLDO\HDUHQGHGRQ0DUFK
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I.
REGISTRATION AND OTHER DETAILS:
i
CIN
L74899DL1983PLC014942
ii
Registration Date
08.01.1983
iii
Name of the Company
iv
Category / Sub-Category of the Company Company limited by shares/ Indian Non-Government company
v
$GGUHVVRIWKH5HJLVWHUHGRI¿FHDQG
contact details
Bhushan Centre, Ground Floor, Hyatt Regency Complex, Bhikaji Cama Place, New Delhi-110066
Tel. : 011-39194000, 71194000 Fax : 011-46518611, 26478750
E-mail-bsl@bhushansteel.com Web site : www.bhushansteel.com
vi
Whether listed company Yes / No
Yes. Listed in BSE & NSE
vii
Name, Address and Contact details of
Registrar and Transfer Agent, if any
RCMC Share Registry Pvt. Ltd. (Unit : BHUSHAN STEEL LIMITED)
B-25/1, First Floor, Okhla Industrial Area Phase II,New Delhi - 110020.
Phone : 011 – 26387320, 26387321, 26387323 Fax : 011 - 26387322
e-mail: shares@rcmcdelhi.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:Sr.
No.
Name and Description of main products /
services
NIC Code of the Product/ service
% to total turnover of
the company
1.
Metal
241-Manufacture of Basic Iron & Steel,
100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES S. NAME AND ADDRESS OF THE COMPANY
N0
CIN/GLN
HOLDING/ SUBSIDIARY/ ASSOCIATE
% of shares
held
Applicable
Section
1
Bhushan Steel (Orissa) Ltd.
U27100DL2010PLC202028
SUBSIDIARY
100.00 2(87)(ii)
2
Bhushan Steel Madhya Bharat Ltd.
U27100DL2010PLC202026
SUBSIDIARY
100.00 2(87)(ii)
3
Bhushan (South) Ltd.
U27100DL2010PLC202027
SUBSIDIARY
100.00 2(87)(ii)
4
Bhushan Steel Australia Pty Ltd.
NA
FOREIGN SUBSIDIARY
5
Bhushan Energy Limited
U40105DL2005PLC140748
Associate
47.71 2(6)
6
Bhushan Capital & Credit Services Private Limited
U74899DL1993PTC054636
Associate
42.58 2(6)
7
Jawahar Credit & Holdings Private Limited
U74899DL1993PTC054635
Associate
39.89 2(6)
90.97 2(87)(ii)
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
i.
Category-wise Share Holding
Category of Shareholders
No. of Shares held at the
beginning of the year
end of the year
As on 01/04/2014
Demat Physical
% Change
during the year
As on 31/03/2015
Total
% of
Total
Shares
Demat Physical
Total
% of
Total
Shares
A. Promoters
(1) Indian
a) Individual/ HUF
b) Central Govt State Govt (s)
c) Bodies Corp.
d) Banks/FI
e) Others (trusts)
Sub-total (A) (1):-
22
128891243
0
128891243
56.90
101852018
0
101852018
44.96
0
0
0
0.00
0
0
0
0.00
32431540
0
32431540
14.32
32010805
0
32010805
14.13
0
0
0
0.00
0
0
0
0.00
0
0
0.00
0
0
0
0.00
0 133862823
59.10
0
161322783
0 161322783
71.22 133862823
-11.937
-0.186
-12.123
CORPORATE OVERVIEW
Category of Shareholders
end of the year
As on 01/04/2014
Demat Physical
MANAGEMENT REPORTS
% Change
during the year
As on 31/03/2015
Total
% of
Total
Shares
Demat Physical
Total
(2) Foreign
% of
Total
Shares
0.00
a)NRIs – Individuals
0
0
0
0.00
0
0
0
b)Other – Individuals
0
0
0
0.00
0
0
0
0.00
c)Bodies Corp.
0
0
0
0.00
0
0
0
0.00
d)Banks / FI
0
0
0
0.00
0
0
0
0.00
e) Any Other....
0
0
0
0.00
0
0
0
0.00
Sub-total(A)(2):-
0
0
0
0.00
0
0
0
0.00
0.000
0 133862823
Total shareholding of
Promoter (A) = (A)(1)+(A)(2)
161322783
0 161322783
71.22 133862823
0.00
59.10
-12.123
B. Public Shareholding
0.00
0.000
1. Institutions
0.00
0.000
19714
4000
23714
0.01
1269
4000
5269
0.00
-0.008
130
4000
4130
0.00
27300
4000
31300
0.01
0.012
c)Central Govt/ State Govt(s)
0
0
0
0.00
0
0
0
0.00
0.000
d) Venture Capital Funds
0
0
0
0.00
0
0
0
0.00
0.000
e)Insurance Companies
8919330
0
8919330
3.94
9016484
0
9016484
3.98
0.043
f) FIIs
a) Mutual Funds
b) Banks/FI
4076210
0
4076210
1.80
3235202
0
3235202
1.43
-0.371
g)Foreign Venture Capital
Funds
0
0
0
0.00
0
0
0
0.00
0.000
i) Others
0
0
0
0.00
0
0
0
0.00
0.000
13015384
8000
13023384
5.75
12280255
8000
12288255
5.42
-0.325
43211054
31305
43242359
19.09
63228388
30805
63259193
27.93
8.837
Sub-total (B)(1):2.Non-Institutions
a) Bodies Corp.
b) Individuals
i)Individual shareholders
holding nominal share capital
upto ` 1 lakh
0.00
2166856
760080
2926936
1.29
9982207
737086
ii) Individual shareholders
holding nominal share capital
in excess of ` 1 lakh
4818857
0
4818857
2.13
4729930
0
C) Others : i) Clearing Members
1060717
0
1060717
0.47
1171193
0
ii) Non Residents
10719293
4.73
3.440
4729930
2.09
-0.039
1171193
0.52
0.049
0.088
48210
71500
119710
0.05
250559
69000
319559
0.14
iii) Foreign Company
0
0
0
0.00
0
0
0
0.00
0.000
iv) Trusts
0
0
0
0.00
164500
0
164500
0.07
0.073
Sub-total (B)(2):-
51305694
862885
52168579
23.03
79526777
836891
80363668
35.48
12.447
Total Public Shareholding
(B) = (B)(1) + (B)(2)
64321078
870885
65191963
28.78
91807032
844891
92651923
40.90
12.123
0
0
0.00
0
0
0
0.00
C. Shares held by Custodian
for GDRs & ADRs
Grand Total (A+B+C)
0
225643861
870885 226514746 100.00 225669855
844891 226514746 100.00
0.000
23
ii.
Shareholding of Promotors
Sl
No.
Shareholder’s
Name
Shareholding at the beginning
of the year 01/04/2014
No. of Shares % of total
Shares
of the
company
NEERAJ SINGAL
72994821
32.22
68362873
51480927
22.73
43341006
-9.49
2
BHUSHAN
INFRASTRUCTURE
PVT. LTD.
32431540
14.31
3333000
32010805
14.13
4356419
-0.18
3
RITU SINGAL
7020309
3.099
4530311
6020309
2.658
4830311
-0.441
4
PUSHPA GARG
1006200
0.444
0
1006150
0.444
0
0
5
BRIJ BHUSHAN
SINGAL
45628672
20.144
39746887
41103391
18.146
38428439
-1.998
6
BRIJ BHUSHAN
SINGAL (HUF)
10666
0.005
0
10666
0.005
0
0
7
AISHWARYA SINGAL
2230575
0.985
0
2230575
0.985
0
0
161322783
71.207
115973071
133862823
59.098
90956175
-12.109
Change in Promoters’ Shareholding ( please specify, if there is no change)
Sr. Particulars
No.
Shareholding at the beginning of
the year 01/04/2014
Status
1
Cumulative Shareholding during the
year 31/03/2015
No. of shares
% of total
shares of the
company
No. of shares
% of total
shares of the
company
72994821
32.23
72994821
32.23
-539915
-0.24
72454906
31.99
NEERAJ SINGAL
At the beginning of the year
23/05/2014
Invocation
20/06/2014
Acquisition
230000
0.1
72684906
32.09
30/06/2014
Acquisition
134000
0.06
72818906
32.15
11/07/2014
Acquisition
512
0
72819418
32.15
08/08/2014
Invocation
-2128372
-0.94
70691046
31.21
15/08/2014
Invocation
-9104422
-4.02
61586624
27.19
22/08/2014
Invocation
-3593
0
61583031
27.19
29/08/2014
Invocation
-3220
0
61579811
27.19
05/09/2014
Invocation
-3702543
-1.63
57877268
25.55
19/09/2014
Invocation
-213488
-0.09
57663780
25.46
30/09/2014
Invocation
-50000
-0.02
57613780
25.44
10/10/2014
Invocation
-69121
-0.03
57544659
25.41
17/10/2014
Invocation
-230879
-0.1
57313780
25.31
24/10/2014
Invocation
594532
0.26
57908312
25.57
31/10/2014
Invocation
-78585
-0.03
57829727
25.53
07/11/2014
Invocation
-140000
-0.06
57689727
25.47
14/11/2014
Invocation
-225206
-0.1
57464521
25.37
21/11/2014
Invocation
-145269
-0.06
57319252
25.31
28/11/2014
Invocation
-71400
-0.03
57247852
25.28
05/12/2014
Invocation
-73449
-0.03
57174403
25.24
12/12/2014
Invocation
-79788
-0.04
57094615
25.21
20/03/2015
Invocation
-41550
-0.02
57053065
25.19
27/03/2015
Invocation
-5572138
-2.46
51480927
22.73
51480927
22.73
At the end of the year
24
% of total No. of Shares % of total
% of total
Shares
Shares Shares Pledged/
Pledged/
of the encumbered to
encumbered
company
total shares
to total
shares
% change in
shareholding
during the
year
1
TOTAL
i.
Shareholding at the end
of the year31/03/2015
CORPORATE OVERVIEW
Sr. Particulars
No.
Shareholding at the beginning of
the year 01/04/2014
Status
2
MANAGEMENT REPORTS
Cumulative Shareholding during the
year 31/03/2015
No. of shares
% of total
shares of the
company
No. of shares
Invocation
45628672
20.15
45628672
20.15
-535715
-0.24
45092957
19.91
15/08/2014
Acquisition
174740
0.08
45267697
19.99
22/08/2014
Invocation
-210237
-0.09
45057460
19.89
29/08/2014
Invocation
-64377
-0.03
44993083
19.87
05/09/2014
Invocation
-1259199
-0.56
43733884
19.31
20/03/2015
Invocation
-40150
-0.02
43693734
19.29
27/03/2015
Invocation
-2590343
-1.14
41103391
18.15
41103391
18.15
BHUSHAN INFRASTRUCTURE
PRIVATE LIMITED
18/07/2014
Acquisition
32431540
14.32
32431540
14.32
290000
0.13
32721540
14.45
25/07/2014
Acquisition
15000
0.01
32736540
14.45
08/08/2014
Invocation
-82086
-0.04
32654454
14.42
15/08/2014
Invocation
-47195
-0.02
32607259
14.4
22/08/2014
Invocation
-18415
-0.01
32588844
14.39
29/08/2014
Invocation
-9805
0
32579039
14.38
05/09/2014
Invocation
-61734
-0.03
32517305
14.36
19/09/2014
Invocation
-25200
-0.01
32492105
14.35
27/02/2015
Invocation
-176000
-0.08
32316105
14.27
20/03/2015
Invocation
-305300
-0.13
32010805
14.13
32010805
14.13
4
RITU SINGAL
15/08/2014
Invocation
7020309
3.1
7020309
3.1
-1000000
-0.44
6020309
2.66
6020309
2.66
2230575
0.98
2230575
0.98
5
AISHWARYA SINGAL
2230575
0.98
6
PUSHPA GARG
23/05/2014
Transfer
1006200
0.44
1006200
0.44
-50
0
1006150
0.44
1006150
0.44
10666
0
10666
0
7
BRIJ BHUSHAN SINGAL
(HUF)
10666
0
(i)
% of total
shares of the
company
BRIJ BHUSHAN SINGAL
08/08/2014
3
Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sl
No.
1
For Each of the Top 10 Shareholders
Shareholding at the
(01/04/2014
% of total
No. of
shares of the
Shares
company
MOONSTAR SECURITIES TRADING & FINANCE
COMPANY PVT. LTD.
Cumulative Shareholding
during the year
(31/03/2015)
% of total
No. of
shares of the
Shares
company
10287057
4.54
10287057
4.54
20/06/2014
Transfer
-375000
-0.17
9912057
4.38
08/08/2014
Transfer
-247492
-0.11
9664565
4.27
9664565
4.27
25
Sl
No.
2
For Each of the Top 10 Shareholders
Shareholding at the
(01/04/2014
% of total
No. of
shares of the
Shares
company
LIFE INSURANCE CORPORATION OF INDIA
8014898
3.54
3
4523680
2
4523680
2
1000000
0.44
5523680
2.44
30/09/2014
Transfer
-275000
-0.12
5248680
2.32
27/02/2015
Transfer
-136651
-0.06
5112029
2.26
06/03/2015
Transfer
-238349
-0.11
4873680
2.15
13/03/2015
Transfer
-550000
-0.24
4323680
1.91
31/03/2015
Transfer
-250000
-0.11
4073680
1.8
4073680
1.8
2119505
0.94
2119505
0.94
2111195
0.93
2111195
0.93
2102120
0.93
2102120
0.93
2100000
0.93
2100000
0.93
2099650
0.93
2099650
0.93
2091135
0.92
2091135
0.92
2089060
0.92
2089060
0.92
TERRIFIC STEEL PVT LTD
2119505
0.94
PROMINENT HOSPITALS PRIVATE LIMITED
2111195
0.93
DELIGHT RESORTS PVT LTD
2102120
0.93
7
TITANIC DEVELOPERS AND BUILDERS PVT LTD
2100000
0.93
8
SUPREME PLACEMENT SERVICES PVT LTD
2099650
0.93
9
SUNLIGHT TOUR AND TRAVELS PRIVATE LIMITED
2091135
0.92
10
DEPENDABLE TRANSPORT PVT LTD
2089060
0.92
11
L AND T FINCORP LIMITED
0
0
0
0
08/08/2014
Transfer
50000
0.02
50000
0.02
27/03/2015
Transfer
2689981
1.19
2739981
1.21
2739981
1.21
12
ECL FINANCE LIMITED
0
0
0
0
10000000
4.42
10000000
4.42
15/08/2014
Transfer
12/12/2014
Transfer
400
0
10000400
4.42
20/02/2015
Transfer
-400
0
10000000
4.42
10000000
4.42
13
FAMILY CREDIT LIMITED
27/03/2015
26
3.54
Transfer
6
3.54
8014898
09/05/2014
5
8014898
ARCHANA MITTAL
4
during the year
(31/03/2015)
% of total
No. of
shares of the
Shares
company
Transfer
0
0
0
0
3497500
1.54
3497500
1.54
3497500
1.54
CORPORATE OVERVIEW
MANAGEMENT REPORTS
(v) Shareholding of Directors and Key Managerial Personnel:
Sr.
No.
Particulars
Shareholding at the beginning
of the year 01/04/2014
Status
1
No. of shares
% of total
shares of the
company
72994821
32.23
72994821
32.23
Invocation
-539915
-0.24
72454906
31.99
20/06/2014
Acquisition
230000
0.1
72684906
32.09
30/06/2014
Acquisition
134000
0.06
72818906
32.15
11/07/2014
Acquisition
512
0
72819418
32.15
08/08/2014
Invocation
-2128372
-0.94
70691046
31.21
15/08/2014
Invocation
-9104422
-4.02
61586624
27.19
22/08/2014
Invocation
-3593
0
61583031
27.19
29/08/2014
Invocation
-3220
0
61579811
27.19
05/09/2014
Invocation
-3702543
-1.63
57877268
25.55
19/09/2014
Invocation
-213488
-0.09
57663780
25.46
30/09/2014
Invocation
-50000
-0.02
57613780
25.44
10/10/2014
Invocation
-69121
-0.03
57544659
25.41
17/10/2014
Invocation
-230879
-0.1
57313780
25.31
24/10/2014
Invocation
594532
0.26
57908312
25.57
31/10/2014
Invocation
-78585
-0.03
57829727
25.53
07/11/2014
Invocation
-140000
-0.06
57689727
25.47
14/11/2014
Invocation
-225206
-0.1
57464521
25.37
21/11/2014
Invocation
-145269
-0.06
57319252
25.31
28/11/2014
Invocation
-71400
-0.03
57247852
25.28
05/12/2014
Invocation
-73449
-0.03
57174403
25.24
12/12/2014
Invocation
-79788
-0.04
57094615
25.21
20/03/2015
Invocation
-41550
-0.02
57053065
25.19
27/03/2015
Invocation
-5572138
-2.46
51480927
22.73
51480927
22.73
BRIJ BHUSHAN SINGAL
45628672
20.15
45628672
20.15
-535715
-0.24
45092957
19.91
174740
0.08
45267697
19.99
-210237
-0.09
45057460
19.89
08/08/2014
Invocation
15/08/2014
Acquisition
22/08/2014
Invocation
29/08/2014
Invocation
-64377
-0.03
44993083
19.87
05/09/2014
Invocation
-1259199
-0.56
43733884
19.31
20/03/2015
Invocation
-40150
-0.02
43693734
19.29
27/03/2015
Invocation
-2590343
-1.14
41103391
18.15
41103391
18.15
P. K. AGGARWAL
444
0.00
5
444
0.00
444
0.00
O. P. DAVRA
1112
0.00
V.
% of total
shares of the
company
23/05/2014
4
No. of shares
NEERAJ SINGAL
2
during the year 31/03/2015
1112
0.00
1112
0.00
INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(` in Crore)
Secured Loans
excluding deposits
Unsecured
Loans
Deposits
Total
Indebtedness
i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
35050
484
175
1
0
0
0
35225
0
485
Total (i+ii+iii)
35534
176
0
35710
,QGHEWHGQHVVDWWKHEHJLQQLQJRIWKH¿QDQFLDO\HDU
27
Secured Loans
excluding deposits
Unsecured
Loans
Deposits
Total
Indebtedness
&KDQJHLQ,QGHEWHGQHVVGXULQJWKH¿QDQFLDO\HDU
· Addition
· Reduction
5378
2003
668
189
0
0
Net Change
3375
479
0
3854
i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
38425
450
339
654
0
1
0
0
0
39079
450
340
Total (i+ii+iii)
39214
655
0
39869
6046
2192
Indebtedness at the
HQGRIWKH¿QDQFLDO\HDU
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A
Remuneration to Managing Director, Whole-time Directors and/or Manager:
Sl. no. Particulars of Remuneration
1
Name of MD/WTD/ Manager
Total Amount
Mr. Neeraj
Singal
Mr. Nittin
Johari
Mr. Rahul Sen
Gupta
Mr. P.K.
Agarwal
12000000
11400000
7500000
7500000
38400000
2466009
39600
39600
39600
2584809
Gross salary
(a) Salary as per provisions contained in
section 17(1) of the Income-tax Act,
1961
(b) Value of perquisites u/s 17(2) Incometax Act, 1961
F3UR¿WVLQOLHXRIVDODU\XQGHUVHFWLRQ
17(3) Income-tax Act, 1961
2.
Stock Option
-
-
-
-
-
3.
Sweat Equity
-
-
-
-
-
4.
Commission
-
-
-
-
-
DVRISUR¿W
- others, specify
5.
Others, please specify-PF
Total (A)
Ceiling as per the Act
B
-
-
16500
16500
11439600
7539600
7556100
41001309
NIL
NIL
NIL
NIL
NIL
Remuneration to other directors:
Sl.
no.
1
Particulars of
Remuneration
Name of Directors
Total
Amount
Mr.
Mr. M. V.
Mr. V.K.
Mr.
B. B.
Suryanarayana Mehrotra Ashwani
Tandon
Kumar
Mr.
Rakesh
Singhal
Mr. Sahil
Goyal
Mr.
Mr.
Pradeeep Pankaj
Patni
Sharma
300000
280000
40000
120000
20000
80000
80000
20000
940000
0
0
0
0
0
0
0
0
0
300000
280000
40000
120000
20000
80000
80000
20000
940000
3. Independent
Directors
· Fee for
attending
board /
committee
meetings
· Commission
· Others, please
specify
Total (1)
28
14466009
CORPORATE OVERVIEW
Sl.
no.
Particulars of
Remuneration
MANAGEMENT REPORTS
Name of Directors
Total
Amount
Mr. B. B.Singal
4. Other NonExecutive
Directors
· Fee for
attending
board /
committee
meetings
· Commission
· Others, please
specify
860000
Total (2)
860000
860000
0
0
0
0
860000
Total
(B)=(1+2)
Total
Managerial
Remuneration
Overall Ceiling
as per the Act
1800000
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
6LWWLQJIHHVSDLGWRQRPLQHHGLUHFWRUV%DQN¿QDQFLDOLQVWLWXWLRQVKDYHQRWEHHQFRQVLGHUHGLQWKHDERYHWDEOH
C.
Remuneration to Key Managerial Personnel other than MD/Manager/WTD
Sl.
no.
1
Particulars of Remuneration
Key Managerial Personnel
Company Secretary
CFO
Total
2010000
11400000
13410000
21600
39600
61200
Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
F3UR¿WVLQOLHXRIVDODU\XQGHUVHFWLRQ,QFRPHWD[$FW
2
Stock Option
-
-
-
3
Sweat Equity
-
-
-
4
Commission
-
-
-
-
-
-
2031600
11439600
13471200
DVRISUR¿W
- others, specify
5
Others, please specify
Total
29
ANNEXURE- H
DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE
5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
L 7KHSHUFHQWDJHLQFUHDVHLQUHPXQHUDWLRQRIHDFK'LUHFWRU&KLHI)LQDQFLDO2I¿FHUDQG&RPSDQ\6HFUHWDU\GXULQJWKH¿QDQFLDO\HDUUDWLRRI
WKHUHPXQHUDWLRQRIHDFK'LUHFWRUWRWKHPHGLDQUHPXQHUDWLRQRIWKHHPSOR\HHVRIWKH&RPSDQ\IRUWKH¿QDQFLDO\HDUDQGWKHFRPSDULVRQ
of remuneration of each Key Managerial Personnel (KMP) against the performance of the Company are as under:
Sr.
No.
Name of Director/KMP and
Designation
Remuneration
of Director/ KMP for
¿QDQFLDO\HDU
2014-15
(` in Crore)
% increase in
Remuneration
in the Financial
Year 2014-15
Ratio of
remuneration of each
Director/ to median
remuneration of
employees
Comparison of the
Remuneration of the
KMP against the
performance of the
Company
1
Mr. Neeraj Singal
Vice Chairman & Managing Director
1.45
0.98
67:1
As per point (vi)
2
Mr. Nittin Johari
Whole- time Director (Finance) cum
&KLHI)LQDQFLDO2I¿FHU
1.14
17.73
53:1
As per point (vi)
3
Mr. Rahul Sen Gupta
Whole- time Director (Technical)
0.75
27.47
35:1
As per point (vi)
4
Mr. P. K. Aggarwal
Whole- time Director (Commercial)
0.76
27.93
35:1
As per point (vi)
5
Mr. O. P. Davra
Company Secretary
0.20
-
9:1
As per point (vi)
LL WKHPHGLDQUHPXQHUDWLRQRIWKHHPSOR\HHVRIWKHFRPSDQ\IRUWKH¿QDQFLDO\HDU
- The Median Remuneration of the employees of the Company is ` 2.14 Lacs.
LLL WKHSHUFHQWDJHLQFUHDVHLQWKHPHGLDQUHPXQHUDWLRQRIHPSOR\HHVLQWKH¿QDQFLDO\HDU
- The percentage increase in the median remuneration of employees is 6.5% .
(iv) the number of permanent employees on the rolls of company;
- The number of Permanent employees on the rolls of the Company as on 31st March, 2015 is 5424.
(v)
the explanation on the relationship between average increase in remuneration and company performance;
- The reward philosophy of the Company is to provide market competitive increments, keeping the Company performance in
perspective, while driving a performance culture simultaneously.
(vi) comparison of the remuneration of the Key Managerial Personnel against the performance of the company;
- All the key Managerial Personnel of the Company are associated with the Company for long time. The Company achieved
enormous growth under their leadership. The remuneration paid to them is below par as compared to peer Industries. No
variable salaries was paid to the Key Managerial Personnel keeping in mind the Company Performance.
YLL YDULDWLRQVLQWKHPDUNHWFDSLWDOLVDWLRQRIWKHFRPSDQ\SULFHHDUQLQJVUDWLRDVDWWKHFORVLQJGDWHRIWKHFXUUHQW¿QDQFLDO\HDUDQGSUHYLRXV¿QDQFLDO
year and percentage increase over decrease in the market quotations of the shares of the company in comparison to the rate at which the company
came out with the last public offer in case of listed companies, and in case of unlisted companies, the variations in the net worth of the company as
DWWKHFORVHRIWKHFXUUHQW¿QDQFLDO\HDUDQGSUHYLRXV¿QDQFLDO\HDU
Close Price
April 01, 2014
March 31, 2015
% Change
BSE
453.15
65.90
- 85.46%
NSE
452.40
65.20
- 85.59%
Market Capitalisation
BSE
10264.52 Cr.
1492.73 Cr.
- 85.46%
NSE
10247.53 Cr.
1476.88 Cr.
- 85.59%
IPO
March 31, 2015
% Change
24
65.90
174.58%
BSE
203.21
-1.18
-100.58%
NSE
202.87
-1.17
-100.58%
IPO vs March 31, 2015
Price (Adjusted)
Price/Earning
YLLLDYHUDJHSHUFHQWLOHLQFUHDVHDOUHDG\PDGHLQWKHVDODULHVRIHPSOR\HHVRWKHUWKDQWKHPDQDJHULDOSHUVRQQHOLQWKHODVW¿QDQFLDO\HDUDQGLWVFRPSDULVRQ
ZLWKWKHSHUFHQWLOHLQFUHDVHLQWKHPDQDJHULDOUHPXQHUDWLRQDQGMXVWL¿FDWLRQWKHUHRIDQGSRLQWRXWLIWKHUHDUHDQ\H[FHSWLRQDOFLUFXPVWDQFHVIRU
increase in the managerial remuneration;
- Considering the Company performance, Key Managerial Personnel were given the increment commensurate with peer industries.
Thus the increase in the salary should be seen as salary correction. Whereas other employees were given an average salary
LQFUHDVHRIWRPDWFKLQÀDWLRQDQGWRNHHSWKHPPRWLYDWHG
30
CORPORATE OVERVIEW
MANAGEMENT REPORTS
(ix) Comparision of the each remuneration of the Key Managerial Personnel against the performance of the company
As per Section 203 of the Companies Act 2013 Key Managerial Personnel of the Company are as under:
Mr. Neeraj Singal, Vice-Chairman and Managing Director
Mr. O.P. Davra, Vice-President (Corporate affairs) & Company Secretary
0U1LWWLQ-RKDUL:KROHWLPH'LUHFWRU)LQDQFHFXP&KLHI)LQDQFLDO2I¿FHU
Mr. Rahul Sen Gupta, Whole-time Director (Technical)
Mr. P. K. Agarwal, Whole-time Director (Commercial)
Remuneration of the Key Managerial Persons is as per the Industry norms. No variable was paid to the Key Managerial personnel.
(x)
the key parameters for any variable component of remuneration availed by the directors;
-
No variable component of remuneration was paid to the directors.
(xi) the ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the
highest paid director during the year; and
-
The highest paid director is the Mr. Neeraj Singal, Vice Chairman and Managing director of the Company. No other employee
was paid remuneration in excess of the highest paid director during the year
[LL DI¿UPDWLRQWKDWWKHUHPXQHUDWLRQLVDVSHUWKHUHPXQHUDWLRQSROLF\RIWKHFRPSDQ\
- , WLVKHUHE\DI¿UPHGWKDWWKHUHPXQHUDWLRQSDLGGXULQJWKH\HDUHQGHGVW0DUFKLVDVSHUWKH5HPXQHUDWLRQ3ROLF\RI
the Company.
DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH
RULE 5(2) AND 5(3) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
SR.
NO.
NAME
DESIGNATION
REMUNERATION
(`)
QUALIFICATION AGE EXP.
DATE OF
NATURE OF
COMDUTIES
MENCE
-MENT OF
EMPLOYMENT
LAST
EMPLOYMENT
1
2 3
4
5
6
7
8
9
10
EMPLOYED THROUGHOUT THE YEAR AND WAS IN RECEIPT OF REMUNERATION OF NOT LESS THAN ` 60,00,000 PER ANNUM.
1 SH. NEERAJ
VICE CHAIRMAN 14466009
GRADUATE
47
28
1.04.1992
OPERATIONS
EXECUTIVE
SINGAL
& MANAGING
AND DAY TO DAY DIRECTOR
DIRECTOR
MANAGEMENT
WITH BHUSHAN
METALLICS LTD.
2 SH. NITTIN
DIRECTOR
11439600
M.COM., F.C.A..
52
30
6.01.1995
CORPORATE
FINANCE
JOHARI
FINANCE
FINANCING AND
CONTROLLER
OTHER RELATED
WITH WIMCO
MATTERS
LTD.
3 SH. RAHUL
DIRECTOR
7539600
B.Sc.Engg.
56
34
22.05.1995 PROJECT
INDIAN OXYGEN
SENGUPTA
TECHNICAL
PLANNING AND
LTD.
IMPLEMENTATION
OTHER TECHNICAL
RALATED MATTERS
4 SH.P.K.
DIRECTOR
7556100
B.Sc.,F.C.A.
61
39
01.05.1991 ALL COMMERCIAL ASST. GENERAL
AGGRAWAL
COMMERCIAL
AND LEGAL
MANAGER
MATTERS RELATED WITH BHUSHAN
TO INDIRECT
INDUSTRIES LTD
TAXATION
5 SMT. RITU
CHIEF
6860000
Graduate
42
10
01.02.2005 OVERALL
SINGAL
ADMINISTRATIVE
ADMINISTRATION
OFFICER
OF THE COMPANY
EMPLOYED FOR A PART OF THE YEAR AND WAS IN RECEIPT OF REMUNERATION OF NOT LESS THAN ` 5,00,000 PER MONTH.
1 SH. ASHOK
EXECUTIVE
5076123
B.E.(METALLURGY) 67
41
1.08.2011
CORPORATE
MANAGING
KUMAR RAINA DIRECTOR
DEVELOPMENT
DIRECTOR WITH
M G TRADE
SERVICES
(INDIA) LTD,
Notes:
1.
Remuneration as shown above includes salary, allowances, medical expenses, house rent, taxable value of perquisites but excludes gratuity
provision.
2.
Sh. Neeraj Singal is a relative of Sh. B. B. Singal, Non-Executive Chairman.
3.
Sh. Neeraj Singal holds 22.73% of paid up Equity Share Capital of the company.
4.
Nature of employment of Sh. Neeraj Singal is contractual.
31
INDEPENDENT AUDITORS’ REPORT
To
The Members of Bhushan Steel Limited
Report on the Standalone Financial Statements
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ VWDQGDORQH ¿QDQFLDO VWDWHPHQWV RI
Bhushan Steel Limited (“the Company”), which comprises the Balance
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)ORZ 6WDWHPHQW IRU WKH \HDU WKHQ HQGHG DQG D VXPPDU\ RI VLJQL¿FDQW
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ended.
Management’s Responsibility for the Standalone Financial Statements
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6HFWLRQRIWKH&RPSDQLHV$FW³7KH$FW´ZLWKUHVSHFWWRWKH
SUHSDUDWLRQRIWKHVHVWDQGDORQH¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQG
IDLU YLHZ RI WKH ¿QDQFLDO SRVLWLRQ ¿QDQFLDO SHUIRUPDQFH DQG FDVK ÀRZV
RI WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK WKH DFFRXQWLQJ SULQFLSOHV JHQHUDOO\
DFFHSWHG LQ ,QGLD LQFOXGLQJ WKH $FFRXQWLQJ 6WDQGDUGV VSHFL¿HG XQGHU
6HFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
7KLVUHVSRQVLELOLW\DOVRLQFOXGHVPDLQWHQDQFHRIDGHTXDWHDFFRXQWLQJ
UHFRUGVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWIRUVDIHJXDUGLQJWKH
DVVHWVRIWKH&RPSDQ\DQGIRUSUHYHQWLQJDQGGHWHFWLQJIUDXGVDQGRWKHU
LUUHJXODULWLHVVHOHFWLRQDQGDSSOLFDWLRQRIDSSURSULDWHDFFRXQWLQJSROLFLHV
PDNLQJ MXGJPHQWV DQG HVWLPDWHV WKDW DUH UHDVRQDEOH DQG SUXGHQW DQG
GHVLJQ LPSOHPHQWDWLRQ DQG PDLQWHQDQFH RI DGHTXDWH LQWHUQDO ¿QDQFLDO
FRQWUROV WKDW ZHUH RSHUDWLQJ HIIHFWLYHO\ IRU HQVXULQJ WKH DFFXUDF\ DQG
FRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVUHOHYDQWWRWKHSUHSDUDWLRQDQG
SUHVHQWDWLRQRIWKH¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZDQG
DUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU
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BALANCE SHEET AS AT 31ST MARCH, 2015
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EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital
Reserves and Surplus
2
3
Share Application Money Pending Allotment
Non-Current Liabilities
Long-Term Borrowings
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788056.78
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915312.86
-
4
5
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216163.10
2910292.52
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Short-Term Borrowings
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Short-Term Provisions
8
10
2848.10
1208986.05
5290752.25
1280469.04
5106074.42
251184.10
3907540.76
216629.78
1631826.20
3819052.25
62324.15
241717.75
8684.21
1166581.71
5290752.25
142442.58
1045304.42
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Total
ASSETS
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15
16
18
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STATEMENT OF PROFIT AND LOSS
)257+(<($5(1'('670$5&+
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NOTE
Year Ended 31.03.2015
INCOME
20
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/HVV([FLVH'XW\
Other Income
21
TOTAL REVENUE
1065927.78
970494.51
EXPENSES
22
&RVWRI0DWHULDOV&RQVXPHG
3XUFKDVHRI*RRGV7UDGHG
23
4831.81
&KDQJHLQ,QYHQWRULHVRI)LQLVKHG*RRGV:RUN,Q3URJUHVVDQG
Stock- in -Trade
24
(2138.02)
(PSOR\HH%HQH¿WV([SHQVH
25
Finance Costs
26
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH
226361.11
Total Expenses
Other Expenses
1190422.64
960961.08
3UR¿W/RVV%HIRUHH[FHSWLRQDOH[WUDRUGLQDU\LWHP
and Tax
(124494.86)
9533.43
Exceptional Items
28
3UR¿W/RVV%HIRUH7D[
1000.00
-
(125494.86)
9533.43
Tax Expenses
- Current Tax
0$7&UHGLW8WLOLVHG$YDLODEOHIRU6HWRII
'HIHUUHG7D[
-
-
(112.06)
-
,QFRPH7D[3DLGIRU(DUOLHU<HDUV
(112.06)
(125382.80)
6195.96
Basic Earning Per Share (`)
(55.84)
2.23
'LOXWHG(DUQLQJ3HU6KDUH`)
(55.84)
2.23
2.00
2.00
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CASH FLOW STATEMENT )257+(<($5(1'('670$5&+
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(A) CASH FLOW FROM OPERATING ACTIVITIES :
(125494.86)
1HW3UR¿W/RVVEHIRUHWD[DQGH[WUDRUGLQDU\
items
9533.43
$GMXVWPHQWVIRU
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Finance Cost
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Interest Income (others)
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Right Issue Expenses
/RVV*DLQRQ([FKDQJH5DWH&KDQJH
283.12
(1.38)
(22.58)
(801.52)
-
1000.00
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48.31
219059.85
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283607.34
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,QFUHDVH'HFUHDVHLQ/RDQV$GYDQFHV
18356.82
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Cash Flow from Operating Activities
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(A)
217446.89
238910.44
217322.80
231136.10
33036.62
235.31
(B) CASH FLOW FROM INVESTING ACTIVITIES :
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6DOHRI)L[HG$VVHWV
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Interest Income
'LYLGHQG,QFRPH
Net Cash Used In Investing Activities (B)
38
(222.64)
2140.14
-
1.38
(140278.73)
(503111.42)
(` in Lacs)
(C) CASH FLOW FROM FINANCING ACTIVITIES :
Finance Cost
3URFHHGV)URP&DVK&UHGLWIURP%DQNV1HW
Proceeds From Other Borrowings
382605.41
20014.02
53814.03
-
(22151.40)
(1285.13)
(342.68)
(76655.82)
264908.72
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Net Cash Flow From Financing Activities (C)
388.25
(7066.60)
2SHQLQJ%DODQFHVRI&DVKDQG&DVK(TXLYDOHQWV
15362.56
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8684.21
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Equivalents (A+B+C)
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to the Company.
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19) DERIVATIVE FINANCIAL INSTRUMENTS
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21) CONTINGENCIES & COMMITMENTS
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litigation and other claims against the Company. Where the potential
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42
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and Loss. The contracts entered into are marked to market at the
20) PROVISION AND CONTINGENT LIABILITY
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NOTES FORMING PART OF THE ACCOUNTS
(` in Lacs)
NOTE -2 SHARE CAPITAL
Authorised
3UHYLRXV<HDU(TXLW\6KDUHVRI`(DFK
3UHYLRXV<HDU3UHIHUHQFH6KDUHVRI`(DFK
Issued
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`HDFK
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RI`HDFK
3UHYLRXV<HDU1RQ&RQYHUWLEOH&XPXODWLYH5HGHHPDEOH3UHIHUHQFH6KDUHVRI
`HDFK
3UHYLRXV<HDU1LO1RQ&RQYHUWLEOH&XPXODWLYH5HGHHPDEOH3UHIHUHQFH6KDUHVRI`
each
Subscribed
3UHYLRXV<HDU(TXLW\6KDUHVRI`(DFKIXOO\SDLGXS
$PRXQWSDLGXSRQ3UHYLRXV<HDU(TXLW\6KDUHVIRUIHLWHGRI`HDFK
6KDUHVRI`HDFK
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1LO 3UHYLRXV <HDU 1RQ &RQYHUWLEOH &XPXODWLYH 5HGHHPDEOH 3UHIHUHQFH 6KDUHV
RI`HDFK
3UHYLRXV <HDU 1RQ &RQYHUWLEOH &XPXODWLYH 5HGHHPDEOH 3UHIHUHQFH
6KDUHVRI`HDFK
each
Paid Up
6KDUHVRI`HDFK
`HDFK
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RI`HDFK
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`HDFK
each
As at
31.03.2015
As at
31.03.2014
8000.00
27500.00
8000.00
14500.00
22500.00
4612.10
8368.83
4612.10
8235.43
-
-
400.00
3485.00
1400.00
-
17633.27
14984.28
0.01
8368.83
0.01
8235.43
-
-
400.00
3485.00
1400.00
-
17551.47
14902.48
0.01
8368.83
0.01
8235.43
-
-
400.00
3485.00
1400.00
-
17551.47
14902.48
Detail of Shareholders holding more than 5% shares :
Name of Shareholders
(A) Equity Shareholders
1. Shri Brij Bhushan Singal
2. Shri Neeraj Singal
3. %KXVKDQ,QIUDVWUXFWXUH3YW/WG
(B) Preference Shareholders
1. Shri Brij Bhushan Singal
2. Shri Neeraj Singal
3. BBN Transportation Pvt. Ltd.
4. Bhushan Finance Pvt. Ltd.
5. 5REXVW7UDQVSRUWDWLRQ3YW/WG
As at 31.03.2015
No of Shares
% Held
As at 31.03.2014
No of Shares
% Held
32010805
18.15%
14.13%
32431540
20.14%
14.32%
1363433
663500
548810
24.10%
5.10%
4.21%
3.51%
840000
24.02%
8.10%
5.12%
43
Reconciliation of number of shares outstanding is set out below:
Particulars
(A)
(B)
Equity Shares
$WWKHEHJLQQLQJRIWKH\HDU
$GG6KDUHV,VVXHG&DOOUHFHLYHG
/HVV6KDUHVIRUIHLWHG
$WWKHHQGRIWKH\HDU
Preference Shares (Non Convertible Cumulative
Redeemable Preference Shares)
10% Preference Shares
$GG6KDUHV,VVXHG
/HVV6KDUHV5HGHHPHG
$WWKHHQGRIWKH\HDU
As at 31.03.2015
No of Shares
Amount
(` in Lacs)
As at 31.03.2014
No of Shares
Amount
(` in Lacs)
226515530
141.56
0.01
8235433
133400
8368833
8235.43
133.40
8368.83
8235433
8235.43
354000
354.00
-
-
$GG6KDUHV,VVXHG
/HVV6KDUHV5HGHHPHG
$WWKHHQGRIWKH\HDU
400000
400000
-
400.00
400.00
-
400000
400000
400.00
400.00
$GG6KDUHV,VVXHG
/HVV6KDUHV5HGHHPHG
$WWKHHQGRIWKH\HDU
1400000
2085000
3485000
1400.00
2085.00
3485.00
1400000
1400000
1400.00
1400.00
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/HVV6KDUHV5HGHHPHG
$WWKHHQGRIWKH\HDU
-
-
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/HVV6KDUHV5HGHHPHG
$WWKHHQGRIWKH\HDU
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WKHUDWHVSHFL¿HGDJDLQVWHDFKFDWHJRU\
7KHSUHPLXPRQUHGHPSWLRQRISUHIHUHQFHVKDUHVWRWKHH[WHQWRISUHPLXPUHFHLYHGRQLVVXHZLOOEHDGMXVWHGDJDLQVWWKHVHFXULW\SUHPLXPDFFRXQWDQG
DQ\SUHPLXPSDLGRYHUWKHDERYHVDLGDPRXQWVKDOOEHSDLGRXWRIFXUUHQWDSSURSULDWLRQ*HQHUDO5HVHUYH
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(` in Lacs)
NOTE-3 RESERVES & SURPLUS
Capital Redemption Reserve:
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$GG7UDQVIHU)URP6XUSOXV
Capital Reserve:
$GG$GGLWLRQGXULQJWKH\HDU5HIHU1RWH
44
As at
31.03.2015
As at
31.03.2014
693.34
693.34
23006.12
23276.22
18615.85
23006.12
(` in Lacs)
Debenture Redemption Reserve :
$GG7UDQVIHU)URP6XUSOXV
/HVV7UDQVIHU7R*HQHUDO5HVHUYH
Securities Premium Reserve:
$GG2Q,VVXHRI6KDUHV
/HVV8WLOLVHGRQ5HGHPSWLRQRI3UHIHUHQFH6KDUHV
General Reserve:
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$GG7UDQVIHUUHG)URP6XUSOXV
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/HVV3UHPLXP3DLGRQ5HGHPSWLRQRI3UHIHUHQFH6KDUHV
Surplus :
$GG1HW3UR¿W/RVVIRUWKH&XUUHQW<HDU
/HVV$SSURSULDWLRQV
3URSRVHG'LYLGHQGRQ(TXLW\VKDUHV
3URSRVHG'LYLGHQGRQ3UHIHUHQFH6KDUHV
3URYLVLRQ)RU'LYLGHQG7D[
,QWHULP'LYLGHQGRQ3UHIHUHQFH6KDUHV
'LYLGHQG7D[RQ,QWHULP'LYLGHQG
7UDQVIHUUHGWR&DSLWDO5HGHPSWLRQ5HVHUYH
7UDQVIHUUHGWR'HEHQWXUH5HGHPSWLRQ5HVHUYH
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Net Surplus
As at
31.03.2015
As at
31.03.2014
44762.50
41562.50
3200.00
44762.50
16628.28
329731.94
330785.68
500050.00
5.13
-
496311.37
500050.00
(125382.80)
(124270.06)
8372.28
(124270.06)
770505.31
3200.00
168.06
1112.74
900410.38
7KHSUHPLXPSDLGRQUHGHPSWLRQRI3UHIHUHQFH6KDUHVRYHUWKHDPRXQWRIVHFXULW\SUHPLXPUHFHLYHGRQLVVXHRISUHIHUHQFHVKDUHVKDVLQDEVHQFHRI
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NOTE-4 LONG-TERM BORROWINGS
SECURED
Non Convertible Debentures
)RRWQRWHWR
Term Loan
1. From Banks
- Foreign Currency Loans (Foot note 10)
- Rupee Loans (Foot note 11)
2. From Financial Institutions
Total (A)
UNSECURED
Term Loan
Foreign Currency Loans
From Foreign Banks (Foot note 13)
From Others
Total (B)
Total (A+B)
/HVV&XUUHQW0DWXULW\RI/RQJ7HUP%RUURZLQJV5HIHU1RWH
48)
203000.00
203000.00
3144743.13
5543.10
2891476.93
263.25
2967.88
3147711.01
322.00
3308.21
3630.21
2895107.14
3092772.22
2556610.17
Foot Note:
(1)
12.00% RedeHPDEOH 1RQ&RQYHUWLEOH 'HEHQWXUHV RI ` 10 Lacs each outstanding on 31st March 2015 ` 2500 Lacs (Previous Year 12.00%
5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHVRI` 10 Lacs each outstanding on 31st March 2014 `/DFV'HEHQWXUHVDUHUHGHHPDEOHDWSDULQ
45
` 10 Lacs each outstanding on 31st March 2014 ` 30000 Lacs).
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LHDQGDUH6HFXUHGE\¿UVWFKDUJHRQSDULSDVVXEDVLV
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proposal with the lenders.
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&RYHUDJH5DWLRRIWLPHVGXULQJWKHWHQXUHRIGHEHQWXUHVDQG
SHUVRQDOJXDUDQWHHRI6K%%6LQJDO6K1HHUDM6LQJDO
5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHVRI` 10 Lacs
each outstanding on 31st March 2015 ` 20000 Lacs (Previous Year
each outstanding on 31st March 2014 `/DFVDUHUHGHHPDEOH
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5HGHHPDEOH 1RQ&RQYHUWLEOH 'HEHQWXUHV RI ` 100
Lacs each oustanding on 31st March 2015 ` 10000 Lacs (Previous
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each oustanding on 31st March 2014 ` /DFV VXERUGLQDWH
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each outstanding on 31st March 2015 `/DFV3UHYLRXV<HDU
each outstanding on 31st March 2014 ` /DFV 'HEHQWXUHV
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and Sh. Neeraj Singal.
46
Lacs each outstanding on 31st March 2015 ` 30000 Lacs (Previous
<HDU 5HGHHPDEOH 1RQ&RQYHUWLEOH 'HEHQWXUHV RI
Lacs each outstanding on 31st March 2015 `/DFV3UHYLRXV
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WHUPVVWLSXODWHGLQUHVSHFWLYHORDQIDFLOLW\DJUHHPHQWV1RZWKHVH
upto 25 years.
'RPHVWLF/RDQVVDQFWLRQHGIRU$GGLWLRQ0RGL¿FDWLRQ5HSODFHPHQW
3URMHFW DW 2ULVVD 6LWH ZDV VDQFWLRQHG DW UDWH RI LQWHUHVW RI %DVH
5DWH73 3UHVHQWO\ SD DQG UHSD\DEOH LQ TXDUWHUO\LQVWDOOPHQWVFRPPHQFLQJIURP0RQWKVDIWHUFRPSOHWLRQ
RI WKH SURMHFW DV SHU WHUPV VWLSXODWHG LQ UHVSHFWLYH ORDQIDFLOLW\
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1RUPDO &DSLWDO ([SHQGLWXUH ZDV VDQFWLRQHG DW UDWH RI LQWHUHVW RI
%DVH 5DWH 3UHVHQWO\ SD DQG UHSD\DEOH LQ TXDUWHUO\ LQVWDOOPHQWV FRPPHQFLQJ IURP WK -XQH DV SHU
WHUPVVWLSXODWHGLQUHVSHFWLYHORDQIDFLOLW\DJUHHPHQWV
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OLQNHGZLWKWKH%DVH5DWH/,%25RIWKHUHVSHFWLYHOHQGHUV
(` in Lacs)
As at
31.03.2015
As at
31.03.2014
Total (A)
138933.41
138649.34
Total (B)
Total (A-B)
540.55
1526.22
137407.19
442.36
1130.09
137519.25
63530.01
1134.20
216163.10
NOTE-5 DEFERRED TAX LIABILITY(NET)
Deferred Tax Liability
Related to Fixed Assets
Deferred Tax Assets
3URYLVLRQRI'RXEWIXO'HEWV
Others
NOTE-6 OTHER LONG-TERM LIABILITIES
/LDELOLW\IRU&DSLWDO*RRGV([SHQGLWXUH
6HFXULW\'HSRVLW5HFHLYHGIURP&XVWRPHUV
2WKHUV
2WKHUVLQFOXGH,QVXUDQFHFODLPUHFHLYHGVHFXULW\GHSRVLWUHFHLYHGDQGDPRXQWKROGIURPFRQWUDFWRUV
NOTE-7 SHORT-TERM BORROWINGS
SECURED
:RUNLQJ&DSLWDO/RDQV
)URP%DQNV
Cash Credit
Term Loan
From Banks
5XSHH/RDQVFRPPHUFLDO3DSHU)RRWQRWH
Total (A)
UNSECURED
)URP%DQN
Rupee Loan
7HUP/RDQ&RPPHUFLDO3DSHU
- From Indian Banks (Buyers Credit)
Total (B)
Total (A+B)
As at
31.03.2015
(` in Lacs)
As at
31.03.2014
666181.38
83660.33
697751.69
34450.00
613487.42
13645.00
13820.00
62402.76
13820.00
760154.45
627307.42
Foot Note :
:RUNLQJ &DSLWDO /RDQV DUH VHFXUHG E\ K\SRWKHFDWLRQ RI VWRFN ERRN GHEWV VHFRQG FKDUJH RQ FRPSDQ\¶V ODQGEXLOGLQJ DQG RWKHU LPPRYDEOH
properties ranking pari passuLQWHUVHDQGSHUVRQDOJXDUDQWHHRIWZRSURPRWHUGLUHFWRUV
(2) Including Commercial Papers ` NIL (Previous Year ` /DFV SHUVRQDOO\ JXDUDQWHHG E\ WZR SURPRWHU GLUHFWRUV 2WKHU /RDQV DUH 6HFXUHG E\
VXEVHTXHQWDQGVXEVHUYLHQWFKDUJHRQPRYDEOHDVVHWVRIWKHFRPSDQ\2XWRIWKHVH/RDQVRI` NIL (previous year `/DFVDUHJXDUDQWHHGE\
WKHSHUVRQDOJXDUDQWHHRIRQHSURPRWHUGLUHFWRU
NOTE-8 TRADE PAYABLES
Micro, Small and Medium Enterprises
Others
273914.63
234603.82
235087.29
-
-
1.46
172068.87
48518.55
113.46
21.25
10408.53
413798.61
7KHGHWDLORIDPRXQWRXWVWDQGLQJWR0LFUR6PDOODQG0HGLXP(QWHUSULVHVEDVHGRQDYDLODEOHLQIRUPDWLRQZLWK
WKHFRPSDQ\LVDVXQGHU
Particulars
Principal amount due and remaining unpaid
,QWHUHVWGXHRQDERYHDQGWKHXQSDLGLQWHUHVW
Interest Paid
3D\PHQWPDGHEH\RQGWKHDSSRLQWHGGD\GXULQJWKH\HDU
,QWHUHVWGXHDQGSD\DEOHIRUWKHSHULRGRIGHOD\
Interest accrued and remaining unpaid
$PRXQWRIIXUWKHULQWHUHVWUHPDLQLQJGXHDQGSD\DEOHLQVXFFHHGLQJ\HDUV
NOTE-9 OTHER CURRENT LIABILITIES
&XUUHQW0DWXULWLHVRI/RQJ7HUP'HEWV
,QWHUHVW$FFUXHG'XHRQERUURZLQJV
,QWHUHVW$FFUXHGEXWQRWGXHRQERUURZLQJV
8QFODLPHG'LYLGHQG
6WDWXWRU\'XHV
'XHWR'LUHFWRUV
'XHWR2I¿FHUV
2WKHU3D\DEOHV
'RQRWLQFOXGHDQ\DPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRUV¶(GXFDWLRQDQG3URWHFWLRQ)XQG
,QFOXGHV`1.34 Lacs (Previous Year `/DFVRQDFFRXQWRI0LFUR6PDOO0HGLXP(QWHUSULVHV
NOTE-10 SHORT TERM PROVISIONS
3URYLVLRQIRU(PSOR\HH%HQH¿WV
3URSRVHG'LYLGHQG
7D[RQ'LYLGHQG
48
2848.10
2848.10
2023.35
341.81
4275.72
NOTE-11 FIXED ASSETS
(` in Lacs)
DESCRIPTION
OF ASSETS
GROSS BLOCK
Cost as at
01.04.2014
Addition 6DOH'LVDuring
carded
the Year
During
the Year
NET BLOCK
'(35(&,$7,21$0257,=$7,21
AdjustCost as at
As at
ment 31.03.2015 01.04.2014
During
the Year
During
the Year
Written
%DFN
During
the Year
AdjustUpto
As at
ment 31.03.2015 31.03.2015
During
the Year
As at
31.03.2014
Tangible Assets
Freehold Land
-
-
-
-
-
-
-
Leasehold Land
18882.51
-
-
-
-
211.21
605030.46
-
-
-
635835.18
-
-
-
-
3164.51
)XUQLWXUH
Fixtures
1885.16
-
262.85
-
Vehicles
4548.58
53.64
2354.45
566.01
-
538.52
540.38
419588.47 93528.96
3218.15
4583.60 505315.68 3656317.63
2187135.65
Building
Railway Siding
3ODQW(TXLSPHQW
2I¿FH(TXLSPHQWV
Tangible Assets
Total (A)
-
2606724.12 1023751.52 98095.88 629253.55 4161633.31
Intangible
Assets
&RPSXWHU6RIWZDUH
1.80
-
-
-
-
Assets Not Owned
E\&RPSDQ\
-
-
5824.44
-
-
5824.44
-
-
Intangible
Assets Total (B)
4775.85
1798.39
-
-
6574.24
4685.45
1849.76
-
-
6535.21
39.03
90.40
424273.92 95378.72
3218.15
4583.60 511850.89 3656356.66
2187226.05
TOTAL (A+B)
Previous Year
2611499.97 1025549.91 98095.88 629253.55 4168207.55
[Includes Pre-operative expenses]
GRAND TOTAL
251184.10
1631826.20
3907540.76
3819052.25
Notes:
&HUWDLQ%XLOGLQJ8QGHU3RVHVVLRQRIWKH&RPSDQ\DUHSHQGLQJUHJLVWUDWLRQLQWKHQDPHRIWKH&RPSDQ\
1RZULWHRIIKDVEHHQGRQHIRUOHDVHKROGODQGDFXLUHGRQOHDVHRI\HDUVDQGPRUH
'HSUHFLDWLRQIRUWKH\HDULQFOXGHV`/DFV3UHYLRXV<HDU`1314.50 Lacs) charged to Capital Work In Progress.
$GMXVWPHQWGXULQJWKH\HDULQFOXGHVDGGLWLRQRI`/DFV3UHYLRXV<HDU`/DFVRQDFFRXQWRIERUURZLQJFRVWH[FKDQJH
ÀXFWXDWLRQDQGGHGXFWLRQRI` 4583.60 Lacs (Previous Year `/DFVIRUGHSUHFLDWLRQFDSLWDOLVHGGXULQJLQVWDOODWLRQSHULRG
As at 31.03.2015
NOTE-12 NON-CURRENT INVESTMENTS
(Long-Term, Fully Paid Up)
In Equity Shares
Non Trade, Quoted
Tata Steel Ltd.
3UHYLRXV<HDU(TXLW\6KDUHVRI`HDFK
UNQUOTED
Bhushan Buildwell Pvt. Ltd.
6DUDVZDW&RRSHUDWLYH%DQN/WG
58.08
58.08
(` in Lacs)
As at 31.03.2014
58.08
58.08
0.25
0.74
0.25
0.74
35000.00
35000.00
1000.00
1000.00
1000.00
-
1000.00
Trade, Unquoted
In Associates
$QJXO6XNLQGD5DLOZD\/WG
6KDUH3UHYLRXV<HDU(TXLW\6KDUHRI`(DFK
Paid up @ `(DFK
/HVV'LPXQLDWLRQLQWKHYDOXHRI,QYHVWPHQW5HIHU1RWH
(` in Lacs)
As at 31.03.2014
As at 31.03.2015
In Joint Ventures
Andal East Coal Company Pvt. Ltd.
In Subsidiaries
Bhushan Steel (Australia) Pty Ltd.
3UHYLRXV<HDU2UGLQDU\6KDUHVRI2QH$8'
Per Share
Bhushan Steel Madhya Bharat Limited
Bhushan Steel (Orissa) Limited
Bhushan Steel (South) Limited
In Others
Bhushan Steel Bengal Limited
145.50
145.50
24441.85
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
62265.33
61546.79
Aggregate Value of
62324.15
62324.15
%RRN9DOXH
0DUNHW9DOXH
%RRN9DOXH
0DUNHW9DOXH
58.08
58.08
-
-
Quoted Investments
8QTXRWHG,QYHVWPHQWV
NOTE-13 LONG-TERM LOANS AND ADVANCES
(Unsecured, considered good)
Capital Advances
6HFXULW\'HSRVLWV
$GYDQFHVIRU1RQ&XUUHQW,QYHVWPHQWWR5HODWHG3DUWLHV
Loans to Employees
0$75HFRYHUDEOH
Advance Tax (Net)
([FLVH'XW\5HFRYHUDEOH6HUYLFH7D[5HFRYHUDEOH
2WKHU$GYDQFHV
13184.88
520.50
80605.55
152623.76
10633.22
216.41
80605.55
1630.63
2118.46
179393.60
2459.23
-
732123.31
6563.48
14016.52
648024.92
2WKHU$GYDQFHV,QFOXGH$GYDQFH5HFRYHUDEOHIURP6DOHV7D['HSDUWPHQWHWF
NOTE-14 OTHER NON CURRENT ASSETS
Non Current Fixed Deposits
1RQ&XUUHQW)L[HG'HSRVLWV5HIHU1RWH
NOTE-15 INVENTORIES
$W/RZHURI&RVW$QG1HW5HDOLVDEOH9DOXH
Raw Material
Raw Material In Transit
)LQLVKHG*RRGV
)LQLVKHG*RRGV,Q7UDQVLW
Work-in-Progress
Work-in-Progress In Transit
Stores
Other
50
(` in Lacs)
As at 31.03.2014
As at 31.03.2015
NOTE-16 TRADE RECEIVABLES
(Unsecured )
More than Six Months
&RQVLGHUHG*RRG
&RQVLGHUHG'RXEWIXO
/HVV3URYLVLRQ
2WKHUV&RQVLGHUHG*RRG
NOTE-17 CASH AND BANK BALANCES
(A) Cash and Cash Equivalants
Balances with Banks
- In Current Account
,Q8QSDLG'LYLGHQG$FFRXQW
)L[HG'HSRVLWVKDYLQJPDWXULW\SHULRGZLWKLQPRQWKV
Cash on Hand
(B) Others
)L[HG'HSRVLWVKDYLQJPDWXULW\SHULRG
)RUPRUHWKDQ0RQWKV
WR0RQWKV
/HVV1RQ&XUUHQW)L[HG'HSRVLW
239828.55
1301.44
4143.63
1301.44
246444.92
35.52
88.44
13.46
500.00
44.15
11143.44
8684.21
684.35
8295.96
44.62
84558.36
123521.72
112.48
102208.35
142442.58
,QFOXGLQJLQWHUHVWDFFUXHGEXW not due )
^,QFOXGLQJ`/DFV3Uevious Year `/DFVXQGHUEDQNOLHQ`
NOTE-18 SHORT-TERM LOANS & ADVANCES
6HFXULW\'HSRVLWV
Loans to Employees
%DODQFHZLWK([FLVH'HSDUWPHQW
([FLVH'XW\6HUYLFH7D[5HFRYHUDEOH
,QWHU&RUSRUDWH'HSRVLW,QFOXGLQJ,QWHUHVW$FFUXHG
2WKHU$GYDQFHV
2WKHU$GYDQFHV,QFOXGH$PRXQW5HFRYHUDEOHIURP6DOHV7D[
'HSDUWPHQWDGYDQFHWRVXSSOLHUVHWF
NOTE-19 OTHER CURRENT ASSETS
)L[HG$VVHWVKHOGIRU'LVSRVDO
5HFHLYDEOHDJDLQVWVDOHRI)L[HG$VVHWV
62423.92
NOTE-20 REVENUE FROM OPERATION
Sales of Products
Other operating Revenues
Other Sale
Export Incentives
PARTICULARS OF SALE OF PRODUCTS
+RW5ROOHG6WHHO6WULSV6KHHWV&RLOV
&ROG5ROOHG6WHHO6WULSV6KHHWV&RLOV
&ROG5ROOHG*DOYDQLVHG6WHHO6WULSV6KHHWV&RLOV
&RORXU&RDWHG*DOYDQLVHG6WHHO6WULSV6KHHWV&RLOV
3UHFHVLRQ7XEHV
/DUJH'LD3LSH
+DUGHQLQJ7HPSULQJ&ROG5ROOHG6WHHO6WULSV
High Tensile Steel Strapings
Billets
Formed Section
Others
Export Incentives
96.04
(` in Lacs)
1173501.72
1060042.90
81218.58
4801.44
1173501.72
1060042.90
51
(` in Lacs)
NOTE-21 OTHER INCOME
,QWHUHVW(DUQHG
-From Short-Term Investments
)URP%DQNRQ)'5V
-From Others
'LYLGHQG
-From Long Term, Non Trade Investments
1HWJDLQRQ6DOHRI,QYHVWPHQWV
-From Current Investments
3UR¿WRQ6DOHRI)L[HG$VVHWV1HW
0LVFHOODQHRXV,QFRPH5HIHU1RWH
305.40
801.52
465.03
2244.48
1.38
61.04
1350.71
2911.20
,QFOXGLQJ,QFRPH7D['HGXFWHGDW6RXUFH`/DFV3UHYLRXV<HDU`/DFVDQG([FOXGLQJLQWHUHVWHDUQHGRI`3UHYLRXV<HDU`
/DFVWUDQVIHUUHGWR3URMHFWV
,QFOXGLQJ,QFRPH7D['HGXFWHGDWVRXUFH` 0.50 Lacs (Previous Year `/DFV
NOTE-22 COST OF RAW MATERIAL CONSUMED
&RVWRI5DZ0DWHULDO&RQVXPHG
/HVV&RVWRI5DZ0DWHULDO7UDQVIHUUHGWR3URMHFW,QWHUQDO8VH
PARTICULARS OF MATERIALS CONSUMED
+5&56WHHO6FUDS
,URQ2UH6SRQJH,URQ
Coal
'RORPLWH/LPH
Zinc and Alloys
Paints
NOTE-23 PURCHASE OF GOODS TRADED
3XUFKDVHRI*RRGV7UDGHG
NOTE-24 CHANGE IN INVENTORIES OF FINISHED GOODS ,
WORK-IN-PROGRESS AND STOCK IN TRADE
Inventories (at Close)
)LQLVKHG*RRGV
Work-in-Progress
Others
Inventories (at Beginning)
)LQLVKHG*RRGV
Work-in-Progress
Others
DETAIL OF FINISHED GOODS
3UHFLVLRQ7XEHV
/DUJH'LD3LSH
+DUGHQHG7HPSHUHG&ROG5ROOHG6WHHO6WULSV
High Tensile Steel Strapings
Billets
Formed Sections
52
&ORVLQJ6WRFN
5482.62
413.44
464.60
3.88
67823.00
568467.91
518939.33
166011.83
570940.93
51313.51
11504.66
522933.51
4831.81
4831.81
3905.20
116454.93
138221.43
138221.43
21766.50
4336.33
136083.41
(2138.02)
2SHQLQJ6WRFN
12432.44
52651.75
&ORVLQJ6WRFN
12432.44
52651.75
2SHQLQJ6WRFN
180.43
72177.78
NOTE-25 EMPLOYEE BENEFITS EXPENSE
6DODU\:DJHV%RQXV
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6WDII%HQH¿WV
/HVV([SHQVHV7UDQVIHUUHGWR3URMHFW8QGHU&RPPLVVLRQLQJ3UH2SHUDWLYH([SHQVHV
NOTE-26 FINANCE COSTS
Interest Expenses
Interest Paid on Income Tax
Other Financial Cost
$SSOLFDEOHORVVRQIRUHLJQFXUUHQF\WUDQVDFWLRQVDQGWUDQVODWLRQ
/HVV%RUURZLQJFRVWWUDQVIHUUHGWR3URMHFW8QGHU&RPPLVVLQLQJ7ULDO5XQ
NOTE-27 OTHER EXPENSES
Stores Consumed
Packing Material Consumed
3RZHU)XHO
5HSDLUV0DLQWHQDQFH
3ODQW0DFKLQHU\
- Buildings
Exchange Fluctuation (Net)
([FLVH'XW\
5DWHV7D[HV
Administrative Expenses
/HJDO3URIHVVLRQDO([SHQVHV
Rent
Insurance
Auditors' Remuneration
6HOOLQJ'LVWULEXWLRQ([SHQVHV
Commission to Selling Agents
/RVVRQ6DOHRI)L[HG$VVHWV1HW
%DG'HEWV:ULWWHQRII
3URYLVLRQIRU'RXEWIXO'HEWV
/HVV7UDQVIHUUHGWR3URMHFWXQGHU&RPPLVVLRQLQJ
3UHRSHUDWLYH([SHQVHV7ULDO5XQ([SHQVHV1HW
Year Ended
31.03.2015
(` in Lacs)
Year Ended
31.03.2014
33011.22
1011.38
34421.78
25752.89
440.05
29094.97
10242.26
18852.71
465245.19
215842.62
249402.57
8313.13
340358.99
166329.59
124261.83
4380.83
303.51
160.25
50208.35
503.58
123.23
249647.72
3022.04
3644.04
43626.18
2468.11
160.25
48.31
204503.00
23286.61
226361.11
158675.86
([FLVH'XW\VKRZQXQGHUH[SHQGLWXUHUHSUHVHQWVWKHDJJUHJDWHRIH[FLVHGXW\ERUQHE\WKHFRPSDQ\DQGGLIIHUHQFHEHWZHHQH[FLVHGXW\RQRSHQLQJ
DQGFORVLQJVWRFNRI¿QLVKHGJRRGV
NOTE-28 EXCEPTIONAL ITEMS
'LPXQLDWLRQLQWKHYDOXHRI,QYHVWPHQW5HIHU1RWH
(Long term, Trade, in associate)
1000.00
-
1000.00
-
53
(` in Lacs)
Current
Year
Previous
Year
a) Sales Tax
36455.50
20626.34
E ([FLVH'XW\&XVWRP6HUYLFH7D[
34455.01
33524.86
c) Entry Tax
26506.22
d) Income Tax
6115.58
e) %LOOV'LVFRXQWHG
10806.35
14413.38
I Others
g) 8QGHFODUHG'LYLGHQGLQFOXGLQJ
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respectively.
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5HGHHPDEOH&XPXODWLYH3UHIHUHQFH6KDUHVRI`HDFKDUH
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¿QDQFLDO \HDU RQ SULYDWH SODFHPHQW EDVLV 7KH SUHIHUHQFH
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ZLWKWKHSUHPLXPRIWKHSUHIHUHQFHVKDUHVZLWKLQ0RQWKVIURPWKH
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6KDUHV VKDOO EH UHGHHPHG DW DQ DPRXQW LQ ,15 VXFK WKDW WKH
VXEVFULEHUVJHW\LHOGRISHUDQQXPRQWKHDPRXQWRXWVWDQGLQJ
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VXFKWUHQFKHVDVVWLSXODWHGLQWKHVXEVFULSWLRQDJUHHPHQW7KHVDPH
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KDYH EHHQ UHGHHPHG DW D SUHPLXP RI ` 3508.425 (Previous Year
`SHUVKDUH
NOTE - 29
1. Contingent Liabilities in
respect of :
2.
Capital Commitment
(VWLPDWHGDPRXQWRIFRQWUDFWVUHPDLQLQJWREHH[HFXWHGRQFDSLWDO
DFFRXQW DQG QRW SURYLGHG IRU ` 83322.86 Lacs (Previous Year
`/DFV1HWRI$GYDQFHV
3.
Other Commitment
D
2XWVWDQGLQJJXDUDQWHHVLVVXHGE\WKHEDQNV`/DFV
(Previous Year ` /DFV FRXQWHU JXDUDQWHHG E\ WKH
FRPSDQ\LQFOXGLQJOHWWHURIFUHGLWVLVVXHG
E
7KH &RPSDQ\ IURP WLPH WR WLPH SURYLGHV QHHG EDVHG VXSSRUW
WRLWVVXEVLGLDU\%RZHQ(QHUJ\37</LPLWHG$XVWUDOLDWRZDUGV
FDSLWDODQGRWKHUUHTXLUHPHQWV
F
&RPPLWPHQW IRU SDUWO\ SDLG HTXLW\ VKDUHV RI $QJXO 6XNLQGD
Railway Limited, an associate company `/DFV3UHYLRXV
Year `/DFV
NOTE – 30
7KHUHLVQRSUHVHQWREOLJDWLRQDULVLQJIURPSDVWHYHQWVUHTXLULQJSURYLVLRQ
in accordance with the guiding principle as enunciated in Accounting
6WDQGDUG $6 DV LW LV QRW SUREDEOH WKDW DQ RXWÀRZ RI UHVRXUFHV
HPERG\LQJHFRQRPLFEHQH¿WZLOOEHUHTXLUHG
NOTE – 31
D
,QWHUPVRIOHWWHURIRIIHUGDWHG-DQXDU\WKHFRPSDQ\KDG
GXULQJWKH¿QDQFLDO\HDUDOORWWHG(TXLW\VKDUHVRI
`HDFKDWDSUHPLXPRI` 333 per share which were partly paid-up
WRWKHH[WHQWRI`FRPSULVLQJ`SHU(TXLW\6KDUHWRZDUGV
share capital and `SHU(TXLW\6KDUHDVVKDUHSUHPLXPRQ
5LJKW EDVLV LQ WKH UDWLR RI VKDUH IRU HYHU\ VKDUHV KHOG E\ WKH
shareholders.
The Company has during WKH ¿QDQFLDO \HDU UHFHLYHG
`SHU(TXLW\6KDUHFRPSULVLQJ`SHU(TXLW\6KDUHWRZDUGV
DFFRXQWRI¿UVWDQG¿QDOFDOOPRQH\RQ(TXLW\6KDUHVDQG
(TXLW\6KDUHVKDYHEHHQIRUIHLWHGIRUQRQSD\PHQWRI)LUVW)LQDO
Call Money. The new allotted shares rank pari passu in all respect with
WKHH[LVWLQJ(TXLW\VKDUHVRIWKH&RPSDQ\7KHSURFHHGVIURP5LJKW
,VVXHKDYHEHHQXWLOL]HGIRUUHSD\PHQWRILQGHEWHGQHVVDQG*HQHUDO
&RUSRUDWHSXUSRVHDVSHUWKHREMHFWRIWKH5LJKW,VVXH
E
5HGHHPDEOH &XPXODWLYH 3UHIHUHQFH 6KDUHV RI ` HDFKDUHDOORWWHGDWDSULFHRI`SHUVKDUHGXULQJWKH\HDURQ
SULYDWHSODFHPHQWEDVLV7KH3UHIHUHQFH6KDUHVDUHUHGHHPDEOHDWD
SUHPLXPRI`SHUVKDUHRQWKHH[SLU\RIWHQ\HDUVIURPWKH
GDWHRIDOORWPHQW
F
UHGHHPDEOHDWDSUHPLXPRI`SHUVKDUHRQWKHH[SLU\RIWHQ
\HDUVIURPWKHGDWHRIDOORWPHQW
54
P 5HGHHPDEOH &XPXODWLYH 3UHIHUHQFH 6KDUHV RI ` HDFKDUHDOORWWHGDWDSULFHRI`SHUVKDUHGXULQJWKH\HDURQ
SUHPLXPRI`SHUVKDUHRQWKHH[SLU\RIWHQ\HDUVIURPWKHGDWH
RIDOORWPHQW
Q
R
RIDOORWPHQW
Bhushan Steel Madhya Bharat Ltd.
Bhushan Steel (South) Ltd.
%KXVKDQ6WHHO%HQJDO/WGXSWR
3DUDNHHW)LQYHVW3YW/WGXSWR
0DUVK&DSLWDO6HUYLFHV3YW/WGXSWR
3DUDJRQ6HFXULWLHV3YW/WGXSWR
3HUSHWXDO6HFXULWLHV3YW/WGXSWR
-DZDKDU&UHGLW+ROGLQJV3YW/WGXSWR
%KXVKDQ&DSLWDO&UHGLW6HUYLFHV3YW/WGXSWR
Bhushan Steel (Australia) PTY Ltd.
- Bowen Energy PTY Ltd., Australia
NOTE – 32
7KH&RPSDQ\KDVPDGHLQYHVWPHQWRI`/DFVLQ(TXLW\6KDUHVRI
$QJXO 6XNLQGD 5DLOZD\ /LPLWHG IRU WKH FRQVWUXFWLRQ RI 5DLO OLQH EHWZHHQ
7DOFKHU 5RDG LQ $QJXO 'LVWULFW WR %KDJXDSDO LQ -DMSXU DORQJ ZLWK RWKHU
SDUWLHV$VWKHSURMHFWKDVQRWPDGHDQ\KHDGZD\WKH&RPSDQ\UHIXVHGWR
SD\WKHFDOOPRQH\RI` 1540.00 Lacs plus interest. Angul Sukinda Railway
/LPLWHGKDVLVVXHG¿QDOFDOOQRWLFHIRUSD\PHQWRIXQSDLGFDOOPRQH\IDLOLQJ
ZKLFKWKHVKDUHVDUHOLDEOHWREHIRUIHLWHG7KH&RPSDQ\KDVGLVSXWHGWKH
FDOOPRQH\ZKLFKLQLWVRSLQLRQLVSUHPDWXUHLOOHJDODQGDUELWUDU\DQGKDV
DGYLVHGWR ZLWKGUDZ VDLG QRWLFH 3URYLVLRQIRU GLPLQXWLRQLQWKH YDOXHRI
,QYHVWPHQWKDVEHHQPDGHIRU` 1000.00 Lacs (Previous Year ` Nil) during
the year.
NOTE – 33
The Company has during the year commissioned Basic Oxygen Furnaces,
%ODVW)XUQDFH,,6LQWHU3ODQW,,,,,&RNH2YHQ,,'5,.OLQV,;;/LPH
3ODQWV6ODE&DVWHU,,,,,DQGRWKHUDQFLOODU\HTXLSPHQWV
- Kondor Holdings PTY Ltd.
- Bowen Coal PTY Ltd.
- Bowen Consolidated PTY Ltd.
b)
c)
Current
Year
110.00
110.00
Tax Audit Fees
20.50
20.50
&HUWL¿FDWLRQ)HHV
15.00
15.00
Audit Fees
Other Services
Angul Sukinda Railway Ltd.
Bhushan Energy Ltd.
%KXVKDQ&DSLWDO&UHGLW6HUYLFHV3YW/WGIURP
-DZDKDU&UHGLW+ROGLQJV3YW/WGIURP
d)
Key Management Personnel
160.25
160.25
6KUL1LWWLQ-RKDUL:KROHWLPH'LUHFWRU
6KUL3.$JJDUZDO:KROHWLPH'LUHFWRU
6KUL5DKXO6HQJXSWD:KROHWLPH'LUHFWRU
e)
Relatives of Key Management Personnel
6KUL %% 6LQJDO 1RQ([HFXWLYH &KDLUPDQ )DWKHU RI 9LFH
&KDLUPDQ0DQDJLQJ'LUHFWRU
(I) List of related parties where control exists and related parties
ZLWKZKRPWUDQVDFWLRQVKDYHWDNHQSODFHDQGUHODWLRQVKLSV
6PW5LWX6LQJDO:LIHRI9LFH&KDLUPDQ0DQDJLQJ'LUHFWRU
Brij Bhushan Singal (HUF)
NOTE – 35
As per Accounting Standard (AS)-18, the disclosure of transaction
ZLWK UHODWHG SDUWLHV DV GH¿QHG LQ WKH $FFRXQWLQJ 6WDQGDUG DUH
given below:
a)
Associates
6KUL1HHUDM6LQJDO9LFH&KDLUPDQ0DQDJLQJ'LUHFWRU
(` in Lacs)
Previous
Year
Particulars
Joint Venture
Andal East Coal Company Pvt. Ltd.
NOTE – 34
$XGLWRUV¶5HPXQHUDWLRQLQFOXGHV
*ROGHQ&RXQWU\ Resources (Australia) PTY Ltd.
f)
Enterprises over which Key Management Personnel are
DEOHWRH[HUFLVHVLJQL¿FDQWLQÀXHQFH
Bhushan Aviation Ltd.
%KXVKDQ,QIUDVWUXFWXUH3YW/WG
g)
Subsidiary companies
Enterprises over which relatives of Key Management
3HUVRQQHODUHDEOHWRH[HUFLVHVLJQL¿FDQWLQÀXHQFH
Bhushan Steel (Orissa) Ltd.
Arshiya International Ltd.
55
(II) Transactions Carried out with related parties referred in (I) above, in ordinary course of business:
PARTICULARS
Remuneration and Perks
'LUHFWRUV6LWWLQJ)HHV
Investments in Share
&DSLWDO6KDUH$SSOLFDWLRQ
Money
5HGHPSWLRQRISUHIHUHQFH
shares under investment
Subsidiary
Companies
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
$OORWPHQWRI6KDUHV6KDUH Current Year
Application Money Pending
Previous Year
Allotment
5HGHPSWLRQRI3UHIHUHQFH
Current Year
Share Capital
Previous Year
3XUFKDVHRI*RRGV6HUYLFHV Current Year
Previous Year
6DOHVRI*RRGV6HUYLFHV
Current Year
Previous Year
6HFXULW\'HSRVLW3DLG
Current Year
Previous Year
3URYLVLRQIRUGLPLQXWLRQRI Current Year
Investment
Previous Year
Rent Received
Current Year
Previous Year
OUTSTANDINGS
5HFHLYDEOH
Current Year
Previous Year
3D\DEOH
Current Year
Previous Year
6HFXULW\'HSRVLW5HFHLYHG
Current Year
Previous Year us
3URYLVLRQIRUGLPLQXWLRQRI
Current Year
Investment
Previous YearYear
Share Application Money
Current Year
Pending Allotment
Previous Year
Joint Associates
Venture
Key
Management
Personnel
(KMP)
Relatives
of
KMP
(` in Lacs)
Grand
Total
223.36
2088.10
25.00
46.50
24500.00
410.02
358.63
-
68.60
8.60
-
Enterprises
over which
KMP & their
relatives
have
VLJQL¿FDQW
LQÀXHQFH
-
5150.00
-
-
-
5542.02
2133.00
5150.00
52664.55
-
-
30000.00
36115.80
2650.28
1000.00
-
-
6800.01
-
2100.00
1512.00
5040.12
50800.02
2650.28
1000.00
-
520.50
425.25
1000.00
-
21.25
-
-
-
616.83
1000.00
520.50
8.60
248.36
26634.60
Disclosure in Respect of Material Related Party Transactions during the year :
56
5HPXQHUDWLRQ3HUNVLQFOXGHSD\PHQWWR6KUL1HHUDM6LQJDO` 144.66 Lacs (Pre. Year ` 143.25 Lacs), Shri P.K.Aggarwal `/DFV3UH<HDU`
Lacs), Shri Nittin Johari `114.40 Lacs (Pre. Year `/DFV6KUL5DKXO6HQJXSWD`/DFV3UH<HDU`/DFVDQG6PW5LWX6LQJDO`68.60
Lacs (Pre. Year `/DFV
'LUHFWRUVVLWWLQJIHHVLVSDLGWR6KUL%%6LQJDO` 8.60 Lacs (Pre. Year `/DFV
,QYHVWPHQWLQ6KDUH&DSLWDO6KDUH$SSOLFDWLRQ0RQH\LQFOXGH%KXVKDQ6WHHO$XVWUDOLD37</WG` 223.36 Lacs (Pre. Year ` 2088.10 Lacs), Andal
East Coal Company Pvt. Ltd. `25.00 Lacs (Pre. Year ` 46.50 Lacs ) and Bhushan Energy Ltd. ` Nil (Pre. Year ` 24500.00 Lacs).
5HGHPSWLRQRI3UHIHUHQFH6KDUHVXQGHU,QYHVWPHQWLQFOXGH%KXVKDQ6WHHO%HQJDO/WG` Nil (Pre. Year `2150.00 Lacs) and Bhushan Steel (South)
Ltd. ` Nil (Pre. Year ` 3000.00 Lacs).
(TXLW\6KDUH&DSLWDOUHFHLYHGIURP6KUL1HHUDM6LQJDO`Nil (Pre. Year. `/DFV6KUL%ULM%KXVKDQ6LQJDO`Nil (Pre. Year ` 6818.16 Lacs),
Smt. Ritu Singal `Nil (Pre. Year `/DFV%ULM%KXVKDQ6LQJDO+8)`Nil (Pre. Year `/DFVDQG%KXVKDQ,QIUDVWUXFWXUH3YW/LPLWHG`Nil
(Pre Year `/DFV3UHIHUHQFH6KDUH&DSLWDOUHFHLYHGIURP6KUL%ULM%KXVKDQ6LQJDO`/DFV3UH<HDU` 13200.00 Lacs), Shri Neeraj
Singal ` 5542.02 Lacs (Pre. Year `/DFVDQG%KXVKDQ,QIUDVWUXFWXUH3YW/LPLWHG` 2133.00 Lacs (Pre. Year ` Nil).
5HGHPSWLRQ RI 3UHIHUHQFH 6KDUH &DSLWDO LQFOXGHV %KXVKDQ (QHUJ\ /LPLWHG ` Nil (Pre. Year ` 30000.00 Lacs), Shri Neeraj Singal ` Nil (pre. Year
`/DFV6KUL%ULM%KXVKDQ6LQJDO` Nil (Pre. Year `/DFVDQG%KXVKDQ,QIUDVWUXFWXUH3ULYDWH/LPLWHG` Nil (Pre. Year ` 2100.00
Lacs).
3XUFKDVH RI *RRGV6HUYLFHV LV IURP $UVKL\D ,QWHUQDWLRQDO /WG `Nil (Pre. Year `3528.12 Lacs), Bhushan Energy Ltd. ` 36115.80 Lacs (Pre. Year
`/DFVDQG%KXVKDQ$YLDWLRQ/WG` 1512.00 Lacs (Pre.Year ` 1512.00 Lacs ).
6DOHRI*RRGV6HUYLFHVWR%KXVKDQ(QHUJ\/WG`/DFV3UH<HDU`2650.28 Lacs).
6HFXULW\'HSRVLWSDLGWR%KXVKDQ(QHUJ\/LPLWHGRI`/DFV3UH<HDU` Nil).
3URYLVLRQIRUGLPLQXWLRQRILQYHVWPHQWPDGHLQFDVHRI$QJXO6XNLQGD5DLOZD\/LPLWHGDPRXQWLQJRIRI` 1000.00 Lacs (Pre. Year ` Nil).
5HQW5HFHLYHGLVIURP%KXVKDQ$YLDWLRQ/WG` Nil (Pre. Year `/DFV
NOTE – 36
7KH&RPSDQ\KDVDQ,QGLDQ-RLQW9HQWXUHZLWK$QGDO(DVW&RDO&RPSDQ\3YW/WGKDYLQJVKDULQJRI,WVSURSRUWLRQDWHVKDUHLQWKH$VVHWV
/LDELOLWLHV,QFRPHDQG([SHQGLWXUHRIWKH-RLQW9HQWXUHDVSHUXQDXGLWHG¿QDQFLDOVWDWHPHQWLVDVXQGHU
(` in Lacs)
Shareholders’ Funds
Share Capital
5HVHUYHV6XUSOXV
Non- Current Liabilities
Long-Term Borrowings
2WKHU/RQJ7HUP/LDELOLWLHV
Long-Term Provisions
Current Liabilities
Short-Term Borrowings
7UDGH3D\DEOHV
2WKHU&XUUHQW/LDELOLWLHV
Short-Term Provisions
TOTAL
ASSETS
Non-Current Assets
Fixed Assets
7DQJLEOH$VVHWV
,QWDQJLEOH$VVHWV
Current Assets
Current Investments
Inventories
7UDGH5HFHLYDEOHV
&DVK%DQN%DODQFHV
Short-Term Loans and Advances
TOTAL
INCOME
Other Income
TOTAL REVENUE
EXPENSES
3XUFKDVHRI6WRFN,Q7UDGH
&KDQJHLQ,QYHQWRULHVRI)LQLVKHG*RRGV:RUN,Q3URJUHVV6WRFN,Q7UDGH
Finance Costs
'HSUHFLDWLRQ$PRUWLVDWLRQ([SHQVH
Other Expenses
Total Expenses
3UR¿W/RVV%HIRUH7D[
Tax Expense
3UR¿W/RVV$IWHU7D[
Capital Commitment
&RQWLQJHQW/LDELOLW\%DQN*XDUDQWHH
Current Year
Previous Year
33.00
520.50
33.00
103.15
1.51
1.64
749.79
1.62
0.10
727.88
1.11
-
1.40
0.01
-
0.11
153.33
749.79
144.20
727.88
-
-
2.20
2.20
(2.20)
(2.20)
-
0.10
0.10
(0.10)
(0.10)
NOTE – 37
7KH&RPSDQ\KROG3UHYLRXV<HDUVKDUHLQ%KXVKDQ6WHHO$XVWUDOLD3W\/WG%KXVKDQ6WHHO$XVWUDOLD3W\/WGKROG3UHYLRXV
<HDUVKDUHLQ%RZHQ(QHUJ\/WG%KXVKDQ6WHHO$XVWUDOLD3W\/WGKDVLQYHVWHGWKHDPRXQWLQ%RZHQ(QHUJ\/WGRXWRIWKHSURFHHGVUHFHLYHG
IURPLWV+ROGLQJ&RPSDQ\LH%KXVKDQ6WHHO/LPLWHGZKLFKDUHEHLQJXWLOL]HGE\%RZHQ(QHUJ\/WGLQH[SORUDWLRQRIPLQHV
,Q1RWHVWR$FFRXQWVRQWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVRIVXEVLGLDU\0V%RZHQ(QHUJ\/WG$XVWUDOLDLQWKH$XGLWHG)LQDQFLDO
Statement for the year ended June’13, following notes have been given involving material items:
³7KH&RQVROLGDWHGHQWLW\KDVUHFRUGHGDORVVRIIRUWKH\HDUHQGHG-XQHKDVFDVKRXWÀRZVIURPRSHUDWLRQVRI
FXUUHQWOLDELOLWLHVRIWKH&RQVROLGDWHGHQWLW\H[FHHGHGFXUUHQWDVVHWVE\DQGWKH&RQVROLGDWHG
HQWLW\LVDOVRLQDQHWOLDELOLW\SRVLWLRQRI
7RHQVXUHWKHRQJRLQJYLDELOLW\RIWKHFRQVROLGDWHGHQWLW\WKHGLUHFWRUVKDYHQHJRWLDWHGDPORDQIDFLOLW\ZLWK%KXVKDQ6WHHO$XVWUDOLD3W\/LPLWHGD
ZKROO\RZQHGVXEVLGLDU\RI%KXVKDQ6WHHO/LPLWHGWKHSDUHQWHQWLW\RI%RZHQ(QHUJ\/LPLWHG$WWKHUHSRUWLQJGDWHWKHFRQVROLGDWHGHQWLW\KDGGUDZQ
GRZQPRIWKLVORDQ7KH'LUHFWRUVEHOLHYHWKDWWDNLQJLQWRFRQVLGHUDWLRQWKHPLQLPXPUHTXLUHGH[SHQGLWXUHWRPDLQWDLQWLWOHWRH[LVWLQJH[SORUDWLRQ
OLFHQFHVFXUUHQWOHYHOVRIDGPLQLVWUDWLYHH[SHQGLWXUHWKHDYDLODEOHORDQIDFLOLW\DVVXPLQJIXQGLQJLVPDGHDYDLODEOHXQGHUWKHWHUPVDQGFRQGLWLRQVRI
WKHORDQZLOOEHVXI¿FLHQWWRHQVXUHWKDWWKH&RQVROLGDWHGHQWLW\LVDEOHWRVHWWOHLWVOLDELOLWLHVDVWKH\IDOOGXHLQWKHRUGLQDU\FRXUVHRIEXVLQHVV%KXVKDQ
6WHHO$XVWUDOLD3W\/LPLWHGKDVDOVRDJUHHGQRWWRUHFDOOSD\PHQWRIWKHORDQSD\DEOHE\WKHFRQVROLGDWHGHQWLW\XQWLOVXFKWLPHWKHFRQVROLGDWHGHQWLW\
KDVVXUSOXVFDVK2QWKLVEDVLVWKH¿QDQFLDOUHSRUWKDVEHHQSUHSDUHGRQWKHJRLQJFRQFHUQEDVLV´
7KH ORVV LQFOXGLQJ LPSDLUPHQW ORVV VKRZQ LQ %DODQFH 6KHHW RI WKH %RZHQ (QHUJ\ /WG $XVWUDOLD DV PHQWLRQHG LQ WKH DERYH QRWH FRQVLVW PDLQO\
H[SHQGLWXUHLQFXUUHGE\WKH&RPSDQ\RQH[SORUDWLRQDFWLYLW\RILWVYDULRXVPLQHVZKLFKDUHVWLOOQRWRSHUDWLRQDOKRZHYHULQDFFRUGDQFHZLWKJHQHUDOO\
DFFHSWHGDFFRXQWLQJSULQFLSOHVLQ,QGLDWKHVDPHKDVEHHQWUHDWHGDV&DSLWDOZRUNLQSURJUHVV
,QWKHRSLQLRQRIWKHFRPSDQ\¶VPDQDJHPHQWWKHQRWHJLYHQE\WKHDXGLWRUVRI%RZHQ(QHUJ\/WG$XVWUDOLDLVQRWDSSOLFDEOHDVORVVRWKHUWKDQWHQHPHQWV
ZULWWHQRIIKDVEHHQFDSLWDOL]HGWR&:,3LQWKHFRQVROLGDWHG%DODQFH6KHHWRI%KXVKDQ6WHHO/WGDVSHUJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHVLQ,QGLD
NOTE – 38
7KH&RPSDQ\LVHQJDJHGLQWKHVWHHOEXVLQHVVZKLFKLQWKHFRQWH[WRI$FFRXQWLQJ6WDQGDUG$6LVFRQVLGHUHGWKHRQO\SULPDU\EXVLQHVVVHJPHQW
*URVV5HYHQXHH[FOXGLQJH[SRUWLQFHQWLYHVRIWKHFRPSDQ\DVSHU*HRJUDSKLFDO6HJPHQWLVDVIROORZV
(` in Lacs)
Within India
Outside India
Total
Current Year
153641.20
1168715.70
Previous Year
1052088.55
226021.44
239828.55
246444.92
7UDGH5HFHLYDEOHRIWKHFRPSDQ\DVSHU*HRJUDSKLFDO6HJPHQWLVDVIROORZV
Within India
Outside India
Total
7KH&RPSDQ\KDVFRPPRQ¿[HGDVVHWVRWKHUDVVHWVDQGOLDELOLWLHVIRUSURGXFLQJJRRGVIRUGRPHVWLFDVZHOODVRYHUVHDVPDUNHW
NOTE – 39
)L[HG$VVHWVLQFOXGHRQHFROGUROOLQJPLOOHVWDEOLVKHGLQGDPDJHGLQ¿UHDFFLGHQWLQWKH\HDU7KHDPRXQWUHFHLYHGIURP,QVXUDQFH&RPSDQ\
IRUUHLQVWDWHPHQWUHSDLURIWKHPLOOLVLQFOXGHGLQRWKHUOLDELOLWLHVDVWKHPDWWHULVVWLOOVXEMXGLFH7KHDPRXQWUHFHLYHGVKDOOEHDGMXVWHGRQ¿QDOGLVSRVDO
RIWKHSHQGLQJVXLW
NOTE - 40
Pre-operative Expenses ,QUHVSHFWRISURMHFWWREHFDSLWDOL]HG
Opening Balance
$GG3UHRSHUDWLYH([SHQVHV
7UDQVIHUUHG IURP 6WDWHPHQW RI 3UR¿W DQG /RVV LQFOXGLQJ 7ULDO
5XQ/RVV*DLQ
'HSUHFLDWLRQ
)LQDQFH&RVWV'XULQJ&RQVWUXFWLRQDQG7ULDO5XQ
215842.62
/HVV,QWHUHVWHDUQHGGXULQJFRQVWUXFWLRQSHULRG
/HVV&DSLWDOLVHG
3UH2SHUDWLYH([SHQVHV>,QFOXGLQJ7ULDO5XQ/RVV*DLQ@
'HSUHFLDWLRQ
TOTAL
58
4583.60
684102.87
683785.15
624566.65
59218.50
1314.50
231413.30
574803.48
574384.27
434765.88
NOTE – 41
Earning Per Share
(i) Weighted Average No. of Equity Shares
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(iv) Earning Per Share (`)
- Basic
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Current Year
Previous Year
225251633
225251633
(125382.80)
(55.84)
(55.84)
2.23
2.23
Current Year
10.68
0.63
61.04
(` in Lacs)
Previous Year
44.02
0.44
86.12
141.67
NOTE – 42
Detail of Misc. Income
S.No.
1.
2.
3.
4.
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Insurance Claim Received
Rent Received
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Miscellaneous Receipts
NOTE – 43
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NOTE – 44
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monetary items.
NOTE – 45
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NOTE –47
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([SHQGLWXUHLQFXUUHGRI` 13546.46 Lacs and Advances given `/DFVDQG`/DFVLQ(TXLW\6KDUHVDGYDQFHIRUVKDUHFDSLWDOLQWKHDVVRFLDWHG
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NOTE – 48
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NOTE – 49
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NOTE – 51
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(i)
Amount
Not later than one year
18000.00
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N.A.
E
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/HDVHSD\PHQWVUHFRJQL]HGLQWKHVWDWHPHQWRI3UR¿WDQG/RVVIRUWKHSHULRGZLWKVHSDUDWHDPRXQWVIRU
minimum lease payments and contingent rents.
213.10
(d)
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NOTE – 52
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Current Year
US$ equivalent
INR equivalent
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b)
Amount receivable in Foreign Currency on Account of
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Previous Year
US$ equivalent
INR equivalent
(Lacs)
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343.03
3260.58
204082.38
16465.33
NOTE – 53
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Previous Year
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Previous Year
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26
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8.5%
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1311.56
312.80
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2380.04
202.31
412.61
(160.53)
115.66
353.60
2380.04
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Compensated Absence
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Previous Year
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Curtailment cost
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Previous Year
-
-
136.50
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1680.36
1643.00
131.44
8.22
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1680.36
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2380.04
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312.80
412.61
202.31
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353.60
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Current Year
Previous Year
62583.46
13553.51
334.44
36555.45
23.23
4.31
363.35
46.02
106.52
3.24
5.40
281.14
-
153641.20
NOTE – 55
Expenditure in Foreign Currency
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NOTE – 56
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Current Year
Value
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Previous Year
Value
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%age
136312.80
63.24
100.00
100.00
24231.48
23.32
100.00
26.46
100.00
NOTE – 58
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USD
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130
130
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Previous Year
INR
USD
4581360
2282680
8000
2013-2014
130
130
-
INR
251
8000
2012-2013
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INDEPENDENT AUDITORS’ REPORT
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Non-Current Liabilities
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788613.57
3297.07
916158.43
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1045738.67
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NOTES FORMING PART OF THE CONSOLIDATED ACCOUNTS
(` in Lacs)
As at
31.03.2015
As at
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NOTE -2 SHARE CAPITAL
Authorised
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27500.00
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each
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each
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17551.47
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Detail of Shareholders holding more than 5% shares :
Name of Shareholders
As at 31.03.2015
No of Shares
% Held
(A) Eqiuty Shareholders
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No of Shares
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No of Shares
Amount
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No of Shares
Amount
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Particulars
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As at 31.03.2014
(A) Equity Shares
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400000
400000
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(B) Preference Shares(Non Convertible Cumulative
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400000
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400000
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1400000
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31.03.2014
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31.03.2015
As at
31.03.2014
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As at
31.03.2015
As at
31.03.2014
138933.41
138649.31
1526.22
137407.19
1130.09
137519.22
63980.29
216691.45
1.51
1.64
697751.69
613487.42
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62402.76
760154.45
13820.00
627307.42
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As at
31.03.2015
As at
31.03.2014
NOTE-9 TRADE PAYABLES
0LFUR6PDOODQG0HGLXP(QWHUSULVHV
273939.11
235225.49
Principal amount due and remaining unpaid
-
-
Interest due on above and the unpaid interest
-
-
Interest Paid
-
-
Payment made beyond the appointed day during the year
-
-
,QWHUVWGXHDQGSD\DEOHIRUWKHSHULRGRIGHOD\
-
-
Interest accrued and remaining unpaid
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-
$PRXQWRIIXUWKHULQWHUHVWUHPDLQLQJGXHDQGSD\DEOHLQVXFFHHGLQJ\HDUV
-
-
172168.15
413889.45
Others
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Particulars
NOTE-10 OTHER CURRENT LIABILITIES
&XUUHQW0DWXULWLHVRI/RQJ7HUP'HEWV
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2848.10
4275.82
81
NOTE-12 FIXED ASSETS
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DESCRIPTION
OF ASSETS
GROSS BLOCK
Cost as at
01.04.2014
Addition 6DOH'LVDuring
carded
the Year
During
the Year
NET BLOCK
'(35(&,$7,21$0257,=$7,21
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As at
ment 31.03.2015 01.04.2014
During
the Year
During
the Year
Written
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the Year
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As at
ment 31.03.2015 31.03.2015
During
the Year
As at
31.03.2014
Tangible Assets
Freehold Land
-
-
-
-
-
-
-
Leasehold Land
-
-
-
-
-
-
-
-
-
)XUQLWXUH
Fixtures
-
-
Vehicles
%XLOGLQJ
5DLOZD\6LGLQJ
3ODQW(TXLSPHQW
2I¿FH(TXLSPHQWV
Tangible Assets
Total (A)
2607095.27 1023751.52 98443.71 629253.55 4161656.63
419611.13 93538.55
3247.53
4583.60 505318.55 3656338.08 2187484.14
Intangible
Assets
-
-
-
-
Assets Not Owned
by Company
-
-
-
-
-
-
Intangible
Assets Total (B)
4775.85
1798.39
-
-
6574.24
4685.45
1849.76
-
-
6535.21
39.03
90.40
424296.58 95388.31
3247.53
&RPSXWHU6RIWware
TOTAL (A+B)
2611871.12 1025549.91 98443.71 629253.55 4168230.87
3UHYLRXV<HDU
4583.60 511853.76 3656377.11 2187574.54
>,1&/8'(635(23(5$7,9((;3(16(6@
GRAND TOTAL
3935109.95 3846627.36
Notes:
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NOTE-13 NON CURRENT INVESTMENT
(Long-Term, Fully Paid Up)
In Equity Shares
Non Trade, Quoted
Tata Steel Ltd.
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58.29
58.29
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Unquoted
Bhushan Buildwell Pvt. Ltd.
0.74
0.74
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82
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As at 31.03.2015
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TRADE
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35360.58
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37237.33
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5.00
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-
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NOTE-14 LONG TERM LOANS AND ADVANCES
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2459.23
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Non Current Fixed Deposits
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NOTE-16 CURRENT INVESTMENTS
QUOTED (FULLY PAID)
Vector Resources Ltd.
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Aggregate Value of
Quoted Investment
%RRN
Value
As at 31.03.2015
As at 31.03.2014
2.06
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NOTE-17 INVENTORIES
$W/RZHURI&RVWDQG1HW5HDOLVDEOH9DOXH
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NOTE-18 TRADE RECEIVABLES
(Unsecured )
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NOTE-19 CASH AND BANK BALANCES
Cash and Cash Equivalants
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- In Current Account
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84
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648024.92
6818.95
5257.02
239828.55
4143.63
2842.19
246444.92
11288.33
8829.10
8498.40
8498.40
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As at 31.03.2015
As at 31.03.2014
NOTE-20 SHORT TERM LOANS AND ADVANCES
Loans to Employees
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123691.11
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-
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62423.92
96.04
85
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Year ended at 31.03.2015
Year ended 31.03.2014
NOTE-22 REVENUE FROM OPERATION
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Other Operating Revenue
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Export Incentives
1173501.72
1060042.90
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1173501.72
1060042.90
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1184.07
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NOTE-24 COST OF RAW MATERIAL CONSUMED
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568467.91
518939.33
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Coal
PARTICULARS OF MATERIALS CONSUMED
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Zinc and Alloys
Paints
570940.93
522933.51
NOTE-25 COST OF PURCHASE GOODS TRADED
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86
4831.81
3905.20
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WORK- IN -PROGRESS AND STOCK IN TRADE
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116454.93
138221.43
Others
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Work-in-Progress
138221.43
136083.41
Others
21766.50
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29110.85
25752.89
18852.71
465238.96
340367.86
249402.61
166329.72
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Current Year
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PART”A”: SUBSIDIARIES
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522933.51
100.00
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31602.17
100.00
27060.75
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USD
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NOTES

annual report 2014-15 - BHUSHAN STEEL LIMITED

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